Wall Street ponders a potential debt reckoning from Trump spending plans: Morning Brief
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Now that Donald Trump has been elected to a second term as president, investors have had to reckon with paradigm shifts to their positioning, from tariffs to “DOGE.”
There’s also the bogeyman of the ballooning debt that the US will take on if Trump enacts his campaign promises. According to an analysis by the nonpartisan Committee for a Responsible Federal Budget, Trump’s plans will boost the debt by $7.75 trillion.
While that’s not a “today problem” for investors, they’re still grappling with what that increase could mean down the road.
“I think markets tend to react to the shark closest to the boat,” Rick Rieder, chief investment officer for fixed income at BlackRock, told me at the Yahoo Invest conference this week. “The shark on the debt dynamic is not going to be next to the boat in January or February, but it is going to get next to the boat sometime. I don’t know if it’s the latter part of 2025 or the beginning of 2026, unless they address the size of the spending dynamics, the amount of debt we’re issuing, and then obviously inflation relative to that.”
Rieder laid out a scenario where “bond vigilantes” could attack. Essentially, if regular buyers of government Treasurys decide that Trump’s fiscal policies are inflationary, they could stage a strike, or sell en masse, driving up yields. That, in turn, would increase debt servicing costs for the US government and create a ripple effect throughout markets and the economy.
Of course, US debt has been rising for years, and the federal government hasn’t had a surplus (with revenue exceeding spending) since the brief window between the end of the Clinton administration and the start of the George W. Bush administration. And markets have mostly looked the other way.
John Stoltzfus of Oppenheimer invoked Bill Gross’s famous “cleanest dirty shirt” comparison when explaining why: “The US stands out because of our accountability, our transparency, governance, and also our capability to innovate and the size of our economy,” he said in a recent interview.
That said, Stoltzfus, like most market participants, says federal debt will become a problem … eventually. For now, it’s more a discussion point than an economic obstacle.
Julie Hyman is the co-host of Market Domination on Yahoo Finance. You can find her on social media @juleshyman.
Digihost Announces $31.4M in YTD Revenue, Representing a 104% YOY Increase
HOUSTON, Nov. 15, 2024 (GLOBE NEWSWIRE) — Digihost Technology Inc. (“Digihost” or the “Company“) (Nasdaq / TSXV:DGHI), an innovative energy infrastructure company that develops cutting-edge data centers, is pleased to provide a summary of the Company’s unaudited financial results for the third quarter ended September 30, 2024 (all amounts in U.S. dollars, unless otherwise indicated) and a 2024 year-to-date update on its operations. The Company’s unaudited consolidated financial statements and management’s discussion and analysis (“MD&A“) for the nine-month period ended September 30, 2024 have been filed and made accessible under the Company’s continuous disclosure profile on SEDAR+ at www.sedarplus.ca and also on EDGAR at www.sec.gov/edgar.
Comparative Financial Highlights for the Three-Month Period Ended and as at September 30, 2024:
- Revenue of $9.2 million for the three-month period ended September 30, 2024, compared to $5.4 million for the three-month period ended September 30, 2023, representing an increase of 71%, as the Company has significantly diversified its revenue verticals through various colocation agreements and the sale of energy;
- Digital currencies of $4.9 million, and total current assets of $6.7 million;
- The Company ended the quarter with a positive Net Working Cash flow of approximately $1 million.
