|Bid||0.00 x 1300|
|Ask||24.44 x 2200|
|Day's range||24.25 - 24.39|
|52-week range||18.34 - 24.73|
|Beta (5Y monthly)||1.50|
|PE ratio (TTM)||0.61|
|Forward dividend & yield||0.96 (3.98%)|
|Ex-dividend date||23 Oct 2020|
|1y target est||N/A|
(Bloomberg) -- Brent oil topped $70 a barrel with optimism building about the demand outlook in key regions such as the U.S., and on signs that a glut built up last year has been whittled away.The global benchmark added as much as 1.1% reaching its highest since March 8, while U.S. crude futures briefly topped $67 a barrel. The global benchmark hasn’t had a sustained period above $70 since 2019.Oil has joined other commodities in a blistering rally this year, emerging as a hedge for growing rates of inflation, and with demand rebounding from the depths of the pandemic. Most recently that has been led by the U.S., where even the lagging aviation industry is showing signs of picking up, and Europe. That’s despite the ongoing spread of the virus in parts of Asia, most notably India.Crude’s gains this year are already having an impact on pump prices. Aided by the stoppage on the Colonial Pipeline system, U.S. gasoline topped $3 a gallon last week for the first time since 2014.Traders are optimistic about the prospects for a bullish summer as consumption snaps back with travel re-opening. As a result, much of Wall Street is calling for higher prices in the coming months, with Goldman Sachs Group Inc. talking up the prospects of $80 a barrel. On Tuesday, a weaker dollar was also aiding crude’s rally.“Hopes of a rise in demand and a weaker dollar is pushing oil prices higher,” said Hans van Cleef senior energy economist at ABN Amro. “If we break above the $70-$72 range, technically the way is open for $78-$80.”Last week, the International Energy Agency marked a major moment in the market’s recovery, saying that the surplus stockpiles that have built up since the pandemic began have cleared.That’s reflected in the oil market’s structure which is now largely trading in a bullish backwardation -- where nearby prices are more expensive than ones further out. That pattern generally indicates tight supply.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Indonesian online travel company Tiket.com is exploring going public through a merger with a special purpose acquisition company as it seeks to expand its business, according to people with knowledge of the matter.The startup is in talks with COVA Acquisition Corp. for a deal that would value the combined entity at about $2 billion, according to the people, who asked not to be identified because the talks are private. Goldman Sachs Group Inc. is advising Jakarta-based Tiket, which is valued at more than $1 billion and owned by diversified Indonesian conglomerate Djarum Group, they said.The startup may also pursue a traditional initial public offering, a merger or an acquisition to expand, the people said. Negotiations between the two firms aren’t finalized and it’s possible discussions may not result in a deal, they said.Tiket joins a slew of Southeast Asian internet companies considering SPAC listings or initial public offerings to fuel growth as online commerce gains popularity in the region. Indonesian rival Traveloka is in advanced talks to go public through merging with Bridgetown Holdings Ltd., a blank-check firm backed by billionaire Richard Li and Peter Thiel.As part of the deal, Tiket could raise about $200 million in a so-called private investment in public equity, or PIPE, that often accompanies a SPAC merger, the people said. Representatives of Tiket, Goldman and COVA Acquisition declined to comment.Tiket.com was founded in 2011, a year before Traveloka. Djarum acquired Tiket in 2017 and put it under the leadership of Chief Executive Officer George Hendrata, previously Djarum’s director of business development and diversification. Tiket’s platform lets consumers buy tickets for flights, trains as well as concerts and other events. Users can also book hotel and rental cars in Indonesia. It has a network of more than 90 airlines, 2.8 million hotels and other lodgings, and more than 400 corporate partners.Tiket’s sales of plane tickets and hotel bookings surged more than 300% in the first three months of 2021 compared with the second quarter of 2020, when business was hurt by the onset of the coronavirus pandemic, according to the company’s press release in April.Djarum is led by Michael Bambang Hartono and his younger brother Robert Budi Hartono, who inherited a clove cigarette manufacturing business