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Kamis, 01 Juli 2021

Robinhood reports explosive growth, stock will trade as HOOD - Business News - Castanet.net

Robinhood, the trading app that’s sent a newly empowered generation of investors to Wall Street, saw its revenue soar 309% at the start of the year as a frenzy over so-called meme stocks shook the market.

The company revealed the revenue surge in a filing with the Securities and Exchange Commission Thursday, as it prepares to sell its own stock on the Nasdaq for the first time. It plans to trade under the symbol HOOD.

Robinhood’s initial public offering is set to be one of the most anticipated of the year, giving investors a chance to own part of a fast-growing company that has rocked the traditionally staid brokerage business. Since its launch in 2014, Robinhood’s popularity has forced rivals to get rid of commissions and to offer apps that make trading easy and maybe even fun.

But as it’s drawn in 18 million funded accounts, with more than half its customers first-time investors, the company has also faced a mountain of criticism from regulators and users alike. Robinhood has agreed to pay more than $130 million in recent years to settle accusations by regulators, with the most recent fine announced just a day earlier.

Among the accusations: It improperly allowed some users to make riskier trades than they were perhaps ready for; it failed to make clear to customers that it makes much of its money by routing their trades to Wall Street firms taking the other side; and its supervision of its technology was weak and helped lead to outages of its service.

But for all the controversy around it, Robinhood offers something that’s always in great demand on Wall Street: explosive growth.

The company's revenue soared to $522 million in the first three months of 2021, up from $128 million a year earlier. It's also coming off a profitable year. It had net income of $7 million in 2020 after losing $107 million in 2019.

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Planning a trip soon? Here's what's changed at the airport since COVID-19 kicked-in - HalifaxToday.ca

Nova Scotia has opened up its borders to Canada.

We are now in Phase 3 of our reopening plan and fully immunized people from provinces or territories outside of Atlantic Canada can come to Nova Scotia without having to self-isolate.

That means two weeks following a second dose of COVID-19, friends and family living in other parts of the country can visit us and we can hop on a plane and go see them without having to quarantine upon return.

It's been well over a year since most of us have needed to go to Halifax Stanfield International Airport and, like every other facility, COVID-19 has changed the way it operates.

HalifaxToday.ca contacted Halifax International Airport Authority spokesperson Leah Batstone to outline what you need to know.

Picking up a friend or relative

If you are picking someone up, you're probably used to going in and waiting for them outside of the baggage claim, but that currently isn't allowed.

"The terminal building is closed to anyone who is not a worker or a traveller," Batstone said. "People aren't permitted to come inside to the arrivals area and greet their family and friends."

"We're asking everyone to remain outside in one of the designated waiting areas along the curb, so that would be along the lower road area where you'd go for a rental car. There is a waiting area there for passenger pick-up, so we'd just like everyone to wait there."

Masks, distancing and cleaning

We're now all used to wearing masks in public and keeping our distance from others. These measures are also required at the airport.

Batstone said masks are mandatory in both the terminal building and the parkade.

"But there may be times during the travel process where you may actually be asked to lower your mask, which some people don't realize, but it's part of the identification process," she explained. "Otherwise, it's meant to be worn throughout your entire travel journey."

"We also have physical distancing markers in place to allow for that when possible, and there are hand sanitizer stations in place throughout the building in high traffic areas."

Batstone said enhanced cleaning procedures in place.

"Since last March, we've had additional cleaning staff on site working pretty much around the clock to try and make sure the building is as clean as possible. That includes sanitizing those high touch areas, like elevator buttons, washrooms, railing and things like that."

Getting to and from the airport

If you want to drive yourself to the airport, you can't use the Park'N Fly lot as it's currently closed, but the parkade remains open.

"There are some levels that are closed off because of maintenance and the low passenger volume, but there's the exterior lot next to the parkade that people are allowed to use," explained Batstone.

You can still take a cab. 

Halifax Transit's airport bus is also running, but anyone who has to self-isolate isn't allowed to take it, which includes travellers from outside Atlantic Canada who have only had one vaccine, or who haven't had any doses.

Shops and restaurants

Before we get into the details, the main thing you probably need to know is that the Tim Hortons past security is closed, "so if you want your fix, you have to get it before you go through security," Batstone recommended.

"It is important for people to know, if they haven't been here in a while, they might not see the same businesses open that they would expect," she added.

But there are spots to grab a bite to eat or do a little shopping while waiting for your flight.

"Before you go through security, there are some options there for fast food, and Hudson offers chips, drinks and snacks," Batstone stated.

