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Weekly Commodities ETF Report: Crude Surges Amid Geopolitical Tensions After Attacks on Saudi Oil Facilities; Gold Back Above $1500 On Uncertainty Over Future Rate Cuts

(MT Newswires) – Crude ended the week higher amid geopolitical tensions in the aftermath of last weekend’s attacks on two major oil facilities in Saudi Arabia. Saudi and US officials have alleged that the attack was perpetrated by Iran. On Wednesday, US President Donald Trump ordered increased sanctions against Iran rather than a military strike for its role in the Saudi attack, which had cut the country’s daily production output by 5.7 million barrels. There were expectations that the disruption would affect the global oil supply, but Saudi Arabia was able to restore its oil supply sooner than anticipated.  Saudi Energy Minister Prince Abdulaziz bin Salman was quoted by Reuters as saying that over half of the damaged production was restored in just two days after the attack. By Friday, the US had sanctioned the Iranian national bank, with US Treasury Secretary Steven Mnuchin saying the sanctions are “very big” and remove the last source of funding for Iran. Back home, the Energy Information Administration reported a 1.1 million-barrel rise in crude stocks. The street had been expecting a 2.25 million-barrel decrease, though the American Petroleum Institute reported a 600,000-barrel build after the close on Tuesday.  And the number of oil rigs operating in the US plunged by 14 to 719 during the week ended Sept. 20, the lowest level since May 2017, according to data compiled by energy services firm Baker Hughes. The combined oil and gas rig count in the US dropped by 18 to 868 as gas rigs fell by five to 148.

Light, sweet crude oil for October delivery rose 5.96% for the week, settling at $58.13 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 8.77% over the last five days and settled at $1.70 per gallon on Friday. Natural gas was down 3.13% for the week, ending Friday at $2.54 per 1 million British thermal unit.  

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) increased 0.88% this week, compared with an increase of 0.61% in the prior week.

Gold saw declines during the first half of the week following the US Federal Reserve’s expected interest rate cut, but worked back above the psychological price of $1,500, ending the Friday session at $1,506.20. For the week, the yellow metal rose 1.87%. The votes of the Federal Open Market Committee of the US central bank were not unanimous, leaving a cloud of uncertainty on the next easing of policies. The FOMC cut interest rates with a vote of 7-3, the second time the interest rates were trimmed in 2019. Following a divided vote among the members of the committee, concerns on the future of the easing on monetary policy were raised, also considering the strong state of the US’ labor market.

Meanwhile, copper was in negative territory, ending the week down 4.18% and closing Friday at a settlement price of $2.61. The World Bureau of Metal Statistics reported that the global consumption of the red metal fell to 13.29 million tonnes in the January – July period, down from 13.78 million tonnes in the same period last year. Demand from China –the largest consumer of the industrial metal — fell by t3.9% to 6.754 million tonnes. Demand from the European Union also declined by 6% to 1.885 million tonnes.

In agricultural commodities, wheat ended the week up 0.41%, closing the Friday session at a price of $4.84 per bushel. The boost in prices came amid concerns over crop harvests due to spring rains. The rains in the US have slowed down the wheat harvest for the spring season, and the resulting wet conditions have brought to light some possible quality issues for the crops. Among other grains, soybeans were down 1.78% for the week, and closed Friday at $8.83 per bushel; and corn for December delivery rose 0.47% in the week and settled at $3.71 per bushel in Friday’s session. Other commodities were mixed: coffee was around $0.98 per pound at Friday’s close, down 4.00% for the week; cocoa was up 6.41% for the week and closed Friday’s session at $2,473 per tonne, and sugar had a weekly increase of 1.17% and settled at a price of $0.12 per pound on Friday.

Copyright © 2019 MT Newswires, www.mtnewswires.com.

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

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, 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.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

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.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002049 Ex. 11/30/2019

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Google to Spend $3.3 Billion to Expand European Data Centers, CEO Says

11:07 AM, Sep 20, 2019 — Alphabet’s (GOOGL) Google will spend 3 billion euros ($3.31 billion) to expand its data centers in Europe, the company’s chief executive said Friday.

Sundar Pichai said in a blog post that the expansion would bring its total investment in Europe’s internet infrastructure since 2007 to 15 billion euros.

