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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Jul 14, 2020

Apple enterprise software maker Jamf launches IPO with plans to raise up to $304 million
Apple Enterprise Management software provider Jamf Holding Corp. launched a public initial offering on Tuesday, with plans to offer 16 million shares, priced at $17 to $19 each. The company would raise $304 million at the top of the range. Minneapolis-based Jamf has applied to list on Nasdaq, under the ticker "JAMF." There are 12 banks underwriting the deal, led by Goldman Sachs, JP Morgan, BofA Securities and Barclays. Proceeds of the deal will be used to repay a term loan and for general corporate purposes.

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 MarketPulse
Jul 14, 2020

Bed Bath and Beyond sees 'positive' same-store sales, cash flow in June
Shares of Bed Bath & Beyond Inc. rose 1.1% in premarket trading Tuesday, after the home accessories retailer said June same-store sales were "positive" for reopened stores and digital channels. The company said cash flow during June were also positive. Nearly all stores have reopened, following closures because of the COVID-19 pandemic. Separately, the company said it believes there is between $350 million to $450 million it could get from asset sales and the plan to reduce up to $1 billion of inventory at retail is slightly more than halfway complete. The stock has run up 43.9% over the past three months through Monday, while the SPDR S&P Retail ETF has advanced 25.3% and the S&P 500 has gained 10.9%.

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 MarketPulse
Jul 14, 2020

Virgin Atlantic to unveil £1.2 billion rescue package: report
Virgin Atlantic Airways is close to unveiling a £1.2 billion ($1.5 billion) rescue package, Sky News reported. Richard Branson's Virgin Group will inject £200 million in cash, while Davidson Kempner, a hedge fund, will lend the company £170 million, the report said. Virgin Group and Delta Air Lines , Virgin Atlantic's two shareholders, will collectively defer approximately £400 million of fees.

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 MarketPulse
Jul 14, 2020

Coronavirus tally: Global cases of COVID-19 top 13 million, 573,288 deaths and California shuts down again
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 13 million on Tuesday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 3.36 million cases. The number of deaths grew to 573,288, while the number of people who have recovered reached 7.27 million. The U.S. death toll is 135,615 and is rising again after it had started to flatten in mid-to-late April. There are now 41 U.S. states and regions showing increasing cases over a 14-day period, according to a New York Times tracker. California Gov. Gavin Newsom ordered bars, indoor restaurants, gyms, hair salons and other outlets to close down again after a 28% rise in hospitalizations in the last two weeks. Brazil is second to the U.S. with 1.88 million cases and 72,833 deaths. India is third measured by cases at 906,752, followed by Russia with 738,787 and Peru with 330,123. The U.K. has 44,915 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 85,117 cases and 4,641 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 MarketPulse
Jul 14, 2020

China to sanction Lockheed Martin over Taiwan sales: reports
China on Tuesday said it would sanction Lockheed Martin over U.S. sales of surface-to-air missiles to Taiwan, both Bloomberg and Reuters reported, citing comments from a foreign ministry spokesperson. The U.S. State Department last week approved a $620 million upgrade package. The word "China" wasn't in Lockheed Martin's annual report, but FactSet Research estimates the country represented 2% of revenue.

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 MarketPulse
Jul 13, 2020

Mohawk Industries accused of fabricating sales, other violations; stock falls 8%
Shares of Mohawk Industries Inc. fell more than 8% in the extended session Monday after the maker of carpets and other floor covering products said it is being sued for federal securities law violations and it is under a SEC investigation for those alleged violations. Debt ratings Moody's Investors Service added to the company's woes by calling the allegations, which include claims that the company fabricated sales figures, "credit negative and suggest aggressive business practices and potential corporate governance weaknesses." For the time being, however, Moody's kept its investment-grade Baa1 ratings on Mohawk's debt "because the company has good liquidity bolstered by recent debt offerings and the allegations will take time to litigate," Moody's said. Mohawk intends to "vigorously defend itself" in the lawsuit, it said in a filing Monday. A complaint was filed on June 29 against the company and Chief Executive Jeff Lorberbaum, Mohawk said. It alleges that the company fabricated revenue by attempting delivery to customers that were closed and recognizing these attempts as sales, that it overproduced goods to report higher operating margins and maintained "significant" inventory that it knew it couldn't sell, and valued some inventory improperly or improperly delivered inventory knowing that it was defective and customers would return it, the company said in the filing. Mohawk said that on June 25 it received subpoenas from the U.S. Attorney's Office for the Northern District of Georgia and the SEC "on topics similar to those raised" by the complaint. The company is cooperating with those authorities, it said in the filing. Shares of Mohawk ended the regular trading day up 8.7%.

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 MarketPulse
Jul 13, 2020

Luckin Coffee gets a new CEO, board chair
Luckin Coffee Inc. said Monday its board has appointed Jinyi Guo, a board member and former acting chief executive officer, as the board's chairman and company's CEO, ending weeks of internal strife at the Chinese coffeehouse chain. Luckin also appointed two independent board members and announced the departure of four others. The board last month called for the ousting of then-Chairman Charles Zhengyao Lu, who in turn had asked for the ousting of a board member involved in an ongoing internal probe. The company has been under investigation for financial misconduct and its American depositary shares have lost more than 90% this year. The turmoil also contributed to a delay in the company's annual report. The ADRs rose 0.3% in the extended session Monday after ending the regular trading day down 22%.

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 MarketPulse
Jul 13, 2020

Abbott Labs, Edwards Lifesciences settle patent dispute over heart valve products
Abbott Laboratories and Edwards Lifesciences Corp. said late Monday they settled a patent dispute with each other over certain heart valve repair products. The two medical device makers have been embroiled in a legal dispute for more than a year over whether Edwards's Pascal valve products infringe the patents of Abbott's MitraClip products. While both companies said details of the 10-year agreement were confidential, Edwards said it will book a one-time settlement expense in the June-ending quarter and will pay royalties to Abbott through May 2024. Abbott said it will receive a one-time payment and "ongoing payments" based on Pascal sales through 2025 along with a possible milestone payment in 2026.

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 MarketPulse
Jul 13, 2020

Nasdaq sinks 2%, and broader stock market, ends negative in a stunning Monday reversal in final hour of trade
The Nasdaq Composite Index turned sharply negative as the broad-market rally, led by technology and tech-related stocks, unraveled within the final hour of trade Monday afternoon. The Nasdaq Composite Index closed down 2.1% at 10,390, but had been up by nearly 2% at 10,824 earlier in the session; the S&P 500 index closed 0.9% lower at 3,155 after touching an intraday peak at 3,235.32, briefly erasing its year-to-date losses. Meanwhile, the Dow Jones Industrial Average gave up its solid gains to cut its rally substantially. The Dow closed with a gain of less than 0.1% at about 26,086, but had hit a Monday peak at 26,639. News of reclosing in coronavirus ravaged states, particularly California, partly helped to derail the day's strong opening gains.

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 MarketPulse
Jul 13, 2020

Nasdaq tumbles 2.1% to mark biggest intraday reversal in 3 months as California orders rollback on eased coronavirus restrictions
U.S. stock indexes squandered a powerful, technology-led rally Monday, with gains collapsing as California signaled that it was re-imposing some restrictions on business reopenings as coronavirus cases rise in the Golden state. The Nasdaq Composite index swung from nearly a 2% gain early Monday to a decline of about 2.1% at about 10,390. The day's reversal represents that sharpest intraday turnaround since the Nasdaq was up 2.95% on April 7 to end down 0.3%, according to Dow Jones Market Data. Tech-related names like Tesla , whose shares were enjoying a 14% gain earlier in the session, closed off 3.1% on the session, after touching a record-setting market value of more than $320 billion. California also took a U-turn on Monday, with Gov. Gavin Newsom ordering every county bar in the state to shutter, as well as restaurants offering indoor dining, movie theaters and wineries. Meanwhile, the Dow Jones Industrial Average closed with a meager gain of 0.1% at around 26,086, but had hit a intraday peak at 26,639, while the S&P 500 index finished down 1% after hitting an intraday peak at 3,235. Monday's opening gains had been powered by news on the health front. the Food and Drug Administration granting Pfizer Inc. and BioNTech SE , on two of their COVID-19 vaccine candidates, accelerated status.

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 MarketPulse
Jul 13, 2020

Oil futures finish lower as traders await this week's OPEC committee meeting
Oil futures fell on Monday, with traders awaiting the outcome of an OPEC Joint Ministerial Monitoring Committee meeting later this week. Members of the Organization of the Petroleum Exporting Countries and their allies will decide whether to extend current production cuts by an extra month or "risk a taper tantrum as countries continue to experience reopening setbacks," said Craig Erlam, senior market analyst at Oanda. August West Texas Intermediate oil fell 45 cents, or 1.1%, to settle at $40.10 a barrel on the New York Mercantile Exchange.

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 MarketPulse
Jul 13, 2020

EIA forecasts a fall of 56,000 barrels a day in August U.S. shale oil output
Crude-oil production from seven major U.S. shale plays is forecast to decline by 56,000 barrels a day in August to 7.49 million barrels a day, according to a monthly report from the Energy Information Administration released Monday. Shale output from six out of the seven major U.S. shale plays is expected to post monthly declines, with the Eagle Ford region forecast to see the biggest oil output decline, down 23,000 barrels per day in August. The data were released ahead of the New York Mercantile Exchange settlement for oil futures. August West Texas Intermediate oil was trading little changed for the session, down 8 cents, or 0.2%, to $40.47 a barrel.

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 MarketPulse
Jul 13, 2020

U.S. economic growth is slowing down, Dallas Fed's Kaplan says
The U.S. economy is slowing down after a burst of activity in May, said Dallas Fed President Robert Kaplan on Monday. "The economy did bottom in April, we started to grow again toward the end of April and certainly into May," Kaplan said, in a talk at the National Press Club. There was even a brief spell of "double-digit" growth that lasted until the second week of June, he said, but now growth is slowing down. Part of this is due to the resurgence of COVID-19, which is "muting growth," Kaplan said. He stressed that the public should wear masks, saying it "is the most important thing that can be done to make sure the rebound is faster, not slower." Kaplan is a voting member of the Fed's interest-rate committee this year.

