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Trump to Order China’s ByteDance to Sell TikTok in U.S.

(Bloomberg) — President Donald Trump plans to announce a decision ordering China’s ByteDance Ltd. to divest its ownership of the popular U.S.-based music-video app TikTok, according to people familiar with the matter.The U.S. has been investigating potential national security risks due to the company’s control of the app, and Trump’s decision could be announced as soon as Friday.Spokespeople for the White House and Treasury Department didn’t immediately respond to requests for comment. A TikTok spokesperson couldn’t be reached for comment.Snap Inc., a TikTok competitor, gained on the report, reflecting speculation that it may benefit from any move that weakens TikTok. …read more […]

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Noble Corp. Files Bankruptcy to Erase $3.4 Billion of Debt

(Bloomberg) — Noble Corp., the offshore drilling contractor, filed for bankruptcy with a plan to cut more than $3.4 billion of debt after a crash in crude prices made undersea oil wells too expensive.The Chapter 11 filing in Texas would eliminate all of the company’s bond borrowings by swapping debt for equity, the company said in a statement. Noteholders agreed to invest $200 million of new capital through second-lien notes, and Noble has lined up a $675 million secured revolving credit facility backed by current lenders including JPMorgan Chase & Co.London-based Noble, one of the biggest owners of offshore rigs, …read more […]

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Oppenheimer: These 3 “Strong Buy” Stocks Have Over 50% Upside Potential

Despite COVID-19’s devastating impact on the economy, Oppenheimer’s Chief Investment Strategist John Stoltzfus remains overweight on U.S. equities, and is more bullish on cyclical sectors versus defensive sectors. As for the legitimate concerns about the virus’ re-emergence, Stolzfus argues investors should “consider the reopening setbacks as just that and not something that is permanent.” “In the past week along with legitimate concerns about the recent resurgences of Covid-19 stateside and abroad there was also a resurgence of the “life will never be the same” kind of worry creeping into the theme du jour. We don’t attribute much value to the …read more […]

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Merck to move COVID-19 treatment into large trials, sees sales recovering this year

The U.S. drugmaker said two large trials of the oral antiviral being developed with Ridgeback Biotherapeutics would begin in September. Merck said it can manufacture “many millions of doses” of the drug before year end. Gilead Sciences Inc’s intravenous antiviral remdesivir is currently being widely used as a treatment for hospitalized COVID-19 patients. …read more […]

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Inovio Pharmaceuticals: COVID-19 Vaccine Not the Only Path to Success

After a market crushing performance during the first half of the year, one of 2020’s best performers has been struggling of late. The last month has seen shares of Inovio Pharmaceuticals (INO) decline by 27%. The publication of murky data for the biotech’s COVID-19 DNA vaccine candidate INO-4800 and a sense it is lagging behind competitors’ progress have raised concerns amongst investors. Add in an overheated valuation and maybe a sell off was inevitable.As a reminder, despite the souring sentiment, the stock is still up by a majestic 510% on a year-to-date basis.With the public and investors’ …read more […]