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Yahoo BusinessAug 05, 2020
Goldman Warns Covid-19 Vaccine Approval Could Upend Markets
(Bloomberg) -- Investors should consider the risk of a successful coronavirus vaccine unsettling markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks, warned Goldman Sachs Group Inc.The increased probability of an approved vaccine by the end of November is underpriced by equity markets and by that time the result of the U.S. election will be known, wrote strategists including Kamakshya Trivedi in a note Wednesday. Investors will also know how the start of the school year will have impacted the spread of the coronavirus, they said.Approval of a vaccine could "challenge market assumptions both about cyclicality and about eternally negative real rates," the team wrote, adding such a scenario may support steeper yield curves, traditional cyclicals and banks, while challenging the leadership of technology stocks. If this happened along with a change in the U.S. administration, emerging market equities could benefit "if trade policy risks diminish while U.S. tax risks rise," according to the note.While the strategists suggested it may be too early for investors to position themselves aggressively for such a shift, they recommended options trades as a way to play the theme. For example, some call options on the S&P 500 still look attractive, and Goldman sees upside to around the 3,700 level should there be an early vaccine.That compares with a potential downside target of 2,200 should there be a significant reversal of activity from a second wave of the virus, the strategis

USA Today MoneyAug 05, 2020
Intellivision video game system reboot delayed amid coronavirus pandemic, now due in April 2021
COVID-19 has led the makers of the Intellivision Amico video game system to delay its October launch until April 2021. GameStop is taking preorders.       

MarketWatchAug 05, 2020
The Ratings Game: Disney has ‘built a big enough life raft' with streaming changes, analysts say as stock enjoys best day in months
Walt Disney Co.'s shares spiked to gains of 10% and more Wednesday, after analysts focused more on the media titan's new plans for streaming than financial results that were destroyed by the COVID-19 pandemic.

MarketWatch MarketPulseAug 05, 2020
Disney stock gets an upgrade at Guggenheim amid new streaming push
Walt Disney Co.'s plans to get more aggressive with streaming as the pandemic hammers other areas of the media conglomerate helped earn the stock an upgrade from Guggenheim analyst Michael Morris after the company's Tuesday afternoon earnings report. Morris raised his rating on Disney shares to buy from neutral and upped his price target to $140 from $123 after Disney said it would launch a new streaming service overseas under the "Star" brand and release live-action "Mulan" as a direct-to-consumer option on Sept. 4 given disruptions to the traditional theater model due to COVID-19. "Using Disney assets to accelerate a push into DTC will likely be well received by investors," Morris said in his Wednesday morning note to clients. "Bottom line, as we head toward an investor day (in the coming months), we expect the burden of proof to be on why Disney will not be a secular streaming winner rather than justifying the company's ability to deliver on investor expectations." He saw hints in the company's language that may have signaled "a broader willingness to pursue additional opportunities" in streaming down the road, in his view. Disney shares are up 6.6% in premarket trading Wednesday. They've lost 19% so far this year as the S&P 500 has risen 2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessAug 05, 2020
Bezos Sells $3.1 Billion of Amazon Shares After Wealth Jumps
(Bloomberg) -- The numbers are eye-popping: 1 million Amazon.com Inc. shares offloaded for more than $3.1 billion. And yet for the seller, Jeff Bezos, it barely puts a dent in his stake in the e-commerce giant.The disposal, disclosed Wednesday in Securities and Exchange Commission filings, adds to a $4.1 billion sale earlier this year. The proceeds are a fraction of the amount that Bezos's holdings have increased this year as the Covid-19 pandemic forced people to stay at home and created a surge in demand for Amazon's e-commerce services.For Bezos, 56, this year has been a reversal from years of relative restraint in reducing his stake in Amazon. He still holds more than 54 million shares and is worth $189.8 billion, according to the Bloomberg Billionaires Index. His net worth has surged by $74.9 billion this year with Amazon stock rising 73%.The spectacular gains for Bezos and other titans in his industry have put Big Tech under increased scrutiny. Bezos testified before Congress last month along with the chief executives of Facebook Inc., Apple Inc. and Alphabet Inc. to defend their power and influence. It's also highlighting widening income inequality with the U.S. economy entering its worst economic downturn since the Great Depression."In the 19th century, we had the Robber Barons. In the 21st century, we've got the ‘Cyber Barons,'" Representative Jamie Raskin, a Maryland Democrat, told the CEOs at the July 29 hearing. "And we want to make sure that the extraordinary power and wealth that you've been able to

Yahoo BusinessAug 05, 2020
Novavax signs COVID-19 vaccine supply deal with India's Serum Institute
The Indian drugmaker will have exclusive rights for the vaccine in India during the term of the deal and non-exclusive rights during the "Pandemic Period" in all countries other than those designated by the World Bank as upper-middle or high-income countries. The deal was signed on July 30, according to an SEC filing by Novavax. On Tuesday, Novavax reported that its experimental COVID-19 vaccine produced high levels of antibodies against the novel coronavirus in a small, early-stage clinical trial, and that it could start a large pivotal Phase III trial as soon as late September.


Google Business NewsAug 05, 2020
U.S. stock futures flat after Nasdaq hits another record, jobless claims data ahead - CNBC
U.S. stock futures flat after Nasdaq hits another record, jobless claims data ahead  CNBCDow jumps 373 points as stimulus hopes blot out weak jobs data  Business Insider5 Large Biotech and Pharma Stocks Are Dirt Cheap, and Not Because of COVID-19  MSN Money5 things to know before the stock market opens on Wednesday  CNBC

USA Today MoneyAug 05, 2020
Facebook, Twitter remove Trump coronavirus posts of Fox interview about kids being 'almost immune'
Facebook took down post from President Trump's personal page of a Fox News interview in which he said that children are "almost immune" from COVID-19.       

