Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices. U.S. stock futures were flat after bouncing in and out of positive
Tesla (TSLA) sold 10,160 vehicles in China in March, according to the China Passenger Car Association (CPCA)- a big leap from the 3,900 vehicles sold in February. This would mark the company’s highest ever monthly sales in the world’s largest auto market.According to Cui Dongshu, CPCA’s secretary general
Silver prices rise after U.S. reports another huge increase in initial claims for unemployment benefits.
The coronavirus pandemic has impacted daily life on many levels, from the way businesses operate to how consumers purchase needed goods. This episode, we're analyzing the multitude of societal changes brought on by Covid-19 from an investor standpoint. DocuSign CEO Dan Springer provides insight into
WTI crude had plunged 60 percent from its Jan. 6 peak through Wednesday as the price war between Russia and Saudi Arabia exacerbated a supply glut while the COVID-19 pandemic crushed demand.
Disney stock led the Dow Jones today, as stock futures popped on Fed stimulus details, as coronavirus news reflected in the latest unemployment report.
Global equity benchmarks gained on Thursday following signs that governments and central banks are taking additional steps to bolster their economies as measures to slow the spread of the COVID-19 pandemic appear to be working. Oil futures surged again on expectations that Russia and OPEC countries were
Former White House Communications Director Anthony Scaramucci joins Yahoo Finance to discuss the 2020 economic crisis and President Trump's performance during the pandemic.
Look for volatility and a possible two-sided trade at 18:00 GMT following the release of the Fed minutes.
With a startling 6.6 million people seeking unemployment benefits last week, the United States has reached a grim landmark: More than one in 10 workers have lost their jobs in just the past three weeks to the coronavirus outbreak. The equivalent of 195 million full-time jobs could be lost in the second
While the Alamo Bowl has changed title sponsors multiple times, the game has gone on uninterrupted since the event's inception in 1993. The pandemic has prompted the NFL to stage its popular April draft as a virtual event, with team executives making their picks from home. “The biggest impact of
(Bloomberg) -- Senate Majority Leader Mitch McConnell pressed ahead with his plan for a quick vote Thursday on a $250 billion boost in a small business aid program, putting him at odds with the two top Democrats in Congress who want to double the size of an interim stimulus package.McConnell has offered
DOW UPDATE The Dow Jones Industrial Average is soaring Thursday morning with shares of JPMorgan Chase and Raytheon Technologies Corp. leading the way for the index. The Dow (DJIA) is trading 478 points higher (2.
DOW UPDATE The Dow Jones Industrial Average is rallying Thursday afternoon with shares of JPMorgan Chase and Boeing leading the way for the price-weighted average. The Dow (DJIA) is trading 451 points (1.
DOW UPDATE Shares of JPMorgan Chase and Dow Inc. are posting strong returns Thursday afternoon, propelling the Dow Jones Industrial Average rally. The Dow (DJIA) is trading 286 points, or 1.2%, higher, as shares of JPMorgan Chase (JPM) and Dow Inc.
Julia Carlson, CEO of Financial Freedom, joins Yahoo Finance Live to discuss when is a good time to consider a roth conversion and what investors can do to rebalance their allocations in the market.
A good way to profit when the market bounces back. With the year-to-date decline in the S&P 500 hovering between 20% and 25% and an uncertain future ahead, buying beaten-down exchange-traded funds is one ...
About 175 workers at the Hanes' headquarters in Winston-Salem will be furloughed. The company will still provide health-care and other benefits to furloughed staff.
Bernie Sanders could be elected "Organizer in Chief" in 2020. Here's what that would mean for the American economy.
The major stock indexes were higher midday Thursday on Fed news, as the stock market rally continues.
(Bloomberg) -- Some of the world’s largest oil producers were finalizing a deal that would take an unprecedented 10 million barrels a day of crude off the market in an bid to resuscitate prices pummeled by the coronavirus pandemic.The market’s crashing anyway.A marathon OPEC+ video conference that went
The Federal Reserve is beef up a crisis-era lending facility to keep the credit flowing amid the coronavirus crisis, but will it work?
Consumers say Pandemic has Changed Their Entire View of the World and Their Own Country, According to FleishmanHillard StudyPR NewswireST. LOUIS, April 8, 2020Majority Believe a Return to "Normal" Life is 17 Weeks Away; One in Five are Predicting it's Anywhere From Five Months to Two YearsST
Based on the early price action and the current price at 2766.25, the direction of the June E-mini S&P; 500 Index the rest of the sessio
As stock buybacks go out of favor, cash-rich companies could go shopping and consolidate market share when the coronavirus emergency eases, says Strategas Research Partners.
World equity markets moved higher and oil prices stabilized on Wednesday on hopes the coronavirus pandemic is peaking and that more government stimulus measures could be on the way. After U.S. stock markets closed on Tuesday, President Donald Trump said the United States may be getting to the top of the coronavirus curve, suggesting the number of cases and fatalities may have peaked. The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.
