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Forbes HeadlinesAug 06, 2020
Dow Today: S&P 500 Near Its Record High. Stock Market Rally Gains Strength
Global Stock Market Today The global stock market had a down day today with the exception of the Aussie and Korean stock markets.

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Yahoo BusinessAug 06, 2020
Goldman Says 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, according to Goldman Sachs Group Inc.The increased probability of an approved vaccine by the end of November is underpriced by equity markets, wrote strategists including Kamakshya Trivedi in a note Wednesday. Over the next few months, the ramifications of the U.S. election and the evolution of the virus -- in part as schools reopen -- are also likely to be key drivers of the market, 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

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

Google Market NewsAug 05, 2020
US STOCKS-Disney's wonderful world helps lift Wall St - Yahoo Finance
US STOCKS-Disney's wonderful world helps lift Wall St  Yahoo FinanceStock market live Wednesday: Dow rallies 370, Disney jumps 8%, Nasdaq tops 11,000 briefly  CNBCDisney's wonderful world helps lift Wall Street  ReutersWall Street rises on Disney's surprise profit, services sector data  Yahoo Finance

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

MarketWatch MarketPulseAug 05, 2020
Potbelly stock rallies after company's cash burn moderates
Shares of Potbelly Corp. rallied 10% in the extended session Wednesday after the restaurant chain selling sandwiches and other items reported a wider second-quarter loss but said its same-store sales improved toward the end of the quarter and that it now expects to have to permanently close fewer restaurants. Its weekly cash burn also trended lower throughout the quarter and is down about 75% from the early weeks of the pandemic, the company said. Potbelly said it lost $22.2 million, or 93 cents a share, in the quarter, compared with a net loss of $1.9 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Potbelly lost 63 cents a share, compared with a loss of less than a penny a year ago. Revenues fell to $56.2 million from $105.6 million. Analysts polled by FactSet had expected an adjusted loss of 46 cents a share on sales of $65 million. Same-store sales "steadily improved throughout the quarter," from a late March low of down 68%, to a decline in the mid-20% range for June, the company said. Potbelly had $29.1 million in cash and kept $16.7 million available under a revolving credit facility, it said. Its total liquidity was $45.8 million, flat compared with $45.8 million at the end of the first quarter. Potbelly said it "continues to have constructive discussions" with landlords, resulting in 16 permanent shop closures and 187 leases renegotiated as of early August. It now expects to have to permanently close fewer than 50 stores, compared to up to 100 as it previously expected, the company said. Shares of Potbelly ended the regular trading session down 4.5%.

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.



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