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Yahoo Business
Jul 03, 2020

You have to be proactive rather than reactive: Wealth Advisor
Luke Lloyd, a wealth advisor at Strategic Wealth Partners, joins Yahoo Finance to highlight how some Americans are using the COVID-19 pandemic as an opportunity to reset retirement goals.

Yahoo Business
Jul 03, 2020

Amarin Corporation plc (NASDAQ:AMRN): Is Breakeven Near?
Amarin Corporation plc's (NASDAQ:AMRN): Amarin Corporation plc, a pharmaceutical company, develops and commercializes...

Yahoo Business
Jul 03, 2020

Texas oil industry crafts plan for students to graduate debt free with 6-figure job
(Bloomberg) -- Zoom, one of the few success stories of the Covid-19 pandemic, now faces a new competitor in an app backed by Asia's wealthiest person Mukesh Ambani.Ambani's Reliance Industries Ltd., which has scored billions of dollars of investments from Facebook Inc. to Intel Corp. for its digital businesses, has launched the JioMeet video conferencing app after beta testing. The app has already garnered more than 100,000 downloads on the Google Play Store after becoming available Thursday evening.Like Google Meet, Microsoft Teams and other services, JioMeet offers unlimited high-definition calls -- but unlike Zoom, it doesn't impose a 40-minute time limit. Calls can go on as long as 24 hours, and all meetings are encrypted and password-protected, the company said on the JioMeet website.The launch coincided with a nationwide ban on dozens of popular apps from Chinese technology giants including ByteDance Ltd.'s TikTok and Alibaba Group Holding Ltd.'s UC Web, on grounds they threatened security and data privacy. JioMeet went viral Friday on social media alongside the hashtag MadeinIndia.The app is one facet of Ambani's rapidly expanding digital empire, which includes India's largest telecom operator with nearly 400 million users. On Friday, Reliance announced Intel Capital has invested $253 million into Jio Platforms Ltd., a unit of Ambani's oil-to-retail conglomerate. The U.S. chipmaker's arm is the 11th investor in about as many weeks to announce its backing for the digital services plat

Yahoo Business
Jul 03, 2020

Here's What Mylan, Inc.'s (NASDAQ:MYL) Shareholder Ownership Structure Looks Like
Every investor in Mylan, Inc. (NASDAQ:MYL) should be aware of the most powerful shareholder groups. Insiders often own...

Yahoo Business
Jul 03, 2020

How Much Of Avid Bioservices, Inc. (NASDAQ:CDMO) Do Insiders Own?
The big shareholder groups in Avid Bioservices, Inc. (NASDAQ:CDMO) have power over the company. Insiders often own a...

Yahoo Business
Jul 03, 2020

Fuel Cell Stock Rallies to 17-Year High After China Order
(Bloomberg) -- Shares of Ballard Power Systems Inc. rallied to a 17-year high after the company announced a $7.7 million order from China.The Vancouver-based hydrogen fuel-cell maker jumped as much as 8.3% to its highest since December 2002 after the receiving a purchase contract from Guangdong Synergy Ballard Hydrogen Power Co., a 10%-owned joint venture located in China.The company's technology currently powers over 650 electric buses and more than 2,200 electric trucks in China, according to Alfred Wong, managing director at Ballard."This follow-on order from the Synergy-Ballard joint venture is an important indicator of the continued progress and market demand for Ballard fuel cell technology," Wong said in a statement Thursday. "We expect to see high adoption of fuel cell electric vehicles in China."Ballard is the second-best performing stock on Canada's benchmark S&P/TSX Composite Index this year with a 165% rally, pushing its market value to almost C$6 billion ($4.4 billion) amid burgeoning speculation that wide-scale adoption of hydrogen fuel cells may at long last be around the corner."We believe Ballard fuel cell technology will offer a compelling value proposition, including high reliability and durability," Wong said in the company statement.(Updates to add value of contract in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Yahoo Business
Jul 03, 2020

10 Largest ETFs In The World
What are the 10 largest ETFs in the world? Exchange-traded funds (ETFs) have become immensely popular in recent years. Unlike mutual funds, ETFs trade on an exchange much like stocks. You can buy and sell an ETF's shares throughout the trading day. They passively track an underlying index, similar to how index funds work. Depending […]

Yahoo Business
Jul 03, 2020

What Is The Ownership Structure Like For Agenus Inc. (NASDAQ:AGEN)?
Every investor in Agenus Inc. (NASDAQ:AGEN) should be aware of the most powerful shareholder groups. Institutions will...

Yahoo Business
Jul 03, 2020

Elon Musk To Bring Tesla Cybertruck On Cross-Country Drive
Tesla Inc's (NASDAQ: TSLA) Cybertruck was recently on display at the Petersen Automotive Museum in Los Angeles, California. Anyone that wanted to see the Cybertruck up close in person could purchase tickets to the museum. The tickets sold out shortly after the event was scheduled, so the event was extended to allow more people to see the truck.This is reminiscent of the early days of Model 3 events, where lines would wrap around buildings for people to get five minutes to sit in the car. Sure, we will aim to do a cross-country drive with Cybertruck later this year -- Elon Musk (@elonmusk) July 3, 2020The lowest cost version of the Cybertruck is currently listed for $39,900 and gets 250 miles of range and a towing capacity of 7,500 pounds. The most expensive version, with the Full Self Driving software package included, will be $69,900, with 500 miles of range and a towing capacity of 14,000 pounds. Production is expected to start in late 2021.Some estimates put the number of reservations over 650,000.Benzinga's Take: The Cybertruck is a radical departure from what is known as a truck today. It does not seem like it will draw traditional truck buyers, but the specs for the price are impressive. The low maintenance, extremely low cost of operation, and extreme torque could be enough to draw some traditional truck buyers.But like the Model 3 did before it, this vehicle will draw an entirely new crowd to purchase it. And with a low cost of production, Tesla could have a hit on its hands in terms of profit per vehicle

Yahoo Business
Jul 03, 2020

Gilead's COVID-19 antiviral remdesivir gets conditional EU clearance
The European Commission said on Friday it had given conditional approval for the use of antiviral remdesivir in severe COVID-19 patients following an accelerated review process, making it the region's first authorised therapy to treat the virus. The move comes just a week after the European Medicines Agency (EMA) gave its go-ahead for the drug, produced by Gilead Sciences, to be used in adults and adolescents from 12 years of age who are also suffering from pneumonia and require oxygen support. It also comes just days after the company allocated nearly all of its supply of remdesivir to the United States over the next three months, stirring concerns about availability elsewhere.

Yahoo Business
Jul 03, 2020

EU grants conditional clearance to COVID-19 antiviral remdesivir
Exxon Mobil Corporation said in its regulatory filing on Thursday that it has incurred an unprecedented second straight quarterly loss from the fall in oil and natural gas prices after coronavirus lockdown restrictions dampened energy demand worldwide.

Yahoo Business
Jul 03, 2020

How Many American Airlines Group Inc. (NASDAQ:AAL) Shares Did Insiders Buy, In The Last Year?
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...

