Ebene News – AU – AIG raises rates and assesses ‘claims’ of life and retirement contenders

(Reuters) – American International Group Inc said on Wednesday it was increasing some commercial insurance rates by 45%, a trend it sees continue in 2021, as the company prepares to install Peter Zaffino as new general manager on March 1

The insurer also said it received high-quality inquiries about the plan to sell its life and retirement business He said he was “still actively working on” an initial public offering for an initial 19% stake of 9%, but weighing the interest of private buyers as well The sale of AIG comes as insurers close deals at breakneck pace

The company did not specify which route it would take with the other 80 1% stake, but indicated that it had no plans to dismantle the company

AIG’s higher insurance rates reflect “tremendous improvement and tighter terms and conditions,” Zaffino, now president, said on a conference call

Tariff increases for commercial companies were around 15%, but the numbers varied across different lines of business, including a 45% increase in insurer excess insurance, a type of coverage specialized, said Zaffino

Rate increases in the insurer’s financial line activities have exceeded 25%, driven by increases of 35% for directors ‘and officers’ liability coverage, Zaffino said

AIG struggled to recover from a $ 182 billion U’s 2008 taxpayer bailout to save it from collapse Since then the company has sold big chunks to pay off debt plus an estimated $ 22.7 billion return on investment

Current CEO Brian Duperreault, who took over as AIG in 2017, has chosen Zaffino to work alongside him in a bid to turn the company around

The transformation of AIG’s general insurance business, where Duperreault and Zaffino set out to overhaul AIG’s underwriting culture after years of pursuing revenue growth without properly assessing risk

In May 2019, AIG’s general insurance business posted its first technical profit since the global financial crisis, a key objective

AIG announced the planned separation of its life and retirement business in October and expects the transaction to occur during 2021

Life and pensions business accounted for 34% of AIG’s adjusted revenue of $ 49 billion in 2019, compared to 64% for its general insurance business, AIG said

The separation of AIG’s life insurance business echoes a move by billionaire militant investor Carl Icahn, who targeted the insurer in 2015 with a dissolution plan that was also backed by the former hedge fund manager John Paulson

Icahn has asked AIG to sell its life insurance business and now former mortgage insurance business, a move he says would bring more money to shareholders

(Reporting by Suzanne Barlyn in Washington Crossing, Pa. and Alwyn Scott in New York; Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by Matthew Lewis)

Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) reduced its positions in Apple Inc (NASDAQ: AAPL) and accumulated shares of pharmaceutical, telecom and oil companies during the last quarter, according to filings with the US Securities and Exchange Commission What happened: The company led by Warren Buffett lost its 6% stake in Apple to 887 million shares in the quarter, but at the same time increased its investments in AbbVie Inc (NYSE: ABBV) by 20%, Bristol-Myers Squibb Company (NYSE: BMY) by 11% and Merck & Co, Inc (NYSE: MRK) by 28% The conglomerate increased its 136% exposure to T-Mobile US, Inc (NASDAQ: TMUS) to 52 million shares and also added 1,467 million shares of Verizon Communications Inc (NYSE: VZ) See also: Warren Buffett’s Berkshire bet on these four drugmakers amid the Berkshire pandemic took a new stake of 485 million ac tions Chevron Corporation (NYSE: CVX) and 34% increase in its investment in The Kroger Co (NYSE: KR) Other changes include a 59% reduction in exposure to Wells Fargo & Co (NYSE: WFC) and a 28% reduction in Suncor Energy Inc’s (NYSE: SU) stake Why this matters: Apple is still the biggest investment in Berkshire’s portfolio, since the last 13F deposit, and the investment is worth around $ 120 billion in dollars See Also: Warren Buffett Called Bitcoin ‘Rat Poison’ – It Now Ends On Berkshire Hathaway Valuation Apple shares closed almost 16% lower to $ 13319 on Tuesday and fell another 041% In the after-hours session Tuesday, in the after-hours session, shares of AbbVie rose 042% to $ 104.64 Bristol-Myers stock rose 034% to $ 59.60 Shares of T- Mobile rose 086% to $ 123 05 Verizon shares soared 305% to 55 $ 80 after-hours trading, while Chevron shares rose 254% to $ 95.50 Wells Fargo shares were down 011% in the afternoon Shares of Kroger and Suncor were largely unchanged Stock Price: Berkshire Hathaway’s Class A shares closed 123% higher at $ 369,333 The company’s Class B shares closed 115% higher at $ 245 28 and fell 011% in the after-hours session Photo by Fortune Live Media on Flickr Learn More About BenzingaClick Here For BenzingaTikTok Option Transactions In Public Negotiations On NYSE: Chinese MediaWhy Apple Is Getting More Serious In Car Making? Smartphone “ transport ” dwarf market, according to Munster © 2021 Benzingacom Benzinga does not provide investment advice All rights reserved