Google will invest 600 million euros next year to expand its Hamina, Finland, location, bringing the company’s total investment there to 2 billion euros since 2009, Pichai said. He said new investment will support 4,300 in the country over the two years and beyond.

“Our Hamina data center is a significant driver of economic growth and opportunity,” Pichai said in the post, adding that Google supports more than 13,000 full-time jobs a year in the European Union. “It also serves as a model of sustainability and energy efficiency for all of our data centers.”

Google also has data centers in Ireland, the Netherlands, Denmark, and Belgium.

Meanwhile, Pichai said Google has taken “another big step in our commitment to sustainability globally, by making the biggest corporate purchase of renewable energy in history.”

He said Google’s agreements will result in more than 1 billion euros in new energy infrastructure construction in the EU, including a new offshore wind project in Belgium, five solar projects in Denmark, and two wind projects in Sweden.

“In Finland, we are committing to new wind energy projects that will more than double our renewable energy capacity in the country, and ensure we continue to match almost all of the electricity consumption at our Finnish data center with local carbon-free sources, even as we grow operations,” Pichai said.

He said Nordic countries have shown “strong leadership” in retraining their labor forces for the new digital economy and that the company’s philanthropic arm will make a $2 million grant to the Nesta foundation, which focuses in innovation. The foundation will set up training partnerships with trade unions in Finland, Sweden, Denmark, the Netherlands, and Spain.

Companies: Alphabet Inc.

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General Mills Maintains Full-Year Guidance Despite Slight Drop in First Quarter Sales

9:49 AM, Sep 18, 2019 — General Mills (GIS) reiterated its full-year guidance on Wednesday as the maker of granola bars, ice cream and breakfast cereals posted mixed results for its fiscal first quarter with revenue declining while adjusted earnings per share advanced.

The Minneapolis-based company, whose products include Nature Valley granola bars and Haagen Dazs ice cream, generated net sales of $4 billion in the three months ended Aug. 25, down 2.2% from the corresponding quarter of the prior year. This was below the consensus estimate of analysts polled by Capital IQ for $4.08 billion.

Organic net sales were down 1%, which the company said reflected lower organic volume, partially offset by positive organic net price realization and mix across all operating segments.

By segment, North America retail sales were 0.5% lower at $2.38 billion while sales in Europe and Australia were down 9.3% at $454.1 million. Sales from convenience stores and food services were worth $445 million, 3.9% lower than a year earlier.

Sales from the company’s pet segment and the combined Asia and Latin America segment were worth $367.8 million and $359.5 million, respectively, up 7.1% and down 9.9%.

Adjusted diluted earnings per share came in at $0.79, up from $0.71 in the corresponding quarter of the prior year and comfortably ahead of analysts’ estimates for $0.77. The company said that this increase was driven primarily by higher adjusted operating profit, lower net interest expense, a lower adjusted effective tax rate, and higher non-service benefit plan income. It said that these factors were partially offset by higher average diluted shares outstanding.

For the full year, the company said that the combination of currency translation, the impact of divestitures executed in fiscal 2019 and contributions from the 53rd week in fiscal 2020 are now expected to increase reported net sales by approximately 1 percentage point.

Constant-currency adjusted diluted earnings per share are expected to increase 3% to 5% from the base of $3.22 earned in fiscal 2019.

Companies: General Mills, Inc.
Price: 54.78 Price Change: -0.24 Percent Change: -0.45

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Sony’s Board Rejects Third Point Proposal to Split Semiconductor, Entertainment Businesses

9:45 AM, Sep 17, 2019 — Sony (SNE) said its board has “unanimously” rejected a proposal from activist investor Dan Loeb’s Third Point that called for a split from the entertainment, saying it decided the “best strategy” for enhancing corporate value over the long term would be to keep its semiconductor business.

The semiconductor business, now called the imaging and sensing solutions unit, is a key driver of growth for Sony and is expected to create “even more value going forward through its close collaboration with the other businesses and personnel within the group,” according to a statement Tuesday.

In July, Third Point said Sony should spin off and publicly list the semiconductor business, splitting the Japanese multinational into an entertainment and technology company.

“We appreciate Third Point’s strong interest in Sony and welcome the fact that many people have been reminded of the value and further growth opportunities of that business,” Sony said in its statement.

