Stock trading – Internet Wealth Zone http://internetwealthzone.com/ Wed, 18 May 2022 01:53:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://internetwealthzone.com/wp-content/uploads/2021/07/icon-2021-07-02T225716.250.png Stock trading – Internet Wealth Zone http://internetwealthzone.com/ 32 32 Goldman Sachs Asia stocks pick rising rates, recession risk and strong dollar https://internetwealthzone.com/goldman-sachs-asia-stocks-pick-rising-rates-recession-risk-and-strong-dollar/ Tue, 17 May 2022 23:37:43 +0000 https://internetwealthzone.com/goldman-sachs-asia-stocks-pick-rising-rates-recession-risk-and-strong-dollar/ Goldman Sachs Asian strategists say markets face a “troubling triad” of rising rates, recession risk and dollar strength – but they expect some stocks to benefit. Here are some of their buy-rated picks, a number of which are on Goldman’s condemnation list. “Asian regional markets are off to one of the worst starts in 30 […]]]>

The Federal Reserve Building in Washington, January 26, 2022.

Joshua Roberts | Reuters

Goldman Sachs Asian strategists say markets face a “troubling triad” of rising rates, recession risk and dollar strength – but they expect some stocks to benefit. Here are some of their buy-rated picks, a number of which are on Goldman’s condemnation list.

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Airtel Africa, Ecobank and Stanbic Ibtc are the top stocks to watch this week https://internetwealthzone.com/airtel-africa-ecobank-and-stanbic-ibtc-are-the-top-stocks-to-watch-this-week/ Mon, 16 May 2022 08:06:05 +0000 https://internetwealthzone.com/airtel-africa-ecobank-and-stanbic-ibtc-are-the-top-stocks-to-watch-this-week/ Sterling Bank and Sovereign Trust Assurance also made the list. The Nigerian stock market rose 4.25% last week, with the NGX 30 (the index that tracks the top 30 stocks by liquidity and market capitalization) hitting an all-time high, confirming renewed investor confidence in shares. A number of first quarter earnings reports were released and […]]]>

Sterling Bank and Sovereign Trust Assurance also made the list.

The Nigerian stock market rose 4.25% last week, with the NGX 30 (the index that tracks the top 30 stocks by liquidity and market capitalization) hitting an all-time high, confirming renewed investor confidence in shares.

A number of first quarter earnings reports were released and a few of them were surprisingly impressive, boosting confidence.

PRIME TIME has brought together a number of stocks with fundamentals and other potentials, taking key analytical approaches to save you having to pick haphazard stocks to invest in.

The selection, the result of market analysis, offers a guide to entering the market and taking strategic positions in the hope that stocks will rise in value over time, especially in the short term.

This is not a buy, sell or hold recommendation, but a stock investment guide. You may need to involve your financial adviser before making investment decisions.

AIRTEL AFRICA

Airtel Africa leads this week’s pick on the basis of recording an 82% jump in after-tax profit at $755 million for 2021.

The wireless operator’s revenue jumped 20.6% to $4.7 billion in the period.

TRANSNATIONAL ECOBANK INCORPORATED (ITE)

ETI appears on the selection for trading well below its intrinsic value. The lender’s earnings per share (EPS) at the end of the last trading session was N4.65, with a price-earnings (PE) ratio of 2.78x.

STANBIC PARTICIPATIONS IBTC

Stanbic IBTC makes this week’s pick to currently trade at its lowest price level in 52 weeks, making it a good entry point for investing.

The stock is priced at N33 per unit, with an EPS of N4.54 and a PE ratio of 7.71x.

SOVEREIGN TRUST INSURANCE

sovereign trust features on the pick to trade significantly below its true value, increasing its chances of seeing good price appreciation in the future.

The underwriter’s PE ratio was 3.03x at the end of the last trading session, while its EPS is N0.09.

UNIVERSITY PRESS PLC (UPL)

The UPL features in the pack are currently trading well below its intrinsic value. On Friday, the company’s PE ratio was 3.83x with an EPS ratio of N0.77.

STERLING BANK

Sterling Bank makes the selection for the trade currently significantly below its true value, which makes it cheap for investment. Its PE ratio in the last trading session was 3.01x while its EPS is N0.51.

