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Stock Market Latest - Page 649 of 664 - Daily Stock Market News

Reuters exclusively reported that India will discourage foreign trade settlement in Chinese yuan 

Business & Finance

Reuters exclusively reported that India has requested banks and traders avoid using Chinese yuan to pay for Russian imports, due to long-running political differences with its neighbor. India, a top buyer of Russian oil and discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade. Last year India’s biggest cement producer UltraTech Cement (ULTC.NS) used Chinese yuan for a cargo of Russian coal, which raised some concerns among officials, as the relationship between India and China has deteriorated after deadly border clashes in 2020.

Market Impact

India’s rupee is partially convertible, which means it has to be converted to U.S. dollars first before converting to any other currency, making it an unattractive reserve currency for global central banks and makes Russia reluctant to accept payment in the Indian currency for its exports.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: AsiaEurope

Countries: ChinaIndiaRussia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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Dow jumps 250 points at open as banking fears ease

U.S. stocks opened higher on Monday as signs of banking-sector stress waned and investors bet on multiple Federal Reserve interest-rate cuts before the end of 2023. The S&P 500
SPX,
+0.19%

gained 25 points, or 0.6%, to 3,996. The Dow Jones Industrial Average
DJIA,
+0.47%

rose by 255 points, or 0.8%, to 32,493. The Nasdaq Composite
COMP,
-0.19%

advanced 42 points, or 0.4%, to 11,866.

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Crypto bank Signature slides amid Silicon Valley Bank, Silvergate woes

The New York Stock Exchange stands in lower Manhattan after global stocks fell as concerns mount that rising inflation will prompt central banks to tighten monetary policy on May 11, 2021 in New York City. By mid afternoon the tech-heavy Nasdaq Composite had lost 0.6% after falling 2.2% at its session low.

Spencer Platt | Getty Images News | Getty Images

Signature Bank shares dropped as much as 32% on Friday and were at one point halted amid a sell-off in bank stocks that continued for a second day.

Signature, one of the main banks to the cryptocurrency industry, ended the day down 22%.

The initial move followed a big day for its crypto banking peer Silvergate Capital, which announced earlier this week that it would liquidate its bank. Its losses deepened Thursday after shares of SVB Financial, whose Silicon Valley Bank lends to tech startups, announced a plan to raise more than $2 billion in capital to help offset losses on bond sales.

By late Friday morning, the Federal Deposit Insurance Corp had closed Silicon Valley Bank and taken control of its deposits, making it the largest U.S. bank failure since the global financial crisis.

The troubles at Silicon Valley Bank rippled across financial stocks, as investors worried about the likelihood that other banks with large bond portfolios could face similar issues, if they’re forced to sell those bonds before maturity for fundraising purposes. Treasuries have been falling for the past year as the Federal Reserve has been hiking rates.

First Republic Bank, PacWest Bancorp, Western Alliance Bancorp were among the other names whose trading was at one point halted for volatility.

Signature has said it has minimal exposure to crypto, but Silicon Valley Bank’s need to recapitalize on the heels of the Silvergate event has linked the two events in some people’s minds.

Stock Chart IconStock chart icon

Signature Bank shares Friday

Valkyrie chief investment officer Steve McClurg said the Signature Bank was already hurting on the back of Silvergate’s losses, which now total almost 50% for the week. Its Friday losses are a spillover effect from the Silicon Valley Bank woes, he added.

Ed Moya, an analyst at Oanda, emphasized Signature is caught in the middle of both narratives.

“Signature Bank is getting hit with a one-two punch as concerns grow that any crypto-related bank could be in danger and as financial instability concerns grow for parts of the banking sector,” he said. “There are only a handful of publicly traded banks that have crypto exposure and lots of traders are rushing to bet against them.”

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Stocks making the biggest moves premarket: PINS, FCNCA, CAT

Jim Umpleby, CEO of Caterpillar Inc.

Adam Jeffery | CNBC

Check out the companies making headlines before the bell.