Comparative Financial Highlights for the Nine-Month Period Ended September 30, 2024:
- Revenue of $31.4 million for the nine-month period ended September 30, 2024, compared to $15.3 million for the nine-month period ended September 30, 2023, representing an increase of 104%, as the Company has significantly diversified its revenue verticals through various colocation agreements and the sale of energy;
- Revenue from the sale of energy increased by approximately 128% compared to the nine-month period ended September 30, 2023;
- EBITDA* of $5.5 million for the nine months ended September 30, 2024. This represents a nearly 350% increase compared to the nine-month period ended September 30, 2023.
| (U.S.$ in thousands except share and per share data) | Nine Months Ended | |||
| September 30, 2024 |
September 30, 2023 |
|||
| Revenue from Digital Currency Mining | 10,318 | 13,522 | ||
| Revenue from Colocation Services | 10,714 | – | ||
| Revenue from Sale of Electricity | 6,283 | – | ||
| Revenue from Sale of Energy | 4,050 | 1,779 | ||
| Total Revenue | 15,332 | |||
| Cost of Revenue | (25,511) | (10,515) | ||
| Depreciation and Amortization | (11,790) | (9,732) | ||
| Miner Lease & Hosting Agreement | – | (791) | ||
| Gross loss | (5,936) | (5,707) | ||
| General and administrative and other expenses | (3,091) | (3,727) | ||
| Foreign exchange | 1,127 | (101) | ||
| Gain on disposition of cryptocurrencies | 229 | 802 | ||
| Change in FV of loan payable | (20) | (144) | ||
| Other Income (expense) | 14 | 90 | ||
| Change in fair value – Miner Lease Agreement | – | (268) | ||
| Share based compensation | (1,267) | (1,217) | ||
| Gain on Revaluation of Digital Currencies | 251 | 23 | ||
| Operating loss | (8,692) | (10,250) | ||
| Revaluation of warrant liabilities | 2,380 | (1,756) | ||
| Net financial expenses | (22) | (195) | ||
| Net income (loss) before income taxes | (6,334) | (12,200) | ||
| Income tax expense | – | – | ||
| Net income (loss) for the year | (6,334) | (12,200) | ||
| Foreign currency translation adjustment | (1,091) | 104 | ||
| Revaluation of digital currency, net of tax | – | – | ||
| Total comprehensive loss for the year | (7,424) | (12,096) | ||
| Basic and diluted income (loss) per share Weighted average number of subordinate voting shares outstanding – diluted |
(0.21) 29,929,917 |
(0.43) 28,525,059 |
||
* EBITDA – NON-IFRS MEASURE
EBITDA is a non-IFRS financial measure and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and in the table below.
The following table provides a reconciliation of net income to EBITDA for the fiscal periods ended September 30, 2024 and 2023:
| Nine months ended | ||||
| 2024 | 2023 | |||
| $ | $ | |||
| Income (loss) before other items | (6,333,643) | (12,200,349) | ||
| Taxes and Interest | 22,041 | 194,971 | ||
| Depreciation | 11,789,865 | 9,732,088 | ||
| EBITDA | 5,478,263 | (2,273,290) | ||
Operations Update
Presently, Digihost’s consolidated operating capacity across its three sites represents approximately 100MW of available power, and Digihost is mining at a hash rate of 3 EH/s. The Company experienced significant growth within its colocation services segment, which now serves as the Company’s largest revenue segment. During the quarter, the Company completed maintenance at its flagship North Tonawanda power plant to increase long-term efficiency. The Company expects to bring the plant back to full operational power in the fourth quarter of 2024.
Outlook
Digihost remains focused on expanding its power portfolio and maximizing the optimal use of its energy resources. The Company has now produced more revenue year-over-year through its colocation services than digital mining, and it expects to continue to expand the portion of its revenue from colocation services in the future. Through colocation with some of the world’s largest mining companies, the Company will have access to the latest generation of miners, retaining its cutting-edge efficiency and low cost of mining production without the downside associated with mining outright (e.g., significant capital expenditure outlay and accelerated depreciation). This strategy lets the Company focus its investment and assets upstream on power development and production. This strategy is designed to aid the Company in expanding its MW footprint significantly in 2025, with the goal of achieving an expected hash rate of 6-7 EH in 2026.
Simultaneously, with the growth of the Company’s power portfolio, the Company looks forward to converting portions of its existing asset base into tier-3 data center infrastructure in the coming months. Leveraging its established electrical infrastructure, regulatory expertise, and customer relationships, Digihost anticipates that this conversion will reduce both costs and timelines relative to industry standards, providing a distinct competitive edge.
