Less than 18 months after a ban on most of India’s cash left millions of people scrambling for banknotes, some ATMs are once again running dry.
India’s government blamed reports of a new cash shortage in several states on an “unusual spurt in currency demand” over the last three months. Demand for cash shot up by 450 billion rupees ($6.9 billion) in the first two weeks of April alone, it said.
“The government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalized at the earliest,” the Finance Ministry said in a statement.
Finance Minister Arun Jaitley tweeted on Tuesday that he had conducted a review of the cash situation in the country and found that there “was more than adequate currency in circulation.” He added that the shortage was “being tackled quickly.”
The finance ministry did not explain the sudden increase in demand for cash, and did not immediately respond to a request for additional comment.
Top 5 Bank Stocks To Invest In Right Now: SVB Financial Group(SIVB)
- [By Lisa Levin] Gainers
Genprex, Inc. (NASDAQ: GNPX) jumped 46.7 percent to $16.1331. The low-float small-cap clinical stage gene therapy company saw its stock rally nearly 150 percent from Monday through Thursday. Formal news hasn't been announced this week that would support a triple-digit percentage rally (including more than 200 percent at one point on Thursday) but the quiet period following its initial public offering will expire on May 8.
Celyad SA (NASDAQ: CYAD) shares gained 24.7 percent to $36.17. Celyad reported the publication of THINK study case report of CYAD-01 Induced Complete Remission in relapsed/refractory AML patient in haematologica.
DMC Global Inc. (NASDAQ: BOOM) shares jumped 23.2 percent to $39.00 after the company reported upbeat Q1 results and issued upbeat Q2 guidance.
eHealth, Inc. (NASDAQ: EHTH) gained 21.8 percent to $19.58 as the company posted upbeat Q1 results.
Enova International, Inc. (NYSE: ENVA) climbed 20.4 percent to $27.20 following Q1 results.
SVB Financial Group (NASDAQ: SIVB) shares jumped 18.2 percent to $304.135 following strong quarterly results.
Knowles Corporation (NYSE: KN) gained 13.9 percent to $12.70 as the company reported Q1 results.
Zymeworks Inc. (NYSE: ZYME) gained 13.8 percent to $17.36.
Cocrystal Pharma, Inc. (NASDAQ: COCP) rose 11.8 percent to $2.336 after declining 25.09 percent on Thursday.
ImmunoGen, Inc. (NASDAQ: IMGN) shares surged 11.7 percent to $11.75 after the company announced 'successful completion of interim analysis' for FORWARD I Phase 3 mirvetuximab soravtansine trial.
Eloxx Pharmaceuticals, Inc. (NASDAQ: ELOX) gained 9.5 percent to $12.70.
Expedia Group, Inc. (NASDAQ: EXPE) shares rose 8.5 percent to $115.3801 after the company reported stronger-than-expected earnings for its first quarter on Thursday.
Sprint Corporation (NYSE: S) shares rose 8.3 percent to $6.50. The stock moved higher after a Reuters report suggested ongoing merger talks with T-M
- [By Lisa Levin]
SVB Financial Group (NASDAQ: SIVB) shares were also up, gaining 19 percent to $305.90 following strong quarterly results.
Equities Trading DOWN
- [By Stephan Byrd]
Cookson Peirce & Co. Inc. bought a new stake in shares of SVB Financial Group (NASDAQ:SIVB) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,810 shares of the bank’s stock, valued at approximately $914,000.
- [By Matthew Frankel]
SVB Financial Group (NASDAQ:SIVB) reported first-quarter earnings that exceeded expectations throughout the business. The holding company for Silicon Valley Bank, which specializes in providing banking services to entrepreneurs and private equity firms, beat estimates on both the top and bottom lines. As of 10:30 a.m. EDT on Friday, the stock was up by nearly 18%.
Top 5 Bank Stocks To Invest In Right Now: The Navigators Group, Inc.(NAVG)
- [By Lisa Levin]
Companies Reporting After The Bell
Hertz Global Holdings, Inc. (NYSE: HTZ) is projected to post quarterly loss at $1.31 per share on revenue of $1.97 billion.
International Flavors & Fragrances Inc. (NYSE: IFF) is estimated to post quarterly earnings at $1.59 per share on revenue of $909.36 million.
Zillow Group, Inc. (NASDAQ: ZG) is expected to post quarterly earnings at $0.06 per share on revenue of $294.79 million.
General Cable Corporation (NYSE: BGC) is estimated to post quarterly earnings at $0.15 per share on revenue of $980.61 million.
Central Garden & Pet Company (NASDAQ: CENT) is expected to post quarterly earnings at $0.84 per share on revenue of $598.45 million.
