Northern Lights Fund Trust II Beacon Selective Risk ETF (ARCA: BSR)

Latest news for Northern Lights Fund Trust II Beacon Selective Risk ETF (ARCA:BSR)

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The Selective Risk Fund is an actively managed exchange-traded fund (ETF) that may engage in active trading. The Selective Risk Fund will use a fund of funds approach, and seeks to achieve its investment objective by investing in the shares of Vanguard Sector exchange-traded funds (each, an Underlying Sector ETF and collectively, the Underlying Sector ETFs). Each Underlying Sector ETF is an index fund that invests in the equity securities of companies in a particular U.S. market sector or group of industries. The objective of each Underlying Sector ETF is to track its respective underlying sector index by replicating the securities in the underlying sector index.

Vanguard Communication Se

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PowerShares ETF Trust International Dividend Achievers Portfolio

Claymore/Robb Report Global Luxury Index Etf

Sizemore Capital Management 3rd Quarter 2010 Letter to Investors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - South American Silver Corp. (&#34;SASC&#34; or the &#34;Company&#34;) (TSX:SAC) reports that it has released its unaudited interim consolidated financial statements for the six months ended June 30, 2009 and the related management&#39;s discussion and analysis of financial position and results of operations (&#34;MD&amp;A&#34;).

As at June 30, 2009, the Company had working capital of US$5.5 million, including cash and cash equivalents of US$5.7 million.

South American Silver Corp. Files Second Quarter 2009 Financial Statements

Northern Lights Fund Trust II Beacon Selective Risk ETF

Sierra Bancorp

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BASE RESOURCES LTD ORD by Base Resources Ltd.

Base Resources Ltd

Deutsche Bank analyst Matthew Niknam maintains Crown Castle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>) with a Hold and raises the price target from $103 to $105.

News

Price Target

Analyst Ratings

Deutsche Bank Maintains Hold on Crown Castle, Raises Price Target to $105

Cantor Fitzgerald analyst Sarah James reiterates Humana (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) with a Neutral and maintains $360 price target.

Reiteration

Cantor Fitzgerald Reiterates Neutral on Humana, Maintains $360 Price Target

Deutsche Bank analyst Steve Powers maintains Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) with a Hold and lowers the price target from $62 to $60.

Deutsche Bank Maintains Hold on Kellanova, Lowers Price Target to $60

Former and current employees at ChatGPT&#8217;s parent company, OpenAI, have expressed concern that safety is not being taken seriously enough at the <a href="https://www.benzinga.com/news/24/03/37605652/sam-altmans-openai-rubbishes-non-profit-founding-agreement-as-fiction-conjured-by-elon-musk">now-for-profit organization</a>. 
Such mistrust has also penetrated the<a href="https://www.benzinga.com/topic/senate"> highest levels of government</a>.
What Happened: Five senators — Brian Schatz (D-HI), Peter Welch (D-VT), Ben Ray Luján (D-NM), Mark Warner (D-VA) and Angus King (I-ME) — sent a <a href="https://www.washingtonpost.com/documents/2ea97cb4-34df-4bdd-a100-3572e93fdba1.pdf">letter</a> to OpenAI co-founder and CEO Sam Altman on Monday. 
The letter, <a href="https://www.washingtonpost.com/technology/2024/07/23/openai-senate-democrats-ai-safe/">obtained</a> by the Washington Post, urges Altman to take AI safety seriously and seeks additional information on OpenAI&#8217;s safety plans. 
The senators expressed concern at OpenAI&#8217;s employment practices and retaliatory <a href="https://www.benzinga.com/news/24/07/39763462/whistleblowers-accuse-openai-of-hindering-staff-from-reporting-ai-risks">measures against whistleblowing</a>. The authors of the letter also want to ensure safety given OpenAI&#8217;s work with the U.S. government.
&#8220;National and economic security are among the most important responsibilities of the United States Government, and unsecure or otherwise vulnerable AI systems are not acceptable,&#8221; the letter reads.
&#8220;Given OpenAI's position as a leading AI company, it is important that the public can trust in the safety and security of its systems.&#8221;
The letter proceeds to request information on several OpenAI practices. 
The senators prompt Altman to confirm that OpenAI will honor its previous commitment to dedicate 20% of its computing resources to research on AI safety. The letter also asks OpenAI to not enforce permanent employment non-disparagement agreements and install protocols for employees to voice safety concerns.
Why it Matters: Many experts, including co-founder Elon Musk, <a href="https://www.benzinga.com/news/23/05/32270606/elon-musks-latest-warning-the-eerie-consequences-of-a-society-completely-dependent-on-technology">have voiced concern</a> over AI safety and its ultimate effects on humanity. Musk is no longer associated with OpenAI.
Altman&#8217;s ouster and subsequent reinstallment at OpenAI in 2023 was <a href="https://www.benzinga.com/news/23/11/35870447/openais-new-ceo-says-real-reason-behind-sam-altman-ouster-not-ai-safety-gives-clue-on-future-directi">not linked to safety</a>, but a divide between employees at the organization exists on weighing profits with safety. Chief Scientist&nbsp;Ilya Sutskever left OpenAI in May.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/government/24/07/39900023/sam-altman-stands-vindicated-openai-sponsored-no-strings-payment-study-quells-fears-about-misuse-of">Sam Altman Stands Vindicated? OpenAI-Sponsored &#8216;No-Strings Payment&#8217; Study Quells Fears About Misuse Of Money, Making Strong Case For Universal Basic Income When AI Makes Jobs Obsolete</a></li>
</ul>