Pinterest — Pinterest gained 4.3% after UBS upgraded the social media stock to buy and said shares could pop more than 25% as the company improves its advertising strategy.

related investing news

CNBC Pro

First Citizens BancShares — Shares popped 40% on news that First Citizens will buy around $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion.

First Republic, PacWest — Regional bank stocks were moving higher on Monday following a report from Bloomberg News that U.S. authorities were considering expanding government support for banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while PacWest Bancorp rose about 9%, and Western Alliance gained 5%.

Caterpillar — Shares dropped 1.2% after Baird downgraded the machinery company to underperform, citing potential headwinds driven by a “meaningful slowdown” in new small- and medium-sized nonresidential projects in 2024 due to ongoing turmoil with regional bank lenders. 

KeyCorp — KeyCorp gained 6.8% after Citi upgraded the stock to buy from neutral. Citi analyst Keith Horowitz gave KeyCorp a price target of $20, suggesting the stock stands to gain 68.6% since Friday’s close.

Dish Network — The satellite company’s shares fell 2.5% after a class-action lawsuit was announced against the company by Dish investors who purchased the stock between Feb. 22, 2023 and Feb. 27, 2023. The lawsuit alleges that Dish overstated its efficiency and infrastructure capabilities as it experienced a widespread network outage due to a cybersecurity breach last month. Shares are down almost 38% year to date.

Ollie’s Bargain Outlet Holdings — The stock shed 3.5% after Citi downgraded the retailer to sell from neutral, saying it has a “difficult model to scale” and has seen weaker productivity with its new stores in the past several years.

Corning — Shares advanced 2.3% after Deutsche Bank upgraded Corning to buy from hold. Analyst Matthew Niknam said the tech firm specializing in glass and ceramics is “turning a corner” on revenues and earnings per share.

— CNBC’s Jesse Pound, Sarah Min Hakyung Kim, and Samantha Subin contributed reporting.

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Reuters reveals Exxon exits Russia empty-handed with oil project ‘unilaterally terminated’

Energy

Reuters was first to report Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project. Exxon did not say if it received any compensation for the assets, which it had valued at more than $4 billion.

Article Tags

Topics of Interest: Energy

Type: Reuters Best

Sectors: Equities

Regions: Europe

Countries: Russia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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7 Solar Stocks to Buy Now OR You’ll Be Kicking Yourself Later

A new United Nations report on climate change puts renewed focus on the growing influence of green energy and what seems to be the massive potential of solar stocks.

The U.N. report released in March says there’s “a rapidly closing window of opportunity to secure a livable and sustainable future for all” by cutting harmful emissions. The report clarifies that it is possible to create a more sustainable world and stabilize the climate if we act quickly.

That’s where green energy options like solar stocks come in. Solar power plants can take the burden off of fossil fuels to create and store electricity for the power grid. As many as 22 states, plus the District of Columbia, are aiming to provide 100% renewable energy or carbon-free electricity by 2050.

The newly passed Inflation Reduction Act makes solar power even more appealing, as the law provided $10 billion in new energy tax credits.

To find the best solar stocks to buy to take advantage of this trend, I suggest you use the Portfolio Grader to identify top-rated solar stocks. The Portfolio Grader evaluates and grades stocks on an “A” through “F” scale, based on earnings performance, momentum, fundamentals and quantitative measurements.

Not every solar stock is a winner. But these seven picks should set you on the right path.

FSLR First Solar $211.10
CSIQ Canadian Solar $38.62
JKS JinkoSolar $47.90
MAXN Maxeon Solar Technologies $24.83
SEDG SolarEdge Technologies $284.52
ENPH Enphase Energy $195.99
ARRY Array Technologies $18.47

First Solar (FSLR)

First Solar (NASDAQ:FSLR) is one of the most well-known of the solar stocks and it’s one of the biggest and most stable, with a market capitalization of more than $22 billion.