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 MarketPulse
Jul 13, 2020

ElectroCore's stock rockets in active trading after EUA issued for its gammaCore Saphire CV
Shares of electroCore Inc. more than doubled (up 155%) on very heavy volume in afternoon trading Monday, after the bioelectronic medicine company said it was issued an emergency use authorization (EUA) by the Food and Drug Administration OK'ing the use of its gammaCore Sapphire CV to help in the treatment of COVID-19 patients. Trading volume soared to 136.7 million shares, enough to make the stock the most actively traded on the Nasdaq exchange, and compared with the full-day average of about 1.1 million shares. "Needless to say, we are very pleased to have received this EUA, and we intend work vigorously to make this novel therapy available to physicians treating known or suspected COVID 19 patients who are experiencing exacerbation of asthma-related breathing difficulty," said Chief Executive Dan Goldberger. The stock has rallied 36% year to date, while the S&P 500 is little changed.

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 MarketPulse
Jul 13, 2020

NY Gov. Cuomo orders travelers from states with high number of COVID-19 cases to provide location info
New York Gov. Andrew Cuomo said Monday he is issuing an Emergency Health Order that will require that all travelers from states that are seeing spikes in COVID-19 cases provide a location form before leaving the airport, or face a summons and $2000 fine. The order will be enforced in every airport in the state, and travelers will have to say where they have come from and where they are going. The forms will be distributed on planes before landing. "If you leave the airport without providing the information, in addition to a fine you can can be brought to a hearing and ordered to complete mandatory quarantine," Cuomo told reporters at a briefing. The move comes after New York ordered travelers from states with high numbers of cases to self-quarantine for 14 days, an order he conceded has not been fully complied with. Travelers from Georgia have infected New Yorkers in at least one county. "We can't be in a situation where we have people coming form other states in the country bringing the virus again, it is that simple," he said.

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 MarketPulse
Jul 13, 2020

Gold futures post their first gain in 3 sessions
Gold futures climbed on Monday to score their first gain in three sessions, moving back toward the nearly nine-year high they reached on Wednesday. Investors eyed the rising number of cases in the U.S., which lifted expectations for further central bank stimulus measures to offset the effects of the pandemic's hit to the economy. August gold rose $12.20, or 0.7%, to settle at $1,814.10 an ounce. Prices on Wednesday settled at $1,820.60, the highest for a most-active contract since Sept. 14, 2011, according to FactSet data.

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 MarketPulse
Jul 13, 2020

Carnival leads cruise stocks lower after Wedbush cuts price target amid resurgence in COVID cases
Shares of Carnival Corp. dropped 1.8% in midday trading Monday, to buck the surge in the broader stock market, amid concerns over how the recent surge in COVID-19 cases will affect the timeline for restarting cruises in the U.S. Analyst James Hardiman at Wedbush cut his price target to $20 from $29 while reiterating his neutral rating, in the wake of the cruise operator's announcements last week that three of its AIDA Cruises will start resailing in August, and that cumulative advance bookings for 2021 remained within historical ranges, although at lower prices. "While a legitimate target for the restart of the AIDA brand is encouraging, we can't help but think that we remain a far distance away from operations resuming in the United States given a resurgence in COVID-19 cases as well as halted (in some instances reversed) economic reopenings," Hardiman wrote in a note to clients. Other cruise stocks were also falling Monday, with Royal Caribbean Cruises Ltd.'s down 0.9% and Norwegian Cruise Line Holdings Ltd.'s losing 1.7%. Over the past three months, Carnival's stock has rallied 38.1%, Royal shares have shot up 54.2% and Norwegian shares have soared 42.3%, while the S&P 500 has gained 16.8%.

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 MarketPulse
Jul 13, 2020

Easing Macau travel restrictions propel casino stocks and gaming ETFs
Exchange-traded funds with exposure to casino stocks jumped Monday after Chinese authorities announced plans to loosen travel restrictions on people returning to the mainland from Macau. The VanEck Vectors Gaming ETF was 3.6% higher at midday, its best daily return in about 6 weeks, while the Roundhill Sports Betting & iGaming ETF rose 0.9%. Shares of Wynn Resorts, Limited, the casino operator with the heaviest exposure to Macau, were nearly 11% higher midday. The VanEck fund has 2.8% of its portfolio in Wynn shares, and another 7.8% in shares of Las Vegas Sands Corp , which were nearly 7% higher. Wynn shares make up 2.1% of the Roundhill fund's portfolio, and it has another 2.3% invested in MGM Resort International , which rose nearly 4% in the early afternoon. Casino stocks have still taken a hefty hit in the year to date, however: Wynn shares are down 41% and MGM shares have lost 49%, compared to a 0.1% decline for the broad S&P 500 index .

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 MarketPulse
Jul 13, 2020

Apple target gets a boost at Morgan Stanley on hopes for expanded trade-in programs
Apple Inc. could get a boost from expanded uptake of iPhone trade-in programs, Morgan Stanley's Katy Huberty wrote Monday. She upped her price target on Apple's stock to $419 from $340, while maintaining an overweight rating and arguing that improved adoption of iPhone trade-ins creates a "sustainable competitive advantage" for Apple. She said that adoption of device trade-in programs in general is on the rise, with 48% of people already taking advantage, according to a recent Morgan Stanley survey, while 77% of consumers surveyed said that they anticipate that they'll trade in an electronic device by 2021. She calculates that if iPhone trade-in adoption were to reach 77%, iPhone affordability will improve by at least 10% in the next five years. In her view, a growing interest in sustainability could help drive a further shift in consumer behavior. Apple shares are up 3.6% in Monday trading. The stock has rallied 45% over the past three months as the Dow Jones Industrial Average has gained 13%.

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 MarketPulse
Jul 13, 2020

Tesla stock is now pricier than shares of Google's Alphabet
Tesla Inc. shares on Monday rose more than 14%, headed for a record high and trading above shares of Google's parent Alphabet Inc. and Priceline.com's Booking Holdings Inc. . The stock's one-day gain is its best since a 16% jump in March. The rally has pushed the Silicon Valley car maker's market value to around $321 billion, the most valued car company in the world after Japan's Toyota Motor Co. . Tesla shares are up nine out of the past 10 sessions as investors await the company's second-quarter results next Wednesday, and the possibility of a surprise quarterly profit that would set the company to joining the S&P 500 index.

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 MarketPulse
Jul 13, 2020

Redfin's stock falls after BofA Securities turns bearish, citing valuation concerns
Shares of Redfin Corp. dropped 1.1% in midday trading Monday, after BofA Securities analyst Nat Schindler turned bearish on the real estate brokerage services company citing valuation concerns. Schindler cut the rating to underperform from neutral, while keeping the stock price target at $24, which is 34.7% below current levels. Schindler said data suggests pending home sales for the four weeks ending June 28 are down as much as 17 percentage points from pre-COVID-19 levels, while real estate services valuation multiples on pre-COVID estimates suggest the market is pricing in a "significant expansion" from the highs seen earlier this year. "We see current valuations leaving little room for multiple expansion or upward estimate revisions and believe continued COVID outbreaks skew risks heavily to the downside," Schindler wrote in a note to clients. The stock has more than doubled over the past three months (up 105.2%) and has run up 73.8% year to date, while the S&P 500 is little changed this year.

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 MarketPulse
Jul 13, 2020

Hewlett Packard Enterprise to acquire Silver Peak for $925 million
Hewlett Packard Enterprise Inc. announced Monday morning that it plans to acquire connectivity company Silver Peak for $925 million. Silver Peak makes SD-WAN (Software-Defined Wide Area Network) offerings, which HPE views as complementary to the company's own Aruba Edge Service Platform (ESP) offerings. HPE intends to combine Silver Peak with the Aruba business unit, which it says will "extend Aruba's technology leadership in the large and fast-growing SD-WAN space." Wells Fargo's Aaron Rakers wrote in a note to clients that he "positively appreciate[s] the strategic synergies of the acquisition" but that investors "will likely consider this a net neutral acquisition given an expectation of a net-neutral non GAAP EPS expectation through F2022." HPE shares are up 0.7% in Monday trading, though they've fallen 10% over the past three months as the S&P 500 has climbed 16%.

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 MarketPulse
Jul 13, 2020

PayPal has 'big upside potential' for second quarter, says Bank of America
PayPal Holdings Inc. has room to deliver a big beat on revenue and earnings for the second quarter, wrote Bank of America analyst Jason Kupferberg, "though this is widely anticipated by the Street." He raised his price objective on the stock to $215 from $194 in a Monday note to clients, while maintaining a buy rating. Kupferberg wrote that consensus numbers for PayPal's third quarter also look conservative and that the company could deliver a better-than-expected outlook as a result. "Going into the 2Q print there is the possibility that certain metrics don't have quite as much upside as some expect, which could potentially result in some profit taking," he wrote. "However, we expect any weakness in shares to be limited and short-lived, as the shareholder base has grown sturdier in recent months." PayPal shares have added 68% over the past three months as the S&P 500 has risen 17%.

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 MarketPulse
Jul 13, 2020

Moderna's stock shoots up as it is set to join the Nasdaq 100
Shares of Moderna Inc. shot up 9.3% in morning trading Monday, after Nasdaq said it was adding the drugmaker to the Nasdaq 100 Index , before the market opens on July 20. The index includes the 100 largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. Moderna's stock has more than tripled year to date, up 250%, to lift the companies market cap to $26.56 billion, amid investor optimism over the companies investigational COVID-19 vaccine candidate. In comparison, the Nasdaq 100 has rallied 26.2% this year and the S&P 500 has slipped 0.3%. Nasdaq said Moderna will be replacing CoStar Group Inc. in the Nasdaq 100, due to "reclassification based on industry classification benchmark. Shares of CoStar, which provides commercial real estate information and analytics, fell 1.2%.