Government

Politics

Tech

Senators Press Sam Altman For Safety, Transparency At OpenAI: Vulnerable AI Is 'Not Acceptable'

As Democrats coalesce around Vice President Kamala Harris&#8216; presidential bid <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t">following Sunday&#8217;s news </a>that President Joe Biden would not seek re-election, speculation around who she might pick as her running mate, if she secures the party's nomination of course, is swirling.
We couldn't help but notice that five out of the five names floating around happen to be supporters of cannabis reform and, as many in the media are pointing out… several of them are under 60.  
While some news outlets have opined that those in the veepstakes have low name recognition and not much time to remedy that, at least these five have, well, shall we call it cannabis cred and that means something as support for marijuana legalization is at an <a href="https://www.benzinga.com/markets/cannabis/23/11/35674739/marijuana-legalization-support-hits-record-70-as-republicans-join-the-majority-shows-gallup-poll">all-time high</a> in the U.S.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">Kamala Harris&#8217; U-Turn On Cannabis: Here&#8217;s Where She Stands On Weed Legalization Now</a>
First, let&#8217;s highlight Illinois Governor J.B. Pritzker who <a href="https://www.benzinga.com/markets/cannabis/23/07/33236566/gov-pritzker-architect-of-illinois-cannabis-revolution-will-speak-at-this-event-heres-how-to-mee">shepherded legal cannabis</a> into his state in 2022 and has welcomed the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> to Chicago several years in a row and will do so again this coming October.
Now, let&#8217;s look at five potential running mates for Harris:
Pennsylvania Gov. Josh Shapiro
Shapiro, a first term governor and former attorney general in a crucial Midwest swing state, <a href="https://www.benzinga.com/markets/cannabis/24/07/39864530/gov-josh-shapiro-says-hell-push-for-marijuana-legalization-in-pennsylvania-despite-setbacks">said last week</a> that he and his administration would "continue to fight" for legalization, referring to the exclusion of cannabis reform in PA's <a href="https://www.benzinga.com/markets/cannabis/24/07/39776331/these-two-cannabis-stocks-face-setback-following-pennsylvania-budget-approval-what-you-need-to-k" target="_blank" rel="noreferrer noopener">recently signed budget legislation</a>.
Kentucky Gov. Andy Beshear
Beshear jumped onto the national stage having won twice in his red state and being one of the youngest governors in the country (46). Beshear signed medical marijuana into law after it passed in a bipartisan vote, and recently <a href="https://www.benzinga.com/markets/cannabis/24/07/39828910/kentucky-gov-andy-beshear-to-dea-reschedule-cannabis-marijuana-products-will-reduce-suffering">called on the DEA</a> to get a move on and reschedule cannabis. A southern state and a young governor… Beshear's got it all.
Gov. Gretchen Whitmer Of Michigan
With Michigan having surpassed California as the top cannabis state <a href="https://www.benzinga.com/markets/cannabis/24/06/39334493/michigan-remains-top-seller-of-cannabis-in-us-despite-slower-sales-in-may">in terms of retail sales</a>, Whitmer has <a href="https://www.benzinga.com/markets/cannabis/23/08/33554208/gov-whitmer-speeds-up-michigans-lethargic-general-permit-process-game-changer-for-cannabis-retai">consistently pushed</a> to speed up and keep things moving to make Michigan&#8217;s general permitting process clearer, faster and more efficient. And imagine&#8230;a first-ever all-women presidential ticket.
North Carolina Gov. Roy Cooper
The two-term governor <a href="https://drupal-cloudfront.benzinga.com/markets/cannabis/22/10/29203001/nc-governor-wants-to-end-the-stigma-on-cannabis-despite-strong-gop-opposition">has said</a> that the wants to "end the stigma" around cannabis despite GOP opposition. The Dems need, want, hope to flip North Carolina where Biden lost by less than two percentage points in 2020. Having Cooper on the ticket could help widen that slim outcome. Though (and don't tell anyone)…he's 67.
Gov. Gavin Newsom
Here's your handsome 56-year-old and probably the most recognizable governor in the country who crossed paths with Harris on a regular basis during the years she top prosecutor in California. Newsom's <a href="https://www.benzinga.com/topic/gov-gavin-newsom">support for legal cannabis</a> has been steady since he took office in 2018. His national profile jumped quite a bit following long, as in hours, interviews and debates on Fox News when he faced off against Florida Gov. Ron DeSantis. And here's a bit of gossip: Newsom&#8217;s first wife Kimberly Guilfoyle, is currently engaged to Donald Trump Jr.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39890659/kamala-harris-u-turn-on-cannabis-heres-where-she-stands-on-weed-legalization-now">&#8216;Opaque Political Processes,&#8217; DEA Rescheduling Deadline, And Now A New Presidential Candidate, It&#8217;s No Wonder Cannabis Stocks Are Over The Place</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://en.wikipedia.org/wiki/en:Lawrence_Jackson_(photographer)" target="_blank" rel="noreferrer noopener">Lawrence Jackson</a>&nbsp;via Wikimedia Commons and&nbsp;<a href="https://www.pexels.com/@alesiakozik/" target="_blank" rel="noreferrer noopener">Alesia Kozik</a>&nbsp;via Pexels&nbsp;

Cannabis

Kamala Harris' Prospective VP Picks All Seem To Support Cannabis Legalization: 5 Names In The Mix

Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39903943/freeport-second-quarter-and-six-month-2024-financial-and-operating-results-release-available-on-it" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue stood at&nbsp;$6.62 billion,&nbsp;beating the consensus of&nbsp;$5.99 billion. Adjusted EPS was&nbsp;$0.46, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$0.38</a>.
Copper sales totaled 931 million pounds, down 10% year-over-year and 5% below the April 2024 estimate, due to shipping delays in Indonesia while awaiting PT-FI&#8217;s copper concentrate export license, granted in July 2024.
The average realized price per pound was&nbsp;$4.48, and production totaled 1.037 billion pounds.
Gold sales stood at 361 thousand ounces, down 27% Y/Y and 28% lower than the April 2024 estimate of 500 thousand ounces. The average realized price per ounce stood at&nbsp;$2,299 in the quarter.&nbsp;
Operating income stood at&nbsp;$2.05 billion&nbsp;vs&nbsp;$1.41 billion&nbsp;a year ago. Operating cash flow for the quarter totaled&nbsp;$1.96 billion, compared to&nbsp;$1.67 billion&nbsp;a year ago.
Freeport-McMoRan had&nbsp;$6.2 billion&nbsp;in cash and equivalents at the end of the quarter. Consolidated debt totaled&nbsp;$9.4 billion.
2024&nbsp;Outlook: Freeport-McMoRan now expects consolidated sales volumes to be ~4.1 billion pounds of copper, 1.8 million ounces of gold, and 82 million pounds of molybdenum.&nbsp;
It sees consolidated unit net cash costs for copper mines to average&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38386582/whats-going-on-with-freeport-mcmoran-shares-today" rel="noreferrer noopener">$1.63&nbsp;per pound of copper in 2024</a>.
Q3&nbsp;Outlook: Freeport-McMoRan expects consolidated sales volumes to be 1.0 billion pounds of copper, 475 thousand ounces of gold, and 20 million pounds of molybdenum.
It expects unit net cash costs for copper mines to&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">average&nbsp;$1.71&nbsp;per pound of copper</a>.
The company expects operating cash flows of ~$7.2 billion&nbsp;in 2024, assuming average prices of&nbsp;$4.25&nbsp;per pound for copper,&nbsp;$2,300&nbsp;per ounce for gold, and&nbsp;$20.00&nbsp;per pound for molybdenum for the second half of <a target="_blank" href="https://s22.q4cdn.com/529358580/files/doc_presentations/2024/FCX_2Q24_CC.pdf" rel="noreferrer noopener">2024</a>.
Richard Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said, &#8220;Our team reached an important milestone in Indonesia during the quarter with the start of commissioning of our major new copper smelter, and we are working to execute a safe and efficient ramp-up to full capacity by the end of the year.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39294066/freeport-mcmoran-plans-production-ramp-up-its-just-a-matter-of-time-new-ceo-says" rel="noreferrer noopener">Freeport-McMoRan Plans Production Ramp-Up: &#8216;It&#8217;s Just A Matter Of Time&#8217; New CEO Says</a>
&#8220;This strategically important investment is integral to support our long-term, high-quality operations in the Grasberg minerals district. Copper pricing was strong in the second quarter. The long-term outlook for copper is supported by copper&#8217;s increasingly important role in the global economy and limited available supplies to meet growing demand.&#8221;
Investors can gain exposure to the stock via&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>) and&nbsp;Exchange Traded Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39438704/copper-shortages-signal-bright-future-for-freeport-mcmoran-alcoa-buenaventura-morgan-stanley" rel="noreferrer noopener">Copper Shortages Signal Bright Future For Freeport-McMoRan, Alcoa, Buenaventura: Morgan Stanley</a>
Price Action: FCX shares are down 2% at $45.09 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Midjourney

Earnings

Equities

Large Cap

Guidance

Movers

COPP

Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF

CRIT

Freeport-McMoRan's Q2 Earnings Boosted By Strong Prices Amid Indonesian Shipping Delays

Deutsche Bank analyst Steve Powers maintains Hershey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) with a Hold and lowers the price target from $197 to $192.

Deutsche Bank Maintains Hold on Hershey, Lowers Price Target to $192

JP Morgan analyst Steven Alexopoulos maintains Texas Capital Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBI#NASDAQ">TCBI</a>) with a Underweight and raises the price target from $63 to $70.

TCBI

JP Morgan Maintains Underweight on Texas Capital Bancshares, Raises Price Target to $70

Deutsche Bank analyst Bernard von-Gizycki maintains Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) with a Hold and raises the price target from $62 to $83.

Deutsche Bank Maintains Hold on Western Alliance, Raises Price Target to $83

WIIM

EVGN

Evogene shares are trading lower after the company announced a 1-for-10 reverse share split.

Approximately 5,079,000 Ordinary Shares Outstanding Post-Split; Trading On Nasdaq Capital Market Begins July 25, 2024, And On Tel Aviv Stock Exchange Begins July 28, 2024

Stock Split

Reported Earlier, Evogene Announces 1-for-10 Reverse Share Split

JP Morgan analyst Kenneth Worthington maintains T. Rowe Price Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROW#NASDAQ">TROW</a>) with a Underweight and raises the price target from $102 to $107.