Shares of Wells Fargo & Co jumped 47% in Wednesday afternoon trading, enough to keep up with financial sector peers and put them on track to close at an 11-month high The rally comes then that the San Francisco-based bank, which got into hot water with regulators over a fake account scandal years ago, is looking to cut its annual budget by at least $ 8 billion dollars without angering those regulators, as the Wall Street Journal reported.Meanwhile, Bloomberg reported, citing people with knowledge of the matter, that Federal Reserve officials had privately reported that they were accepting the bank’s proposal. overhaul its risk management and governance, which puts the bank on track for the Fed to raise the cap on the bank’s assets A Fed spokesperson declined a request for comment from MarketWatch the ction also comes after Warren Buffett’s Berkshire Hathaway Inc revealed on Tuesday night that it had sold 7,496 million Wells Fargo shares, or 588% of its stake, during the fourth quarter.The stock, which is heading for the most close. high since March 6, rallied 455% in the last three months, while the SPDR Financial Select Sector ETF gained 163% and the S&P 500 advanced 86%

(Bloomberg) – Keith Gill, one of the most influential voices to push GameStop on the WallStreetBets Reddit forum, has been hit with a lawsuit that accused him of falsely portraying himself as an amateur investor and Profit by Artificially Inflating the Price of StockThe proposed class action lawsuit against Gill, who adopted the online nickname “Roaring Kitty,” was filed in Massachusetts federal court on Tuesday The lawsuit said Gill was in fact a licensed securities professional who was manipulating the market for a profit Gill touted GameStop shares through extensive social media presence on Youtube, Twitter and Reddit “The Deceptive and Manipulative Conduct de Gill not only violated many industry regulations and rules, but also various securities laws by undermining the integrity of the GameStop stock market, “lawsuit says “It caused huge losses not only to those who bought options contracts, but also to those who succumbed to Gill’s act and bought GameStop shares during the market frenzy at heavily inflated prices.“The lawsuit said Gill, who has been written extensively by Bloomberg, The New York Times, The Wall Street Journal and others, was far from an amateur headlines picker. Rather, he is a chartered financial analyst who holds multiple broker licenses and was previously employed by Massachusetts Mutual Life Insurance Co.The lawsuit also named Mass Mutual and a brokerage affiliate of the company as defendants, claiming they had an obligation to overseeing Gill’s market activities”In order to motivate amateur traders, Gill has shaped himself as a sort of Robin Hood and called the securities professionals bad guys,” the lawsuit said. “Gill, however, is no hobbyist For many years he worked actively as a professional in the investment and financial sectors.” The potential applicant representing the investors in the case, Christian Iovin of Washington State sold for $ 200,000 call options on GameStop stock when the stock was below $ 100 The action quickly eclipsed $ 400 a share, forcing him to buy back the high-priced calls (Updates with complaint details and background) For more articles like this, please visit us at bloombergSubscribe now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

Warren Buffett goes looking for equities in Q4, new file finds

As part of COVID-19 relief, you can now keep your home loan on hold for up to 18 months

Tilray Reports Fourth Quarter Profits After Today’s Close As Its Stock and Other Marijuana Shares Give Up Huge Gains