Copyright Premium Times. Distributed by AllAfrica Global Media (allAfrica.com)., source English press service

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Massive stock market leverage unfolds amid brutal bloodshed https://internetwealthzone.com/massive-stock-market-leverage-unfolds-amid-brutal-bloodshed/ Sat, 14 May 2022 06:42:06 +0000 https://internetwealthzone.com/massive-stock-market-leverage-unfolds-amid-brutal-bloodshed/ Margin debt started falling a month before the Nasdaq headed south, and it’s still falling. By Wolf Richter for WOLF STREET. The total amount of leverage in the stock market is unknown and takes many forms. The only form that is tracked and reported monthly is margin debt. Other forms, such as Securities Based Lending […]]]>

Margin debt started falling a month before the Nasdaq headed south, and it’s still falling.

By Wolf Richter for WOLF STREET.

The total amount of leverage in the stock market is unknown and takes many forms. The only form that is tracked and reported monthly is margin debt. Other forms, such as Securities Based Lending (SBL) and leveraged hedge funds at the institutional level are not followed. Even the banks and brokers that fund this leverage don’t know what their client’s total leverage is across all brokers combined, which became clear when the Archegos family office imploded in March 2021 and wiped out billions of dollars of capital at major brokers who had provided the leverage.

But margin debt — the tip of the iceberg and indicator of the direction of overall stock market leverage — fell $27 billion in April from March, to $773 billion. , according to Finra, which obtains this data from its member brokers. Margin debt peaked in October last year at $936 billion and began to decline in November. In those six months, it fell $163 billion, or 17%. But the leverage is still huge, and the outcome still has a long way to go:

Not included in today’s margin debt data is May. So far in May, the S&P 500, despite today’s rally, has fallen 6.2% and the Nasdaq 8.3%, and many imploding stocks have been brutally crushed in those two weeks, including Coinbase, whose massive, gigantic rally since Thursday morning hasn’t It’s no fly compared to the devastating fall of the previous two weeks and since its IPO and is barely visible on the staircase to the devil since the IPO.

These types of sell-offs trigger large periods of forced selling among fringe stock jockeys who have focused on these stocks.

Hundreds of stocks plunged very large amounts, 70% and 80%, and even over 90% in a replay of the early Dotcom Bust, only bigger and wider, and it goes stock by stock, and it started in February last year, and started in earnest in November, and some of those I captured in my Imploding Stocks special.

Here’s a sampling of well-known names amid the brutal bloodshed. The percentages range from their highs through the May 13 close:

  • Carvana: -90%
  • Vroom: -98%
  • Rivian: -85%
  • Snap: -70%
  • Pinterest: -76%
  • Netflix: -73%
  • Wayfair: -84%
  • Softness: -78%
  • Shopify: -77%
  • Teladoc: -89%
  • Lyft: -77%
  • Zoom: -79%
  • Palantir: -81%
  • Game Stop: -80%
  • MAC: -84%
  • Coinbase: -83%
  • Zillow: -81%
  • Red fin: -88%
  • Compass: -75%
  • Door open: -82%
  • MicroStrategy: -85%
  • Robin: -87%
  • Modern: -72%
  • Beyond Meat: -87%
  • Platoon: -90%
  • DoorDash: -72%

Leveraged investors in these instruments had to cut their margin as their collateral values ​​disappeared into the ether, something overnight, turning these investors into sellers forced to raise the cash needed to repay their margin debt. .

A fringe investor who was heavily focused on these stocks and did not abandon them in time could be wiped out and may consider joining the labor market to help address labor shortages.

Margin debt peaked in October. The Nasdaq was a month behind and peaked in November. Since then, margin debt has fallen 17% and the Nasdaq 27%. And in terms of stock market leverage, that’s the tip of the iceberg.

When many investors use leverage to buy stocks and the leverage increases, it creates buying pressure with borrowed money, fueling heat in the market.

But when investors are pressured due to their leverage and the disappearance of collateral values, they sell stocks, which creates selling pressure.

This is how stock prices and margin balances are related. High leverage in the stock market is a precondition for a spike in stock prices and a precondition for a selloff, which then unwinds that leverage. It takes leverage to go to those kinds of extremes.

Debt on margin and market “events”.

The trick is not to get distracted by the absolute dollar amounts over the decades. They don’t really matter. What matters are the sharp increases in margin debt before the fairsand the sharp declines during the fairs. The chart shows the relationship between margin debt and “events” in the S&P 500 index.

