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Unilever CEO Polman to Retire After Failing to Move Company Out of UK, Jope to Take Over

7:57 AM, Nov 29, 2018 — Unilever NV (UN) said Thursday that Chief Executive Paul Polman will retire from the company and be replaced by Alan Jope, who’s now the president of the company’s beauty and personal care business, effective Jan. 1.

Polman, who’s been the head of the maker of products such as Dove soaps, Lipton teas and Ben & Jerry’s ice cream for 10 years, has been at odds with shareholders over a plan to move the company’s headquarters out of the United Kingdom to the Netherlands.

That plan was eventually scrapped in a blow to Polman’s standing.

Unilever said in a statement that under Polman’s tenure as CEO, the company delivered top- and bottom-line growth and delivered shareholder returns of 290%. Chairman Marijn Dekkers called Polman “an exceptional business leader” who transformed the company and made it one of the best-performing in its sector. He implemented the Unilever Sustainable Living Plan, helping define a “new era of responsible capitalism,” Dekkers said.

“Paul’s vision, drive and performance focus, combined with his commitment to serving the best long-term interests of the company, have materially strengthened Unilever,” he said. “He leaves a more agile and resilient company, well placed to win in this fast-changing, dynamic industry.”

Jope has been the head of Unilever’s beauty and personal care division, the company’s largest, since 2014, the company said. He ran the company’s north Asia business for four years, was president of Russia, Africa and the Middle East and spent more than 10 years in senior foods, home care and personal care roles for the company in the US. He joined the company as a marketing trainee in 1985.

“Having worked for Unilever in a variety of senior management roles, Alan has a deep understanding and experience of our business, the industry, and the markets in which we operate,” Dekkers said. “He is a strong, dynamic and values-driven leader with an impressive track record of delivering consistent high-quality performance.”

Polman will support the transition process for the first half of 2019 and will leave the company in early July, Unilever said. Jope’s replacement as head of the beauty and personal care segment will be announced “shortly,” the company said.

Companies: Unilever NV
Price: 56.05 Price Change: +0.02 Percent Change: +0.04

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Weekly Commodities ETF Report: Crude Ends Week Sharply Lower as Oversupply Worries Overshadow Hopes for OPEC Production Cuts

(MT Newswires) – Crude ended Friday’s session in negative territory, extending its recent decline to its lowest level in more than a year. A continued increase in supply, which has outpaced global demand for crude, has contributed to the lower prices, despite oil producers reportedly looking to cut production. Scotiabank analysts Friday morning said indications of record output from Saudi Arabia and the resumption of China’s imports from Iran, which will increase supply in other exporting countries, are also weighing on oil prices. The Organization of the Petroleum Exporting Countries (OPEC) is considering a deal to discuss cutting production at an upcoming meeting on Dec. 6. Upset over US waivers on Iranian crude imports earlier this month, Saudi Arabia is in discussion with OPEC and its allies to cut global output by about 1.4 million barrels per day, or 1.5% of global supply, media reports suggest. The latest media reports on Friday also said that OPEC will balance this reduction in output with US President Donald Trump’s demands for lower prices. On Wednesday, the Energy Information Administration reported that for the week ended Nov. 16, US crude oil inventories had a higher-than-expected build of 4.9 million barrels — the ninth consecutive weekly build. In last week’s report, crude oil inventories rose 10.3 million barrels to 442.1 million barrels. Meanwhile, the American Petroleum Institute said on Tuesday that US weekly crude oil inventories fell by 1.5 million barrels to 439.2 million barrels, versus an expected increase of 2.9 million barrels. Finally, the number of oil rigs operating in the US decreased to the lowest level in three weeks, Baker Hughes (BHGE) said. Data from the energy services firm showed that the rig count, an indicator of future crude output, fell by three to 885 in the week.

Light, sweet crude oil for January delivery had a weekly decline of 10.68%, settling at $50.42 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, down 12.23% lower and settling at $1.38 per gallon on Friday. Meanwhile, natural gas fell 0.75% this week and was down Friday at $4.36 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 3.65% lower this week, from a decline of 0.96% in the previous week.