And the Liquid Assets location post-security is still open if you want to bring some local beer, wine and spirits with you to your destination.

As more passengers return to the airport, more stores will open, but for now, here's where you can shop or eat:

Pre-Security

  • A&W
  • Hudson
  • Tim Hortons
  • Subway

Post-Security

  • Booster Juice
  • Connected Coffee
  • The Firkin & Flyer
  • Hudson
  • Liquid Assets

Nova Scotia Safe Check-in form and voluntary testing

Travellers from outside of Atlantic Canada will need to upload proof of vaccination when filling out the Nova Scotia Safe Check-in form. They might also need to show that proof when arriving in the province.

Batstone said the provincial screening process is set up after baggage claim.

"There's been provincial staff on site and they verify people's documentation, their check-in form, so the province manages that piece," she said. "Once the traveller goes through that process, the next step is the voluntary PCR COVID-19 testing."

Passengers are handed a self-swab kit, which has to be done within 48 hours and then dropped off at a primary assessment centre.

For incoming travellers who are still subject to mandatory testing, this counts as the first required test.

Where can I fly?

Before COVID-19 kicked in Haligonians could fly direct to 46 locations on 17 airlines. That was cut back to only four destinations on two airlines. The airport hopes that quickly changes.

"We know there's a lot of pent-up demand when you consider that, in Atlantic Canada, a lot of people here haven't seen family and friends in over a year," Batstone said. "And there's lots of people from other parts of Canada that want to come visit."

She said service is already starting to return for several destinations.

"Over the next coming days we have return of service to Gander, Deer Lake, Goose Bay, Sydney and Edmonton," she stated. "So we're starting to see some of that service come back, and that's based on demand and the easing of travel restrictions."

"As the reopening plan continues and more and more people are vaccinated, we expect that will continue to increase."

International flights are currently restricted by the federal government to the country's four largest airports in Toronto, Montreal, Vancouver and Calgary.

"So that's good for people to know. If they want to travel to an international or U.S. destination, they'll have to have a connection at some point," Batstone said.

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Oil Prices Jump As OPEC Reaches Preliminary Deal - OilPrice.com

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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Russia and Saudi Arabia have reportedly reached a preliminary deal for OPEC+ to gradually increase output by 2 million barrels per day between August and December, Reuters said, citing an unnamed OPEC+ source.

This is this unofficial sourcing coming out of a meeting of the JMMC, which was still ongoing as of 13:00 EDT.

An OPEC panel has proposed monthly increases in output of 0.4 million barrels per day.

Updating on Twitter, Amena Bakr, Deputy Bureau Chief & Chief Opec Correspondent for EnergyIntel, reported that the JMMC was currently addressing some countries’ dissatisfaction with their existing baselines.

Bakr also noted, alongside Reuters, that the talk at the JMMC was for a potential 400,000 bpd per month increase from August to December, cautioning that there has been no official announcement that this proposal has been adopted as of yet.

Reuters also said that oil supply “management” could run into the end of next year.

As of the time of writing, sentiments were bullish, but Brent was pulling back slightly from its price of over $76 this morning, to $75.88 at 13:07 EDT. WTI is trading at $75.23. 

Overall, the market is liking it. The global economy is recovering, and both American shale producers and OPEC have demonstrated the right amount of restraint for the gradual increase proposal to be met with bullish sentiments.

“OPEC is looking like it’s going to keep some restraint, and to me, the market is in a really good place,” Bloomberg quoted Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US, as saying. “People are very comfortable and constructive with the profile over the next year.”

Speaking to Agence France Presse, PVM analyst Stephen Brennock described OPEC’s strategy as “thus far spot on”, saying the cartel “has managed to restore the oil balance without over-tightening the market”.

By Tom Kool for Oilprice.com

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Why NIO Stock Is Moving Higher Today - The Motley Fool

What happened

Shares of Chinese electric-vehicle maker NIO (NYSE:NIO) were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.

As of 10:15 a.m. EDT, NIO's American depositary shares were up about 5.1% from Tuesday's closing price.

So what

In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.

Chung wrote that he expects NIO to report "robust shipment volume" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target price-to-earnings multiple for NIO's shares. 

3 NIO vehicles driving together on a road.

How did NIO's production fare in June? We'll know shortly. Image source: NIO.

Now what

NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of between 21,000 and 22,000 vehicles for the second quarter. Through the end of May, it had delivered 13,183 vehicles despite production disruptions caused by shortages of computer chips. 

Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Oil Prices Spike On Large Crude Inventory Draw - OilPrice.com

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Crude oil prices jumped higher today after the Energy Information Administration reported an inventory decline of 6.7 million barrels for the week to June 25.