First Solar is the biggest U.S.-based solar manufacturer, and it’s working on getting even bigger. The company announced plans to invest $1.2 billion to scale production of its photovoltaic (PV) solar modules. With the expansion, First Solar says it should be able to prove more than 10 gigawatts (10 billion watts) of power by 2025. To put that in perspective a single gigawatt of power can service about 1.1 million homes.

UBS analyst Jon Windham recently increased his price target on FSLR stock from $140 to $250 per share, saying the company should be “the most significant beneficiary” of the Inflation Reduction Act.

FSLR stock is up 40% so far this year, and it has an “A” rating in the Portfolio Grader.

Canadian Solar (CSIQ)

There are some interesting solar stocks outside the U.S. as well. One of those is Canadian Solar (NASDAQ:CSIQ), which was founded in 2001 and has since become one of the biggest renewable energy companies in the world.

Canadian Solar builds and connects over 6.6 gigawatts of solar power in more than 20 countries. It currently has 800 megawatts of projects in operation, with another 5.3 gigawatts under construction and 18.5 gigawatts of projects in its pipeline.

Earnings for the fourth quarter of 2022 came in a $1.97 billion in revenue, which was an increase of nearly 29% from a year ago and barely topped analysts’ expectations. Earnings per share was $1.11, which was better than the 96-cent EPS that the Street expected.

CSIQ stock is up 24% so far this year, and has an “B” rating in the Portfolio Grader.

JinkoSolar (JKS)

From its headquarters in Shanghai, JinkoSolar (NYSE:JKS) serves customers in 160 countries around the world. It’s the largest solar panel producer in the world, with Canadian Solar coming in at No. 2.

With production facilities in the U.S., China, Malaysia and Vietnam, the company expects to have the capacity for its solar cells to reach 75 gigawatts by the end of 2023. And it believe its solar modules will have a capacity of 90 gigawatts by the end of the year.

China is far in front of the rest of the world in solar power. As of last year, the company had nearly 400 gigawatts of solar energy production online.

That’s keeping the profits flowing in. Revenue in the fourth quarter was $30.4 billion, which was an improvement of 85% from a year ago.

JKS stock is up 16% so far this year, and it has a “B” rating in the Portfolio Grader.

Maxeon Solar Technologies (MAXN)

Maxeon Solar Technologies (NASDAQ:MAXN) may be a relatively new player in the solar game, but it has roots that have been around for a while.

The company spun off from SunPower Corporation (NASDAQ:SPWR) in 2020. That allowed SunPower to focus on being a distributed generation energy services company, while Maxeon honed on manufacturing solar panel.

But the companies are still working together. they recently announced an extension of an agreement to keep SunPower supplied with Maxeon solar panels through 2025.

Earnings for the fourth quarter were $323.5 million, an increase of 45% from a year ago.

MAXN stock is up 53% so far this year, and carries a “B” rating in the Portfolio Grader.

SolarEdge Technologies (SEDG)

An Israeli company, SolarEdge Technologies (NASDAQ:SEDG) makes PV inverters, power optimizers, PV monitoring, software tools and electric vehicle chargers. It caters to homeowners, businesses that want to reduce their carbon footprint, as well as installers.

The company has a presence in 36 countries around the world, and shipped more than 40 gigawatts of energy systems since its was founded in 2006.

The company said it recorded record revenues in 2022 from its solar segment ($2.9 billion), and overall revenue of $3.1 billion, which was also a high. Full-year non-GAAP earnings per share came in at $5.95.

SEDG stock isn’t up nearly as much so far this year as other names on this list – for the year, it’s up just 3%. But analysts are bullish about its potential as it has a price target of $366. That shows potential growth in the stock price of 25%.

SEDG stock has a “B” rating in the Portfolio Grader.

Enphase Energy (ENPH)

I really like Enphase Energy (NASDAQ:ENPH) as a top growth stock regardless of sector. While it did better than the market in 2022, so far the stock hasn’t really taken hold as much as its shareholders would like.