Today we take a look at two small-cap biotech companies whose stocks have hit a rut Each company has experienced a recent clinical setback that caused the stock price to fall, erasing previous gains and sending it back to low levels Setbacks like this are not uncommon in the biotech industry and highlight the risk and speculative nature of the industry So what should investors do when a stock crashes? Is it a question of bad fundamentals? And has the share price still bottomed out? This is where the Wall Street pros come in Noting that each is set to start again on an upward trajectory, some 5-star analysts see an attractive entry point for both Using TipRanks’ database, we discovered that these two tickers have obtained moderate to strong buy consensus ratings from the analyst community and have strong upside potential Cortexyme, Inc (CRTX) The first shot down name we’re looking for is Cortexyme, a clinical-stage biopharmaceutical company focused on degenerative diseases, specifically Alzheimer’s disease. The company’s lead candidate is COR388, also known as atuzaginstat Atuzaginstat is currently being investigated as part of the GAIN trial, a study of its effectiveness against Alzheimer’s disease The trial is fully recruited, with 643 patients, and the company is moving towards an open-label enrollment (OLE) section of the phase 2/3 study In a routine regulatory update, Cortexyme announced that the OLE phase will be discontinued , although the primary GAIN study is ongoing, with results to be released in Q4 2021 The announcement of the partial discontinuation caused a 35% decrease in the course of action The partial suspension was caused by adverse events in the liver during the atuzaginstat trial The hepatic symptoms were reversible and were not shown no long-term lasting effects The FDA reviewed these files and, in collaboration with Cortexyme, the decision was made to hold the OLE while pursuing GAIN This decision allows the main focus of the program to continue, while developing a new protocol for OLE The aim of the OLE is to test the long-term efficacy and tolerability of the drug In a review of Cortexyme after the announcement, HC Wainwright 5-star analyst Andrew Fein, noted: “Cortexyme’s announcement of a partial clinical suspension of the OLE study of atuzaginstat is disappointing, but the reversible nature of the liver toxicity may provide a silver lining for Cortexyme. We believe that further the pivotal test suggested era that the drug-induced liver injury might not be severe enough to interrupt the program “As for the short term, adds Fein,” The continuation of the GAIN trial is encouraging despite the partial maintenance of OLE. suggests FDA plans to wait for additional pivotal trial data before reaching a conclusion Management shared that nearly one-third of GAIN patients had completed the study and exceeded the 12-week deadline, suggesting they are out of risk. “To this end, Fein is evaluating CRTX a Buy, and its goal price of $ 76 indicates confidence in 147% growth potential (To see Fein’s track record, click here) Overall, Cortexyme has an analyst consensus moderate buy rating, with 6 recent reviews ranging from 4 to 1 to 1, buy-hold-sell stock is $ 83 60 The average price target suggests that Wall Street sees high potential, in the range of ~ 170% upward from the $ 30 trading price 74 (See CRTX stock market analysis on TipRanks) Immunovant ( IMVT) Next is Immunovant, a clinical-stage biopharmaceutical research company focused on developing treatments for patients with autoimmune diseases, a class of diseases in which the immune system attacks the patient’s own body The leading drug candidate company, IMVT-1401, is currently in trials for the treatment of thyroid eye disease, myasthenia gravis and warm autoimmune hemolytic anemia The drug described as “a new monoclonal antibody fully human anti-FcRn, ”given by subcutaneous injection On February 2, Immunovant’s action plunged by 42%, and it has been declining since The trigger was an announcement by the company that IMVT- 1401 saw its Phase 2b clinical trial for thyroid disease suspended temporarily due to patients experiencing dangerous increases in their LDL levels LDL is the potentially harmful form of cholesterol, which has been linked to cardiovascular disease Despite the clinical setback, 5-star Stiffel analyst Derek Archila reiterated a buy rating on IMVT stocks, along with a price target $ 28 This figure suggests a potential for an increase of 52% from current levels (To view Archila’s history, click here) “Interestingly, increases were only seen in PDD patients, and our review literature suggests a few things: (1) it is likely that this is specific to TED given the biology – see below for details, but we do not believe that similar increases in LDL will be seen in others indications outside TED; and (2) other anti-thyroid therapies used in Graves / TED also see similar increases in LDL, which end up being transient We believe that IMVT-1401, on the inside, mimics this mechanism, ”noted the analyst Archila summed up: “We’ll need more data from the company to confirm we don’t think this program is dead.” Overall, Strong Buy analysts’ consensus view on IMVT suggests that Wall Street is generally dead. ‘agrees with Archila’s assessment This rating is taken from 8 recent reviews, including 7 purchases and only one wait.The average price target here is $ 4038, which implies a ~ 121% rise for the next 12 months (See IMVT market analysis on TipRanks) To get great ideas for stocks traded at attractive valuations, visit Best Stocks to Buy from TipRanks, a newly launched tool that brings together all information about TipRanks stocks Disclaimer: Opinions expressed in this article are only those Featured Analysts Content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment

Massive new budget spending under Democrats supports long-term gold case, but faster Fed tightening could weigh on gold for a while