Gold ended the Friday session higher, settling at $1,223.20, to close the week up 0.80%. On Wednesday, the yellow metal hit its highest settlement price in two weeks on the back of weakness in the dollar. But by Friday, gold had trimmed its gains as traders became more cautious ahead of next week’s G20 summit in Buenos Aires, Argentina, taking place from Nov. 30 to Dec. 1. Trump and his Chinese counterpart, Xi Jinping, are expected to meet on the sidelines of the G20 summit.  The talks are unlikely to trigger a breakthrough as the two leaders have deep disagreements on an array of issues. The US tariff rate on $200 billion in Chinese goods is set to increase to 25% from 10% on Jan. 1. Trump also said he would move ahead with imposing another round of tariffs on an additional $267 billion in goods, effectively covering all Chinese exports to the US, if no agreement can be reached. On the other hand, copper ended Friday’s session down at $2.79 per pound, but scraped by with gains of 0.56% for the week.  Much of the weakness in the red metal was brought on by lingering trade war concerns. Traders are digesting the latest report from the World Bureau of Metal Statistics, which recorded a deficit in the copper market of 6.3 kiloton in the period from January to September 2018. This compares with a surplus of 93.8 kiloton in the whole of 2017. For the January to September 2018 period, world mine production was 15.36 million tonnes and refined production was 17.52 million tonnes; global consumption was 17.53 million tonnes compared with 17.49 million tonnes for the same months in 2017.

Agriculture commodities ended the week mainly lower. Sugar had a weekly decline of 1.34% and settled at a price of $0.13 per pound on Friday; coffee was around $1.11 per pound at Friday’s close, down 2.46% for the week; and cocoa fell 3.98% for the week and closed Friday’s session at $2,122 per tonne. Among grains, wheat fell 1.46% and settled at $5.07 per bushel at the end of Friday’s session; and corn was down 2.05% in the week and settled at $3.71 per bushel in Friday’s session.  Meanwhile, soybeans fell 0.93% lower for the week, closing at $8.81 per bushel on Friday, as prices continued to be pressured by concerns over a prolonged trade war between the US and China. Meanwhile, the US Department of Agriculture said that private exporters reported the sale of 123,567 tonnes of soybeans for delivery to unknown destinations during the 2018-19 marketing year.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) fell 0.87% lower for the week, compared with a decline of 0.02% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER 

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Please read the Prospectus carefully before investing.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

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General Motors Reportedly Will Shut Oshawa Facility With Over 2,000 Workers

9:24 AM, Nov 26, 2018 — General Motors (GM) likely will shut its facility in Oshawa, Ontario, according to several media outlets all citing people familiar with the closure.

The move is part of the company’s restructuring plans. CTV reported that plants in the US also will close, though it didn’t specify which would be shuttered, while other facilities in Ontario would be unaffected. The plan reportedly employs more than 2,000 people and has been in operation for 65 years.

GM spokespeople have refused to comment on the reports.

Unifor, Canada’s biggest union in the private sector that represents 315,000 workers in several areas of the economy, said in a statement on Sunday that it received notification from General Motors that the company will make a “major announcement (Monday) that will impact its global operations.”

The union said it doesn’t have details about the announcement but so far there are no products allocated to the assembly plant in Oshawa beyond December 2019.

“Based on commitments made during 2016 contract negotiations, Unifor does not accept this announcement and is immediately calling on GM to live up to the spirit of that agreement,” the union said. “Unifor is scheduled to hold a discussion with General Motors (Monday) and will provide further comment following the meeting.”

Companies: General Motors Company
Price: 36.18 Price Change: +0.25 Percent Change: +0.70

CVS Acquisition of Aetna Now Expected to Close After Thanksgiving as Company Still Short Two Approvals

8:53 AM, Nov 20, 2018 — CVS Health (CVS) said in a filing with the Securities and Exchange commission on Tuesday that its $69 billion acquisition of Aetna (AET) will close after Thanksgiving, and that it has received a green light from all but two of the states in which it requested approval.

The company had said in its quarterly earnings report on Nov. 6 that it expected the Aetna deal to close by Thanksgiving. Management said in today’s SEC filing that the company has submitted all of the required change-in-control filings in 28 states in January, and so far has received approvals from 26 departments of insurance.

“CVS Health has made significant progress and is in the final stages of the approval process with the remaining two states,” the company said in the filing. “CVS Health is confident that these remaining approvals will be secured. As a result, the acquisition is now expected to close after the Thanksgiving holiday.”

