Bank of America Corp (NYSE:BAC)’s shares declined 1.03% to $15.44. The company has asked regulators to approve a higher quarterly dividend of 5 cents per share after it withdrew a previously planned increase in April, the Wall Street Journal reported on July 9, citing people familiar with the matter. The bank withdrew its previously planned increase to 5 cents from 1 cent per share, after it found errors that reduced a key capital level by $4 billion.
Citigroup Inc. (NYSE:C)’s shares declined 1.01% to $46.90. Citi’s Issuer Services business, acting through Citibank, N.A., on July 8 has been appointed by Australia and New Zealand Banking Group Limited (ANZ) as the successor depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program. ANZ’s ADRs are traded in the United States over-the-counter market under the symbol “ANZBY,” with each ADR representing one ordinary share. ANZ’s ordinary shares are listed on the Australian Stock Exchange.
Ford Motor Company (NYSE:F)’s shares declined 0.75% to $17.30. The company on July 10 announced the Alan Mulally Leadership in Engineering Scholarship, a $1 million program that honors the company’s former CEO by providing financial assistance to outstanding students pursuing degrees in the field of automotive engineering.
“Alan’s engineering background and data-driven decision making paved the way for the extraordinary leadership he provided at Ford,” said Ford Executive Chairman Bill Ford. “We are honoring his legacy by providing scholarships to students who demonstrate the strong engineering ability that is required to develop into the next generation of leaders for our industry.”
Oil Declines Pending U.S Rig Count; Concerns Over High Global Supply
Oil prices declined on Friday, with U.S. crude down 3%, as investors and traders waited anxiously to see if the U.S. oil rig count will fall even more while OPEC members indicated they would do little to cut output. Declining share prices on Wall Street, which have given guidance to oil recently, also pressured crude futures, addition with reduced political turmoil in the Middle East from United States-Russia discussions on Syria. The dollar bounced to contain oil and additional commodities, following Thursday’s decision by the Fed to keep U.S interest rates unchanged pushed the currency to a 21 day low earlier.
This directed attention largely on oil services firm Baker Hughe’s weekly United States oil rigs report set at 1:00p.m EDT. U.S oil drillers have slashed rigs over the last two weeks, a signal that renewed price drops since July possibly be slowing some from returning to the well pad in large way. “With U.S. output shifts still very much under the microscope, today’s oil rig counts could be a key determinant as to how the complex finishes this week,” said Jim Ritterbusch, analyst at Ritterbusch & Associates. “We expect another decline but one downsized from recent double digit decreases,” he stated. U.S crude futures CLcl fell $1.20, or 2.6%, at $45.70 per barrel.
Next, OPEC member Kuwait stated it would take time for the oil markets to correct itself, representing the group would still defend market share regardless of production cuts to boost prices. Additional OPEC sources stated they project oil will increase a maximum $5 a barrel annually to reach $80 by the year 2020. Iran’s deputy oil minister repeated Iran’s plans to get back its oil production share once nuclear-related sanctions are gone against Tehran, enhancing that new oil contracts would be released in coming weeks. Russia was the only main producer to state on Friday it was probably going to cut production at below $40 a barrel.
Illegal Marijuana: Is That Still A Thing?
Marijuana has finally been made legal and will continue to be made legal over the next couple of years throughout the country. However, there is still a need for marijuana to be sold through the black market. Why? Because of taxes.Regulators have made it near impossible for legal markets get out of restriction. Because of this, while cannabis is allowed in certain areas, drug lords and street dealers have been doing exceptionally well.
A main concern is the banking limits put upon cannabis markets. Dealings have been approved by the government, but still are a threat to the industry because no definitive law has been amended to the books. Lawmakers in Washington D.C. recently added a 37 percent excise tax and restricted the number of retail locations. This put the legal market in a state of non competitiveness with the underground trade. Lawmakers are going to have to levy taxes and release oppressing rules if they seek to stop illegal drug trading.
Find out which companies are good marijuana stocks to buy, here.
Marijuana Stocks Are The Highlight Of MarijuanaStocks.com Late Night Analysis
Within the capital markets public companies keep sprouting from, it seems, out of nowhere to try and carve out their own green footprint. Cannabis stocks, as volatile as they may be, continue to captivate investors looking to grab their own piece of a brand new industry, the same way their parents did ten plus years ago with “DotCom.” Dot Bong seems to be the millennials’ turn at finding the next Ebay or Amazon. Think about it, if you could have invested in alcohol just as prohibition was ending, would you (assuming that there was an opportunity to purchase shares of a publicly traded alcohol company)? I will be presumptuous and say “yes”f or you; and that’s exactly what’s happening. Marijuana is the newest “sin” sector in the public markets, joining the likes of big tobacco, Alcohol, and Gaming industry. When the discussion about marijuana stocks comes about, where do you stand? Do you find yourself in the same mindset of at least 7 high net worth investment funds taking the leap into buying cannabis stocks or are you still watching from the sidelines?