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May 28, 2020
Stock futures were mixed Thursday morning, mostly holding gains after the S&P 500 pushed to an 11-week high a day earlier.
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May 28, 2020
(Bloomberg) -- South Korea reported its biggest spike in new coronavirus cases in nearly two months, raising concerns about a second wave of infections. Small clusters also emerged in several locations in Japan in its first week since the emergency was lifted.Cases continued to soar in Brazil and America reached the grim milestone of 100,000 deaths, the most in the world. The U.K.'s coronavirus tracing program was hit by technical problems on the day of its launch, with some health-care workers unable to log-on to the system.Roche's immune suppressor Actemra will be paired with Gilead's antiviral remdesivir in a late-stage trial of a drug combination, while GlaxoSmithKline said it will produce 1 billion doses of a vaccine adjuvant -- a booster that can help any brand of shot -- to support immunization against the pandemic.Key Developments:Virus Tracker: Cases top 5.6 million; deaths over 355,000A radical plan and $2.6 trillion bring Europe back from abyssDisney's Florida theme parks expected to reopen in JulyGreen shoots emerge in world economy as lockdowns easeYouTube misinformation fight trips on drug touted by TrumpHow can I get it? The evidence on transmission: QuickTakeSubscribe to a daily update on the virus from Bloomberg's Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week's top stories from QuickTake, click here.U.K. Tracing System Hit By Technical Glitches (7:44 a.m. NY)The U.K.'s coronavirus tracing program was hit by technical
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May 28, 2020
Top news and what to watch in the markets on Thursday, May 28, 2020.
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May 28, 2020
Billionaire hedge fund manager Bill Ackman said that his Pershing Square Capital Management Ltd. has exited investments in Warren Buffett's Berkshire Hathaway, the Blackstone Group Inc. (BX) and Park Hotels & Resorts (PK).Pershing Square's stock holding in Berkshire was valued at about $1 billion as of the end of March. Ackman divested the Blackstone position as shares have soared about 57% over the past two months, erasing all of their losses from earlier this year.Despite strong stock market volatility triggered by the coronavirus pandemic, Pershing's portfolio this year returned 27% on its investments as of May 26.Speaking on an investor conference call, Ackman said that Pershing Square has about 85% to 98% of its assets invested in its funds and is holding cash positions of between 15% and 20%."We think it's a very different environment than when we made the investment in Berkshire a year ago", said partner Ryan Israel, who oversaw Pershing's Berkshire investment, on the investor call. "We continue to think Berkshire will be a strong investment over the longer term, but we also think the current environment means there may be more than typical opportunities for us to see very high-returning investments and we wanted to make sure we have enough cash."At the beginning of the year, Ackman moved to protect the firm's stock portfolio against coronavirus-related panic selling in markets by buying credit default swaps. Pershing Square yielded a stellar $2.6 bil
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May 28, 2020
Box, Inc. (NYSE:BOX), which is in the software business, and is based in United States, saw a significant share price...
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May 28, 2020
(Bloomberg) -- Oil extended declines after a industry report showed U.S. crude inventories swelled for the first time in three weeks.Futures fell 1.4% in New York, following Wednesday's 4.5% decrease. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data, raising questions about the strength of the market's return to balance. Meanwhile, Chinese lawmakers approved a Hong Kong security legislation, setting the stage for increased tensions with America.Oil's rally started to falter Wednesday as Russia indicated it wants to stick with OPEC plans to ease output cuts from July. Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed bin Salman reiterated their cooperation on the deal ahead of a June 9-10 meeting. While OPEC nations have shown high compliance with the current deal, investors are weighing if that will continue.The API data "was not a pretty read," said Tamas Varga, analyst at PVM Oil Associates Ltd. If confirmed by official government data later on Thursday, "the recovery from yesterday's slump will take more than just a day."Oil in New York is still up about 70% this month, the most since at least the early 1980s. Demand is starting to recover as many countries ease virus lockdowns. The physical market has been showing some signs of strength, with refiners across Asia buying distressed cargoes. The top U.S. infectious disease expert said there is a chance that a coronavirus vaccine will be
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May 28, 2020
(Bloomberg) -- Economic sentiment in the euro area rose from a record low after companies started to reopen across the continent following the easing of pandemic restrictions.A small pickup in the European Commission gauge is consistent with similar reports in recent weeks that suggest the 19-nation region is slowly working its way out of the worst crisis in living memory. At the same time, the loss of jobs and business to weeks of lockdowns is likely to leave lasting damage on the fabric of the economy.The recovery in industry confidence in May was driven entirely by higher production expectations, which reversed roughly half their slide of the previous two months. At the same time, manufacturers became more pessimistic about demand, and sentiment in services also worsened, reflecting the particular pressure on hotels, restaurants and tourism.The European Union's executive arm unveiled an unprecedented stimulus package Wednesday that's anchored by 750 billion euros ($825 billion) of joint debt issuance and skewed toward euro members most affected by the pandemic including Italy and Spain.Governments have also announced generous individual initiatives to help their economies regain ground. Earlier this week, President Emmanuel Macron unveiled a raft of measures aimed at reviving France's struggling car industry. Germany is set to present a comprehensive plan in early June.European Central Bank President Christine Lagarde has praised member states for their quick response and tried to alleviate c
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May 28, 2020
(Bloomberg) -- Nasdaq 100 Index futures fell on a report Donald Trump is preparing to sign an executive order that could threaten to penalize Facebook Inc., Google and Twitter Inc. for the way they moderate content on their sites.Contracts for June delivery on the Nasdaq 100 fell as much as 0.8%, before paring losses to 0.4% as of 9:32 a.m. in London. Trump's upcoming executive order aims for federal regulators to review a law that spares tech companies from liability for comments and content posted by users, the Washington Post reported. Investor sentiment was also damped by deteriorating U.S.-China ties."U.S. tech stocks are dropping on profit taking and risk aversion, as they are at the forefront of the U.S.-China cold war," said Nader Naeimi, the head of dynamic markets at AMP Capital Investors Ltd. in Sydney. In addition, there is news that "Trump is preparing to sign an executive order that could threaten to penalize Facebook, Google and Twitter."Trump is poised to take action Thursday that could bring a flurry of lawsuits down on Twitter, Facebook and other technology giants by having the government narrow liability protections that they enjoy for third parties' posts, according to a draft of an executive order obtained by Bloomberg.While Nasdaq 100 futures declined, contracts on other indexes were mixed. Futures on the S&P 500 were little changed and those on Dow Jones Industrial Average advanced 0.4%. The underlying S&P 500 climbed to the highest since early March on Wednesday, holding above 3,
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May 28, 2020
(Bloomberg) -- It was anything but an ordinary afternoon for Hong Kong stocks as Chinese lawmakers approved a controversial plan to impose national security legislation for the city.The Hang Seng Index plunged as much as 2.2% before erasing all its losses. A rally for Chinese companies spurred speculation that mainland-based funds were behind the gains. The gauge closed 0.7% lower.There was also speculation of intervention in the currency market, with the offshore yuan strengthening just as traders said they saw some state-run banks selling dollars. Premier Li Keqiang opened a press conference at around 4 p.m. after The National People's Congress approved the draft decision by a vote of 2,878-1 at its annual session in Beijing."There are signs that mainland funds are buying into big-cap Chinese firms in Hong Kong, such as financial stocks and telecom, to support the index," said Steven Leung, executive director at Uob Kay Hian (Hong Kong) Ltd.The Trump administration on Wednesday took the significant step of saying it could no longer certify Hong Kong's autonomy from China, which was promised before the British handed the city back in 1997. The move could trigger a range of actions by the Trump administration, from sanctions on Chinese officials to revoking the city's special trading status with the U.S.The Hang Seng Index recouped almost all of its 2.2% loss in the first 90 minutes of the afternoon session, with Chinese firms including state-owned China Construction Bank Corp. and Industrial and Commercial B