TROW

JP Morgan Maintains Underweight on T. Rowe Price Gr, Raises Price Target to $107

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) shares are in the spotlight Tuesday ahead of earnings after the bell. Here&#8217;s what you need to know <a href="https://www.benzinga.com/news/earnings/24/07/39903213/us-stock-futures-little-changed-as-traders-brace-for-q2-reports-from-alphabet-tesla-there-remains-s">ahead of the report</a>. 
What To Know: Alphabet is due to report second-quarter financial results after the market close on Tuesday. Analysts expect the tech giant to report earnings of $1.85 per share and revenue of $84.21 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Last quarter, the Google parent said revenue jumped 15% year-over-year driven by strong performance from Search, YouTube&nbsp;and&nbsp;Cloud. Alphabet authorized an additional share repurchase program of up to $70 billion and announced its first-ever quarterly dividend. 
&#8220;We are well under way with our Gemini era&nbsp;and&nbsp;there&#8217;s&nbsp;great momentum across the company. Our leadership in AI research and&nbsp;infrastructure,&nbsp;and our global product&nbsp;footprint,&nbsp;position us well for the next wave of AI innovation,&#8221; Alphabet CEO&nbsp;Sundar Pichai said at the time. 
Alphabet has beat analyst estimates on the top and bottom lines in five consecutive quarters heading into Tuesday&#8217;s print. 
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/39904913/how-to-earn-500-a-month-from-alphabet-stock-ahead-of-q2-earnings-report">How To Earn $500 A Month From Alphabet Stock Ahead Of Q2 Earnings Report</a>
Here&#8217;s a look at all of the analyst changes from the past two weeks leading up to earnings:
<ul>
<li>TD Cowen analyst John Blackledge maintained Alphabet with a Buy and raised the price target from&nbsp;$200&nbsp;to&nbsp;$220.</li>
</ul>
<ul>
<li>Wolfe Research analyst Shweta Khajuria initiated coverage on Alphabet with an <a href="https://www.benzinga.com/analyst-stock-ratings">Outperform rating</a> and announced a price target of&nbsp;$240.</li>
</ul>
<ul>
<li>Argus Research analyst Joseph Bonner maintained Alphabet with a Buy and raised the price target from&nbsp;$200&nbsp;to&nbsp;$215.</li>
</ul>
<ul>
<li>BMO Capital analyst Brian Pitz reiterated Alphabet with an Outperform and raised the price target from&nbsp;$215&nbsp;to&nbsp;$222.</li>
</ul>
<ul>
<li>Wedbush analyst Scott Devitt reiterated Alphabet with an Outperform and maintained a price target of&nbsp;$205.</li>
</ul>
GOOG Price Action: Google shares were up 0.53% at $184.33 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Previews

GOOG

What's Going On With Alphabet Stock Tuesday?

Investors with a lot of money to spend have taken a bearish stance on United Rentals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with URI, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 10 options trades for United Rentals.
This isn't normal.
The overall sentiment of these big-money traders is split between 30% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $26,400, and 9, calls, for a total amount of $429,097.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $600.0 to $740.0 for United Rentals during the past quarter. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of United Rentals stands at 151.5, with a total volume reaching 92.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in United Rentals, situated within the strike price corridor from $600.0 to $740.0, throughout the last 30 days.
<h3>United Rentals 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721751579_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>URI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$154.0</td>
<td>$150.0</td>
<td>$150.0</td>
<td>$600.00</td>
<td>$75.0K</td>
<td style="text-align: right;">193</td>
<td style="text-align: right;">5</td>
</tr>
<tr>
<td>URI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$78.9</td>
<td>$75.4</td>
<td>$76.49</td>
<td>$740.00</td>
<td>$61.2K</td>
<td style="text-align: right;">37</td>
<td style="text-align: right;">16</td>
</tr>
<tr>
<td>URI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$78.8</td>
<td>$74.5</td>
<td>$75.57</td>
<td>$740.00</td>
<td>$60.4K</td>
<td style="text-align: right;">37</td>
<td style="text-align: right;">28</td>
</tr>
<tr>
<td>URI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$124.0</td>
<td>$120.3</td>
<td>$124.0</td>
<td>$670.00</td>
<td>$49.6K</td>
<td style="text-align: right;">27</td>
<td style="text-align: right;">4</td>
</tr>
<tr>
<td>URI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$152.0</td>
<td>$149.1</td>
<td>$152.0</td>
<td>$730.00</td>
<td>$45.6K</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">3</td>
</tr>
</tbody>
</table>

<h3>About United Rentals</h3>
United Rentals is the world's largest equipment rental company. It principally operates in the United States and Canada, where it commands approximately 15% share in a highly fragmented market. It serves three end markets: general industrial, commercial construction, and residential construction. Like its peers, United Rentals historically has provided its customers with equipment that was intermittently used, such as aerial equipment and portable generators. As the company has grown organically and through hundreds of acquisitions since it went public in 1997, its catalog (fleet size of $21 billion) now includes a range of specialty equipment and other items that can be rented for indefinite periods.
Following our analysis of the options activities associated with United Rentals, we pivot to a closer look at the company's own performance.
<h3>Present Market Standing of United Rentals</h3>
<ul>
<li>Currently trading with a volume of 163,186, the URI's price is up by 1.21%, now at $747.29. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 1 days.</li>
</ul>
<h3>Professional Analyst Ratings for United Rentals</h3>
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $760.0.
<ul>
<li>Reflecting concerns, an analyst from Citigroup lowers its rating to Buy with a new price target of $745.</li>
<li>Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on United Rentals with a target price of $785. </li>
<li>In a cautious move, an analyst from Raymond James downgraded its rating to Outperform, setting a price target of $750. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest United Rentals options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Markets