About Digihost
Digihost is an innovative energy infrastructure company that develops cutting-edge data centers to drive the expansion of sustainable energy assets.
For further information, please contact:
Digihost Investor Relations
www.digihostpower.com
T: 888-474-9222
Email: ir@digihostpower.com
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact, this news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. Forward-looking information in this news release includes information about potential further improvements to profitability and efficiency across mining operations, including as a result of the Company’s expansion efforts, potential for the Company’s long-term growth, and the business goals and objectives of the Company. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: future capital needs and uncertainty of additional financing; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; development of additional facilities and installation of infrastructure to expand operations may not be completed on the timelines anticipated by the Company, or at all; ability to access additional power from the local power grid; a decrease in cryptocurrency pricing, volume of transaction activity or generally, the profitability of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; development of additional facilities to expand operations may not be completed on the timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively affect the profitability of the Company’s power plant; the digital currency market; the Company’s ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed in the Company’s filings at www.sedarplus.ca and www.SEC.gov/EDGAR. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the negative impact of regulatory changes in the energy regimes in the jurisdictions in which the Company operates; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainties therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
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Trump's Victory Spurs $50B Corporate Bond Surge As Tax Cut Optimism Drives Borrowing Costs To 25-Year Low
In the wake of Donald Trump’s recent election victory, companies are rushing to tap into the US bond market, taking advantage of favorable conditions. Firms such as Caterpillar Inc. CAT, Gilead Sciences Inc. GILD, and Goldman Sachs Group Inc. GS have collectively raised over $50 billion in the past week.
What Happened: The surge in corporate borrowing is driven by a rally in credit and equity markets, which has pushed borrowing costs to historic lows. Investors are optimistic about potential tax cuts boosting profits, leading to a decrease in corporate borrowing costs relative to U.S. Treasuries, reported The Financial Times on Friday. The U.S. investment-grade bond spreads were at 0.8 percentage points late Thursday, nearing their lowest since 1998.
Banks have been quick to capitalize on these conditions, with significant activity in the financial sector.
Why It Matters: The bond market has been experiencing heightened volatility, as evidenced by the MOVE index reaching its highest level in over a year ahead of the U.S. election.
Following Trump’s election, bond yields have continued to rise, complicating the Federal Reserve’s efforts to ease borrowing costs. The 10-year Treasury yield reached 4.34%, influenced by speculation surrounding Trump’s fiscal agenda.
Trump’s reelection has had a profound impact on financial markets, with the S&P 500 Index reaching new all-time highs since the election. This contrasts the volatility experienced by the emerging market stocks dropping to levels last seen in mid-September.
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Protein Therapeutics Market Size to be Worth USD 549.4 billion by 2031, at a CAGR of 6.3% | Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Nov. 15, 2024 (GLOBE NEWSWIRE) — The protein therapeutics market (단백질 치료제 시장) was valued at US$ 318.4 billion in 2022. A CAGR of 6.3% is predicted from 2023 to 2031, reaching more than US$ 549.4 billion by 2031. A broader range of diseases can be treated with novel protein therapeutics based on research in proteomics, genomics, and systems biology. Technological advances, such as glycoengineering and protein engineering, are making it possible to create biologics that are less immunogenic and have better pharmacokinetics.
Genetic disorders could be treated more effectively by integrating gene therapy and protein therapeutics. In addition, more complex diseases may benefit from combination therapies. As bioprocessing and manufacturing technologies improve, protein therapeutics could be made more affordable and scalable, thereby improving access to these treatments.
Treatment for rare diseases may benefit greatly from protein therapeutics, which are particularly effective in targeting and directing interventions. Cancer and other immune-related disorders may benefit further from immunotherapies, including monoclonal antibodies and other protein-based approaches. By enhancing drug delivery technologies, protein therapeutics can be made more bioavailable, administered less frequently, and improved in compliance with medical guidelines.