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May 28, 2020
(Bloomberg) -- The German government bristled at the European Commission's antitrust demands on its 9 billion-euro ($9.9 billion) bailout of Deutsche Lufthansa AG, in a sign of rising tensions over the stalled aid package.The insistence by officials in Brussels that Lufthansa ditch some of its takeoff-and-landing slots in Frankfurt and Munich is unfair, German Transport Minister Andreas Scheuer told Germany's Bild newspaper late Wednesday."The European Commission doesn't do this with other airlines," Scheuer said in comments to the newspaper, citing Italy's plan to nationalize Alitalia SpA as an example.Concerns that European Union requirements would hit Lufthansa's business led the airline's supervisory board to unexpectedly hold off on accepting the German lifeline on Wednesday, throwing the rescue plan into turmoil after weeks of talks. The labor-heavy board sees a threat that jobs would be lost and the market would shift toward discount airlines that pay less.The stalemate has taken Lufthansa's crisis to a new level of urgency, with Germany's government trying to square clear-cut EU rules with governance dynamics at the airline. In the balance is the arrival of much-needed funds. Chief Executive Officer Carsten Spohr warned employees Wednesday that the airline would struggle to pay wages in June if it can't get hold of the bailout cash, according to a person familiar with the matter.Aid TermsThe German aid package unveiled on Monday involves the state taking an initial 20% stake in Lufthan
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May 28, 2020
Macy's Inc. (NYSE: M) on Wednesday announced it has priced a $1.3 billion debt offering at an interest rate of 8.375%.The amount to be raised is $200 million above what the retailer stated earlier on Tuesday. Macy's said the offering for the 5-year bonds is expected to close on June 8.The Cincinnati-based company said the funds raised would be used to repay all outstanding amounts under an existing revolving credit facility.JPMorgan Chase & Co. (NYSE: JPM), Goldman Sachs Group Inc. (NYSE: GS), Bank of America Corp. (NYSE: BAC), and Credit Suisse Group AG (NYSE: CS) acted as book runners for the offering, according to the Wall Street Journal.Retailers Kohl's Corporation (NYSE: KSS) and Nordstrom Inc. (NYSE: JWN) also raised funds in bond offerings in recent week.Macy's stock posted its largest percentage gain in a day on record on Wednesday, as earlier noted by MarketWatch.The jump came as interest in the debt offering showed that investors are still optimistic about a recovery in the retail sector. Macy's has been among the retailers that struggled to return profit even ahead of the novel coronavirus (COVID-19) pandemic.Macy's shares closed 19.6% higher at $7.38 on Wednesday and added another 7% in the after-hours session at $7.90.See more from Benzinga * Macy's Downgraded From S&P 500 To SmallCap 600 Index As Company's Market Cap Shrinks To .5B(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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May 28, 2020
Boeing Co (BA) announced that it is laying off another 6,770 employees in the U.S. as the U.S. planemaker is cutting costs to cope with the impact that the coronavirus pandemic is having on the aviation industry.Boeing said it is taking these streamlining measures as travel restrictions tied to the coronavirus pandemic have resulted in a deep cut in the number of commercial jets and services its customers need over the next few years. Earlier this month, the planemaker reported that it did not receive a single order in April, while it was also grappling with 108 order cancelations for its grounded 737 MAX plane.In response to the aviation crisis, Boeing announced in April that it would slash 10% of its global workforce of 160,000 by the end of this year.In a separate statement, the ailing planemaker said it has restarted 737 MAX production at its factory in Renton, Washington, albeit at a low rate and is planning to gradually ramp up production this year. Temporary suspension of production had begun in January after the company grounded the 737 MAX jet last year following a second crash."We are seeing some green shoots. Some of our customers are reporting that reservations are outpacing cancellations on their flights for the first time since the pandemic started," Boeing President and CEO Dave Calhoun wrote in a letter to employees. "Some countries and U.S. states are starting cautiously to open their economies again. And some parts of our business, most notably on the defense side, will continue hiring to meet custome
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May 28, 2020
(Bloomberg) -- Oil extended its drop to trade near $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.Futures fell 2.7% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.Oil's rally started to falter Wednesday after Moscow signaled that it wanted to scale back supply cuts pledged under the OPEC agreement from July, but Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman later reiterated their cooperation to the deal ahead of a June 9-10 meeting.Oil is still up almost 70% this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions. The physical market is showing signs of recovery, with refiners across Asia buying distressed cargoes, while the top U.S. infectious disease expert said there is a chance that a coronavirus vaccine will be available by the end of the year.However, the damage inflicted by the pandemic continues to reverberate across the industry, with Chevron Corp. planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among majors. Relations between Washington and Beijing deteriorated further aft
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May 28, 2020
Alibaba Group Holding Ltd is emerging as one of China's biggest corporate winners of the coronavirus crisis, gaining the opportunity to expand its businesses and solidify its status as a critical part of the country's socio-economic engine. While many companies are hurting from disruption caused by the virus, Alibaba has seen traffic at its online marketplaces shoot higher and demand grow for services like food delivery. The company, which emerged as China's leading e-commerce company after the 2003 SARS outbreak, is now positioning itself as a hirer and a lender too, advertising for over 100,000 jobs and offering billions of dollars in loans to small and mid-sized enterprises (SMEs) at a time when many others are retrenching.
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May 28, 2020
(Bloomberg Opinion) -- Don't fight the U.S. Federal Reserve — repeat that mantra until it sticks.Jamie Dimon, the boss of JPMorgan Chase & Co., put it well this week. "This wasn't the bazooka," he said, referring to Jay Powell's response to the coronavirus crisis. "The Fed took out the whole military and applied it. Just announcing these programs reduced spreads (the difference between corporate bond yields and their benchmarks) in the market. It's going to save a lot of small businesses." In the past month, the equity market's glass has gone from pretty much empty to at least half full and that's down to the coordinated fiscal and monetary effort from authorities far and wide. You want some quantitative easing? Please, have some more and take some for the journey home. Even those foot draggers at the European Union are talking about radical fiscal action. We won't really see a V-shaped economic recovery, but it seems seem like we've stopped the L.Nonetheless, this is a recovery based so far on asset-price inflation rather than any economic data. Central bank and government action may have restored financial valuations but real incomes will still suffer dramatically for a long while to come. Unemployment and diminished consumption cannot be magicked away.The stock market is looking even further into the distance than usual to justify its valuations, which is sometimes hard to square away against a constant stream of dire economic statistics and evaporating company earnings. Since QE came to life during the global financial crisis,
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May 28, 2020
The company on Thursday signed an agreement with Swiss firm CordenPharma for the supply of large-scale volumes of lipid excipients used to produce its vaccine candidate. Moderna said last week that its vaccine candidate, the first to be tested in the United States, produced protective antibodies in a small group of healthy volunteers, offering a glimmer of hope for a vaccine among the most advanced in development. "This expansion will increase supply of lipid excipients used to manufacture our mRNA products," Moderna's chief technical operations and quality officer, Juan Andres, said.