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 MarketPulse
Jul 13, 2020

S&P 500 now stands within 5% of its Feb. 19 all-time closing record as stock market rallies Monday
U.S. stocks on Monday morning were rallying, with gains driving the broad-market S&P 500 index to within 5% of its most recent record, a move that is underscoring a rebound for the equity markets since its March collapse that had been induced by panic about the economic impact of the COVID-19 pandemic. The S&P 500 was most recently up 1% at around 3,218, just within 5% of its Feb. 19 peak at 3,386.15, according to FactSet data. Although concerns about the economic outlook haven't evaporated, investors are continually betting that the a rise in cases derived from the novel strain of coronavirus won't significantly derail a rapid and sharp, or V-shaped, economic recovery. The broad market's elevated value also is due to stimulus from the government and the Federal Reserve, which has helped to support a rally in mega-capitalization stocks that are technology or technology related, including Amazon.com Inc. , Microsoft Inc. , Apple Inc. and Tesla Inc. among them, which are viewed as more resilient to the harm from business closures due to the epidemic. Those companies are also considered solid bets on the future of the economy outside of the pandemic that has rocked global economies and markets. The tech-heavy Nasdaq Composite Index , against that backdrop, has been on a tear, and was on track for its 28th record of 2020. The Nasdaq-100 , consisting of the largest 100 companies within the Nasdaq, also has been trading firmly in record territory. Meanwhile, the Dow Jones Industrial Average, which comprises a number of companies considered more economically sensitive, has lagged behind its peers, but was still up firmly. The Dow at last check was up 321 points, or 1.2%, at 26,397, but about 10% from its Feb. 12 record closing high at 29,551.42. Monday's rally in particularly was at least partly on the back that of hope that new coronavirus vaccine candidates will help mitigate a recent resurgence in cases.

Market Pulse Stories are Rapid-fire, short n

MarketWatch MarketPulse
Jul 13, 2020

Disney stock gets a buy rating at Goldman on underappreciated streaming potential
Walt Disney Co. could amass more than 150 million Disney streaming subscribers by 2025, wrote Goldman Sachs analyst Brett Feldman, who initiated coverage of the media giant's stock with a buy rating and $137 price target Monday. The company had 54.5 million subscribers as of early May. The company is "rapidly emerging as a global leader in direct-to-consumer entertainment," Feldman wrote, and he argued that the consensus view underestimates the profit potential for Disney . Feldman expects that the service could turn profitable in fiscal 2021, while he said the consensus view is targeting fiscal 2023. He calculates that the market values Disney at a 50% to 60% discount to Netflix Inc.'s business, a gap that he expects will close as Disney "approach[es] Netflix-like scale and economics over the next five years." Feldman also initiated coverage of ViacomCBS Inc. shares with a buy rating and $34 target price. Disney shares have gained 15% over the past three months, as ViacomCBS shares have risen 43%. The S&P 500 is up 16% over that span as the Dow Jones Industrial Average , of which Disney is a component, has gained 12%.

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 MarketPulse
Jul 13, 2020

CytoDyn's stock falls after hitting roadblock in FDA application for investigational HIV drug
Shares of CytoDyn Inc. fell 9.4% in trading on Monday after the company said it received a refusal to file letter from the Food and Drug Administration for its experimental HIV drug leronlimab. CytoDyn said in a news release that it is "confident it can provide all information requested by the FDA" and it believes that additional clinical trials will not be needed. CytoDyn's stock has gained 214.0% year-to-date, primarily driven by news that it is testing leronlimab as a treatment for COVID-19. The S&P 500 , in comparison, is down 1.4%.

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.



MarketWatch MarketPulse
Jul 13, 2020

Yelp says it will bring back 'nearly all' furloughed employees
Yelp Inc. disclosed in a Monday morning filing that it plans to bring back "nearly all" of the employees it furloughed earlier in the year when the COVID-19 outbreak pressured its business. "Of the more than 1,000 furloughed employees, many will return in August as planned, while our sales force is returning on a staggered timeline over a four month period starting this month," Chief Executive Jeremy Stoppelman said in a message to employees that was also filed with the Securities and Exchange Commission. The company said it would also be restoring employees to 100% pay and time starting Aug. 10. Yelp anticipates that it will continue with remote work "into the first half of 2021" and the company is eliminating 63 roles, primarily related to workplace and recruiting efforts, as a result of the pandemic. Yelp shares are up 2.2% in Monday morning trading. They've gained 24% over the past three months as the S&P 500 has risen 16%.

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 MarketPulse
Jul 13, 2020

Nasdaq hits record high Monday's open as stock market buoyed by coronavirus vaccine hope
U.S. stocks jumped at the start of trading Monday after the Food and Drug Administration granted "fast track" status to two coronavirus vaccine candidates. The Dow Jones Industrial Average rose 217 points, 0.8%, to open near 26,292, while the S&P 500 added about 25 points or 0.8%, opening near 3,210. The Nasdaq Composite opened near 10,727, up 110 points or 1% and establishing an intraday record. Shares of Pfizer Inc. and BioNTech climbed in early action in early action after the companies announced that two of their COVID-19 vaccine candidates had received authorization for accelerated approval from the Food and Drug Administration. Investors have largely looked past a surge in coronavirus cases, especially in the Sun Belt, and the start of what's expected to be a grim earnings season, which kicks off in earnest Tuesday.

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 MarketPulse
Jul 13, 2020

EV maker Fisker to go public through reverse merger with Spartan Energy Acquisition
Electric vehicle maker Fisker Inc. is going public, through a reverse merger with special purpose acquisition company (SPAC) Spartan Energy Acquisition Corp. , in a deal valued at about $2.9 billion. That sent the shares of Spartan Energy Acquisition, which is sponsored by Apollo Global Management Inc. , up 18.6% in morning trading toward a record high. The stock has now rocketed 85.0% amid a 4-day win streak. Fisker said the reverse merger will provide more than $1 billion in gross proceeds to the company, including $500 million fully committed common stock at $10 per share. Fisker said it plans to use the proceeds to fund the development of the Fisker Ocean, a fully electric SUV, through start of production in 2022.

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 MarketPulse
Jul 13, 2020

Netflix's stock surges toward another record after analysts boost price targets, citing sub growth trends
Shares of Netflix Inc. ran up 3.3% premarket toward a record high in premarket trading Monday, after more analysts raised their price targets, citing upbeat subscriber trends. BMO Capital analyst Daniel Salmon is now the second-most bullish of the 42 analysts surveyed by FactSet, after he raised his stock price target to $625 from $500, while reiterating his buy rating, citing "solid" subscriber trends and higher longer-term estimates, and an improving free cash flow outlook. "We think [Netflix] can move higher still as the focus shifts from being a beneficiary of stay-at-home behavior to the improving FCF profile instead," Salmon wrote in a note to clients. His price target is now only below Elazar Advisor analyst Chaim Seigel's $645 target. Meanwhile, Benchmark analyst Matthew Harrigan raised his price target to $397, which is 27.7% below Friday's closing price of $548.73, from $340, but kept his rating at sell. Harrigan cited "continued member growth momentum" for the target increase, although COVID-19 distortions may have pulled forward demand. Netflix's average target is now $485.58, which is 11.5% below Friday's closing price. Netflix's stock, which soared 8.1% Friday to a record close ahead of Thursday's earnings report, has rallied 69.6% year to date through Friday, while the S&P 500 has slipped 1.4%.

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Jul 13, 2020

Online spending since March 1 was $77 billion higher than expected: Adobe
Online data from Adobe Inc. shows e-commerce spending was $77 billion higher than expected for the period starting March 1, coinciding with the shift to online during coronavirus-related lockdowns. Online spending, which was trending higher than during the holiday shopping period between November and December, totaled $368.8 billion for the first six months of 2020. The latest data also shows a rise in prices for food, clothing and electronics. Online grocery pricing has climbed 4.2% over the past six months. Online apparel pricing was up 2.7% month-over-month, and rose 4.3% year-over-year in June. And prices for computers are up 6.2% since March as the number of people working and educating from home has risen. Inflation has driven digital purchasing power (DPP) into negative territory for the first time ever, "which means consumers can now purchase goods online for $1.01 that would have cost $1.00 in June 2019," Adobe said. The SPDR S&P Retail ETF is down 4.2% for the year to date while the S&P 500 index has fallen 1.4% for the period.

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Jul 13, 2020

Enzo Biochem shares rise on FDA authorization for coronavirus test
Shares of Enzo Biochem Inc. rallied 7.7% in premarket trading on Monday after the company said it received an emergency use authorization from the Food and Drug Administration for its COVID-19 diagnostic test. The regulator issued the EUA on July 7. It has granted emergency authorization to at least 137 diagnostic tests during the COVID-19 pandemic. Enzo's stock is up 8.7% year-to-date. The S&P 500 has declined 1.4% since the start of the year.

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Jul 13, 2020

Chipotle testing cauliflower rice in select markets starting July 15
Chipotle Mexican Grill Inc. said Monday that it will begin testing Cilantro-Lime Cauliflower Rice starting July 15 in 55 restaurants in Denver and around Wisconsin. The item will cost an additional $2. Cauliflower rice is one of the top requests the company has gotten as a new menu addition, said Chris Brandt, Chipotle's chief marketing officer in a statement. The item is compliant with Keto, vegan and other special diets, and is an alternative to brown or white rice that cuts carbs, the company said. The cauliflower rice dish is going through Chipotle's "stage-gate" testing process that ultimately led to the addition of carne asada, queso blanco, and other new menu items. Chipotle stock has rallied 33.6% for the year to date while the S&P 500 index is down 1.4% for the period.

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Jul 13, 2020

ALX Oncology sets IPO terms, to raise up to $136 million
ALX Oncology Holdings Inc. set terms of its initial public offering, in which the California-based immuno-oncology company looks to raise up to $136 million and be valued at up to $590.1 million. The company is selling 8 million shares in the IPO, which is expected to price between $15 and $17 a share. There will be 34.71 million shares outstanding after the IPO. Jefferies, Credit Suisse, Piper Sandler and Cantor are the lead underwriters. The company recorded a net loss of $7.4 million on related-party revenue of $655,000 over the three months ended March 31, after a loss of $5.1 million on revenue of $1.0 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has soared 61.7% over the past three months while the S&P 500 has advanced 15.3%.

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Jul 13, 2020

Apple stock gains after Wedbush says company could be worth $2 trillion next year
Shares of Apple Inc. are up 1.1% in premarket trading Monday after Wedbush analyst Daniel Ives boosted his price target on the stock to $450 from $425. His new target is the highest among those tracked by FactSet. Ives wrote that Apple could be the first company to notch a $2 trillion valuation in 2021 driven by momentum for the company's forthcoming iPhones. The company is set to debut its first 5G-enabled devices later this year and Ives sees room for a "massive pent-up iPhone 12 cycle," specifically in China but also worldwide, with many older devices due for upgrades. "We believe in China alone between 60 million to 70 million iPhones are in the window of an upgrade opportunity over the next year with Apple going aggressively at all price points (SE, iPhone 12) to cement its installed base despite competitive pressures from domestic players," he wrote. Ives saw a "continued demand snapback in China" during June. He has an outperform rating on the shares, which have added 40% over the past three months as the Dow Jones Industrial Average has gained 11%.