Yahoo Business
Jul 03, 2020

Will Deutsche Bank Come to Wirecard's Rescue? If Only
(Bloomberg Opinion) -- Deutsche Bank AG is lining up to buy a piece of history — a remnant of scandal-ridden Wirecard AG. It's not the only one sniffing around. But however many expressions of interest there may be, and however credible the buyers, the proceeds from selling off even the best assets of the German payments company will be tiny relative to the losses incurred.When Wirecard was a stock market darling, investors weren't piling into the shares because of its Wirecard Bank subsidiary, the piece that potentially interests Deutsche Bank. The lending arm was a sideshow as the rest of the operation appeared to expand. Of course, the growth reported by the group is now heavily in doubt following the admission that the accounts overstated cash balances by 1.9 billion euros ($2.1 billion).Deutsche Bank says it is considering providing financial support for Wirecard Bank should it be required. Precisely what that means is unclear. Wirecard's bank is not subject to insolvency proceedings. If it needs assistance, there should be other avenues. It's not Deutsche Bank's job to be lender of last resort. But there could be some logic to a straight takeover at the right price.Extreme due diligence will be critical. Wirecard Bank has looked like a simple deposit-taking institution that's been growing nicely. Question one is whether its 1.7 billion euros of deposits have stayed put as the parent company has unraveled. Then any buyer would need to kick the tires on the credit quality of the assets.And however much comfort D

Yahoo Business
Jul 03, 2020

Is Aeterna Zentaris (TSE:AEZS) In A Good Position To Deliver On Growth Plans?
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...

Yahoo Business
Jul 03, 2020

Estimating The Intrinsic Value Of Intel Corporation (NASDAQ:INTC)
How far off is Intel Corporation (NASDAQ:INTC) from its intrinsic value? Using the most recent financial data, we'll...

Yahoo Business
Jul 03, 2020

Insider Buying: Ronald Fisher Just Spent US$36m On T-Mobile US, Inc. (NASDAQ:TMUS) Shares
Those following along with T-Mobile US, Inc. (NASDAQ:TMUS) will no doubt be intrigued by the recent purchase of shares...

Yahoo Business
Jul 03, 2020

How Much Of Arcimoto, Inc. (NASDAQ:FUV) Do Insiders Own?
A look at the shareholders of Arcimoto, Inc. (NASDAQ:FUV) can tell us which group is most powerful. Institutions will...

Yahoo Business
Jul 03, 2020

Money market funds see largest redemptions since Dec 2019 - BofA
(Bloomberg Opinion) -- Deutsche Bank AG is lining up to buy a piece of history — a remnant of scandal-ridden Wirecard AG. It's not the only one sniffing around. But however many expressions of interest there may be, and however credible the buyers, the proceeds from selling off even the best assets of the German payments company will be tiny relative to the losses incurred.When Wirecard was a stock market darling, investors weren't piling into the shares because of its Wirecard Bank subsidiary, the piece that potentially interests Deutsche Bank. The lending arm was a sideshow as the rest of the operation appeared to expand. Of course, the growth reported by the group is now heavily in doubt following the admission that the accounts overstated cash balances by 1.9 billion euros ($2.1 billion).Deutsche Bank says it is considering providing financial support for Wirecard Bank should it be required. Precisely what that means is unclear. Wirecard's bank is not subject to insolvency proceedings. If it needs assistance, there should be other avenues. It's not Deutsche Bank's job to be lender of last resort. But there could be some logic to a straight takeover at the right price.Extreme due diligence will be critical. Wirecard Bank has looked like a simple deposit-taking institution that's been growing nicely. Question one is whether its 1.7 billion euros of deposits have stayed put as the parent company has unraveled. Then any buyer would need to kick the tires on the credit quality of the assets.And however much comfort D

Yahoo Business
Jul 03, 2020

Tesla's Overexcited Fans Should Cool Down a Little
The former driver's tweets and video are in stark contrast to the feel-good worker-vignettes that Amazon has been airing as TV commercials.

Yahoo Business
Jul 03, 2020

India Rupee's Rally Leaves Traders Gauging RBI's Forex Strategy
(Bloomberg) -- India's rupee hit a three-month high after breaking out of a tight trading band, boosted by strong inflows and expectations that the central bank may be slowing its purchases of dollars.The rupee rose as much as 0.6% to 74.5562 per dollar, its highest since March 27, before closing up 0.5%. The currency has strengthened 1.3% this week in Asia's best performance.The currency rallied 0.8% on Thursday, with traders attributing the strength to inflows from Reliance Industries Ltd.'s stake sales in its digital unit and the Reserve Bank of India stepping away from buying dollars. The prospect of a rare current-account surplus following robust foreign flows and low oil prices has burnished the rupee's outlook, which was the region's biggest decliner in the first six months of 2020."India's balance of payments surplus is one of the strongest in recent years, and we see that continuing to support the INR," said Divya Devesh, head of Asean and South Asia FX research at Standard Chartered Plc in Singapore. "While the central bank is likely to continue with its reserves building, historically, they have not targeted specific levels."Overseas funds piled $4.2 billion into Indian stocks in the June quarter, the highest in Asia. Reliance's unit Jio Platforms Ltd. alone has attracted about $16 billion via stake sales. The investment arm of Intel Corp. on Friday agreed to pay 18.95 billion rupees ($253 million) for a slice of Jio.READ: Even With $500 Billion Warchest, RBI Won't Let Rupee ClimbDespite th

Yahoo Business
Jul 03, 2020

Pine Labs Weighs Bid for Part of Wirecard's Asia Business
(Bloomberg) -- Pine Labs, the Indian payments company backed by Sequoia Capital and Mastercard Inc., is considering a bid for fallen fintech star Wirecard AG's businesses in Southeast Asia and India, according to people familiar with the matter.A potential bid is still at an exploratory stage, as there's no information available yet on the valuation and finances of Wirecard's Asian operations, said the people, who asked not to be identified as the information is confidential. There's no certainty that Pine Labs will proceed with a formal bid, the people added.The sale of Wirecard's businesses will be clouded by ongoing probes into its operations after the German payments firm was forced into insolvency by an accounting scandal. Wirecard said last month that almost 2 billion euros ($2.25 billion) it previously reported as cash probably never existed.However, several Wirecard's subsidiaries -- including those in Asia -- weren't part of the insolvency filing. The firm's administrators have said the assets are attracting interest from many global investors and a sale process involving investment banks is on the way.Pine Labs is potentially interested in Wirecard's regional point-of-sale business, which handles merchants' payments transactions, one of the people said. That is Pine Labs' core business in India, and any acquisition of Wirecard assets would allow it to expand those operations further in Southeast Asia, the person added.Pine Labs Chief Executive Officer Amrish Rau declined to comment in an emailed response to q

Yahoo Business
Jul 03, 2020

World's Largest Pension Fund Loses $165 Billion in Worst Quarter
(Bloomberg) -- The world's biggest pension fund posted a record loss in the first three months of 2020 after the coronavirus pandemic sparked a global market rout in the period.Japan's Government Pension Investment Fund lost 11%, or 17.7 trillion yen ($164.7 billion), in the three months ended March, it said in Tokyo on Friday. The decline in value was the steepest based on comparable data back to April 2008, reducing the fund's total assets to 150.63 trillion yen. Foreign stocks were the worst performing investment, followed by domestic equities.The results come just months after the fund revamped top management and revised its asset allocation to focus more on overseas debt. The loss, which wiped out gains for the fiscal year, may attract political attention as social security remains a major concern for tens of millions of Japan's retirees."The decline in domestic and foreign equities led to a negative return for the fiscal year," said Masataka Miyazono, the president of GPIF. "Both equity markets performed strongly during 2019 even under pressures from the U.S.-China trade negotiations. The global coronavirus pandemic led to investors taking a risk-off stance."Overseas bonds were the only major asset to generate a positive quarterly return. The securities gained 0.5%, compared with losses of 0.5% for domestic bonds, 18% for local equities and 22% for foreign stocks. In April, GPIF raised its asset allocation to foreign bonds by 10 percentage points to 25%, while keeping the target for foreign

Yahoo Business
Jul 03, 2020

PG&E Shares Jump After Emerging From Bankruptcy
PG&E; shares rallied on their first day of trading after emerging from Chapter 11 Bankruptcy.

