Month: November 2020

Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study. …read more […]

Achieved record quarterly net revenue of $135 million Net Loss of $97 million; Adjusted EBITDA loss of $86 million, a 43% improvement versus Q2 FY20Implementing initiatives to capture $150-$200 million of savings across our cost structureIncreased market share by 200 basis points in Canadian recreational market based on our proprietary market share trackerBuilding momentum in the U. and establishing foundation for long-term leadership positionSMITHS FALLS, ON, Nov. …read more […]

Top news and what to watch in the markets on Monday, November 9, 2020. …read more […]

(Bloomberg) — U.S. equities resumed last week’s upward march, advancing as traders pressed bets that President-Elect Joe Biden will bring steadier stewardship of the American economy.Bulls picked up where they left off in the best week for U.S. share indexes since April, undaunted by some of the highest equity valuations in two decades and the resurgent coronavirus. Up four of the last five days, the S&P 500 sits 2% away from the record it set at the start of September.Contracts on the S&P 500 were up 1.5% as of 08:20 a.m. in London. The underlying index rallied 7.3% last week …read more […]

The Norwegian government will not provide additional financial support for pandemic-hit Norwegian Air the Industry Ministry and the Ministry of Transportation said on Monday, leaving the cash-strapped carrier in a precarious situation. A pioneer in low-fare transatlantic air travel, Norwegian Air’s rapid expansion left it with debt of close to $8 billion by mid-2020, making it vulnerable to the fallout from the COVID-19 pandemic. “That the government has decided to reject the request for funds is disappointing and feels like a punch in the gut for everyone at Norwegian,” Chief Executive Jacob Schram said. …read more […]

(Bloomberg) — Apple Inc. suspended new business with key supplier Pegatron Corp. after discovering labor violations at a student workers’ program, taking strong action to clean up its Chinese-focused production chain.The Cupertino, California-based technology giant said it discovered several weeks ago that the Taiwanese iPhone manufacturer misclassified student workers and allowed some to work nights and overtime in violation of Apple’s Supplier Code of Conduct. Apple has since placed its partner on probation and won’t give them new business until corrective action is completed.Pegatron is one of just a handful of partners Apple relies on globally to assemble marquee products …read more […]

Oil prices gained more than 2% on Monday, with Brent futures rising above $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from a worsening coronavirus pandemic. Oil recovered from a 4% decline on Friday, rising along with other financial markets after Biden emerged as the winner in the U.S. presidential race on Sunday. “Trading this morning has a risk-on flavour, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market …read more […]

Investors expecting an imminent COVID-19 vaccine are beginning to buy bank stocks and industrials in anticipation of a roaring return in consumer confidence, though many remain wary of risks in sectors ravaged by the pandemic. As the market hype around the U.S. election ebbs, investors are now preparing for good vaccine news, which they believe is a matter of when, not if. “It’s going to be absolutely massive,” said Stuart Oakley, head of cash currency trading at Nomura in London. …read more […]

Tesla Inc. (NASDAQ: TSLA) announced Sunday that the total number of electric vehicle Superchargers deployed by the company has crossed 20,000 globally.What Happened: Tesla describes the Supercharger network as the “world’s fastest charging network.” The Elon Musk-led company has been looking to expand it aggressively, particularly in urban settings, but has frequently fallen short of its stated targets.> 20k Superchargers and counting pic.twitter.com/urudyt9Eui> > — Tesla (@Tesla) November 8, 2020The EV maker planned to have 18,000 Superchargers in its network as of 2018-end, but the actual number of deployed units was at 12,000 by the end of the year, according …read more […]

Nov.08 — Deborah Lehr, vice chairman and executive director at Paulson Institute, discusses the relations between the U.S. and China and how they could change under a Biden presidency. She speaks on “Bloomberg Markets: China Open.” …read more […]

(Bloomberg) — China’s move to halt Ant Group Co.’s massive stock debut could reduce the fintech giant’s value by as much as $140 billion, according to analysts’ revised estimates.New regulations that could force Ant to raise more capital to back lending and seek national licenses to operate across the country may reduce the firm’s valuation by about half, according to estimates from Morningstar Inc. and other firms. The regulatory details are preliminary and could be subject to change.If Ant’s $280 billion pre-IPO valuation is halved, it would essentially mean the company is worth less than what it was two years …read more […]

Nov.08 — Riot police in Bangkok used water cannons to disperse anti-government protesters as they tried to approach the royal palace to submit their demands directly to the king. Bloomberg’s Randy Thanthong-Knight reports on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Oil rose toward $38 a barrel and gold climbed for a third day as President-elect Joe Biden prepared to transition into the White House even as Donald Trump rejected the outcome of the U.S. election.Crude futures in New York increased 2.2% and spot gold added 0.1% amid a broader gain in Asian stocks. The dollar was marginally lower. While Biden declared victory and prepared to navigate America’s pandemic-hit economy out of the crisis, the unresolved status of Senate control may dampen prospects for a major stimulus package before January. Meanwhile, Trump’s campaign team mounted lawsuits in key states …read more […]

Nov.08 — Josh Blackman, professor at South Texas College of Law, discusses President Donald Trump’s lawsuits to contest the election outcome, the prospects for the congress and the judiciary system, and the challenges President-elect Joe Biden faces. Blackman speaks with Shery Ahn and Haidi Stroud-Watts on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Palantir Technologies Inc. is in talks with the U.K. government to provide support for contact tracing of Covid-19 cases, according to people familiar with the discussions. Technology from the newly public data-mining company could augment the contact tracing system already in use in the U.K., which has run into problems.No contract has been finalized with the government and the U.S.-based company, and any deal would represent an extension of work the company already does for the U.K. in battling the virus, according to the people, who asked not to be identified discussing private information.The Financial Times earlier reported …read more […]