Stifel Financial Corp
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Company profile

Stifel Financial Corp. is a financial holding company. Its principal subsidiary is Stifel, Nicolaus & Company, Incorporated, a full-service retail and institutional wealth management and investment banking firm. The Company's segment includes Global Wealth Management, and Institutional Group. Its Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bancorp. The Private Client Group provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their private clients through its bank subsidiaries, which provide residential, consumer, commercial lending, and FDIC-insured deposit accounts to customers. The Institutional Group segment includes institutional sales and trading. This segment also includes the management of and participation in underwritings for both corporate and public finance merger and acquisition, and financial advisory services.

Closing Price
Day's Change
-3.33 (-4.52%)
B/A Size
Day's High
Day's Low

10-day average volume:

There's an ETF sending one market haywire. A hedge-fund pro says bitcoin-like gains may come next.

9:09 am ET September 8, 2021 (MarketWatch)

By Steve Goldstein

Critical information for the trading day

We'll take a break from the is-bad-news-on-economy-good-news-for-the-stock market discussion, to take a look at a commodities market skyrocketing in recent weeks -- uranium.

Uranium futures topped $40 per pound on Tuesday for the first time in six years, and have surged 33% since mid-August. That's propelled other uranium plays, such as Canadian producer Cameco (CCO.T), and the Global X Uranium ETF (URA), which invests in uranium miners and other nuclear component producers.

Harris Kupperman, the president of hedge fund Praetorian Capital, said what's happening is that one exchange-traded fund, the Sprott Physical Uranium Trust , is now buying uranium to store it -- basically, to keep it out of the hands of the nuclear power plant operators who need it. "It's just going Pac-Man on all the physical uranium," Kupperman told the financial website RealVision. He likened what's happened with uranium with what has happened to bitcoin after the Grayscale Bitcoin Trust (GBTC) started buying the virtual currency.

"It's this reflexive feedback loop, it feels Soros reflexivity, where the other trust raises capital, it has to buy more uranium, the price of uranium goes up, it brings in more speculators, issues more shares to buy more uranium, just keeps going in a good way," he said.

Can't the producers just produce more? The Doomberg blog unearthed this global cost curve, from Uranium Energy Corp. (UEC), that suggests that, as of mid-August, nearly half of producers weren't making any money.

Prices still have a way to go to change the investment decisions made by the producers. Kupperman said the marginal cost to produce uranium is as high as $70 per pound. "They're not going to turn the mines back on anytime soon," he said.

Sometimes squeezes work out, and sometimes they don't, as one observer on Twitter colorfully put it.

The buzz

Speaking of short squeezes, videogame retailer GameStop (GME) reports results after the closing bell.

Job openings, the Federal Reserve's Beige Book of economic anecdotes and consumer credit data are due for release.

St. Louis Fed President James Bullard says he wants the central bank to reduce bond buying despite the slowdown in U.S. jobs growth.

Dallas Fed President Robert Kaplan was an active buyer and seller of stocks last year, The Wall Street Journal reported, citing a financial disclosure form.

Activist hedge fund Elliott Management has taken a more than $1 billion stake in Citrix Systems (CTXS) and is pressing for changes, according to a report in The Wall Street Journal.

French pharmaceutical Sanofi (SAN.FR) agreed to buy biopharmaceutical Kadmon Holdings (KDMN) for $1.9 billion, or $9.50 per share.

Chinese electric-car maker NIO (NIO) announced plans to issue up to $2 billion in shares.

The market

U.S. stock futures were pointing lower after a mixed end to Tuesday's trade. The yield on the 10-year Treasury was 1.35%, and gold was trading right around $1,800 per ounce.

The tweet

John Hempton, the founder of hedge fund Bronte Capital, was unsparing in his criticism of Coinbase (COIN)CEO Brian Armstrong, who tweeted his surprise that allowing crypto customers to lend their assets, in return for yield, would be considered a security by the Securities and Exchange Commission.

Random reads

From emerging to submerging -- Pakistan has been downgraded to frontier market.

Animals are shapeshifting in response to climate change

The BBC examines the science behind frozen ramen

Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

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-Steve Goldstein


(END) Dow Jones Newswires

September 08, 2021 09:09 ET (13:09 GMT)

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