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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, 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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Ferrari Misses Analysts Expectations in Third Quarter; Reiterates Full Year Targets

8:20 AM, Nov 5, 2018 — Automobile manufacturer Ferrari (RACE) posted weaker-than-expected results for its third quarter on Monday as a decline in engine sales softened modest year on year growth in revenues.

The Italian manufacturer of sports cars generated revenue worth 838 million euros ($952.9 million), up from 836 million euros a year earlier but shy of the consensus estimate of analysts polled by Capital IQ for 864.5 million euros.

The rise in revenue was supported by a slight increase in sales of cars and spare parts to 616 million euros compared to 605 million euros a year earlier thanks to higher volumes together with pricing and deliveries of the company’s limited edition Ferrari J50, according to a results presentation document.

The company said that there had been a negative mix due to higher V8 models as well as lower sales of LaFerrari Aperta, which is finishing its limited series run. Sales of engines, meanwhile, edged down to 70 million euros from 88 million euros a year earlier which the company attributed to a decrease in sales to Maserati due to lower engine volumes.

Revenue from the company’s Sponsorship, commercial and brand business segment increased to 128 million euros from 124 million euros a year earlier buoyed by higher 2017 championship ranking compared to 2016.

Total shipments rose by 10.6% to 2,262 units during the quarter, supported by a 7.9% increase in V12 models and an 11.4% increase in V8 models.

Adjusted diluted earnings per share were 0.77 euros, up from 0.74 euros a year earlier but also below the Street’s average projection of 0.97 euros.

For the full year, the company confirmed that it expects shipments of over 9,000 vehicles, net revenues of more than 3.4 billion euros and capital expenditure of approximately 650 million euros.

Price: 117.42 Price Change: -2.11 Percent Change: -1.77

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DowDuPont Beats Views on Earnings, Lifts Merger Synergy Savings Outlook to $3.6 Billion

9:46 AM, Nov 1, 2018 — DowDuPont (DWDP) reported better-than-expected third-quarter earnings on Thursday and announced a new stock buyback plan while lifting its guidance for how much will be saved from reducing duplicated costs after the merger that created the conglomerate.

Adjusted earnings per share rose to $0.74, three cents ahead of the consensus on Capital IQ and topping the year earlier $0.55 a share. Net sales were up by 10% to $20.1 billion, but that was shy of analysts expectations, which were for $20.2 billion.

Still, shares of the company that was created by a merger last year between Dow Chemical and E.I. du Pont de Nemours were firming early in the session, up about 8%.

DowDuPont also unveiled a new share repurchase program worth $3 billion. It now sees cost synergies from the merger of $3.6 billion, up from $3.3 billion projected earlier, with 2018 year-over-year savings now pegged at $1.5 billion from $1.4 billion. Savings have totaled $1.3 billion since the merger closed, the agro-chemical giant said.

“Our teams generated strong gains in volume, price and operating EBITDA by continuing to execute our growth strategy, capture cost synergies and drive productivity improvements,” said Ed Breen, the chief executive. “Each division is performing well, and we remain on track to complete the intended separations.”

The materials science unit will be split off on April 1 and agriculture and specialty products on June 1, Breen said. DowDuPont affirmed its 2018 earnings guidance of “up low-20s percent.”

Companies: DowDuPont Inc.
Price: 57.12 Price Change: +3.20 Percent Change: +5.93

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Weekly Commodities ETF Report: Crude Edges Lower as Markets Cautious on Iran Sanctions, Oversupply Concerns; Gold Logs Modest Gains Following Sharp Sell-Off in Stocks

(MT Newswires) -Crude ended Friday’s session higher, rebounding from losses earlier this week. Traders continue to be cautious ahead of Iran sanctions despite Saudi Arabia reassuring markets on oil supply and recent data showing a sharp build in American crude inventories. Saudi Arabia’s Oil Minister Khalid al-Falih recently said that the kingdom has no intention of an oil embargo on Western consumers, despite the current crisis following allegations that it murdered journalist Jamal Khashoggi. The minister added that Saudi Arabia would work to increase supply. Back home, the Energy Information Administration reported Wednesday that crude oil inventories in the US had a build of 6.3 million barrels in the week to Oct. 19, exceeding analysts’ forecasts by a significant margin. This also compares with the American Petroleum Institute’s report last Tuesday that US commercial crude inventories had risen by 9.88 million barrels for the same week. Following these reports, there has been speculation that the market could well be heading into oversupply in the fourth quarter.  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 rose by two in the week to 875, and that compares with 737 in operation in the same period of 2017. The tally is at the highest levels since early March 2015.