The semiconductor business is expected to grow in new markets including the internet of things and in self-driving vehicles, the company said. Still, Sony said it would continue to evaluate its business portfolio and “pursue asset optimization within each business.”

The company said it’s taken steps in recent years to realign its portfolio, including pulling out of personal computing and selling its battery unit. It has grown profit and sales in its game and network services segment as well as the music unit.

In late July, Sony reported fiscal 2020 first-quarter sales of 1.93 trillion Japanese yen ($17.8 billion) missed the 1.94 trillion yen average analyst estimate compiled by Capital IQ due to lower sales from its electronics business.

Companies: Sony Corp Ord
Price: 59.76 Price Change: -0.21 Percent Change: -0.35

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Weekly Commodities ETF Report: Crude Sinks on Oversupply Worries; Gold Takes a Hit, Commodities Rise on Progress in US-China Trade Spat

(MT Newswires) – Crude ended both Friday’s session and the week lower amid worries about a glut of supplies. The International Energy Agency warned of a surge in production from countries that are outside the Organization of the Petroleum Exporting Countries (OPEC), saying a “significant surplus” in 2020 will pile pressure on oil prices. The agency said Thursday that output was growing “strongly” on an annual basis, rising this year by 1.25 million barrels per day, with 1 million barrels per day of growth set to come in 2020. Back home, stockpiles of crude fell by 6.9 million barrels from the previous week to 416.1 million and are about 2% below the five-year average for this time of year. A week ago, the inventories were down by 4.8 million barrels, according to data from the Energy Information Administration. The result was in between expectations, with the American Petroleum Institute looking for a draw of about 7.2 million barrels, according to reports, while the analysts surveyed by S&P Global Platts were expecting a decline of 3.6 million barrels. Also, the number of oil rigs operating the US fell to the lowest level in almost two years for the week. The crude equipment tally dropped by five to 733 in the week through Friday, the fourth straight weekly decrease and resulting in the fewest working since the week ended Nov. 3, 2017, data from Houston-based energy services firm Baker Hughes (BHGE) showed. A year ago, there were 867 oil rigs operating.

Light, sweet crude oil for October delivery fell 3.17% for the week, settling at $55.09 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 1.45% over the last five days and settled at $1.55 per gallon on Friday. Natural gas was up 5.30% on the week, ending Friday at $2.57 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 0.35% this week, compared with an increase of 0.16% in the prior week.

Gold fell below the psychological $1,500 per ounce mark during the week, slipping 1.27% and closing Friday’s session at $1,507.40 as positive developments in the protracted trade dispute between the US and China helped boost market sentiment.  US President Donald Trump moved the effective date of tariffs on $250 billion of Chinese exports to the US to Oct. 15, at the request of Chinese Vice Premier Liu He. Trump said on Twitter that the delay is a “gesture of goodwill” as China is set to celebrate its 70th anniversary on Oct. 1. Additional tariffs of 25% to 30% were supposed to take effect Oct. 1. China, for its part, is encouraging its companies to buy US pork and other farm products. Also, expectations of an interest-rate cut in the US were emboldened following the European Central Bank’s decision to restart its quantitative easing program. Meanwhile, copper was in positive territory, ending the week up 2.66% and closed Friday at a settlement price of $2.64 — the highest in more than a month. Gains came on the back of spot demand during the week, as well as the positive reaction to the progress in the Sino-US trade war, sparking some cautious expectations that this will eventually increase demand for industrial metals.

In agricultural commodities news, Chinese companies have started to inquire about prices of farm products from the US, according to a Friday report on Reuters, citing a Chinese Ministry of Commerce spokesman. The potential purchases include pork and soybeans. The move is part of the concessions that both the US and China are implementing in order to move along their trade negotiations, with the next face-to-face meeting between negotiators set in October. An earlier Reuters report said Chinese private firms already made orders for more than 600,000 tonnes of soybeans from the US, which are due to be shipped out between October and December. This is the largest order from China since June 2018.  Soybeans were up 4.75% for the week and closed Friday at $8.99 per bushel.  Among other grains, corn for December delivery jumped 3.87% in the week and settled at $3.69 per bushel in Friday’s session; and wheat rose 4.38% higher and settled at $4.84 per bushel at the end of Friday’s session. Other commodities were also higher: coffee was around $1.03 per pound at Friday’s close, up 5.78% for the week; cocoa was up 2.33% for the week and closed Friday’s session at $2,337 per tonne; and sugar had a weekly increase of 8.45% and settled at a price of $0.12 per pound on Friday.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

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

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, 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.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

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.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002046 Ex. 10/31/2019

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Uber Boosts Debt Sale Size by $450 Million Before Pending Acquisition of Ride-Hailing App

7:54 AM, Sep 13, 2019 — Uber (UBER), the biggest ride-hailing service in the world, said late on Thursday that it has increased the size of its debt sale by $450 million to $1.20 billion.