Yahoo Business
Jul 03, 2020

Exxon Mobil Suffers Quarterly Loss on Lower Oil and Gas Prices
Exxon Mobil Corporation said in its regulatory filing on Thursday that it has incurred an unprecedented second straight quarterly loss from the fall in oil and natural gas prices after coronavirus lockdown restrictions dampened energy demand worldwide.

Yahoo Business
Jul 03, 2020

LG Chem to produce Tesla batteries in South Korea this year as demand grows - source
South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. "Tesla is asking not only LG Chem but other suppliers to increase supplies, as its cars are selling well," the person told Reuters. A second person with knowledge of the situation also said LG Chem is converting some of its production in South Korea to produce batteries for Tesla.

Yahoo Business
Jul 03, 2020

Zoom's Newest Challenger: Budding Internet Tycoon Mukesh Ambani
(Bloomberg) -- Zoom, one of the few success stories of the Covid-19 pandemic, now faces a new competitor in an app backed by Asia's wealthiest person Mukesh Ambani.Ambani's Reliance Industries Ltd., which has scored billions of dollars of investments from Facebook Inc. to Intel Corp. for its digital businesses, has launched the JioMeet video conferencing app after beta testing. The app has already garnered more than 100,000 downloads on the Google Play Store after becoming available Thursday evening.Like Google Meet, Microsoft Teams and other services, JioMeet offers unlimited high-definition calls -- but unlike Zoom, it doesn't impose a 40-minute time limit. Calls can go on as long as 24 hours, and all meetings are encrypted and password-protected, the company said on the JioMeet website.The launch coincided with a nationwide ban on dozens of popular apps from Chinese technology giants including ByteDance Ltd.'s TikTok and Alibaba Group Holding Ltd.'s UC Web, on grounds they threatened security and data privacy. JioMeet went viral Friday on social media alongside the hashtag MadeinIndia.The app is one facet of Ambani's rapidly expanding digital empire, which includes India's largest telecom operator with nearly 400 million users. On Friday, Reliance announced Intel Capital has invested $253 million into JioPlatforms, a unit of Ambani's oil-to-retail conglomerate. The U.S. chipmaker's arm is the 11th investor in about as many weeks to announce its backing for the digital services platform."

Yahoo Business
Jul 03, 2020

UK orders 65 mln injection devices from Becton Dickinson for vaccine program
A look at the shareholders of Arcimoto, Inc. (NASDAQ:FUV) can tell us which group is most powerful. Institutions will...

Yahoo Business
Jul 03, 2020

SoftBank's Latest Unicorn IPO Is Just Delightful
(Bloomberg) -- The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn't be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.There are signs that the dynamic isn't limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years. Deliveries for platinum on the New York Mercantile Exchange were more than five times the next largest month this year.Those deliveries serve as a way for banks to reduce their exposure to price dislocations and limit risk, said David Holmes, a senior vice president at Heraeus Metals New York, a precious metals refiner.The blowout in gold spreads earlier this year led to big losses for some banks, which typically sell fu

Yahoo Business
Jul 03, 2020

Wirecard's Missing Executive Played Alleged Role in India Deals
(Bloomberg) -- Pine Labs, the Indian payments company backed by Sequoia Capital and Mastercard Inc., is considering a bid for fallen fintech star Wirecard AG's businesses in Southeast Asia and India, according to people familiar with the matter.A potential bid is still at an exploratory stage, as there's no information available yet on the valuation and finances of Wirecard's Asian operations, said the people, who asked not to be identified as the information is confidential. There's no certainty that Pine Labs will proceed with a formal bid, the people added.The sale of Wirecard's businesses will be clouded by ongoing probes into its operations after the German payments firm was forced into insolvency by an accounting scandal. Wirecard said last month that almost 2 billion euros ($2.25 billion) it previously reported as cash probably never existed.However, several Wirecard's subsidiaries -- including those in Asia -- weren't part of the insolvency filing. The firm's administrators have said the assets are attracting interest from many global investors and a sale process involving investment banks is on the way.Pine Labs is potentially interested in Wirecard's regional point-of-sale business, which handles merchants' payments transactions, one of the people said. That is Pine Labs' core business in India, and any acquisition of Wirecard assets would allow it to expand those operations further in Southeast Asia, the person added.Pine Labs Chief Executive Officer Amrish Rau declined to comment in an emailed response to q

Yahoo Business
Jul 03, 2020

Nord Stream 2 Could Sever Transatlantic Ties
(Bloomberg Opinion) -- U.S. President Donald Trump is furious at Germany for many reasons, not all of them fathomable. In phone conversations with Angela Merkel, he's allegedly called the German chancellor "stupid" and denigrated her in "near-sadistic" tones. Though this be madness, as the Bard might say, there is — on rare occasions — method in it. One such case is Nord Stream 2.It is an almost-finished gas pipeline under the Baltic Sea between Russia and Germany, running right next to the original Nord Stream, which has been in operation since 2011. "We're supposed to protect Germany from Russia, but Germany is paying Russia billions of dollars for energy coming from a pipeline," Trump roared at a recent campaign rally. "Excuse me, how does that work?"As is his wont, the president thereby conflated many things. One of his grievances is that Germany has long been scrimping on its military spending, in effect free-riding on U.S. protection, for which he wants to punish his "delinquent" ally. Another is that the European Union, which he considers Germany's marionette, allegedly takes advantage of the U.S. in business. Trump also wants to sell Europe more American liquefied natural gas (LNG).But Trump isn't the only American trying to stop Nord Stream 2. In December, Congress aimed sanctions at a Swiss company that supplied the ships to lower the pipes into the water. This delayed the pipeline's launch. Then Russia sent another vessel to finish the job. So this week a bipartisan group of Senators moved to widen the sanctions in order to kill Nor

Yahoo Business
Jul 03, 2020

The following markets are trading on July 3rd
COVID-19 vaccine candidates will enter late-stage clinical studies by the end of the month, with others beginning in August, September and October, the U.S. government's top infectious diseases expert said on Thursday. The news comes as Moderna Inc, which is at the forefront of the country's vaccine development efforts, reiterated earlier in the day that a late-stage trial with 30,000 volunteers would begin this month. "We may be able to at least know whether we are dealing with a safe and effective vaccine by the early winter, late winter, (or) beginning of 2021," Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, said in an interview to JAMA Network.

Yahoo Business
Jul 03, 2020

Tencent launches new U.S. game studio for global appeal
Tencent Holdings, China's biggest social media and video game company, launched a new California-based studio this week, as it looks to further expand its presence overseas. The new studio, LightSpeed LA, will be led by former Rockstar veteran Steve Martin and will focus on the development and publishing of AAA titles, Tencent Games' LightSpeed and Quantum Studios said in a statement to Reuters. "We're ushering in a new era of game culture by combining world-class development with a stress-free work environment," Martin said in the statement.

