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ByteDance says China will have to approve its U.S. TikTok deal

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ByteDance says China will have to approve its U.S. TikTok deal

By Yingzhi Yang and Brenda Goh

BEIJING (Reuters) – China will need to approve ByteDance’s proposed deal with Oracle Corp for its TikTok app, the Chinese company said on Thursday, indicating how its bid to stave off a ban in the United States could be further complicated.

Oracle has submitted a proposal to the Trump administration that will allow it to become a technology partner in the TikTok app, as ByteDance hopes to head off a Trump order that it divest TikTok’s U.S. operations.

The proposal envisages making TikTok Global a U.S.-headquartered company.

But U.S. President Donald Trump on Wednesday raised questions about ByteDance’s plans to keep a majority stake in TikTok’s U.S. operations and said he did not favor the idea of the Chinese firm retaining control, after six Republican lawmakers urged him to reject the proposal.

Trump has said he would ban TikTok in the United States as early as Sunday if ByteDance does not comply amid U.S. concerns that the company could pass user data to China’s Communist Party government.

An outright sale of TikTok’s operations or technologies was not included in ByteDance’s proposal to the United States, Chinese state media reported on Thursday citing a separate statement from the company.

ByteDance declined to comment when asked about this by Reuters.

When asked about ByteDance’s comments regarding the need for China’s approval, the foreign ministry on Thursday urged the United States to respect the principles of the market economy and fair competition, and to stop politicising normal economic and trade cooperation.

China late last month updated its export control rules to give it a say over the transfer of technology such as TikTok’s user recommendation algorithm to foreign buyers.

Reuters has reported that the Oracle deal would not require ByteDance to apply to Chinese authorities for an export licence for TikTok’s algorithm.

ByteDance and its founder Zhang Yiming have faced public criticism in China for seeming to give in to U.S. pressure after it was reported it was contemplating a sale of TikTok’s U.S. operations to Microsoft Corp. Some netizens said they would stop using Douyin, ByteDance’s Chinese version of TikTok.

“ByteDance, as it works to find a solution to keep TikTok’s U.S. business alive, is walking a tightrope between the demands of the U.S. government on the one side and the expectations of both the Chinese government and public on the other,” said Mark Natkin, managing director at Marbridge Consulting.

“It can’t afford to make any missteps along the way.”

(Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; additional reporting by Yew Lun Tian in Beijing; editing by Christopher Cushing and Jason Neely)

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Football-sized chunks of ash rain down on Bay Area as California wildfires rage

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Football-sized chunks of ash rain down on Bay Area as California wildfires rage

Photos from California residents show apocalyptic scenes as chunks of ash the size of footballs and burnt leaves rain down on Bay Area neighborhoods.

“It was probably the size of my face,” Morgan Balaei, a Santa Rosa resident, told the San Francisco Chronicle after she discovered what she originally thought was a toupee on the side of the road in her neighborhood on Monday.

It was actually a chunk of ash, bigger than she had ever seen before in her years of living in Sonoma County, according to the Chronicle.

“I could hear it landing on my car,” said Balaei, according to CNN.

The ash is likely a result of the Glass Fire in Northern California, which has burned more than 36,000 acres in less than two days, The Sacramento Bee reported. Although Balaei has seen some nasty wildfires in her time as a California resident, she says she’s never seen anything quite like this.

“I find this fire different with regards to the amount of ash and the fact that you see a lot of burnt leaves among it,” she said, according to KFI.

Satellite images from the Bay Area’s National Weather Service show smoke from the Glass Fire blowing west.

Balaei’s neighborhood is not under a mandatory evacuation despite the unsettling situation, according to CNN. Several other Bay Area residents posted photos of ash that resemble snow flurries covering their yards.

A Santa Rosa resident referred to the size and amount of ash seen at sunrise on Sept. 28 as “daunting” in a tweet. A Bay Area meteorologist tweeted that “extensive ash falling” in Santa Rosa is from the Shady Fire.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Emma Roberts Is in a New Netflix Holiday Rom-Com, and It Looks Delightful

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Emma Roberts Is in a New Netflix Holiday Rom-Com, and It Looks Delightful

Emma Roberts is here to kick off holiday movie season and not a minute too soon given the way 2020 has played out. We need some charm, romance, and happily-ever-after moments now more than ever, right?

Netflix just released the trailer for Holidate, which stars Roberts, Luke Bracey, Jessica Capshaw, Kristin Chenoweth, and Frances Fisher. Check out this synopsis and tell us you’re not excited:

“Sloane (Roberts) and Jackson (Luke Bracey) hate the holidays. They constantly find themselves single, sitting at the kids table, or stuck with awkward dates. But when these two strangers meet one particularly bad Christmas, they make a pact to be each other’s ‘holidate’ for every festive occasion throughout the next year. With a mutual disdain for the holidays, and assuring themselves that they have no romantic interest in the other, they make the perfect team. However, as a year of absurd celebrations come to an end, Sloane and Jackson find that sharing everything they hate may just prove to be something they unexpectedly love.”

As you’ll see in the trailer, many shenanigans ensue on the way to finding true love, including a Dirty Dancing lift moment that doesn’t go exactly as planned; meddling families; and, as always with this type of movie, a few rounds of miscommunication about feelings. We simply love to see it.

Watch the full trailer, below.