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Rare diseases are increasingly being treated with protein therapeutics. Protein-based therapies and advances in molecular studies have contributed to this trend. Oncology continues to emphasize immunotherapies, especially monoclonal antibodies. The market for protein therapeutics is experiencing significant growth in immuno-oncology targets and combination therapies. Growing demand for biosimilar drugs, including protein therapeutics that are similar to approved biologics, has been observed in the market for biosimilar. In addition to the expiration of biologic patents and potential cost savings, this trend is also driven by the expiration of biologic patents.
Key Findings of the Market Report
- In 2022, monoclonal antibodies held the largest share of the global protein therapeutics market.
- Based on application, cancer was the most important segment of the global protein therapeutics market in 2022.
- North America is expected to experience rapid growth in the near future.
- In 2022, Asia Pacific experienced robust growth for protein therapeutics in the market.
Global Protein Therapeutics Market: Growth Drivers
- In recent years, chronic diseases such as cancer, diabetes, and autoimmune diseases have driven demand for protein therapeutics and the development of targeted biological therapies.
- Protein therapeutics are becoming more complex and effective with advances in biotechnology, such as recombinant DNA, genetic engineering, and protein expression systems. A monoclonal antibody is a highly specific protein therapeutic that targets a specific disease pathway.
- Traditional small-molecule drugs often have more side effects than this targeted approach. Protein therapeutics have become increasingly popular due to the trend towards personalized medicine.
- Public and private investments in the biopharmaceutical industry support the development and commercialization of protein therapeutics. Protein therapeutics are gaining popularity due to aging populations, biologic awareness, and quality of life concerns.
- Research and development are vital to discovering and bringing new protein therapeutics to market for pharmaceutical companies and biotechnology companies. New therapeutic targets are being developed while existing protein-based drugs are being improved.
- Beyond traditional areas of oncology, protein therapeutics are discovering new applications. In addition to treating various diseases, such as infectious diseases, rare genetic disorders, and neurological conditions, these drugs are also being investigated to treat various diseases.
Global Protein Therapeutics Market: Regional Landscape
- North America will dominate the market for protein therapeutics. Several key players and new treatments are driving the growth of the protein therapeutics industry in North America. Protein therapeutics are crucial to treating diseases of chronic nature, such as diabetes, cancer, and autoimmune problems, which have become increasingly prevalent in recent times.
- Recent advances in biotechnology have enabled the development and production of new and more complex protein therapeutics, especially in genetic engineering and protein expression systems. Research and development investments in protein-based drugs continue to be heavily made by pharmaceutical and biotechnology companies in North America.
- Regulatory authorities, such as the U.S. Food and Drug Administration (FDA) and Health Canada, have provided clear pathways for the review and approval of protein therapeutics.
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Global Protein Therapeutics Market: Key Players
The global protein therapeutics market is fragmented, with the presence of large number of players. Companies are focusing on investment in R&D and collaborations to increase market share.
- Thermo Fisher Scientific Inc.
- Genzyme Corporation (Sanofi)
- AbbVie Inc.
- Sanofi
- Leadiant Biosciences
- Takeda Pharmaceutical Company Limited
- Amicus Therapeutics
- Bayer AG
- Bristol-Myers Squibb
- Daiichi Sankyo Company
- Abbott
- Sanofi
Key Developments
- In April 2022, Plexium and AbbVie partnered to develop and commercialize targeted protein degradation therapeutics for neurological diseases. AbbVie and Plexium develop novel therapies against historically challenging drug targets by leveraging AbbVie’s neuroscience expertise. AbbVie will select additional research and development programs based on preclinical research activities for the collaboration targets.
- In November 2023, the United States-South Korean biotech company Orum Therapeutics received $180 million from Bristol Myers Squibb (BMS) to develop an antibody-drug conjugate (ADC) for treating blood cancer.