Despite ending Friday with gains and closing the session at $67.59 per barrel, light, sweet crude oil for December delivery had a weekly decline of 2.69%. In other energy futures, gasoline declined during the week, slumping 5.08% lower and settling at $1.81 per gallon on Friday. Meanwhile, natural gas fell 1.43% this week and was down Friday at $3.23 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.04% this week, from a decrease of 0.94% in the previous week.

Gold ended the Friday session modestly higher, settling at $1,235.80 and ended the week up 0.46%. Seeking refuge from risk, investors poured into safe havens, driving gold up to its highest level since July and dragging the yield on the 10-year Treasury note down by another 5 basis points to a three-week low. The yellow metal is  benefitting from its safe-haven status after Wall Street suffered its biggest one-day fall since 2011 earlier this week. The sharp sell-off in equities was sparked by concerns over earnings, Italian government finances and escalating trade tensions. Meanwhile, copper ended Friday’s session lower at $2.74, and fell 1.19% for the week  The red metal’s prices continued to trade lower even as its outlook brightened somewhat: according to a Reuters poll, copper prices are on track to rebound by next year, as more robust supply/demand fundamentals are expected to offset macro-economic concerns. The Reuters report cited comments from analyst firm ABN AMRO, which noted that copper prices will see an increase once trade war concerns ease and better Chinese economic figures are reported. And although copper shortages are still possible next year, analysts have lowered forecasts for a global copper deficit to 44,000 tonnes from an earlier estimate of 151,000 tonnes.

Agriculture commodities ended the week mostly lower. Sugar had a weekly decline of 1.15% and settled at a price of $0.14 per pound on Friday; coffee was around $1.20 per pound at Friday’s close, down 1.92% for the week; and cocoa rose 4.12% for the week and closed Friday’s session at $2,251 per tonne.  Among grains, corn was up 0.61% in the week and settled at $3.68 per bushel in Friday’s session; soybeans fell 1.47% for the week, closing at $8.58 per bushel on Friday; and wheat fell 1.75% and settled at $5.05 per bushel at the end of Friday’s session. Wheat saw its greatest weekly decline since early September as expectations for higher wheat exports from Russia pressured US wheat prices. Additionally, the International Grains Council on Thursday raised its forecast for global wheat production after China released improved outlook for its wheat crop. The council now sees wheat production at 728.8 million tonnes, up from a previous forecast of 716.7 million tonnes.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.27% for the week, compared with an decline of 1.05% 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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Twitter Surges as Third-Quarter Results Beat Expectations, Daily User Numbers Rise 9%

10:45 AM, Oct 25, 2018 — Twitter (TWTR) shares rallied after the social-media company said third-quarter revenue growth was better than expected and daily active users climbed even amid “health efforts” to cull malicious accounts.

Revenue rose 29% to $758 million while non-GAAP diluted earnings per share came in at $0.21, up from $0.10 a year ago. The consensus on Capital IQ was for $0.14 in earnings and revenue of $700.8 million.

The growth in revenue reflected “better-than-expected growth across most products and geographies,” Twitter said in a letter to shareholders. “Strong revenue performance also drove better-than-expected profitability.”

Twitter’s shares jumped 17% in Thursday trading as investors met the results with relief after the social-media company faced criticism earlier in the year from frequent user President Trump and others who claimed they were silencing people.

Chief executive Jack Dorsey told US lawmakers in September that the social-media company he founded doesn’t “use political ideology” in making decisions and that from a business perspective the firm has incentive to keep all voices using the platform.