Along with Emma Roberts, national treasure and forever icon Dolly Parton is also teasing a holiday movie of her own on Netflix: Christmas on the Square. “#ChristmasOnTheSquare is more than just a song…it’s also a musical!” she wrote on Instagram. “Watch my newest movie, directed by @therealdebbieallen and starring Christine Baranski, @jeniferlewisforreal and so many other talented folks, November 22 on @netflixfamily ❤️”

Bring on all the low-key corny (but totally delightful) holiday fun you can, Netflix, Hallmark, and every other streaming platform on the planet. We’ve never needed it more.

Originally Appeared on Glamour

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Hedge Funds Have Never Been This Bullish On Smith & Wesson Brands, Inc. (SWBI)

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Yahoo Finance

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 823 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of June 30th, when the S&P 500 Index was trading around the 3100 level. Stocks kept going up since then. In this article we look at how hedge funds traded Smith & Wesson Brands, Inc. (NASDAQ:SWBI) and determine whether the smart money was really smart about this stock.

Smith & Wesson Brands, Inc. (NASDAQ:SWBI) was in 24 hedge funds’ portfolios at the end of the second quarter of 2020. The all time high for this statistics is 22. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. SWBI shareholders have witnessed an increase in enthusiasm from smart money lately. There were 22 hedge funds in our database with SWBI positions at the end of the first quarter. Our calculations also showed that SWBI isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.

To the average investor there are many metrics shareholders can use to analyze their holdings. A pair of the most innovative metrics are hedge fund and insider trading moves. We have shown that, historically, those who follow the top picks of the elite fund managers can trounce the S&P 500 by a very impressive amount (see the details here).

Noam Gottesman GLG Partners

Noam Gottesman of GLG Partners

At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, legal marijuana is one of the fastest growing industries right now, so we are checking out stock pitches like “the Starbucks of cannabis” to identify the next tenbagger. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website to get excerpts of these letters in your inbox. Keeping this in mind let’s go over the latest hedge fund action regarding Smith & Wesson Brands, Inc. (NASDAQ:SWBI).

Hedge fund activity in Smith & Wesson Brands, Inc. (NASDAQ:SWBI)

At Q2’s end, a total of 24 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 9% from the first quarter of 2020. The graph below displays the number of hedge funds with bullish position in SWBI over the last 20 quarters. So, let’s examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Is SWBI A Good Stock To Buy?
Is SWBI A Good Stock To Buy?

The largest stake in Smith & Wesson Brands, Inc. (NASDAQ:SWBI) was held by Renaissance Technologies, which reported holding $80.9 million worth of stock at the end of September. It was followed by Arrowstreet Capital with a $20.4 million position. Other investors bullish on the company included Citadel Investment Group, Two Sigma Advisors, and D E Shaw. In terms of the portfolio weights assigned to each position Blue Grotto Capital allocated the biggest weight to Smith & Wesson Brands, Inc. (NASDAQ:SWBI), around 2.17% of its 13F portfolio. G2 Investment Partners Management is also relatively very bullish on the stock, earmarking 1.37 percent of its 13F equity portfolio to SWBI.

As one would reasonably expect, some big names were breaking ground themselves. G2 Investment Partners Management, managed by Josh Goldberg, assembled the most valuable position in Smith & Wesson Brands, Inc. (NASDAQ:SWBI). G2 Investment Partners Management had $5.8 million invested in the company at the end of the quarter. Blair Baker’s Precept Capital Management also made a $3 million investment in the stock during the quarter. The other funds with brand new SWBI positions are Noam Gottesman’s GLG Partners, Mark Broach’s Manatuck Hill Partners, and Crispin Odey’s Odey Asset Management Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Smith & Wesson Brands, Inc. (NASDAQ:SWBI) but similarly valued. We will take a look at Banco Macro SA (NYSE:BMA), Veoneer, Inc. (NASDAQ:VNE), Compugen Ltd. (NASDAQ:CGEN), EnLink Midstream LLC (NYSE:ENLC), Amerisafe, Inc. (NASDAQ:AMSF), Perficient, Inc. (NASDAQ:PRFT), and BrightView Holdings, Inc. (NYSE:BV). All of these stocks’ market caps resemble SWBI’s market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BMA,11,77409,3 VNE,14,99577,3 CGEN,9,95289,1 ENLC,7,13998,0 AMSF,12,39039,3 PRFT,21,61424,0 BV,18,173980,10 Average,13.1,80102,2.9 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 13.1 hedge funds with bullish positions and the average amount invested in these stocks was $80 million. That figure was $144 million in SWBI’s case. Perficient, Inc. (NASDAQ:PRFT) is the most popular stock in this table. On the other hand EnLink Midstream LLC (NYSE:ENLC) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Smith & Wesson Brands, Inc. (NASDAQ:SWBI) is more popular among hedge funds. Our overall hedge fund sentiment score for SWBI is 87. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 21.3% in 2020 through September 25th and still beat the market by 17.7 percentage points. Unfortunately SWBI wasn’t nearly as popular as these 10 stocks and hedge funds that were betting on SWBI were disappointed as the stock returned -3.7% since the end of the second quarter and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 10 most popular stocks among hedge funds as most of these stocks already outperformed the market in 2020.

Get real-time email alerts: Follow Smith & Wesson Brands Inc. (NASDAQ:SWBI)

Disclosure: None. This article was originally published at Insider Monkey.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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