Month: August 2020

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On a conference call with investors, Chief Executive Chuck Robbins said Cisco also plans to reduce its expenses by $1 billion on an annualized basis “over the next few quarters.” The company also announced that Chief Financial Officer Kelly Kramer will retire from Cisco, but will remain with the company until a successor is found. Cisco expects current-quarter revenue to drop between 9% and 11% from last year, implying a range of between $11.71 billion and $11.97 billion, while analysts had expected $12.25 billion. …read more […]

(Bloomberg) — Fannie Mae and Freddie Mac are planning to charge an additional fee on most mortgage refinance loans that could raise costs for borrowers trying to take advantage of historically low rates in an uncertain economy.The mortgage giants, which have been under government control since 2008, announced the plan late Wednesday, saying the new 0.5% fee is meant to mitigate their risk in light of the Covid-19 pandemic. It would apply to most refinances involving the companies.The companies and their regulator, the Federal Housing Finance Agency, have tread carefully during the pandemic, as some parts of the mortgage market …read more […]

It was not a good start to the week for online sports betting (OSB) company DraftKings (DKNG). Shares dropped after it became apparent that college football’s fall season probably won’t kick off. At a Big Ten conference meeting, the teams’ presidents voted 12-to-2 to cancel the season. This development represents a big blow for DraftKings. College football is one of the most bet on sports in the US and takes place during Q4, when the company traditionally generates most of its revenue.The decision raises the question of whether other sports leagues will be cancelled. Whether they will or won’t, Rosenblatt …read more […]

The global landscape is fraught with simmering tensions, but one universal commonality remains intact: the need for a coronavirus vaccine.However, Canaccord analyst John Newman believes that until a vaccine becomes available, there could be another solution. And one just as potent.“Regeneron’s (REGN) REGN-COV2 antibody cocktail could provide immediate treatment for COVID-19 patients, whereas a vaccine would not. We believe REGN-COV2 is a much-needed approach to provide both immediate impact and a supplement to protection once vaccines are (hopefully) available,” said the 5-star analyst.Regeneron initiated the Phase 3 study for REGN-COV2 in July, evaluating its efficacy in treating and preventing COVID-19. …read more […]

(Bloomberg) — China’s largest state-run banks operating in Hong Kong are taking tentative steps to comply with U.S. sanctions imposed on officials in the city, seeking to safeguard their access to crucial dollar funding and overseas networks.Major lenders with operations in the U.S. including Bank of China Ltd., China Construction Bank Corp., and China Merchants Bank Co. have turned cautious on opening new accounts for the 11 sanctioned officials, including Hong Kong Chief Executive Carrie Lam, according to people familiar with the matter. At least one bank has suspended such activity.At some lenders transactions via the U.S. are banned, while …read more […]

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There is a big discussion happening on social media right now regarding cash and how it’s become a relic of the past. It might even be confiscated and replaced with crypto or computerized currency that can be tracked.
If this ends up being the case, that means no more bags sealed in plastic buried in the back yard…
No more paying the babysitter under the table…
It’s all going to be tracked.
But until that happens, there is still a place for companies like Diebold Nixdorf (NYSE: DBD). It’s a multinational financial and retail technology company that specializes in the manufacturing of ATMs, along …read more […]

A non-profit physician’s group is asking a federal court to immediately order meat and poultry processing plants to test their products for COVID-19, and make the results of their tests public. …read more […]

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(All amounts in CDN$ unless otherwise indicated)VANCOUVER, BC, Aug. 12, 2020 /CNW/ – Alexco Resource Corp. …read more […]

Galileo Russell, HyperChange Founder, joined The Final Round to discuss Tesla announcing a five-for-one stock split and how the company stacks up to its competition. …read more […]

The current oil sands extraction method is a slow-motion, climate-destroying train wreck.
Fortunately, it looks like this process may be coming to an end.
Over the last five years, the oil sands industry has reduced its production costs by one-third. This took the break-even price for its crude down to $50 per barrel.
Then the COVID-19 pandemic struck. As a result, crude demand fell. And this big drop in demand briefly took all crude prices negative.
Today, West Texas Intermediate (WTI) crude has recovered to trade around $40 per barrel.
But as of this writing, Western Canadian Select (WCS) – oil sands crude – is …read more […]

The past two trading days were rough for vaccine-maker Novavax (NVAX) and its investors. The stock has plunged nearly 30% on the news of a new Russian rival. In a statement reported out of Russian news agency RIA Novosti, Russian President Vladimir Putin announced that Russian researchers have “registered” the world’s first vaccine against infection with the novel coronavirus, that full-scale production will begin in September, and distribution in October. President Putin is so optimistic about the new vaccine — dubbed “Sputnik V” to hark back to Russia’s “Sputnik moment” in 1957, when Russia orbited the world’s first satellite — …read more […]