But nothing compares, in dollars or percentages, or in sheer beauty, to the near vertical spike in margin debt from March 2020 to October 2021, during the $4.7 trillion money printing spree of the Fed and the interest rate crackdown mania, and it’s all happening now:

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Retail investors continue to buy lower despite turmoil: TD Ameritrade https://internetwealthzone.com/retail-investors-continue-to-buy-lower-despite-turmoil-td-ameritrade/ Thu, 12 May 2022 01:31:00 +0000 https://internetwealthzone.com/retail-investors-continue-to-buy-lower-despite-turmoil-td-ameritrade/ Retail investors have continued to buy the dip in the recent market turmoil, even loving tech despite the sector’s rout, according to AJ Kahling of brokerage TD Ameritrade. “Our Indicators, TD Ameritrade [Investor Movement Index]just came out this morning, in effect indicating that retail traders are continuing to buy the dip,” Kahling, the firm’s head […]]]>

Retail investors have continued to buy the dip in the recent market turmoil, even loving tech despite the sector’s rout, according to AJ Kahling of brokerage TD Ameritrade.

“Our Indicators, TD Ameritrade [Investor Movement Index]just came out this morning, in effect indicating that retail traders are continuing to buy the dip,” Kahling, the firm’s head of international education, told CNBC’s “Squawk Box Asia” on Wednesday. TD Ameritrade claims that its Investor Movement Index is the “first index based on actual investment behavior.”

“One of the interesting things we saw was that technology continued to be a big buy,” he said.

I think what customers were doing was saying “listen, this inventory is almost on sale”.

AJ Kahling

Head of International Education, TD Ameritrade

The world’s biggest tech companies recently lost more than $1 trillion in three trading sessions.

As of Wednesday’s close, the tech-heavy Nasdaq Composite on Wall Street has fallen more than 27% so far this year.

Even bigger losses were seen in Asia, where the Hang Seng Tech index in Hong Kong fell more than 29%. On the mainland, the Star 50 Index – a collection of the 50 largest tech-heavy Star Market stocks – fell more than 28% in the same period.

Investors appear to have interpreted the tech pullback as a buying opportunity, according to Kahling.

“It looks like these stocks are … an opportunity to buy them that they haven’t been in two years. If you missed the Covid-era pullback when we had the 23 days … of declines there, this could be your opportunity,” he said.

Much of the buying took place toward the end of April rather than the beginning, Kahling said.

“What we think we’ve seen happen is that people are waiting for, you know, a level of support, a level of tech support to hit before they jump in and buy that dip,” he said. added.

CNBC Pro Stock Picks and Investing Trends:

Some of the names bought by TD Ameritrade customers include chipmaker, heavyweight Taiwan Semiconductor Manufacturing Company and US software company Adobe.

“I think what customers were doing was saying ‘listen, these stocks are almost for sale,'” Kahling said, adding that TSMC shares had fallen to levels not seen since October 2020.

“It was specific to Singaporean TD Ameritrade customers, but the whole customer base in the US, including Singapore, also bought technology – Twitter, NVIDIA, AMD,” he said. “There is still a lot of technology buying among the TD Ameritrade Singapore and the general population.”

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US Foods (USFD) stock: first quarter 2022 results overview https://internetwealthzone.com/us-foods-usfd-stock-first-quarter-2022-results-overview/ Tue, 10 May 2022 06:08:30 +0000 https://internetwealthzone.com/us-foods-usfd-stock-first-quarter-2022-results-overview/ What is US Foods? U.S. Foods Holding Corp. (USFD) is a foodservice distributor serving independent and chain restaurants, hospitals, hospitality entities, government institutions and educational institutions. Their services include point-of-sale services, ordering, menu profitability, web design, management and staffing, farm reporting, and expert advice. US Foods (USFD) First Quarter 2022 Earnings Forecast US Foods releases […]]]>

What is US Foods?

U.S. Foods Holding Corp. (USFD) is a foodservice distributor serving independent and chain restaurants, hospitals, hospitality entities, government institutions and educational institutions. Their services include point-of-sale services, ordering, menu profitability, web design, management and staffing, farm reporting, and expert advice.

US Foods (USFD) First Quarter 2022 Earnings Forecast

US Foods releases earnings on May 12, 2022, ahead of the open, and the current consensus is around $0.31. The current quarter earnings estimate is up more than 158% from the earnings report a year ago, which was $0.12. Three of the last four quarterly earnings reports have been beaten, with the USFD reporting earnings higher than originally estimated.

To trade US Foods stock options or to buy stocks, open an account at tasteworks

Fig. 1: 4-month price percentage change for SPY and USFD.

How has US Foods performed?

Technically speaking, US Foods is currently trading at $36.82, or 14.71% from its record high price of $43.10, which was released on September 12, 2019. Since late April 2021, USFD has been trading in a range between about $30 and $40. . The USFD has not posted a new low since December 2021 and has not posted a new high since February 2022.