Yahoo Business
Jul 03, 2020

Chaos in Gold Markets Ripples to Other Precious Metals
(Bloomberg) -- The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn't be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.There are signs that the dynamic isn't limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years. Deliveries for platinum on the New York Mercantile Exchange were more than five times the next largest month this year.Those deliveries serve as a way for banks to reduce their exposure to price dislocations and limit risk, said David Holmes, a senior vice president at Heraeus Metals New York, a precious metals refiner.The blowout in gold spreads earlier this year led to big losses for some banks, which typically sell fu

Yahoo Business
Jul 02, 2020

Google, Temasek Are Said to Be in Talks to Invest in Tokopedia
(Bloomberg) -- Google and Temasek Holdings Pte are in negotiations to join a funding round of between $500 million and $1 billion for Indonesian e-commerce giant PT Tokopedia, according to people familiar with the matter.Tokopedia, the online marketplace backed by SoftBank Group Corp.'s Vision Fund, has held talks with U.S. internet giants including Facebook Inc., Microsoft Corp. and Amazon.com Inc., the people said. But Google and Temasek have been more active in their negotiations and those talks may conclude in coming weeks, they said, asking not to be identified because the discussions are private.America's largest internet corporations have looked increasingly toward Asia as growth in the U.S. and Europe slows, seeking to tap the region's rapidly growing smartphone-savvy population. Facebook is buying a stake in India's Jio Platforms, while its WhatsApp unit struck a deal last month to invest in ride-hailing and food delivery giant Gojek. Representatives for Tokopedia and Temasek declined to comment. Google didn't respond to an email seeking comment.The backing of Alphabet Inc.'s Google and Singaporean state investment firm Temasek would mark a major boost for one of Southeast Asia's biggest e-commerce operators. Tokopedia co-founder and Chief Executive Officer William Tanuwijaya built the country's most valuable startup after Gojek after scoring early backing from SoftBank founder Masayoshi Son and Alibaba Group Holding Ltd. co-founder Jack Ma. It now plans to list shares at home as well as in

Yahoo Business
Jul 02, 2020

Dollar Weakens as Economic Data Improves
(Bloomberg) -- A London judge delivered a blow to Venezuelan President Nicolas Maduro's attempt to retrieve $1 billion of gold in Bank of England vaults, ruling that opposition leader Juan Guaido should be recognized as the country's interim president.In deciding the ownership of the gold, the court should accept the U.K. government's "unequivocal" recognition of Guaido, Judge Nigel Teare said Thursday. The decision dismisses the attempt by Maduro-appointed executives at Venezuela's central bank to set aside the comments.The bank sued the BOE to get the gold that it says is urgently needed in a joint effort with the United Nations Development Fund to fight the Covid-19 pandemic. The bullion has been in limbo since U.S. officials successfully lobbied their British counterparts last year to block Maduro from withdrawing the gold.The U.K. government last year said it recognizes Guaido as Venezuela's interim president until new, credible elections can be held."Today's decision recognizes the legality of our interim government as we transition into democracy," Guaido-appointed Attorney General Enrique Sanchez Falcon said in a phone interview. "It also establishes a criteria that will surely impact other ongoing trials."Sanchez, who called the judge's ruling a "triumph," said the opposition planned to safeguard the gold for the time being, as part of Guaido's efforts to secure Venezuela's financial assets abroad.The Venezuelan bank said it planned to seek permission to appeal. A representative for the Bank of England d

Yahoo Business
Jul 02, 2020

How Moderna executives are cashing in on COVID-19 vaccine stock speculation
In the meantime, the firm's chief executive is pocketing millions of dollars every month by selling shares that have tripled in price on news of Moderna's development progress, a Reuters analysis of corporate filings shows. The sales - by CEO Stéphane Bancel, his childrens' trust and companies he owns - amount to about $21 million (£17 million) between January 1 and June 26, including $6 million in May. The lucrative liquidations highlight the unusually powerful incentives for biotech executives to highlight development milestones for drugs that often never get approved or sold, according to interviews with seven executive-compensation experts.

Yahoo Business
Jul 02, 2020

Regeneron, Sanofi arthritis drug fails COVID-19 study
Previous trial results had shown that the drug did not help patients with less severe COVID-19, the disease caused by the novel coronavirus, and shares of Regeneron fell about 3% in after hours trading. Other drugs in the same class, including Roche Holding AG's Actemra, are also being studied as treatments for COVID-19. Patients who required mechanical ventilation or high-flow oxygen therapy or treatment in an intensive care unit were considered critically ill.

Yahoo Business
Jul 02, 2020

Boeing communications chief resigns over decades-old article on women in combat
Boeing Co's communications chief Niel Golightly abruptly resigned on Thursday, following an employee's complaint over an article the former U.S. military pilot wrote 33 years ago arguing women should not serve in combat. The job has become the industry's biggest hot seat as Boeing fends off criticism for its handling of the 737 MAX crisis. "My article was a 29-year-old Cold War navy pilot's misguided contribution to a debate that was live at the time," Golightly said in a statement included in Boeing's announcement.

Yahoo Business
Jul 02, 2020

Wall Street sees Exxon paring asset values on weakening demand
The COVID-19 pandemic has decimated the U.S. economy, yet the stock market is alive and well. Against the backdrop of a recession, the market actually had its strongest quarter in over 20 years, with the S&P 500 notching its largest quarterly gain since the last quarter of 1998, surging 20%. As for the NASDAQ, it climbed 31% higher during the quarter, marking its best quarterly performance since Q4 1999.While certainly volatile, the quarter saw investors take an optimistic approach due to reopening efforts and unprecedented stimulus packages. That being said, going forward into Q3, plenty of uncertainty is lingering over Wall Street. So, how are investors supposed to lock in on compelling plays? The Street's pros can provide some much-needed inspiration, namely those from investment firm Goldman Sachs.Taking all of this into consideration, we used TipRanks' database to learn more about three stocks backed by Goldman Sachs. As it turns out, the firm's analysts projecting more than 30% upside potential for each. The rest of the Street is on the same page, with each ticker earning a "Strong Buy" consensus rating.Myovant Sciences (MYOV)Combining purpose-driven science, empowering medicines and transformative advocacy, Myovant Sciences wants to change the treatment landscape for both women and men. On the heels of its recent data readout, Goldman Sachs is even more optimistic about this healthcare name.Covering this stock for the firm, five-star analyst Paul Choi tells clients that a key component of his

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Souring On Alibaba Group Holding Limited (BABA)?
We are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article we look at how hedge funds traded Alibaba Group Holding Limited (NYSE:BABA) heading into this quarter and whether they were right about the […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into Visa Inc (V)?
We are almost done with the second quarter. Investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned almost 20% this quarter. In this article we look at how hedge funds traded Visa Inc (NYSE:V) and determine whether the smart money was really smart about this stock. Is […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into Bristol Myers Squibb Company (BMY)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into Micron Technology, Inc. (MU)?
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Selling Bank of America Corporation (BAC)?
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Souring On Wells Fargo & Company (WFC)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Buying Gilead Sciences, Inc. (GILD)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Selling The Procter & Gamble Company (PG)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Buying Pfizer Inc. (PFE)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

INSIGHT-How Moderna execs are cashing in on COVID-19 vaccine stock speculation
Amid the market's wild roller coaster ride, one fact has become abundantly clear: COVID-19 is a game-changer. With the number of new cases spiking, the resumption of normality is fading farther off into the distance, taking hopes of a V-shaped recovery along with it. That said, regardless of the recovery's shape, some argue that the investing landscape has been altered for the foreseeable future.Against this backdrop, investment strategies will need to take the new reality into consideration, focusing on the names poised to emerge from the crisis as the ultimate winners. Even though this might feel like guesswork, the Street's pros can help steer investors in the right direction.To this end, we used TipRanks' database to get all the details on three Buy-rated stocks flagged by analysts as positioned for gains in a post-COVID environment.Adtran Inc. (ADTN)As one of the top providers of networking and communications equipment, Adtran helps communications services companies manage and scale services that connect people from all over the world. With COVID-19 making residential broadband access a necessity, some analysts see this name as a key beneficiary of the global pandemic.MKM Partners' Michael Genovese reminds investors that during the firm's virtual idea dinner on March 14, he laid out the case for ADTN, with COVID-19's impact only supporting his belief that the stock is a top pick. "In our view, the Adtran story has gotten even better post COVID-19 since home Broadband has gone up in importa

