Banco Santander to Pay $1.06 Billion to Purchase Stake in Joint Venture With Allianz, Terminate Distribution Pact

7:33 AM, Jun 24, 2019 — Spanish lender Banco Santander (SAN) has agreed to pay 936.5 million euros ($1.06 billion) to acquire the 60% stake held by Allianz (ALV.DE, ALV.GR, AZSEY), Germany’s largest insurance group, in the joint venture Allianz Popular and for termination of an exclusive non-life insurance distribution agreement.

The agreement is subject to regulatory approvals and expected to be completed in the first quarter, according to a statement.

Munich-based Allianz and Banco Popular, a Santander subsidiary, signed an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions and asset management, as well as the distribution of non-life insurance products in Spain.

Following the resolution, Allianz said it would continue to operate in both non-life and life insurance markets, and had in 2018 generated gross written premiums of 3.3 billion euros.

In May, Allianz announced its first-quarter results that showed total revenue grew 9.1% 40.3 billion euros and operating profit increased by 7.5% to 3.0 billion euros, setting the stage for the company to meet its 2019 full-year targets.

Price: 212.50 Price Change: -0.20 Percent Change: -0.09

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Weekly Commodities ETF Report: Crude Spikes Up as Middle East Tensions Linger; Gold Logs Best Weekly Gain in Three Years

(MT Newswires) – Crude ended Friday’s session higher, closing the week in positive territory. Prices started the week lower, following reports citing sources that staid future meetings of the Organization of the Petroleum Exporting Countries (OPEC) and decisions will be even more “fraught” amid conflict among members. However, prices surged by Thursday, when a US military drone in the Gulf region was downed, with the US and Saudi Arabia accusing Iran of the attack. US President Donald Trump reportedly ordered US airstrikes on Iran, but later called it off because he was told 150 people would die in the attacks, which he said would not be a “proportionate” response for the downing of an unmanned drone. Meanwhile, the Energy Information Administration reported Wednesday that crude inventories fell by 3.1 million barrels to 482.4 million barrels in the week ended June 14. This erased the prior week’s 2.2 million-barrel build and was also larger than the American Petroleum Institute’s forecast for an 812,000-barrel weekly decline. Finally, energy services firm Baker Hughes (BHGE) reported Friday that the number of oil rigs operating in the US rose this week, breaking a two-week streak of declines. The oil rig count rose by one to 789 through Friday. That’s down 73 rigs from the same period of 2018. Baker Hughes said the total US rig count was down by two in the week to 967, as gas rigs fell by four to 177. A year ago, the US had 181 gas rigs in operation, for a total of 1,052.

Light, sweet crude oil for August delivery surged 9.79% for the week, settling at $57.07 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 5.00% during the week and settled at $1.79 per gallon on Friday. Natural gas fell 9.00% for the week but closed up Friday at $2.17 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 1.98% this week, compared with a decline of 0.42% the prior week.

Gold finished Friday’s session at $1,396.90 and closed the week with a gain of 4.27% — the best weekly gain in about three years. Prices for the yellow metal touched a six-year high in the early hours of the morning on Friday as the Federal Reserve’s signal that it is ready to “sustain” the economic expansion pushed US 10-year bond yields below the psychologically important 2% mark. The Federal Reserve said on Wednesday that “uncertainties” about its outlook — sustained expansion of economic activity, strong labor market conditions, and inflation near the 2% objective — have “increased.”

“In light of these uncertainties and muted inflation pressures, the committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion,” the central bank said in its statement. The Fed hasn’t lowered interest rates since 2008, the year of the global financial crisis. The probability of a cut in July is now placed at 100%, according to the CME FedWatch.

In contrast, copper closed Friday’s session lower at $2.71 per pound but rose 2.70% for the week. On Thursday, copper logged gains and touched three-week highs after the US Federal Reserve left interest rates unchanged, as expected. Supply concerns for the red metal also eased following reports that the strikes at the Chuquicamata copper mine could come to an end, as labor unions and Chile’s Codelco — the world’s top copper producer– set a schedule to discuss an improved contract offer.

