a man wearing glasses and looking at the camera: Shannon Stapleton/Reuters


© Shannon Stapleton/Reuters
Shannon Stapleton/Reuters

  • BlackRock CEO Larry Fink told CNBC on Tuesday stocks have more upside ahead and most investors should put more money to work in the market.
  • “I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19,” Fink said. 
  • With interest rates lower for longer and the likelihood of a second fiscal stimulus, Fink expects the market to move higher.

BlackRock CEO Larry Fink told CNBC on Tuesday that stocks have more upside ahead and investors should put more money to work in the market. 

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“We have a strong conviction that the average investor still is under-invested and they’re going to have to be putting more and more money to work over the coming months and maybe even years,” Fink said. “I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19.” 

The CEO of the world’s largest asset manager said that he’s not concerned about markets, citing the Federal Reserve’s plan to keep interest rates lower for longer, and saying he expects the US will see another fiscal stimulus “whether it occurs this month or in January.” He added that even as coronavirus infection rates rise, hospitalizations are falling. 

Read more: Good deals in pandemic-hit companies are proving hard to find. Here’s how big investors that raised billions to pounce on corporate distress are changing up their playbooks.

Another factor likely supporting the stock market’s climb upward is the record amount of retail participation, Fink said. He added that the coronavirus pandemic likely caused this surge in individual investing activity.

Fink told CNBC: “You report a lot about Robinhood and the day traders but across the board the average investor is putting more

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Two Florida hunters broke a state record on Friday, October 2, removing the largest Burmese python to date from an Everglades swamp. Ryan Ausburn and Kevin Pavlidis pulled the 18 foot, 9 1/4 inch Burmese python out of the water. Ausburn can be seen wrestling the snake and holding the upper part of its body. Pavlidis helped Ausburn carry the snake to a dirt road and untangled his partner when the massive reptile began to coil around him. Photographer Angela Scafuro filmed the eye-popping capture. Speaking to Storyful, Scafuro said there was “a rush of adrenaline” to seeing the men catch the python. She added that she was surprised when her video got 10,000 views online. Florida Fish and Wildlife, which encourages killing pythons, confirmed that the 104-pound snake broke the state record. “The removal of this female snake is a triumph for our native wildlife and habitats … working toward our goal of removing nonnative pythons,” the agency said. The Burmese python is an invasive species that has been destroying the native wildlife populations in the Everglades. According to local media, Ausburn, who makes a living catching pythons and making products with the skins, said he has probably captured a couple hundred snakes since joining the Water Management District python elimination program a couple of years ago. He was hired last year to make footballs made of python skin for the Miami Super Bowl. Credit: Angela Scafuro via Storyful

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  • Chevron employees are being asked to reapply for positions as the oil giant restructures its global operations. 
  • Workers who are not chosen for new assignments will lose their jobs. The restructuring is expected to eliminate up to 15% of the company’s workforce. 
  • Chevron will cut 700 jobs in Houston starting October 23, according to a public filing. 
  • Do you have information about Chevron? Send tips to this reporter at [email protected] or through Signal/text at 1-646-768-1657.
  • For more stories like this, sign up here for our weekly energy newsletter.

(Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 US oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

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Employees who are not chosen for jobs should know within weeks, chief executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Do you have information about Chevron? Send tips to this reporter at [email protected] or through Signal/text at 1-646-768-1657.

Chevron’s takeover of Noble Energy will result in job cuts 

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers.

CleanSpark, Inc. (CLSK) claims to provide software as a service, physical controllers, and consultation services to renewable energy infrastructure. This allows the company to have a diverse range of tools and abilities to help a client create a suitable microgrid platform. However, the reality is CLSK’s microgrid business has not gained any traction, and we doubt it ever will.

CLSK was a former OTC traded stock and got uplisted to the Nasdaq on 1/24/20. CLSK has been trading between $2-$3 from early March until early July, which is a fraction of its current price, which closed at $10.40 on 10/7/20. We believe the reason for the rapid rise in share price is due to news flow with buzz words that attract retail investors, primarily regarding microgrids and electric vehicle batteries and charging stations, sectors that have become hot this quarter.

However, its business hasn’t generated significant revenues and its losses have remained substantial. Its technology doesn’t appear to have any advantage over its competition which are established companies like Siemens and GE. After a year of cash burn, we believe that the stock will fade back to $2-$3 where it was trading a few months ago.

What we believe will accelerate CLSK’s downfall, is the expected selling of shares by its largest shareholder, Discover Growth Fund (“Discover”). What we believe most CLSK shareholders don’t realize, is CLSK is in a vicious court battle with Discover which is demanding additional shares at a $1.50 price. The worst case scenario for CLSK, is if it owes Discover hundreds of millions of shares, as stated in CLSK’s appeal filed on 9/18/20. Discovery has a history of selling its entire position of its many previous investments.

CleanSpark Small Revenues And Consistent Losses

CLSK was acquired in 2016 by Statean Energy, which was a clean



a man wearing a hat: REUTERS/Andy Buchanan


© REUTERS/Andy Buchanan
REUTERS/Andy Buchanan

  • Shares in Premier Oil rose 24% after it announced a reverse merger with Chrysaor to form the largest independent oil and gas company in the UK’s North Sea.
  • Premiere, whose shares have tumbled 80% this year, will hold up to 23% of the combined company of which its shareholders will own about 6%. Chrysaor would own at least 77%. 
  • American-born executive Linda Cook will be the CEO of the combined group, taking the number of women that hold the highest leadership positions at UK-listed oil and gas companies to two.
  • While Premier shares jumped 24% at the open, the company traded up 10% in mid-morning UK trading.
  • Visit Business Insider’s homepage for more stories.

UK’s Premier Oil jumped as much as 24% on Tuesday after announcing a reverse merger with Chrysaor Holdings, together forming the largest London-listed independent oil-and-gas company. 

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The deal would end a rough patch for Premier whose shares have plunged 80% this year from the combined effects of historically low oil prices and the direct impact of the coronavirus on its bottom line. Both North Sea producers began talks in mid-September. 

Premiere has been struggling ever since the price of oil slid in 2014, when global inventories of unused fuel swelled,  but after the pandemic, the company has been forced to secure financing and delay any forms of repayment.   

Under the terms of the deal, Premier would own up to 23% of the combined group — of which its shareholders will own about 6% — while Chrysaor would own at least 77%, the companies said in a statement. 

“There is significant industrial, commercial and financial logic to creating an independent oil and gas company of this size with a leading position in the UK North Sea,” Premier CEO Tony Durrant