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Jul 13, 2020

AMC shares jump 6.5% premarket on news cinema operator to reduce debt, raises $300 million in new funding
AMC Entertainment Holdings Inc.'s shares soared 6.5% in premarket trade Monday, after the owner of the world's biggest cinema chain said it has reached an agreement to reduce its debt by at least $460 million and has secured $300 million in new funding. The company, which has been battered during the coronavirus pandemic as it was forced to close its theaters, said it has amended exchange offer and other agreements to reduce its debt by up to $630 million with holders of 73% of its roughly $2.3 billion in senior subordinated notes supporting an amendment announced late Friday. Separately, the company has also reached agreements to restructure some $600 million of convertible bonds issued in 2018 to Silver Lake. In another liquidity-boosting move, AMC has converted cash interest on new exchange notes for 12 months, and under certain conditions up to 18 months, into payment-in-kind and will be deferred until 2026. The company said that could save $100 million to $200 million of cash in the near term. "This is one of many steps we have taken since March as we navigate through these turbulent coronavirus times, including significantly reducing operating costs and capital expenditures, working with theatre landlords to abate and defer rents, raising $500 million of new public debt in April and developing new health and cleaning protocols with the best global experts to keep our theatres safe," Chief Executive Adam Aron said in a statement. AMC shares have fallen 36.5% in the year to date, while the S&P 500 has fallen 1.4%.

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Jul 13, 2020

Sirius XM to buy Stitcher from E.W. Scripps for up to $325 million
Sirius XM Holdings Inc. announced Monday a deal to buy E.W. Scripps Co.'s podcast production company Stitcher for up to $325 million. E.W. Scripps's stock surged 6.9% in premarket trading and Sirius shares gained 0.5%. Under terms of the deal, Sirius will make a $265 million cash payment at the closing of the deal, which is expected in the third quarter of 2020, and could pay up to $60 million in additional payments if Stitcher achieves certain financial goals in 2020 and 2021. Stitcher's top podcasts include Freakonomics Radio, My Favorite Murder and WTF with Marc Maron. "The addition of Stitcher is an important next step as we continue to develop and strengthen our offering in the fast-growing podcasting market," said Sirius Chief Executive Jim Meyer. E.W. Scripps's shares have dropped 43.4% year to date through Friday and Sirius's stock has dropped 20.3%, while the S&P 500 has eased 1.4%.

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Jul 13, 2020

Amazon, Alphabet stocks rise toward records after Mizuho lifts price targets
Shares of Amazon.com Inc. surged 1.9% and Alphabet Inc. rose 0.9% toward record highs in premarket trading Monday, after Mizuho analyst James Lee raises his price targets, citing the ramp in cloud spending in the financial services, retail and health care industries. Lee raised his target on Amazon's stock by 11% to $3,450 and on Alphabet's stock by 5.8% to $1,650, while keeping his buy ratings on both. "Demand in key verticals such as financial services and retail is accelerating, for the migration to cloud," Lee wrote in a note to clients. "For healthcare, which has been lagging in cloud adoption, we believe it reached an inflection point recently as hospitals are migrating to cloud due to increased demand for telemedicine, CRM and patient database management." Amazon's stock, which has gained in 7 of the past 8 sessions, has soared 47.5% over the past three months through Friday, while Alphabet shares, which have gained in 8 of the past 9 sessions, has run up 27.2%. In comparison, the S&P 500 has climbed 15.3% the past three months.

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Jul 13, 2020

Bed Bath & Beyond appoints Williams-Sonoma vet to lead private label team
Bed Bath & Beyond Inc. announced Monday that it has appointed Neil Lick to the senior vice president of owned brands role, leading a new team that will start launching private labels in 2021 for the home retailer. Lick previously spent 22 years with Williams-Sonoma Inc. where he held a number of roles, including head of corporate social responsibility. Analysts are optimistic about the opportunities available for Bed Bath & Beyond moving forward, despite the company's most recent earnings miss. Bed Bath & Beyond stock rose 2.3% in Monday premarket trading, but has slumped 52.6% for the year to date. The S&P 500 index is down 1.4% for 2020 so far.

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Jul 13, 2020

Hydraulic fracking services company Hi-Crush files for bankruptcy
Shares of Hi-Crush Inc. sank 15% toward a record low in premarket trading Monday, after the Houston-based provider of proppant and logistics services for hydraulic fracturing operations said it filed for bankruptcy. The company said the bankruptcy will help implement a restructuring support agreement with its creditors holding nearly all of its outstanding 9.5% senior unsecured notes due 2026. Hi-Crush said it has received commitments for $65 million in debtor-in-possession and exit financing, as the company said it will continue to operate its business during the bankruptcy. Terms of the bankruptcy include payment of substantially all trade claims in the ordinary course, cancellation of current equity, conversion of $450 million of existing pre-petition debt into equity of the reorganized company and a $40 million rights offering for new secured convertible notes. The stock had plunged 82.7% year to date through Thursday, while the SPDR Energy Select Sector ETF has lost 40.8% and the S&P 500 has slipped 1.4%.

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Jul 13, 2020

Lannett to cut jobs following FDA approval of competing generic drug
Shares of Lannett Company Inc. gained 0.2% after the company said it will cut 80 positions, about 8.5% of its total workforce, over concerns that its generic fluphenazine product will face competition from Amneal Pharmaceuticals Inc. , which last week received a Food and Drug Administration approval for a generic form of the antipsychotic. Amneal said last week that annual U.S. sales of fluphenazine in the U.S. are $143 million. "LCI's dominance of the generic fluphenazine market, a key high margin driver and LCI's largest product in the wake of the loss of levothyroxine, ended yesterday with Amneal's entrance," Raymond James analyst Elliot Wilbur told investors on Friday. "Though competition was 'expected,' it is always hoped to happen later rather than sooner." The job losses will be at Lannett's Seymour, Indiana plant. Consolidating research & development in one location in Philadelphia is expected to save the company $15 million annually. Lannett's stock is down 34.9% year-to-date, while the S&P 500 has declined 1.4%.

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Jul 13, 2020

UPDATE: Mesa Air signs 5-year cargo contract with DHL Express, to add Boeing 737-400F to fleet
Regional airline Mesa Air Group Inc.'s shares rallied 23% in premarket trade Monday, after the company said it has signed a five-year cargo contract with DHL Express and that it will add Boeing Co. 737-400F aircraft to its fleet. Mesa will operate two cargo aircraft from DHL Americas hub at Cincinnati/Northern Kentucky International Airport. The company will lease the aircraft from DHL with the first scheduled to be in service this October. Boeing stock was up 1.3%.

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Jul 13, 2020

Quest Diagnostics shares rise premarket after guidance that blows past estimates
Quest Diagnostics Inc. said Monday it expects second-quarter revenue of about $1.83 billion, a decline of about 6% from the year-earlier period but well ahead of the $1.53 billion FactSet consensus. Testing volumes in the company's base business, which excludes COVID-19 molecular and antibody testing, fell about 18%, the company said. It now expects per-share earnings of $1.33 to $1.36, compared with $1.51 a year ago. Adjusted EPS is expected to range from $1.39 to $1.42, compared with $1.73 in 2019 and a the FactSet consensus of 16 cents. The company will report second-quarter earnings on July 23. "The company continues to believe that the pandemic's impact on its future operating results, cash flows and/or financial condition will be primarily driven by: the pandemic's severity and duration; the pandemic's impact on the U.S. healthcare system and the U.S. economy; and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic which are drivers beyond the company's knowledge and control," Quest said in a statement. Shares rose 2.4% premarket, and have gained 9.4% in the year to date, while the S&P 500 has fallen 1.4%.

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Jul 13, 2020

Pfizer, BioNTech stocks surge after COVID-19 vaccine candidates get Fast Track designation
Shares of Pfizer Inc. rallied 2.3% and of BioNTech SE jumped 5.3% in premarket trading Monday, after the companies said two of their vaccine candidates to protect against the virus that causes COVID-19 received Fast Track designation status from the Food and Drug Administration. Fast Track is a process to expedite the review of new drugs and facilitate development of new drugs. Pfizer's and BioNTech's BNT162b1 and BNT162b2 are currently being evaluated in Phase 1/2 clinical studies in the U.S. and Germany. "The FDA's decision to grant these two COVID-19 vaccine candidates Fast Track designation signifies an important milestone in the efforts to develop a safe and effective vaccine against SARS-CoV-2," said Peter Honig, Senior Vice President, Global Regulatory Affairs, Pfizer. "We look forward to continue working closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates." Pfizer's stock has dropped 13.7% year to date through Friday while BioNTech shares have more than doubled (up 107.7%) and the Dow Jones Industrial Average has lost 8.6%.

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Jul 13, 2020

Coronavirus tally: Global cases of COVI-19 12.9 million, 569,128 deaths and Florida counts 15,000 cases in one day
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 12.9 million on Monday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 3.30 million cases. The number of deaths grew to 569,128, while the number of people who have recovered reached 7.1 million. The U.S. death toll is 135,205 and is rising again after it had started to flatten in mid-to-late April. Florida counted a record of more than 15,000 new cases on Sunday, while Arizona is reporting that hospitals are approaching full capacity. Brazil is second to the U.S. with 1.86 million cases and 72,100 deaths. India is third measured by cases at 878,254, followed by Russia with 726,826 and Peru with 326,326. The U.K. has 44,904 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 85,117 cases and 4,641 fatalities.

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Jul 13, 2020

ACell sets IPO terms, could be valued at up to $362.8 million
ACell Inc. set terms of its initial public offering, in which the Maryland-based regenerative medicine company focused on severe wounds treatment looks to raise up to $80 million and be valued at up to $362.8 million. The company is selling 5 million shares in the IPO, which is expected to price between $14 and $16 a share. There will be 22.68 million shares outstanding after the IPO. UBS, Barclays, RBC Capital Market and SunTrust Robinson Humphrey are the lead underwriters. The recorded a net loss of $2.7 million on revenue of $23.68 million over the three months ended March 31, after net income of $66,000 on revenue of $24.15 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has soared 61.7% over the past three months while the S&P 500 has advanced 15.3%.