In agriculture commodities, corn fell 2.15% in the week and settled at $4.42 per bushel in Friday’s session; wheat fell 1.62% and settled at $5.31 per bushel at the end of Friday’s session; and soybeans were up 0.70% for the week, and closed Friday in the red at $9.03 per bushel. On Thursday, a member of the American Soybean Association (ASA) testified to the House Financial Services Committee Subcommittee on National Security, International Development and Monetary Policy, on the impact to soybean farmers of the recent tariffs imposed on the crop. Missouri farmer Ronnie Russell said soybean farmers’ “finances are suffering” and that “stress from months of living with the consequences of tariffs is mounting.” He called for the removal of the China tariff, adding that the “loss of the China market cannot be fully replaced.”

“The 25% retaliatory tariff imposed last July has all but halted shipments to China, which up until last year was the largest export destination for US soybeans. In 2017, China purchased $14 billion worth of US soybeans. Now, the tariff has caused immediate and severe damage to the price of US soybeans, which fell from $10.89 to $8.68 per bushel last summer,” ASA said further.

Other commodities were mixed: coffee was around $1.01 per pound at Friday’s close, up 1.88% for the week; cocoa was up 0.20% for the week and closed Friday’s session at $2,502 per tonne; and sugar had a weekly decrease of 3.41% and settled at a price of $1.25 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: s 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.

USO001997 Ex. 9/30/2019

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Slack Shares Soar Above Reference Price in Trading Debut After Direct Listing on NYSE

2:30 PM, Jun 20, 2019 — Slack Technologies (WORK) shares soared nearly 59% after making their debut in a direct listing on the New York Stock Exchange.

The San Francisco-based collaborative software’s existing shareholders last month registered nearly 117 million Class A common stock for resale. The $26 reference price was set late Wednesday. The company didn’t receive any funds from the offering.

“To every person who depends on us to bring their team together, achieve more, or simply get their work done. Thank you,” Slack said in a blog posting on Thursday. “We will continue to do better, to work harder, to make sure that Slack helps bring alignment and clarity to your work, whatever work you do.”

Slack last week reported first-quarter revenue rose to $134.8 million, up from $80.9 million in the prior-year period. Its $0.26 per-share loss on a GAAP basis was wider than the $0.21 loss in the same quarter of 2018.

For its full-year fiscal 2020, the company expects total revenue between $590 million and $600 million for a gain of 47% to 50% from the year before. It expects a non-GAAP operating loss between $182 million to $192 million and a non-GAAP loss of $0.41 to $0.44 per share.

Slack sees total revenue of $139 million to $141 million in the current quarter, up 51% to 53%. It expects a non-GAAP operating loss of $75 million to $77 million and a non-GAAP loss of $0.19 to $0.20 a share.

The company said in its prospectus filed with the Securities and Exchange Commission in late April that it had more than 10 million daily active users as of Jan. 31 and 88,000 paid customers and more than 500,000 organizations using its free subscription plan.

Companies: Slack Technologies, Inc.
Price: 41.07 Price Change: +2.57 Percent Change: +6.68

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Sotheby’s Agrees to $3.7 Billion Take-Private Offer From Altice Europe Founder Drahi

11:22 AM, Jun 17, 2019 — Sotheby’s (BID) said Monday that it has agreed to be acquired in a $3.7 billion deal that would take the auction house private.

The New York-based company said it will merge with BidFair USA, wholly owned by Altice Europe founder and Chairman Patrick Drahi. BidFair will pay $57 for each Sotheby’s share, a 61% premium to Friday’s close.

Sothey’s stock soared more than 57% in morning trading.

Drahi “has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees,” said Tad Smith, Sotheby’s chief executive. “This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program and growth initiatives of the past several years in a more flexible private environment.”

The deal, which is expected to close in the fourth quarter, would return the company to private ownership after 31 years in public trading.

“Following a comprehensive review, the board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders,” said Chairman Domenico De Sole. “After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success.”

Sotheby’s, which was founded in 1744, has auction houses in Europe, the Middle East and Asia and offices around the world. It also operates an art-financing arm three retail businesses, including Sotheby’s Wine, Sotheby’s Diamonds and Sotheby’s Home.

“Sotheby’s is one of the most elegant and aspirational brands in the world,” said Drahi, adding that he is a “longtime client and lifetime admirer of the company.”