MarketWatch MarketPulseAug 05, 2020
Metlife stock falls after insurer's Q2 profit comes below forecast
Shares of MetLife Inc. fell more than 5% in the extended session Wednesday after the insurer reported a second-quarter profit below Wall Street expectations. MetLife reported a net income of $68 million, or 7 cents a share, compared with $1.7 billion, or $1.77 a share in the second quarter of 2019. Adjusted for one-time items, the company earned $758 million, or 83 cents a share, compared with adjusted earnings of $1.3 billion, or $1.38 a share, a year ago. Revenue fell 20% to 14.1 billion. Analysts polled by FactSet had expected GAAP earnings of 78 cents a share and adjusted earnings of 90 cents a share for the quarter. Due to COVID-19, global face-to-face sales remain "challenging," with continued sales pressure in most segments, Metlife said. Underwriting margins are mostly offsetting global claims impact from COVID-19, the company said. Shares of Metlife ended the regular trading day up 3.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsAug 05, 2020
Illinois Republican congressman tests positive for coronavirus - CNN
Illinois Republican congressman tests positive for coronavirus  CNNRep. Rodney Davis diagnosed with Covid days after warning lawmakers about safety  POLITICOIllinois Republican tests positive for coronavirus | TheHill  The HillIllinois GOP U.S. Rep. Rodney Davis says he's tested positive for COVID-19  

MarketWatch MarketPulseAug 05, 2020
Bright Horizons stock jumps on big earnings beat
Bright Horizons Family Solutions Inc. shares rallied in the extended session Wednesday after the child-care provider's results topped Wall Street expectations amid the COVID-19 pandemic. Bright Horizons shares surged 9% after hours, following a 1.3% rise in the regular session to close at $112.97. The company reported second-quarter net income of $359,000, or a penny a share, compared with $49.3 million, or 83 cents a share, in the year-ago period. Adjusted earnings were 44 cents a share, down from 99 cents a share in the year-ago period. Revenue fell to $293.8 million from $528.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 58 cents a share on revenue of $196.7 million. The company said that more than 400 of its 1,076 centers are currently open using safety protocols, and expects more than 85% of its centers to be open by Sept. 30.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 05, 2020
Blue Apron to sell more shares after pandemic-fueled rise, stock price drops 10%
Blue Apron Holdings Inc. announced Wednesday it would sell more shares after a pandemic-fueled gain in its previously woeful stock price, sending shares in the meal-kit-by-mail service down in after-hours trading. Blue Apron said it plans to sell at least 4 million shares at a yet-to-be-disclosed price, with all the proceeds going to the company. The book-running banks, Morgan Stanley and Cannacord Genuity, will have access to an additional 600,000 shares. Blue Apron went public three years ago at a price of $10 a share, but shares fell lower than $1 by the end of 2018 and forced the company to undergo a reverse stock split that briefly helped the stock price. Shares were back under $3 earlier this year before the COVID-19 pandemic, which has sparked interest in online services that can deliver food and other goods to homes. Blue Apron shares shot higher, gaining more than 175% in the past six months and closing Wednesday at $11.38. After announcing the fresh shares, the stock fell more than 10% in the extended session Wednesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 05, 2020
Dow books 373-point gain, Nasdaq marks 31st record and S&P 500 ends 1.7% from its all-time high as everything rallies
U.S. stocks ended at or near records Wednesday, with the S&P 500 finishing within a stone's throw of its February all-time high and the Nasdaq Composite notching its 31st record high of 2020. Hope of further stimulus from the U.S. government to help out-of-work Americans was attributed to some of the upbeat trade on Wall street, even as some of the data have come in weaker than expected, setting the stage for a jobs report on Friday that may underscore that a rise in infections of COVID-19 stalled out some of the recent resurgence in business activity created by social-distancing measures to contain the virus. Payroll provider Automatic Data Processing Inc. also said only 167,000 private-sector jobs were created in July, far short of the 1.88 million forecast by economists polled by Econoday. However, a reading of services from the Institute for Supply Management service sector index jumped to a reading of 58.1 in July, beating expectations and signalling stronger economic growth. Deal activity also sparked some optimism as Teladoc Health Inc. and Livongo Health Inc. said Wednesday they have agreed to merge in a deal valued at $18.5 billion to create a company that can serve a spectrum of health needs, using virtual care. A nearly 9% surge in shares of Walt Disney Co. following its quarterly results, also helped to lift the Dow and the broader market. The Dow Jones Industrial Average closed up about 373 points, or 1.4%, at 27,201, representing its highest closing level since June 8. The S&P 500 index finished 0.6% higher at around 3,328, putting the broad-market benchmark 1.71% off its Feb. 19 record high at 3,386.15, while the Nasdaq Composite Index closed up 0.5% to 10,992, briefly touching the psychologically round-number level at 11,000 intraday and marking another record finish. The tech-heavy index has closed higher six straight sessions. Gaines for equities also came as gold prices finished at a record near 2,050, based on futures for Decemb

AdWeek NewsAug 05, 2020
HBO Schedules First Scripted Series Set During Covid-19
While a handful of scripted shows have remotely filmed single episodes set during Covid-19, HBO is upping the ante, scheduling the first scripted series shot and set entirely during the pandemic. Coastal Elites--a comedy about five characters coping with the pandemic, politics and culture--will debut Saturday, Sept. 12, the network said today at the CTAM...
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