Yahoo Business
Jul 02, 2020

UPS Partners With Mexican Firm For International Shipping
United Parcel Service (NYSE: UPS) and Estafeta have announced a partnership to provide Mexican businesses with international shipping services.The new agreement will help small and midsize businesses (SMEs) in Mexico reach more than 220 countries and territories around the world, as well as customers in the United States within one business day."The future is about nimble networks and strategic partnerships," said Nando Cesarone, president of UPS International, in a release. "The timely collaboration leverages UPS's smart global logistics network and Estafeta's established presence in Mexico."Cesarone added that the new partnership will benefit from the newly implemented United States-Mexico-Canada Agreement (USMCA)."As the (USMCA) comes into force to simplify trade for a refreshed North American trade bloc, we stand ready as growth partners to further streamline established supply chains - and open up new cross-border opportunities," Cesarone said.Estafeta is a Mexico City-based company and one of the largest courier, express and parcel (CEP) firms in the country. Estafeta has around 3,600 trucks and vehicles.In February, Estafeta spent almost $10 million purchasing 65 new trucks, including 16 Volvo VNR640 heavy-duty trucks and 49 new Freightliner Cascadia trucks.The collaboration includes more than 160 Estafeta service points, where businesses can link up with UPS's worldwide network through a connection to its global air hub in Louisville, Kentucky.The Estafeta locations include those in Guadalajara, Mexico City,

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into Morgan Stanley (MS)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into Advanced Micro Devices, Inc. (AMD)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

Were Hedge Funds Right About Piling Into CrowdStrike Holdings, Inc. (CRWD)?
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]

Yahoo Business
Jul 02, 2020

El Al Crisis Worsens, Aeromexico Opts For Bankruptcy
The airline industry is sitting in a financial hotseat as the economic slowdown caused by the coronavirus pandemic burns up cash, but for some carriers it feels like an inferno.Israeli-flag carrier El Al on Thursday said it has ceased scheduled passenger operations through the end of July and sent most employees home without pay amid a liquidity crisis, while Aeromexico received court approval to use existing resources to pay employees and vendors, and honor ticket purchases and existing agreements with business partners as it seeks to restructure under U.S. bankruptcy protection.The International Air Transport Association recently projected that the commercial airline industry would lose $84 billion this year, with revenues halved because of the significant decline in passenger travel.El Al had planned to resume passenger flights Wednesday after a three-month shutdown for health safety reasons, but a dispute with unionized pilots and other workers over concessions and pay forced the company to cancel flights, according to the Jerusalem Post. El Al officials are seeking to secure a rescue package from the Israeli government, without which they warn the company may not survive. A key condition of the assistance is reaching agreement with employees on downsizing measures.The Israeli carrier and the government are negotiating two bailout options. The first consists of obtaining a $400 million loan, guaranteed by the state, and offering a stock sale to raise $150 million. The second proposal is for a $250 million state-backed loan and offe

Yahoo Business
Jul 02, 2020

Millendo Therapeutics, Inc. (MLND): Hedge Funds Were Caught Flatfooted
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]

Yahoo Business
Jul 02, 2020

It's going to be 'an uphill battle' to keep the economic expansion going and recover lost jobs: Economist
Diane Swonk, Grant Thornton's Chief Economist, joined The Final Round to discuss the June jobs report and gave her outlook for the US economy amid reopenings.

Yahoo Business
Jul 02, 2020

EUR/USD Forecast: Neutral, Trading Within Familiar Levels For A Third Consecutive Week
EUR/USD Current Price: 1.1234 * US upbeat employment data gave high-yielding assets a temporal boost. * Record coronavirus cases in the US put at doubt a possible economic recovery. * EUR/USD neutral, trading within familiar levels for a third consecutive week.The EUR/USD pair hit a daily high of 1.1302, but gave up and settled near daily lows, in the 1.1230 price zone. Risk-appetite lead the way for most of the day, boosted early in the US session by an upbeat Nonfarm Payroll Report. According to official figures, the US added 4.8 million new jobs in June, while the unemployment rate contracted to 11.1%. The headline reading for May was upwardly revised to 2.7 million, adding to the good news. However, the US also reported a record 51,000 new coronavirus cases. New York delayed the re-opening of some indoor activity after California lockdown some areas on Wednesday. Also, Houston reported that ICU capacity is at 102%. Despite hopes a vaccine is nearby and that the economy is doing pretty well, the reality is that things are only getting worse in the world's largest economy.The US celebrates a holiday this Friday, which means the day will be over with London's close. During the European morning, Markit will publish the final versions of the Union's services PMI, seen little changed from preliminary estimates.EUR/USD short-term technical outlook The EUR/USD pair is technically neutral, confined to a 1.1170/1.1330 range for a third consecutive week. In the 4-hour ch

Yahoo Business
Jul 02, 2020

Coronavirus update: TX mandates face coverings amid surge; more GOP officials back masks
The coronavirus pandemic showed no signs of relenting on Thursday, with the U.S. marking a new record of over 50,000 cases in a day amid a surge of new cases in the Sun Belt.

Yahoo Business
Jul 02, 2020

‘When the vaccine comes, I think that'll be the last leg of the rally‘: UBS Americas CIO
Some investors believe that the Fed and other central banks have been the principal drivers financial markets over the past 3 months and that it will likely to continue. UBS Americas CIO in Global Wealth Management Solita Marcelli joins The Final Round panel to break down what she thinks will lead to a faster recovery.

Yahoo Business
Jul 02, 2020

Hedge Funds Are Getting Into Tsakos Energy Navigation Ltd. (TNP)
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

Yahoo Business
Jul 02, 2020

Elon Musk Taunts the SEC Amid Surge in Tesla Stock Price
(Bloomberg) -- Elon Musk provoked the U.S. Securities and Exchange Commission in the course of taking a victory lap on Twitter over Tesla Inc.'s surging share price.The chief executive officer first taunted short sellers in a string of tweets, writing that the electric-car maker would "make fabulous short shorts in radiant red satin with gold trim." That's an apparent reference to jokes he's repeatedly made about sending "short shorts" to investors who bet against Tesla's shares, such as hedge fund manager David Einhorn.Musk, 49, then wrote Thursday that he would send shorts to the SEC, referring to the agency again as the "Shortseller Enrichment Commission." He first used that phrase in October 2018 after the regulator sued him for securities fraud.Musk then tweeted a cryptic but profane play on the agency's initials, prompting Ross Gerber, a fund manager who regularly engages with him on Twitter, to write back: "Dangerous." Musk responded: "But sooo satisfying."Musk and the SEC have a combative history. The agency sued him in September 2018 over tweets he sent a month earlier claiming that he had secured funding to take Tesla private at $420 a share. As part of a settlement agreement, Musk was required to pay a $20 million fine, step down as Tesla's chairman for three years and have some of his tweets pre-approved by a company lawyer.The SEC took Musk back to court last year after he failed to clear a tweet about Tesla's production with his in-house counsel. The two sides eventually agreed to amend the earlier settlem

Yahoo Business
Jul 02, 2020

What June's job report may imply about the U.S. economic recovery
Although some investors remain optimistic, others believe that once the economy has reopened, the underlying recession will be evident with the rising number of unemployed from jobs being lost permanently. US Economist at TS Lombard  Steven Blitz joins The Final Round panel to discuss.

Yahoo Business
Jul 02, 2020

Market Recap: Thursday, July 2
The markets closed in the green after Thursday's trading session with investors confident in the markets as a near 5 million jobs were created in the month of June. The Final Round panel discusses the latest.

