GE Haier plans to pour $43M into its refrigerators to launch a four-door, high-end fridge to its products. The dishwasher line also is getting $19M. TORONTO, July 07, 2020 (GLOBE NEWSWIRE) — Generation Mining Limited (CSE: GENM) (OTCQX: GENMF) (“Gen Mining” or the “Company”) is pleased to announce… Sangamo Therapeutics (SGMO) is higher after SunTrust Robinson initiated coverage with a “buy” rating Income-starved investors in the U.K. are turning to investment trusts as COVID-19 hits company dividends Online betting markets are better at forecasting the U.S. presidential election outcome.
LOUISVILLE, Ky. — GE Appliances announced Tuesday that it’s plowing $62 million into assembly lines at Louisville’s Appliance Park and will create 260 new jobs.
A big part of the capital investment, $43 million, will go to transform the complex’s refrigeration manufacturing building to add a new platform for a high-end, four-door refrigerator. Another $19 million of the investment will go to new equipment and upgrades for the park’s dishwasher line.
“The investments and new jobs we are announcing today are another demonstration of our commitment to continue enhancing our manufacturing footprint in the United States to serve more customers and owners faster and better,” said Kevin Nolan, president and chief executive officer for GE Appliances.
“We are working very hard to build a competitive position that allows us to continue expanding our workforce and invest in winning products, paving the way to becoming the leading appliance company in the United States,” he said.
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Union members have been worried for years that GE might shutter the decades-old refrigeration assembly line and send the work out of state. The investment is significant anyway, but launching a new platform at the manufacturing complex means the line will remain in Louisville for years.
“This is a long-term investment,” GE spokeswoman Julie Wood said.
GE Appliances has heaped dollars into Appliance Park over the past few years, pouring in $360 million and creating more than 660 new jobs since 2017. According to the company, its operations in Kentucky generate $11 billion annually in economic impact, and more than 6,500 employees work for GE Appliances in the Louisville area.
Tuesday’s announcement comes during a time of increased demand for home appliances, as people are spending more time at home and have dedicated extra focus on cleanliness in response to the coronavirus pandemic.
“Desire for sanitization cycles on washers and dishwashers is helping drive increased demand for GE Appliances’ leading topload platform and dishwasher models,” the company said in a news release Tuesday.
The news releases goes on to cite “new research,” which found the use of sanitization or high-wash temperature cycles is up more than 50% in dishwashers, and washer and dryer use is up 25% during the pandemic.
Those interested in applying for one of the new jobs at Appliance Park should go to ibuiltthis.com. The hourly starting rate is $14 for entry-level production positions, and full-time employees can eventually earn up to $17.54 per hour in higher-level positions.
Grace Schneider: 502-582-4082; email@example.com; Twitter: @gesinfk. Support strong local journalism by subscribing today: courier-journal.com/graces.
Generation Receives Conditional Approval From the Toronto Stock Exchange and Files Amended Technical Report
TORONTO, July 07, 2020 (GLOBE NEWSWIRE) — Generation Mining Limited (CSE: GENM) (OTCQX: GENMF) (“Gen Mining” or the “Company”) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (“TSX”) for the listing of its common shares under the same stock symbol “GENM”. Haywood Securities Inc. has acted as sponsor to the Company in connection with the TSX listing. The listing is subject to the Company fulfilling standard listing conditions required by the TSX, including the delisting of the Company’s common shares from the Canadian Securities Exchange. The Company intends to fulfill the listing conditions as soon as practicable and will provide a further update to confirm the date that its common shares will commence trading on the TSX.
As one of the conditions to listing on the TSX, the TSX requested additional details on the 2019 exploration drilling program. These details are included in an amended preliminary economic assessment technical report entitled “Amended Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment of the Marathon Deposit, Thunder Bay Mining District Northwestern Ontario Canada” dated July 6, 2020 (effective date of January 6, 2020) (the “Amended Technical Report”), which has been filed on SEDAR under the Company’s issuer profile. The Amended Technical Report contains no material amendments to the original technical report filed on February 19, 2020, and the mineral resource estimates, project economics, conclusions and recommendations, and effective date of January 6, 2020 provided in the technical report filed on February 19, 2020 remain unchanged. The Amended Technical Report was prepared by P&E Mining Consultants Inc. (“P&E”) and was prepared in accordance with the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
“The receipt of the TSX’s conditional approval marks a significant milestone for Gen Mining as it indicates how much we have grown over the past twelve months” said Jamie Levy, Chief Executive Officer of the Company. “Listing on the TSX will enable the Company to reach a broad base of retail and institutional shareholders, including those who may have been restricted from buying our shares, enhance trading liquidity and further position the Company to execute on developing its Palladium Project.”
