Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
The U.S. Department of Defense confirms the addition of China’s top chipmaker SMIC (OTCQX:SMICY) and oil giant CNOOC (NYSE:CEO) to a blacklist of alleged Chinese military companies.
The move raises the total number of companies blacklisted by the Trump administration to 35, and a recent executive order issued by Pres. Trump would prevent U.S. investors from buying securities of the blacklisted firms starting late next year.
CNOOC shares have slumped by nearly 14% this week since the first reports of the move appeared over the weekend.
Vanguard and BlackRock each own ~1% of shares of CNOOC, and together own ~4% of outstanding shares of SMIC, disclosures show.
The U.S. House of Representatives passed a law earlier this week to kick Chinese companies off U.S. stock exchanges if they do not fully comply with American auditing rules.
Amazon (AMZN -0.4%) and Yeti (YETI +2.9%) jointly filed the suit in the United States District Court for the Western District of Washington accusing two U.S.-based individuals of selling counterfeits Yeti products on Amazon’s e-commerce platform.
The sellers are accused of working together to sell the products, which included counterfeits of Yeti’s Rambler mug. When Amazon caught the activity, the seller accounts were banned and customers received refunds.
Earlier this year, Amazon launched the Counterfeit Crimes Unit, a team of former prosecutors, investigators, and data scientists tasked with identifying counterfeit goods on the platform and establishing the groundwork for a legal fight.
Amazon previously teamed up with Valentino, cosmetics company KF Beauty, and travel accessories brand JL Childress on counterfeit suits.
“We do not allow counterfeits in our store and we take aggressive action to hold bad actors that attempt to evade our proactive protections accountable,” says Cristina Posa, Associate General Counsel and Director, Amazon Counterfeit Crimes Unit. “We appreciate YETI’s close cooperation throughout this investigation.”
Jim Chanos cuts ‘painful’ Tesla short, sticks with bear bet on IBM
“It’s been painful, clearly,” says Jim Chanos, telling Bloomberg he’s trimmed the size of his short bet on Tesla (NASDAQ:TSLA). Previously, he had the maximum short position allowed at his fund, 5% of capital.
“It’s whatever people want to believe Elon Musk is touting,” says Chanos, noting the company’s five straight quarters of profit are thanks to sales of regulatory credits, not automobiles. Chanos says he’s never met or spoken with Elon Musk, but were the two to cross paths, he’d tell Musk, “Job well done so far.”
Tesla is up another 4.2% premarket after Goldman Sachs last night upgraded the stock.
Turning more broadly to markets: “Right now, people are doing really dumb things with their money. It can go on for a while, and you can lose lots of poker hands to people that are doing dumb things with their money.” We’re living in a “golden age of fraud,” he continues.
One of Chanos’ largest shorts is IBM, where “financial engineering” (Chanos’ words) has helped pretty things up for a company where revenue has fallen for seven of the last eight years. Of the IT-services spin: “The dead giveaway to us that the spinoff is being done for financial engineering reasons was that they’re saying it’s going to take the better part of almost 18 months to do … That’s crazy.”
IBM is down marginally premarket.
Zuora (NYSE:ZUO): Q3 Non-GAAP EPS of -$0.01 beats by $0.03; GAAP EPS of -$0.14 beats by $0.01.
Revenue of $77.25M (+7.6% Y/Y) beats by $3.42M.
Anticipates Q4 sales of $75M-$77M and $301.1M-$303.1M for fiscal 2021, with adj. EPS loss of $0.06 – $0.05 and $0.14 – $0.13, respectively
Yext (NYSE:YEXT): Q3 Non-GAAP EPS of -$0.02 beats by $0.06; GAAP EPS of -$0.18 beats by $0.05.
Revenue of $89.06M (+16.6% Y/Y) beats by $1.84M.
Q4 Guidance: Revenue of $87-$89M; Non-GAAP net loss per share to be $0.10-$0.08 which assumes 123.3M weighted-average basic shares outstanding.
Shares -13.04%.