In its earnings, Twitter said daily active users, a key metric for social media platforms to measure engagement, rose 9% year-over-year “despite ongoing health efforts, with double-digit growth in five out of our top 10 global markets.”

Twitter has been a 20% quarter-on-quarter decrease in successful sign-ups since the introduction of techniques to identify and challenge “potentially automated, spammy, or malicious accounts,” it said. “We made meaningful progress improving the health of the public conversation on Twitter.”

Companies: Twitter, Inc.
Price: 32.05 Price Change: +4.51 Percent Change: +16.38

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Nike Well Positioned to Weather Tariffs on Goods Made in China on Low Exposure, Production Options

2:26 PM, Oct 22, 2018 — Nike (NKE) is “well insulated” to tariffs placed on manufactured goods in China, Oppenheimer analysts said after examining the issue and speaking with Nike management.

“Clearly, the dynamic surrounding potential, incremental tariffs on Chinese-manufactured items imported to the US is fluid,” Oppenheimer analysts led by Brian Nagel said. “Overall, we view Nike as quite well insulated to this threat.”

Shares were up 1% on Monday.

Footwear and apparel that’s made in China but sold in the US accounts for 10% to 15% of total production for Nike, the firm said. The company already has manufacturing facilities in other Asian nations and could shift production out of China, if necessary.

Due to the complexity of Nike’s production and sourcing operations, management has several “levers to pull” to offset the effects of incrementally rising imports costs, the analysis said. Besides, many items produced by Nike are already subjected to high import tariffs, and the company may be able to pass any added costs onto buyers.

“Athletic footwear and apparel manufactured in China are already subject to duties at a mid-teens rate, and given a trend by Nike to successfully lift retail price points, we view the company as enjoying significant pricing power with consumers,” Oppenheimer said.

Companies: Nike, Inc.
Price: 74.97 Price Change: +0.76 Percent Change: +1.02

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Weekly Commodities ETF Report: Crude Rebounds for the Week as Iran Sanctions Come Back Into Focus

(MT Newswires) – Crude ended Friday’s session higher, recovering from losses earlier this week. Oil had come under pressure, sinking to five-week lows, after the Energy Information Administration reported Wednesday that crude supplies in the US logged an increase of 6.5 million barrels, a far larger than expected and the fourth consecutive weekly increase. This compares with the American Petroleum Institute’s report last Tuesday that US commercial crude inventories had a draw of 2.13 million barrels. But crude rebounded by Friday as investors shifted their focus back to the impending US sanctions on Iran’s oil exports, which will come into force on Nov. 4. Oil supplies could also be affected by any sanctions that the US may impose on Saudi Arabia with US politicians speaking of sanctioning Saudi officials found culpable in the killing of US journalist Jamal Khashoggi. The kingdom already said that if it receives any action, it would respond with greater action. US President Donald Trump said on Thursday, he presumes Khashoggi had likely been killed and that the US response to Saudi Arabia will likely be “very severe.” 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 rose by four to 873, climbing for a second week to the highest level since March 6, 2015. The combined oil and gas rig count in the US climbed by four to 1,067 as gas rigs rose by one to 194 but miscellaneous barrels slipped by one.

Over the last five days, light, sweet crude oil for November delivery was down 3.09%, settling at $69.12 per barrel at the close of Friday’s session. In other energy futures, gasoline declined during the week, edging 1.71% lower and settling at $1.91 per gallon on Friday. Meanwhile, natural gas rose 2.40% this week and was up Friday at $3.39 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.94% this week, from an decrease of 1.2 % in the previous week.

