CHICAGO, Oct 12 (Reuters)A Wisconsin factory hailed by President Donald Trump as proof he was reviving U.S. manufacturing did not create enough jobs in 2019 to earn its owner Foxconn Technology Group tax credits, the state said on Monday, the second year it has missed its targets.

In a letter to the Taiwan-based company’s Vice Chairman Jay Lee, Wisconsin’s economic development agency said Foxconn was a long way away from building the large TV screens it had proposed in 2017, when it promised to eventually create 13,000 jobs in the state.

The Apple Inc AAPL.O supplier’s plans for the Mount Pleasant factory are now unclear, the letter from The Wisconsin Economic Development Corporation (WEDC) said.

The planned $10 billion, 20-million-square-foot campus was hailed by the White House as the largest investment for a brand new location by a foreign-based company in U.S. history.

But for many the factory has become a symbol of failed promises in Midwestern states like Wisconsin that were key to Trump’s 2016 election and are now closely watched swing states in the Republican’s bid to be re-elected on Nov. 3.

Wisconsin’s Democratic Governor Tony Evers, who inherited a deal from his Republican predecessor to give Foxconn $4 billion in tax breaks and other incentives when he took office in 2019, has sought to renegotiate the state’s contract with the firm.

Foxconn said in a statement it employed more than the minimum 520 full-time workers by the end of the year to get the credit.

“WEDC’s determination of ineligibility during ongoing discussion is a disappointment and a surprise that threatens good faith negotiations,” it said.

WEDC’s review found Foxconn had fewer full-time employees than the minimum, however. It also fell short of its employment goal in 2018.

“Once Foxconn is able to provide more accurate

DENVER — D.j. Mattern had her Type 1 diabetes under control until COVID-19’s economic upheaval cost her husband his hotel maintenance job and their health coverage. The 42-year-old Denver woman suddenly faced insulin’s exorbitant list price — anywhere from $125 to $450 per vial — just as their household income shrank.

She scrounged extra insulin from friends, and her doctor gave her a couple of samples. But, as she rationed her supplies, her blood sugar rose so high that her glucose monitor couldn’t even register a number. In June, she was hospitalized.

“My blood was too acidic. My system was shutting down. My digestive tract was paralyzed,” Mattern said, after three weeks in the hospital. “I was almost near death.”

So she turned to a growing underground network of people with diabetes who share extra insulin when they have it, free of charge. It wasn’t supposed to be this way, many thought, after Colorado last year became the first of 12 states — including Illinois — to put a cap on the co-payments that some insurers can charge consumers for insulin.

But, as the coronavirus pandemic has caused people to lose their jobs and health insurance, demand for insulin sharing has skyrocketed. Many who once had good insurance are now realizing the $100 cap for a 30-day supply is just a partial solution, applying only to state-regulated health plans.

It does nothing for the majority of people with employer-sponsored plans or those without insurance coverage. According to the Colorado chapter of Type 1 International, an insulin access advocacy group, only 3% of patients with Type 1 diabetes under 65 could benefit from the cap.

Such laws, often backed by pharmaceutical companies, give the impression things are improving, said Colorado chapter leader Martha Bierut. “But the reality is we have a

The amount of speculators’ bearish, or short, positions in 30-year Treasury futures exceeded bullish, or long, positions by 230,312 contracts on Oct. 6, a record, according to the CFTC’s latest Commitments of Traders data.
 

The 30-year yield, which moves inversely to prices, has rallied to a four-month high since August, when Federal Reserve Chair Jerome Powell announced that the central bank would allow periods of higher inflation in order to average its target 2% rate.

Bets on lower bond prices have also been fueled by expectations that the nascent U.S. economic recovery will continue, as investors await an additional round of fiscal stimulus from lawmakers and breakthroughs in the search for a vaccine against COVID-19.

The 30-year long bond yield is about where it was on March 6.

Yet speculators keep piling on with record bets.

Any bit of sustained economic weakness will cause the long bond yield to drop blowing the long bond shorts out of the water.

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a green sign with white text: The JinkoSolar (JKS) logo displayed on a plain white wall.


© Source: Lutsenko_Oleksandr / Shutterstock.com
The JinkoSolar (JKS) logo displayed on a plain white wall.

Shares of JinkoSolar (NYSE:JKS) have certainly been on a moonshot lately. The Chinese solar manufacturer has risen more than 200% in the past month, coinciding with a breakout in the solar space. Some of the parabolic move higher was certainly warranted given the falling costs and rising demand. However, the rally has now come too far, too fast. It is time for a red-hot JKS stock to cool off.



a green sign with white text: The JinkoSolar (JKS) logo displayed on a plain white wall.


© Provided by InvestorPlace
The JinkoSolar (JKS) logo displayed on a plain white wall.

InvestorPlace Markets Analyst Luke Lango recently took a deep dive into why solar stocks, especially Chinese solar stocks, are poised for continued upside. He noted how the landscape has dramatically changed for JKS. Actual sales are now driving profits, instead of subsidies. This is undoubtedly a more enduring business model for JinkoSolar.

Valuation multiples have expanded dramatically over the past month but are still reasonable. For instance, the current price-earnings ratio is at a two-year high, but still well under 15x. The price-sales ratio is under 0.5x. InvestorPlace contributor Larry Ramer did a more in-depth fundamental analysis in his recent research piece on JinkoSolar.

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So with sales growing and valuations still reasonable, why am I short-term bearish on JKS stock? It all comes down to the technicals. Investors rightfully focus more on fundamentals. Traders are definitely more driven by technical analysis. And from that viewpoint, JKS stock is looking extremely overbought. One look at the price chart is really all one needs to think the rally is getting way overdone.

Getting Technical With JKS Stock

The first sign of this is that the nine-day RSI reached over 90 — hitting the loftiest levels in the past year —

NEW YORK (Reuters) – Speculators reduced their net short dollar positions in the latest week to the lowest level since late July, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position fell to $28.35 billion in the week ended Oct. 6, compared with a net short of $30.47 billion the previous week. U.S. net shorts hit a more than nine-year high of $33.68 billion in late August.

U.S. dollar positioning was derived from contracts of International Monetary Market speculators in the Japanese yen, euro, British pound, and Swiss franc, as well as the Canadian and Australian dollars.

In a broader measure of dollar positioning

that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real, and Russian ruble, the U.S. dollar posted a short position of $28.56 billion, down from net shorts of $30.41 billion the week before.
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The speculative community has been short the dollar since mid-March.

In the week through Oct. 6, the dollar index <=USD> ultimately ended the period little changed, having followed see-sawing headlines about U.S. President Donald Trump’s COVID-19 diagnosis and the possibility that Congress might provide further fiscal stimulus.

The possibility of a new coronavirus relief bill has driven the dollar, among other safe-haven assets, lower since Tuesday. The dollar fell to three-week lows on Friday on stimulus optimism, and as investors bet that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package. [FRX/]

(Reporting by Kate Duguid; Editing by Chris Reese and Sonya Hepinstall)

Copyright 2020 Thomson Reuters.

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