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May 28, 2020
Novavax (NVAX) on Wednesday announced the acquisition of Praha Vaccines to help the late-stage biotech company produce over 1 billion doses of its experimental Covid-19 vaccine candidate starting in 2021.The U.S. company will buy the manufacturing plant for about $167 million in an all cash transaction. Starting in 2021, the plant is expected to provide an annual capacity of over 1 billion doses of antigen for the company's vaccine candidate, also known as NVX-CoV2373. As part of the transaction, about 150 employees with experience in vaccine manufacturing and support will join Novavax."Manufacturing capacity is a critical component of our strategy to deliver a vaccine for the COVID-19 pandemic," said Stanley C. Erck, President and CEO of Novavax. "This acquisition provides the vital assets required to produce more than 1 billion doses per year. We will continue efforts to expand antigen capacity in the U.S. and Asia, and increase production of Matrix-M to match antigen capacity at multiple sites globally."NVX-CoV2373 consists of a stable, prefusion protein antigen made using Novavax's proprietary nanoparticle technology and includes its proprietary Matrix-M adjuvant. On Tuesday, Novavax announced that it is starting human testing in its Phase 1/2 clinical trial of the vaccine candidate and is expecting results in July.The Praha Vaccines acquisition is supported by a funding arrangement with the Coalition for Epidemic Preparedness Innovations (CEPI), which
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May 28, 2020
Shares in troubled car rental company Hertz Global Holdings (HTZ) sunk a further 11% to $1.16 in Wednesday's after-hours trading on the news that Carl Icahn has sold his Hertz stake at an apparent loss of about $1.8 billion.Icahn divested 55.34M common shares for $39.8M, at a price of $0.72/ share on May 26, an SEC filing revealed. He previously owned a 39% stake in Hertz and had three representatives on the board.The 84-year old hedge fund manager stated "I have been an investor and supporter of Hertz since 2014. Unfortunately because of Covid-19 which has caused an extremely rapid and substantial decrease in travel, Hertz has encountered major financial difficulties and I support the Board in their conclusion to file for bankruptcy protection.""Yesterday I sold my equity position at a significant loss, but this does not mean that I don't continue to have faith in the future of Hertz. I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company. I intend to closely follow the Company's reorganization and I look forward to assessing different opportunities to support Hertz in the future."Late on Friday Hertz filed for bankruptcy protection after the car rental firm failed to reach long-term agreements with creditors. The news sent shares down 36% to $1.82 in extended US trading.Hertz is embarking on the financial reorganization as it sees "a prolonged travel and overall global economic recovery". During the reorganization process, the compan
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May 28, 2020
(Bloomberg) -- Nasdaq 100 Index futures fell on a report Donald Trump is preparing to sign an executive order that could threaten to penalize Facebook Inc., Google and Twitter Inc. for the way they moderate content on their sites.Contracts for June delivery on the Nasdaq 100 fell as much as 0.8%, before paring losses to 0.1% as of 2:50 p.m. in Tokyo. Trump's upcoming executive order aims for federal regulators to review a law that spares tech companies from liability for comments and content posted by users, the Washington Post reported. Investor sentiment was also damped by deteriorating U.S.-China ties."U.S. tech stocks are dropping on profit taking and risk aversion, as they are at the forefront of the U.S.-China cold war," said Nader Naeimi, the head of dynamic markets at AMP Capital Investors Ltd. in Sydney. In addition, there is news that "Trump is preparing to sign an executive order that could threaten to penalize Facebook, Google and Twitter."Trump is poised to take action Thursday that could bring a flurry of lawsuits down on Twitter, Facebook and other technology giants by having the government narrow liability protections that they enjoy for third parties' posts, according to a draft of an executive order obtained by Bloomberg. Although Nasdaq 100 futures declined, contracts on other indexes advanced. Futures on the S&P 500 gained 0.2% and those on Dow Jones Industrial Average climbed 0.5%. The underlying S&P 500 climbed to the highest since early March on Wednesday, holding above 3,00
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May 28, 2020
Shares in PhaseBio Pharmaceuticals (PHAS) surged 82% in after-hours trading on Wednesday, after the company announced clearance of its investigational new drug (IND) application by the FDA under its Coronavirus Treatment Acceleration Program (CTAP).PhaseBio's "VANGARD" trial will assess the efficacy and safety of its PB1046 in hospitalized COVID-19 patients at high risk for rapid clinical deterioration and acute respiratory distress syndrome. Approximately 210 patients will be targeted to be enrolled at approximately 20 sites across the US. The primary endpoint will measure days alive and free of respiratory failure.The patients will be treated with PB1046, a novel, once-weekly, subcutaneously-injected vasoactive intestinal peptide (VIP) receptor agonist that targets VPAC receptors in the cardiovascular, pulmonary and immune systems. VIP is a neurohormone known to have anti-inflammatory effects, and importantly, has also been observed to have potent bronchodilatory and immunomodulatory effects in the respiratory system.PhaseBio now expects to begin dosing patients by the end of June and is targeting to report trial results late in the fourth quarter of 2020. Based on feedback from the FDA, PhaseBio believes that positive, clearly interpretable and clinically meaningful results from this trial may enable PhaseBio to submit a Biologics License Application."Physicians are in desperate need of new options to treat COVID-19 patients facing rapid deterioration of lung function and before p
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May 28, 2020
Spot gold was up 0.6% at $1,718.77 per ounce, as of 0544 GMT, after dropping to $1,693.22 on Wednesday. U.S. gold futures rose 0.5% to $1,717.80. "That's bad news for the globe as it spills over into trade- the impact on global growth, while the global economies are fragile, could be severe."
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May 28, 2020
U.S. stocks will end this year around current levels as the coronavirus pandemic cripples the economy and eats into earnings, according to strategists polled by Reuters. The market has been on a tear in recent weeks, and stocks are up sharply from the March low of their coronavirus-fueled tumble, but the benchmark S&P 500 stock index is still down since the start of the year. The S&P 500 will end 2020 at 2,950, according to the median forecast of nearly 50 market strategists and fund managers polled by Reuters in the past two weeks.
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May 28, 2020
Oil prices plunged on Thursday after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries begin to ease their way out of coronavirus lockdowns. The decline in oil benchmarks extended losses from Wednesday over uncertainty about Russia's commitment to deep output cuts ahead of a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, a grouping dubbed OPEC . U.S. West Texas Intermediate (WTI) crude futures were down 3%, or 98 cents, at $31.83 a barrel at 0709 GMT.
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May 28, 2020
Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC . U.S. West Texas Intermediate (WTI) crude futures were down 4.4%, or $1.44 at $31.37 a barrel at 0402 GMT after slipping as much as 5% to a low of $31.14 earlier in the session.
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May 28, 2020
While the benchmark S&P 500 index has surged 34% from its March lows and the Nasdaq Composite is just 6% short of record highs, investors are more bearish than they have been in years and key measures such as unemployment and gross domestic product are giving their worst readings since the Great Depression. The dichotomy between market performance and investor sentiment echoes the "There Is No Alternative" argument that dominated investor thinking in the recent pre-Covid era, when ultra-low rates around the world and the U.S. economy's relative outperformance pushed global investors into U.S. stocks, even as they fretted about historically high valuations and weak earnings.
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May 28, 2020
Boeing Co. (NYSE: BA) has restarted manufacturing its 737 Max commercial airplanes after halting production in January.What Happened Prohibited from flying since March 2019 after two fatal crashes that killed 346 people, the resumption of manufacturing marks a milestone for the aerospace company, according to CNBC. The recertification of the planes has been delayed several times as new issues, such as software glitches, emerged.Boeing has not confirmed whether the Federal Aviation Administration is near certifying the planes as safe, according to CNBC.FAA said in a statement, "Work on the project continues, as does our steadfast refusal to speculate on a timeframe for completing it."Why It Matters Once Boeing receives the all-clear from the FAA, it plans to ramp up the production of 737 Max planes to 31 per month during 2021.In 2019, the airframer had kept production at 48 units per month, now sitting on airfields as they could not be delivered to customers. The sluggish demand for 737s has increased production costs by $1 billion.Boeing is now cutting costs as it delivered 0 planes in April, and 108 MAX orders were canceled. The company also plans to lay off 2,500 employees beginning Friday. CEO David Calhoun said workforce reductions up to 15% are required in operations related to Boeing's commercial aircraft customers.Boeing Price Action Boeing shares traded 4.84% higher at $156.75 in the after-hours session on Wednesday. The shares had closed the regular session 3.37% higher at $149.52.See more from Benzinga * Boeing Gearing Up To C
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May 27, 2020
(Bloomberg) -- Oil extended its drop to trade below $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.Futures fell 3.8% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.Oil's rally started to falter Wednesday after Moscow signaled that it wanted to scale back supply cuts pledged under the OPEC agreement from July, but Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman later reiterated their cooperation to the deal ahead of a June 9-10 meeting.Oil is still up about 70% this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions. The physical market is showing signs of recovery, with refiners across Asia buying distressed cargoes, while the top U.S. infectious disease expert said there is a chance that a coronavirus vaccine will be available by the end of the year.However, the damage inflicted by the pandemic continues to reverberate across the industry, with Chevron Corp. planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among majors. Relations between Washington and Beijing deteriorated further a
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May 27, 2020
The latest dispute comes after Twitter added fact-check links to the president's tweets for the first time.