Enphase stock is down 22% so far this year and investors took some profits on fears (misguided, in my view) that the company’s growth will slow this year.

Maybe it will. But it will not hurt as much as the bears may lead you to believe. Enphase had top-line growth 69% last year, and it hits top-end analyst estimates of $3.64 billion in 2023. It will still have 56% growth to show for it at the end of the year. I’ll take that any day.

It’s more likely that investors are going to make their way back to Enphase, which has the advantage of being an American company and being able to benefit from clean energy incentives passed by Congress and the White House.

ENPH stock has a “B” rating in the Portfolio Grader.

Array Technologies (ARRY)

Solar panels are great, if you’re trying to capitalize on clean energy. But they don’t do anyone any good if they’re not pointing where they need to point – toward the sun.

Array Technologies (NASDAQ:ARRY) is a New Mexico-based maker of utility-scale solar tracker technology, or the equipment needed for solar panels to change their orientation throughout the day to follow the sun across the sky. Its markets include North America, Australia, Brazil, Europe and South Africa.

The company is seeing rapid growth, with revenue in the fourth quarter coming in at $402.1 million, or 83% higher than a year ago. Full-year revenue of $1.63 billion was an increase of 92% from 2021.

The company is forecasting 2023 revenue to be in a range of $1.8 billion to $1.95 billion, while analysts’ consensus estimate is for $1.89 billion.

ARRY stock is up only 2% in 2023, but analysts’ consensus price target shows a 35% runway of growth. Array has a “B” rating in the Portfolio Grader.

On the date of publication, Louis Navellier held CSIQ and ENPH. Louis Navellier did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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3 SPACs to Sell Before They Go Bust in 2023

Over the past year, traders have looked for SPACs to sell amid a terrible slump in the sector. But the mood may be changing given the level of destruction across the sector. After all, many of these formerly promising companies are now 70%-90% below the stock prices at which they merged. Surely, some of them must be bargains now.

I have no doubt that some of these names will rebound tremendously as shrewd investors buy the best of these fallen angels.

However, a stock isn’t necessarily attractive because it has already dropped tremendously. Many of these names aren’t going to survive, and traders should steer clear of them at any price. These three SPACs, for example, have done very little to demonstrate that they have viable long-term business models and seem like they could go bust relatively soon, especially if the economy and markets take another turn for the worse later this year.

WE WeWork 81 cents
CLOV Clover Health 88.6 cents
HYZN Hyzon Motors 70 cents

WeWork (WE)

Back in the late 2010s, WeWork (NYSE:WE) seemed like it was the next big thing within the so-called sharing economy. Investors had watched companies like Uber (NYSE:UBER) and AirBnb (NASDAQ:ABNB) rack up huge valuations. If sharing cars and apartments made sense, why not shared offices as well?

WeWork founder Adam Neumann, however, was much better at marketing than operations. WeWork grew quickly under Neumann’s watch but it was beset with huge operational expenses and a lack of focus on how to generate profits.

Neumann subsequently left WeWork, and its valuation collapsed amid rising losses and the disruption caused by the COVID-19 pandemic. WeWork’s stock  became publicly traded  following WE’s $9 billion merger with a SPAC in 2021. That was sharply down from WeWork’s prior, peak valuation of $47 billion. WE stock has tumbled 90% since merging with the SPAC.

The stock tumbled because WeWork lost $2 billion last year on revenues of just $3.3 billion. Importantly, renting offices is a low-margin business, and it’s not easy for those in that business to raise their margins.

WeWork recently raised more money and rolled over its debt. That might allow the firm to keep its lights on a little longer. But WeWork seems likely to end up declaring bankruptcy sooner or later.

Clover Health Investments (CLOV)

Clover Health Investments (NASDAQ:CLOV) is a tech-driven healthcare firm that focuses on providing Medicare Advantage plans to consumers.