A copy of the Amended Technical Report is available on SEDAR (www.sedar.com) and the Company’s website (www.genmining.com)
Each of Eugene Puritch, P. Eng., FEC, CET., President and Principal Mine Engineer with P&E, and Rod Thomas, P.Geo., Vice-President, Exploration and a Director of the Company is a Qualified Person for the purpose of NI 43-101 and has reviewed and approved the scientific and technical information contained in this news release.
About the Company
Gen Mining’s focus is the development of the Marathon Deposit, the largest undeveloped platinum group metal Mineral Resource in North America. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining acquired a 51% interest in the Marathon Property from Sibanye Stillwater on July 10, 2019 and can increase its interest to 80% by spending $10 million over a period of four years. As at the end of Q1 2020, approximately $4 million of the $10 million has been spent. Sibanye Stillwater has certain back-in rights that allow it to increase its interest in the Marathon Property back up to 51% in certain circumstances and subject to certain conditions after such time as Gen Mining has earned its 80% interest (see the Company’s press release of July 11, 2019 for more details).
For further information please contact:
President and Chief Executive Officer
This news release includes certain information that may be deemed “forward-looking information” under applicable securities laws. All statements in this release, other than statements of historical facts, that address listing of the Company’s common shares on the TSX, fulfillment by the Company of the TSX listing conditions, delisting of the Company’s common shares from the Canadian Securities Exchange, the ability of the Company and Sibanye Stillwater to vary their respective participating interests in the Marathon Property, Mineral Resource and Reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, among other factors, the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Generation Mining Limited
Toronto, Ontario, CANADA
Author: Generation Mining Limited
Gene Therapy Stock Moves Higher on Analyst Upgrade – Schaeffer’s Investment Research
The shares of Sangamo Therapeutics Inc (NASDAQ:SGMO) are up 1.7% at $10 at last check, after moving higher on the charts in their last five-consecutive closes. Additionally, SunTrust Robinson just initiated coverage on the gene therapy specialist with a “buy” rating and a price target of $22 — a 120% premium to current levels.
Coming into today, the majority of analysts covering SGMO shared this bullish sentiment. Of the six in coverage, four brokerages rated it a “strong buy,” while just two called it a “hold.” Meanwhile, the consensus 12-month target price of $20.17 is more than double the equity’s current perch and sits at a level the stock hasn’t touched since April 2018.
The options pits have taken a bullish approach to SGMO, too. On the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) the security sports a 50-day call/put volume ratio of 22.21, which sits in the highest percentile of its annual range, indicating an unusually heavy appetite for calls of late.
Echoing this, Sangamo stock’s Schaeffer’s put/call open interest ratio (SOIR) of 0.10 sits in just the 2nd percentile of its annual range, suggesting short-term option players have rarely been more call-biased during the past 12 months.
SGMO saw a notable rally off its mid-March, three-year low of $4.81, surging toward an annual high of annual high of $12 on June 1. The shares eventually gapped lower after weeks of consolidation just below the area and now both the $10 mark and the security’s 20-day moving average are keeping the security from closing this bear gap, though it still boasts an 18% lead for the year.
Author: by Jake Scott
Investors are hungry for income. Here are the 20 investment trusts they have been eyeing up this year
Scottish Mortgage has held on to its top spot as the most viewed investment trust of the year in the first six months of 2020, according to the Association of Investment Companies’ latest list of the 20 investment trusts that received the most website page views.
Traffic to the Association of Investment Companies (AIC) website was 24% higher in the first half of the year compared with the same period in 2019. April set a record for visits to the site, with over 51,000 views during that month alone.
The number of page views a trust receives on the AIC’s website can signal which investment trusts investors have shown interest in. Investment trusts are publicly traded, closed-ended vehicles. Their shares trade at premium or discount to the book value of their underlying assets.