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May 27, 2020
Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation's exclusive economic zone. Iran is providing the country with up to 1.53 million barrels of gasoline and components to help it ease an acute scarcity that has forced Venezuelans to wait in hours-long lines at service stations or pay steep prices on the black market. With the arrival of the gasoline, Maduro said he would end the policy of providing fuel effectively for free after more than two decades of frozen pump prices.
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May 27, 2020
(Bloomberg) -- A stronger-than-expected fixing was enough to steady the yuan after increasing U.S.-China tensions sent the offshore rate toward a record low.The offshore yuan traded steady at 7.1809 a dollar as of 10:33 a.m. in Hong Kong after the People's Bank of China set its fixing at 7.1277. While that was just slightly stronger than forecast, traders took it as a sign that the central bank would want to avoid the rapid depreciation. The onshore rate, which is nearing its weakest since 2008, was also little changed.The exchange rate has become a focus of political sparring between Washington and Beijing, with President Donald Trump repeatedly accusing China of manipulating its currency. Chinese officials have said they favor a stable yuan, after a shock devaluation in 2015 that roiled global asset prices and undermined investor confidence in Chinese financial markets."The fixing is only slightly stronger than the market expected, so it may suggest that the policy makers are so far okay with orderly depreciation," said Gao Qi, a currency strategist at Scotiabank in Singapore. "Looking head, if Trump announces sanctions that are tougher than we already know, the yuan will break 7.2."From daily fixings to mopping up liquidity in Hong Kong, China's central bank has many tools at its disposal should it wish to steer the currency's level. The yuan can still see large moves when key support lines are broken, such as last August when the yuan weakened past 7 per dollar for the first time since the global fi
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May 27, 2020
Competitor United Airlines Holdings Inc has also said it will need to reduce its management and administrative staff by about 30%. Despite the bailout and other liquidity raises, American must "plan for operating a smaller airline for the foreseeable future," Executive Vice President of People and Global Engagement Elise Eberwein said in the letter. Once it has reduced its management ranks, the company will turn to frontline employees including flight attendants and pilots, who will receive fresh voluntary leave and early retirement options in June with the aim of avoiding involuntary furloughs.
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May 27, 2020
(Bloomberg) -- Oil extended its drop to trade near $32 a barrel after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.Futures fell 2.4% in New York, putting the market on track for its first back-to-back daily decline in three weeks. The American Petroleum Institute reported that stockpiles expanded by 8.73 million barrels last week, according to people familiar with the data. If confirmed by government figures on Thursday, it would be the biggest increase this year.Oil's rally started to falter Wednesday after Moscow signaled that it wanted to scale back supply cuts pledged under the OPEC agreement from July, but Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman later reiterated their cooperation to the deal ahead of a June 9-10 meeting.Oil is still up about 70% this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions. The physical market is showing signs of recovery, with refiners across Asia buying distressed cargoes, while the top U.S. infectious disease expert said there is a chance that a coronavirus vaccine will be available by the end of the year.However, the damage inflicted by the pandemic continues to reverberate across the industry. Chevron Corp. is planning a 10% to 15% reduction in its global workforce in 2020, the biggest cut to headcount yet among oil majors. Global energy investment will also suffer a record slump of $400 bil
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May 27, 2020
Is anything about to derail Nvidia's (NVDA) growth momentum? The GPU leader is enjoying an extended moment in the sun, when just about everything is going its way. An excellent F1Q21 report, the latest highlight, resulted in additional brawn to its ever-bulging share price - by now up 45% since the turn of the year.There's more to come, argues Needham's Rajvindra Gill, who calls Nvidia "the only perpetual growth story in semis." The 5-star analyst has a Buy rating on Nvidia shares, accompanied by a $400 piece target. Expect additional upside of 17%, should the target be met over the next 12 months. (To watch Gill's track record, click here)COVID-19's devastating impact has not impeded Nvidia's forward charge. In fact, as evidenced by the earnings results, it has boosted the narrative for Nvidia's two main segments - Gaming and Data Center.The stay-at-home economy resulted in a 50% uptick for gaming hours on its GeForce platform. Overall, in the quarter, Gaming revenue (making up 43% of F1Q21 sales) increased year-over-year by 27% to $1.34 billion, beating the Street's call for $1.31 billion.But the really impressive numbers are reserved for Nvidia's Data Center. Making up 37% of overall sales, the segment still trails Gaming as Nvidia's top earner, yet throughout F20 the division had been closing the gap and the most recent showing continued the trend.Data Center revenue came in at $1.14 billion, above the $1.08 billion estimate, exhibiting 80% year-over-year growth and up by 18% from the prior quarter's results.With t
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May 27, 2020
Posted by OFX AUD - Australian Dollar The Australian dollar fell through trade on Wednesday, slipping off multi-month highs at 0.6680 amid increasing Chinese trade uncertainty. Having pushed back through 0.6650 for the first time since March's unprecedented price action the AUD plunged lower, loosing over a cent in overnight trade, falling … Continue reading "Chinese trade tensions know AUD off multi-month highs"The post Chinese trade tensions know AUD off multi-month highs appeared first on .