Unpacking the Latest Options Trading Trends in United Rentals

Whales with a lot of money to spend have taken a noticeably bearish stance on ZIM Integrated Shipping.
Looking at options history for ZIM Integrated Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) we detected 14 trades.
If we consider the specifics of each trade, it is accurate to state that 42% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 11 are puts, for a total amount of $1,043,272 and 3, calls, for a total amount of $94,749.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $17.5 to $30.0 for ZIM Integrated Shipping over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for ZIM Integrated Shipping's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ZIM Integrated Shipping's whale activity within a strike price range from $17.5 to $30.0 in the last 30 days. 
<h3>ZIM Integrated Shipping Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721751574_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ZIM</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$2.89</td>
<td>$2.55</td>
<td>$2.75</td>
<td>$17.50</td>
<td>$177.6K</td>
<td>15.8K</td>
<td>2.0K</td>
</tr>
<tr>
<td>ZIM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$2.89</td>
<td>$2.8</td>
<td>$2.8</td>
<td>$17.50</td>
<td>$140.0K</td>
<td>15.8K</td>
<td>2.6K</td>
</tr>
<tr>
<td>ZIM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$2.9</td>
<td>$2.55</td>
<td>$2.85</td>
<td>$17.50</td>
<td>$121.9K</td>
<td>15.8K</td>
<td>3.5K</td>
</tr>
<tr>
<td>ZIM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$2.85</td>
<td>$2.55</td>
<td>$2.84</td>
<td>$17.50</td>
<td>$118.1K</td>
<td>15.8K</td>
<td>3.1K</td>
</tr>
<tr>
<td>ZIM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$2.89</td>
<td>$2.65</td>
<td>$2.8</td>
<td>$17.50</td>
<td>$112.0K</td>
<td>15.8K</td>
<td>3.0K</td>
</tr>
</tbody>
</table>

<h3>About ZIM Integrated Shipping</h3>
ZIM Integrated Shipping Services Ltd is an asset-light container liner shipping company. It offers tailored services, including land transportation and logistical services, specialized shipping solutions, including the transportation of out-of-gauge cargo, refrigerated cargo, and dangerous and hazardous cargo. Its services include Cargo Services, Digital Services, Schedules, and Shipping Trades and Lines. Geographically, it derives a majority of its revenue from the Pacific trade region.
In light of the recent options history for ZIM Integrated Shipping, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>ZIM Integrated Shipping's Current Market Status</h3>
<ul>
<li>Trading volume stands at 1,670,764, with ZIM's price up by 2.42%, positioned at $18.18.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 22 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for ZIM Integrated Shipping, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Decoding ZIM Integrated Shipping's Options Activity: What's the Big Picture?

Financial giants have made a conspicuous bullish move on Domino's Pizza. Our analysis of options history for Domino's Pizza (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) revealed 8 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $314,599, and 3 were calls, valued at $151,620.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $330.0 to $520.0 for Domino's Pizza over the recent three months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Domino's Pizza's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Domino's Pizza's substantial trades, within a strike price spectrum from $330.0 to $520.0 over the preceding 30 days.
<h3>Domino's Pizza 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721751569_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>DPZ</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$5.0</td>
<td>$4.8</td>
<td>$4.8</td>
<td>$440.00</td>
<td>$96.0K</td>
<td style="text-align: right;">89</td>
<td style="text-align: right;">240</td>
</tr>
<tr>
<td>DPZ</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$18.3</td>
<td>$17.8</td>
<td>$18.3</td>
<td>$400.00</td>
<td>$91.5K</td>
<td style="text-align: right;">83</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>DPZ</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$7.0</td>
<td>$6.6</td>
<td>$6.91</td>
<td>$400.00</td>
<td>$69.1K</td>
<td style="text-align: right;">163</td>
<td style="text-align: right;">11</td>
</tr>
<tr>
<td>DPZ</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$99.6</td>
<td>$96.5</td>
<td>$96.5</td>
<td>$520.00</td>
<td>$67.5K</td>
<td style="text-align: right;">52</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>DPZ</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$3.0</td>
<td>$2.9</td>
<td>$3.0</td>
<td>$425.00</td>
<td>$44.2K</td>
<td style="text-align: right;">34</td>
<td style="text-align: right;">154</td>
</tr>
</tbody>
</table>

<h3>About Domino's Pizza</h3>
Domino's is a restaurant operator and franchiser with nearly 20,600 global stores across more than 90 international markets at the end of 2023. The firm generates revenue through the sales of pizza, wings, salads, sandwiches, and desserts at company-owned stores, royalty and marketing contributions from franchise-operated stores, and its network of 25 domestic (and five Canadian) dough manufacturing and supply chain facilities, which centralize purchasing, preparation, and last-mile delivery for the firm's US and Canadian restaurants. With roughly $18.3 billion in 2023 system sales, Domino's is the largest player in the global pizza market, ahead of Pizza Hut, Little Caesars, and narrow-moat Papa John's.
In light of the recent options history for Domino's Pizza, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Domino's Pizza's Current Market Status</h3>
<ul>
<li>With a trading volume of 653,870, the price of DPZ is down by -0.13%, reaching $415.0.</li>
<li>Current RSI values indicate that the stock is may be oversold.</li>
<li>Next earnings report is scheduled for 79 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Domino's Pizza</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $518.4.
<ul>
<li>An analyst from Loop Capital persists with their Hold rating on Domino's Pizza, maintaining a target price of $507. </li>
<li>In a cautious move, an analyst from TD Cowen downgraded its rating to Buy, setting a price target of $610. </li>
<li>An analyst from BMO Capital persists with their Outperform rating on Domino's Pizza, maintaining a target price of $525. </li>
<li>Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on Domino's Pizza with a target price of $450. </li>
<li>Consistent in their evaluation, an analyst from Deutsche Bank keeps a Buy rating on Domino's Pizza with a target price of $500. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Domino's Pizza options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Unpacking the Latest Options Trading Trends in Domino's Pizza