(Bloomberg) -- Dubai is being battered harder than its Gulf peers by the twin menace of the pandemic and weak oil prices -- and it’s clear from the performance of the city’s stock market.The DFM General Index is down 26% since the global equities crash at the start of March. A slump in stock prices as the United Arab Emirates took steps to counter Covid-19, including shutting its borders, deepened as crude spiraled lower.But markets in Dubai’s neighbors are showing signs of improvement as hopes the worst of the outbreak is over take hold and amid expectations of a production agreement between the biggest oil suppliers that will boost prices. Stock benchmarks in Qatar and Saudi Arabia have almost fully recovered from the sell-off. Abu Dhabi’s main index is down just 15%, further highlighting Dubai’s underperformance.Dubai’s recovery is being held back by the emirate’s heavy reliance on sectors such as tourism, hospitality, trade, retail, logistics and real estate. The pandemic’s long-term effects on these key industries remain hard to quantify.“The social distancing because of coronavirus has hit the tourism, services and airlines hardest, and those are the most important sectors for Dubai’s economy,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “There is a ripple effect of such measures on listed real estate and banking companies.”Emaar Properties PJSC, Dubai’s biggest listed developer, and two of its subsidiaries announced last month they won’t pay dividends for 2019. There was more bad news from the financial sector: Dubai Islamic Bank PJSC and Emirates NBD PJSC, the two largest locally listed lenders, are among the ranks of U.A.E. banks whose shares tumbled after disclosing exposure to troubled hospital operator NMC Health Plc.While the U.A.E. said this week it is unlocking new aid and reducing banks’ reserve requirements to counter the damage from the virus, Dubai’s government added to the gloomy atmosphere on Thursday, saying it is freezing all hiring and cutting administrative spending by at least 20% across departments.Read: Dubai Freezes Hiring, New Projects as Pandemic Squeezes Revenue“We don’t know how far this will go, how long those measures will last,” Yasin said. “But we know that revenue misses for Dubai’s government will be substantial in 2020, and that raises concerns for many of the entities in Dubai.”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.
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U.S. crude-oil prices staged an about-face on Thursday, closing 9.4% lower after enjoying double-digit gains at the session peak, as the energy market reacted to torrid updates on expected production cuts by major oil producers to stabilize battered prices. West Texas Intermediate crude for May delivery ended down 9.3% at $22.76 a barrel after rising more than 10% earlier in the session. Those losses came as crude investors worried that the proposed cuts from the virtual meeting of OPEC+ were viewed as insufficient to address a major hit to demand due to the pandemic derived from the novel strain of coronavirus. Although, reports have indicated that Saudi Arabia and Russia will cut 10 million barrels a day of oil output for two months. Bloomberg News reported that reduction compares with estimates for demand loss of as much as 35 million barrels a day. OPEC and other producers will meet again on Friday to extract further cuts in output.
ON Semiconductor Corp. said late Thursday it was laying off 475 employees as part of a cost-savings measure. The chip maker, which employs nearly 35,000 people worldwide, said the "targeted cost reductions are structural in nature and are not expected to impact the Company's ability to respond to a significant recovery in demand." Severance costs are expected to be $43 million to $47 million over the first and second quarters with the reductions saving about $65 million to $70 million a year. ON shares rose 2% after hours, following flat trade during the regular session to close at $13.73.
With the war against COVID-19 waging on, Wall Street focus has locked in on the names at the frontline. Battling a formidable opponent capable of spreading without a trace, innovative technologies will be required to arm the world’s population. As such, market watchers are standing at the ready, hoping to identify the healthcare companies that can deliver effective weapons against the deadly virus.Pluristem Therapeutics (PSTI) has a fighting chance. On April 7, the company reported its treatment for acute respiratory failure and inflammatory complications caused by COVID-19 had demonstrated robust preliminary results from the compassionate use program, sending shares 21% higher in response. Back in March, its PLX cell treatment, which uses allogeneic mesenchymal-like cells with immunomodulatory properties, got the go ahead from the Israeli Ministry of Health for use in treating severe COVID-19 patients on a per-patient basis. The therapy was designed to prevent or even reverse the harmful over-activation of the immune system.The results have been promising to say the least. Management stated that so far, seven patients in the ICU with Acute Respiratory Distress Syndrome (ARDS) have been treated. All of the patients are alive, meaning that the survival rate is 100%, and six out of seven have progressed through at least one week of follow-up. On top of this, four patients saw respiratory parameters improve, one remained stable and only one demonstrated deterioration. Three are also in the advanced stages of being taken off ventilators.Weighing in for H.C. Wainwright, analyst Swayampakula Ramakanth calls the early data “encouraging” and thinks the treatment could drive substantial gains for PSTI, with the next step being a regulated and multinational clinical study.“In our view, with the ongoing pandemic affecting nearly every country and stressing healthcare systems around the world, new, effective treatments are urgently needed. Therefore, we believe that both the FDA and the EMA may expedite the approval for clinical studies and simply the regulatory paths going forward. With regulatory expediency and patients only needing a 28-day follow-up, we believe the company could complete the initial studies and report results in 2H20,” Ramakanth explained.In line with this optimistic take, Ramakanth left a Buy rating on the stock. At $15.50, the price target puts the upside potential at a whopping 277%. (To watch Ramakanth’s track record, click here)As for other analyst activity, it has been relatively quiet when it comes to PSTI. Only one other call has been issued recently, but it was also bullish, so the analyst consensus is a Moderate Buy. The $11.75 average price target is less aggressive than Ramakanth’s and implies 173% upside potential. (See Pluristem stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Analysts and investors have been struggling to come up with an answer – or at least a reasonable guess – ahead of quarterly reports from JPMorgan Chase & Co <JPM.N>, Bank of America Corp <BAC.N>, Wells Fargo & Co <WFC.N>, and Citigroup Inc <C.N> next week. Wall Street estimates have changed dramatically from a month ago. Then, analysts called for big bank earnings per share to rise in the first quarter from a year earlier by an average of 2%.
