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Jul 14, 2020
(Bloomberg) -- Futures on U.S. stock indexes jumped after data published on a potential Covid-19 vaccine showed an encouraging response in a safety trial.September contracts on the S&P 500 rose 1% as of 9:10 a.m. in Tokyo, while futures on the Nasdaq 100 climbed 0.7%. Results published Tuesday in the New England Journal of Medicine said Moderna Inc.'s drug produced antibodies to the coronavirus in all patients tested in an initial safety trial."I think it's very positive," said Peter Mallouk, president and chief executive officer of wealth management firm Creative Planning. "What we have is reaffirming what the market thought about its general optimism about a timeline of an improvement."In the Moderna study, the neutralizing antibody levels produced were equivalent to the upper half of what's seen in patients who get infected with the virus and recover, according to the results published Tuesday. The Moderna vaccine is one of the farthest along for Covid-19.The after-hours surge came after a volatile two days of trading. After briefly reaching the highest levels since the Covid-19 swoon in March, the S&P 500 reversed to end Monday down 1%. Then Tuesday, after a series of swings, the benchmark finished the day up 1.3%.The Nasdaq 100 closed Tuesday's cash trading session up 0.8% to mark the first time since March that the tech-heavy gauge posted back-to-back reversals of at least 2% in opposite directions. Before this week, clusters of big contrasting reversals all occurred during bear markets.T
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Jul 14, 2020
Challenging - this is one word getting extra use these days, frequently describing the headwinds industries affected the most by COVID-19 are facing.Undoubtedly, it is an apt description of the situation A&D giant Boeing (BA) currently finds itself in. Appearing to be on the verge of bankruptcy after the initial coronavirus wave, the recent spike in cases hasn't made predicting what's on tap in the near-term any easier.With its Q2 earnings release on the horizon (July 29), Cowen analyst Cai von Rumohr argues the Street is underestimating the headwinds Boeing must face on the way to recovery."Q2 will be a mess… Broadly ranged Q2 estimates look high, and spiking U.S. COVID-19 cases & rising China tensions are headwinds for MAX delivery ramp in 2021 and complicate supply chain coordination… Combined with incoming supplier materials, COVID-19 disruptions, and customer deferrals, we also see $9 billion cash outflow vs. Street's $6.6 billion," Rumohr noted.Boeing's 737 Max has been grounded since March 2019, following a couple of fatal accidents. It is now expected to be back in circulation by the fall. But in the current climate, who will want any new MAX airliners?Focus right now is squarely on survival, as many airlines are looking for ways to shrink fleets, not add to them. Although Rumohr believes customers have existing 737 orders, the analyst thinks most will seek to defer deliveries. However, some might even go further; There are rumors that American Airlines - the company behind the initial push for Boeing's
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Jul 14, 2020
The Dakota Access oil pipeline can continue to operate amid an ongoing court battle, a U.S. Appeals Court said on Tuesday, setting aside for now a lower court's order earlier this month to shut and empty the line. The U.S. Court of Appeals for the District of Columbia granted Dakota Access, controlled by Energy Transfer LP , an administrative stay while it considers whether the line, long opposed by local tribes and environmental activists, should be shut due to permitting issues dating to 2017. On July 6, the U.S. District Court for the District of Columbia ordered the line shut and emptied by early August.
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Jul 14, 2020
Shares of the vaccine maker Moderna (MRNA) are up by double digits in after-hours session Tuesday, thanks to a positive clinical update for its experimental coronavirus vaccine mRNA-1273. "Phase 1 data demonstrate that vaccination with mRNA-1273 elicits a robust immune response across all dose levels and clearly support the choice of 100 µg in a prime and boost regimen as the optimal dose for the Phase 3 study," said Tal Zaks, Chief Medical Officer of Moderna.Following Moderna's massive gains so far this year, 333% to be exact, is now the right time to recommend investors snap up shares? Jefferies analyst Michael Yee has an almost Schwarzenegger-ish answer to such a question: "We take a stand: If it works, stock will be going up."To this end, Yee initiated coverage on MRNA with a Buy rating. However, his $90 price target implies a modest 5% upside from current levels. (To watch Yee's track record, click here)Unsurprisingly, the bulk of Yee's bullish assessment is reserved for the company's COVID-19 vaccine candidate.Expanding on this blunt assessment, Yee said, "We believe the Street will be surprised to the upside if the COVID-19 vaccine works, gets approved by early 2021, and there are multi-billion dollars of purchase orders from USA and around the world. The Street is divided as to what will happen or if the vaccine will even work and is hugely divided on valuation. We believe the vaccine will get approved and could do $5B in orders over the next few years and the stock will head higher."Yee's confidence is
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Jul 14, 2020
Stock futures opened higher Tuesday evening after newly published data from Moderna fueled hopes that a vaccine providing protection against Covid-19 would be developed in the relative near-term.
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Jul 14, 2020
Imv Inc (NASDAQ: IMV) share are ripping higher on above-average volume following an update by the company on its coronavirus vaccine program.What Happened? The Dartmouth, Nova Scotia-based company said it's rapidly progressing in developing DPX-COVID-19, its vaccine candidate against SARS-CoV2.The company said it's working closely with regulators and collaborators to kickstart the Phase 1 study as quickly as possible. Health Canada has already approved the clinical trial design of the study, it added."The rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of our delivery platform, but also build on our previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus," said Frederic Ors, CEO of IMV.What's Next? IMV plans to conduct the early-stage study as a randomized controlled study, assessing the safety and immunogenicity of two doses of DPX-COVID-19, in 84 healthy adults across two age cohorts - adults, ages 18-55 years and ages 56 and above.IMV said multiple batches of DPX-COVID-19 have been successfully produced.The Phase 1 study is planned for the fall. Contingent on positive results from the study, the company plans to initiate Phase 2 trials in the second half of the year.IMV shares were rallying 69% to $5.07 at the time of publication.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily u
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
Moderna is set to begin a late-stage vaccine trial in late July. This comes as, Dr. Redfield, director of the CDC, said that the surge of cases in the south of the U.S. might have been caused by Northerners who traveled to the southern states for vacation around Memorial Day. Yahoo Finance's Anjalee Khemlani breaks down the latest news about the coronavirus on The Final Round.
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Jul 14, 2020
Stocks extended gains Tuesday afternoon as investors digested an early batch of corporate earnings results. While Wells Fargo and Delta reported quarterly results that missed street expectations, JPMorgan Chase kicked off earnings season on a high note. The Nasdaq trailed the S&P 500 and Dow due to a tech-led rally from the past couple weeks losing steam.
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Jul 14, 2020
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...
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Jul 14, 2020
Every investor in Compugen Ltd. (NASDAQ:CGEN) should be aware of the most powerful shareholder groups. Insiders often...