Over the past five years, USFD sales have remained relatively constant at between $20 billion and $30 billion, with sales increasing from $22 billion to $29 billion in 2020 and 2021, respectively. Financial reports show that USFD sales have not been immune to the Covid-19 pandemic, but have fared better than other industries. One can understand their consistency because even in the event of a pandemic, people have to eat.

US Foods does not derive a significant net income from its sales. Last year, USFD brought in about $29.4 billion in sales with net income of about $164 million. We can make sense of this sales to net profit ratio by understanding that most of the operating activities that USFD is involved in are buying goods that have a lot of intrinsic value (food items) and then distributing them with a profit margin. narrow to remain competitive. . In addition to this, they have to employ and manage many employees to facilitate and supervise the transport of food products to their customers.

Key points to remember:

  • US Foods sales have remained consistent over the past five-year period, including the Covid-19 pandemic.
  • US Foods operates with a narrow profit margin due to the nature of the products it distributes and the services it provides.

Thoughts on the upcoming profits of US Foods

The last three months of price action, in the trading range around $30-$40, have been choppy. US Foods is likely to be influenced by the global commodity market. If there are problems with the production of the goods that USFD purchases and then distributes, this will be felt in all USFD operations. If food production costs increase, these costs will be passed on to customers who purchase their products, which will likely result in less purchases from USFD customers. The cost of food for the end consumer has increased in 2022 in the United States.

The near-term outlook for the global commodities market remains uncertain. This information is incorporated into analysts’ estimates for next week’s USFD earnings. Estimates for next week’s earnings reports are conservative. If we see an earnings report that roughly matches the estimates, the price is likely to stay within its range. If we see a beating in earnings, it is possible that we will see price action testing all-time highs or, conversely, testing recent lows to confirm the price range.

tastyworks, Inc. and tastytrade, Inc. are separate but affiliated companies.

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The stock market is down, but these 4 tech companies prove there’s still good news – TechCrunch https://internetwealthzone.com/the-stock-market-is-down-but-these-4-tech-companies-prove-theres-still-good-news-techcrunch/ Sun, 08 May 2022 13:01:10 +0000 https://internetwealthzone.com/the-stock-market-is-down-but-these-4-tech-companies-prove-theres-still-good-news-techcrunch/ It’s been hard the week. After the Supreme Court leak, far too much news about layoffs, declining stock prices of the biggest tech companies, and the general feeling that the economy is headed in the wrong direction, it’s easy to think it’s all sucks . But we’re here to cheer you up a bit, at […]]]>

It’s been hard the week. After the Supreme Court leak, far too much news about layoffs, declining stock prices of the biggest tech companies, and the general feeling that the economy is headed in the wrong direction, it’s easy to think it’s all sucks .

But we’re here to cheer you up a bit, at least to tell you that it’s not everything bad news. There are companies that are still doing quite well, and we wanted to highlight four that posted strong earnings reports this week.

While it’s easy to think that everyone is suddenly on a train to nowhere, recent earnings reports from several software companies are proof that we still have tech stores growing at a high rate. . How high ? Some were over 50%, and 60% growth was not unheard of.

Additionally, the companies we review today have widely shared positive forecasts. And yet, even with positive earnings and a favorable outlook, the companies received treatment from investors ranging from indifferent to downright hostile.

There is an argument to be made that some tech companies might fare a little better in a recession or similar macro downturn than some seem to be anticipating today; the lessons of mid-2020 may have to be relearned, in other words.

Let’s take a look at the results from Cloudflare and Confluent to gauge how the market treats even results that look pretty darn strong. We’ll also be looking at Amplitude, a company that took huge chunks after its Q4 2021 earnings report and therefore did a bit of makeup work in its latest financial report, and is closing in on Appian.

Cloudy

Cloudflare’s Q1 2022 earnings report is a good marker of the state of play. How? The company has exceeded revenue expectations in the recent period, posting revenue of $212.2 million, well ahead of expectations of around $205 million. This is the kind of growth result that would have been electric last year.

For those of you keeping score at home, Cloudflare’s Q1 revenue was up 54% year over year. There was also other good news, such as the addition of 14,000 new customers during the period. Additionally, customers spending at least $500,000 increased by 68% and those spending $1 million or more increased by 72%.

As CEO and co-founder Matthew Prince said, Cloudflare’s top customers have continued to grow, driving more revenue. Moreover, the company’s forecast indicates no signs of slowing down.