In anticipation of the acquisition’s close, Eva Boratto has been appointed executive vice president and chief financial officer, and James Clark has been appointed as senior vice president and controller and chief accounting officer. The company had previously reported in SEC filings that Boratto and Clark would be appointed to their new positions.

David Denton, the company’s former chief financial officer, left the company effective Nov. 19. The separation was announced in June, and other than the revised departure date, the terms of his departure were unchanged, the company said.

The company on Nov. 6 reported third-quarter adjusted earnings and revenue that both topped analyst forecasts compiled by Capital IQ. For 2018, the company said it expects adjusted earnings of $6.98 to $7.08 a share. Consensus called for earnings of $7.04 per share.

Companies: CVS Health Corporation
Price: 77.65 Price Change: -0.89 Percent Change: -1.13

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Weekly Commodities ETF Report: Crude Sinks as US Approves Exemptions to Ban on Iran Crude Imports; Hopes for US-China Trade Deal Lifts Copper, Soybeans

(MT Newswires) – Crude ended Friday’s session with sharp losses, hovering near seven-month lows, as the US agreed to waivers for eight jurisdictions to continue to import Iranian crude following the imposition of sanctions next week. Even with these exemptions, expectations are for a supply contraction of 500,000 barrels per day in Iranian exports, which will help in balancing the effect of the crude oversupply that the market has been seeing, and bringing the market back into balance, according Jefferies, in a note to clients. The issue of oversupply has remained in the forefront, especially following recent data that indicates OPEC’s October output is at its highest level since November 2016. This is coupled with a strong build in oil inventories in the US. The Energy Information Administration reported Wednesday that weekly crude oil inventories in the US rose 3.22 million barrels, less than the 4.11 million barrels gain expected. This also compares with the American Petroleum Institute’s report last Tuesday that US crude supplies rose by 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build. The last bit of data for the week is Baker Hughes’ (BHGE) report late Friday that the number of oil rigs operating in the US fell by one to 874 in the seven-day period ending Nov. 2. The combined oil and gas rig count in the US also fell by one to 1,067 as gas rigs were flat at 193.

Light, sweet crude oil for December delivery had a weekly decline of 6.97%, settling at $63.14 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, slumping 6.14% lower and settling at $1.71 per gallon on Friday. Meanwhile, natural gas rose 0.21% this week and was up Friday at $3.31 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.86% this week, from a decline of 0.04% in the previous week.

Gold ended the Friday session lower, settling at $1,233.30 and ended the week down 0.07%, as the dollar strengthened on upbeat economic data throughout the week. The yellow metal sank to a three-week low on Wednesday after upbeat US consumer confidence data. According to the Conference Board on Tuesday, US consumer confidence increased to 137.9 in October, hitting its highest level since September 2000. Economists had expected the consumer confidence index to drop to 136.3. On Thursday, gold enjoyed a brief rebound as the dollar index eased on reports of progress in Brexit negotiations. The UK and EU negotiators entered into a tentative deal on all aspects of a future partnership on services, as well as the exchange of data, the Times reported. By Friday, however, gold had given up those modest gains after the dollar traded higher once again following a report that US job growth rebounded sharply in October and wages recorded their largest annual gain in nine and a half years. Meanwhile, copper ended Friday’s session higher at $2.81, and gained 2.46% for the week. The red metal’s prices had fallen to a six-week low Tuesday on continuing concerns that the trade war between the US and China would restrict demand for industrial metals. However, copper had risen sharply after President Donald Trump tweeted on Thursday that he had a conversation with China President Xi Jinping that went well, saying the two had discussed trade. Trump added that he was optimistic about a trade deal. Bloomberg then reported Friday that Trump had requested a drafting of a US-China trade accord. Although Larry Kudlow, top economic adviser to Trump, refuted the report, Trump reassured reporters late Friday that the two countries are much closer to a trade deal. According to UK-based brokerage Kingdom Futures, the copper rally Friday is a “hint” of what effect a trade deal would have on the metals market.