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Jul 14, 2020
On Wall Street, some things never change. Public health crisis or not, the fact of the matter remains that healthcare stocks are the epitome of risk/reward plays. Why? It comes down to the nature of the industry itself. Healthcare companies are unique in that their financial performances aren't necessarily the most important piece of the puzzle. Rather, a few key factors like clinical data readouts or regulatory approvals indicate whether or not a particular name will be able to generate sustainable revenues in the long run. As such, any development, good or bad, can act as a catalyst that launches shares in either direct. So, which strategy can help investors find the healthcare stocks poised to blast off on an upward trajectory? One approach is to follow the pros on Wall Street.We used TipRanks' database to lock in on three healthcare stocks that have been given the Street's blessing, and come with an affordable price tag. Each ticker trades for less than $5 per share and has earned a "Strong Buy" consensus rating from the analyst community. The icing on the cake? Serious upside potential is on the table. Galmed Pharmaceuticals (GLMD)Focused on the development of its product candidate, Aramchol, Galmed Pharmaceuticals wants to provide patients with a more effective therapy for the treatment of Non-alcoholic Steatohepatitis (NASH). Given its recent addition to its product lineup and its $4.50 share price, the healthcare name is scoring major points with the Street.Back in May, GLMD unveiled Aramchol meglumin
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Jul 14, 2020
(Bloomberg Opinion) -- The U.S. stock market has had a remarkable run since its coronavirus-induced swoon in March, with technology stocks from Big Tech to upstarts leading the comeback and soaring off their lows. A hot stock market tends to stoke demand for IPOs as well, and that's exactly what has happened — especially in the area of cloud software and internet services. The latest manifestation of this phenomenon came on Tuesday, when cloud-banking software provider nCino Inc. surged more than 170% in its trading debut. The enthusiasm for this digital niche does make sense on a fundamental level. The pandemic has accelerated the spending shift to cloud-related technologies that enable the work-from-home and digital services we all need to live in a Covid-19 world. So, it's natural that investors would latch on to the story and bid up many companies related to the space, including new issues. NCino isn't alone: Cloud-based business-intelligence company ZoomInfo Technologies Inc. soared 62% in its first day of trading in June, while earlier this month, insurance digital-services startup Lemonade Inc. had a triple-digit percentage gain in its debut. All three are posting stellar growth rates and rely on cloud-based infrastructure to deliver their offerings.But a frothier environment is also a recipe for some on Wall Street to take advantage of the heightened investor interest. One potential IPO — Rackspace Technology Inc. — stands out as being particularly suspect. The cloud-computing service provider, owned by pri
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Jul 14, 2020
On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusually high options activity in Alibaba Group Holding Ltd - ADR (NYSE: BABA) and STMicroelectronics NV (NYSE: STM).Traders were buying the August $250 calls in Alibaba on Tuesday. Around 7,500 contracts were traded and they paid around $12 for them. The trade breaks even at $262 or around 5.5% from the current stock price. Najarian decided to follow the trade.Najarian has also noticed STMicroelectronics NV (NYSE: STM) because it had a big call options volume in the same strike for the second day in a row. Around 10,000 contracts of the August $35 calls were traded on Monday and traders bought 9,000 more of those on Tuesday. They were trading for around 35 cents. Najarian explained that somebody thinks this stock has some upside in the short term.See more from Benzinga * Pete Najarian Sees Unusual Activity In Alibaba And Cleveland-Cliffs * Cramer Weighs In On Six Flags, Novavax And More * Fast Money Picks For June 1(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Jul 14, 2020
This robot works as an office clerk for the Russian government by asking and answering questions.
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Jul 14, 2020
U.S. manufacturer 3M Co. (MMM), has teamed up with the Massachusetts Institute of Technology (MIT) to develop a rapid diagnostic test for COVID-19.3M and researchers at MIT are testing a new rapid test that detects the virus and aims to be a highly accurate, mass-produced low-cost diagnostic device that delivers results in minutes.The test would detect viral antigens and seeks to deliver highly accurate results within minutes via a paper-based device. The test could be administered at the point-of-care and would not need to be sent to labs for testing. 3M said that once the diagnostic test is developed and validated, it could scale up manufacturing to produce millions of units per day."Our approach is ambitious, but our collective expertise can make a difference for people around the world," said 3M Chief Technology Officer John Banovetz. "We are seeking to improve the speed, accessibility and affordability of testing for the virus, a major step in helping to prevent its spread."The U.S. National Institute of Health selected the rapid COVID-19 test to be part of its Rapid Acceleration of Diagnostics Tech (RADx Tech) program, an aggressively-paced COVID-19 diagnostics initiative. The project received an intial $500,000 funding grant from RADx Tech and is eligible for further investment in later stages of the development.The 3M team is led by scientists, manufacturing and regulatory experts from its corporate research laboratories and health care business group. The research team at MIT is led by
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Jul 14, 2020
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
Moderna Inc said on Tuesday it plans to start a late stage clinical trial for its COVID-19 vaccine candidate on or around July 27, according to its listing for the phase 3 study at clinicaltrials.gov. Moderna said it will conduct the trial at 87 study locations, all in the United States. The experimental vaccine will be tested in 30 states and Washington, D.C. Around half of the study locations are in hard-hit states like Texas, California, Florida, Georgia, Arizona and North and South Carolina.
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Jul 14, 2020
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 17x, you may...
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
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Jul 14, 2020
A nearly one-acre estate set on one of the most prime avenues in Atherton, arguably the Silicon Valley's most desirable residential neighborhood, recently popped up for sale with a $13.25 million pricetag. Tucked away behind walls and gates, the fully landscaped Tuscan-style spread is a bonafide compound with a three-level main house, detached guesthouse, and […]
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Jul 14, 2020
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]
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Jul 14, 2020
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]
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Jul 14, 2020
Investigators could not find any online reviews, any documented employees or any established bank account for the defendant's purported BBQ company.
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Jul 14, 2020
Trump adviser Stephen Moore reveals one way president Trump may inflict pain on China for COVID-19.
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
Jul.14 -- Hans Vestberg, chairman and chief executive officer at Verizon Communications, discusses diversity within the company and their "Citizen Verizon" initiative, removing advertising from Facebook, and nations turning away from Huawei for 5G technology. He speaks on "Bloomberg Markets."