This compares with a draw of 7.6 million barrels the EIA estimated for the previous week.

A day earlier, the American Petroleum Institute had reported a crude oil inventory draw of over 8 million barrels for last week, the sixth consecutive week of inventory draws.

Analysts had expected the EIA to report an inventory draw of 4.686 million barrels for the week to June 25.

In gasoline, the EIA reported an inventory build of 1.5 million barrels for last week, which compared with a decline of 2.9 million barrels for the previous week. Gasoline production averaged 9.6 million bpd last week, compared with 10.3 million bpd for the previous week.

In middle distillates, the authority estimated an inventory draw of 900,000 barrels for the week to June 25, which compared with a build of 1.8 million barrels for the previous week. Production of middle distillates averaged 5 million bpd last week. This compared with 5.1 million bpd for the previous two weeks.

Oil prices, meanwhile, are gaining but more slowly as the market anticipates the outcome of this week’s meeting of OPEC+, scheduled for tomorrow. Concern about the spread of the latest coronavirus variant is also dampening optimism but not enough to arrest oil’s rally.

The overwhelming sentiment continues bullish both among forecasters and traders, with the former expecting an oil deficit this year as demand is set to continue growing faster than demand. Most are looking to OPEC+ to narrow the gap between the two and put a lid on prices but given OPEC+’s caution until now, chances are it will stick to it and not rush to add too many barrels to the market yet.

At the time of writing, Brent crude was trading at $75.32 a barrel, with West Texas Intermediate at $73.75 a barrel.

By Irina Slav for Oilprice.com

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Here's what you need to know for another pandemic Canada Day, including what is open and closed - CP24 Toronto's Breaking News

Canada Day will once again be upended by the COVID-19 pandemic this year with no fireworks displays planned and most tourist attractions remaining closed.

The good news is that a wide range of outdoor activities are now permitted with Ontario in step two of its reopening plan. Shopping malls are also permitted to open in step two, though most will be closed due to the holiday.

Here is what you need to know for this Canada Day:

Open

  • Outdoor swimming pools (Capacity has been increased to 50 per cent at Toronto’s 58 outdoor pools)
  • Splash pads and wading pools
  • Golf courses
  • Riverdale Farm
  • High Park Zoo
  • Toronto Zoo
  • Toronto Island Park
  • Most beaches (Marie Curtis Park East Beach, Sunnyside Beach and Cherry Beach are closed due to unsafe levels of E. coli)
  • Select Beer Store locations (84 across the province are open)
  • Toronto Premium Outlets (9:30 a.m. to 7 p.m.)
  • Toronto Eaton Centre (11 a.m. to 7 p.m.)

Closed

  • All LCBO locations
  • Post offices
  • Banks
  • Government offices
  • Libraries
  • Indoor pools and community centres
  • Most tourist attractions
  • Most grocery stores
  • Most shopping malls, including Sherway Gardens, Scarborough Town Centre and Yorkdale Shopping Centre
  • St. Lawrence Market

Transit

The TTC is operating on their holiday service schedule while GO Transit is following their Sunday schedule

Other

The Toronto Sign will be lit in orange in solidarity with Indigenous communities across Canada.

 

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WestJet sparks customer fury after refusing refunds for cancelled flights — again - CBC.ca

WestJet has once again sparked customer fury after the airline cancelled several flights in July and told passengers they weren't entitled to refunds. 

"It's unacceptable," said Shanie Couture.

With COVID-19 restrictions easing, the Quebec City woman booked her family of four on a round-trip flight from Montreal to Edmonton, departing July 24.

But almost two weeks later, WestJet cancelled the flight and rebooked the family on a new flight, which now included a stopover in Toronto each way.

Couture only wanted a direct flight, as she was travelling with two young children and had to drive more than 260 kilometers from Quebec City to get to the Montreal airport. 

"This is my one-year-old's first time flying. I wanted to make it easier for them by taking only one flight," said Couture. "So I wasn't going to drive that distance to then have two flights to deal with."

When she called WestJet and requested a refund for the $1,768 she spent on tickets, Couture said an employee refused her request, telling her she could only get a credit for a future flight. 

Couture unhappily accepted the credit, and spent an additional $2,369 to rebook her family on a preferable flight with another airline.

"I was very disappointed," she said. "I work in customer service. If I can't fulfil something for a customer, I give them a refund. I don't give them a store credit. That's not how it works."