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Jul 13, 2020

Pandion Therapeutics to offer 5.5 million shares in planned IPO, priced at $16 to $18 each
Pandion Therapeutics set terms for its initial public offering on Monday with plans to offer 5.5 million shares priced at $16 to $18 each, according to a regulatory filing. The clinical-stage biotech, which specializes in treatments for autoimmune diseases, has applied to list on Nasdaq, under the ticker "NAND." Goldman Sachs, Morgan Stanley, SVB Leerink and BMO Capital Markets are underwriting the deal. Proceeds will be used to fund clinical trials, R&D and for working capital and other general corporate purposes.

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Jul 13, 2020

Berkeley Lights sets IPO terms, could be valued at up to $1.1 billion
Berkeley Lights Inc. has set terms of its initial public offering, in which the cell biology company looks to raise up to $133.2 million, and be valued at up to $1.10 billion. The company said it will sell 7.4 million shares in the IPO, which is expected to price between $16 and $18 a share. J.P. Morgan, Morgan Stanley and Cowen are the lead underwriters. If the underwriters exercise all the options granted to buy additional shares to cover overallotments, Berkeley Lights could raise up to $153.2 million. There will be 60.94 million shares outstanding after the IPO. The company has recorded a net loss of $8.43 million on revenue of $13.8 million over the three months ended March 31, after a loss of $4.2 million on revenue of $12.6 million in the year-ago period. The company is looking to go public at a good time for IPOs, as the Renaissance IPO ETF has soared 61.7% over the past three months while the S&P 500 has advanced 15.3%.

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Jul 13, 2020

Analog Devices to acquire Maxim Integrated Products in all-stock deal with enterprise value of over $68 billion
Chip maker Analog Devices Inc. said Monday it has agreed to acquire Maxim Integrated Products Inc. in an all-stock deal with a combined enterprise value of over $68 billion. The deal "will strengthen ADI as an analog semiconductor leader with increased breadth and scale across multiple attractive end markets," the companies said in a statement. Under the terms of the deal, Maxim shareholders will receive 63 cents of ADI common stock for each share owned. ADI shareholders will own 69% of the new entity, while Maxim shareholders own the remaining 31%. The combined entity is expected to have revenue of $8.2 billion and free cash flow of $2.7 billion on a pro forma basis. The deal is expected to boost adjusted per-share earnings in 18 months after closing, and to generate cost synergies of $275 million. The deal is expected to close in the summer of 2021. Separately, ADI raised its third-quarter guidance, saying it now expects revenue of about $1.45 billion, plus or minus $30 million. That compares with prior guidance of $1.32 billion, plus or minus $70 million provided on May 20. The company expects adjusted EPS of $1.33, plus or minus 5 cents, compared with earlier guidance for $1.08, plus or minus 11 cents. "The guidance increase is driven by better than expected demand across ADI's end markets with particular strength in Communications and Industrial. This upside in demand has resulted in less cancellations and higher than anticipated backlog conversion," the company said. ADI shares rose 0.9% premarket, while Maxim shares were up 17%.

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Jul 13, 2020

PepsiCo's stock rallies after profit and revenue beats, plan to return $7.5 billion to shareholders
Shares of PepsiCo Inc. rallied 1.8% in premarket trading Monday, after the beverage and snack giant reported second-quarter profit and revenue that fell less than expected, as snacks and food business remained resilient amid the COVID-19 pandemic. Net income fell to $1.65 billion, or $1.18 a share, from $2.04 billion, or $1.44 a share, in the year-ago period. Excluding non-recurring items, core earnings per share came to $1.32, above the FactSet consensus of $1.25. Revenue fell 3.1% to $15.95 billion, but topped the FactSet consensus of $15.37 billion. Frito-Lay North America revenue rose 6.6% to $4.27 billion, beverages North America revenue fell 6.6% to $4.97 billion and Quaker Foods North America revenue grew 23.0% to $664 million. The company said it was not providing full-year financial guidance given the uncertainties associated with the pandemic, but said it plans to return $7.5 billion to shareholders through dividends of $5.5 billion and stock repurchases of about $2 billion. The stock has gained 2.7% over the past three months, while the S&P 500 has run up 15.3%.

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Jul 13, 2020

China announces sanctions against Cruz and Rubio: report
Chinese Foreign Ministry spokeswoman Hua Chunying said "sanctions" will be applied to Senators Ted Cruz and Marco Rubio, Bloomberg News reported. The report said it's not yet clear what the sanctions will be. The move comes after U.S. sanctioned a top member of China's ruling Communist Party and three other officials over alleged human rights abuses in Xinjiang.

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Jul 13, 2020

Ubisoft shares slump 6% after staff shakeup due to misconduct probe
Shares of French videogames maker Ubisoft Entertainment lost 6% in early Paris trade after the company announced a shakeup due to allegations of misconduct and inappropriate behavior. Ubisoft's chief creative officer, Serge Hascoët, was among those who resigned.

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Jul 13, 2020

G4S says first-half earnings to be 'significantly' better than consensus expectations
Security firm G4S said its first-half earnings will be "significantly" above market expectations. The median expectations was for earnings per share of 4.3 pence and an adjusted profit before interest, tax and amortization of £159 million, the company said. G4S said it will bring forward its earnings release to the week of July 20.

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Jul 13, 2020

Credit Suisse mulling job cuts to hit profit targets: report
Credit Suisse could cut "hundreds" of jobs to reach profit targets as part of a new savings program, the Swiss weekly newspaper SonntagsZeitung reported on Monday. Among the measures being considered, 120 branches could be trimmed down, and risk and compliance units could be merged, and the investment bank could split into two units, global markets and investment banking and capital markets. SonntagsZeitung said no decision had been made yet. A spokesman for the bank could not immediately be reached for comment.

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Jul 13, 2020

U.S. stock futures rise amid troubling coronavirus numbers
U.S. stock index futures gained late Sunday, amid a record surge in coronavirus cases. As of midnight Eastern, Dow Jones Industrial Average futures were up around 150 points, or 0.6%, while S&P 500 futures and Nasdaq-100 futures were up around 0.4%. On Sunday, Florida reported a record 15,300 new cases in a day, as Disney World reopened in Orlando. Meanwhile in Houston, city leaders called on a return to a shutdown to slow the spread of COVID-19 as its hospitals neared capacity. Wall Street, though, has largely shaken off coronavirus worries, with two consecutive weeks of gains. Last week, the Dow finished 1% higher, the S&P 500 booked a gain of 1.8%, and the Nasdaq advanced 4%.

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Jul 12, 2020

U.S. stock futures rise slightly amid troubling coronavirus numbers
After initially shooting up, U.S. stock index futures fell back to Earth late Sunday, amid a record surge in coronavirus cases. As of 8:30 p.m. Eastern, Dow Jones Industrial Average futures , which had risen around 180 points earlier in the overnight session, were up around 50 points, or 0.2%, while S&P 500 futures and Nasdaq-100 futures were up slightly. On Sunday, Florida reported a record 15,300 new cases in a day, as Disney World reopened in Orlando. Meanwhile in Houston, city leaders called on a return to a shutdown to slow the spread of COVID-19 as its hospitals neared capacity. Wall Street, though, has largely shaken off coronavirus worries, with two consecutive weeks of gains. Last week, the Dow finished 1% higher, the S&P 500 booked a gain of 1.8%, and the Nasdaq advanced 4%.

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Jul 12, 2020

U.S. stock futures shoot higher despite troubling coronavirus numbers
U.S. stock index futures shot higher late Sunday, despite a record surge in coronavirus cases. As of 6:30 p.m., Dow Jones Industrial Average futures were up around 170 points, or 0.7%, while S&P 500 futures and Nasdaq-100 futures rose about 0.6%. On Sunday, Florida reported a record 15,300 new cases in a day, as Disney World reopened in Orlando. Meanwhile in Houston, city leaders called on a return to a shutdown to slow the spread of COVID-19 as its hospitals neared capacity. Wall Street, though, has largely shaken off coronavirus worries, with two consecutive weeks of gains. Last week, the Dow finished 1% higher, the S&P 500 booked a gain of 1.8%, and the Nasdaq advanced 4%.

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Jul 11, 2020

Coronavirus tally: Global cases of COVID-19 12.5 million, 560,921 deaths and U.S. death toll moving higher again
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 12.5 million on Saturday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 3.19 million cases. The number of deaths grew to 560,921, while the number of people who have recovered reached 6.9 million. The U.S. death toll is 134,117 and is rising again after it had started to flatten in mid-to-late April. That comes after rising infections in states in the South and West, including Texas, Arizona and South Carolina, among others, where hospitals have started to become overwhelmed. Brazil is second to the U.S. with 1.80 million cases and 70,398 deaths. India is third measured by cases that have climbed above 800,000 to 820,916, followed by Russia with 719,449 and Peru with 319,646. The U.K. has 44,735 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 84,992 cases and 4,641 fatalities.

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Jul 10, 2020

Roger Stone prison sentence commuted by President Trump
President Donald Trump has commuted the 40-month prison sentence of longtime confidant and adviser Roger Stone. A White House statement called the sentence unjust and said Stone had been "a victim of the Russia Hoax that the Left and its allies in the media perpetrated for years in an attempt to undermine the Trump Presidency." Stone was convicted of lying to Congress, witness tampering and obstruction. He was set to surrender to authorities to begin his prison sentence next week. Lindsey Graham, chairman of the Senate Judiciary Committee and a Trump ally, had tweeted within the hour before the White House announcement that a commutation was justified in that Stone is in his 70s and was a first-time offender. Rep. Adam Schiff, a Democrat who leads the House Intelligence Committee, tweeted that Stone had lied and intimidated witnesses who might have testified against Trump in the probe into Russia's interference in the 2016 election and that the commutation of his sentence demonstrates that there are now two systems of justice in the U.S., one for Trump associates and one for everyone else. Journalist and author Howard Fineman reported before the commutation news broke that he'd spoken with Stone earlier Friday and that Stone had said he wanted the commutation rather than a pardon, as the latter implies guilt. "[Trump] knows I was under enormous pressure to turn on him," Fineman quoted Stone as having said. "It would have eased my situation considerably. But I didn't."