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
(Bloomberg) -- Shopify Inc. garnered a new top bull, with National Bank Financial boosting their price target to a Street-high of $1,250.National Bank is opting for a longer-term view on Canadian tech stock valuations, despite short-term questions about where shares are trading."The reality is if we take the stock price increases and the respective valuations in isolation, it would most certainly be reasonable to say they're looking stretched on short-term numbers - we'd be foolish not to acknowledge that," analyst Richard Tse told clients in a note.Shares of Shopify have cooled in recent sessions, though remain up about 90% over the last three months, and about 137% year-to-date."While the valuation on next year's number may look robust across many of our coverage names, when we look at the implied growth rates of our analysis relative to the sector - those valuations may not be so stretched after all," Tse added.Tse isn't backing away from recommending Canada's tech names, and still sees upside. National Bank also boosted price targets on Docebo Inc and Real Matters Inc., maintaining outperform ratings on the two stocks, including Shopify.Shopify's price target was boosted from $850 at National Bank, and surpasses the previous high at Goldman Sachs of $1,127.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Jul 14, 2020
Headline grabbing biotechs are far from a rare sight in 2020. Nevertheless, when a little-known micro-cap pops by 730% in a single trading session, avid market followers are likely to take notice.And so to Equillium (EQ), the aforementioned little known biotech, whose shares blasted off on Monday.The rally began following the announcement that the Drugs Controller General of India - India's equivalent of the FDA - granted Equillium's partner Biocon emergency approval for itolizumab, a treatment of cytokine release syndrome (CRS) in COVID-19 patients with acute respiratory distress syndrome (ARDS). The approval came following a 30-patient proof-of-concept trial in which the drug reduced mortality in hospitalized COVID-19 patients (all patients given the drug survived).The drug is currently being developed as a treatment for various autoimmune and inflammatory diseases. However, Equillium now plans to file an investigational new drug (IND) application so it can proceed with a clinical trial of itolizumab in COVID-19 patients in the US.H.C. Wainwright analyst Ram Selvaraju believes progress could be fast once the wheels are set in motion."In our view," said the 5-star analyst, "itolizumab could be developed rapidly using a similar trial design in a larger patient group—perhaps no more than 200-400 subjects—with a randomized, double-blinded, controlled approach. Such a trial program in the U.S. could be accomplished involving only 10-12 centers and might cost under $10M to exec
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Jul 14, 2020
(Bloomberg Opinion) -- More than a decade ago Time magazine anointed "You" its person of the year, in recognition of our collective effort to create free content for social media.Today Virgin Atlantic Airways Ltd. owes a similar debt of gratitude to its long-suffering customers. The cash they've advanced the transatlantic airline for future bookings was every bit as important as that provided by billionaire founder Richard Branson and hedge fund Davidson Kempner Capital Management in saving it from collapse. Issuing customer refunds at a snail's pace helped the airline preserve cash during the pandemic but unhappy customers will make Virgin Atlantic's recovery that much tougher.Virgin Atlantic has confirmed that Davidson Kempner will inject 170 million pounds ($213 million) in secured debt as part of a 1.2 billion pounds rescue deal. That provides an external vote of confidence. The airline's co-owners, Branson's Virgin Group and Delta Air Lines Inc., will forgo 400 million pounds of fees owed. On top of that, Virgin Group injects 200 million pounds; in precisely what form isn't specified. The deal must still be approved by a court. The rescue suggests the U.K. government was right to push Virgin Atlantic to exhaust other options before demanding a government bailout.Finding private money was a tall order because the carrier entered the pandemic with a lot of debt, a paucity of assets it could sell and a track record of losses. A strategic focus on the once lucrative North American market — the destination accounted for a
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Jul 14, 2020
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
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Jul 14, 2020
Dynavax Technologies (NASDAQ: DVAX) shares were trading higher on Tuesday after the company announced that the first participants were dosed with the company's coronavirus vaccine candidate the CpG 1018 Adjuvant in phase one clinical trial.Dynavax Technologies is a clinical-stage biopharmaceutical company. The company focuses on leveraging the power of the body's innate and adaptive immune responses through toll-like receptor stimulation. Its current product candidates are being investigated for use in multiple cancer indications, as a vaccine for the prevention of hepatitis B and as a disease modifying therapy for asthma.Dynavax operates in the business segment the discovery and development of biopharmaceutical products. Its Toll-like Receptor Immune Modulation Platform technology play a vital role in innate immunity and subsequent adaptive immunity. Signaling through these receptors is triggered by the binding of a variety of pathogen-associated molecules and is essential to the generation of innate immunity.Dynavax Technologies shares were trading up 3.64% at $8.82 at the time of publication on Tuesday. The stock has a 52-week high of $9.76 and a 52-week low of $1.80.See more from Benzinga * Why Dynavax's Stock Is Trading Higher Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Jul 14, 2020
Yahoo Finance's Ines Ferre shares how major cruise lines, including Carnival, Norwegian and Royal Caribbean, are performing after receiving a downgrade from SunTrust and MacQuarie.
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Jul 14, 2020
Imv Inc (NASDAQ: IMV) share are ripping higher on above-average volume following an update by the company on its coronavirus vaccine program.What Happened? The Dartmouth, Nova Scotia-based company said it's rapidly progressing in developing DPX-COVID-19, its vaccine candidate against SARS-CoV2.The company said it's working closely with regulators and collaborators to kickstart the Phase 1 study as quickly as possible. Health Canada has already approved the clinical trial design of the study, it added."The rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of our delivery platform, but also build on our previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus," said Frederic Ors, CEO of IMV.What's Next? IMV plans to conduct the early-stage study as a randomized controlled study, assessing the safety and immunogenicity of two doses of DPX-COVID-19, in 84 healthy adults across two age cohorts - adults, ages 18-55 years and ages 56 and above.IMV said multiple batches of DPX-COVID-19 have been successfully produced.The Phase 1 study is planned for the fall. Contingent on positive results from the study, the company plans to initiate Phase 2 trials in the second half of the year.IMV shares were rallying 69% to $5.07 at the time of publication.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily u
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Jul 14, 2020
Coupa Software (COUP, daily) found short-term support at its 21-day line.
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Jul 14, 2020
It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also...
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Jul 14, 2020
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business...
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
ServiceNow (NOW, daily) bounced off its 50-day moving average.