Companies: Sotheby’s
Price: 55.70 Price Change: +20.31 Percent Change: +57.39

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Weekly Commodities ETF Report: Crude Sinks on IEA’s Lower Outlook for Demand Growth; Gold Hits 14-Month High Amid Geopolitical Tensions

(MT Newswires) – Crude ended Friday’s session lower, closing the week in the red after the International Energy Agency (IEA) projected slower-than-expected growth in demand in Q2, outweighing the impact on prices of attacks on two oil tankers in the Strait of Hormuz, a passage on the south coast of Iran through which almost a fifth global oil flows. The Paris-based IEA’s report put a ceiling on oil prices on Friday, as it said global demand growth was set to be lower by 100,000 barrels per day in Q2, compared with its previous forecast a month ago. It cited a warm winter in Japan, a slowdown in the petrochemicals industry in Europe and a worsening trade outlook across all regions as contributing factors to its expectations. Meanwhile, the Energy Information Administration reported Wednesday that US crude oil stockpiles rose unexpectedly for a second consecutive week. Crude stockpiles climbed by 2.2 million barrels – that compares with expectations for a 481,000-barrel drop in a Reuters’ survey of analysts. On the other hand, the American Petroleum Institute said Tuesday that crude oil levels climbed by 4.9 million barrels. Finally, energy services firm Baker Hughes (BHGE) reported Friday that the number of oil rigs operating in the US fell by one to 788 — the lowest level since Feb. 2, 2018. The combined oil and gas rig count in the US fell by six to 969 as gas rigs fell by five to 181.

Light, sweet crude oil for August delivery fell 2.81% for the week, settling at $52.28 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 0.38% for the week and settled at $1.72 per gallon on Friday. Natural gas rose 2.31% for the week, closing Friday at $2.33 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.42% this week, compared with an increase of 1.35% the prior week.

Gold finished Friday’s session at $1,343.70, and earlier in the day reached its highest levels in 14 months. According to FactSet, prices hit the highest intraday and settlement levels since April 2018. Gold closed the week even. The yellow metal is getting a boost from its haven appeal, amid tensions in the Middle East and Hong Kong as well as rising expectations for a summer interest-rate cut from the Federal Reserve. The Federal Open Market Committee will be meeting next Tuesday and will release a policy decision Wednesday afternoon. Meanwhile, China has bought more gold to add to its international reserves as the country’s months-long trade disagreement with the US remained unresolved. According to Bloomberg, the People’s Bank of China, the central bank, raised its bullion reserves to 61.61 million ounces last month from 61.10 million ounces in April. Other central banks were also increasing their gold holdings, the report said.

In contrast, copper closed Friday’s session lower at $2.66 per pound, but inched 0.25% higher for the week as tepid industrial data from China weighed on the red metal. China’s industrial production rose 5% in May from a year earlier, while fixed income investment also rose at an annual rate of 5.6% last month, according to data released by the country’s National Bureau of Statistics. But both figures missed economists’ forecasts in a Reuters poll, which expected industrial production to grow 5.5% and fixed income investment to rise 6.1%. Meanwhile, concerns over supply risks have been raised as workers’ unions held a strike this week at Codelco’s Chuquicamata mine in Chile after a labor deal fell through. The Chuquicamata mine is the largest open pit copper mine in the world by excavated volume.

In agriculture commodities, corn rose 9.02% in the week and settled at $4.53 per bushel in Friday’s session; wheat jumped 7.15% and settled at $5.39 per bushel at the end of Friday’s session; and soybeans were up 4.88% for the week, and closed Friday in the green at $8.97 per bushel. Earlier this week, China’s General Administration of Customs reported that the country purchased 7.36 million tons of soybeans in May, down 24% on an annual basis and the lowest since 2015. The mainland, the biggest buyer of soybeans in the world, also saw soy imports in the five months ended May 31 decline 12.2% to 31.75 million tons. Meanwhile, Reuters reported that Chinese soybean buyers have asked American sellers to postpone soybean cargoes to be shipped in July to August. The report cited unnamed sources familiar with the matter. Reuters said that the renegotiations are sparking fears of cancellations, similar to ones that troubled the market last year. Six million tonnes of soybeans ordered by China have already been shipped, but about seven million tonnes more have yet to be delivered.