MSCI Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) reported fiscal 2024 second-quarter revenue growth of 14.0% year-on-year to $707.95 million, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39901915/msci-reports-financial-results-for-second-quarter-and-six-months-2024" rel="noreferrer noopener">analyst consensus estimate of $696.37 million</a>.&nbsp;
The adjusted EPS of $3.64 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $3.55</a>. The stock price gained after the results.
The total&nbsp;run-rate at&nbsp;June 30, 2024, rose 14.6%&nbsp;Y/Y&nbsp;to $2.81 billion.&nbsp;The organic&nbsp;recurring subscription run rate growth was 8.6%. The retention rate was 94.8% compared to 95.5% last year.
The investment research firm&#8217;s index operating revenues rose 9.6% year over year to $397.2 million, aided by higher recurring subscription revenues and asset-based fees.
Analytics operating revenues increased 10.8%&nbsp;Y/Y&nbsp;to $166.0 million, driven by higher recurring subscription revenues from Equity and Multi-Asset Class Analytics products.
ESG and Climate operating revenues grew 12.1%&nbsp;year over year&nbsp;to $79.9 million, driven by solid growth in&nbsp;Ratings, Screening, and Climate products.
All&nbsp;Other&nbsp;–&nbsp;Private Assets&nbsp;operating revenues improved 72.0% Y/Y to $64.9 million.
Margin: The operating margin declined from 55.7% to 54.0%. The adjusted EBITDA margin was stable at 60.7%.
MSCI generated $321.9 million in free cash flow and held $451.4 million in cash and equivalents&nbsp;as of June 30, 2024.
Dividend: The board declared a dividend per share of $1.60 for the third quarter.
&#8220;MSCI&#8217;s second quarter results demonstrate the strength of our all-weather franchise, our blue-chip client base, our wide range of solutions, and our relentless focus on execution,&#8221; said Henry A. Fernandez, Chairman and CEO of MSCI.
FY24 Outlook: MSCI&nbsp;expects operating expense of $1.305 billion &#8211; $1.345 billion (<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38383493/whats-going-on-with-msci-stock-on-monday" rel="noreferrer noopener">prior $1.30 billion&nbsp;– $1.34&nbsp;billion</a>), reiterated capex of $95 million&nbsp;– $105&nbsp;million, and free cash flow of $1.225 billion&nbsp;– $1.285&nbsp;billion.
The&nbsp;fiscal revenue and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted EPS consensus</a> are $2.83 billion and $14.70.
Price Action:&nbsp;MSCI shares traded higher by 7.46% at $543.77 at the last check on Tuesday.

MSCI

MSCI Q2 Earnings Impress Investors, CEO Emphasizes On Robust Client Base and Execution

JP Morgan analyst Steven Alexopoulos maintains Metropolitan Bank Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCB#NYSE">MCB</a>) with a Overweight and raises the price target from $55 to $70.

JP Morgan Maintains Overweight on Metropolitan Bank Holding, Raises Price Target to $70

VIRI

Virios Therapeutics shares are trading higher after the company announced the Bateman Horne Center completed enrollment in its investigator-initiated, proof of concept LC study.

Dividends

Wells Fargo Announces 14% Increase In Quarterly Dividend To $0.40 From $0.35 Per Share; Payable Sept. 1, 2024, To Stockholders Of Record On Aug. 9, 2024

Press Releases

Beacon Capital Management Selects Ultimus to Assist in Launch of Firm's Inaugural ETFs