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Jul 14, 2020
Marko Kolanovic, JPMorgan's quant expert, sees equities as both expensive and cheap at the same time. Yes, he acknowledges stocks are priced at or near their all-time highs in absolute terms, and compared to earnings - but in relation to bonds, stocks are undervalued. And with that comparison tied directly to bond yields, which are historically low and unlikely to see gains any time soon, Kolanovic believes that stocks will act as cash magnets in 2H20.He notes that the mega-cap growth stocks are hitting new record highs again - see Apple for a prime example - and that they are benefitting from fears of a second wave of coronavirus. But Kolanovic adds that the market isn't estimating the effect properly. While cases are rising sharply in the three of the largest states (California, Texas, Florida), death rates are remaining low. This suggests that the virus is becoming less dangerous - and that when the markets collective wisdom realizes this, value stocks are going surge.In fact, in Kolanovic's view, a late summer surge "could result in a rapid momentum sell-off and value rally." The trick now will be finding the value stocks that are primed for that gain.Fortunately, Kolanovic's colleagues in JPM are on the case. They have pinpointed three stocks showing signs of great value - relatively low cost now, with serious upside potential for the coming year. We've used the TipRanks database to pull up the details, and find out what makes JPM's picks so compelling.JOYY, Inc. (YY)We'll start in China, with JOYY, a major social media and online digital streaming
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Jul 14, 2020
On July 14, 2020, Wedgewood Partners released its Q2 2020 Investor Letter, a copy of which you can download here. The Fund returned 27.13% for the second quarter of 2020. Meanwhile, the benchmark Russell 1000 Growth Index and the Russell 1000 Value Index gained 27.84% and 14.29%, respectively. You should check out Wedgewood Partners' top […]
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Jul 14, 2020
Akebia Therapeutics (AKBA) has announced the initiation of an investigator-sponsored study evaluating the use of vadadustat as a potential therapy to prevent and lessen the severity of acute respiratory distress syndrome (ARDS), a complication of COVID-19 infection.The randomized, double-blind, placebo-controlled study is intended to evaluate the safety and efficacy of vadadustat in up to 300 adult patients who have been hospitalized at Memorial Hermann-Texas Medical Center for hypoxemia due to COVID-19.Patients will be dosed with vadadustat or a placebo starting within 24 hours of hospital admission and continuing for up to 14 days. This study is being conducted by The University of Texas Health Science under a U.S. Food and Drug Administration Investigational New Drug (IND) application."Right now, we can support patients with COVID-related ARDS with supplemental oxygen and different forms of ventilation, but don't yet have effective treatments to protect their lungs and help them get better," said one of the principal investigators, Dr. Bentley J. Bobrow."Our goal is to prevent patients with the virus from progressing to requiring a ventilator and, if they do require a ventilator, to decrease the time they are on that ventilator." ARDS can result in a rapid decline of respiratory function and death.Akebia recently reported positive primary and key secondary efficacy and safety endpoint results from INNO2VATE, the first of its two global Phase 3 cardiovascular outcomes programs. Vadadustat is approved as a tr
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Jul 14, 2020
It is hard to get excited after looking at Biogen's (NASDAQ:BIIB) recent performance, when its stock has declined 17...
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Jul 14, 2020
(Bloomberg) -- China will impose unspecified sanctions on defense contractor Lockheed Martin Corp. after the U.S. approved a possible $620 million deal to supply missile parts to Taiwan, the latest in a series of punitive actions by the superpowers as relations grow colder."China firmly opposes U.S. arms sales to Taiwan," Chinese Foreign Ministry spokesman Zhao Lijian said at a briefing in Beijing on Tuesday. "We will impose sanctions on the main contractor of this arms sale, Lockheed Martin," he said, without elaborating on what form the sanctions may take.The move comes as tensions grow between the U.S. and China on a number of fronts, from the trade war and territorial claims in the South China Sea to the coronavirus pandemic and new security law Beijing imposed on Hong Kong. Zhao called on the U.S. to cut military ties with Taiwan -- which China considers part of its territory -- to avoid "further harm to bilateral relations.""It's tit-for-tat between the two countries," said Shukor Yusok, founder of aviation consultancy Endau Analytics in Malaysia. "The impact this time is going to be small, but it could be the start of more to come."U.S. arms manufacturers face strict limitations on what kind of business they can do with countries deemed by Washington to be strategic rivals, such as China. Lockheed generated 9.7% of its revenue in the Asia-Pacific region last year, according to data compiled by Bloomberg, though that's not broken down by individual countries.Lockheed shares fell less than 1% t
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Jul 14, 2020
A look at the shareholders of Baidu, Inc. (NASDAQ:BIDU) can tell us which group is most powerful. Institutions will...
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Jul 14, 2020
Joseph Papa became the CEO of Bausch Health Companies Inc. (NYSE:BHC) in 2016, and we think it's a good time to look...
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Jul 14, 2020
Yahoo Finance's Brian Sozzi, Alexis Christoforous, and Rick Newman discuss the new rollout of the Ford Bronco vehicles.
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Jul 14, 2020
In California, confirmed cases of COVID-19 are on the rise. Los Angeles ER Doctor Dr. Ellice joins Yahoo Finance's The First Trade with Alexis Christoforous and Brian Sozzi to discuss the rise in cases, who is getting hit hardest by the recent surge, the possibility of school in the fall going digital across the nation and more.
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Jul 14, 2020
Yahoo Finance's Emily McCormick breaks down earnings reports from JPMorgan, Wells Fargo and Citigroup.
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Jul 14, 2020
(Bloomberg) -- Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured loans than the first quarter's $4 billion as the pandemic continues to rage throughout the U.S. and weigh on companies and workers.The San Francisco-based lender also cut its dividend to 10 cents a share from 51 cents. Wells Fargo said last month it would lower the payout after the Federal Reserve implemented a new rule tying dividends to earnings. The bank's $2.4 billion loss in the second quarter was a stark turnaround from the near-record $6.2 billion in profit it posted a year ago."We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend," Chief Executive Officer Charlie Scharf said in a statement Tuesday. "Our view of the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter."The bank's shares dropped 7.5% to $23.51 at 9:38 a.m. in New York, the biggest decline in the S&P 500 Financials Index. They've fallen 56% this year, more than double the index's 24% slump.Wells Fargo's results show how bad the bank predicts things could get following a surge in unemployment and nationwide stay-at-home orders in the second quart
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Jul 14, 2020
Shares in IMV Inc. (IMV) are spiking 134% in Tuesday's pre-market trading after the clinical-stage biopharma company said it made "rapid progress" in developing its candidate vaccine to prevent COVID-19 infection.The stock surged to $4 in pre-market trading as IMV said that it was working closely with regulatory agencies and its partners to initiate clinical studies as quickly as possible. The plan for the Phase 1 clinical study, agreed with Health Canada, is a randomized controlled study, assessing the safety and immunogenicity of its vaccine candidate DPX-COVID-19, to be conducted in 84 healthy adults across two age cohorts.DPX-COVID-19, is based on the Canadian biotech's first-in-class lipid-based vaccine delivery platform that generates targeted and sustained immune response in vivo. Fully synthetic, the vaccine candidate is designed to focus the immune response on the weaknesses of the virus with the goal to optimize safety and efficacy."The rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of our delivery platform, but also build on our previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus," says IMV CEO Frederic Ors. "Clinical results have shown our DPX-based vaccine against RSV demonstrated a unique ability to generate safe and long-lasting immune responses in older adults."IMV, a pioneer in a novel class of cancer immunot
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Jul 14, 2020
While not a mind-blowing move, it is good to see that the Cara Therapeutics, Inc. (NASDAQ:CARA) share price has gained...
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Jul 14, 2020
The San Francisco-based bank also cut its dividend for the third quarter to 10 cents per share from 51 cents previously to reflect the U.S. Federal Reserve's recent curbs on bank dividends. Net interest income fell 18% from the prior period, as interest rates have fallen to near zero.
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Jul 14, 2020
Ignoring the stock price of a company, what are the underlying trends that tell us a business is past the growth...