Other commodities were mixed: coffee was around $0.98 per pound at Friday’s close, down 2.58% for the week; cocoa was up 1.67% for the week and closed Friday’s session at $2,496 per tonne; and sugar had a weekly increase of 3.36% and settled at a price of $1.29 per pound on Friday. Prakash Naiknavare, managing director of India’s National Federation of Cooperative Sugar Factories Ltd., said earlier this week that sugar output in India is expected to drop to a three-year low next season as record heat takes a toll on cane plants in many regions. Bloomberg quoted Naiknavare as saying that during the new season starting Oct. 1, the sugar output is likely to fall from 33 million tons this year. Sugar production in Maharashtra, the country’s second-biggest grower, is also likely to fall about 40% to 6.44 million tons in 2019-2020 from this year, the report added.

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.

USO001995 Ex. 9/31/2019

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Ford Motor Company

Ford Recalls More Than One Million Explorer SUVs Over Suspension Issue With Fix Costing $180 Million

12:16 PM, Jun 12, 2019 — Ford Motor Company (F) issued four safety recalls on Wednesday, including a notice for about 1.2 million of its Explorer SUV because of a suspension issue that will cost the carmaker an estimated $180 million to fix.

The Dearborn, Mich.-based company said it was recalling 2011 to 2017 Explorers because vehicles that have frequent “full rear suspension articulation” may have lead to a fractured rear suspension toe link, which can raise the risk of crash because it cuts steering control.

“One customer reported hitting a curb when the toe link broke,” the company said. “Ford is not aware of any reports of injury related to this condition in markets included in this action.”

The recall affects 1.2 million US vehicles, 28,000 in Canada and one in Mexico. They were built at Ford’s Chicago Assembly Plant between May 2010 and January 2017. The $180 million cost of the field service action to correct the issue will be incurred by Ford’s North America business, it said in a separate regulatory filing Wednesday.

“For the full year, we continue to expect company adjusted (earnings before interest and tax) to be higher than in 2018,” the company said.

Ford also said it’s recalling 123,000 North American 2013 F-150 pickups because powertrain control module software that was used to service the vehicles in another recall was incomplete. Trucks without the calibration that was intended to be done in the service could be at risk for unintended downshifting because of output speed sensor failure.

The company also issued a recall for 4,300 model year 2009-16 Ford Econoline vehicles for a loss of motive power issue and it recalled 12,000 Taurus, Flex and Lincoln models also over suspension toe line fracture issues.

In the regulatory filing, Ford also said a US Court of Appeals for the Federal Circuit earlier this month ruled in favor of a Customs and Border Protection decision that the company’s Transit Connects passenger wagons later converted into cargo vans are subject to a 25% duty for cargo vehicles, rather than the 2.5% passenger vehicle charge. Ford said it’s evaluating its options over the ruling and will treat either a refund or a higher rate payment as a special item.

Companies: Ford Motor Company
Price: 9.86 Price Change: -0.06 Percent Change: -0.55

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H&R Block Tops Expectations With Fourth-Quarter Results as It Snaps Up Wave Financial for $405 Million

9:44 AM, Jun 11, 2019 — H&R Block (HRB) reported better-than-expected results for its key fourth-quarter period and said it will pay $405 million to acquire Wave, a financial solution platform focused on small business owners.

Revenue slowed to $2.33 billion in the fiscal fourth quarter — the period when the tax-preparation company derives most of its sales — from $2.39 billion in the same period of 2018. But that was ahead of the consensus on Capital IQ for $2.32 billion.

Earnings from continuing operations fell to $4.32 in the three months ended April 30 from $5.43 a year earlier, although that also was ahead of the Street’s views for $4.15 a share on a normalized basis.

“Our strategic investments led to numerous improvements across our tax business,” said Chief Executive Jeff Jones. “We delivered great value for our clients and took overall market share by offering upfront transparent pricing, focusing on the quality of our service, enhancing our DIY offerings, and innovating in Virtual.”

For fiscal 2019, the number of US tax returns prepared by or through H&R Block rose 1.5% to 20.3 million. But full-year revenue fell 2.1% to $3.1 billion, “driven by targeted price decreases in our US Assisted tax business,” the company said.