Yahoo Business
Jul 02, 2020

9 Cheap Dividend Stocks Under $10
Celebrations may be in order for OncoCyte Corporation (NYSEMKT:OCX) shareholders, with the analysts delivering a...

Yahoo Business
Jul 02, 2020

Tesla could hit $2,000 in best-case scenario, says analyst
On Thursday, Wedbush analyst Dan Ives raised his bull case price target for shares of Tesla to $2,000 from $1,500. While his base case was lifted from $1,000 to $1,250 (a street high), he maintains a neutral rating on the stock. The Final Round panel discusses the bullish call, and the road ahead for the electric automaker.

Yahoo Business
Jul 02, 2020

COVID-19 vaccines to enter late-stage trial by end of July, Fauci says
Those following along with NantKwest, Inc. (NASDAQ:NK) will no doubt be intrigued by the recent purchase of shares by...

Yahoo Business
Jul 02, 2020

Stocks to Sell in July
The coronavirus pandemic showed no signs of relenting on Thursday, with the U.S. marking a new record of over 50,000 cases in a day amid a surge of new cases in the Sun Belt.

Yahoo Business
Jul 02, 2020

Bezos' wealth soars over $170B, tops pre-divorce record
Amazon CEO Jeff Bezos' wealth reached $171.6B amid the coronavirus pandemic. Yahoo Finance's Dan Howley joins Sibile Marcellus to discuss.

Yahoo Business
Jul 02, 2020

Wall Street shifts bets to big pharma as COVID-19 vaccine race progresses
(Bloomberg) -- Bankrupt Hertz Global Holdings Inc. and its bondholders are squaring off over how to shrink its nearly half-a-million vehicle fleet. Market watchers say the outcome could upend the multi-billion dollar lease-backed ABS industry.The cars are housed in an entity linked to Hertz's asset-backed securities and leased to the rental giant. Normally, when a company with ABS files for bankruptcy, it must choose to confirm or reject the entire master lease tied to the debt. If it keeps the lease, it has to continue making payments on the vehicles as it offloads them piecemeal. If it walks away, all of the collateral is liquidated to pay back bondholders.Hertz wants a judge to allow it to convert the master lease into 494,000 separate agreements so it can reject the terms on 144,000 vehicles. That would allow Hertz to save roughly $80 million a month while it hangs onto the remainder of the cars as it seeks to emerge from bankruptcy a viable company. If the motion fails, Hertz may press for a reduction in payments to creditors, according to people familiar with the matter.The standoff raises the stakes in what is already 2020's largest corporate bankruptcy. Hertz is seeking to avoid liquidation and strengthen its balance sheet via the restructuring, while bondholders with billions of dollars at risk who'd grown confident of their chances of being paid back are now threatened with losses. Moreover, industry insiders worry that if Hertz is successful in court, it would re-define the rules that

Yahoo Business
Jul 02, 2020

Gold Price Prediction - Gold Prices Rebound Following Surge in US Jobs
US yields eased despite robust jobs numbers

Yahoo Business
Jul 02, 2020

Total ETF inflows YTD are over $200B: ETF Trends
ETF Trends Director of Research Dave Nadig joins Yahoo Finance's Sibile Marcellus to break down the ETFs to watch in the second half of 2020.

Yahoo Business
Jul 02, 2020

8 Upgraded Stocks to Buy in July
Saudi Arabia could enter into another oil price war as Nigeria and Angola refuse to conform to the production cuts agreed by the Organization of Petroleum Exporting Countries and its allies, the Wall Street Journal reported Wednesday.What Happened The country's oil minister Prince Abdulaziz said at a June 18 OPEC virtual meeting that the kingdom will sell its oil at a discount to undercut Nigeria and Angola after they denied to make specific production cuts, according to the Journal."We know who your customers are," Abdulaziz is reported to have told the representatives of the two countries which count China and India as their biggest clients.Why It Matters Saudi Arabia last engaged with Russia in a price war in March as the two OPEC allies failed to find common footing on supply cuts, crashing oil prices to historic lows.The OPEC countries, as OPEC and its allies are referred to, ultimately agreed to production cuts for three months in April, and further extended the cuts to July last month.Price Action Brent oil futures traded nearly 0.76% higher at $42.35 a barrel at press time on Thursday. West Texas Intermediate crude oil futures were similarly up 0.68% at $40.09.See more from Benzinga * Amazon CEO Jeff Bezos's Net Worth Tops Pre-Divorce Height: Bloomberg Index * Apple Blocks Developers From Updating Gaming Apps In China Without Government Approval: Report * Online Insurer Lemonade Raises 9M In IPO(C) 2020 Benzinga.com. Benzinga does not provide investment

Yahoo Business
Jul 02, 2020

Insurance co. Lemonade surges over 100% in trading debut
Lemonade CEO & Co-Founder Daniel Schreiber joins Yahoo Finance's Zack Guzman to discuss the insurance company's stellar public debut.

Yahoo Business
Jul 02, 2020

Mortgage rates plunge to new low, but you may need to hurry
The spectacular jobs report for June could help to push rates higher.

Yahoo Business
Jul 02, 2020

If You Own Oracle (ORCL) Stock, Should You Sell It Now?
If you are looking for the best ideas for your portfolio you may want to consider some of Ensemble Capital's top stock picks. Ensemble Capital, an investment management firm, is bearish on Oracle Corp (NYSE:ORCL) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its investment […]

Yahoo Business
Jul 02, 2020

These 5 states show slowest coronavirus job market recovery
The number of jobs lost due to the coronavirus shutdown continue to mount, with the latest weekly total of Americans applying for unemployment benefits coming in at more than 1.4 million, yet again. Yahoo Finance's Zack Guzman and Heidi Chung discuss.

Yahoo Business
Jul 02, 2020

Analysts Say These 3 Stocks Are Their Top Picks for Post-Pandemic Gains
Amid the market's wild roller coaster ride, one fact has become abundantly clear: COVID-19 is a game-changer. With the number of new cases spiking, the resumption of normality is fading farther off into the distance, taking hopes of a V-shaped recovery along with it. That said, regardless of the recovery's shape, some argue that the investing landscape has been altered for the foreseeable future.Against this backdrop, investment strategies will need to take the new reality into consideration, focusing on the names poised to emerge from the crisis as the ultimate winners. Even though this might feel like guesswork, the Street's pros can help steer investors in the right direction.To this end, we used TipRanks' database to get all the details on three Buy-rated stocks flagged by analysts as positioned for gains in a post-COVID environment.Adtran Inc. (ADTN)As one of the top providers of networking and communications equipment, Adtran helps communications services companies manage and scale services that connect people from all over the world. With COVID-19 making residential broadband access a necessity, some analysts see this name as a key beneficiary of the global pandemic.MKM Partners' Michael Genovese reminds investors that during the firm's virtual idea dinner on March 14, he laid out the case for ADTN, with COVID-19's impact only supporting his belief that the stock is a top pick. "In our view, the Adtran story has gotten even better post COVID-19 since home Broadband has gone up in importa

Yahoo Business
Jul 02, 2020

China tech giant Alibaba dismisses livestreaming head, citing nepotism, gifts - document
Chinese e-commerce giant Alibaba Group Holding Ltd has fired Zhao Yan, the head of its fast-growing livestreaming division, on grounds of nepotism and accepting gifts, according to an internal memo announcing his termination, seen by Reuters. The undated document, produced by Alibaba's human resources department and published on June 29 on the company's internal intranet for staff, says Zhao was fired after he used his position to help third-party livestreamers score favourable positioning on Taobao Live, Alibaba's main platform for live-streamed e-commerce.

Yahoo Business
Jul 02, 2020

The role of air conditioning and ventilation in the spread of COVID-19
Some researchers believe that indoor air condition is helping spread COVID-19. Yahoo Finance's Anjalee Khemlani weighs in.

