Month: June 2020

(Bloomberg) — Twenty-year-old William Lovely used to work at Jason’s Deli in Virginia Beach, delivering catering orders to surrounding businesses. Now, thanks to the coronavirus, he’s struggling to pay his bills.Laid off in March, he’s gone from regular hours and pay to gigging for UberEats or Instacart, earning up to $100 on some days but often coming home with almost nothing. While the restaurant is trying to slowly reopen, Lovely reckons the best he can hope for is a part-time position, requiring him to keep his second job if he’s going to meet his expenses.“My job stopped, but the bills …read more […]

AT&T (T) is considering selling its Warner Bros. Interactive Entertainment gaming unit for around $4 billion to reduce its heavy debt burden, people familiar with the matter have told CNBC.According to the sources, potential buyers include major gaming companies Take-Two Interactive Software (TTWO), Electronic Arts (EA) and Activision Blizzard (ATVI). However, they added that no deal is assured or imminent at this point.One option for a deal could include a commercial licensing agreement which would allow AT&T to continue to drive revenue from its intellectual property, CNBC reported.However VentureBeat reported a separate source suggesting a price closer to $2 billion …read more […]

(Bloomberg) — Iraq has asked BP Plc to cut crude production at the nation’s biggest field of Rumaila by 10% as part of a push to comply with OPEC+ quotas, according to a person familiar with the matter, who asked not to be identified as the matter is private.The deposit, near the southern oil hub of Basra, produces almost 1.5 million barrels a day.The Organization of Petroleum Exporting Countries and its partners decided to reduce production by around 10 million barrels daily until at least the the end of July to prop up prices. Iraq provoked the ire of Saudi …read more […]

American Express (AXP) has announced that its joint-venture in mainland China has received approval from the People’s Bank of China (PBOC) for a network clearing license.This makes American Express the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company expects to begin processing transactions later this year.“We look forward to welcoming millions of new consumers, businesses and merchants in China to American Express, as well as continuing to enhance our support for our global customers when they travel to the region” AXP commented.Express (Hangzhou) Technology Services Company Ltd is American Express’ joint venture …read more […]

AstraZeneca (AZN) has agreed to supply up to 400 million doses of the University of Oxford’s COVID-19 vaccine, AZD1222, to Europe’s Inclusive Vaccines Alliance (IVA), with deliveries starting by the end of 2020.Total manufacturing capacity for AZD1222 now stands at two billion doses, says AZN.Spearheaded by Germany, France, Italy and the Netherlands, the IVA says it aims to accelerate the supply of the vaccine and to make it available to other European countries that wish to participate in the initiative.At the same time, UK-based AstraZeneca continues to build several global supply chains, including for Europe. “The company is seeking to …read more […]

Shares in Sorrento Therapeutics (SRNE) edged 5% higher in Friday’s after-hours trading, after the company announced that it has now prepaid in full its outstanding term loans on June 12, 2020.The debt, comprised of an initial $100 million term loan and an additional $20 million term loan from funds affiliated with Oaktree Capital Management, L.P, was entered into in November 2018.The news follows the biopharma’s filing of a prospectus supplement dated April 27 for a public offering of up to $250 million of its common stock. Shares are being sold via Alliance Global Partners, alongside a 36-month purchase agreement with …read more […]

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(Bloomberg) — Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC.For the time being, the Organization of Petroleum Exporting Countries and its allies are relinquishing their share of the market in a bid to prop up crude prices, slashing millions of barrels of output as the pandemic crushes fuel demand.They’d already spent the past three years forsaking sales volumes to offset the oil glut unleashed by burgeoning U.S. shale production. Before the pandemic, forecasters were projecting that the group would need to cut production further …read more […]

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(Bloomberg) — Atlanta Police Chief Erika Shields resigned Saturday after officers fatally shot a black man the night before in a Wendy’s parking lot. “I do not believe this was a justified use of deadly force,” Mayor Keisha Lance Bottoms told reporters. Rayshard Brooks, 27, reportedly fell asleep in his vehicle and failed a sobriety test. Video capture from a mobile phone shows a struggle with police, who shot him as he fled. The police said he had wrestled a Taser gun.Protests around the U.S. were smaller Saturday than last weekend’s record rallies. Marchers congregated again near the White House. …read more […]

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Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out […] …read more […]

* Benzinga has examined the prospects for many investor favorite stocks over the past week. * This week’s bullish calls included the iPhone maker and the king of e-commerce. * A coronavirus play and the electric vehicle leader were among the bearish calls.Fears of a pandemic resurgence and other bad news finally caught up with the markets last week. Tempered optimism brought a sharp retreat in stocks on Thursday, in the wake of Federal Reserve commentary and even the Nasdaq hitting an all-time high. The tech-heavy index ended the week down more than 2%, while the Dow …read more […]

In this week’s edition of State of the Market, income investing expert Marc Lichtenfeld reveals the 8 best financial books for beginning investors. In the accompanying article below, Wealthy Retirement’s Mable Buchanan gives some background on the video and why these books are so important.
Chief Income Strategist Marc Lichtenfeld has homework for you…
But trust me, you’ll thank him for it.
In this week’s edition of Marc’s popular State of the Market YouTube series, he shares the best financial books for beginning investors who want to master their finances.

The market’s recent volatility has proved how valuable these financial books are…
Dismal forecasts from …read more […]