Shares in H&R Block were up 3.7% in early trading as the company raised its quarterly dividend by 4% to $0.26 a share and extended its stock buyback authorization to June 2022. There’s about $1 billion remaining to repurchase under the program.

And H&R Block said the deal for Toronto-based Wave Financial will bolster its position in the small business market and generate $40 million to $45 million of revenue for fiscal 2020.

“Bookkeeping and cash flow management are significant pain points for small business owners and essential to successful annual tax preparation,” Jones said in a separate statement. “Wave provides us the opportunity to accelerate our small business strategy and is a great strategic fit, as both companies can leverage each other’s capabilities to bring tax and financial solutions to small business owners, serving more clients in more ways.”

Companies: H&R Block, Inc.
Price: 28.37 Price Change: +1.43 Percent Change: +5.31

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Weekly Commodities ETF Report: Crude Ends Week Higher on Increase in Inventories; Gold Surges as Disappointing May Jobs Data Spark Hopes for Interest Rate Cut

(MT Newswires) – Crude ended Friday’s session higher after a bigger-than-expected increase in US inventories, which wiped out the prior week’s decline. The Energy Information Administration reported Wednesday that stockpiles of crude oil rose by 6.8 million barrels to 483.3 million barrels in the week ended May 31. This compares with the American Petroleum Institute, meanwhile, which said Tuesday that crude inventories grew by 3.5 million barrels. Finally, energy services firm Baker Hughes (BHGE) reported Friday that the number of oil rigs operating in the US dropped by 11 to 789 in the week that ended June 7, the fewest in operation since Feb. 2, 2018. The combined oil and gas rig count in the US fell by nine to 975 as gas rigs rose by two to 186. Meanwhile, the US Treasury’s Office of Foreign Assets Control announced Friday fresh sanctions against Iran’s largest petrochemical company, Persian Gulf Petrochemical Industries company, for providing financial support to the engineering conglomerate of the Revolutionary Guard. The foreign assets watchdog also designated Persian Gulf Petrochemical’s 39 subsidiary petrochemical companies and foreign-based agents.

Light, sweet crude oil for July delivery gained 1.37% for the week, settling at $52.59 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 1.40% during the week and settled at $1.71 per gallon on Friday. Natural gas fell 5.03% for the week but closed up Friday at $2.32 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 1.35% this week, compared with a decline of 1.95% the prior week.

Gold ended Friday’s session at $1,342.70, near its highest level in about five years. The yellow metal has ended in positive territory for eight consecutive sessions now, but this week’s gain of 2.67% was bolstered by weaker-than-expected US jobs growth in May, which also spurred declines in the dollar and US Treasury yields. In contrast, copper closed Friday’s session lower at $2.65 per pound, and fell 0.27% for the week — the eighth consecutive weekly decline amid worsening trade and signs that economic growth across the globe is slowing. Additionally, the disappointing US jobs data out Friday had weakened the demand outlook for metals. The US said May nonfarm payrolls increased 75,000 in May, down from the revised April figure of 263,000 and badly missing consensus for 180,000. The unemployment rate was steady at 3.6% versus the 3.7% expected.

In agriculture commodities, corn fell 2.75% in the week and settled at $4.16 per bushel in Friday’s session; wheat slipped 0.26% lower and settled at $5.05 per bushel at the end of Friday’s session; and soybeans was down 2.62% for the week, and closed Friday in the red at $8.56 per bushel. Earlier this week, Reuters reported that two Chinese state-owned companies — OFCO and Sinograin — will divert up to 7 million tonnes of soybeans bought from the US to state reserves. The amount to be stockpiled is what is remaining from the 14 million tonnes of soybeans that the two companies ordered in December 2018 from the US, the Tuesday report added. The beans are yet to be shipped. One of the sources reportedly said the move is Beijing’s preparation for “a long-drawn trade war.” Other commodities were mixed: sugar had a weekly increase of 3.48% and settled at a price of $1.25 per pound on Friday; coffee was around $1.01 per pound at Friday’s close, down 3.99% for the week; and cocoa was up 2.04% for the week and closed Friday’s session at $2,466 per tonne.