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May 27, 2020
What would you tell someone if they were to ask you, "Should I buy Micron (MU) right now?" For Rosenblatt's Hans Mosesmann the answer is quite clear — the 5-star analyst sees this stock as a flower that keeps blossoming. In fact, Mosesmann goes as far as to consider Micron "one of our top 3 picks for 2020." Following a chat with Micron's MBU (mobile business unit) manager, Mosesmann cites some key takeaways which have only added to his bullish sentiment: * As 5G networks become more prevalent around the world, 5G phones will bring significant advances in performance (20x faster downloads), latency (10x lower), and density (10x more devices per kilometer), all driven by Micron tech. * With the 5G cycle taking its first steps, Micron projects sales of 5G phone units for 2021 to hit roughly 450 million and expand over the next few years. Accordingly, the company expects 5G 2020 bit growth for DRAM (memory) to hit 15% and NAND (storage) to increase by 30%. * Because of 5G backups from 4G phones, new game apps, and their ability to process hi-resolution content DRAM and NAND requirements will increase between 33% and 100% in 5G when compared to 4G.All of which leads Mosesmann to argue Micron is "leading the industry in key categories, and the MBU business is now cross-cycle profitable." In summary, the analyst noted, "At a high level, Micron is making the case that even in one of the worst market segments to get hit by COVID-19 dynamics, 5G phone memory/storage content will grow meaningfully in 2020 and drive bit demand."To this end, Mosesmann
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May 27, 2020
Berkshire Hathaway's (NYSE: BRK.A) (NYSE:BRK.B) owner Warren Buffett is the most popular investor who built his $89.9 billion net worth by investing in value companies. He was among the few who profited from the 2008 crisis. In the current Covid-19 crisis, he is holding a lot of cash as most companies are not prepared for […]
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May 27, 2020
Tesla Inc (NASDAQ:TSLA) stock is down by about 2%, although one analyst boosted his price target, saying the China growth story alone is worth $300 for the shares. Wedbush analyst Daniel Ives boosted his price target from $600 to $800 per share in a report issued today. Back in business Ives said Tesla took a big […]
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May 27, 2020
(Bloomberg) -- Deutsche Lufthansa AG's supervisory board raised the stakes in a tug-of-war with the European Union, holding off on accepting a 9 billion-euro ($9.9 billion) German rescue that includes the bloc's antitrust demands.European Commission conditions requiring the surrender of takeoff and landing slots would weaken company hubs at Frankfurt and Munich, Lufthansa said in a surprise move Wednesday. The airline opted against immediately calling a shareholder vote and said the proposal will be reviewed, citing a need to analyze the economic hit, the repayment of the aid and possible alternative scenarios.The bailout remains "as the only viable alternative for maintaining solvency," according to the board, an oversight body on which workers are heavily represented. But the holdup underscores the political tensions underpinning the effort to stabilize Europe's largest airline in the midst of a historic collapse in travel.The delay comes with Lufthansa severely weakened by the coronavirus crisis. The carrier has just weeks of liquidity remaining before it runs out of cash, according to people familiar with the matter. The proposed bailout requires shareholder and EU approval before the funds can be distributed, a process that could take several weeks even without the new delay."Its cash burn is accelerating," analysts at Berenberg said of Lufthansa in a note published Monday, adding outflows might have doubled due to summer ticket refunds and fuel hedging losses. "We've been surprised
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May 27, 2020
In this article you are going to find out whether hedge funds think Pareteum Corporation (NASDAQ:TEUM) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among […]
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May 27, 2020
In this article we will check out the progression of hedge fund sentiment towards Canaan Inc. (NASDAQ:CAN) and determine whether it is a good investment right now. We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 […]
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May 27, 2020
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]
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May 27, 2020
(Bloomberg) -- Oil fell a second day after a report showing a jump in U.S. crude stockpiles raised fresh concerns over excess supply, while doubts are also creeping in over Russia's commitment to maintaining production curbs.Futures in New York fell as much as 2.6%, adding to Wednesday's 4.5% drop. The American Petroleum Institute reported that oil inventories rose by 8.73 million barrels last week, according to people familiar. If confirmed by government data on Thursday it would reverse two weeks of declines -- an indication that record supply cuts are not draining a massive glut fast enough. Gasoline supplies also swelled by 1.12 million barrels, according to the report.Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman on Wednesday reiterated their cooperation on the OPEC supply-deal ahead of a June 9-10 meeting. But earlier Moscow said that it wanted to scale back curtailments as soon as the current agreement expires in July, according to people familiar with the matter.The API report also showed supplies at the key storage hub of Cushing, Oklahoma, fell by 3.37 million barrels, which would be the third consecutive weekly decline. OPEC 's commitment to reducing output by almost 10 million barrels a day starting in May has helped to lift oil prices by about 70% this month. But the market's recovery remains fragile, with higher prices likely to prompt producers to turn the taps back on even as the pandemic continues to quash energy demand.The physical market has recovered in
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May 27, 2020
A bad report will sent prices lower. The upside momentum seems to be slowing so we could see a substantial near-term correction.
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May 27, 2020
According to a regulatory filing https://bit.ly/3enMoJw made on Wednesday, Icahn, who held a nearly 39% stake in Hertz and had three representatives on the board, sold 55.34 million shares on Tuesday at 72 cents per share. Hertz fell victim to coronavirus shutdowns that dramatically curtailed travel and created major financial hardships for the company, Icahn said in the filing, adding that he supported the board's decision to seek bankruptcy protection on Friday. At the end of 2019, his stake in Hertz was worth close to $700 million.
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May 27, 2020
Mark Cuban Dallas Mavericks owner on coronavirus pandemic and its impact
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May 27, 2020
RBC Capital analyst Brian Abrahams is a fan of Gilead Sciences (GILD) -- in particular, its Biktarvy 3-in-1 drug cocktail for treating HIV-1.It is "Biktarvy's strong profile and robust launch, along with favorable demographic and pricing dynamics," that Abrahams says "will underpin good HIV franchise sustainability through at least 2025" for Gilead Sciences. Combined with the company's better known continued hepatitis-C drug franchise, which is experiencing declining revenue but market share and pricing stability, and should therefore be able to generate "~$17B in cash flows over the next decade," says the analyst, Gilead Sciences is likely to outperform the market.At the same time, Abrahams places very little value on the Gilead Sciences drug -- remdesivir -- that most investors are focusing on today as a potential cure to the SARS-CoV-19 coronavirus that causes COVID-19.But that doesn't mean Abrahams has nothing to say about remdesivir.In fact, Abrahams devotes the bulk of his report on Gilead Sciences to the prospects for remdesivir (mercifully abbreviated "RDV" in the report) and ability to be used to treat COVID-19. Because, you see, while RDV may not hold much profit potential for Gilead in the near term (seeing as it's giving away the bulk of the medicine it has produced so far, in service of alleviating the pandemic), RDV's ability to save lives (and reassure consumers, and investors) has the potential to mitigate the COV
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May 27, 2020
(Bloomberg) -- Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week.West Texas Intermediate crude futures fell as much as 3.2% after the close in New York. The industry-funded American Petroleum Institute reported that U.S. crude stockpiles rose 8.73 million barrels last week, according to people familiar with the data. Gasoline supplies also gained 1.12 million barrels, according to the report.If confirmed by government data Thursday, the crude build would reverse two weeks of inventory declines -- an indication that record supply cuts are not draining a massive supply glut fast enough. While oil has rallied about 70% this month, the market's recovery from an historic crash remains fragile, with higher prices likely prompting producers to turn the taps back on even as the pandemic continues to quash energy demand.The API report also showed supplies at the key storage hub of Cushing, Oklahoma, fell by 3.37 million barrels, which would be the third consecutive weekly decline. The Energy Information Administration will release its weekly inventory report Thursday morning.OPEC 's deal to cut global output by almost 10 million barrels a day starting in May has helped to lift prices from April lows. Russian President Vladimir Putin and Saudi Arabia's Mohammed bin Salman on Wednesday reiterated their cooperation on the agreement ahead of a June 9-10 meeting.Still, oil slipped from an 11-week high to close lower Wednesday, with investors uncertain about Moscow
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May 27, 2020
UPS Airlines is expanding in the midst of a coronavirus pandemic that is forcing passenger airlines to shrink fleets and permanently downsize in line with expectations for weak travel demand in the coming years.The United Parcel Service, Inc (NYSE: UPS) fleet has been busy flying charter flights for the Federal Emergency Management Agency and other customers ordering desperately needed medical supplies for the COVID-19 response in the U.S. and other countries. But the real driver of extra business and aircraft investment is e-commerce and customers seeking express shipping - factors that were rising in importance well before the pandemic.In the first quarter, Next Day Air shipments in the U.S. grew by 20.5%, the fourth consecutive quarter of double-digit growth, the company said in its earnings report. In 2019, Next Day Air grew more than 22%.The popularity of online shopping continues to grow and consumers don't want to wait for their orders. Two-day shipping is now standard for many merchants. It remains an open question whether coronavirus stock-outs will force a rethink among companies trying to implement one-day or same-day deliveries. Global e-commerce sales are projected to more than double to $6.5 trillion by 2023, according to Statista. The Boston Consulting Group estimates U.S. e-commerce sales will double too, to $1 trillion, growing at six times the rate of all retail transactions. More than half of that growth is through giant marketplaces such as Rakuten, JD.com (NASDAQ: JD) Alibaba (NYSE: BABA) and Amazon that
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May 27, 2020
A drop in travel due to the pandemic worsened the situation for the company, which was already in crisis.
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May 27, 2020
On Wednesday, computing giant HP reported mixed second-quarter results. Total revenue came in at $12.5 billion, compared to $12.86 billion expected, and earnings per share topped estimates ($0.51 vs. $045 expected). Meanwhile, sales at HP's personal systems and and printing segments dropped 7% and 19%, respectively, from the prior year. Yahoo Finance's Myles Udland breaks down the company's report.