Microsoft Corporation (NASDAQ: MSFT) co-founder Bill Gates praised Tesla Inc (NASDAQ: TSLA) and CEO Elon Musk for contributions on climate change mitigation in a New York podcast Times Co (NYSE: NYT) this week What Happened: “Well, it’s important to say that what Elon did with Tesla is one of the greatest contributions to climate change anyone has ever made. The billionaire-philanthropist said on NYT opinion writer Kara Swisher’s bimonthly podcast “Sway” “Underestimating Elon is not a good idea,” Gates added Why it matters: Microsoft co-founder comments follow Musk’s appearance on Joe Rogan’s podcast where he expressed belief that Gates was short on Tesla stock, Electrek reported. “I’ve also heard that ‘at one point he had a significant short position I don’t know if that’s true or not, but this sounds strange, ”Musk said“ People I know who know the situation pretty well, I asked ‘are you sure?’ and they said ‘yes he has a huge short position in Tesla’ It didn’t work out very well “See also: How to Buy Microsoft Stock Last year Gates said electric trucks would never be a” practical solution “for transporting heavy loads over great distances Musk dismissed Gates’ knowledge of electric vehicles and said that” he has no idea “On an earlier occasion, Musk had expressed his displeasure with the ‘Gates’ purchase of a Porsche Taycan and had called conversations with the former Microsoft executive “disappointing” Price action: Tesla shares closed nearly 24% lower at $ 796 on Tuesday 22 and fell 06% in the after-hours session On the same day Microsoft shares closed nearly 05% lower at $ 24370 and declined 018% in the after-hours session Click here to check out Benzinga’s EV hub for the latest vehicle news electric Ph oto courtesy: UK Department for International Development via Flickr See more from BenzingaClick here for Benzinga options tradesElon Musk’s SpaceX gets 60% higher valuation in last funding round at B: ReportWhy Apple is getting more serious in the manufacture of cars? Smartphone “ transport ” dwarf market, according to Munster © 2021 Benzingacom Benzinga does not provide investment advice All rights reserved

Jeff Bezos is the richest person in the world again, taking his title back from Elon Musk, who has seen his wealth slow with the recent drop in Tesla shares

(Bloomberg) – QuantumScape Corp, an electric vehicle battery start-up, climbed 12% late in the session after saying it cleared a key hurdle in the development of its technology The company, which is trying to creating solid-state lithium-metal batteries for electric vehicles, said it was able to produce multi-layered battery cells, a critical stumbling block in taking technology from the lab to the real world“While there is still a lot of work to be done and we may encounter new challenges as we increase our number of diapers, this is an extremely important result, and we are delighted to have it so. early in the year, ”said Jagdeep, Managing Director Singh said in a letter to investors that was part of the company’s first quarterly financial report The company is one of several startups and incumbents trying to develop solid-state batteries, an innovation that promises to dramatically accelerate l adoption of EVs by offering automakers a safer and cheaper alternative to current lithium-ion batteriesTo become commercially viable, the company faces three main issues It needs to build larger, multi-layered batteries, compared to what it tests in a controlled lab The current version only has four layers and the company can need a dozen in the commercial versionHe also needs to develop a reliable manufacturing line for some critical components, such as ceramic separators.Finally, he needs to put all of those parts in a factory where he can spread billions of dollars in equipment and machinery costs over big production volumesShares of San Jose, California-based QuantumScape, which began trading on Nov. 27 after its merger with blank check firm, Kensington Capital Acquisition Corp, jumped as high as $ 56.70 in Tuesday’s after-close trading session. Being able to build multi-layered battery cells that essentially function as single-layered cells can cut the time it takes to get QuantumScape’s batteries into mainstream vehicles by months, Singh said in an interview. the confidence to build a small pilot plant in San Jose that will produce technical samples for automakers to install “hundreds of test cars” by 2023, CEO said QuantumScape intends to use these samples to woo customers beyond its largest shareholder, Volkswagen AG, Singh said on a call following the release of quarterly results.”Now we have the capacity to make cells before the JV offers VW,” he said in an interview. “This is new, it was not part of the plan before” Volkswagen has committed to using QuantumScape’s battery technology in its electric vehicles through a joint venture – if enough batteries can be produced and at competitive prices QuantumScape estimates that it will cost $ 1.6 billion to build this battery plant, a 50-50 venture with Volkswagen that is expected to start producing cells in 2024 The company closed the fourth quarter with more than $ 1 billion in cash and cash equivalents This year’s expenses include capital spending and operating costs of $ 230 million to $ 290 million, the company said However, with the additional financing from Volkswagen and the alleged exercise of warrants, QuantumScape plans to head to 2022 with more than $ 900 million.(Updates with details of developments in seventh paragraph) For more articles like this please visit us at bloomberg Subscribe now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