Yahoo Business
Jul 02, 2020

Boeing Quietly Pulls Plug on the 747, Closing Era of Jumbo Jets
(Bloomberg) -- Boeing Co. hasn't told employees, but the company is pulling the plug on its hulking 747 jumbo jet, ending a half-century run for the twin-aisle pioneer.The last 747-8 will roll out of a Seattle-area factory in about two years, a decision that hasn't been reported but can be teased out from subtle wording changes in financial statements, people familiar with the matter said.It's a moment that aviation enthusiasts long have dreaded, signaling the end of the double-decker, four-engine leviathans that shrank the world. Airbus SE is already preparing to build the last A380 jumbo, after the final convoy of fuselage segments rumbled to its Toulouse, France, plant last month.Yet for all their popularity with travelers, the final version of the 747 and Europe's superjumbo never caught on commercially as airlines turned to twin-engine aircraft for long-range flights. While Boeing's hump-nosed freighters will live on, the fast-disappearing A380 risks going down as an epic dud.The grand jetliners also face another indignity: The Covid-19 pandemic threatens to leave their manufacturers scrounging to find buyers for the last jumbos built."As it turned out, the number of routes for which you need an ultralarge aircraft are incredibly few," said Sash Tusa, an analyst with Agency Partners.Boeing's "Queen of the Skies" debuted in 1970, an audacious bet that transformed travel but almost bankrupted the company. Passenger versions boasted a spiral staircase to a luxurious upstairs lounge. Freighter models f

Yahoo Business
Jul 02, 2020

Why Netflix (NFLX) Is A Compelling Investment Case
If you are looking for the best ideas for your portfolio you may want to consider some of Ensemble Capital's top stock picks. Ensemble Capital, an investment management firm, is bullish on Netflix Inc (NASDAQ:NFLX) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its investment […]

Yahoo Business
Jul 02, 2020

Tesla Skeptic Marvels at $48 Billion Boost From One Data Point
(Bloomberg) -- Tesla Inc.'s cars may run on batteries, but its stock price is fueled by "the power of the narrative," according to an analyst with a sell rating on the shares.In a report Thursday, Joe Spak of RBC Capital Markets marveled at how the electric-car maker has managed to add about $48 billion of market capitalization by ginning up excitement about its quarterly vehicle deliveries.On June 24, Tesla's investor-relations team shared a collection of delivery estimates that found analysts on average were expecting the company to hand over about 70,300 vehicles to customers. The market recognized this as a low bar, triggering gains that were further supported by two bullish emails Chief Executive Officer Elon Musk sent to employees that leaked to several media outlets.By the time Tesla reported 90,650 deliveries on Thursday, its shares had surged about 27% over the course of seven trading days, outpacing the S&P 500's roughly 3% gain. The company added more market cap in that span than General Motors Co. or Ford Motor Co.'s entire valuations."That, is remarkable," Spak wrote. He estimates Tesla topped consensus delivery estimates by the equivalent of about $1 billion of revenue, meaning investors are valuing the beat at about 47.5 times sales.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Yahoo Business
Jul 02, 2020

'It's Tesla's world and everyone else is paying rent': analyst
Here's why Tesla's stock continues to be on fire.

Yahoo Business
Jul 02, 2020

4 Rules for Buying an Investment Property in a Recession
On Thursday, Wedbush analyst Dan Ives raised his bull case price target for shares of Tesla to $2,000 from $1,500. While his base case was lifted from $1,000 to $1,250 (a street high), he maintains a neutral rating on the stock. The Final Round panel discusses the bullish call, and the road ahead for the electric automaker.

Yahoo Business
Jul 02, 2020

Coronavirus update: US sets new case record as more GOP officials back masks in public
The coronavirus pandemic showed no signs of relenting on Thursday, with the U.S. marking a new record of over 50,000 cases in a day amid a surge of new cases in the Sun Belt.

Yahoo Business
Jul 02, 2020

His Wealth Surged by $25 Billion. Then Jack Ma's Rival Quit
(Bloomberg) -- Colin Huang's ascent is one for the history books: In just six months, his fortune swelled by $25 billion -- one of the biggest gains among the world's richest people.His Pinduoduo Inc., a Groupon-like shopping app he founded in 2015, has become China's third-largest e-commerce platform, with a market value of more than $100 billion. In the first quarter, as the coronavirus pandemic caused most of the nation's economy to grind to a halt, PDD's active users surged 68% and revenue jumped 44%, the company said in May.Now Huang, who has overseen the firm as its American depositary receipts have more than quadrupled in less than two years, has stepped down as chief executive officer.At one point, his net worth climbed as high as $45 billion, placing him just behind China's wealthiest people -- Tencent Holdings Ltd.'s Pony Ma and Alibaba Group Holding Ltd.'s Jack Ma -- on the Bloomberg Billionaires Index. That's even as PDD continued to post losses, primarily because it chases growth with the help of generous subsidies and has been known to spend more on marketing than it earns in sales."Pinduoduo was perfectly positioned for people being stuck at home," said Tom Ronk, CEO of Century Pacific Investments in Newport, California.Huang, who controlled 43.3% of PDD shares, has reduced his stake to 29.4%, according to a June 30 regulatory filing. His fortune now stands at $30 billion.That excludes a $2.4 billion charitable holding that he shares with PDD's founding team, and $7.9 billion that went to Pinduo

Yahoo Business
Jul 02, 2020

Frozen foods sales surge since state of pandemic: AFFI
Alison Bodor, American Food Institute Pres & CEO, joins The First Trade to discuss the frozen food industry and how its faring amid this pandemic.

Yahoo Business
Jul 02, 2020

Should Investors Buy the Dip in Starbucks (SBUX) Stock?
If you are looking for the best ideas for your portfolio you may want to consider some of Ensemble Capital's top stock picks. Ensemble Capital, an investment management firm, is bullish on Starbucks Corp (NASDAQ:SBUX) stock. In its Q4 2019 investor letter - you can download a copy here - the firm discussed its investment […]

Yahoo Business
Jul 02, 2020

Wedbush raises Tesla bull case to $2,000/share
Yahoo Finance's Brian Sozzi and Alexis Christoforous discuss with Wedbush's Tesla upgrade with analyst Dan Ives.

Yahoo Business
Jul 02, 2020

FDA Rejects Intercept's Liver Disease Drug, But This Analyst Still Anticipates Approval
No pain, no gain goes the well-worn axiom. A stock market themed inverse can read: no gain, shareholder pain. You can currently apply the latter to Intercept Pharmaceuticals (ICPT). The small-cap biotech was hoping to gain the FDA's nod of approval for its liver disease therapy, but there was only pain to endure, as the NDA was rejected. As a result, shares were sent tumbling by 40% on Monday June 29. So, what happened exactly? ICPT received a CRL from the FDA regarding its obeticholic acid (OCA) treatment in advanced-stage non-alcoholic steatohepatitis (NASH), due to a lack of evidence showing that the benefits of the treatment outweigh the potential risks. The FDA recommended that data from the ongoing Phase 3 REGENERATE study be further analyzed. NASH is a fatty liver disease, closely related to obesity, for which there are currently no specific drugs available. Due to the rising obesity rates, the market for NASH medications is expected to grow considerably over the next few years, with some estimates putting its worth at $35 billion. Intercept's application was based on data from the treatment of over 1,700 NASH patients across 35 clinical trials. Management expects to schedule a meeting with the FDA in 2H20 to discuss how to move forward. Needham analyst Alan Carr expects the NDA to be resubmitted before the end of the year, and anticipates "the drug will be approved in the U.S. by mid-2021." The analyst believes the rejection might have more to do