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Jul 10, 2020

Oak Street Health files for IPO
Oak Street Health Inc. has filed for an initial public offering, vowing to "reimagine" how older adults with Medicare receive treatment and saying the coronavirus pandemic has highlighted challenges for the fee-for-service business model of "legacy" healthcare providers. The Chicago-based company filed to sell $100 million worth of shares, although that number is often a placeholder used to calculate filing fees. Oak Street, founded in 2012, said it provides healthcare for about 85,000 people and has about 2,300 employees. The company lost $24.6 million, or $39.63 a share, in the first quarter of 2020, compared with a loss of $17.1 million, or $27.59 a share, in the year-ago period. First-quarter revenue rose to $201.8 million from $117.4 million a year ago. Its Medicare-eligible patients are treated in "retail-like, community-based centers that implement a branded and consumer-focused design to create a welcoming environment that engages our patients," the company said. With the pandemic, "healthcare providers were faced with dwindling fee-for-service visits," putting a strain on "traditional healthcare providers," it said. Oak Street would list its stock on the New York Stock Exchange under the symbol OSH. Underwriters include J.P. Morgan, Goldman Sachs, and Morgan Stanley.

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Jul 10, 2020

Tesla sets September in-person shareholder meeting, 'battery day'
Tesla Inc. said Friday it will hold its annual shareholder meeting and a "battery day" both on Sept. 22 at the company's Fremont, Calif., factory. The shareholder meeting will be conducted in person, the company said. Stockholders may also attend the battery day presentation, the company said, "with additional details to be announced at a later time." Both events will be webcast, Tesla said. Tesla is allegedly ready to show investors breakthroughs in its battery technology, possibly a ultra long-lasting battery for its future vehicles. Tesla shares ended at a record Friday, the most recent in a string of their all-time highs, and the company said this week it will report second-quarter results after market close on July 22.

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Jul 10, 2020

Stalled nomination of Judy Shelton for Fed gets new life as Senate Banking committee sets vote
The stalled nomination of Judy Shelton, President Donald Trump's controversial pick for the Federal Reserve, got a potential boost Friday when the Senate Banking Committee announced a July 21 vote on her nomination. Shelton's bid has languished since her confirmation hearing in February amid talk she didn't have enough committee support. Shelton, who was an informal Trump adviser during his presidential campaign, has been a long-time advocate for some form of tying the dollar's value to gold. She faces unanimous opposition from Democrats and some Republicans were on the fence. The committee will also vote on a second Trump Fed nominee, Christopher Waller, the director of research at the St. Louis Fed. Waller is expected to be confirmed easily.

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Jul 10, 2020

Dow ends nearly 370 points higher as Nasdaq logs another record close
Stocks ended higher in thin trade Friday, getting a lift from positive news on a coronavirus treatment. The Dow Jones Industrial Average rose around 369 points, or 1.4%, to end near 26,075, according to preliminary figures, while the S&P 500 advanced around 33 points, or 1%, to end near 3,185. The tech heavy Nasdaq Composite rose nearly 70 points, or 0.7%, to end near 10,617, marking its third consecutive record close. Stocks shed premarket weakness after drug maker Gilead Sciences Inc. released potentially promising data about remdesivir that indicates the experimental COVID-19 drug may reduce deaths.

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Jul 10, 2020

Netflix shares close up 8% for yet another record high
Shares of Netflix Inc. continued their torrid record pace Friday, closing up 8% to $548.73. The streaming service, expected to announce yet another strong quarter on July 16, has been one of the top-producing tech stocks since the COVID-19 outbreak in March. Netflix's closing price gave it a valuation above those of rivals Walt Disney Co. , AT&T Inc. , and Comcast Corp. . Netflix shares have also benefited from glowing market research notes in recent days, topped by Goldman Sachs' prediction of its price reaching $670 per share. Netflix shares are up 70% in 2020, while the broader S&P 500 index is down 1.4%.

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Jul 10, 2020

U.S. oil futures finish higher, paring their loss for the week
U.S. oil futures climbed Friday, reducing their losses for the week even as the spread of the coronavirus pandemic continued to threaten a recovery in the economy. Crude prices got a boost for the session, in part due to the "upbeat COVID-19 vaccine and treatment news" and a softer dollar, but U.S. benchmark prices remain "anchored below the $41 level and will likely struggle for any major moves" until after next week's OPEC Joint Ministerial Monitoring Committee meeting, said Edward Moya, senior market analyst at Oanda. "The demand outlook risks warrant a discussion for OPEC to consider extending production cuts into August," he said, in a note. August West Texas Intermediate oil rose 93 cents, or about 2.4%, to settle at $40.55 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract fell by 0.2%, according to FactSet data.

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Jul 10, 2020

Rackspace plans to return as publicly traded company
Rackspace Technology Inc. said Friday it plans to launch an initial public offering for its stock four years after going private. In its Securities and Exchange Commission filing, the cloud technology services company said it plans to raise up to $100 million in the IPO but that figure is usually used as a placeholder and updated in later filings. Goldman Sachs, Citigroup, J.P. Morgan, RBC Capital Markets, and Evercore ISI are listed among the underwriters. The company plans to list under the ticker "RXT" on the Nasdaq. The company was taken private by Apollo Global Management in a $4.3 billion acquisition back in 2016. In 2019, Rackspace reported revenue of $2.44 billion and a loss of $102.3 million, compared with $2.45 billion in revenue and a loss of $470.6 million in 2018.

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Jul 10, 2020

Gold futures end lower for the session, but tally a 5th straight weekly gain
Gold futures ended lower on Friday, pulling back in the wake of the nearly nine-year high they reached earlier this week. Prices for the week, however, gained roughly 0.7%, as the spread of COVID-19 continued to raise the metal's appeal as a safe-haven investment. August gold fell $1.90, or 0.1%, to settle at $1,801.90 an ounce. Prices on Wednesday had settled at $1,820.60, the highest for a most-active contract since Sept. 14, 2011, according to FactSet data.

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Jul 10, 2020

Square acquires commerce management company Stitch Labs
Square Inc. announced in a Friday post that it has acquired Stitch Labs, a company that makes operations tools for commerce businesses. Terms of the deal weren't disclosed. Stitch Labs offers inventory, order management, channel management, and fulfillment tools for its customers. Square said in its blog post that Stitch Labs will cease taking on new customers but that its products will stay operational until next spring. "Longer term, we plan to sunset Stitch Labs's products so the team can focus on building out Square tools, and we'll work with existing customers to ensure that they have the resources and options they need to be successful transitioning off the platform," the post said. Square shares have rallied 37% over the past month as the S&P 500 has dropped 0.8%.

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Jul 10, 2020

Baker Hughes reports U.S. oil-rig count down by 4 this week
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil edged down by 4 to 181 this week. That followed a decline of 3 oil rigs a week earlier. The number of oil rigs has not seen an increase since the week ended March 13. The total active U.S. rig count, meanwhile, fell by 5 to 258, according to Baker Hughes. August West Texas Intermediate crude held onto their gains following the data, trading up 56 cents, or 1.4%, at $40.18 a barrel on the New York Mercantile Exchange.

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Jul 10, 2020

Wheat futures poised for highest finish since April as USDA cuts forecast for global supplies
Wheat futures climbed Friday, on track to settle at their highest level since April, after the U.S. Department of Agriculture reduced its outlook for 2020/2021 global wheat supplies by 2.9 million tons to 1.066 billion and said "larger beginning stocks are more than offset by reduced production." In its monthly World Agricultural Supply and Demand Estimates report, the USDA also lowered its global ending stocks forecast by 1.3 million tons to 314.8 million but said that figure remained "record large," with China accounting for 51% of the total. September wheat rose 8 1/2 cents, or 1.6%, to $5.33 1/2 a bushel. A settlement around this level would be the highest for a most-active contract since April 23, according to FactSet data.

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Jul 10, 2020

Trump sees no possibility of second trade deal with China
President Donald Trump on Friday said there was no possibility of a second trade deal with China. "I don't think about it now. The relationship with China has been severely damaged," Trump said, in a conversation with reporters on Air Force One on a flight to Florida. The president blamed the pandemic for the breach in bilateral ties. "They could have stopped it. They didn't," he said, according to the pool report of the conversation.

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Jul 10, 2020

Goldman Sachs raises price target on Netflix to $670 per share
Expectations for Netflix Inc. shares are sky high. How high? How about $670 per share, or 32% higher than its record closing price on Thursday, predicts Goldman Sachs in a new note Friday. It expects Netflix to report 12.5 million net subscriber additions in the second quarter. The streaming service, which added a whopping 15.77 million new paid subscribers in the first quarter, is expected to report another strong quarter on July 16. With a market value of $226.5 billion, Netflix is worth more than rivals Walt Disney Co. , AT&T Inc. , and Comcast Corp. .

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Jul 10, 2020

Nkarta's stock triples out of the gate, then pulls back
Shares of Nkarta Inc. tripled out of the gate Friday, after the biotechnology company's initial public offering priced above its expected range. The first trade of the stock was at $54.75, or 204.2% above the IPO price of $18, at 11:17 a.m. Eastern for about 159,000 shares. The company raised about $252 million in the IPO, which priced above the expected range of $16 to $17. The stock has pulled back since the open, and was last up 168% at $48.25. The company went public on a day that the Renaissance IPO ETF fell 1.0%, while the S&P 500 edged up 0.3%.

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Jul 10, 2020

Poseida Therapeutics' stock opens higher, then seesaws around the IPO price
Shares of Poseida Therapeutics Inc. kicked off their public life with a gain, after the biopharmaceutical company's initial public offering priced at the top of the expected range, but those gains quickly faded. The stock's first trade was at $17, or 6.3% above the $16 IPO price, at 11:09 a.m. Eastern for 1.1 million shares. The stock first traded below its IPO price at 11:12 a.m., and fell to an intraday low of $15.20, so far, before bouncing back above its IPO price. The company raised $204.8 million in the IPO after expenses. The stock has gone public at a time that the Renaissance IPO ETF run up 62.3% over the past three months, to outperform the S&P 500's 13.3% gain over the same period.