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Own strong names and have money to bounce back in the market https://internetwealthzone.com/own-strong-names-and-have-money-to-bounce-back-in-the-market/ Fri, 06 May 2022 22:10:09 +0000 https://internetwealthzone.com/own-strong-names-and-have-money-to-bounce-back-in-the-market/ CNBC’s Jim Cramer said Friday that bearing the current market is a waiting game for a rally – and investors need to be prepared for that time. “Your portfolio should be split between cash and stocks that can thrive in a recession. … You have to accept the fact that we’re just trying to stay […]]]>

CNBC’s Jim Cramer said Friday that bearing the current market is a waiting game for a rally – and investors need to be prepared for that time.

“Your portfolio should be split between cash and stocks that can thrive in a recession. … You have to accept the fact that we’re just trying to stay in the game until times improve,” he said. said the host of “Mad Money”. .

“But when we reach the promised land, it will be worth it because that’s when stocks will come back strong,” he added.

The market wrapped up a turbulent week of trading on Friday. While the market rallied on Wednesday afternoon following the Federal Reserve’s decision to raise interest rates by 50 basis points, losses on Thursday and Friday demolished those gains. One basis point equals 0.01%.

Cramer said he’ll be watching for April’s consumer price index release next week. “If we get a weaker CPI number, the market could rally,” he said.

He also previewed next week’s results slate. All earnings and income estimates are courtesy of FactSet.

Monday: Tyson Foods, BioNTech

Tyson Foods

  • Publication of the results for the second quarter of 2022 before the bell; conference call at 9 a.m. ET
  • Projected EPS: $1.89
  • Projected revenue: $12.84 billion

Cramer said he hoped to receive news that food prices were falling.

BioNTech

  • Publication of the results for the first quarter of 2022 before the bell; conference call at 8 a.m. ET
  • Projected EPS: $9.65
  • Projected revenue: $4.57 billion

An overview of any developments regarding China’s Covid-19 vaccination plans would be helpful, Cramer said.

Tuesday: Peloton, Roblox, RealReal

Platoon

  • Publication of the results for the third quarter of 2022 before the bell; conference call at 8:30 a.m. ET
  • Expected loss: 84 cents per share
  • Forecast revenue: $969 million

“I bet we’ll eventually see some kind of ‘WeCrashed’ type TV series on Peloton — if not ‘The Dropout’ — and I wonder who’s going to write the script first,” said ‘The Mad Money’ host. , referencing the TV dramas detailing the scandals at WeWork and Theranos, respectively.

Roblox

  • Publication of Q1 2022 results after closing; conference call on Wednesdays at 8:30 a.m. ET
  • Expected loss: 23 cents per share
  • Forecast sales: $659 million

“Fantastic company, bad stock. … We keep it in the penalty area than all things [metaverse] belong right now,” Cramer said.

RealReal

  • Publication of Q1 2022 results after closing; conference call at 5 p.m. ET
  • Expected loss: 54 cents per share
  • Projected revenue: $136 million

Cramer said he didn’t understand why the stock was down.

Wednesday: Wendy’s, Rivian

Wendy’s

  • Q1 2022 before the bell; conference call at 8:30 a.m. ET
  • Projected EPS: 18 cents
  • Forecast revenue: $497 million

Cramer said he wanted to know if the company was having staffing issues at its restaurants like others in the industry.

Rivian

  • Publication of Q1 2022 results after closing; conference call at 5 p.m. ET
  • Expected loss: $1.41 per share
  • Forecast revenue: $133 million

Cramer said he wanted to know if Rivian would allow Ford to sell its stake in the electric vehicle maker.

Thursday: Toast, Poshmark

Toast

  • Publication of Q1 2022 results after closing; conference call at 5 p.m. ET
  • Expected loss: 13 cents per share
  • Forecast revenue: $487 million

Cramer said he is “anti-Toast” because there are too many players in the restaurant outlet management space.

posh mark

  • Publication of Q1 2022 results after closing; conference call at 4:45 p.m. ET
  • Expected loss: 25 cents per share
  • Forecast revenue: $87.6 million

Cramer said he would tune in to hear about the company, which he said hurt investors who bought his shares.

Disclosure: Cramer’s Charitable Trust owns shares of Ford.

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Robinhood bolsters trading app with stock lending service https://internetwealthzone.com/robinhood-bolsters-trading-app-with-stock-lending-service/ Thu, 05 May 2022 06:35:18 +0000 https://internetwealthzone.com/robinhood-bolsters-trading-app-with-stock-lending-service/ Robinhood Markets said on May 4 that it was adding stock lending to its trading app, the latest in a series of products to bolster its business. Clients who authorize stock lending authorize Robinhood to lend all fully paid stocks in their portfolio and will be paid when matched with a borrower. The brokerage has […]]]>

Robinhood Markets said on May 4 that it was adding stock lending to its trading app, the latest in a series of products to bolster its business.