Gold ended the Friday session lower, settling at $1,228.70 and eventually ended the week up 0.66%. On Thursday, the yellow metal logged gains despite the US dollar rising to a one-week high on hawkish Fed minutes. The minutes of the Federal Reserve’s latest policy meeting indicated that the US central bank is staying the course on rate hikes, despite President Donald Trump calling it the “biggest threat” to his presidency. Meanwhile, copper ended Friday’s session higher at $2.78, and fell 1.07% for the week  The red metal’s prices were pressured by the increase in the US dollar, and tracked Chinese stock markets lower following expectations for a slowdown in global economic growth. Chinese Premier Le Keqiang had said that China’s economy faces increasing downward pressure amid an ongoing trade war with the US.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly increase of 6.27% and settled at a price of $0.14 per pound on Friday; coffee was around $1.22 per pound at Friday’s close, up 4.38% for the week; and cocoa rose 0.09% for the week and closed Friday’s session at $2,162 per tonne.  Among grains, wheat fell 0.77% and settled at $5.15 per bushel at the end of Friday’s session, while corn was down 1.88% in the week and settled at $3.67 per bushel in Friday’s session. Meanwhile, soybeans fell 1.30% for the week, closing at $8.57 per bushel on Friday. This decline is the biggest loss for the commodity since mid-September, after low US. exports and improved harvest weather drove prices lower. The US Department of Agriculture put export sales of US soybeans in the latest week at 295,600 tonnes, below trade expectations.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) fell 1.05% for the week, compared with an increase of 1.1% 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. 

Tesla Motors

Tesla’s CEO Musk to Buy $20 Million in Company Stock as Court Signs Off on SEC Settlement

10:27 AM, Oct 17, 2018 — Tesla’s (TSLA) founder and chief executive officer, Elon Musk, will buy $20 million in stock of the electric car company in a sale that’s “separate and apart” from a settlement with regulators that was signed off by a judge this week.

In a filing to the Securities and Exchange Commission n Wednesday, the company said “Elon has notified Tesla that he intends to purchase from Tesla, and Tesla expects that it will issue and sell to Elon, $20 million of Tesla’s common stock during the next open trading window at the then-current market price.”

The same filing outlined the approval on Tuesday by the US District Court for the Southern District of New York of a settlement between Musk, the company and the Securities and Exchange Commission over Musk’s tweets in August that he was considering taking Tesla private, and that funding was secured. The settlement showed that Tesla and Musk will each pay $20 million.

Shares in the car company swung widely in the wake of Musk’s take-private comments. As part of the settlement, Musk will resign as board chairman and be replaced by an independent director. Tesla’s stock was little changed on Wednesday and are down 11% year-to-date.

“In three years, the board will be able to reappoint Elon to resume the role of chairman of the board if such reappointment is approved by a majority vote of stockholders at such time,” Tesla said.

“As part of the settlement, there will be no restriction on Elon’s ability to continue to serve as Tesla’s CEO and there will also be no restriction on Elon’s ability to serve as a director on Tesla’s board,” the company said in the SEC filing.

The district court signed off on the deal even as Musk appeared to mock the SEC just days after agreeing to settle the fraud charges put against him by the regulator, writing on Twitter that “the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!”

Companies: Tesla, Inc.
Price: 277.22 Price Change: +0.63 Percent Change: +0.23

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Apple Faces Slower Consumer Demand in China That May Hurt iPhone Sales, Goldman Sachs Says

9:00 AM, Oct 15, 2018 — Slowing consumer demand in China could affect Apple (AAPL) this fall, but not enough for Goldman Sachs to lower its iPhone shipments estimate, the bank said in a note to clients on Monday.

Macro indicators in the Asian nation have weakened “substantially” as the country’s PMI dropped to a 50.8 print in September from a 51.3 in August, the bank’s analysts said. Auto sales fell 12% year-over-year last month versus a year-over-year decline in August, and Golden Week indications are “lackluster,” Goldman said.

“We also believe that smartphone unit volume deteriorated by 15% year-over-year in the third quarter, which is unheard of in a typically seasonally strong third quarter,” the analysts said. “Though most of the smartphone
weakness was in the mid and lower range, we find it hard to believe that this general environment is going to be helpful to Apple unless things improve late in the year.”

Apple shares were down 0.3% in pre-bell trading on Monday.

It’s not all bad news, however, as iPhone conversion trends are positive in China and elsewhere, the bank said. Apple’s flagship product didn’t even compete in the rapidly growing segment last year, there’s upside potential this year as the Xs Max and CR are in the 6-inch-plus screen-size category, Goldman said.