Global Protein Therapeutics Market: Segmentation
By Product
- Monoclonal Antibodies
- Enzyme Replacement Therapy
- Cytokines
- Interferons
- Interleukins
- Growth Factors
- Fusion Proteins
- Anti-coagulants
- Bone Morphogenetic Proteins (BMPs)
- Hormones
- Others (engineered protein scaffolds, etc.)
By Application
- Metabolic Disorders
- Immunologic Disorders
- Hematological Disorders
- Cancer
- Genetic Disorders
By Route of Administration
- Injectable Proteins
- Oral Proteins
By Region
- North America
- Europe
- Asia Pacific
- Latina America
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Transplant Diagnostics Market (移植診断市場) – The global transplant diagnostics market was projected to attain US$ 1.2 billion in 2022. It is anticipated to garner a 7.7% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 2.3 billion by 2031.
Glaucoma Treatment Market (سوق علاج الجلوكوما) – The glaucoma treatment market was valued at US$ 6.3 billion in 2022. A CAGR of 4.3% is projected from 2023 to 2031, reaching US$ 9.1 billion.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Peter Thiel Says Elon Musk's Support For Trump Paved The Way For Other Silicon Valley Leaders To Back Him: 'Incredibly Courageous'
A realignment has taken shape in Silicon Valley, with Tesla Inc. CEO Elon Musk‘s support for President-elect Donald Trump encouraging other tech leaders to publicly embrace conservative positions, according to PayPal co-founder Peter Thiel.
What Happened: “There was some degree to which it was safer for people to speak out when other people were speaking out,” Thiel said on a podcast on Thursday.
He emphasized that Musk was “incredibly important” in this shift, providing what he called “a great deal of cover” for other industry figures.
The movement has drawn prominent tech figures into Trump’s orbit, including venture capitalists Marc Andreessen and David Sacks. On the other end of the spectrum, tech investors and leaders, including Reid Hoffman, Ron Conway, and Mark Cuban, publicly pledged support for Vice President Kamala Harris.
Why It Matters: While Silicon Valley remains predominantly Democratic, Trump gained notable support across the region’s three main counties, according to voting data analysis by Business Insider.
The industry’s political transformation reflects growing internal tensions over corporate culture, with Musk’s political evolution serving as a prominent example. After relocating Tesla’s headquarters from California to Texas in 2021, Musk described his rightward shift as opposing what he termed the “woke mind virus.”
This realignment led to Musk’s appointment as co-leader of Trump’s proposed Department of Government Efficiency (DOGE), alongside entrepreneur-turned-politician Vivek Ramaswamy.
Thiel, who backed Trump in 2016 but withdrew from political donations this cycle, praised Musk’s stance as both “incredibly dangerous” and “incredibly courageous.”
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US stocks have already reversed a third of post-election rally
(Bloomberg) — A pullback in the S&P 500 (^GSPC) that’s already trimmed about a third off the index’s post-election rally is set to continue Friday, as sticky inflation and hawkish comments from the Federal Reserve weigh on sentiment.
Most Read from Bloomberg
S&P 500 futures were down 0.6% as of 4:28 a.m. in New York, extending Thursday’s decline. Contracts tracking the Nasdaq 100 (^NDX) dropped 0.9%, while those tied to the Dow Jones Industrial Average fell 0.3%.
Since hitting a record intraday high on Monday, the S&P has given back roughly one-third of the trough-to-peak gains in the aftermath of the US presidential election. Initial optimism over corporate growth under President-elect Donald Trump has started to fade as traders pare bets on rate cuts. Fed Fund Futures are pricing in a 63% chance of a 25-basis-point cut in December, down from the 83% priced on Wednesday.
Fed Chair Jerome Powell said on Thursday that the central bank isn’t in a hurry to lower rates given signs of strength in the US economy. His comments came after data showed that factory-gate prices picked up, initial jobless claims stayed subdued while consumer inflation remained firm.