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Jul 14, 2020
Tesla Inc (TSLA) has met with officials from a district in the city of Chongqing in southwestern China to discuss "accelerating projects", the Liangjiang New Area said on Tuesday, as reported by Reuters.According to the report, officials held meetings with Tesla Vice-president Tao Lin, whose visit was reportedly welcomed by government official Duan Chenggang to "promote cooperation."Reuters also reports unidentified sources cited by the China Securities Journal stating that cooperation could refer to sales and maintenance centers rather than factories. Last year Tesla opened its first plant outside the US in Shanghai.Shares in Tesla are climbing 6% in Tuesday's pre-market trading, with the electric vehicle maker now up a whopping 265% year-to-date. The rally has continued unabated following strong second-quarter car deliveries, which exceeded analysts' expectations. It delivered about 90,650 vehicles during the quarter, easily beating the estimated 74,130 figure.Piper Sandler analyst Alexander Potter has just boosted his price target on Tesla to $2,322 from $939 while reiterating his buy rating. According to Potter, Tesla is the "most consequential company in the mobility ecosystem, and this is unlikely to change in the next decade." He recommends investors hold on to shares, noting the company's significant software opportunity and faster-than-expected share gains.Looking ahead, five-star analyst Daniel Ives at Wedbush says that although investors will be focusing next on 2Q earnings on Ju
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Jul 14, 2020
Shares in AMC Entertainment Holdings Inc. (AMC) jumped almost 7% in pre-market trading after the cash-strapped U.S. theater chain said it reached an agreement with bondholders to reduce its debt pile by as much as $630 million.The stock rose to $4.55 in Tuesday's pre-market trading as the world's largest theater operator announced that the accord reached with about 73% of a group of lenders of its $2.3 billion in senior subordinated bonds would cut its total debt by between $460 million and $630 million. In addition, AMC's noteholders have agreed to invest $200 million in new AMC first lien notes.Separately, AMC said it has also reached an agreement to restructure some $600 million of convertible notes issued in 2018 to Silver Lake. Upon the closure of the private debt exchange, Silver Lake will provide AMC with $100 million in additional cash in the form of incremental first lien financing.AMC expects the restructuring steps will save the theatre operator between $100 million and $200 million of cash in the near-term."Today is an important day for AMC as we have reached agreements that strengthen AMC's financial position over the long term," said AMC CEO Adam Aron. "Upon the closing of these consensual bond restructurings, we materially will reduce our debt load, increase our cash and extend our maturities."Aron added that AMC "will continue to take bold actions" to shore up its financial position.Since mid-March, AMC Entertainment has been forced to close its movie theatres worldwide and temporarily
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Jul 14, 2020
Roche has struck a $1.7 billion cancer drug pact with Blueprint Medicines, it said on Tuesday, as advances in genetic testing for rare mutations drive lucrative deals for expensive treatments. The Swiss drugmaker will pay $675 million in cash and make a $100 million equity investment in Blueprint for rights to pralsetinib, which could gain U.S. approval against so-called RET-altered non-small cell lung cancer in November. U.S. company Blueprint, which has been working with Roche since 2016, could also receive up to $927 million in milestone payments, plus royalties on sales outside the United States, Roche said in a statement.
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Jul 14, 2020
People aren't thinking about income taxes in July but if you didn't file April 15 or request an extension, pay attention to the summer deadline.
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Jul 14, 2020
Stock futures were mixed Tuesday morning as investors considered an early batch of corporate earnings results, with early reporter JPMorgan Chase kicking off earnings season on a high note.
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Jul 14, 2020
Biogen (BIIB), in collaboration with Eisai, and the Alzheimer's Clinical Trials Consortium, has initiated a new global Phase 3 clinical study (AHEAD 3-45) with BAN2401, an anti-amyloid beta (Aß) protofibril antibody.The study will evaluate the therapeutic effect of BAN2401 on the progression of Alzheimer's disease in individuals in preclinical (asymptomatic) stages of the disease. These patients are clinically normal and have intermediate or elevated levels of amyloid in their brains.The AHEAD 3-45 program consists of two trials, A3 and A45, which aim to evaluate the potential of BAN2401 to reduce accumulation of harmful amyloid beta aggregates in the brain and prevent cognitive decline due to Alzheimer's disease.A total of 1400 participants will be enrolled in the study, and will be conducted in the US, Canada, Japan, Australia, Singapore and Europe.The A3 trial will enroll participants with an intermediate amount of amyloid in the brain and high risk for further amyloid beta accumulation, and thus at risk for developing clinical symptoms of Alzheimer's disease. The aim is to evaluate the potential of BAN2401 to stop or reduce aggregation of harmful amyloid beta in the brain before any clinical symptoms develop.The A45 trial will enroll participants with elevated levels of amyloid beta in the brain. The trial will measure the effect of BAN2401 in preventing cognitive decline and suppressing progression of Alzheimer's disease pathology in the brain."A successful outcome would provide
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Jul 14, 2020
(Bloomberg) -- China will impose unspecified sanctions on defense contractor Lockheed Martin Corp. after the U.S. approved a possible $620 million deal to supply missile parts to Taiwan, marking the latest in a volley of punitive actions by the superpowers as relations grow colder."China firmly opposes U.S. arms sales to Taiwan," Chinese Foreign Ministry spokesman Zhao Lijian said at a briefing in Beijing on Tuesday. "We will impose sanctions on the main contractor of this arms sale, Lockheed Martin," he said, without elaborating on what form the sanctions may take.The move comes as tensions grow between the U.S. and China on a number of fronts, from the trade war and territorial claims in the South China Sea to the coronavirus pandemic and new security law Beijing imposed on Hong Kong. Zhao, the Foreign Ministry spokesman, called on the U.S. to cut military ties with Taiwan -- which China considers part of its territory -- to avoid "further harm to bilateral relations.""It's tit-for-tat between the two countries," said Shukor Yusok, founder of aviation consultancy Endau Analytics in Malaysia. "The impact this time is going to be small, but it could be the start of more to come."U.S. arms manufacturers face strict limitations on what kind of business they can do with countries deemed by Washington to be strategic rivals, such as China. Lockheed generated 9.7% of its revenue in the Asia-Pacific region last year, according to data compiled by Bloomberg, though that's not broken down by individual
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Jul 14, 2020
Shares in AMC Entertainment Holdings Inc. (AMC) jumped almost 7% in pre-market trading after the cash-strapped U.S. theater chain said it reached an agreement with bondholders to reduce its debt pile by as much as $630 million.The stock rose to $4.55 in Tuesday's pre-market trading as the world's largest theater operator announced that the accord reached with about 73% of a group of lenders of its $2.3 billion in senior subordinated bonds would cut its total debt by between $460 million and $630 million. In addition, AMC's noteholders have agreed to invest $200 million in new AMC first lien notes.Separately, AMC said it has also reached an agreement to restructure some $600 million of convertible notes issued in 2018 to Silver Lake. Upon the closure of the private debt exchange, Silver Lake will provide AMC with $100 million in additional cash in the form of incremental first lien financing.AMC expects the restructuring steps will save the theatre operator between $100 million and $200 million of cash in the near-term."Today is an important day for AMC as we have reached agreements that strengthen AMC's financial position over the long term," said AMC CEO Adam Aron. "Upon the closing of these consensual bond restructurings, we materially will reduce our debt load, increase our cash and extend our maturities."Aron added that AMC "will continue to take bold actions" to shore up its financial position.Since mid-March, AMC Entertainment has been forced to close its movie theatres worldwide and temporarily
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Jul 14, 2020
Delta Air Lines on Tuesday reported an adjusted pre-tax loss of $3.9 billion in the second quarter, as the COVID-19 pandemic that's hammered the airline industry ravaged the company's revenue.