Clover believed that disrupting traditional health-insurance companies would be a lucrative business. It believed that a sleeker, user-friendly insurance product and app could attract a significant number of consumers away from the veteran insurers

Clover’s revenue has grown very quickly. Unfortunately, in order to generate that growth, it seems to have greatly relaxed its insurance underwriting standards and operating expense controls. Specifically, Clover lost more than $300 million over the past 12 months, and its losses have barely budged even as its revenues have surged.

Investors were willing to forgive this earlier on in Clover’s time as a public company. Now, however, the market has lost tolerance for companies with unending strings of operating losses.

And, as of the end of last year, the unrestricted cash of Clover’s parent company had sunk to $332 million. Unless Clover can radically improve its profitability metrics, the company could be running low on funds by the end of this year.

Hyzon Motors (HYZN)

Hyzon Motors (NASDAQ:HYZN) is one of the multitude of transportation companies that merged with  SPACs over the past few years. HYZN focuses on selling hydrogen fuel cells to trucking companies.

Unfortunately for the owners of HYZN stock, its marketing pitch was well ahead of where Hyzon’s technology was when it merged with a SPAC. Hyzon can tell a compelling story about building clean energy infrastructure to support the rollout of hydrogen-powered fuel cell electric vehicles (FCEVs).

However, the adoption of its technology by truckers  has been slow, and Hyzon’s  quarterly revenues tend to come in at $5 million or less.

But Hyzon has a more pressing concern. Specifically, it hasn’t been able to file its financial statements in an accurate and timely fashion.

It has had to restate some of its past financial results, and the NASDAQ has threatened the company with delisting if it can’t get its act together. Given the general problems electric-vehicle companies are having and Hyzon’s inability to deliver meaningful revenues and reliable financial statements, HYZN stock is not a good stock to hang on to.

On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek.

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7 High-Yield Dividend Stocks to Buy for Income Investors

In general, investors who park their capital in dividend stocks tend to be more conservative with their money. They tend to like the dependable dividends paid from their stock holdings, often used as income. Accordingly, such investors often purchase dividend stocks that come with yields in the 2-4% range traditionally considered a healthy range.

Of course, there are plenty of dividend stocks that provide yields outside of this range. For investors with higher risk tolerance levels, high-yielding dividend stocks may be the preferred choice. These are companies with much more robust risk profiles, but which can often provide outsized gains (if the individual investor knows what they’re doing).

Here are seven such high-yielding dividend stocks I think is worth a look. That’s despite warnings from the Federal Reserve that interest rates may have to go higher throughout 2023 than initially projected.

ZIM ZIM Integrated Shipping $24.07
GECC Great Elm Capital $8.82
RITM Rithm Capital $8.00
LYB LyondellBasell Industries $84.16
DVN Devon Energy $45.12
PM Philip Morris $96.18
GMRE Global Medical REIT $9.44

ZIM Integrated Shipping (ZIM)

Source: Darryl Brooks / Shutterstock.com

ZIM Integrated Shipping (NYSE:ZIM) is one of the highest-yield dividend stocks on this list and one of the highest-yield dividend stocks, period. That makes the shipping and logistics firm inherently interesting to income investors right now. The Israeli company has provided a long stretch of dividends that provide intrigue for investors looking for ways to play the supply chain sector.

ZIM Integrated Shipping’s business dates back to 1945, and the company began operating shipping container logistics in the early 1970s. However, the company’s dividend only stretches back to the late summer of 2021. In those six periods, the company has paid massive dividends that truly impress. Most recently, the company paid a $2.95 dividend in November. Over the last year, it has paid a whopping $27.55 of dividends, higher than its current $20.25 share price.

That’s probably unsustainable given that one of those dividends was worth $17. But $2.95 on a $20.25 share price is still a very high 14.56% yield. That was what the company paid most recently, and is very much in line with previous payments.

Great Elm Capital (GECC)

Stock market digital graph chart on LED display concept. A large display of daily stock market price and quotation.