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6%, following a strong Wall Street close. Shares in China, where the novel coronavirus first emerged late last year, rose 0.54%.
The shareholder said it wants changes in the Overland Park-based trucking company's board and management.
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Despite optimistic expectations concerning label expansion for Clovis Oncology Inc's (NASDAQ: CLVS) Rubraca to include prostate cancer, an analyst at BofA Securities is turning bearish on the stock. The Clovis Analyst Tazeen Ahmad downgraded Clovis shares from Neutral to Underperform but maintained a $6 price target. The Clovis Thesis The recent run in Clovis shares indicates a high likelihood of the FDA approving Rubraca in second line BRCA+ metastatic castration-resistance prostate cancer, or mCRPC, by the May 15 PDUFA date, Ahmad said in a Thursday note. (See the analyst's track record here.)AstraZeneca plc's (NYSE: AZN) competing PARP inhibitor -- Lynparza -- is also being reviewed for a potentially broader HRR+ label in second-line mCRPC, the analyst said. Assuming a 15% peak penetration in the U.S. BRCA+ market, BofA estimates peak non-risk-adjusted worldwide sales of $150 million for Rubraca in mCRPC.Ahmad said he would also wait and see whether the COVID-19 pandemic will impact Clovis' early launch trajectory.Once on therapy, Rubraca's oral dosing could prove helpful, the analyst said. A broader label for AstraZeneca to include ATM mutations could be perceived as favorable, especially among community-based doctors at the onset, he said. BofA models risk-adjusted peak sales of $579 million for Rubraca in 2028 across all indications."Upside risks are a faster-than-expected ramp from prostate indication on top of its ongoing ovarian launch as well as value from CLVS' pipeline."CLVS Price Action Clovis shares were trading 0.68% higher at $6.98 at the time of publication Thursday.Related Links:The Daily Biotech Pulse: FDA Nod For Pfizer, Vanda Forges Partnership For COVID-19 Drug Research, Neuronetics Pre-Announces Revenue Shortfall Novavax Identifies COVID-19 Vaccine Candidate, Human Testing To Begin In Mid-May Latest Ratings for CLVS DateFirmActionFromTo Apr 2020B of A SecuritiesDowngradesNeutralUnderperform Jan 2020B of A SecuritiesMaintainsNeutral Nov 2019Evercore ISI GroupDowngradesOutperformIn-Line View More Analyst Ratings for CLVS View the Latest Analyst Ratings See more from Benzinga * The Daily Biotech Pulse: Moderna Ships COVID-19 Vaccine For Clinics, Mallinckrodt Strikes .6B Opioid Settlement * The Week Ahead In Biotech: Biopharma Earnings Pick Up Pace(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Thomas Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, joined the “Investing with IBD” podcast this week to discuss the coronavirus stock market rally.
The movie chain’s stock has dropped 60 percent in the last three months.
(BA) CEO Dave Calhoun has said he doesn’t want government money if there are strings attached—in the form of a dilutive equity sale to the government. “I don’t have a need for an equity stake,” Calhoun said in a Fox Business interview in late March. The MAX—Boeing’s newest model single aisle jet—has been grounded world-wide since mid-March 2019 following two deadly crashes inside of five months.
DOW UPDATE Led by positive growth for shares of Raytheon Technologies Corp. and JPMorgan Chase, the Dow Jones Industrial Average is rallying Thursday morning. Shares of Raytheon Technologies Corp. (RTX) and JPMorgan Chase (JPM) are contributing about a third of the blue-chip gauge's intraday rally, as the Dow (DJIA) is trading 415 points, or 1.
If you pay more than $99/mo for power in California, you should try this. This program has power companies furious. Do it now before it's too late.
By Geoffrey Smith