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Jul 14, 2020
JPMorgan boosts its credit reserves as the coronavirus crisis worsens worldwide.
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Jul 14, 2020
Delta Air Lines warned on Tuesday it will be more than two years before the industry sees a sustainable recovery from the "staggering" impact of the coronavirus pandemic, with demand largely tracking the curve of infections in different places. "We're at a stall right now," CEO Ed Bastian told Reuters, saying demand that built up over June for travel to places like Las Vegas, Florida or New York had suffered due to fresh cases and quarantines, while picking up to some mountain and international destinations. Atlanta-based Delta posted a $2.8 billion adjusted net loss, or $4.43 per share, for the second quarter ended June 30 as passenger revenues plummeted 94% during a season that some analysts call the worst in aviation history.
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Jul 14, 2020
It is doubtless a positive to see that the Applied Genetic Technologies Corporation (NASDAQ:AGTC) share price has...
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Jul 14, 2020
(Bloomberg) -- Cruise ship operator Carnival Corp. is back in the debt markets this week, adding around $1 billion to the nearly $7 billion it's borrowed since the coronavirus pandemic devastated the international tourism trade.The world's largest cruise group is selling bonds to international investors in both euros and U.S. dollars, according to people familiar with the matter who asked not to be identified because the information isn't public yet.The deal will come at a price. Early discussions with potential investors have suggested yields of around 10.5% on the euro debt and 11% on the dollar portion, according to one of the people. But that's marginally cheaper than the 11.9% yield on a bond offering in April, before a sustained recovery in credit markets.The once mighty international tourism industry is among the worst hit of the Covid-19 pandemic. Cruise operators such as Carnival have been left with the huge overheads that come with operating fleets of ships when revenues have collapsed. The firm said last week that it expects to burn through $650 million of cash every month through to the end of the year.Those costs have made the company a regular user of the international credit market as a source of funds since the pandemic took hold. Its latest offering comes less than a month after it raised $2.8 billion of loans in dollars and euros. It also sold $4 billion in bonds in April.The notes being marketed this week are secured against its ships but are junior ranking to the loans and bonds
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Jul 14, 2020
Microsoft's (NASDAQ:MSFT) stock is up by a considerable 19% over the past three months. Given that the market rewards...
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Jul 14, 2020
Top news and what to watch in the markets on Tuesday, July 14, 2020.
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Jul 14, 2020
Every investor in Bank of America Corporation (NYSE:BAC) should be aware of the most powerful shareholder groups...
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Jul 14, 2020
Top news and what to watch in the markets on Tuesday, July 14, 2020.
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Jul 14, 2020
China will put sanctions on Lockheed Martin for involvement in the latest U.S. arms sale to Chinese-claimed Taiwan, China said on Tuesday, adding tension to its troubled relationship with the United States. The U.S. weapons maker is the main contractor for a $620 million upgrade package for Taiwan's Patriot surface-to-air missiles, which the U.S. government approved last week.
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Jul 14, 2020
Shares in Aldeyra Therapeutics (ALDX) are climbing 10% in Tuesday's pre-market trading following a SEC filing showing that Joseph Edelman's Perceptive Advisors now holds a 19.1% in the company.According to the filing, Perceptive snapped up 3.2 million shares at an average price of $4.25 on Thursday, taking its indirect beneficial ownership to a total of 6,285,458 shares.The New York-based hedge fund firm has $5 billion under management, and was founded by Edelman in 1999 to focus on investing in biotech stocks. Edelman now has a net worth of $1.2 billion.Shares in Aldeyra are down 11% year-to-date, but analysts have a bullish Strong Buy consensus on the stock with 4 recent buy ratings. The average analyst price target stands at $27 (470% upside potential). (See ALDX stock analysis on TipRanks)On July 7, Aldeyra announced development plans for dry eye disease, which will include two pivotal studies focused on investigating RASP as an objective-sign endpoint for dry eye disease (DED).Reproxalap, the company's lead clinical candidate, is a novel small molecule RASP inhibitor that covalently binds free aldehydes and diminishes excessive RASP levels."In addition to an increased likelihood of FDA approval, the development path could be expedited from the ability to demonstrate RASP in potentially smaller and shorter studies" commented Oppenheimer's Justin Kim following the announcement.He is now seeing with greater clarity reproxalap's potential to be on the market in 2022 and the shift in emphasis on catalysts for the stoc
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Jul 14, 2020
(Bloomberg) -- Before the bankruptcies came the bonuses: $10 million at J.C. Penney Co., $25 million at Chesapeake Energy Corp., $1.5 million at Hertz Global Holdings Inc.That's how much was promised to executives only weeks or in some cases days before bankruptcy, according to a Bloomberg analysis of regulatory filings. Of the 100 or so major companies that have filed since the coronavirus shutdown began, 19 of them have committed to paying a total of $131 million in retention and performance bonuses, both before and after bankruptcies, a number that's poised to climb as a record number of Americans are jobless and the pandemic spreads.The companies say they need to keep their management teams to help turnaround consultants repair the damage, even when it means rewarding people who were in charge when the business began sinking. The timing of some of the bonuses, before the filing, legally heads off opposition from creditors, who can't block such payouts unless they're made after a case reaches court.The practice isn't new, but the context is unprecedented. The economy is in a tailspin, and while thousands more Americans stand to lose their jobs in J.C. Penney's bankruptcy, the $4.5 million going to Chief Executive Officer Jill Soltau, who in fairness took over in 2018, when the company was already decades in decline, is pretty much a done deal, as are other payouts."We really find them offensive in light of the median worker pay, the reductions in benefits and layoffs due to store closings,
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Jul 14, 2020
Roche has struck a $1.7 billion cancer drug pact with Blueprint Medicines, it said on Tuesday, as advances in genetic testing for rare mutations drive lucrative deals for expensive treatments. The Swiss drugmaker will pay $675 million in cash and make a $100 million equity investment in Blueprint for rights to pralsetinib, which could gain U.S. approval against so-called RET-altered non-small cell lung cancer in November. U.S. company Blueprint, which has been working with Roche since 2016, could also receive up to $927 million in milestone payments, plus royalties on sales outside the United States, Roche said in a statement.
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Jul 14, 2020
The Finnish firm hopes the software will help it in its battle against Huawei and Ericsson for next wave of 5G orders as the technology should allow carriers to save on costs. "This solution will save the telecommunications industry potentially tens of billions of euros in site engineering and re-visit costs," Nokia said in a statement.