Yahoo Business
Jul 02, 2020

Square: It's All About the Cash App, Says 5-Star Analyst
Farewell 2Q20 - the best quarter for stocks since 1998. While everyone has been trying to make sense of the almost absurd market gains, the facts cannot be denied. One of which is that between the market meltdown in March and the beginning of Q3, many stocks notched all-time highs. Fintech company Square (SQ) stands among these highflyers. Shares doubled during 2Q, and at the end of Tuesday June 30's session, the financial disruptor was looking down on Wall Street from the vantage point of a record $104.94 per share. After this impressive rally, can Square keep on surging? That was the issue on Kenneth Hill's mind as the Rosenblatt Securities analyst sat down to downgrade Square's rating, believing its "EPS estimates remain as pessimistic as ever." However, Hill was confronted with information which required a change of direction. "The disconnect between near-term EPS expectations and price performance initially set us to work on a downgrade note. As we did the work to support a downgrade thesis though, we found more to the long-term story than we anticipated," Hill commented. With Square, as Hill found out, it is all about the Cash App, whose potential, Hill says, "can't be overlooked." "We were forced to re-evaluate the opportunity set and our valuation methodology, as we see Cash App revenue (ex. bitcoin) increasing by more than 3x over the next 5 years," the analyst added. Square's peer-to-peer offering saw 9 million new MAUs (monthly active users) join in 2019, with figures "accelerating through the pandemic." Ecosystem en

Yahoo Business
Jul 02, 2020

Postmates plans IPO filing for next week: FBN
Food delivery service Postmates will file for an IPO as soon as next week. Yahoo Finance's On The Move panel discusses.

Yahoo Business
Jul 02, 2020

COVID-19 Creates Long-Term Opportunity for Novavax, Says Analyst
As we enter the second half of the year, pharma companies are still frantically engaged in the search for a COVID-19 vaccine. There are many companies in the mix, but it is not a level playing field, as big players are pitted against smaller names. At the onset of the pandemic, Novavax (NVAX) stood squarely in the latter camp. Facing pharma giants such as Pfizer, AstraZeneca and J&J, the small-cap biotech was at a disadvantage from the start. However, the vaccine specialist has become a force to be reckoned with. The incredible share gains (almost 1,855% year-to-date) which have pushed the market cap up to $4.6 billion, and various grants that have significantly bolstered the balance sheet, have positioned it as a real contender. However, it shouldn't be forgotten that Novavax is still a ways away from presenting a solution to the public. Yet, according to H.C. Wainwright analyst Vernon Bernardino, Novavax could be well positioned to capitalize on possible future events. Following a virtual fireside chat with Novavax's CFO, the 5-star analyst came away confident that the biotech can deliver on its promise. "With insights gained from our mini-conference that pointed to a CoV market that is likely a sustainable long-term market opportunity, and backed by a Coalition for Epidemic Preparedness Innovations (CEPI) commitment to invest up to $388 million that significantly de-risks clinical development of NVX-CoV2373, we believe Novavax' capability to be a robust competitor against larger vaccine makers suggests

Yahoo Business
Jul 02, 2020

Velodyne Lidar to Go Public In Merger With Blank-Check Firm Graf
(Bloomberg) -- Velodyne Lidar Inc., a maker of sensors for self-driving vehicles backed by Ford Motor Co., has agreed to merge with blank-check company Graf Industrial Corp., according to a statement Thursday.The market value of the combined company will be about $1.8 billion, according to the statement, which confirmed an earlier Bloomberg News report. New institutional investors and existing Graf Industrial shareholders have committed $150 million to fund the transaction.Velodyne backers including Ford, Baidu Inc., Nikon Corp. and Hyundai Mobis will retain an 80% stake in the combined company. The San Jose-based company will have about $200 million in cash on its balance sheet, and David Hall, Velodyne's founder, will become executive chairman. Velodyne Chief Executive Officer Anand Gopalan will continue to lead the company.Velodyne creates radar-like systems for self-driving vehicles that use lasers to generate three-dimensional images of a surrounding environment. Its technology is used by carmakers including Mercedes-Benz AG and Ford, according to its website.Graf Industrial, a special purpose acquisition company, or SPAC, raised $225 million in an initial public offering in 2018.Merging with a SPAC has become a popular way for companies to go public as the coronavirus pandemic roils the markets, as an alternative to an initial public offering or direct listing. Online gambling company DraftKings Inc., potato chip maker Utz Quality Foods and fitness company F45 Training Holdings Inc. also s

Yahoo Business
Jul 02, 2020

Industry Analysts Just Upgraded Their OncoCyte Corporation (NYSEMKT:OCX) Revenue Forecasts By 14%
Celebrations may be in order for OncoCyte Corporation (NYSEMKT:OCX) shareholders, with the analysts delivering a...

Yahoo Business
Jul 02, 2020

Taiwan Semiconductor Clears Buy Point
Taiwan Semiconductor is still in buy range after a breakout from a cup with handle base; 58.14 buy point.

Yahoo Business
Jul 02, 2020

Bridgewater's Dalio Says Capital Markets No Longer ‘Free'
(Bloomberg) -- Bankrupt Hertz Global Holdings Inc. and its bondholders are squaring off over how to shrink its nearly half-a-million vehicle fleet. Market watchers say the outcome could upend the multi-billion dollar lease-backed ABS industry.The cars are housed in an entity linked to Hertz's asset-backed securities and leased to the rental giant. Normally, when a company with ABS files for bankruptcy, it must choose to confirm or reject the entire master lease tied to the debt. If it keeps the lease, it has to continue making payments on the vehicles as it offloads them piecemeal. If it walks away, all of the collateral is liquidated to pay back bondholders.Hertz wants a judge to allow it to convert the master lease into 494,000 separate agreements so it can reject the terms on 144,000 vehicles. That would allow Hertz to save roughly $80 million a month while it hangs onto the remainder of the cars as it seeks to emerge from bankruptcy a viable company. If the motion fails, Hertz may press for a reduction in payments to creditors, according to people familiar with the matter.The standoff raises the stakes in what is already 2020's largest corporate bankruptcy. Hertz is seeking to avoid liquidation and strengthen its balance sheet via the restructuring, while bondholders with billions of dollars at risk who'd grown confident of their chances of being paid back are now threatened with losses. Moreover, industry insiders worry that if Hertz is successful in court, it would re-define the rules that

Yahoo Business
Jul 02, 2020

Ford, Disney partner for Bronco deal
Yahoo Finance's Rick Newman joins The First Trade to discuss Ford's latest partnership with Disney to unveil its Bronco SUV in July.

Yahoo Business
Jul 02, 2020

EU banks to take on Visa, Mastercard with new payments system
Sixteen banks from Germany, France and three other euro zone countries on Thursday said a "truly European" payments system was expected to be up and running in 2022 to fully digitalise a region where half of all retail payments are still in cash. European Union policymakers and central bankers have long sought a "home grown" rival to take on Mastercard and Visa from the United States, and more recently tech giants like Alipay and Google . The European Central Bank on Thursday welcomed the banks' decision to launch the unified European payment system by 2022, after advocating for years an industry-driven solution to compete with the likes of Mastercard and Visa.

Yahoo Business
Jul 02, 2020

GSK says within weeks of resubmitting HIV injection Cabenuva
GlaxoSmithKline's HIV business ViiV is within weeks of resubmitting its request for approval of its long-acting injection Cabenuva to U.S. drug regulators, ViiV's head of research said on Thursday. ViiV executive Kimberly Smith told a media briefing that the company would stick to its previous guidance of refiling the request around mid-year and that this would happen "within weeks".

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