Month: July 2020

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Shares in biopharma Bellus Health (BLU) cratered 72% in Monday’s trading, after the company announced disappointing topline results from its Phase 2 RELIEF trial of BLU-5937 in patients with refractory chronic cough.The Phase 2 RELIEF trial of BLU-5937 did not achieve statistical significance for the primary endpoint of reduction in placebo-adjusted cough frequency at any dose tested.However a clinically meaningful and highly statistically significant placebo-adjusted reduction in cough frequency was achieved in a pre-specified sub-group of high cough count patients (all patients at or above the baseline median average of 32.4 coughs per hour).BLU-5937 was well tolerated with no serious …read more […]

(Bloomberg) — Wirecard AG’s collapse displayed a growing blind spot for the guardians of the world’s financial system: how do you regulate a firm that acts like bank, but isn’t really a bank?For years, Germany’s supposed fintech star escaped strict scrutiny because financial watchdog BaFin was focused on its banking unit rather than Wirecard as a whole. With the scandal undermining Germany’s reputation as a place to do business, the government is overhauling who regulates who, but it could also spark a regulatory rethink with consequences for the broader fintech industry.As banks retrenched after the 2008 financial crisis and spent …read more […]

The new technology, dubbed Open Radio Access Network (Open RAN), aims to reduce reliance on any one vendor by making every part of a telecom network interoperable and allowing operators to choose different suppliers for different components. As part of the implementation plan, Nokia plans to deploy Open RAN interfaces in its baseband and radio units, a spokesman said. …read more […]

(Bloomberg) — China’s equity market is firmly in the spotlight after an almost unprecedented rally that helped lift global stocks to a one-month high.The speed of the past week’s gains in China is in many ways unseen since the stock bubble that burst five years ago. Monday’s surge alone added more than $460 billion to Chinese stock values, behind just one day in July 2015 as the biggest increase in shareholder wealth since the global financial crisis.The advance continued on Tuesday, though at a slower pace. The CSI 300 Index rose as much as 2.1% to extend its five-year high, …read more […]

(Bloomberg) — Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market.Steaming at 11.5 knots, she’s heading toward China, where oil demand is fast recovering, hauling a cargo of two million barrels of U.S. crude. But her voyage didn’t start a few days ago. She loaded in early May, and with no buyers during the worst of the coronavirus outbreak, the supertanker stood floating in the U.S. Gulf of Mexico for almost two months, waiting for better times.Only a few days ago, she weighed anchor and left for …read more […]

The day’s jump increased Tesla’s stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor Co , currently at $25 billion. JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. “We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several …read more […]

(Bloomberg) — Once high-flying Chinese game-streaming platform Chushou TV has shuttered, becoming the latest casualty in a market increasingly dominated by Tencent Holdings Ltd.The mobile-focused streaming network’s demise on July 2 comes just two years after it received $120 million in investment from backers including Alphabet Inc.’s Google. The company, whose name translates as “tentacle,” has asked streamers who play exclusively on the platform to switch to Tencent-backed video-sharing app Kuaishou, according to an in-app notice viewed by Bloomberg News. Chushou and Google representatives didn’t respond to requests for comment sent via email.Chushou’s downfall further underscores Tencent’s supremacy in China’s …read more […]

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 […] …read more […]

E-commerce platform Shopify (SHOP) joined the $1,000 per share club last week, symbolically reaching the landmark on Canada Day. The Ottawa-based company has delivered a strong performance in 2020, with shares up by a remarkable 159% year-to-date. Given this impressive rally, should investors reduce exposure to the e-commerce highflyer?No, is the succinct answer from Baird analyst Colin Sebastian.While the lofty valuation is “still the biggest investor pushback,” the 5-star analyst believes there still remains a large untapped TAM (total addressable market) that Shopify has yet to penetrate.Sebastian said, “Shopify has made our list of favorite stocks each year since initiating …read more […]

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(Bloomberg) — The parent company of TheStreet Inc., a financial news website co-founded by media personality Jim Cramer, received a $5.7 million loan as part of a program aimed at helping U.S. small businesses weather the pandemic.The loan was included in documents released by the federal government on Monday chronicling the $669 billion Paycheck Protection Program. A spokesman for TheMaven Inc., which acquired TheStreet in 2019 for $16.5 million, said that for “ease-of-process” reasons the borrowing was taken out under TheStreet’s name, but that it was for the entire consolidated company, which owns media properties such as Sports Illustrated.Cramer, who …read more […]

JPMorgan says a Biden win in November may be good for markets. Yahoo Finance’s Rick Newman joins The Final Round to discuss. …read more […]

Democrats and Republicans have voiced increasing antipathy over Section 230 — and it could mean costly political trouble for Facebook, YouTube and Twitter. …read more […]

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