Agriculture commodities ended the week mixed. Sugar had a weekly decline of 2.89% and settled at a price of $0.13 per pound on Friday; coffee was around $1.20 per pound at Friday’s close, up 0.29% for the week; and cocoa rose 1.72% for the week and closed Friday’s session at $2,301 per tonne.  Among grains, soybeans surged 3.41% for the week, closing at $8.88 per bushel on Friday, reaching their biggest weekly gain in six months following news of the possible trade deal between the US and China. Meanwhile, wheat rose 0.74% on the week and settled at $5.09 per bushel at the end of Friday’s session; and corn was up 0.68% in the week and settled at $3.71 per bushel in Friday’s session. The US Department of Agriculture released its baseline projections for 2019, saying that corn will become the most widely planted US crop next year. Corn acreage is expected to expand by 3%. Based on normal weather and yields. The USDA is expecting corn plantings of 92 million acres, which would result in  14.93 billion bushels, the second-largest ever. The USDA also noted how corn prices have strengthened, suggesting that the crop is more profitable than soybeans, which continue to be affected by trade developments. Corn prices are expected to improve for the 2019 crop.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.88% for the week, compared with an incease of 0.27% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHNor CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Please read the Prospectus carefully before investing.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

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Viacom Reports Earnings, Revenue Topping Expectations as Mission: Impossible Drives Growth

9:34 AM, Nov 16, 2018 — Viacom (VIA, VIAB) reported earnings and revenue that both topped expectations after its Paramount Pictures business jumped on the backs of Mission: Impossible – Fallout, A Quiet Place and Book Club.

The film and television company said fiscal fourth-quarter adjusted earnings came in at $0.99 per share, up from $0.77 in the same period a year ago and ahead of estimates compile by Capital IQ of $0.95. For the quarter ended Sept. 30, revenue was reported at $3.49 billion, up from $3.32 billion in the same period a year ago, topping the Street projection of $3.37 billion.

Paramount Pictures recorded a $241 million improvement in operating income and the company said the studio is now on track for full-year profitability next year.

Mission: Impossible – Fallout was the top earning film globally in the fourth quarter, becoming the most-successful movie in the franchise. So far, it’s taken in $800 million to date.

Horror film A Quiet Place grossed more than $340 million worldwide, becoming the second-highest grossing horror film in the US over the past decade, with a production costs of only $20 million, Viacom said. Book Club, a comedy, grossed almost $75 million after being acquired for only $10 million.

“Paramount Pictures has built a diverse theatrical film slate of 13 titles for FY19 — up from nine in fiscal 2018 — that feature big-budget tentpoles, targeted-audience productions and Viacom-branded films,” the company said. Bumblebee, the latest installment of the Transformers franchise, the BET-co-branded film What Men Want, a reboot of Stephen King’s Pet Sematary and the Elton John biopic are all slated for release.

Bob Bakish, Viacom’s chief executive, said the company’s strong performance was “pivotal” for the company.

“We successfully turned around our core business, with dramatic improvements across our networks, at Paramount and in distribution,” he said. “We also took important steps to evolve Viacom for the future — investing in our portfolio of advanced marketing solutions, digital and experiential offerings and global studio production business. As we head into 2019, we are excited about the company’s evolution and expect to return to topline growth.”

Companies: Viacom Inc.
Price: 36.14 Price Change: +1.02 Percent Change: +2.90

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Home Depot Net Income Surges 32% on Trump Tax Cuts, Company Raises Guidance

11:05 AM, Nov 13, 2018 — Home Depot (HD), helped by the Trump tax cuts at the end of 2017, reported blowout earnings and raised its forecast for revenue and profits even as sales of existing homes in the US are starting to show signs of a slowdown.

Sales in the third quarter ending Oct. 28 rose 4.8% to $26.3 billion on a comparable basis, while net income climbed 32% to $2.9 billion, lifting earnings per share by 36.4% to $2.51, the Atlanta-based company said on Tuesday. Revenue as well as earnings per share topped the $26.23 billion and $2.27 respective average estimate of analysts polled by Capital IQ as earnings were buoyed by stock buy-backs.

The company headed by Craig Menear set aside $779 million in taxes payable on third-quarter earnings, 39% less than the $1.27 billion in the year-earlier period. Taxes in the three quarters through October plummeted 32% to $2.67 billion as the company now expects the tax rate in fiscal 2018 to be roughly 24%.

Operational efficiencies at the company that employs 400,000 people also helped the bottom line as clients’ average spend rose 3.6% to $65.11. Sales per square foot at the 2,286 stores in the US and abroad improved 5.2% to $434.

