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Yahoo BusinessAug 14, 2020
Oil Set for Weekly Gain With U.S. Rebound Outweighing IEA Report
(Bloomberg) -- Oil headed for a second weekly gain as signs an energy demand recovery in the U.S. is gaining traction outweighed a more pessimistic report from the International Energy Agency.Futures in New York edged higher near $42 a barrel Friday and are up around 3% for the week. A slew of encouraging data on U.S. crude stockpiles, gasoline consumption and refinery activity spurred the biggest daily jump in three weeks Wednesday. The optimism was tempered the following day as the IEA cut its global demand estimates for almost every quarter through the end of 2021.The agency's steepest downgrades were for the second half of this year and it said the outlook for jet fuel consumption had worsened in the last few weeks as the coronavirus spread more widely. On a brighter note, the IEA said that world markets should tighten during the rest of the year as activity recovers and Saudi Arabia and other OPEC nations keep production in check.Crude closed at a five-month high on Wednesday and is threatening to break out of the tight range it's been trading in for the last couple of months. That promises to be tough though, as it will need to overcome a still-surging coronavirus and large inventory overhangs. However, an expected increase in Chinese buying later in the year may lend some support."This week's inventory data was supportive, but the next significant catalyst that the market is focused on could be the U.S. coronavirus stimulus package," Stephen Innes, chief global market strategist at AxiCorp Ltd., said

Yahoo BusinessAug 13, 2020
Pharmacy to pay $3.5 mln to resolve U.S. claims it helped Teva pay kickbacks
Shares in Lemonade (LMND) dropped 5% in Tuesday's after-hours trading after the digital insurance company reported its inaugural earnings following the July 2 IPO. 2Q adjusted gross profit was modestly ahead of Street estimates, with KPIs beating substantially.Specifically, Q2 GAAP EPS of -$1.77 beat Street forecasts by $0.41 while revenue of $29.9M surged 116.7% year-over-year, and topped consensus expectations by $0.59M.Gross Earned Premium came in up 121% year-over-year and 4% above Street estimates, vs. 1Q's 143%. And 2Q adjusted gross profit rose 203% year-over-year, yielding a 20% ratio of adjusted gross profit to gross earned premium.IFP, defined as the aggregate annualized premium for customers as of the period end date, soared 115% to $155.1M compared to the same quarter last year, primarily due to an 84% rise in the number of customers, as well as a 17% increase in premium per customer. Indeed total customer count was up 84% at 814,160 vs 2Q 2019.However, looking forward, LMND is guiding for Q3 revenue of $14M-$15M, falling short of the $15.2M consensus and $29.9M revenue delivered during the second quarter. That's alongside revenue for the full year of $86M-$88M- again coming slightly below the $88.9M expected by consensus."Q3 is, historically, a moving season, and has typically been our strongest growth quarter as many people move in time for the new school year. The pandemic has put school openings in question - and we don't know how this may change the migratory patterns of Americ
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