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MarketWatch MarketPulseJul 16, 2020
Coronavirus tally: Global cases of COVID-19 climbs to 13.6 million after record one-day increase
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 13.3 million on Wednesday, according to data aggregated by Johns Hopkins University, after 230,400 new infections were recorded on Wednesday, the highest number for a one-day period since the start of the outbreak. The previous record was about 229,900 set last Friday. The death toll rose to 584,556, the data shows. At least 7.6 million people have recovered. The U.S. leads the world with 3.49 million cases, or about a quarter of the global total, and 137,419 deaths. Florida, the new U.S. hot spot, saw its case tally climb above 300,000 with 4,520 deaths, or 21 per 100,000, according to a New York Times tracker. Brazil is second to the U.S. with 1.97 million cases and 75,366 deaths. India is third measured by cases at 968,657 followed by Russia with 751,612 and Peru with 337,751. The U.K. has 45,138 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 85,247 cases and 4,644 fatalities.

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 MarketPulseJul 16, 2020
Bank of America profit slides as it boosts loan loss provisions, but results top estimates
Bank of America Corp. said Thursday it had net income of $3.5 billion, or 37 cents a share, in the second quarter, down from $7.3 billion, or 74 cents a share, in the year-earlier period. The number was weighed down by a $4 billion build in loan loss provisions during the coronaivirus pandemic. Revenue fell to $22.3 billion from $23.1 billion. The FactSet consensus was for EPS of 28 cents and revenue of $21.8 billion. "Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business," Chief Executive Brian Moynihan said in a statement. Net interest income fell 11% to $10.8 billion, driven by lower interest rates. Non-interest income rose 5% to $11.5 billion, buoyed by strong capital markets results. Sales and trading revenue rose 28% to $4.2 billion, as FICC (fixed income, currencies and commodities) revenue climbed 50% to $4.2 billion and equities revenue rose 7% to $1.2 billion. Investment banking fees rose 57% to a record $2.2 billion, amid record capital raising by companies seeking to bolster liquidity during the pandemic. Shares fell 2% premarket and are down 30% in the year to date, while the S&P 500 has fallen 0.1%.

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 MarketPulseJul 15, 2020
Netflix's stock gets another price target boost, this time from Morgan Stanley's Benjamin Swinburne
Another analyst raised their price target on Netflix Inc.'s stock Wednesday, with Morgan Stanley's Benjamin Swinburne the latest to boost his outlook on the streaming video company just ahead of earnings, citing expectations of "higher long-term penetration and margins." Swinburne raised his target by 19% to $575, which is about 10% above current prices, from $485. He reiterated the overweight rating he's had on the stock for at least the past five years. "There is much debate over the pull-forward effect of the [COVID-19] pandemic on Netflix's strong member growth," Swinburne wrote in a note to clients. "Less discussed but potentially quite profound is the benefit of greater scale, sooner." He said he believes the greater scale will accelerate engagement growth even in Netflix's most mature markets and put pressure on its primary competition, the incumbent TV broadcasters. There have now been no less than eight price target increases in the past week, and 10 target increases this month, according to FactSet. The average price target has increased to $494.29, which is 5.4% below current levels, from $468.34 at the end of June. Netflix is scheduled to report second-quarter earnings after Thursday's closing bell. Netflix's stock slipped 0.4% in morning trading, putting it on track for a third-straight loss since closing at a record $548.73 on Friday. It has run up 14.9% this month, while the S&P 500 has gained 4.4%.

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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