Cabot Corporation (NYSE: CBT) is estimated to post quarterly earnings at $1 per share on revenue of $746.42 million.
Fabrinet (NYSE: FN) is expected to post quarterly earnings at $0.71 per share on revenue of $319.71 million.
National General Holdings Corp. (NASDAQ: NGHC) is projected to post quarterly earnings at $0.55 per share on revenue of $1.08 billion.
The Navigators Group, Inc. (NASDAQ: NAVG) is estimated to post quarterly earnings at $0.75 per share on revenue of $320.92 million.
Diplomat Pharmacy, Inc. (NYSE: DPLO) is expected to post quarterly earnings at $0.22 per share on revenue of $1.29 billion.
Trex Company, Inc. (NYSE: TREX) is projected to post quarterly earnings at $1.19 per share on revenue of $172.22 million.
AMC Entertainment Holdings, Inc. (NYSE: AMC) is expected to post quarterly earnings at $0.09 per share on revenue of $1.35 billion.
Envision Healthcare Corporation (NYSE: EVHC) is projected to post quarterly earnings at $0.64 per share on revenue of $2.02 billion.
Regal Beloit Corporation (NYSE: RBC) is estimated to post quarterly earnings at $1.23 per share on revenue of $869.64 million.
Amedisys, Inc. (NASDAQ: AMED) is projected to post quarterly earnings at $0.67 per share on revenue of $39
Top 5 Bank Stocks To Invest In Right Now: Nucor Corporation(NUE)
- [By Lee Jackson]
This top steel company could do very well if the economy continues to pick up and the administration’s infrastructure push comes back to the forefront.Nucor Corp. (NYSE: NUE) is one of North America’s largest steel producers, with almost 27 million tons of finished steel capacity at 23 mini-mills throughout the United States. The company’s downstream steel products business includes rebar fabrication, steel joists/deck, cold finished bars, fasteners, building systems and wire mesh. Nucor also has 5 million tons of scrap processing capacity.
- [By ]
The second portfolio’s top holdings included Intel (INTC) , JPMorgan Chase (JPM) , Raytheon (RTN) , Nucor (NUE) and Netflix (NFLX) .
Cramer said this portfolio was “perfectly” diversified.
- [By ]
In the Lightning Round, Cramer was bullish on Nucor (NUE) , Ball Corp (BLL) , Chicago Mercantile Exchange (CME) and McDonald’s (MCD) .
Cramer was bearish on United States Steel (X) , Teva Pharmaceuticals (TEVA) , Aqua America (WTR) and Mueller Water Products (MWA) .
- [By ]
Cramer and the AAP team note that seven of the companies in their portfolio are reporting this week, including Abbott Laboratories (ABT) , Nucor (NUE) and Honeywell (HON) . Find out what they’re telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.
Top 5 Bank Stocks To Invest In Right Now: Enviva Partners, LP(EVA)
- [By Tyler Crowe]
Typically when a company experiences an “act of God” event like a fire or a flood, investors can shrug off the issue. This past quarter, though, a fire at one of Enviva Partners’ (NYSE:EVA) export terminals exposed something incredibly important about the business and some of management’s recent decisions.
Top 5 Bank Stocks To Invest In Right Now: Wynn Resorts, Limited(WYNN)
- [By Travis Hoium]
Earnings season begins this week, withWynn Resorts, Limited (NASDAQ:WYNN) reporting on Tuesday, April 24, Las Vegas Sands Corp. (NYSE:LVS)on Wednesday, and MGM Resorts International (NYSE:MGM)on Thursday. Caesars Entertainment (NASDAQ:CZR) will report on May 2 with Melco Resorts (NASDAQ:MLCO) to follow later in May.
- [By Tyler Crowe, Reuben Gregg Brewer, and Travis Hoium]
Finding investments that can reward you over such long periods can do miracles for your portfolio — as long as you can find the right ones. So we asked three Motley Fool investors to highlight a stock they see as a great investment with solid growth prospects over the next 25 years. Here’s why they picked W.W. Grainger (NYSE:GWW), Wynn Resorts (NASDAQ:WYNN), and Waste Management (NYSE:WM).
- [By Travis Hoium]
Rumors began swirling late last week that MGM Resorts (NYSE:MGM)was interested in buying the embattled Wynn Resorts (NASDAQ:WYNN)in a dealthat would be the biggest ever for the gaming industry. It makes sense that competitors are viewing Wynn as a target afterfounder Steve Wynn stepped down as CEO and sold his shares in the company, but there may be reasons Wynn Resorts should want to sell to the right company.