Clients who authorize stock lending authorize Robinhood to lend all fully paid stocks in their portfolio and will be paid when matched with a borrower. The brokerage has a dashboard to enroll in the program and track earnings.

“Robinhood does the work of finding borrowers and managing deals while clients can add a potential source of passive recurring income to their portfolio,” said Steve Quirk, Robinhood’s chief brokerage.

To be eligible, clients must have an account value of $5,000 or more, income of $25,000, and some trading experience. The program will be fully rolled out by the end of May, the company said.

The securities lending business is booming. Global securities lenders earned $828 million in revenue last month, a 20% increase from April 2021, according to research firm DataLend.

LILY Berkshire Hathaway’s Charlie Munger hits Robinhood again

Robinhood competes in a crowded market with many established players focused on the same customers. Other brokerage firms, including Fidelity Investments, Charles Schwab, TD Ameritrade and Webull, also offer securities lending to individual investors.

Robinhood bled active investors and revenue fell 43% in the first quarter, the fifth consecutive quarterly decline. Last week, the brokerage said it was laying off 9% of its workforce.

The company has focused on introducing new products – including crypto wallets and auto-invest services – to diversify its revenue streams and recruit new investors.

The brokerage soared to new heights at the start of the Covid-19 pandemic as individual investors flooded the rising market, making a name for themselves with a slick interface and fee-free transactions.

It sends customer orders to high-speed trading companies in exchange for cash in a practice called payment for order flow. Fewer investors trading means Robinhood’s transaction-based revenue halved in the first quarter.

Write to Jenna Telesca at jenna.telesca@wsj.com

This article was published by The Wall Street Journal, part of the Dow Jones

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Democrats sharpen appeal with ban on congressional stock trading; Spanberger pushes for ethics reform | Local News https://internetwealthzone.com/democrats-sharpen-appeal-with-ban-on-congressional-stock-trading-spanberger-pushes-for-ethics-reform-local-news/ Sat, 30 Apr 2022 23:15:00 +0000 https://internetwealthzone.com/democrats-sharpen-appeal-with-ban-on-congressional-stock-trading-spanberger-pushes-for-ethics-reform-local-news/ By KEVIN FREKING Associated Press WASHINGTON—When Rep. Abigail Spanberger first introduced a bill banning stock trading by members of Congress and their families, the Virginia Democrat managed to secure just eight co-sponsors. So far this session, 62, or about one in seven House members, have signed. It’s a similar story in the Senate. Sen. Jeff […]]]>

By KEVIN FREKING Associated Press

WASHINGTON—When Rep. Abigail Spanberger first introduced a bill banning stock trading by members of Congress and their families, the Virginia Democrat managed to secure just eight co-sponsors. So far this session, 62, or about one in seven House members, have signed.

It’s a similar story in the Senate. Sen. Jeff Merkley, D–Ore., a once lone voice on the issue, had only one co-sponsor for his proposed ban on stock trading in the past two sessions of Congress. Now he has nine.

The slight increase in support reflects a growing appetite among lawmakers to tighten trading rules after several members came under scrutiny over their stock trades during the pandemic. Although there is no guarantee that any of the proposals will become law, many lawmakers facing the toughest re-election races have passed the legislation, raising the issue of ethics as a talking point – and a potential point of attack – for mid-term campaigns.

Even with voters focused on issues like inflation and the war in Ukraine, Spanberger said the trade ban comes up time and time again when she meets her constituents.

People also read…

“No matter where I am, someone is talking about it,” said Spanberger, who is among lawmakers facing a tough re-election bid.

But it’s not easy to navigate. Other lawmakers, especially Republicans, are skeptical and worried about the merits of such a ban and the logistics of enforcing it. And while congressional leaders say they’re open to the proposals, some lawmakers doubt it will translate into action.

“The headwind is that some members of Congress don’t want to play by these rules, and some of those members are in the lead,” Spanberger said.

House Speaker Nancy Pelosi, D-California, initially said she did not support a stock trading ban in December. “We are a free market economy. They should be able to participate,” she told reporters. But in February, she announced that she was open to one. “It’s complicated, and the members will get through it. And then we’ll move forward with what consensus is,” she said.

Under current law, members of Congress and government employees must report the sale and purchase of stocks, bonds, commodity futures and other securities no later than 30 days after learned that they were made and within 45 days of a transaction over $1,000.

But lawmakers have routinely been slow to file these notices and, in some cases, have not filed at all, leading to a flurry of complaints to the House Ethics Committee.