Shanie Couture is shown with her husband, Rock Leclerc, five-year-old daughter, Katherine, and one-year-old son, Nicolas. (Submitted by Shanie Couture)

CBC News interviewed four WestJet customers who each had booked flights to different destinations, all departing in July. In each case, WestJet cancelled their direct flight in mid-June and rebooked the customer on a longer flight that now included a stopover. In two cases, the new flights departed on different dates. 

Each passenger said they requested a refund — but were only offered a credit. 

Three out of the four passengers wound up rebooking with another airline, essentially paying twice for their tickets.

And there are dozens of similar customer complaints concerning WestJet flight changes posted on social media. 

In an email inquiry to WestJet, CBC News pointed out that Canada's Air Passenger Protection Regulations (APPR) suggest the customers interviewed were entitled to refunds.

Under the federal rules, airlines must offer refunds for flights cancelled for reasons within their control, as well as offer to rebook passengers on another airline if it can't find an alternative flight leaving within nine hours of the original departure.

Following several back-and-forth emails, WestJet responded that it had reviewed the customers' cases and determined they deserved refunds, which the airline said it would now provide. 

"We apologize for the inconvenience and are reviewing our processes to make necessary improvements," said WestJet spokesperson Morgan Bell in an email.

It shouldn't be so difficult for passengers to get a refund they are entitled to, said Ian Jack, a spokesperson with Canadian Automobile Association (CAA), a non-profit that serves Canadian travellers.

"You should treat your customers right," he said. "That clearly didn't happen in this case until some extra pressure was applied."

'Putting people first'

Last year, after the pandemic dropped most air travel to a halt, WestJet and several other airlines faced criticism for refusing to provide refunds for cancelled flights. 

But by October 2020, WestJet changed its tune and became the first national Canadian airline to announce it would provide refunds for flights cancelled due to the pandemic.

"We are an airline that has built its reputation on putting people first," WestJet president and CEO Ed Sims said in a statement at that time. 

That wasn't the message Seema Shirali, of Markham, Ont., said she received when WestJet cancelled a direct flight she booked for herself and her husband, from Toronto to New York City, for July 30.

Seema Shirali was upset after WestJet cancelled her direct Toronto-to-New York flight, only offering a credit when she requested a refund. The alternative offered would've added 4.5 hours to her trip. (submitted by Seema Shirali)

The airline rebooked the couple on flights with a stopover in Atlanta, adding almost 4.5 hours to what was originally a 2.5-hour trip. On top of that, Shirali's husband was booked to fly home one day earlier than his original return date.

That meant his four-day trip to visit the couple's daughter would last only three days.

"The problem was that he has very little time," said Shirali. "I was really upset."

WestJet refused to give her a refund, she said, so she begrudgingly accepted a $502 credit for the couple's departing flight, as well as her husband's return flight and rebooked them with another airline — at an additional cost of $707. 

"Now we have credits and money locked up," said Shirali. "What if this happens again? Like, do I really want to use WestJet again?"

'Unpredictable demand' during COVID

When CBC News first contacted WestJet last week about its recent spate of flight cancellations, the airline made no mention of offering refunds.

WestJet had to make flight adjustments "to accommodate unpredictable and inconsistent demand trends that are being influenced by changing [government] travel policies and guidance," said Bell.

She added that the airline was "doing our best to resolve complaints."

The federal government says it will soon ease restrictions for fully vaccinated Canadians and permanent residents returning from international travel. 2:14

WestJet didn't specify if it deemed the flight adjustments as outside of its control, due to the pandemic. 

Consumer advocate Jack argues that, at this point, the move is a controllable business decision.

"The airlines have had months to figure out how to manage under these circumstances, to understand what their [passenger] loads tend to be."

CBC News outlined to WestJet the airline's pledge to refund pandemic-related cancellations, the APPR rules on refunds for flights within an airline's control, as well as U.S. Department of Transportation regulations mandating that airlines flying to and from the United States provide refunds for cancelled flights — no matter what the reason.

Two out of the four customers interviewed were booked on flights to the U.S. 

Bell responded that WestJet had determined the four customers did indeed deserve refunds, but didn't provide the reasons behind the decision. 

As for Couture, she said a WestJet agent contacted her Thursday evening to start the refund process. 

"If they really do reimburse me I'll be really happy. It's just — it's sad that it took this to get reimbursed."

The Canadian Transportation Agency (CTA) said it has received complaints involving this matter and is monitoring the situation. Two customers CBC News interviewed had filed complaints with the CTA. 

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Finding rapid COVID-19 tests across Canada, from relative ease to utter frustration - Global News

While Ontarians were left empty-handed after hours spent waiting in line for free COVID-19 rapid antigen testing kits over the weekend, res...