The bank reiterated its December quarter iPhone shipments estimate of 80 million and retained its $240 12-month price target, though much of that forecast was based on Chinese demand for phones with larger screen sizes.

“Should weak consumer demand persist and impact the higher end of the market, Apple’s potential to beat and raise (fiscal fourth quarter) earnings is likely reduced,” Goldman said.

Companies: Apple Inc.
Price: 221.40 Price Change: -0.71 Percent Change: -0.32

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Weekly Commodities ETF Report: Crude Oil Caps Volatile Session With Slim Friday Gains While Gold Climbs Amid Global Economic Uncertainty, Corn Firms as Trump Pushes Year-Round E15

(MT Newswires) – Crude ended Friday’s session higher, as fears of disruptions to global oil supplies helped offset growth worries. An uptick in crude’s prices came on the heels of the news that Hurricane Michael made landfall along the Gulf Coast on Wednesday as a category 4 storm. Following hurricane warnings, offshore producers including Anadarko Petroleum, BHP Billiton, BP and Chevron reportedly evacuated workers from 13 oil and gas platforms in the Gulf — this is expected to cut oil production in the Gulf by about 40%. Meanwhile, the International Monetary Fund (IMF) predicted Iran’s economy would contract over the next two years due to reduced oil production as US sanctions targeting Iran’s crude oil exports come into force on Nov. 4. However, it forecast increased growth in Saudi Arabia and its oil-rich neighbors in the Gulf on the back of higher oil production. Back home, the Energy Information Administration on Thursday reported that commercial crude inventories in the US increased by 6.0 million barrels from the previous week. This compares with the week earlier build of 8 million barrels and the American Petroleum Institute’s report Wednesday looking for a major build of 9.75 million barrels. Finally, Baker Hughes (BHGE) said late Friday the number of oil rigs operating in the US rose by eight to 869, the biggest advance in 10 weeks.

Over the last five days, light, sweet crude oil for November delivery was down 3.8%, settling at $71.34 per barrel at the close of Friday’s session. In other energy futures, gasoline declined during the week, edging 6.8% lower and settling at $1.940 per gallon on Friday. Meanwhile, natural gas rose 2.7% this week but was down Friday at $3.088 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.2% this week, from an increase of 0.97% in the previous week.

Gold ended the Friday session lower as equities recovered from sharp selling, settling at $1.222 but eventually ended the week up 1.2%. The yellow metal slipped lower on Tuesday to a one-week low as the US dollar hit a seven-week high; gold, however, edged higher mid-week, benefitting from its safe- haven status as traders shunned equities amid mounting concerns over a budget showdown between Italy and the EU and on worries about a slowing Chinese economy. Concerns over Italy’s budget have eased somewhat following a statement from the country’s finance minister, reassuring traders that the government will do all it can to restore market confidence. Meanwhile, China’s currency slipped past a psychological bulwark as the IMF lowered its forecast for Chinese economic growth in 2019 to 6.2% from 6.4%, citing “negative effect of recent tariff actions.”

On the other hand, copper ended Friday’s session higher at $2.8005, and rose 2.01% for the week.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly increase of 3.9% and settled at a price of $0.1312 per pound on Friday; coffee was around $1.165 per pound at Friday’s close, up 6.7% for the week; and cocoa climbed 6.3% for the week and closed Friday’s session at $2,160 per tonne. Among grains, wheat fell 1% and settled at $5.17 per bushel at the end of Friday’s session, while soybeans slipped 0.2% for the week, closing at $8.68 per bushel on Friday. Meanwhile corn was up 1.4% in the week and settled at $3.74 per bushel in Friday’s session, following President Donald Trump’s directive to allow the year-round sale of a higher concentration of ethanol in gasoline — a move that would benefit corn farmers, who have been affected by a slump in corn prices as a result of the US-China trade war. Trump is pushing to make available E15, or gasoline with 15% ethanol, throughout the year, hoping that it will expand biofuels and in turn, help farmers by spurring sales of ethanol. E15 had been banned in summer months due to smog concerns.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 1.1% for the week, compared with an increase of 1.63% 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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