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May 27, 2020
(Bloomberg) -- Alibaba Group Holding Ltd. pioneered the use of live-streaming hosts to sell everything from lipstick to smartphones in China. Now, the e-commerce giant wants to repeat that success globally with the help of a million influencers on forums from TikTok to Instagram.AliExpress, the company's online marketplace for shoppers outside China, is on the hunt for social media personalities to hawk wares on its online malls around the world. It's looking to attract more than 100,000 content creators this year to its recently launched AliExpress Connect, rising to over a million in three years. The platform offers a matchmaking service, helping pair social media influencers with brands and merchants looking to market their products. Its initial focus is Europe, where Russia, France, Spain and Poland comprise the majority of users.Alibaba hopes to replicate the success it's enjoyed with so-called key opinion leaders driving sales on its China online marketplace Taobao. "For both Taobao and AliExpress, social content is a way to diversify offerings, but not to generate revenue," Yuan Yuan, head of operations for AliExpress, told Bloomberg News. Influencers will help users stick with the platform instead of just making a one-time purchase. "The goal is to accumulate users, keep them there and encourage them to remain active."China's largest e-commerce company currently gets just a fraction of its retail revenue from outside its home country, but it's harbored bigger international ambitions for y
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May 27, 2020
With stay-at-home orders easing across the United States, airlines have pointed to slight improvements in air travel demand that had virtually disappeared in April. "Demand could be down 30% or it could be down 70%," Kirby said. Under the changes, Jon Roitman, currently United's senior vice president of airport and network operations, will replace Greg Hart as chief operations officer effective June 1.
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May 27, 2020
A drop in travel due to the pandemic worsened the situation for the company, which was already in crisis.
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May 27, 2020
On Wednesday, Workday reported first-quarter results that topped estimates amid lowered expectations from the coronavirus lockdown. Total revenues came in at $1.02 billion, an increase of 23.4% from the first quarter of fiscal 2020. Yahoo Finance's Myles Udland breaks down the company's earnings report.
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May 27, 2020
(Bloomberg) -- Mexico faces what could be its worst contraction in almost a century this year as the crash in oil prices aggravates the slump caused by the coronavirus pandemic, the central bank said.Gross domestic product may contract in 2020 as much as 8.8% in the central bank's most negative scenario, it said in its quarterly inflation report published Wednesday. Even in the best-case scenario the economy will shrink 4.6%, which would be its worst performance in more than a decade, Banxico, as the bank is known, said in the report.The bank also sees a risk of a so-called "U-shaped" recovery in which the economy continues to contract in 2021."We're clearly in a generalized and profound contraction", bank Governor Alejandro Diaz de Leon said in a press conference after the report was published.With the crisis still in its early stages, economic slack will deepen for some time to come, Diaz de Leon said. There are further downside risks from new outbreaks of the virus, more credit rating downgrades, or stimulus that falls short of what's required, according to the bank.MEXICO INSIGHT: Track the Recession -- High-Frequency DashboardAs many as 1.4 million jobs may be lost this year, according to the report. The bank sees medium-term inflation expectations as relatively stable, even though the pandemic has increased food prices recently.The central bank sees the economy rebounding next year in two of its three scenarios. Inflation is set to accelerate to 4% by the middle of next year, from 2.15% in April, then slow
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May 27, 2020
A bad report will sent prices lower. The upside momentum seems to be slowing so we could see a substantial near-term correction.
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May 27, 2020
After months without live sports, it looks as though America's favorite pastimes are on the cusp of returning. Reports indicate the MLB is on pace to return sooner rather than later, while the NHL and NBA have also submitted plans to resume their playoffs this summer.Financially, the resurgence of players in arenas may mean the resurgence of players in the stock market as well. Here are four stocks that may be poised for a breakout with the return of live sports.DraftKingsDraftKings Inc (NASDAQ: DKNG) is new to the market, debuting in early April at around $19. Since then, it's climbed over 70% to $33 a share.Much of the hype surrounding DraftKings has to do with continuous pro-gambling legislation being pushed throughout the country. Given the gambling industry's potentially massive contribution to the government, more and more states are entertaining the possibility of legalizing it.More good news for the online fantasy and gambling app is the new trend for people to gamble on non-sporting events, such as the outcome of TV shows like "The Bachelor."Chris Camillo said DraftKings' potential comes as a result of the exponential growth in legality and popularity of online sports gambling. "I think you can make a case that most states are going to have legalized sports books in the next five, six, seven years. So this is a movement. This is a major, major movement."Prior to the absence of sports, people were betting on games more than ever. The hiatus likely created an immense desire to get back to the action.Penn National G
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May 27, 2020
Billionaire hedge fund manager Bill Ackman told investors on Wednesday his Pershing Square fund no longer holds any shares of Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B).Ackman's Rationale Ackman made the decision to sell Pershing's roughly $1-billion stake in Berkshire after holding the stock for around one year, according to Forbes.Ackman noted on a conference call the decision to do so is based on a belief that his fund can generate superior returns elsewhere.The investment firm continues to believe Berkshire represents a "strong investment over the longer term" Pershing partner Ryan Israel also said in the conference call. But the desire to target "high-returning investments" in the current environment is a top priority, he said. Ackamn also highlighted Berkshire's $130 billion in cash, which he said is a "very large number relative to the liquidity available" in buying one stock at a time.Pershing's Cash Allocation Strategy Buffett deserves credit for building a "high-quality" portfolio that also expanded operating margins, especially at Burlington Northern, Berkshire's largest industrial asset, Israel also said on the conference call.The insurance business float also grew 5% last year to $130 billion which is "really incredible at the scale that Berkshire is dealing with," he said. At the end of the day, Pershing feels it is better than Buffett and Charlie Munger at allocating cash toward investments that are consistent with its own objectives.Related Links:Bill Ackman Makes Pitch To Elon Musk For New HQ, Chan
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May 27, 2020
Stocks rose Wednesday and pushed passed earlier concerns over increasingly tense U.S.-China relations, which had sent the S&P 500 and Nasdaq into negative territory earlier in the session.
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May 27, 2020
Yahoo Finance catches up with HP's CEO Enrique Lores fresh off its second fiscal quarter earnings report.
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May 27, 2020
In this article you are going to find out whether hedge funds think Avita Medical Limited (NASDAQ:RCEL) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks […]
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May 27, 2020
On Wednesday, BofA Securities reiterated its buy rating on Apple shares and lifted his price target from $320 to $340, as it sees continued growth in the iPhone installed base (IB), as well as secondary market growth representing a large services opportunity. The Final Round panel discusses the bullish call.
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May 27, 2020
Mortgage applications from homebuyers spike, thanks to cheaper homes and mortgage rates.
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May 27, 2020
Boeing is laying off over 6,700 of its U.S. workers, with "several thousand" more layoffs planned. Yahoo Finance's Emily McCormick and Akiko Fujita discuss.
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May 27, 2020
In this article we will take a look at whether hedge funds think Carvana Co. (NYSE:CVNA) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from […]
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May 27, 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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May 27, 2020
Yahoo Finance's Dan Howley joins Akiko Fujita to break down President Trump's tweet that reads in part "Republicans feel that Social Media Platforms totally silence conservatives voices. We will strongly regulate, or close them down, before we can ever allow this to happen."