During a House hearing on the issue in April, Rep. Rodney Davis, R–Ill., said it’s clear that current disclosure laws aren’t working as intended. But he called the violations largely unintentional.

Davis said he had heard little from voters about stock trading and worried that requiring lawmakers to place assets in a blind trust would prove prohibitively expensive for many lawmakers. Still, he’s open to finding a compromise “that doesn’t encourage the ultra-rich to be the only ones running for Congress.”

Rep. Barry Loudermilk, R–Ga., went further. He said Americans have “the right and freedom to participate in a free and fair market economy.”

“It won’t make a difference to me personally, but it does make a difference to me as an American citizen,” he said.

Watchdog groups warned at the hearing that public disclosure of stock trading has not deterred lawmakers from owning and trading shares in companies subject to their oversight, eroding voter confidence.

California Rep. Zoe Lofgren, the Democratic chair of the House Administration committee that has reviewed the various trade bills introduced, said this week she hopes to push a bill through her committee. But she also said “it’s a lot more complicated than I realized when I started watching it.”

Support for the trade ban is bipartisan. Rep. Chip Roy, R-Texas, co-wrote the bill with Spanberger, but the vast majority of co-sponsors of the various bills are Democrats. This includes progressives such as Sen. Elizabeth Warren, D–Mass., and Rep. Alexandria Ocasio-Cortez, D–NY

Several Democrats facing tough re-election battles have also signed on as co-sponsors. The list includes Reps. Jared Golden of Maine, Sharice Davids of Kansas, Angie Craig of Minnesota, Kim Schrier of Washington, Elissa Slotkin of Michigan and Tom Malinowski of New Jersey.

Malinowski is under investigation by the Ethics Committee after the Congressional Ethics Office determined there were substantial reasons to believe he had failed to properly disclose the actions he had bought or sold. Malinowski said his trading activity was conducted by a third-party investment manager without his involvement. He has since set up a qualified blind trust to manage his investments. But Republicans have made trades and the ethical inquiry an issue as they try to win back Malinowski’s seat in New Jersey.

Slotkin said she was elected in 2018 after promising not to accept donations from corporate political action committees. She called it a defining issue in this race, and she sees the proposed trade ban as an extension of that effort.

“Anything we can do to clean up the perception of elected officials is good for democracy,” Slotkin said.

She said she shared Spanberger’s concern that Pelosi did not see the stock trading ban as a priority.

“When the speaker wants something done, it gets done. When she doesn’t want it done, you have to fight to put it on the agenda, and that’s where we are. said Slotkin.

In the Senate, 13 Democratic lawmakers, but no Republicans, signed a bill by Sen. Jon Ossoff of Georgia that would require lawmakers and their spouses and children to place their securities in a blind trust. Three Democratic senators considered to have the toughest re-election races this year are co-sponsors: Sens. Mark Kelly of Arizona, Raphael Warnock of Georgia and Catherine Cortez Masto of Nevada.

Larry Parnell, director of the strategic public relations program at George Washington University, said the Democratic candidates received a confusing midterm message because “they’re kind of halfway, halfway on some elements of Biden’s agenda.”

But he thinks banning stock trading is an idea “that anyone can follow”.

“It’s a win-win situation for anyone looking for a populist message to put across in the marketplace,” Parnell said.

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Democrats boost populist appeal with proposed stock trading ban https://internetwealthzone.com/democrats-boost-populist-appeal-with-proposed-stock-trading-ban/ Sat, 30 Apr 2022 04:07:41 +0000 https://internetwealthzone.com/democrats-boost-populist-appeal-with-proposed-stock-trading-ban/ WASHINGTON (AP) — When Rep. Abigail Spanberger first introduced a bill banning stock trading by members of Congress and their families, the Virginia Democrat managed to secure just eight co-sponsors. . So far this session, 62 — or about one in seven House members — have signed up. It’s a similar story in the Senate. […]]]>

WASHINGTON (AP) — When Rep. Abigail Spanberger first introduced a bill banning stock trading by members of Congress and their families, the Virginia Democrat managed to secure just eight co-sponsors. . So far this session, 62 — or about one in seven House members — have signed up.

It’s a similar story in the Senate. Sen. Jeff Merkley, D-Ore., a once lone voice on the issue, had only one co-sponsor for his proposed stock trading ban in the past two sessions of Congress. Now he has nine.

The slight increase in support reflects a growing appetite among lawmakers to tighten trading rules after several members came under scrutiny over their stock trades during the pandemic. While there’s no guarantee any of the proposals will become law, many lawmakers facing the toughest re-election races have passed the legislation, raising the issue of ethics as a talking point — and a potential point of attack – for mid-term campaigns.