Still, the stock declined 1.8% in early tradings to $176.18 per share. However, hurricane-related rebuilding may provide support for the stock going forward.

After earnings were released, Morgan Stanley maintained its “overweight” recommendation on the stock, with a price target of $200, or 12% above Monday’s $179.43 close.

“We think the combination of high quality underlying Q3 results and maintained full year/implied Q4 comp guidance should spark a modest relief rally given the stock has declined 15% since its September highs and appears to be pricing in a slowdown in 2019,” analyst Simeon Gutman wrote in the note to clients.

In the home appliance business, Home Depot may have the opportunity to gain market share after Sears filed for Chapter 11 bankruptcy protection from creditors and started shutting down stores.

Management now sees sales growth of 5.5% in fiscal 2018, up from an initial estimate of 5.3%. Growth in per-share earnings is expected to surpass 33% in the year to $9.75 as the company could spend as much as $8 billion buying back stock, or $2 billion more than previously planned.

Companies: Home Depot, Inc. (The)
Price: 173.29 Price Change: -6.14 Percent Change: -3.42

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Weekly Commodities ETF Report: Crude Sinks as Supply Concerns Resurface, US Production Hits New Record

(MT Newswires) – Crude ended Friday’s session in negative territory, declining for a tenth consecutive day, on renewed supply concerns as the US oil rig count jumped the most in six months along with weekly production in the US that hit a new record as inventories surged. The number of oil rigs operating in the US jumped by 12 to 886, which is also the highest level since March 6, 2015, according to data from Baker Hughes (BHGE). The combined oil and gas rig count in the US surged by 14 to 1,081 as gas rigs also climbed by two to 195. On Wednesday, the Energy Information Administration reported that crude inventories in the US increased by 5.8 million barrels in the week ended Oct. 2, rising much more than forecasts. This compares with the American Petroleum Institute’s report last Tuesday that US crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million. Earlier in the week, prices had risen following market chatter that ministers from the Organization of Petroleum Exporting Countries and its allies will discuss the possibility of cutting production again next year to support prices at $70 a barrel in its meeting in Abu Dhabi this Sunday. However, those gains melted as rising output and fears of a drop in crude demand due to economic slowdown weighed on the commodity once again. Crude oil’s current losing streak is reportedly its longest over three decades.

Light, sweet crude oil for December delivery had a weekly decline of 4.80%, settling at $60.19 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, slumping 5.01% lower and settling at $1.62 per gallon on Friday. Meanwhile, natural gas rose 11.89% this week and was up Friday at $3.72 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.92% this week, from a decline of 1.86% in the previous week.

Gold closed the Friday session lower, settling at $1,208.60 and ended the week down 1.97%, recording its biggest weekly fall in more than two months, as the US dollar gained in strength on the back of the Federal Reserve’s statement that it would continue to raise interest rates gradually. The greenback’s gains were also spurred by inflation data, which showed the US producer price index to have increased by a more than expected 0.6% in October, raising prospects of a rate hike in December. With more rate increases very likely in the coming year as well, the dollar has been moving higher against most major currencies. On Thursday, the Federal Reserve left interest rates unchanged, citing realized and expected labor market conditions and inflation. The central bank reiterated that it expects further gradual increase in interest rates will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near its 2% objective over the medium term. Meanwhile, copper ended Friday’s session at $2.69  per pound, and fell 4.93% for the week, due to worries over a slowdown in the Chinese economy, which would affect demand for materials, especially those used for manufacturing and construction. On Thursday, China reported that its copper imports in October declined 19%. China consumes nearly half the world’s  copper.

Agriculture commodities ended the week lower. Sugar had a weekly decline of 4.91% and settled at a price of $0.13 per pound on Friday; coffee was around $1.14 per pound at Friday’s close, down 5.1% for the week; and cocoa fell 1.00% for the week and closed Friday’s session at $2,287 per tonne. Among grains,wheat fell 1.23% and settled at $5.02 per bushel at the end of Friday’s session; and corn was down 0.47% in the week and settled at $3.70 per bushel in Friday’s session.  Meanwhile, soybeans slipped 0.08% lower for the week, closing at $8.87 per bushel on Friday, as the US Department of Agriculture (USDA) cut its US soybean crop estimates, but said it expects stocks to rise sharply due to the ongoing US- China trade war, which is weighing on exports. The USDA on Thursday said it expects 2018/19 US soybean production at 4.600 billion bushels, down from its previous estimate of 4.690 billion bushels. The agency boosted its estimate of the 2018/19 soybean ending stocks to 955 million bushels, above the average analysts’ estimate of 898 million bushels. It also lowered its export forecasts for the current marketing year to 1.900 billion bushels from 2.060 billion bushels.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) declined 1.59% for the week, compared with an incease of 0.88%in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