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Jul 14, 2020
BigCommerce on Monday announced it has filed for an initial public offering with the United States Securities and Exchange Commission.The e-commerce software-as-a-service provider put $100 million as a placeholder amount to be raised in the IPO in the SEC filing, as is standard practice. It didn't share a pricing range for its stock, and companies typically replace the placeholder amount in further filings.The Shopify Inc. (NYSE: SHOP) competitor said it will list its share at the Nasdaq Stock Market under the ticker "BIGC."Morgan Stanley (NYSE: MS) and Barclays PLC (NYSE: BCS) are serving as lead book-running managers for the IPO. Other underwriters include Jefferies Group LLC and KeyCorp's (NYSE: KEY) KeyBanc Capital Markets.BigCommerce has raised $219.2 million in seven funding rounds to date, according to data from Crunchbase.Some of the Austin-based company's backers include Goldman Sachs Group Inc. (NYSE: GS) and SoftBank Group Corp. (OTC: SFTBY).Image: BigCommerceSee more from Benzinga * Australia's University Of Queensland Starts COVID-19 Vaccine Clinical Trials * US Secret Service Purchased Blockchain Analytics Software From Cryptocurrency Exchange Coinbase * Qualcomm To Invest M In India's Jio Platforms, Joining Facebook, Intel As Stakeholders(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Jul 14, 2020
Shares in Mohawk Industries (MHK) dropped almost 5% in extended market trading on Monday after the flooring company disclosed that it is being sued for allegedly "fabricating" sales and overproducing products to report higher operating margins, among other violations.The stock declined to $72.99 in Monday's after-market trading. According to a SEC filing, an amended class action complaint for violations of federal securities laws was filed against Mohawk and its CEO Jeff Lorberbaum in the Northern District of Georgia on June 29. The complaint alleges that Mohawk fabricated revenues by attempting delivery to customers that were closed and reporting these as sales. It is also claimed that the flooring company overproduced product to report higher operating margins and maintained "significant" inventory that was not salable and that it improperly delivered inventory knowing that it was defective and customers would return it."The company intends to vigorously defend itself in the lawsuit," Mohawk said in the filing.Furthermore, the company reported that on June 25, it received subpoenas by the U.S. Attorney's Office for the Northern District of Georgia and the SEC on topics similar to those raised by the amended complaint adding that it is cooperating with those authorities.Mohawk's operations have been hit hard by the lockdown mandates during the coronavirus outbreak sending its shares down 49% so far this year.Commenting on its financial situation, Mohaw
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Jul 14, 2020
The U.S. Air Force has awarded Boeing (BA) a nearly $1.2 billion contract to build the first lot of eight F-15EX advanced fighter jets to help the service meet its capacity requirements and add capability to its fighter fleet. The award also covers support and one-time, upfront engineering costs.Already under construction at the Boeing F-15 production facility in St. Louis, the first two jets deliver next year. Future plans call for as many as 144 aircraft, says Boeing.This is part of a massive indefinite-delivery/indefinite-quantity contract from the US Air Force with a ceiling value of nearly $23 billion for the F-15EX."The F-15EX is the most affordable and immediate way to refresh the capacity and update the capabilities provided by our aging F-15C/D fleets," Gen. Mike Holmes, Air Combat Command commander, said in a statement. "The F-15EX is ready to fight as soon as it comes off the line."Meanwhile Lori Schneider, Boeing F-15EX program manager commented: "The F-15EX is the most advanced version of the F-15 ever built, due in large part to its digital backbone," adding "Its unmatched range, price and best-in-class payload capacity make the F-15EX an attractive choice for the U.S. Air Force."This delivery order provides for design, development, integration, manufacturing, test, verification, certification, delivery, sustainment and modification of F-15EX aircraft, as well as spares, support equipment, training materials, technical data and technical support, according to the announcement.Work
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Jul 14, 2020
(Bloomberg) -- Saudi Arabia commended Iraq for implementing almost all its pledged oil-production cuts and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among OPEC members over cheating of quotas are being resolved.Saudi Energy Minister Prince Abdulaziz Bin Salman spoke to his Iraqi counterpart Ihsan Abdul Jabbar, according to a joint statement from their offices on Monday. The prince said he was satisfied with Baghdad's improved compliance in June.Prince Abdulaziz also had a call with Nigeria's de facto oil minister, Timipre Sylva. The Saudi minister stressed the importance of all countries adhering to their commitments to cut oil output, while Sylva said Nigeria would compensate until September for producing more than its quota allowed in May and June, according to a separate statement.Iraq, Nigeria and other nations such as Angola have came under fire from Saudi Arabia and Russia -- the effective leaders of the OPEC alliance -- for over-production. The Organization of Petroleum Exporting Countries and its allies agreed in April to cut supply by almost 10 million barrels a day to prop up prices in the face of the coronavirus pandemic.Last month, OPEC produced 22.7 million barrels a day, the lowest amount in almost three decades.Brent crude has more than doubled since April to $42.28 a barrel thanks to the cuts and an easing of virus lockdowns in many countries. But it's still down 36% this year, putting huge strain on the finances of oil produce
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Jul 14, 2020
Gold is testing strong overhead resistance just above the $1,800 level. How gold behaves now and over the next several weeks will determine its trajectory for at least the next 18 months.
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Jul 14, 2020
With a price-to-earnings (or "P/E") ratio of 42x boohoo group plc (LON:BOO) may be sending very bearish signals at the...
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Jul 13, 2020
Trump has justified his public assurances that the virus will quickly go away by arguing he needs to be "a cheerleader" for the United States to avoid creating "havoc and shock." The United States has the highest number of confirmed coronavirus infections and deaths in the world. "We simply never believed 'what happens in China stays in China,'" Singh wrote in a letter to investors last week that was seen by Reuters.
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Jul 13, 2020
Austin, Texas, is a progressive city in a conservative state with a thriving software industry and a "Keep Austin Weird" counterculture image. With a decision expected within a few weeks, the Austin-versus-Tulsa contest is heating up as Tesla and its chief executive, Elon Musk, stoke a bidding war over tax breaks and other concessions that would reduce the factory's cost. Travis County, home to Austin, is expected to vote this week on a portion of ten-year tax rebates totaling more than $65 million.
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Jul 13, 2020
Shares of Tesla surged 16% early in the session before joining a sell-off along with other big-name Nasdaq stocks, including Amazon , Microsoft and Nvidia , that have outperformed in recent months. With investors betting Tesla could show a quarterly profit in its July 22 report and potentially join the S&P 500 index, traders at one point on Monday paid $1,794.99 per share, a premium of almost $300 over Tesla's previous closing price. Only the second daily decline for Tesla in 10 sessions came after the company on Saturday cut the price of its Model Y sport utility vehicle by $3,000, just four months after its launch, as it tries to maintain sales momentum in the COVID-19 pandemic.