Source: Feylite / Shutterstock

Great Elm Capital (NASDAQ:GECC) is a company that invests in the debt of middle-market firms, and derives income from those investments. In turn, investors who purchase its stock to fund those investments receive high-yield dividends for their trouble. Currently, that yield is approaching 20%. Indeed, GECC stock certainly isn’t for the faint of heart, but it can provide a substantial additional return for those seeking yield.

The company is currently beefing up its investment in the healthcare space. It closed on the purchase of three healthcare asset-based loans in December. Further, the company formed Great Elm Healthcare Finance in cooperation with an affiliate of Berkadia Commercial Mortgage. Healthcare is a relatively stable sector due to the truism that demand for healthcare is relatively inelastic. People need to see doctors regularly. That lends credibility to the idea that the company is steadier than it may seem at first glance.

The downside is that GECC stock may already be fully-priced at these levels. Still, its dividend alone is likely to produce double-digit returns for investors willing to place a bet on this stock right now.

Rithm Capital (RITM)

A small house made of wooden blocks and colored sticky notes with the words Mortgage buydowns.

Source: Villi-Vonki / Shutterstock.com

Investors willing to bet that the mortgage market is okay should also consider Rithm Capital (NYSE:RITM) stock. It is a real estate investment trust that focuses on the mortgage sector. That will be off-putting to investors who worry that we may already be in the midst of another bubble, similar in magnitude to the subprime mortgage crisis.

Yet, at the same time, Rithm Capital’s financial statements don’t suggest trouble at all. Its revenue and net income figures improved in 2022 over 2021. The company’s recent results showed bottom-line net income of $983,285 in 2022. Thus, it is not a large company, nor does it boast massive profits. Some investors simply overlook this stock due to its size and lack of great assets.

That said, I think this is a stock with obvious upside, at least according to analysts. Additionally, the company’s dividends have been continually increasing since mid-2020. Finally, Rithm Capital is a REIT, so investors will receive 90% of company profits by law.

The risk is clear: further rate hikes could negatively affect the already wobbly mortgage market and Rithm Capital by extension. But those willing to take accept this risk could earn substantial returns from here.

LyondellBasell Industries (LYB)

Detail of chemical plant, silos and pipes

Source: Shutterstock

LyondellBasell Industries (NYSE:LYB) is a much less risky stock than prior equities on this list. Its 5.24% yield is still considered ‘risky’ but it’s substantially lower than the aforementioned names on this list. That lower risk is primarily due to the company’s core business, in plastic resin and chemical production. Generally-speaking, its a much more predictable industry than those of the previously mentioned names.

Furthermore, investors with a penchant for ESG stocks might also like LyondellBasell Industries. It boasts all kinds of achievements in its latest earnings report. Most notably, the company received an EcoVadis Gold Medal for sustainability performance, ranking in the 91st percentile among 7,500 firms surveyed.

The company’s revenues slipped slightly on a year-over-year basis in Q4. That said, overall 2022 revenues increased to $50.45 million from $46.13 million a year earlier. The firm’s stock has roughly $7 of upside beyond its current $91 price. When combined with its dividend, the returns with LYB stock quickly become very attractive.

Devon Energy (DVN)

The logo for Devon Energy (DVN) is displayed on a sign outside an office.

Source: Jeff Whyte / Shutterstock.com

Let’s start with Devon Energy’s (NYSE:DVN) dividend in discussing it as an investment. Just a few weeks ago, Devon Energy reported 2022 full-year results. The news was good: fixed dividends were increased by 11%. Indeed, 2022 was a strong year for the energy sector. The results were positive for Devon Energy as well, leading to a dividend payment during the year that more than doubled to $5.17.

Let’s move to the macroeconomic catalysts that could benefit the company more generally. Investors are unsure of what to expect from the energy sector in 2023. That’s where the risk is for the company. If a recession officially begins or some new variant of Covid-19 emerges the economy will falter. In short, demand would quickly weaken and prices would fall.