The San Francisco-based company, which has also priced the senior notes due 2027, said the sale was targeted at qualified institutional buyers. The offer for the notes, which will accrue interest payable semiannually at a rate of 7.5% per year, is expected to close on September 17.

Uber intends to use the proceeds primarily to fund a portion of the purchase price in connection with its pending acquisition of Careem, Inc., a ride-hailing app in the Middle East and North Africa, as well as Pakistan and Turkey.

Uber’s decision to expand the debt offer comes in the same week that saw landmark legislation pass in California state legislature. California Governor Gavin Newsom is supporting a proposed law under which certain contract workers will be reclassified as employees, hitting gig-economy firms as their costs would balloon.

The law is set to be approved in the state Assembly before the end of California’s legislative session Friday.

Wedbush analysts led by Daniel Ives said in a research note Wednesday it fully expected gig economy firms to continue to push back and find a middle ground, which Governor Newsom is also said to be seeking as he is reported to be “committed, at least, to continuing those negotiations.”

Companies: Uber
Price: 34.18 Price Change: +0.11 Percent Change: +0.32

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Walmart to Expand Grocery Membership Delivery Service to 1,400 Stores

1:50 PM, Sep 12, 2019 — Walmart (WMT) said Thursday it will expand its grocery membership delivery program to 1,400 stores this fall in the retail giant’s push to compete with Amazon.com (AMZN).

Bentonville, Ark.-based Walmart said customers can pay $12.95 a month or $98 a year to receive unlimited grocery deliveries. Customers can still pay a per-delivery fee without a membership, it added.

“Grocery Delivery takes convenience to a new level, and our customers love it,” said Janey Whiteside, Walmart’s chief customer officer. “With Delivery Unlimited, we’re providing incredible value for our customers and leveraging our unique assets to save them both time and money.”

Walmart said it began testing its Delivery Unlimited membership earlier this year in Houston, Miami, Salt Lake City and Tampa, and the expansion will reach the 200 metro areas where grocery delivery is currently available. It said the service will be available at more than 1,600 stores by the end of the year, covering more than 50% of the US.

The company said customers can place their orders for fresh food, pantry staples and certain general merchandise online or on its Walmart Grocery app, adding that the prices will match those in its stores.

“We’ve been investing in our online grocery business by quickly expanding our grocery pickup and delivery services,” said Tom Ward, Walmart’s senior vice president of digital operations. “Delivery Unlimited is the next step in that journey. By pairing our size and scale and these services we’re making Walmart the easiest place to shop.”

Thursday’s announcement is Walmart’s push to expand its home delivery operations, an area dominated by Amazon’s Prime membership which provides unlimited delivery for a $119 a year in addition to other services, such as access to video content.

Walmart in June said it will roll out its InHome delivery service this fall in which employees will take groceries into customers’ homes. It said employees would wear cameras that would help customers control access to their homes and remotely watch the delivery.

The service will begin in Kansas City, Pittsburgh, and Vero Beach, Fla., the company has said.

Walmart in May began offering free next-day shipping on 220,000 items with no minimum purchase or membership, almost three weeks after Amazon said it was working on a one-day option. Amazon introduced one-day shipping on 10 million products in early June.

Companies: Walmart Inc.
Price: 116.95 Price Change: +0.93 Percent Change: +0.80

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AT&T Shares Gain After Elliott Management Discloses $3.2 Billion Stake, Plan to Lift Stock to $60 by 2021

10:45 AM, Sep 9, 2019 — AT&T (T) shares popped Monday morning after hedge fund Elliott Management disclosed a $3.2 billion stake in the telecommunications giant and said the company’s shares could be worth more than $60 a share by the end of 2021.

Shares of the Dallas-based company were up nearly 4% in mid-morning trading at $37.66.

