Month: July 2020

Delta Air Lines Inc. (DAL) reported its second consecutive quarterly loss as the U.S. airline pared back its flight capacity plans for August by 50% with demand stalling again amid a renewed rise in Covid-19 cases.Delta ended the second quarter with an adjusted $2.8 billion net loss, or a $4.43 loss per share, as total adjusted revenue, which excludes refinery sales, plunged 91% to $1.2 billion year-on-year.Looking ahead, the U.S. airline expects overall revenue for the September quarter will be only 20% to 25% of last summer, as demand growth flattened recently with the rise in Covid-19 cases. Meanwhile, business …read more […]

ASML Holding NV, a key supplier to computer chip makers, on Wednesday reported a near 58% jump in second-quarter profit but fell short of market estimates, and forecast overall growth for 2020 despite the coronavirus outbreak. ASML said that sales would have been in line if revenue from two systems that shipped had been recognised. ASML forecast third-quarter sales between 3.6-3.8 billion euros. …read more […]

The Japanese carmaker has unveiled the first of many electric vehicles as part of a new strategy. …read more […]

Moderna (MRNA) soared a further 16% in Tuesday’s after-market trading after the biotech announced the publication of an interim analysis of the open-label Phase 1 study of mRNA-1273, its vaccine candidate against COVID-19.Results reaffirmed positive interim data assessment announced on May 18, said Moderna, and show mRNA-1273 induced rapid and strong immune responses against SARS-CoV-2. Neutralizing antibodies were observed in 100% of evaluated participants at the 100 µg dose level selected for the upcoming Phase 3 trial.Published in The New England Journal of Medicine, the interim analysis evaluated a two-dose vaccination schedule of mRNA-1273 given 28 days apart across three …read more […]

(Bloomberg) — With Huawei Technologies Co. barred from Britain’s future wireless networks, its two European rivals look set to split the market.The ban — forcing phone companies to remove 5G Huawei equipment by 2027 and stop buying it by the end of this year — is a blow to the industry, which had lobbied hard to keep Huawei, and not just because of the burden of having to redesign the next-generation networks they were already building.Read more: U.K. Bans Huawei From 5G Networks in Security Crackdown It also turns Britain’s wireless radio equipment market into an effective duopoly of Finland’s …read more […]

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Brent crude futures were up 19 cents, or 0.4%, at $43.09 a barrel as of 0343 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4%, to $40.46 a barrel. Reflecting a recovery in fuel demand despite the coronavirus pandemic, U.S. crude inventories fell by 8.3 million barrels in the week to July 10, beating …read more […]

Results from the phase 1 clinical trial of Moderna’s coronavirus vaccine show it’s on the right track, though there were serious side effects at high doses. …read more […]

Options investors are ramping up bets on some of this year’s biggest winners, including Amazon.com Inc, Netflix Inc and Tesla Inc, even as they turn cautious on the wider market amid a resurgent U.S. coronavirus outbreak. Investors are betting that tech-related stocks will remain comparatively resilient to the coronavirus-fueled economic disruptions that have battered sectors such as retail and travel, despite growing concerns about stretched valuations following steep rallies. Analysts also see another factor driving the momentum stocks: fear of missing out, or FOMO. …read more […]

It has been a breakout year for vaccine specialist Vaxart (VXRT). Entering 2020, the company had a market cap just below a puny $17 million. Since then, shares have exploded by an incredible 4748% as investors have piled in with the hope Vaxart can be the surprise provider of the coveted COVID-19 vaccine.However, Vaxart stock still has plenty left in the tank, according to B Riley FBR analyst Mayank Mamtani. The 5-star analyst believes that, based on the company’s proprietary VAAST (vector-adjuvant-antigen standardized technology) vaccine platform, Vaxart’s “one-of-its-kind oral solution,” could set it apart from the competition.Mamtani added, “We believe …read more […]

Tech stocks smashing all-time highs are currently almost a daily thing. What this means for a frothy market at disconnect from the wider economy is anyone’s guess. Is a pullback imminent? No one knows, the market is unpredictable and will probably remains so for the foreseeable future or at least until the coronavirus is stopped dead in its tracks.Tech giant Microsoft (MSFT) has been among the mega caps to clock all times highs, too. Microsoft has not only benefited from the explosive market, but also from a rising trend further accelerated by the viral outbreak.The shift to cloud based working …read more […]

(Bloomberg) — Futures on U.S. stock indexes jumped after data published on a potential Covid-19 vaccine showed an encouraging response in a safety trial.September contracts on the S&P 500 rose 1% as of 9:10 a.m. in Tokyo, while futures on the Nasdaq 100 climbed 0.7%. Results published Tuesday in the New England Journal of Medicine said Moderna Inc.’s drug produced antibodies to the coronavirus in all patients tested in an initial safety trial.“I think it’s very positive,” said Peter Mallouk, president and chief executive officer of wealth management firm Creative Planning. “What we have is reaffirming what the market thought …read more […]

(Bloomberg Opinion) — About two months after releasing preliminary Covid-19 vaccine data that sent the stock market into a tizzy, Moderna Therapeutics Inc. finally published a complete look at the initial human trial of its drug late Tuesday — and it promptly moved the market again.Moderna shares surged 20% on the results after the close Tuesday, and stocks in general got a loft as well. Is it warranted? For sure, the expanded results published in the New England Journal of Medicine contain good news about the vaccine’s early attributes. However, they mainly put what the company revealed in its sparse …read more […]

Posted by OFX AUD – Australian Dollar The Australian dollar crept higher through trade on Tuesday, supported by underlying USD weakness and a small uptick across risk assets. Trade was choppy and moves relatively modest as ranges across currency markets narrowed. The AUD has struggled to break outside a 70 point range … Continue reading “AUD trades sideways as broader ranges narrow”The post AUD trades sideways as broader ranges narrow appeared first on . …read more […]

Challenging – this is one word getting extra use these days, frequently describing the headwinds industries affected the most by COVID-19 are facing.Undoubtedly, it is an apt description of the situation A&D giant Boeing (BA) currently finds itself in. Appearing to be on the verge of bankruptcy after the initial coronavirus wave, the recent spike in cases hasn’t made predicting what’s on tap in the near-term any easier.With its Q2 earnings release on the horizon (July 29), Cowen analyst Cai von Rumohr argues the Street is underestimating the headwinds Boeing must face on the way to recovery.“Q2 will be a …read more […]

The Dakota Access oil pipeline can continue to operate amid an ongoing court battle, a U.S. Appeals Court said on Tuesday, setting aside for now a lower court’s order earlier this month to shut and empty the line. The U.S. Court of Appeals for the District of Columbia granted Dakota Access, controlled by Energy Transfer LP , an administrative stay while it considers whether the line, long opposed by local tribes and environmental activists, should be shut due to permitting issues dating to 2017. On July 6, the U.S. District Court for the District of Columbia ordered the …read more […]