Yet, that isn’t what Wall Street is expecting from the company. Instead, analysts see substantial upside for investors over the coming 12-18 months. The company hasn’t reduced its dividend since 2017 so that should only add to the potential upside with this stock..

Philip Morris (PM)

An image of a cigarette and an e-cigarette side-by-side on a wood surface.

Source: vfhnb12 / Shutterstock.com

I’ve focused on Philip Morris (NYSE:PM) stock for its dividend and positive catalysts a few times over the past months. It bears repeating – while cigarette sales have been declining for some time, Philip Morris is the best-placed large tobacco company. Its smokeless tobacco strategy and portfolio make it very noteworthy. Its 5.13% dividend only makes it that much more interesting.

Philip Morris’ IQOS tobacco e-cigarette and vape products are garnering a lot of attention from analysts who like that the company is finding ways to replace cigarette revenues better than its competitors. The firm’s Swedish Match purchase, a company that produces snus, nicotine pouches, and lighters, has proven beneficial with strong overall growth.

In short, Philip Morris is a so-called sin stock that many perceive to be past its best days. However, it is arguably in the middle of an impressive pivot. And that pivot has all kinds of upside that could reward investors.

Global Medical REIT (GMRE)

Real estate investment trust REIT on an office desk.

Source: Vitalii Vodolazskyi / Shutterstock

Global Medical REIT (NYSE:GMRE) is investment grade for several of the same reasons as Green Elm Capital above. For one, REITs are obligated to reward investors with 90% of profits. Of course, that only truly matters if those profits are growing.

Fortunately, they are. In 2022, the company’s net income reached $13.32 million, up from $11.8 million in 2021. And revenues continue to grow in both the most recent quarter and the throughout 2022.

Global Medical REIT leases medical facilities to healthcare providers. It is currently in the process of buying a property for $6.7 million. And it has two properties under contract to be sold for a total of $11.6 million.

The company’s portfolio of properties was 96.5% occupied at the end of 2022 and projects a base rent of $114.5 million. Again, healthcare real estate tends to be more stable than many other subsectors, adding weight to the argument that favors the company and its high-yield dividend.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks.Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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Reuters exclusively revealed that U.S. sanctions authority probes Raiffeisen on Russia

Business & FinanceEconomyGovernment

Reuters exclusively revealed that the United States’ sanctions authority has launched an inquiry into Raiffeisen Bank International over its Russian business, increasing scrutiny of the Austrian lender that plays a critical role in the Russian economy. The request, part of Washington’s renewed push to financially isolate Moscow, is worrying European financial regulators that oversee Raiffeisen because it could ultimately lead to penalties against the lender. The U.S. Treasury Department’s Office of Foreign Assets Control has asked Raiffeisen for details of its exposure in Russia, the partially occupied Donbas, Ukraine and Syria, including specifics around transactions and activity of certain clients, sources told Reuters. The exclusive Reuters report was confirmed by Raiffeisen and appeared widely in Austrian and international media. 

Shares in RBI fell as much as 8.6% in early trading on Monday after Reuters’ story, putting them on course for the biggest daily drop since the early days of Russia’s invasion of Ukraine a year ago. Analysts at brokerage Exane-BNP Baribas downgraded their recommendation on the stock, saying the inquiry lowered the chances of RBI recouping its investments “trapped in Russia and Belarus.”

Market Impact

Shares in RBI fell as much as 8.6% in early trading on Monday after Reuters’ story, putting them on course for the biggest daily drop since the early days of Russia’s invasion of Ukraine a year ago. Analysts at brokerage Exane-BNP Baribas downgraded their recommendation on the stock, saying the inquiry lowered the chances of RBI recouping its investments “trapped in Russia and Belarus.”

Article Tags

Topics of Interest: Business & FinanceEconomyGovernment

Type: Reuters Best

Sectors: Business & FinanceEconomy & Policy

Regions: AmericasEuropeEurope / Middle East / Africa

Countries: AustriaRussiaUnited States

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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