 

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.

USO001994 Ex. 9/30/2019

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Barnes & Noble to Be Acquired by Waterstones Parent Elliott in $683 Million Deal

9:31 AM, Jun 7, 2019 — Barnes & Noble (BKS) will be acquired by an affiliate of Elliott Management that also owns the largest retail bookseller in the UK, in a deal valued at $683 million as the chain faces growing competition from e-commerce that’s weighed on sales.

The takeover will see the New York-based bookstore founded by Chairman Leonard Riggio bought for $6.50 a share in an all-cash deal, a 43% premium to the closing price on Wednesday, a day before rumors of the transaction were reported, it said in a statement Friday.

“We are pleased to have reached this agreement with Elliott, the owner of Waterstones, a bookseller I have admired over the years,” Riggio said. “In view of the success they have had in the bookselling marketplace, I believe they are uniquely suited to improve and grow our company for many years ahead.”

Shares in the retailer were up nearly 11% in early trading Friday, after surging 30% by the close the day earlier.

When the deal closes, Elliott will own both Barnes & Noble and Waterstones, the UK chain that has 293 bookstores and branches in Ireland, Brussels and Amsterdam. While the companies will operate independently, Waterstones Chief Executive James Daunt will also take over the helm of the US retailer.

Riggio said he will “do everything I can” to ease Daunt’s transition.

Barnes & Noble has been struggling with growing competition from online commerce including Amazon.com (AMZN), which has been a rival in book sales for several years amid the growth of digital readers. In the fiscal third quarter reported in March, sales were flat year-on-year at $1.2 billion, but a comparable store sales growth of 1.1% was the “best quarterly performance in several years,” it said at the time.

“Physical bookstores the world over face fearsome challenges from online and digital,” said Daunt. “We meet these with investment and with all the more confidence for being able to draw on the unrivaled bookselling skills of these two great companies. As a place in which to choose a book, and for the sheer pleasure of visiting, we know that a good bookstore has no equal.”

The Elliott takeover caps a strategic review process that Barnes & Noble announced last October. The retailer’s board has approved the deal and is recommending the takeover to shareholders, who still need to vote on the plan. Regulators also need to approve the deal, which is expected to close in the third quarter of this year.

Companies: Barnes & Noble, Inc.
Price: 6.61 Price Change: +0.65 Percent Change: +10.91

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Snap Jumps as Pivotal Research Boosts Rating as Revamped Android App, New Lenses Lure Users

4:01 PM, Jun 6, 2019 — The parent company of social-media app Snapchat got a boost from Pivotal Research Group on Thursday, which said user growth has “prospectively” turned a corner after the revamp of its Android app and amid new offerings within the program.

The rating on Snap (SNAP) was raised to buy from hold and the stock’s price target was lifted to $17.25 from $13.15, Pivotal senior research analyst Michael Levine said in a note.

Shares in the company jumped nearly 7% in late trading.

Levine said he’s confident that the launch of Snapchat revamped app for Alphabet’s (GOOGL) Android mobile operating system “is doing well” although that was likely already anticipated by the buy side. By the end of the first quarter, the app was available to everyone and has resulted in a 6% increase in the number of users sending Snaps in the first week of upgrading, the company said in April.

“Less appreciated based on our industry checks, we think the latest launch of lenses is among some of the most impressive product innovation we have seen in some time from the company,” said Levine. Snapchat’s popular filters and lenses offer uses the chance to change and manipulate their appearance on the app.

Daily active users reached 190 million in the first quarter of this year, up from 186 million in the fourth quarter but slightly lower than 191 million in the same period of 2018. Pivotal sees 2019 full-year sales of $1.64 billion and $2.2 billion in 2020. Expectations are for a full-year loss of $0.15 a share before swinging to 2020 earnings of $0.03 a share.

Media buyers who concluded they didn’t need to add Snap to their marketing plans could change their views into the second-half of the year, and that could “serve as a catalyst under appreciated by investors,” Levine said.

Risks include user growth slowing faster than expected and declines in advertising and over saturation of online marketing within ad budgets, the analyst said.

Companies: Snap Inc.
Price: 13.83 Price Change: +0.89 Percent Change: +6.88

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