Please read the Prospectus carefully before investing.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

 

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Yelp Shares Plunge With Analysts Downbeat After Third-Quarter Accounts Growth Slows

10:45 AM, Nov 9, 2018 — Yelp (YELP) shares were plunging on Friday as Wall Street shunned the stock after the reviews website company warned that the pace of growth in accounts was slowing and reported mixed results for the third quarter.

The stock was downgraded by Wedbush Securities to neutral and removed from its best ideas list. Analysts Ygal Arounian and Amir Chaudhri said that the mis-executions in strategy “need further examination by management that will take time to lead back to a net benefit.” They said in a note that still believe Yelp will add net advertisers over time.

“After strong early results of the shift to non-term from annual contracts where net paid advertiser account growth accelerated meaningfully, the strategy completely fell apart this quarter,” the analysts said.

Late Thursday, Yelp said third quarter earnings rose to $0.17 a share from $0.09 per share, while Wall Street analysts were expecting earnings of $0.35 per share on a non-GAAP basis and $0.10 per share on a GAAP basis. Revenue was $241 million, compared with $223 million a year earlier, shy of the consensus estimate of $245.6 million, according to Capital IQ.

“The pace of new account growth that we saw in the first half of 2018 slowed in the third quarter,” Jeremy Stoppelman and Lanny Baker, Yelp’s CEO and CFO, said in a letter to investors. “This deceleration was unexpected given the strong momentum and positive customer feedback we saw throughout the first half of the year.”

Yelp’s stock plunged almost 30% in Friday’s regular trading session, sending the shares to the lowest on an intraday basis since mid 2017.

RBC Capital Markets said the paying advertising accounts were flat quarter-on-quarter for the first time ever because of the “very weak” gross additions. While RBC dropped its price target on Yelp to $38 from $62, it kept its outperform rating because the company’s “currently undergoing several positive transitions,” analyst Mark Mahaney said in a note.

That includes a shift away from a model driven by Salesforce (CRM) to a self-serve type, a change to a local services lead vertical company from restaurants, from an advertising model to advertising and transactions and from a term contract mode to non-term contracts.

“We had believed the combination of these transitions could help sustain premium growth, (though) this is now in question,” Mahaney said.

Companies: Yelp Inc.
Price: 31.00 Price Change: -12.50 Percent Change: -28.74

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Twenty-First Century Fox Reports Quarterly Earnings In Line With Expectations, Revenue Miss

9:08 AM, Nov 7, 2018 — Twenty-First Century Fox (FOX) reported first-quarter earnings that were in line with expectations and revenue that missed.

Adjusted earnings rose to $0.52 a share in the September quarter, up from $0.49 a year earlier and in line with estimates from Capital IQ. First-quarter revenue rose 2% year-over-year to $7.18 billion, trailing consensus for $7.23 billion.

Income from continuing operations attributable to shareholders rose 54% to $1.29 billion, Fox said. The income includes a non-cash tax benefit of about $220 million, or $0.11 a share, from the company’s decision to sell its interest in Sky plc. Adjusted earnings from continuing operations rose 6% to $0.52 a share.

“This increase (in revenue) principally reflects higher affiliate and advertising revenues reported at the television and cable segments partially offset by lower theatrical revenue reported at the filmed entertainment segment,” Fox said.

The European Commission on Tuesday approved Walt Disney’s (DIS) plan to acquire Fox assets including film and television properties as long as Disney compiles with commitments to offload its interest in factual channels.

Disney and Fox are active in the European Economic Area, or EEA, “as providers of audio-visual content and TV channels to TV broadcasters and distributors,” the commission said on its website. It found that the deal between the companies “would have eliminated competition between two strong suppliers of ‘factual channels’ in several EEA Member States.”

Companies: Twenty-First Century Fox, Inc.
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