Fed’s Powell Says No Need to Hurry Rate Cuts With Economy Strong
While Thursday’s PPI data weren’t that alarming by the standards of price rises during the 2022-2023 period, “the problem was it showed inflation remaining stubbornly above levels consistent with the Fed’s target,” said Deutsche Bank strategists led by Henry Allen. The PCE price gauge — due two weeks later — will now be key to watch, they said.
Stocks in focus on Friday include chip-equipment maker Applied Materials Inc., which slid in postmarket trading after giving a cautious outlook amid a downturn in most parts of the semiconductor industry. Shares of vaccine manufacturers may also be on the move after Trump tapped Robert F. Kennedy Jr. to run the Department of Health and Human Services.
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ProScore Announces Domestic Content Solution for Inflation Reduction Act Requirements
Austin, TX November 15, 2024 –(PR.com)– ProScore Technologies proudly announces the launch of its innovative domestic content solution, designed to revolutionize how renewable energy companies achieve compliance with Inflation Reduction Act (IRA) requirements.
ProScore provides a comprehensive solution designed to support Taxpayers, Developers, EPCs, and Contractors in effectively managing domestic content requirements to ensure IRA compliance. By offering full visibility into the sourcing process, robust tracking capabilities, and AI verification tools, ProScore simplifies the complexities of adhering to domestic content standards with confidence.
The platform enables users to seamlessly document and certify U.S.-made materials, reducing administrative burdens while increasing accuracy and compliance confidence. With ProScore, contractors can streamline project workflows, mitigate compliance risks, and unlock the financial incentives tied to meeting IRA requirements, positioning their businesses for long-term success in the renewable energy industry.
“The ProScore platform delivers full transparency, intuitive tracking, and robust verification for domestic content, making compliance both straightforward and achievable,” said Britt Hager, Co-Founder and CEO of ProScore. “ProScore is committed to fostering a more transparent, efficient, and compliant renewable energy industry. Our mission has always been to empower project leaders, contractors, and capital markets with a platform that not only simplifies compliance but also helps maximize the financial rewards of doing so.”
To learn more about how ProScore can simplify your domestic content compliance and drive transformative results for your business, visit ProScore.ai and Get the ProScore Advantage.
About ProScore:
ProScore Technologies is a pioneering technology company dedicated to enhancing compliance and transparency in the renewable energy sector. Supporting taxpayers, developers, EPCs, and contractors across the United States, ProScore specializes in creating innovative solutions tailored to the needs of renewable energy installation companies. Our tools enable validation of regulatory requirements, particularly IRA domestic content compliance, while promoting integrity, trust, and accountability. By streamlining processes and ensuring accuracy, ProScore empowers its partners to succeed in an ever-evolving industry.
Media Contact:
Seamus Tierney
seamus.tierney@proscore.ai
Contact Information:
ProScore Technologies LLC
Seamus Tierney
323-350-0076
Contact via Email
proscore.ai
Read the full story here: https://www.pr.com/press-release/925362
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NexPoint Real Estate Advisors Chief Financial Officer Brian Mitts to Retire at Year End
Paul Richards Named Successor
DALLAS, Nov. 14, 2024 /PRNewswire/ — NexPoint Real Estate Advisors, L.P. (“NREA” and together with its affiliates “NexPoint”), announced today that Brian Mitts is stepping away from his day-to-day role at NexPoint and resigning from all positions with NexPoint, including Chief Financial Officer, effective December 31, 2024. NREA has named Paul Richards as his successor.
“Brian has been an invaluable member of the leadership team who played an integral role in growing the NexPoint real estate platform into what it is today,” said Matthew McGraner, NREA Chief Investment Officer. “On behalf of the entire NexPoint team, I want to thank Brian for his years of service to the firm and his help positioning NexPoint for the future as we continue that growth.”