The following is Sizemore Capital Management LLC's Third Quarter 2010 Letter to Investors, reproduced with permission. 
To Our Investors,
The third quarter of 2010 ended on a high note with the S&P 500 posting its strongest September in 71 years.  Against this backdrop, our actively-managed Tactical Portfolio returned 9.0% for the year through the third quarter, compared to 3.9% for the S&P 500 Total Return.
Our returns for 2010 year-to-date on our Strategic Portfolio Allocation models were the following:
<ul>
<li>Preservation of Capital……..3.61%</li>
<li>Conservative Income………. 7.44%</li>
<li>Growth and Income………….7.81%</li>
<li>Growth…………………………8.06%</li>
<li>Aggressive…………………….7.86%</li>
</ul>
Portfolio Review
SCM Strategic Portfolios
Given that the Strategic Portfolios are long term in nature, it is rare for Sizemore Capital to make allocation changes. We rebalance annually, of course, but the core positions do not often change. The only change made prior to the third quarter of 2010 was the replacement of the defunct Bear Stearns MLP ETN (<a class="ticker" href="/stock/bsr#">BSR</a>) with a substantially identical security, the JP Morgan Alerian MLP Index ETN (<a class="ticker" href="/stock/amj#">AMJ</a>).
In the third quarter, we decided that another change was appropriate. We replaced our emerging markets position, the iShares MSCI Emerging Markets ETF (<a class="ticker" href="/stock/eem#">EEM</a>) with the EG Shares Emerging Markets Consumer ETF (ECON).
This is a change we would have loved to have made sooner had it been possible. We were never satisfied with EEM as an emerging markets position, but we kept it for lack of better alternative. EEM was never truly an “emerging market” play but instead a “global macro” play, as the fund was comprised almost entirely of banks, oil companies, and export-oriented companies with very little exposure to emerging market consumers themselves.
ECON is the first ETF to specifically target the emerging market consumer sector. This ETF was a long time coming, and kudos to Emerging Global Shares for being the first to bring it to market.
For an expanded explanation of our investment rationale with respect to ECON, see the two articles we penned for Seeking Alpha in September:
<a href="http://seekingalpha.com/article/225003-econ-investing-in-the-emerging-market-the-right-way">ECON: Investing in the Emerging Market the Right Way</a> 
<a href="http://seekingalpha.com/article/225478-just-one-etf-the-new-fund-aimed-at-local-goods-for-emerging-consumers">Just One ETF: The New Fund Aimed at Local Goods for Emerging Consumers</a>
SCM Tactical Portfolio
We made several significant changes to the Tactical Portfolio during the quarter, selling four long-time holdings in infrastructure, municipal bonds, and luxury goods and replacing them with two new positions that focus of dividend income.
In a July 16, 2010 internal trade memo, we wrote:
<blockquote>Given the recent correction in the equity markets and our belief that high-dividend stocks offer better value than bonds at current prices, we felt the time was right to liquidate our position in municipal bonds (<a class="ticker" href="/stock/vkq#">VKQ</a>) and to reallocate the funds to high-dividend stocks via an ETF, the WisdomTree LargeCap Dividend Fund (<a class="ticker" href="/stock/dln#">DLN</a>).
DLN is the ideal position for our current strategy. Many of the companies we have recommended in The Sizemore Investment Letter are among the fund's top holding, including AT&T (<a class="ticker" href="/stock/t#">T</a>), Johnson & Johnson (<a class="ticker" href="/stock/jnj#">JNJ</a>), Microsoft (<a class="ticker" href="/stock/msft#">MSFT</a>), Philip Morris International (<a class="ticker" href="/stock/pm#">PM</a>) and Procter & Gamble (<a class="ticker" href="/stock/pg#">PG</a>). In DLN we get a cash yield comparable to a ladder of Treasury securities, but unlike bond interest—which does not increase over the life of the bond—the dividends of DLN's equity holdings should rise in the quarters ahead.
The market's currently elevated level of volatility shows no sign of abating, and a general market selloff, were it to occur, could send DLN's price lower in the short term. But given the attractive pricing of DLN, we would consider any such volatility to be little more than short-term noise. We consider this a low-risk and potentially high-return allocation for the Sizemore Capital Management Tactical Portfolio.</blockquote>
On July 26, 2010, we increased the Tactical Portfolio allocation to DLN from 10% to 20%. Reaffirming our investment rationale, we wrote:
<blockquote>Given our view that non-financial, blue-chip equities are currently the most attractive asset subclass, we have increased our allocation to the WisdomTree Large Cap Dividend ETF (NYSE: <a class="ticker" href="/stock/dln#NYSE">DLN</a>) to 20% of the SCM Tactical Portfolio. This is not a short-term trade; we consider this a major change in investment strategy with a time horizon of 1-5 years.
Our belief in the attractiveness of non-financial blue-chip equities is multifaceted. Firstly, we want to emphasize how cheaply many of America's premier companies are currently priced relative to their historical averages. As we outlined in the July issue of The Sizemore Investment Letter, Johnson & Johnson, Procter & Gamble, and Microsoft (among many others) are trading at P/E ratios not seen in multiple decades. According to financial theory, large and stable companies should trade at a premium to the broader market. By buying at higher prices, investors are generally willing to accept lower returns on blue chips in exchange for the perceived safety. But today, the opposite is true. Many blue chips actually trade at a discount to the S&P 500. The 2009 rally was primarily a rally in lower-quality “junk.” And while we do not necessarily forecast that the broader stock indices like the S&P 500 will see poor returns going forward, we do expect higher-quality stocks to outperform given current pricing. So on a valuation basis, a large overweighting in DLN makes sense.
Secondly, the competing investment alternatives are sparse. Bonds represent a remarkably poor investment given current yields. The 10-year Treasury note yields less than 3 percent—and less than the dividend yield of many of the blue-chip stocks in DLN.
There is a fair amount of overlap in our current allocation. For example, Johnson & Johnson is a major component of both DLN and IYH, and AT&T is a major component of both DLN and IXP. Under more normal pricing, we might view this as a risk. But in this situation, we consider the overlap a source of strength.
In order to free up capital for the new allocation, we are having to part with two long-time portfolio holding, FMO and MFD. While we remain bullish on both, neither had a long-term place in the Tactical Portfolio. When we initially purchases FMO, it was one of the few options available for investing in the MLP sector. But today, options are plentiful. Were we to re-enter the MLP asset class in the Tactical Portfolio, we would do so using a different investment vehicle. The same is true of MFD. While we consider infrastructure and utilities to be attractive—and continue to have exposure to the sector via XLU—we no longer see MFD as a potential long-term holding.
We were delighted to see that GMO's legendary Jeremy Grantham—an investor we respect very much—appears to agree with our assessment of non-financial, blue-chip equities. In his July 2010 letter to investors, Grantham laid out his seven-year forecast for various asset classes. At the top of his list were what Grantham calls “US High Quality Stocks,” defined as those companies with high and stable profitability and low debt.
While Mr. Grantham's comments would certainly not be sufficient to persuade us to invest in the sector, we do find it encouraging that our favorite asset class is shared by an investor of his stature. We would certainly prefer to bet with Mr. Grantham than against him.</blockquote>
Finally, we regrettably had to close our position in the global luxury goods sector, or rather it was closed for us. In a September 29 internal trade memo we wrote:
<blockquote>This is a trade that we would have unfortunately preferred not to make. We were very satisfied with the investment performance of the Claymore / Robb Report Global Luxury ETF (<a class="ticker" href="/stock/rob#">ROB</a>). It was the only pure play in existence for one of favorite investment themes for the next decade: the rise of the new rich in the developing world. In addition to the long-term growth story, the individual stocks that comprise the ETF remain undervalued in our view. This is an investment we would have liked to have let run for at least another several months, if not longer.
Unfortunately, the fund sponsor had other plans. Given the sheer volume of ETFs on the market, there was simply not enough investor demand for a niche ETF like ROB. The fund was never able to gather enough assets or generate sufficient trading volume to stay viable. So, in late September the fund was liquidated and the cash proceeds were returned to investors. Not wanting to sell into an illiquid market, we opted to hold the shares until the liquidation date.
While we were not ready to let this position go, we do believe we have found a suitable replacement. ROB was a unique way to play a niche sector, and it was one of our favorite ways to get access to emerging market growth without having to take positions in volatile emerging market stocks. Given that no other funds exist that fill that role, we have opted to pursue a different investment theme altogether.
The Powershares International Dividend Achievers ETF (<a class="ticker" href="/stock/pid#">PID</a>) is an ideal position for the Tactical Portfolio. In the current environment of economic uncertainty, we are focusing heavily on quality, as we explained in our investment rationale for the Wisdom Tree Large Cap Dividend Fund (<a class="ticker" href="/stock/dln#">DLN</a>) in July. At current market prices, there is no premium for quality. Some of the world's finest companies are also among the cheapest. This is a condition that should normally never exist, yet it does today. When the market gives us gifts like these, we gladly take them.
The International Dividend Achievers index is as close to a pure play on non-US quality as we have seen. To become eligible for inclusion, a company must be incorporated outside of the United States. The companies must be have an American Depository Receipt or common stock trading on NYSE or NASDAQ. Most importantly, companies must have paid increasing regular annual dividends for five or more consecutive years.
A company that could raise its dividend over the past five years—years that included the worst credit crisis in 100 years and the worst recession since the Great Depression—is a company that is clearly worth owning at the right price. And in PID, we get an entire portfolio of them trading at a trailing P/E ratio of only 12. As an aside, several companies that have been highlighted in The Sizemore Investment Letter are currently in the index, including AmBev (<a class="ticker" href="/stock/abv#">ABV</a>), Turkcell (<a class="ticker" href="/stock/tkc#">TKC</a>) and Telefonica (<a class="ticker" href="/stock/tef#">TEF</a>).
We consider PID to be an excellent position at current prices.</blockquote>
Looking Ahead
With the third quarter finishing as strongly as it did, we expect a more muted finish to 2010. We do not necessarily expect a crash or significant correction, but at the same time we do not expect the strong momentum to continue throughout the fourth quarter.
Given our ambivalent view towards the potential for capital gains, we believe that our current emphasis on high income will be a major plus over the next 3-9 months. 40% of the Tactical Portfolio is allocated to dividend-centric stocks and high-yield bonds, while another 30% is allocated to sectors that have payouts higher than the market averages. We also have zero exposure to the sectors we feel are most at risk of collapse—gold and commodities—and zero exposure to low-yielding US Treasuries.
Here's looking forward to a strong finish to 2010,
Charles Lewis Sizemore, CFA
This blog is a free service of Sizemore Financial Publishing LLC, publisher of the Sizemore Investment Letter.
If you're not reading the Sizemore Investment Letter, then you are missing out on rock-solid investment recommendations designed to profit from the major macro trends shaping the world today.
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - South American Silver Corp. ("SASC" or the "Company") (TSX:SAC) reports that it has released its unaudited interim consolidated financial statements for the six months ended June 30, 2009 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