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Jul 10, 2020

Fastly's stock pulls back after BofA analyst swings to bearish from bullish
Shares of Fastly Inc. sank 5.8% in morning trading, putting them on track to snap a streak of 3-straight record closes, after BofA Securities analyst Tal Liani swung to bearish from bullish on provider of real-time content delivery network services, citing valuation concerns. The stock has rocketed nearly fivefold (up 382%) year to date, compared with a 2.3% decline in the S&P 500 , as investors view the company as a COVID-19 beneficiary. Liani downgraded Fastly to underperform from buy, but raised its stock price target to $90, which is 6.9% below current levels, from $50, saying that while fundamentals are intact, valuation has become difficult to justify after the this year's run up. He said Fastly's new initiatives may take time to materialize, and "risks around execution and competition remain and are not reflected in the current valuation."

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Jul 10, 2020

American Airlines could cancel some Boeing orders: WSJ
American Airlines Group Inc. is threatening to cancel some orders of the Boeing Co. 737 Max jet due to financing troubles, The Wall Street Journal reports. American Airlines ordered 17 of the planes for delivery this year, but has struggled to secure the money to pay for them. With travel halted for many consumers due to the coronavirus, airlines and other companies in the travel industry have been under pressure. United Airlines Holdings Inc. announced this week that it could furlough 36,000 workers in October due to diminished demand. American Airlines stock stock has plummeted more than 60% for the year to date. Boeing shares are down 46.3%. And the Dow Jones Industrial Average has slumped 9.5% for the period.

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Jul 10, 2020

Penn National Gaming has reopened 90% of its casino, racing properties after 2 more reopened this week
Penn National Gaming Inc. said Friday that 90% of its gaining and racing properties are now open, after two properties reopened this week. The company said its Hollywood Casino Bangor in Maine opened on Friday, after its Plainridge Park Casino in Massachusetts reopened on Wednesday. Penn said 37 of its 41 properties are now open, and that it looks forward to reopening the rest in the "coming weeks." The stock, which fell 0.4% in morning trading, has more than doubled over the past three months (up 114%), while the S&P 500 has gained 13%.

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Jul 10, 2020

Wingstop downgraded as capital for expansion becomes scarce
Wingstop Inc. was downgraded to neutral from buy at BTIG where analysts are concerned that the chicken chain's ability to expand will be constrained by a lack of funds. Wingstop has benefited from investments in digital and delivery during the coronavirus pandemic, and the company says 80% of its domestic business before the pandemic were off-premise. "We believe investors will now shift their focus to unit development, which could be stifled by access to capital," BTIG analysts led by Peter Saleh said. "We continue to hear that franchisees across quick service are eager to restart development and reimaging projects, but that access to capital is limiting the pace of these investments as bank lending has been diverted to supporting restaurants and small business owners." Analysts also think Wingstop's core customer will be hurt by the end of enhanced unemployment benefits later this month. Wingstop stock has rallied 58.6% for the year to date, compared with a 2.6% decline for the S&P 500 index [s:spx]. The steep increase makes this the right time to "move to the sidelines," BTIG said, though analysts are still confident about the company's long-term potential. Wingstop shares are down 1% in Friday trading.

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Jul 10, 2020

Netflix's stock rises toward another record, extending market cap gains above competitors Disney, AT&T
Shares of Netflix Inc. rallied 1.4% in morning trading Friday, to trade in record territory, after an upbeat research note from Jefferies analyst Alex Giaimo. The stock closed Thursday at the fourth record so far this month. The streaming video company now has a market capitalization of $226.5 billion, above the market caps of competitors such as Walt Disney Co. at $213.3 billion, AT&T Inc. at $212.1 billion and Comcast Corp. at $180.0 billion. Giaimo said a survey of nearly 1,500 Netflix subscribers showed that 90% of Indian subscribers and 70% of U.K. subscribers were will to pay more for subscriptions, while U.S. subscribers appear more "tapped out." The survey also showed that Netflix is favored over competitors, with many citing they prefer Netflix for its original content, which helps mitigate churn and allows for greater control over content spend. In addition, the survey showed that engagement has increased "significantly" since the COVID-19 outbreak, with the percentage of U.S. subscribers watching Netflix for more than 10 hours a week increasing to 38% from 16% pre-COVID-19. Giaimo reiterated his buy rating and $520 stock price target. The stock has soared 59.1% this year, while the S&P 500 has slipped 2.3%.

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Jul 10, 2020

Carnival provides business update, reiterating bookings demand and cash burn outlook
Shares of Carnival Corp. slumped 1% in morning trading Friday, after the cruise operator provided a business update, reiterating that it continues to see demand from new bookings next year. Cumulative advance bookings for 2021 capacity as of June 21 remained within historical ranges, although at prices that were down in the low to mid-single digit percentage ranges. The company said almost 60% of 2021 bookings were new bookings. Separately, the company reiterated that the monthly average cash burn rate for the second half of 2020 is estimates at about $650 million. Carnival said it continues to remove capacity, as it sold one ship in June, has agreements to dispose of 5 ships, and has preliminary agreements for the disposal of an additional 3 ships, within the next 90 days. In total, Carnival expects 13 ships, or about 9% of current capacity, to leave the fleet. The stock has tumbled 71.6% year to date, while the S&P 500 has slipped 2.4%.

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Jul 10, 2020

Stocks rise at the open on coronavirus treatment hopes
U.S. stocks opened modestly higher Friday, buoyed by encouraging news about a coronavirus treatment. The Dow Jones Industrial Average rose 14 points, 0.1%, to open near 25,720, while the S&P 500 was up less than a point, trading near 3,153. The tech-heavy Nasdaq Composite was less than one point higher, near 10,549. Gilead Sciences Inc. said in a report published Friday that its antiviral drug remdesivir reduced the risk of death for coronavirus patients by 62% compared with standard care alone. Friday's early gains come after a up-and-down week for the stock market, which has been caught between reports of rising COVID-19 cases and some economic data that has been better than expected. On Thursday, the U.S. Labor Department said that first-time applications for jobless benefits fell, but remain high.

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Jul 10, 2020

Dow and broader stock-market futures turn positive amid upbeat report on Gilead's experimental coronavirus treatment
U.S. stock-index futures turned positive on Friday after a report from Gilead Sciences indicated that its experimental treatment for coronavirus was seeing positive results in reducing deaths. Futures for the Dow Jones Industrial Average were up 0.1% at 25,600, those for the S&P 500 index were trading up 0.1% at 3,144, while Nasdaq-100 futures advanced 0.1% at 10,740. Gilead published a report on Friday saying that its antiviral drug remdesivir showed that it reduced the risk of death for coronavirus patients by 62% compared with standard care alone. The findings are being presented at the Virtual Covid-19 Conference as part of the 23rd International AIDS Conference, the company said.

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Jul 10, 2020

A new Gilead analysis indicates remdesivir can reduce death but company says finding 'requires confirmation'
Shares of Gilead Sciences Inc. gained 2.0% in premarket trading on Friday after the drugmaker disclosed findings from a new analysis of previously disclosed clinical trial data that found the experimental therapy remdesivir can reduce the risk of mortality in COVID-19 patients by 62%, when compared to the standard of care. Gilead said the mortality data point is "an important finding that requires confirmation in prospective clinical trials." The new analysis is not from a randomized, placebo-controlled clinical trial; it stems from a comparative, pre-planned analysis of 312 severely ill participants in a randomized, open-label Phase 3 trial and a real-world retrospective cohort of 818 patients with COVID-19 who had similar clinical attributes to those included in the trial and received remdesivir as part of their treatment. The new analysis may also help reinforce previous conclusions from a randomized, placebo-controlled National Institutes of Health trial that found remdesivir can reduce recovery times, a finding that was published in April and contributed to the Food and Drug Administration's decision in May to grant an emergency use authorization to remdesivir. Gilead's stock has gained 14.9% year-to-date, while the S&P 500 is down 2.4%.

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Jul 10, 2020

Financial services firm BTIG extends working from home through rest of 2020
Financial services and trading firm BTIG said it now expects its employees to remain working from home for the rest of the year, as its U.S. offices will remain closed. BTIG said it has originally targeted September for its employees to return to office, but has decided to push that back until there is more clarity around risks surrounding the transmission of COVID-19 posed by indoor environments, and how to provide a safe work environment. The privately held firm said remote work will continue to play a prominent role in the culture at BTIG. "There is no need for any immediate return to the office in any of our U.S. locations," said Chief Operating Officer Jennifer Mermel. "Our staff is secure in their positions, business is operating without disruption, and client feedback has been strong. When the indicators change, BTIG will respond accordingly."

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Jul 10, 2020

Royal Caribbean buys out Silversea Cruises for about $245 million worth of stock
Shares of Royal Caribbean Cruises Ltd. fell 2.4% in premarket trading Friday, after the cruise operator announced a stock deal to buy the remaining one-third stake in Silversea Cruises that it didn't already own from Heritage Cruise Holding Ltd. Royal said paid for the remaining Silversea stake with 5.2 million of its common stock, which represents about 2.5% of Royal's shares outstanding. Based on Thursday's closing price of $47.12, 5.2 million Royal shares would be valued at $245.0 million. That would assume a Silversea valuation of about $735.1 million, a substantial discount to the valuation of about $2 billion when Royal completed the purchase of a two-thirds stake in July 2018. Silversea provides ultra-luxury and expedition cruising. Royal's stock has tumbled 64.7% year to date, while the S&P 500 has eased 2.4%.

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Jul 10, 2020

Biotech Nkarta prices IPO at $18 a share, above its price range
Nkarta Inc. priced its initial public offering Friday at $18 a share, above its price range of $16 to $17, selling 14 million shares to raise about $252 million. The company upsized the deal on Thursday and raised the price range from a prior plan to offer 10 million shares priced at $14 to $16 a share. Cowen, Evercore ISI, Stifel and Mizuho Securities are the joint bookrunning managers of the IPO. The stock is expected to start trading on Nasdaq later Friday under the ticker symbol "NKTX." Nkarta is looking to go public at a time that the Renaissance IPO ETF has soared 61.7% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 23.6% and the S&P 500 has advanced 13.6%.

