Thursday, 2 Feb 2023

Thirty-Year Bond Auction Attracts Above Average Demand

Taiwan Semiconductor Stock Up 5% On Quarterly Results

Shares of Taiwan Semiconductor Manufacturing Company Limited (TSM) are gaining over 5% on Thursday morning after the company reported its fourth-quarter results.

TSM is currently trading at $86.38, up $4.60 or 5.63%, on the NYSE. The stock opened its trading at $81.57 after closing Wednesday’s trading at $81.78. The stock has traded between $59.43 and $145.00 in the 52-week period.

Taiwan Semiconductor’s fourth-quarter profit came in at NT$295.904 billion, or NT$11.41 per share, up from NT$166.232 billion, or NT$6.41 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose to NT$625.532 billion from NT$438.189 billion last year.

ADC Therapeutics Uptrend Continues

Shares of ADC Therapeutics SA (ADCT) are progressing more than 12 percent on Thursday morning trade, continuing an uptrend. The stock has reached a year-to-date high today.

Currently, shares are at $4.68, up 9.63 percent from the previous close of $4.27 on a volume of 586,287.

Yield10 Bioscience Stock Jumps Over 30%

Shares of Yield10 Bioscience, Inc. (YTEN) are jumping over 30% on Thursday morning after the company announced that it has signed a MOU with Mitsubishi Corporation to evaluate the establishment of a partnership to supply, offtake and market Camelina as a feedstock oil or biofuel.

YTEN is currently trading at $2.8000, up $0.7000 or 33.3333%, on the Nasdaq, on a volume of 8.6 million shares, above average volume of 31 thousand. The stock opened its tradign at $3.1400 after closing Wednesday’s trading at $2.1000. The stock has traded between $1.6300 and $7.2100 in the past 52-week period.

Yield10 Bioscience announced that it has signed with Mitsubishi a Memorandum of Understanding to evaluate the establishment of a partnership to supply, offtake and market Camelina as a low-carbon feedstock oil for biofuels. Mitsubishi recently announced its aim to mass produce sustainable aviation fuel to decarbonize commercial aviation.

“Yield10 and Mitsubishi are aligned on the sustainability benefits that the Camelina crop could bring to the transportation fuels market,” said Oliver Peoples, Ph.D. President and Chief Executive Officer of Yield10 Bioscience. “Over the next several months, we look forward to working with the Mitsubishi team to develop a framework for a collaboration to jointly develop and build our Camelina business in the U.S. and other important geographies.”

How Uday Kotak Got Into Banking

Finance industry veteran Uday Kotak says it is getting difficult for the banking sector to attract talent, especially with competition from the technology sector.

“It’s getting more and more difficult because the kind of opportunities which have come for the new age professionals, particularly technology side, and banking is also getting much more sort of built around technology,” Kotak said, speaking at the launch of journalist Tamal Bandyopadhyay’s book Roller Coaster in Mumbai.

Stating that the issue is not just limited to India, Kotak said the best of talent is “getting cautious” about banks.

“It’s time for banking to really think about transformation, reimagining its own future, changing a lot while keeping some things constant,” he said.

Kotak said the world and India needs to watch out for inflation getting more sticky, a prolonged war between Russia and Ukraine and also an assertive China in the new year.

Banking, Kotak said, is a business run on contradictions — where it is highly leveraged itself and at the same time also commands public trust

The role of a banker in the institutional framework is very different than any other kind of institutions, and along with that comes huge responsibility, Kotak said, explaining in the video below how he got into banking.

A Must Watch!

Reportage: PTI

Driver, 13, injured after crashing into backyard in Aurora; had 4 young passengers in the car

A 13-year-old driver — who had four passengers younger than 15 — was injured after crashing into a backyard in Aurora on Thursday morning.

Agent Matthew Longshore with the Aurora Police Department said the crash happened around 4:50 a.m. Thursday near the intersection of S. Elkhart Way and E. Mississippi Avenue.

The driver’s injuries were minor, Longshore said.

The vehicle belonged to the family of one of the juveniles.

Read more at thedenverchannel.com.

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Thirty-Year Bond Auction Attracts Above Average Demand

Finishing off this week’s series of announcement of the results of its long-term securities auctions, the Treasury Department revealed Thursday that this month’s auction of $18 billion worth of thirty-year bonds attracted above average demand.

The thirty-year bond auction drew a high yield of 3.585 percent and a bid-to-cover ratio of 2.45.

The Treasury also sold $18 billion worth of thirty-year bonds last month, drawing a high yield of 3.513 percent and a bid-to-cover ratio of 2.25.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.37.

The Treasury revealed earlier this week that this month’s auctions of $40 billion worth of three-year notes and $32 billion worth of ten-year notes also attracted above average demand.

Earlier on Thursday, the Treasury announced the details of this month’s twenty-year bond auction.

The Treasury said it plans to sell $12 billion worth of twenty-year bonds, with the results of the auction due to be announced next Wednesday.

Last month, the Treasury also sold $12 billion worth of twenty-year bonds, attracting above average demand.

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