The IRS issued over 307 million direct payments worth a total of $ 412 billion during the first and second round of stimulus checks

Comstock Mining Inc is the stock of the day on Wednesday, as it has exploded more than four times on high volume to beat all of the pre-market winners The mineral development and production company announced deals in which it has secured rights for up to 64% stake in Linico Corp, which is a lithium-ion battery recycling company (LIB) Comstock will pay $ 4.5 million in cash and 30 million shares of its restricted common stock , which represents a total consideration of $ 10.75 billion Comstock shares soared 3,076% and a trading volume of 130 million shares was already above the full-day average in the past 30 Last Days Over 127 Million Shares Linico recently acquired a Nevada battery metal recycling facility from Aqua Metals Inc, and Aqua Metals is investing $ 2 million for a 10% stake in Linico “No We see used lithium-ion batteries as a powerful industrial mineral and, like any resource, we need the right team, technology and infrastructure to extract and process them, ”said Corrado De Gasperis, CEO of Comstock “This transaction brings the three together into an ecosystem of aligned partners, operating systemically on a common goal” The latest available data showed Comstock’s short interest was only 02% of the public float The stock rallied 1206% in the last three months through Tuesday, while the S&P 500 has gained 90%

Its Berkshire Hathaway conglomerate recently started buying shares of Verizon and Chevron – both have attractive dividend yields well supported by expected cash flow

Palantir stock fell as 2021 revenue forecast slightly below expectations Palantir stock also faces a test on Thursday when its lock-in period expires on Thursday. IPO

(Bloomberg) – On January 28, the day after GameStop Corp the mania reached its crescendo following a short press on the record books, around $ 359 million in stocks were caught in limboMore of 1 million shares were considered undeliverable that day due to either buyers lacking cash to make purchases or sellers not having the shares to settle trades, according to US Data from The Securities and Exchange Commission The SEC report, which covers trading from Jan. 15 through the end of the month, is just one more indication of the video game retailer’s stock market dislocation. GameStop, for months among the top-selling on the New York Stock Exchange, jumped more than 1,700% from Jan.1 to Jan.27 as legion of Reddit users cram in, forcing bearish traders to retreat. scramble to get stocks and brokers to p make the measure to curb trading highly unusualWhile the SEC listing highlights the extent of the short-term squeeze, on Reddit’s WallStreetBets forum, where GameStop trading has been galvanized, this is evidence of some something else: the unproven theory that hedge funds were engaged in naked short selling of stocks Short selling – when an investor borrows stocks, sells them, then tries to buy them back at a lower price to profit difference – are a daily market event Naked short selling, the illegal practice of selling stocks that is not known to exist, is only one of the possible causes of failure to deliver, more everyday reasons being human error and administrative delays “Delivery failures can occur for a number of reasons on long and short sales,” reads a disclaimer on the W site eb SEC “Therefore, delivery failures are not necessarily the result of a short sale and are not evidence of an abusive short sale or a ‘naked’ short sale” on delivery can lead to fines, losses and reputational damage and in rare cases they can also lead to reduced market liquidityOne thing is clear: The Grapevine, Texas-based company is an anomaly in the data ranked by the dollar value of shares traded that could not be delivered – an amount that was influenced by the surge in the GameStop stock price – it was the only company to feature in the top 10 multiple times during the period And it was only one of two companies, the other being Li Auto Inc, to make it to the top from a list dominated by exchange-traded funds Data, which is released twice a month, tracks stocks with at least 10,000 stocks that have not been delivered daily The total number of actions for each day is a “cumulative number of all failures in progress to date, plus new failures that occur that day, minus failures that settle that day,” According to the SEC website, about 21 million GameStop shares were not delivered on January 26 before falling to 138,179 on January 29, the day after Robinhood and other brokerages began restricting trading in so called shares memeFor more articles like this, please visit us at BloombergSubscribe now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

Shares of Chinese autonomous flying vehicle company Ehang (EH) rebounded more than 40% on Wednesday after responding to a shortselling report that caused the stock to fall around 60% yesterday

American International Group, Insurance, Peter Zaffino, Brian Duperreault, Reinsurance

Ebene News – AU – AIG increases its rates and assesses the “claims” of contenders for life and retirement

Source: https://finance.yahoo.com/news/aig-hikes-rates-weighs-inquiries-165627957.html