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Jul 10, 2020

Carrier launches air filter machine for schools and other settings to keep air clear of coronavirus
Carrier is launching an air filter machine to be used in institutional settings such as school classrooms, libraries and gyms, to help keep the air clear of contaminants like the coronavirus. The heating, ventilating and air conditioning company, part of Carrier Global Corp. after it was spun off the former United Technologies Corp. in May, said the new unit, called the OptiClean 1500-cfm Dual-Mode Air Scrubber & Negative Air Machine, joins an existing OptiClean 500-cfm unit, which was launched in April for use in hospitals. The machine can be plugged into a standard wall outlet and uses a long-life HEPA filter to improve indoor air quality. Chris Nelson, head of Carrier's HVAC business, said the company is expecting the machine to help schools keep students and teachers safe as they prepare to reopen in the fall. The units are portable and take up just three square feet of floor space. Carrier shares were slightly lower premarket, but have gained 62% in the last three months, while the S&P 500 has gained 13%.

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Jul 10, 2020

Express shares jump 13% premarket as retailer says sales and traffic improving as stores reopen
Clothing retailer Express Inc.'s shares jumped 13% in premarket trade Friday, after the company said same-store sales and traffic are improving as most of its stores have reopened after being closed for the coronavirus pandemic. The Columbus, Ohio-based company said about 95% of its stores are now open and the rest are expected to do so in the coming weeks. "With each successive wave of store openings, sales and traffic improved steadily week over week through the third week in June, with sales outpacing traffic due to higher conversion levels," the company said in a statement. Same-store sales have improved to negative 15% in the third week of June from negative 50% in early May. However, same-store sales and traffic declined in Arizona, California, Florida and Texas in late June, as COVID-19 cases began to spike. The company has buy online and pick up in store capabilities at more than 275 stores and plans to have all stores enabled by the end of the third quarter. "Results in stores have been negatively impacted by multiple factors, including reduced mall traffic due to COVID-19 and the cancellation of June and July product, the latter causing the assortments to not yet be fully reflective of the Company's new vision but deemed prudent in order to effectively manage liquidity," said the company. Shares have fallen 69% in the year to date, while the S&P 500 has fallen 2.4%.

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Jul 10, 2020

Inventiva prices IPO in the middle of the expected range, to raise $107.7 million.
Inventiva S.A. announced overnight Friday the pricing of its initial public offering at $14.40 per American depositary share, which was in the middle of the expected range, as the France-based biopharmaceutical company raised $107.7 million. The company sold 7.48 million ADS in the IPO, with each ADS representing one ordinary share. The IPO was expected to price between $13.40 and $15.40. The lead underwriters of the IPO were Jefferies, Stifel and Guggenheim Securities. The stock is expected to begin trading Friday on the Nasdaq, under the ticker symbol "IVA." The company is going public at a time that the Renaissance IPO ETF has run up 63.9% over the past three months, while the S&P 500 has gained 13.0%.

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Jul 10, 2020

Coronavirus tally: Global cases of COVID-19: 12.3 million, 555,324 deaths and 39 U.S. states see rising cases
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 12.3 million on Friday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 3.12 million cases. The number of deaths grew to 555,324, while the number of people who have recovered reached 6.8 million. The U.S. death toll is 133,291. Within the U.S., infections have climbed in 39 states and regions over the past 14 days, according to a New York Times tracker, with California, Texas and Florida leading the way. Brazil is second to the U.S. with 1.76 million cases and 69,184 deaths. India is third measured by cases at 793,802, followed by Russia with 712,863 and Peru with 316,448. The U.K. has 44,687 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 84,992 cases and 4,641 fatalities.

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Jul 10, 2020

Raytheon's stock bounces after Vertical Research turns bullish
Shares of Raytheon Technologies Corp. rose 1.2% in premraket trading Friday, bouncing off a 7-week low in the previous session, after Vertical Research Partners analyst Robert Stallard turned bullish on the aerospace and defense company, citing valuation and the likely recovery in the aerospace industry. The stock was currently the only Dow Jones Industrial Average component trading higher in the premarket. Stallard said it could be early to be buying an aerospace name for a recovery, as he hasn't yet seen a set of actual numbers for the merged company and investors appear unsure whether the company is and aerospace or defense company. "As a result, we think this has created a decent risk/reward set-up at the current price, and we are thus upgrading Raytheon Technologies from hold to buy," Stallard wrote in a note to clients. Until April 3, Raytheon Technologies was known as United Technologies, until the spinoffs of Carrier Global Corp. and Otis Worldwide Corp. were completed. Raytheon's stock has dropped 34.2% year to date through Thursday, while the Dow has lost 9.9%.

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Jul 10, 2020

IEA slightly improves oil demand forecast for 2020, but says much hinges on Covid-19
The International Energy Agency (IEA) on Friday predicted slightly improved global oil demand for 2020, but said much hinges on the progression of the pandemic. "The recent increase in Covid-19 cases and the introduction of partial lockdowns introduces more uncertainty to the forecast," the global energy authority said in its July report. The IEA estimates that global oil demand this year will average 92.1 million barrels per day, down by 7.9 million barrels per day versus 2019, a slightly smaller decline than forecast in the last report. "This is mainly because the decline in 2Q20 was less severe than expected," it said. For 2021, demand will be 97.4 mb/d; but due to the improved outlook for 2020 the recovery next year is lower at 5.3 mb/d. Crude prices remained under pressure, with West Texas Intermediate crude down 1.7% to $38.93 a barrel and Brent crude, the international benchmark, off 1.3% to $41.77 a barrel.

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MarketWatch MarketPulse
Jul 10, 2020

IEA slightly improves oil demand forecast for 2020, but says it hinges on Covid-19
The International Energy Agency (IEA) on Friday predicted slightly improved global oil demand for 2020, but said much hinges on the progression of the pandemic. "The recent increase in Covid-19 cases and the introduction of partial lockdowns introduces more uncertainty to the forecast," the global energy authority said in its July report. The IEA estimates that global oil demand this year will average 92.1 million barrels per day, down by 7.9 million barrels per day versus 2019, a slightly smaller decline than forecast in the last report. "This is mainly because the decline in 2Q20 was less severe than expected," it said. Crude prices remained under pressure, with West Texas Intermediate crude down 2% to $38.83 a barrel and Brent crude, the international benchmark, off 1.5% to $41.73 a barrel.

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MarketWatch MarketPulse
Jul 10, 2020

U.S. to suspend retaliation as long as France suspends collection of digital tax
The U.S. will announce but suspend retaliatory measures for France's digital services tax, Trade Representative Robert Lighthizer said. "We're going to announce that we're going to be taking certain sanctions against France, suspending them like they're suspending collection of the taxes right now," Lighthizer said, according to Reuters. The U.S. says the French tax discriminates against companies such as Alphabet , Facebook and Apple .

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MarketWatch MarketPulse
Jul 09, 2020

United Airlines bonds downgraded deeper into junk by S&P
S&P Global Ratings late Thursday downgraded United Airlines Holdings Inc. debt one notch to B , from BB-, saying it expects the airline to generate "substantial cash flow deficit," thanks to a "steep decline" in bookings due to the COVID-19 pandemic. A return to positive cash flow is expected next year, S&P said. United is taking several steps to offset the fewer bookings, but these will not be enough, it said. "As of now, we expect air traffic to begin to recover in the second half of 2020, but any delay will prolong weakness in credit metrics," the ratings agency said. United shares fell 0.5% in the extended session Thursday after ending the regular trading day down 7.3%.

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MarketWatch MarketPulse
Jul 09, 2020

Egg producer Vital Farms files for IPO
Vital Farms Inc. on Thursday filed for an initial public offering, hoping to capitalize on demand for for "ethically produced, natural, traceable, clean-label, great-tasting and nutritious" foods. The Austin, Texas, pasture-raised egg and butter producer applied to list its stock on the Nasdaq under the symbol VITL. Underwriters include Goldman Sachs, Morgan Stanley and Credit Suisse. It seeks to sell $100 million worth of shares although that is often a placeholder used to calculate fees. Vital Farms said it had earned $1.9 million, or 13 cents a share, in the first quarter, compared with a profit of $3.1 million, or 21 cents a share, in the year-ago period. First-quarter sales rose to $48 million from $33 million a year ago, the company said in its prospectus.

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MarketWatch MarketPulse
Jul 09, 2020

Franklin Covey's sales hampered by online learning, closures
Shares of Franklin Covey Co. fell more than 6% in the extended session Thursday after the maker of management and organization products and services reported fiscal third-quarter sales below expectations and its quarterly loss was wider than expected as executives and educators switched to online learning amid closures to curb the spread of the coronavirus. Franklin Covey said it lost $11 million, or 79 cents a share, in the third quarter of fiscal 2020, compared with a loss of $2 million, or 14 cents a share, in the third quarter of fiscal 2019. Sales fell to $37.5 million in the quarter, compared with $56 million a year ago. Analysts polled by FactSet had expected a loss of 30 cents a share on sales of $49 million. All of the company's business units "were adversely impacted by the closure of offices, schools, and other gathering places in the United States and in other countries" amid the pandemic, the company said. Training, coaching and consulting resulted in fewer sales for both its Enterprise and Education divisions; the Education division also missed out on fewer sales of materials and fewer coaching days as educators transitioned to online classes, it said. Shares of Franklin Covey ended the regular trading day down 5.4%.

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MarketWatch MarketPulse
Jul 09, 2020

Dow ends 360 points lower amid coronavirus worries, while Nasdaq scores record
Stocks ended mostly lower Thursday, though tech shares continued to rally as investors sought safety amid a rise in the number of coronavirus cases in sates like Arizona and Florida. The Dow Jones Industrial Average fell around 361 points, or 1.4%, to finish near 25,706, according to preliminary figures, while the S&P 500 lost around 18 points, or 0.6%, to close near 3,152. However, the tech-heavy Nasdaq Composite saw a gain of around 55 points, or 0.5%, ending near 10,548, marking a record close for the second consecutive day.

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 MarketPulse
Jul 09, 2020

Oil futures retreat from a 4-month high, pulling U.S. prices back below $40 a barrel
Oil futures retreated Thursday after settling a day earlier at their highest in four months, pulling U.S. prices back below $40 a barrel. The U.S. set another single-day record number of confirmed COVID-19 cases on Wednesday. Traders continued to watch the pace of the economic recovery against that backdrop, and for signs of an improvement or setback in energy demand. August West Texas Intermediate oil fell $1.28, or 3.1%, to settle at $39.62 a barrel on the New York Mercantile Exchange. On Wednesday, prices for the front-month contract settled at $40.90, the highest finish since March 6, according to Dow Jones Market Data.

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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