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May 27, 2020
And the W's just keep on coming for Sorrento Therapeutics (SRNE). Reflecting a major step forward in the advancement of its candidate, STI-6129, a CD38-targeting antibody-drug conjugate (ADC), the company received the all-clear from the FDA to submit an Investigational New Drug (IND) application.Part of the excitement surrounding this announcement is related to the design of the asset itself. STI-6129 was created using SRNE's unique technology that includes a CD38-specific antibody identified from its fully human G-MAB antibody library, its patented drug payload Duostatin 5 and its site-specific CLOCK conjugation technology.On top of this, the company wants to kick off a Phase 1 multi-center, open-label, dose-escalation clinical trial in patients with advanced relapsed and/or refractory systemic amyloid light chain (AL) amyloidosis, with the primary goal being the identification of a Phase 2 dose for STI-6129.Commenting on the development for H.C. Wainwright, five-star analyst Raghuram Selvaraju thinks the asset "could constitute a next-generation approach to treatment of AL amyloidosis.""The prospects for a CD38-targeted approach in this indication appear buttressed by data from a prospective Phase 2 trial of daratumumab, a well-known fully human monoclonal anti-CD38 antibody agent that is already commercially available for the treatment of multiple myeloma (MM) under the trade name DARZALEX... Renal response occurred in 10 of 15 patients (67%) with renal involvement an
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May 27, 2020
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
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May 27, 2020
(Bloomberg) -- Tesla Inc.'s overnight price cuts suggest the coronavirus is putting a bigger damper on demand than has been reflected in the electric-car maker's share price.The $5,000 reductions for the Model S and X and $2,000 cut for the Model 3 were an "acknowledgment that Tesla isn't immune to material North American demand weakness," Craig Irwin, an analyst at Roth Capital Partners, said in a report Wednesday."With the stock trading in the stratosphere," Irwin wrote, "the key question is, ‘Can Tesla continue to deliver an interesting growth rate in the U.S.?'"Credit Suisse's Dan Levy said the discounts change the narrative around the company's volume this quarter. Prior to the price cuts, investors were concerned demand would be limited by tight inventory. The company shut down production at its lone U.S. auto plant on March 23 and rushed to reopen the facility -- initially without local authorities' permission -- in mid May.Chief Executive Officer Elon Musk tweeted at the beginning of the month that Tesla's shares were trading too high in his view. While the tweet dragged down the stock on May 1, it advanced another 18% through Tuesday's close. While analysts have speculated the company's sales will hold up better than the broader industry, forecaster IHS Markit is projecting at least a 22% contraction in global auto deliveries this year."Price cuts are likely tactical and aimed at supporting demand in the U.S. in the context of today's pandemic," Pierre Ferragu, the New Street Research analyst whose $
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May 27, 2020
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at 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 […]
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May 27, 2020
(Bloomberg) -- Tesla Inc.'s overnight price cuts suggest the coronavirus is putting a bigger damper on demand than has been reflected in the electric-car maker's share price.The $5,000 reductions for the Model S and X and $2,000 cut for the Model 3 were an "acknowledgment that Tesla isn't immune to material North American demand weakness," Craig Irwin, an analyst at Roth Capital Partners, said in a report Wednesday."With the stock trading in the stratosphere," Irwin wrote, "the key question is, ‘Can Tesla continue to deliver an interesting growth rate in the U.S.?'"Credit Suisse's Dan Levy said the discounts change the narrative around the company's volume this quarter. Prior to the price cuts, investors were concerned demand would be limited by tight inventory. The company shut down production at its lone U.S. auto plant on March 23 and rushed to reopen the facility -- initially without local authorities' permission -- in mid May.Chief Executive Officer Elon Musk tweeted at the beginning of the month that Tesla's shares were trading too high in his view. While the tweet dragged down the stock on May 1, it advanced another 18% through Tuesday's close. While analysts have speculated the company's sales will hold up better than the broader industry, forecaster IHS Markit is projecting at least a 22% contraction in global auto deliveries this year."Price cuts are likely tactical and aimed at supporting demand in the U.S. in the context of today's pandemic," Pierre Ferragu, the New Street Research analyst whose $
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May 27, 2020
The S&P 500 has spent the month of May bouncing in the range between 2,800 and 3,000. While the index remains 11% below its all-time high, there is a cautious sense of optimism, that the worst of the bear market is behind us.Investors may be feeling upbeat, and anticipating a recovery in 2H20, but times are still volatile. To make sense of them, TipRanks offers the Smart Score, a comprehensive tool which analyzes every stock in the TipRanks database according to 8 interrelated factors. The data is measured and collated by sophisticated AI algorithms, and used to generate a single score for each stock. Shown on a 1 to 10 scale, the Smart Score is based on analyst, blogger, and investor sentiment, and collective indicators such as hedge activity and insider trading. Today, we'll look at three high-yield dividend stocks that have earned a ‘perfect 10' from the Smart Score. For investors seeking a clear forward path, the data shows that these are the picks most likely to bring solid returns. Each of these stocks combines its perfect Smart Score with a reliable dividend history, giving investors a secure income stream. Let's dive in.Bunge, Ltd. (BG)First up is Bunge, an important company in the world's food and agriculture food chain. Chances are, the food you eat depends on Bunge. The company specializes in oils and milled grains used by commercial brands and restaurants around the world. Bunge also deals in storage, transport, and processing of raw materials for end products in high-protein livestock feed. Other operations inc
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May 27, 2020
The U.S. airline industry is expected to be 10% to 20% smaller in the summer of 2021, Parker said, and its recovery would depend on how passenger demand and revenues evolve. Earlier this month, Boeing Co Chief Executive Dave Calhoun told NBC he thought that a major U.S. carrier could go out of business in the fall, when government payroll aid for airlines will expire.
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May 27, 2020
Secretary of State Mike Pompeo tweeted that he reported to Congress that Hong Kong is no longer autonomous from China. Kim Catechis, Martin Currie's Head of Investment Strategy joins Yahoo Finance Akiko Fujita to break down the growing tensions between Beijing and Washington, D.C.
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May 27, 2020
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger. Investors said Occidental should have disclosed in its stock and bond registration statements how quadrupling its debt load to $40 billion would leave it "precariously exposed" to falling oil prices, and undermine its ability to boost shale oil production and its common stock dividend.
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May 27, 2020
(Bloomberg) -- Oil clawed back some losses after the Kremlin said that Russian President Vladimir Putin and the Saudi Crown Prince agreed that their nations will work closely on oil cuts.Futures fell as much as 6.3% in New York, before paring losses to 3.9%. The Kremlin said Putin and Saudi Arabia's Mohammed bin Salman spoke by phone and agreed to coordinate on the OPEC deal to reduce output. Earlier Moscow said it wanted to scale back curtailments as soon as the current agreement expires, according to people familiar with the matter."We saw the devastating reaction that the market had when it was the fallout between Russia and specifically Saudi Arabia," said Phil Streible, chief market strategist for Blue Line Futures LLC. "It's really important to provide stability in the market going forward and have some kind of coordinated effort together that helps not only Russia but OPEC and provides stability in the prices."OPEC 's commitment to reducing output by almost 10 million barrels a day starting in May has helped to lift oil prices by more than 75% this month. But the market's recovery remains fragile, with higher prices likely to prompt producers to turn the taps back on even as the pandemic continues to quash energy demand. Hopes that the group will extend the curbs until the supply glut is eliminated hinge on Russia's decision to either coordinate with OPEC or move to ease output cuts when they expire in July.Separately, the U.S. is considering a range of sanctions to punish China for its crackdo
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May 27, 2020
(Bloomberg) -- Pete Kosanovich can't wait to put his trading jacket back on and return to the noisy Chicago pit where he's worked for 17 years. The burly former football player is known on the floor by the letters "MGLA" printed on his badge, a nickname referencing the 1960s cartoon "Magilla Gorilla."Yet this is a nightmare environment when it comes to an illness as contagious as the coronavirus: Sweaty traders crammed closely together, gesturing wildly, and screaming above the ruckus. But brokers at CME Group Inc.'s pit trading eurodollar options -- the biggest of the handful of products that have avoided conversion to fully electronic trading -- feel certain they'll be back. They say they deliver better results for clients than any algorithm when it comes to complex derivatives trades.Kosanovich, a 48-year-old CME member, keeps an ear out on the neighboring Treasury options pit for clues about market action, likening it to how professional golfers know a tournament is heating up when they hear the crowd erupt on a different hole."When it gets busy, there is still a buzz, you can feel things happening," said Kosanovich, who played fullback at Purdue University. "When you hear stuff happen in other pits, it's a lot like being at Augusta and hearing the ‘Tiger roar.' If you hear something happen in Treasury options, you can get ready for something to happen in eurodollar options."As he and his colleagues anxiously await word from CME Group about when the pit will reopen, their competitors in the electroni
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May 27, 2020
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]
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May 27, 2020
SpaceX is slated to launch its first passengers into space Wednesday afternoon. Jim Cantrell, who was part of the founding team at SpaceX and currently the CEO and President of Phantom Space Corp, joins Yahoo FInance's Zack Guzman to discuss.