As at July 6, 2020, Scottish Mortgage had total net assets of £13.8 billion, making it one of the UK’s largest investment trusts.
“Investors are clearly hungry for income and we are unfortunately facing a dividend drought at the moment. That means investors are looking to invest in trusts because they have this ability to boost their dividends when times are tough,” Annabel Brodie-Smith, AIC’s communications director, said.
Read:Pandemic ‘wrecks’ FTSE 100 dividend outlook for 2020, as U.K. payouts fall to lowest levels since 2014
“The list of most viewed investment companies shows that income remains a top priority but it also demonstrates that investors have been attracted to a wide range of strategies from growth to capital preservation,” she added.
Unsurprisingly, dividend hero investment companies — those that have consistently grown their dividends for 20 or more years in a row — made up 11 of the top 20. A further five are ranked in the next generation of dividend heroes, having raised dividends for 10 or more consecutive years but less than 20.
U.K. equity investors have already lost out on billions in income after 48 companies in the FTSE 100 index have either cut, deferred or canceled dividends as a result of the coronavirus crisis.
The forecast dividend payout for the FTSE 100 index in 2020 has plunged by 17% compared with 2019, according to AJ Bell’s latest Dividend Dashboard report. This means that, after an 11% fall last year, U.K. dividends have now hit the lowest levels since 2014.
Read:Some listed private-equity funds are trading on over 30% discounts. Now is the time to buy, these analysts say
There were six new entrants in the AIC’s list this year, having not appeared during the first half of 2019.
Author: Lina Saigol
This spot-on predictor of who will win the 2020 presidential election is not the stock market or even opinion polls
Does the stock market predict the winner of U.S. presidential elections? Many argue that it does, pointing to the historical correlation between the incumbent party retaining the White House and the stock market’s strength in the months leading up to Election Day in November.
Given President Donald Trump’s preoccupation with the stock market, he apparently agrees. Recently he tweeted that if he’s not re-elected, investors’ 401(k)s will disintegrate and disappear — though one major Wall Street firm sees quite a different outcome for retirement savers if Trump’s presumptive challenger Joe Biden is elected.
Read: How to position your portfolio for a Joe Biden presidency
The results do not inspire statistical confidence. While some of the correlations appeared to be impressive, the majority were not significant at the 95% confidence level that statisticians often use when determining if a correlation is real. The lack of any consistent pattern suggests that there is less here than meets the eye, and so investors shouldn’t count out Trump’s re-election chances even if the stock market performs poorly between now and Election Day.
For example, the stock market’s year-to-date strength on Election Day is not correlated with the incumbent party’s chances. Nor is the market’s strength over the eight months leading up to the election. But, strangely, when the focus is on market strength over a period whose length is between these two — specifically, nine months rather than eight or 10 — the result in fact does become statistically significant.
Unless one can come up with a theory why market strength over a nine-month horizon should be predictive of the election outcome, but not over a slightly shorter or longer time horizon, then we should dismiss this apparent correlation.
The same inconsistency emerged when I focused on shorter time periods. The market’s return over the three months prior to the election is significantly correlated with the incumbent party’s chances—but not over the 1-month or 6-month periods prior to Election Day. This is especially important to keep in mind now since a factoid that’s making the rounds on Wall Street right now is that the stock market’s return over the three months prior to elections can predict the outcome.
If these results aren’t enough to lead you to question the stock market’s record as an election handicapper, check out electronic betting markets such as PredictIt.org and the University of Iowa’s Iowa Electronic Markets.
These online futures markets allow users to bet on various outcomes, such as whether Trump will win re-election. The futures that trade on these sites are all-or-nothing contracts, paying 100% if the particular outcome comes to pass and nothing if it doesn’t. Accordingly, prices reflect investors’ collective bets about that outcome’s probabilities. Extensive research has found that online betting markets are better at forecasting the presidential election outcome than opinion polls.
These results make it hard to argue that the stock market will decline if Trump’s odds of winning re-election sink even further.
Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at firstname.lastname@example.org
More: Here’s what the rest of the year may hold for the stock market, according to the analysts who got the pandemic call right
Also read: Trump, Biden fight for primacy on social media platforms
Author: Mark Hulbert