Sorry, Devils fans. Hate to be the bearer of disappointing news if you’ve been waiting for general manager Tom Fitzgerald to make a big free-agent splash to speed up a franchise rebuild.

Not happening.

Not this year.

And maybe not next year.

Fitzgerald made that crystal clear in a Sunday morning Zoom call.

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The Devils have a plan to go for it once young centers Nico Hischier and Jack Hughes reach their prime, but not before even though they still are under $18.35 million under next season’s $81.5 million salary cap following three significant weekend acquisitions – defenseman Ryan Murray (4.6M) and left wing Andreas Johnsson ($3.4M) via trades, and goalie Corey Crawford ($3.9M) in a free agent signing

Those additions strengthen the Devils’ depth chart a lot –Murray is a first or second-pair blueliner, Johnsson slots in as a second- or third-line winger and Crawford fits nicely as a No. 1A goalie – but there still is a big, big need for a 25-to-30 goal winger to play with Hughes or Hischier, who are gifted playmakers.

A lot of free agents have signed since the market opened last Friday at noon, but as of Sunday morning there still were five forwards who could be a top-line winger for the Devils, who have missed the playoffs two years in a row and seven of the last eight:

–Taylor Hall (16 goals in 65 games, age 28)

–Mike Hoffman (29 goals in 69 games, age 30)

–Tyler Toffoli (24 goals in 68 games, age 28)

–Evgenii Dadonov (25 goals in 60 games, age 31)

–Mikael Granlund (17 goals in 63 games, age 28)

–Anthony Duclair (23 goals in 66 games, age

Twice over the past two weeks, ExxonMobil
has made headlines for all the wrong reasons.

Last week the utility NextEra Energy
surpassed the market capitalization of ExxonMobil to replace it as the largest U.S. energy company.

This week, there was another milestone. At some points over the past decade, ExxonMobil — the biggest of “Big Oil” in the U.S. — was worth as much as $225 billion more than Chevron
. That size advantage totally disappeared on October 8, 2020, when Chevron’s value closed the day higher than ExxonMobil’s.

If you look at the chart, it’s quite different than the story with NextEra. ExxonMobil’s value fell sharply this year, but NextEra has had a really good year. Chevron, on the other hand, has struggled with the Covid-19 pandemic along with other oil and gas producers. They just haven’t struggled as much as most others.

The past decade has been a tough one for oil producers everywhere, but Chevron has managed to hold its value for most of the decade. Both companies have long been favorites among dividend investors (and note that the chart doesn’t reflect the dividend income generated by these companies), but Chevron held up better and paid more income to investors.

Where did things go so wrong for ExxonMobil? I have often pointed to the company’s ill-timed $36 billion acquisition of natural gas producer XTO Energy in December

While investors may like the safety and security of large caps, particularly in today’s uncertain market environment with Covid-19 and a forthcoming presidential election, small caps are starting to show signs of life. What exactly is causing small cap ETFs to heat up right?

“Wall Street has been experiencing a roller-coaster ride over the past few weeks as election uncertainty and lack of additional stimulus continue to weigh on investor sentiments,” a Yahoo! Finance article noted. “Against this backdrop, small caps are clearly outperforming. This is especially true, as the Russell 2000 Index has risen 11.4% over the past three months compared to gains of 6.9% for the S&P 500, 7.8% for the Nasdaq Composite Index and 7.3% for the Dow Jones.”

One of the reasons the article cited was growing optimism from investors.

“Though the latest economic data has been mixed, Americans have become optimistic about the economy with their confidence rising to the highest level in September since the coronavirus pandemic began,” the article added.

If investors still believe that strength could be ahead for small caps, one fund to take a look at is the Vanguard Small-Cap Value Index Fund ETF Shares (NYSEArca: VBR). VBR seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies.


^MSACWISCAP data by YCharts

A Small Cap Fund with a Multi-Factor Approach

In today’s market that’s brimming with uncertainty surrounding the coronavirus outbreak, it can also help investors to use factor investing to filter out the best opportunities. Nowadays, the focus has been quality and value amid the market uncertainty caused by

Gallery: Which government’s COVID support has been most generous? (Lovemoney)

Caps on excessive salaries should be introduced to save whole industries and redistribute wealth as coronavirus restrictions and changing habits cause large swathes of the economy to shut down, a progressive thinktank has urged.

a group of people standing in front of a sign: Photograph: Amer Ghazzal/REX/Shutterstock

© Provided by The Guardian
Photograph: Amer Ghazzal/REX/Shutterstock

In a landmark report, Autonomy highlighted the fact that incomes in the UK are the ninth most unequal of the 40 most developed countries, and called for the government to ensure existing resources were better managed to create a fairer economy amid growing poverty. The Bank of England predicts that unemployment will double to 2.5 million people by the end of this year.

a man holding a sign: Protesters supported by the PCS union demonstrate outside the Southbank Centre against job losses due to Covid-19.

© Photograph: Amer Ghazzal/REX/Shutterstock
Protesters supported by the PCS union demonstrate outside the Southbank Centre against job losses due to Covid-19.

A majority of the public – 54% – would support plans for a government-mandated maximum wage, a poll of more than 1,000 people by Survation suggested. Nearly 70% would support wage cap limits at either £100,000, £200,000 or £300,000.

Companies could afford to raise the incomes of 9 million low- and middle-waged workers if wages were capped for the top 1% of earners, who take home more than £160,000 a year, the report says.

Related: FTSE 100 firms using furlough scheme pay CEOs average of £3.6m

A minimum wage of £10.50 an hour could be implemented if a salary cap of £187,000 was introduced, it calculated. The “national living wage” – the UK’s minimum wage – is £8.72 an hour for those aged 25 and over.

In the arts, entertainment and recreation industries, hard-hit by Covid measures, the top percentiles earn vastly more than the bottom 95%. To provide every worker with a wage of £11 an hour, only 0.64% of earners – 2,000

Oct 7 (Reuters)The Australian dollar has recouped some of Tuesday’s 1.1% losses that were largely driven by broad USD gains amid a rise in risk aversion, but was the dip a buying opportunity or more likely, the start of a deeper decline?

The risk selloff was prompted by President Trump’s decision to end coronavirus stimulus negotiations even as Federal Reserve Chairman Powell expressed fears of the economic recovery stalling .

There is every chance that the breakdown in negotiations will take time to be fully priced in, which will increase uncertainty, and should support the safe-haven USD, while the AUD was already heavy on market expectations that the RBA may ease policy in November .

AUD/USD is closer to the top of its 0.5510-0.7413 2020 range, as is the trade-weighted index =AUD at 61.10, in a 49.90-62.90 2020 range, so the AUD is strong at these levels.

Morgan Stanley’s Oct 5 FX Position Tracker suggested AUD positioning was neutral. The combination of a resilient USD on global growth uncertainty ahead of RBA easing and neutral positioning makes the AUD/USD a sell-on-rallies. A move towards 0.7150, with stops above the October double top and 50% of the September fall at 0.7210, would be an opportunity, looking for a test and possible break of the 0.7006 September low.

For more click on FXBUZ

aud 2 oct 7

(Andrew Spencer is a Reuters market analyst. The views expressed are his own)

(([email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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