Mitts was involved in NexPoint’s founding in 2012. In the more than 12 years he spent at the firm, Mitts helped NexPoint list several public REITs and grow the real estate business into a multibillion-dollar platform operating across asset classes and property sectors. He will be stepping down from his officer roles at all NREA-advised entities and their respective subsidiaries.
“It has been a privilege to be a part of building the NexPoint real estate business,” said Mitts. “I am grateful for the chance to serve alongside such a strong, dynamic team for years, who are well-equipped to capture the significant opportunities ahead for the business. I look forward to working with Paul and the rest of the NexPoint leadership team to ensure a smooth transition.”
Mitts will remain on through the end of the year to support the transition, including through Nareit’s REITworld: Annual Conference. Following his departure from NexPoint, Mitts will continue to serve in his current board roles.
Richards has been at the firm for over 10 years, serving in key leadership positions for multiple public REITs. With significant capital markets and financing experience, he has executed on more than $4 billion in debt financings across the real estate platform advised by NexPoint and its affiliates and has been instrumental in a range of equity offerings, special situations, and other capital markets initiatives totaling over $3 billion and spanning multiple real estate sectors.
“Paul has clearly demonstrated his qualifications for this role, playing a major part in NexPoint’s most significant financing and capital markets transactions throughout the last several years,” said McGraner. “We are glad to have him elevated across the organization and continue this work in a broader leadership role.”
About NexPoint Real Estate Advisors, L.P.
NexPoint Real Estate Advisors, L.P. is a registered investment adviser on the NexPoint platform.
About NexPoint
NexPoint is a multibillion-dollar investment firm based in Dallas, Texas. The firm is structured around three major business areas: real estate, corporate credit and equities, and insurance solutions. NexPoint’s businesses span asset classes, industries, and strategies, providing the flexibility to invest across capital structures and market environments. Serving a diverse client base, NexPoint’s investment strategies are offered in a range of vehicles and fund structures, including mutual funds, public and private REITs, tax-advantaged vehicles, private funds, and separate accounts. For more information, visit nexpoint.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “believe,” “continue,” “future,” “may,” “plan” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NexPoint’s future growth, ongoing initiatives, future opportunities to drive value and growth and Brian Mitts’s transition. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Readers should not place undue reliance on any forward-looking statements. Except as required by law, NexPoint does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, changing circumstances or any other reason after the date of this report.
CONTACTS
Investor Relations
Kristen Griffith
IR@nexpoint.com
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Why Domino's Pizza Shares Are Trading Higher By Around 8%; Here Are 20 Stocks Moving Premarket
Shares of Domino’s Pizza, Inc. DPZ rose sharply in today’s pre-market trading after a 13F filing showed that Berkshire Hathaway added a new stake.
Buffett bought 1,277,256 shares of Ann Arbor, Michigan-based pizza chain Domino’s Pizza.
Domino’s Pizza shares jumped 7.8% to $470.00 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
Gainers
- The Arena Group Holdings, Inc. AREN gained 233.3% to $1.90 in pre-market trading after it announced its first ever profitable quarter.
- Greenidge Generation Holdings Inc. GREE rose 49.8% to $3.70 in pre-market trading. Greenidge said New York Supreme Court Judge rejected Department of Environmental Conservation’s action to deny its application for renewal of Title V Air Permit.
- Innovation Beverage Group Limited IBG gained 35.2% to $1.46 in pre-market trading after gaining 40% on Thursday.
- Beneficient BENF gained 29.6% to $1.62 in pre-market trading after the company reported a year-over-year increase in second-quarter revenue results.
- Siyata Mobile Inc. SYTA gained 26.6% to $1.62 in pre-market trading following third-quarter results.
- TCTM Kids IT Education Inc. TCTM gained 23.1% to $0.99 in pre-market trading after dipping 12% on Thursday.
- Red Cat Holdings, Inc. RCAT climbed 19.4% to $4.80 in pre-market trading after jumping more than 5% on Thursday.
- Despegar.com, Corp. DESP gained 12.8% to $16.77 in pre-market trading after the company reported better-than-expected third-quarter financial results.