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Jul 13, 2020
The coronavirus is here to stay. Well, hopefully not indefinitely, but for longer than anyone was expecting when it first began making headlines at the turn of the year. The recent surge in cases just as the economy was reopening means an additional stay-at-home period might be in the cards. In such a situation, what are we to do? Watch Netflix (NFLX).That is the basis for the Netflix bull case from Monness analyst Brian White, who said, "Given the expansion of this COVID-19 crisis across a larger swath of the U.S., disrupting more states and further exasperating fears of a second-wave potentially returning to the hardest hit geographies later this year, there is a view developing that this pandemic will be with us longer than many first expected and we believe people will continue to tune into Netflix as a core source of entertainment."The 5-star analyst expects another strong showing, when Netflix posts 2Q20 earnings this Thursday (July 16). Although White doesn't think Netflix will report the same record-breaking number of new subscribers as it did in Q1 - recall, Netflix added 15.8 million global accounts in the first quarter - he still predicts 7.5 million new additions, amounting to a year-over-year increase of 26%. Overall, White's estimates are in line with the rest of the Street, expecting revenue to increase by 23% year-over-year to $6.05 billion (consensus calls for $6.08 billion) and EPS to come in at $1.81 - identical to the consensus estimate.The downside is that White expects low
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Jul 13, 2020
If you're looking for a large-cap success story from this coronavirus-stained year, look no further than GPU giant Nvidia (NVDA). Driven by two segments - gaming and data center - perfectly suited to the times, investors have rewarded Nvidia with share gains of over 70% year-to-date. So, is now the time to reduce exposure to this impressive performer?Au contraire, says Rosenblatt analyst Hans Mosesmann, who argues Nvidia's "data center and gaming tailwinds are just getting started." The 5-star noted, "We continue to like the Nvidia story over the long-term, as we see the secular shift to data processing units within the data center, the entrance into new markets (inference, analytics, machine learning), and strategic partnerships (Mercedes-Benz, potentially others) helping to drive strong revenue growth over the coming years."Mosesmann doesn't expect data center momentum to slow down anytime soon. With the recent addition of data specialist Mellanox, the segment now makes up 40% of Nvidia's overall business. Along with Mellanox, Mosesmann sees additional tailwinds stemming from the A100 Tensor Core GPU - the world's fastest cloud and data center GPU - and "the secular shift within the data center to the data processing unit (DPU)."As for gaming, with most games now able to run on different platforms, Nvidia will benefit from users' ability to purchase new GPUs along with new consoles. Therefore, the launch of new gaming consoles during the holiday season should act as another ta
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Jul 13, 2020
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]
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Jul 13, 2020
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]
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Jul 13, 2020
Unlike other industries, the coronavirus' impact on parcel delivery services has been more nuanced. The drop in volume for the traditionally more profitable B2B segment has been countered by the massive increase in B2C deliveries, which are typically more margin tight. So much so, these companies are finding it difficult to meet demand.This is true of package delivery giant United Parcel (UPS). In normal times, the mix between B2C and B2B is evenly split, but by the end of March, the pandemic resulted in the B2C segment boasting 70% of delivery volume.In a recent note to clients, Credit Suisse analyst Allison Landry ponders how the increasing volume in a less profitable segment impacts UPS.Landry said, "UPS is at an existential crossroads with COVID having pulled forward what was initially expected to be 8-10 years of B2C/residential mix into just a few short months… The margin erosion from higher cost B2C has long been problematic - amplified by the massive upswing in capex required to more efficiently handle these volumes - but the good news, in our view, is that the profound pandemic-driven acceleration in mix will force a permanent, structural pricing tailwind in the domestic parcel market."The other good news, according to Landry, is United Parcel's recent appointment of new CEO Carol Tomé. The ex-Home Depot CFO brings with her extensive experience, a proven track record, as well as a reputation for improving performance. Tomé was instrumental in making Home Depot one of the be
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Jul 13, 2020
The Financial Times newspaper first reported the findings from a court filing, which was made public Monday. Bridgewater Associates had started the case against two former employees, Zachary Squire and Lawrence Minicone, with the claim that they breached their contracts and misappropriated trade secrets.
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Jul 13, 2020
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]
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Jul 13, 2020
(Bloomberg Opinion) -- Copper has erased losses racked up in the early months of the coronavirus outbreak. China's economic uptick, set to be confirmed by second-quarter figures this week, is encouraging an optimistic view of demand. Latin American supply constraints may be a bigger factor in propelling the price higher, though, with pandemic-related closures and the prospect of strikes ahead. Neither threat will ease soon.China, which accounts for roughly half of global copper demand, is certainly doing its bit to encourage bulls. Industrial production rose 4.4% from a year earlier in May and is likely to have accelerated further in June. Gross domestic product will expand 3.4% in the second quarter, Bloomberg Economics forecasts, after contracting in the first three months. Property sales in major cities like Beijing and Shanghai rose above pre-pandemic levels in mid-June. Appetite elsewhere is recovering more slowly — a problem, given almost a third of mainland copper consumption is eventually exported — but China has unquestionably helped the metal's recovery from its March lows. Copper has climbed about 40% since then, and is up more than 6% this year to just shy of $6,600 per metric ton on the London Metal Exchange.The spotlight is now moving. After an initial lift from demand, it is output that is pushing prices higher, as some of the world's largest producers struggle to contain the Covid-19 epidemic. A forecast 2020 copper surplus is beginning to look like a potential deficit.The headache? Latin America, which has turned into a coronav
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Jul 13, 2020
Posted by OFX AUD - Australian Dollar The Australian dollar appeared poised to break back above 0.70 US cents through trade on Monday, following equities higher before a swift reversal in risk demand drove both the AUD and key equity indices lower. An increased appetite for risk helped push the AUD higher … Continue reading "Aussie dollar range bound; beholden to the ebb and flow of risk aversion"The post Aussie dollar range bound; beholden to the ebb and flow of risk aversion appeared first on .
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Jul 13, 2020
A lot of people in the stock market want Nikola Corporation (NKLA) to be the next Tesla. Unfortunately, the company filed a prospectus allowing shareholders to dump a large amount of shares that will cause an overhang on the stock. Nikola has yet to generate revenues from vehicle sales, yet the stock already has a market value of $21 billion, an amount approaching the level of Ford. The company has the innovative promise similar to Tesla in the vehicle space with the goal of building a fleet of hydrogen fuel-cell electric trucks, but the hype extends far beyond reality here and the selling shareholders know this.20% of the SharesThe company only went public on June 4 via a merger with VectoIQ, yet shareholders are already getting ready to leave. You can't blame them with the stock soaring from below $15 before the deal was announced to above $90 at the high point.A few weeks ago, the company filed a prospectus to allow shareholders to unload 23,890,000 warrants and 53,390,000 shares for a combined 77,280,000 shares at a future date. The good news is that Nikola will receive the $11.50 value per warrant for total aggregate proceeds of $275 million. The bad news is that shareholders want to sell over 20% of the company, giving the stock an overhang until these shares are sold.As a result, Nikola will have around $1.0 billion in cash to fund operations.Not Close to Tesla YetThe market is already assigning a Tesla valuation to a company without a production vehicle. At the end of 2019, Nikola listed 14,000 orders for a $10 billion
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Private Label