Even with voters focused on issues like inflation and the war in Ukraine, Spanberger said the trade ban comes up time and time again when she meets her constituents.

“No matter where I am, someone is talking about it,” said Spanberger, who is among lawmakers facing a tough re-election bid.

But it’s not easy to navigate. Other lawmakers, especially Republicans, are skeptical and worried about the merits of such a ban and the logistics of enforcing it. And while congressional leaders say they’re open to the proposals, some lawmakers doubt it will translate into action.

“The headwind is that some members of Congress don’t want to play by these rules, and some of those members are in the lead,” Spanberger said.

House Speaker Nancy Pelosi, D-California, initially said she did not support a stock trading ban in December. “We are a free market economy. They should be able to participate,” she told reporters. But in February, she announced that she was open to one. “It’s complicated, and the members will get through it. And then we’ll move forward with what consensus is,” she said.

Under current law, members of Congress and government employees must report the sale and purchase of stocks, bonds, commodity futures and other securities no later than 30 days after learned that they were made and within 45 days of a transaction over $1,000.

But lawmakers have routinely been slow to file these notices and, in some cases, have not filed at all, leading to a flurry of complaints to the House Ethics Committee.

During a House hearing on the issue in April, Rep. Rodney Davis, R-Ill., said it’s clear that current disclosure laws aren’t working as intended. But he called the violations mostly unintentional.

Davis said he had heard little from voters about stock trading and worried that requiring lawmakers to place assets in a blind trust would prove prohibitively expensive for many lawmakers. Still, he’s open to finding a compromise “that doesn’t encourage the ultra-rich to be the only ones running for Congress.”

Rep. Barry Loudermilk, R-Ga., went further. He said Americans have “the right and freedom to participate in a free and fair market economy.”

“It won’t make a difference to me personally, but it does make a difference to me as an American citizen,” he said.

Watchdog groups warned at the hearing that public disclosure of stock trading has not deterred lawmakers from owning and trading shares in companies subject to their oversight, eroding voter confidence.

California Rep. Zoe Lofgren, the Democratic chair of the House Administration committee that has reviewed the various trade bills introduced, said this week she hopes to push a bill through her committee. But she also said “it’s a lot more complicated than I realized when I started watching it.”

Support for the trade ban is bipartisan. Rep. Chip Roy, R-Texas, co-wrote the bill with Spanberger, but the vast majority of co-sponsors of the various bills are Democrats. That includes progressives such as Sen. Elizabeth Warren, D-Mass., and Rep. Alexandria Ocasio-Cortez, DN.Y.

Several Democrats facing tough re-election battles have also signed up as co-sponsors. The list includes Reps. Jared Golden of Maine, Sharice Davids of Kansas, Angie Craig of Minnesota, Kim Schrier of Washington, Elissa Slotkin of Michigan and Tom Malinowski of New Jersey.

Malinowski is under investigation by the Ethics Committee after the Congressional Ethics Office determined there were substantial reasons to believe he had failed to properly disclose the actions he had bought or sold. Malinowski said his trading activity was conducted by a third-party investment manager without his involvement. He has since set up a qualified blind trust to manage his investments. But Republicans have made trades and the ethical inquiry an issue as they try to win back Malinowski’s seat in New Jersey.

Slotkin said she was elected in 2018 after promising not to accept donations from corporate political action committees. She called it a defining issue in this race, and she sees the proposed trade ban as an extension of that effort.

“Anything we can do to clean up the perception of elected officials is good for democracy,” Slotkin said.

She said she shared Spanberger’s concern that Pelosi did not see the stock trading ban as a priority.

“When the speaker wants something done, it gets done. When she doesn’t want it done, you have to fight to put it on the agenda, and that’s where we are. said Slotkin.

In the Senate, 13 Democratic lawmakers, but no Republicans, signed a bill by Sen. Jon Ossoff of Georgia that would require lawmakers and their spouses and children to place their securities in a blind trust. Three Democratic senators considered to have the toughest re-election races this year are co-sponsors: Sens. Mark Kelly of Arizona, Raphael Warnock of Georgia and Catherine Cortez Masto of Nevada.

Larry Parnell, director of the strategic public relations program at George Washington University, said the Democratic candidates received a confusing midterm message because “they’re kind of halfway, halfway on some elements of Biden’s agenda.” But he thinks banning stock trading is an idea “that anyone can follow”.

“It’s a win-win situation for anyone looking for a populist message to put across in the marketplace,” Parnell said.

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