Elliott said in a statement that AT&T’s shares have underperformed the S&P by more than 100 basis points as the company’s merger and acquisition strategy has entered into new markets in recent years with deals totaling more than $200 billion as its performance has fallen.

“As a result, AT&T today is deeply undervalued, trading at just over half the multiple of the S&P 500 — by far its biggest discount yet,” Elliot said.

Still, Elliott said, AT&T “possesses a world class-collection of assets, each with a leading market position, priced today at historically low levels.”

AT&T said in a statement it maintains an open dialogue with its shareholders and will review Elliott’s proposals, adding that “many of the actions outlined are ones we are already executing today.”

Elliott said in its letter to the AT&T board that it “believes that through readily achievable initiatives — increased strategic focus, improved operational efficiency, a formal capital allocation framework, and enhanced leadership and oversight — AT&T can achieve $60+ per share of value by the end of 2021.”

Elliott said AT&T still hasn’t presented a clear strategy for its Time Warner unit after spending $109 billion to buy the operation. The deal took nearly two years to close and AT&T has owned it for about a year. Elliott said Time Warner is a “strong and valuable franchise today.”

However, Elliott said it’s “cautious on the benefits of this combination. We think that after $109 billion and three years, we should be seeing some manifestations of the clear strategic benefits by now.”

Elliott said AT&T’s acquisition of satellite-TV operator DirecTV has been “damaging” to results. In the years since the deal was announced in 2014, that industry has been under pressure.

“In fact, trends are continuing to erode, with AT&T’s premium TV subscribers in rapid decline as the industry, particular satellite, struggles mightily,” Elliot told the board. “Unfortunately, it has become clear that AT&T acquired DirecTV at the absolute peak of the linear TV market.”

Elliott said AT&T lost leadership in network expansion, losing to Verizon Communications (VZ) as the rival quickly moved to implement 4G LTE, “earning it a reputation for superior network quality, as well as $20 billion of additional wireless revenue.”

AT&T has also lost out in positioning itself in different markets, Elliott said, as T-Mobile US (TMUS) eliminated contracts while providing family plans and unlimited packages while Verizon and Sprint (S) chased the low-end market, and Verizon took the market’s premium end. “By comparison, A&T was comparatively static, without clear brand positioning,” Elliott said.

Elliott said AT&T must shift to execution from acquisition. “Focused execution is now critical given the numerous time-sensitive initiatives across AT&T — including the ongoing 5G rollout, Warner Media direct-to-consumer offering, pay TV stabilization and others — and this sense of urgency is driving our call for AT&T to take action today,” Elliott said.

Meanwhile, President Donald Trump on Twitter praised Elliott’s involvement, saying that AT&T may “now put a stop to all of the Fake News emanating from its non-credible ‘anchors. Also, I hear that, because of its very bad ratings, it is losing a fortune…But most importantly, @CNN is bad for the USA.”

Elliott didn’t mention CNN in its letter to AT&T.

Trump has had a strained relationship with the network, including calling for a boycott earlier this year to force “big changes” at CNN.

AT&T hasn’t responded to Trump’s remarks on Monday.

Price: 37.66 Price Change: +1.41 Percent Change: +3.89

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Weekly Commodities ETF Report: Crude Ends Week Higher Despite Jump in OPEC Output; Progress in US-China Trade War Deflates Safe-Haven Buying in Gold

(MT Newswires) – Crude ended both Friday’s session and the week higher as a decline in the US oil rig count and crude inventories overshadowed the results of a closely watched survey of the Organization of the Petroleum Exporting Countries’ (OPEC) output.  The latest S&P Global Platts survey showed that the average daily output from OPEC increased by 50,000 barrels per day to 29.93 million barrels per day in August. With this rise in output, OPEC’s overall compliance fell to 103% among the 11 members with output caps, from 117% in July, according to the Platts calculations. The increase in the 14-member cartel’s output reflected Iraq, OPEC’s second-largest oil producer, reaching its highest-ever production count in August, with an output of 4.88 million barrels per day. The output in August was, however, 930,000 barrels per day lower than the average production in January, which is consistent with OPEC’s policy of cutting 1.2 million barrels per day of output to help stabilize the global energy market. While OPEC pushed up production last month, the US oil rig count fell for eight weeks over the past 10. Data compiled by Baker Hughes (BHGE) showed the number of oil rigs operating in the US fell by four to 738 during the week that ended Sept. 6, the lowest level since November 2017. The combined oil and gas rig count in the US dropped by six to 898 as gas rigs fell by two to 160. Along with rig counts, the US crude inventory also contracted more than expected. On Wednesday, the Energy Information Administration said its weekly crude inventory count fell by 4.7 million barrels — higher than expectations for 4 million barrels, according to Bloomberg data. It also compares with the 401,000-barrel increase in crude supplies reported by the American Petroleum Institute earlier in the week.