from their father Oei Wie Gwan upon his death in 1963. They grew the business into a diversified conglomerate including PT Bank Central Asia, whose market capitalization of about $55 billion makes it Indonesia’s most valuable company. Budi Hartono is the richest Indonesian with a net worth of $16 billion, while Michael has a net worth of $15 billion, according to the Bloomberg Billionaires Index.Luminar Backer’s $300 Million SPAC Seeks Southeast Asia TargetCOVA Acquisition is led by Jun Hong Heng, the founder of San Francisco-based Crescent Cove Advisors LP, which backs high-growth technology, media and telecommunications ventures in the U.S. and Southeast Asia. Crescent Cove was one of the earliest and largest investors in Luminar, a driverless-car startup founded by entrepreneur Austin Russell.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Elon Musk helped legitimize cryptocurrencies in the eyes of Wall Street investors. Now, his tweets are scaring them off.About a quarter of Bitcoin’s value has been wiped away in the span of a week, in part thanks to headspinning tweets from Musk on everything from Bitcoin’s toll on the environment to whether Dogecoin is the better digital currency. The token is now worth about as much as it was when Tesla first disclosed in February its intention to buy some.Musk has always been tongue in cheek with his crypto dabbling, but his latest posts have sown confusion across the industry and revived the debate over whether the nascent asset class is a serious investment.Can Bitcoin ever be a hedge against inflation and gold alternative with volatility like this? And is it simply a running joke on Twitter for the world’s second-richest man?These questions are resonating with GAM Holding AG, which oversees 124.5 billion Swiss francs ($138 billion), as unpredictable swings in crypto are proving a major drawback.“Its volatility is so huge that it can actually distract clients from their investment goals,” said Julian Howard, head of multi-asset solutions at the firm. “It’s often driven by tweets rather than fundamentals.”Before this month’s roller-coaster, the widespread adoption of crypto had been on an upswing, with Tesla’s $1.5 billion purchase of Bitcoin in February a watershed moment. At the time, Musk announced he would allow customers to buy cars with Bitcoin and would keep a portion of Tesla’s balance sheet in the token.Read: Burry of ‘Big Short’ Fame Places Big Bet Against Musk, TeslaThe move, the first by a major corporation, raised expectations that other corporate treasurers would follow suit and adoption of crypto as a medium of exchange would take hold. Goldman Sachs Group Inc. and Morgan Stanley also announced plans to offer their clients exposure to crypto.With hordes of new retail and institutional investors piling in, prices shot up from $29,000 in January and reached $60,000 last month. After the pullback, the token now trades around $43,000 and some analysts say the market still looks precarious, especially as the fate of Bitcoin becomes tied to Musk’s Twitter outbursts.“I would definitely expect reduced appetite going forward,” said Felix Dian, founder of crypto-focused MVPQ Capital in London, which counts 70% of its investors as institutions. “First, because of the loss of momentum from a technical perspective, but also because of the extreme sensitivity on environmental issues.”Because Bitcoin has no underlying fundamentals, such as profit streams or interest payments that help anchor the value of stocks and bonds, it’s inherently a speculative bet on market trends in the years ahead.“It’s the ultimate momentum trade,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. “The mainstream adoption will come from institutional investors over time and regardless of Elon Musk.”Still, for all the eye-watering moves lately, Bitcoin is far less volatile than it used to be. Benson Durham of Cornerstone Macro LLC says Bitcoin’s correlation to other assets, therefore its impact on overall portfolio swings, is a more relevant metric for investors.By that measure, there’s “not much change to write home about during the recent pullback,“ he wrote.Meanwhile, crypto insiders say the Musk-driven volatility is just a temporary blip and will soon blow over.“We take a longer view, and investors would be right to do the same,“ said Greg King, chief executive officer of Osprey Funds, which offers crypto trust funds. “The key question is whether we think this asset is going to last? The answer is yes.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.