As at June 30, 2009, the Company had working capital of US$5.5 million, including cash and cash equivalents of US$5.7 million. With this funding in place, the Company is in a strong financial position to pursue its current exploration and property development strategy.

The Company's strategic plan for 2009 is to focus more on the engineering aspects and metallurgical test work at the Malku Khota property in west central Bolivia in preparation to carry out a prefeasibility/feasibility study and the exploration of the remaining part of the 15 km trend to define drill targets to further expand the resource.

The Company intends to commence a 4,000-metre drill program at Malku Khota in late August. The program will focus on newly established silver-indium-lead-zinc targets down-trend (to the south) of the Limosna Ridge. Additionally, the Company is continuing metallurgical testing to further refine the acid chloride leach recovery method for silver and indium and byproduct gold, copper, lead and zinc, and is moving forward with costing and the timing for a pre-feasibility/feasibility study.

Community relations are an important part of doing business in Bolivia and the Company has a Community Relations Manager at Malku Khota who speaks both Aymara and Quechua to maintain good relations with the communities in which the Company operates. The Company has signed agreements of cooperation with each of the eleven communities in the area surrounding Malku Khota and has a good working relationship with each of these groups. The Company, through a consulting group, has completed a series of lectures to each community to help them become better informed about mining development. In February 2009, the Company joined Business for Social Responsibility ("BSR"), an organization which works with its global network of more than 250 member companies to develop sustainable business strategies and solutions through consulting, research and cross-sector collaboration. The Company also signed a contract with BSR to assist the Company and the communities in which it operates to achieve mutually acceptable objectives. BSR completed their study during the 2nd quarter and the Company is now implementing the study's recommendations.

Copies of the unaudited interim consolidated financial statements and related MD&A can be found on SEDAR at www.sedar.com.

Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations and entail various risks and uncertainties. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

SASC is a mineral exploration company that acquires, explores and develops mineral properties, primarily silver, gold and copper in South America. The Company presently holds interests in two material properties: the flagship Malku Khota silver-indium-gold property in Bolivia and the Escalones copper-gold-molybdenum property in Chile.

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