Light, sweet crude oil for October delivery rose 2.54% for the week, settling at $56.30 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 2.99% over the last five days and settled at $1.55 per gallon on Friday. Natural gas jumped 9.21% this week, ending Friday at $2.44 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) increased 0.16% this week, compared with an increase of 1.66% in the prior week.

Gold rose to touch a six-year high earlier in the week due to safe-haven buying, with investors concerned over trade tensions between the US and China, as the latest round of tariff increases between the two countries took effect on Sept. 1. China had also announced that it filed a case with the World Trade Organization against the US concerning those additional tariffs. However, by the end of the week, gold had lost much of its safe-haven luster after the chief trade negotiators for both sides scheduled economic and trade consultations for early October.  In a phone conversation between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, both countries agreed to what will be the 13th round of high-level trade negotiations between the two countries. The yellow metal finished Friday’s session edging lower, settling at $1,525.50 to end the week down 0.99%.  Meanwhile, copper also started off the week higher following China’s announcements about stimulus measures that would help support its slowing economy, including increases in its infrastructure spending, which in turn could eventually boost demand for copper. Gains for the red metal continued throughout the next five days as trade negotiations between the US and China were set to resume by next month. Copper ended the week up 2.76% and closed Friday at a settlement price of $2.64.

In agricultural commodities, soybeans gave up gains stemming from the thaw in the US-China trade dispute following news of increased supplies both in the US and around the world. Forecasts for large harvests in South America, coupled with weak export demand, also weighed on prices. Soybeans were down 1.27% for the week, and closed Friday at $8.58 per bushel.  Among other grains, corn for September delivery fell 3.66% in the week and settled at $3.56 per bushel in Friday’s session; and wheat inched 0.27% higher and settled at $4.64 per bushel at the end of Friday’s session. Other commodities were also mixed: coffee was around $0.97 per pound at Friday’s close, up 0.31% for the week; cocoa was up 2.62% for the week and closed Friday’s session at $2,277 per tonne; and sugar had a weekly decline of 1.43% and settled at a price of $0.11 per pound on Friday.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

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

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, 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.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

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.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002041 Ex. 10/31/2019

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Google and YouTube to Pay $170 Million in Penalties Over Claims of Data Collection From Children

12:56 PM, Sep 4, 2019 — Alphabet’s (GOOG, GOOGL) Google and YouTube will pay a $170 million fine to settle claims by US regulators that the video-streaming and sharing site collected personal information from children without consent from their parents.

The companies are required to pay $136 million to the Federal Trade Commission in the largest amount it has ever obtained since the Children’s Online Privacy Protection Act, or COPPA, rule was enacted in 1998. Google and YouTube will also pay $34 million to the state of New York.

The FTC and the New York attorney general claim YouTube violated the COPPA rule by collecting persistent identifiers known as cookies to deliver targeted ads to channels that are directed toward children without notifying parents or getting their consent.

The rule “requires that child-directed websites and online services provide notice of their information practices and obtain parental consent prior to collecting personal information from children under 13,” the FTC said.

YouTube said that it’s making changes to its platform on how they deal with data from children’s content. In a blog posting Wednesday, the company said in about four months it will start treating data from anyone watching children’s content on YouTube as if they are a child, regardless of age.

“We will limit data collection and use on videos made for kids only to what is needed to support the operation of the service,” YouTube said.

Content creators will have to tell YouTube when they are making videos aimed at children, and machine learning will be used to identify those that “clearly target young audiences” like content with toys and games.

YouTube also said it will set up a $100 million fund spent over three years for the creation of “thoughtful, original” children’s content on YouTube and YouTube Kids, its child-focused app.

Companies: Alphabet Inc.

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