Month: April 2020

Taiwan Semiconductor Manufacturing Co Ltd’s (TSMC) first-quarter net profit almost doubled, beating analyst estimates, as strong demand for faster chips helped offset disruptions caused by the coronavirus pandemic. The world’s largest contract chipmaker, whose clients include tech companies such as iPhone maker Apple Inc, said profit in the January-to-March period was T$116.987 billion ($3.89 billion), up 90.6% from a year earlier. Buoyed by demand for advanced chips from clients investing in 5G technology and artificial intelligence, TSMC’s revenue rose 45.2% to $10.31 billion, versus its forecast range of $10.2 billion to $10.3 billion. …read more […]

(Bloomberg) — U.S. stock index futures rose, erasing earlier losses, as investors weighed whether the coronavirus outbreak is slowing enough for the government to move toward relaxing stay-at-home rules.Contracts on the S&P 500 rose 0.9% as of 7:48 a.m. in London, erasing an earlier loss of 1.1%. President Donald Trump said he will unveil guidelines to relax stay-at-home rules on Thursday, citing signs that the outbreak is plateauing in parts of the country.“Investors are expecting economic activity to resume soon, as the virus appears to be peaking out,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. “But …read more […]

Goldman Sachs Group’s (GS) quarterly profit almost halved as the U.S. investment banks set aside almost a $1 billion to cover potential loan losses tied to the coronavirus pandemic.Net earnings in the first quarter ended March 21, slumped 49% from the year-ago period to $1.21 billion. Diluted earnings per common share (EPS) fell to $3.11 in the first three months of the year from $5.71 in the same period last year 2019. Goldman missed analysts’ estimates expecting a profit of $3.35 per share on average. The investment bank’s stock rose a mere 0.2% to $178.52.Provision for credit losses increased …read more […]

(Bloomberg) — Taiwan Semiconductor Manufacturing Co. forecast revenue growth of roughly 30% this quarter, suggesting the chipmaker to Apple Inc. and Huawei Technologies Co. is confident of resilient demand for advanced semiconductors during a pandemic-induced downturn.The world’s largest contract chipmaker expects revenue of between $10.1 billion and $10.4 billion from April to June, at a time Covid-19 is spreading across the globe. That forecast followed a near-doubling of net income to NT$116.99 billion ($3.9 billion) for the three months ended March, when demand for advanced silicon remained steady during the pandemic.The robust results from TSMC, a barometer for the tech …read more […]

Moderna Inc (MRNA) has hosted a virtual Vaccines Day- following which four analysts reiterated their buy ratings on the stock. Roth Capital’s Yasmeen Rahimi also boosted her MRNA price target from $33 to $41. This wave of bullish sentiment sent shares soaring over 7% in Wednesday’s trading.At the event company management and infectious disease key opinion leaders discussed scientific, regulatory, and commercial considerations with respect to Moderna’s vaccine programs and the vaccine space more broadly.“Not surprisingly, SARS-CoV-2, the virus behind the Covid-19 outbreak featured prominently, with discussions of the virus itself, Moderna’s clinical plan (now enrolling the highest [250 µg] …read more […]

Shares of cancer therapy researcher Arcus Biosciences (RCUS) traded up over 50% in after-hours trading on Wednesday following a Bloomberg report indicating that Gilead Sciences (GILD) is considering acquiring a stake in the company.Arcus, which is partly backed by GV, Alphabet’s (GOOGL) venture capital investment unit, had previously dropped 7% in Wednesday’s trading.RCUS has a number of I/O [immuno-oncology] clinical assets, with AB154 (anti-TIGIT) receiving considerable attention following the advancement of a competitor candidate (Roche’s tiragolumab) into Phase III studies earlier this year.According to Mizuho Securities analyst Mara Goldstein such a move would make sense for Gilead. According to the …read more […]

Taiwan Semiconductor Manufacturing Co Ltd’s (TSMC) first-quarter net profit almost doubled, beating analyst estimates, as strong demand for faster chips helped offset disruptions caused by the coronavirus pandemic. The world’s largest contract chipmaker, whose clients include tech companies such as iPhone maker Apple Inc, said profit in the January-to-March period was T$116.987 billion ($3.89 billion), up 90.6% from a year earlier. Buoyed by demand for advanced chips from clients investing in 5G technology and artificial intelligence, TSMC’s revenue rose 45.2% to $10.31 billion, versus its forecast range of $10.2 billion to $10.3 billion. …read more […]