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May 27, 2020
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]
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May 27, 2020
Nantkwest Inc (NASDAQ: NK) shares spiked after the company announced progress on the COVID-19 vaccine program and therapeutics options.Vaccine Program Part Of 'Operation Warp Speed'El Segundo, California-based NantKwest said its affiliate ImmunityBio has been selected to participate in Operation Warp Speed, a national program aimed at providing substantial quantities of safe, effective vaccine for Americans by January 2021.NanKwest said it will focus on developing, testing and largescale manufacturing of ImmunityBio's COVID-19 human adenovirus vaccine candidate, codenamed hAd5. The company said it's the first vaccine designed to deliver both Spike and Nucleocapsid DNA, offering scope for long-lasting immunity."ImmunityBio is honored to have been selected as one of the 14 companies for Operation Warp Speed and is committed to moving our vaccine candidate through the process to prevent people from contracting this deadly virus," said Patrick Soon-Shiong, CEO of ImmunityBio and NantKwest.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.COVID Therapeutics NantKwest will evaluate ImmunityBio's N-803, an interleukin 15 as well its own haNK, off-the-shelf natural killer cells, to treat mild-to-moderate COVID-19 symptoms. Phase 1 trials for N-803 is set to begin in Los Angeles in June."Based on initial data, we believe our IL-15 superagonist N-803 could prevent patients
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May 27, 2020
Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]
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May 27, 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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May 27, 2020
Lufthansa's $10 billion government bailout was thrown into doubt on Wednesday after the German airline's supervisory board refused to accept the conditions attached by Brussels. The board, which had been expected to sign off on the aid, instead refused EU requirements that Lufthansa permanently give up take-off and landing slots at Frankfurt and Munich airports, where it commands a two-thirds market share. The bailout plan nevertheless remains "the only viable alternative" to insolvency, Lufthansa said, and negotiations will continue over EU demands that would "lead to a weakening" of its airport hubs as well as its ability to repay loans.
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May 27, 2020
(Bloomberg) -- Goldman Sachs Group Inc. just forged a lot of new enemies -- in the crypto world.Buzz that Goldman would release a report discussing the state of the economy as well as gold and cryptocurrencies set enthusiasts ablaze, with many hoping the bank would finally put its weight behind digital tokens. But Goldman disappointed and upset many once details of its report were brought to light, with the bank blasting Bitcoin and other coins as unsuitable investments for its clients."We do not recommend Bitcoin on a strategic or tactical basis for clients' investment portfolios even though its volatility might lend itself to momentum oriented traders," said the Goldman report, the contents of which were discussed on a call Wednesday featuring the firm's Jan Hatzius as well as Harvard's Jason Furman. The report compared Bitcoin's run to the Tulip mania of the 1600s in the Netherlands, one of the most infamous instances of speculative bubbles.One by one, Goldman laid out rebuttals against many of the merits frequently cited by crypto evangelists that aim to hold up the superiority of the digital tokens. Cryptocurrencies, including Bitcoin, are not an asset class -- they do not generate cash flow or earnings and do not provide consistent diversification benefits. Nor is there evidence they are an inflation hedge, the report said. While hedge funds might find digital tokens appealing due to their high volatility, that allure alone doesn't form a viable investment rationale, according to Goldman.B
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May 27, 2020
Leno is one of the first people outside Tesla to try it out.
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May 27, 2020
In this article we will take a look at whether hedge funds think AT&T Inc. (NYSE:T) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from […]
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May 27, 2020
Could Vector Group Ltd. (NYSE:VGR) be an attractive dividend share to own for the long haul? Investors are often drawn...
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May 27, 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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May 27, 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 (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]
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May 27, 2020
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
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May 27, 2020
William Ackman's hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and dumped Warren Buffett's Berkshire Hathaway among other stocks. The public and private funds at Pershing Square Capital Management have gained between 22% and 27% this year, handily beating both the Standard & Poor's 500 index and the average hedge fund which are each off 7% since January, Ackman said. Ackman, who began worrying about the health and market impact of the pandemic months ago, famously hedged his portfolio with a $27 million bet that turned into a $2.7 billion windfall that he reinvested in the stock market in late March, buying bigger stakes in companies he was already betting on.
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May 27, 2020
Goldman Sachs make a key argument on the economic recovery in its latest piece of research.
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May 27, 2020
The coronavirus stress may have gotten to Andrew Ross Sorkin and Joe Kernen on CNBC's "Squawk Box" on Wednesday. In many ways, the argument between Sorkin and Kernen reflects nationwide polarization over just how aggressive the U.S. should have been in combating COVID-19.What HappenedThe argument broke out after Kernen suggested Sorkin has been overly pessimistic about COVID-19."You panicked about the market, panicked about COVID, panicked about the ventilators, panicked about the PPE, panicked about ever going out again, panicked if we'd ever get back to normal," Kernan said.Sorkin Fires BackSorkin responded by accusing Kernen of dismissing death tolls and risks associated with the coronavirus due to his allegiance to President Donald Trump."100,000 people died, Joe, and all you did was try to help your friend the president. That's what you did ... Every single morning on this show you have used and abused your position, Joe," Sorkin said. "I'm begging you to do the news, Joseph!" pic.twitter.com/DwVO5Ox5FJ -- Rob Tornoe (@RobTornoe) May 27, 2020Kernen previously worked for 10 years as a stockbroker before joining CNBC in 1995. Sorkin is a financial columnist for the New York Times, author of the book "Too Big To Fail" and co-creator of the Showtime series "Billions.""That's totally unfair," Kernen said in response to Sorkin's accusations. "I'm trying to help investors keep their cool, keep their heads. And as it turns out, that's what they should have done."Benzin
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May 27, 2020
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
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May 27, 2020
Chevron did not immediately respond to a request for comment. The oil producer has announced spending cuts to cope with an unprecedented fall in oil prices and a slump in demand due to the COVID-19 pandemic. In March, Chevron began offering severance payments to its U.S. oil exploration and production employees if they chose to leave the company.
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May 27, 2020
The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic. Chevron has been widely seen as the standard bearer of financial discipline in the oil industry and was among the first to make significant budget cuts as oil demand plummeted. Last year, it abandoned a takeover bid for Anadarko Petroleum Corp rather than get into a bidding war with Occidental Petroleum Corp .
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May 27, 2020
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
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May 27, 2020
(Bloomberg) -- Deutsche Lufthansa AG's supervisory board held off on accepting a German bailout, raising the stakes in a tug-of-war with the European Union over antitrust demands attached to the 9 billion-euro ($9.9 billion) package.In a surprise move, Europe's biggest airline said Wednesday it would study the aid proposal while not immediately calling a vote to seek shareholder approval. European Commission conditions requiring the surrender of takeoff and landing slots would weaken its hubs Frankfurt and Munich, Lufthansa said.The resulting economic hit, along with the need to repay the stabilization funds, needs to be "‘analyzed intensively" along with possible alternative scenarios, the carrier said in a statement. Nevertheless, the board, an oversight body on which workers are heavily represented, still regards the bailout "as the only viable alternative for maintaining solvency."The delay comes with Lufthansa severely weakened by the coronavirus crisis. The carrier has just weeks of liquidity remaining before it runs out of cash, according to people familiar with the matter. The proposed bailout requires shareholder and EU approval before the funds can be distributed, a process that could take several weeks even without the new delay."Its cash burn is accelerating," analysts at Berenberg said of Lufthansa in a note published Monday, adding outflows might have doubled due to summer ticket refunds and fuel hedging losses. "We've been surprised at the drawn-out aid process given this elevated
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