- Jet.AI Inc. JTAI gained 9.8% to $6.37 in pre-market trading after dipping more than 28% on Thursday.
Losers
- TFF Pharmaceuticals, Inc. TFFP shares tumbled 69.7% to $0.4890 in pre-market trading after the company announced it will wind down its operations.
- Quantum Computing Inc. QUBT shares fell 25.5% to $3.28 in pre-market trading after the company reported a registered direct offering of $40 million priced at-the-market under Nasdaq rules.
- Expion360 Inc XPON shares fell 22.3% to $2.68 in pre-market trading after the company reported a year-over-year decline in third-quarter revenue results.
- Digital Brands Group, Inc. DBGI declined 21.8% to $0.1060 in pre-market trading after the company reported worse-than-expected third-quarter EPS results and a year-over-year decline in revenue.
- Tivic Health Systems Inc TIVC dipped 15.9% to $0.31 in pre-market trading after the company reported a year-over-year decline in third-quarter sales results.
- CERo Therapeutics Holdings Inc CERO shares dipped 14.7% to $0.16 in pre-market trading after falling around 12% on Thursday.
- AST SpaceMobile, Inc. ASTS fell 13.8% to $23.10 in pre-market trading after the company reported worse-than-expected quarterly financial results.
- Carmell Corp CTCX fell 13.1% to $0.24 in pre-market trading after posting third-quarter results.
- Oklo Inc. OKLO fell 7.8% to $22.00 in pre-market trading following third-quarter results.
- Applied Materials, Inc. AMAT fell 7.3% to $172.55 in today’s pre-market trading following first-quarter results.
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Investors circle the Trump trade's global market victims
By Naomi Rovnick
LONDON (Reuters) – Big global investors are exiting popular trades that bet on US President-elect Donald Trump’s tax and tariff policies boosting Wall Street and wreaking damage abroad and swooping in on some of the Nov. 5 election’s biggest market victims.
After US stocks and the dollar bounced on Trump’s growth agenda and trade war fears pressured Chinese, European and emerging market assets, money managers are hunting for bargains in places where pessimism may have gone too far.
“The thesis that Trump is good for the US and bad for the rest of the world is a very common narrative,” said John Roe, head of multi-asset funds at Legal & General Investment Management, which manages 1.2 trillion pounds ($1.52 trillion) of investments.
He said this had convinced him to buy non-US assets that may have been excessively sold – like European car-makers and the Mexican peso – and close pre-election positions that profited from sterling and Chinese tech stocks falling.
European auto stocks touched their lowest in almost two years on Wednesday while the Mexican peso has fallen more than 2.5% versus the dollar this month and sterling is down some 5% against the greenback since end-September.
Shaniel Ramjee, a multi-asset co-head at Pictet Asset Management, which runs 254 billion Swiss francs ($285.43 billion) of client funds, said he had increased holdings of Chinese stocks and Brazilian bonds since the election.
“There will be a really good opportunity in assets that have weakened ahead of and after the election, we see a lot of value,” he said.
Investors are now questioning the popular market view that Trump will aggressively pursue policies that exacerbate US inflation and derail Federal Reserve rate cuts, given voter anger about living costs and consumer price rises.
Too far?
Since the eve of the election, US stocks have risen more than 4% while European equities have fallen about 1% and emerging market shares are at two-month lows.
“The news flow (for non-US markets) is so negative right now that any kind of good news could move things quickly,” Morningstar European equity strategist Michael Field said.
The euro, down about 3% since Trump’s win, hit a one-year low of $1.052 this week and 10-year U.S. Treasury yields jumped 14 basis points (bps) to 4.47%, as traders bet on higher US interest rates and inflation.
Europe is mired in pessimism, exacerbated by the collapse of Germany’s government and fears for exporters, with Volkswagen shares trading at about 3.3 times forecast earnings and European chemical producers down 11% since late September.