Year: 2020

Square reported a surprise loss in the first quarter on Wednesday, as the coronavirus outbreak shut down large parts of the global retail industry and operating expenses rose, while PayPal’s profit plunged 87.4% after it boosted credit loss reserves. Analysts, however, bought into PayPal’s predictions that the second quarter would be far brighter as more consumers get back to work and the boost the crisis has given to online sellers beds down. “On May 1, we had our largest single day of transactions in our history, larger than last year’s transactions on Black Friday or Cyber Monday,” PayPal’s …read more […]

While Warren Buffett abandoned the airlines, the numbers don’t support abandoning the sector or American Airlines (AAL). The stock trades at the lows despite strong government aid and plenty of financial liquidity to survive the depressed air travel in the U.S.The market is focused on some of the negative headlines, but daily air passenger totals are starting to make a nice rebound. The ultimate value of an airline stock or American Airlines in general is based on the willingness of passengers to return to the skies. With the proper focus, investors will find the prospects for American Airlines heading higher.According …read more […]

Bristol Myers Squibb Co on Thursday reported better-than-expected first-quarter results, and said it still expects 2020 earnings within its previously forecast range despite the coronavirus pandemic that has savaged economies worldwide. Bristol said it expects the peak business disruption from the pandemic and the resulting national lockdowns to come in the second quarter, with minimal impact from the fourth quarter of the year onward. Bristol said it had adjusted earnings of $3.96 billion, or $1.72 a share, in the first quarter on revenue of $10.8 billion. …read more […]

Market participants got another pulse check on the U.S. labor market Thursday morning, as the world continues to grapple with the COVID-19 pandemic and ahead of the highly-anticipated April jobs report. …read more […]

In a newly released interview, New York Stock Exchange President Stacey Cunningham acknowledged that the resilient stock market does not reflect the condition of the economy. …read more […]

Moderna (MRNA) has announced that the FDA has completed its review of the company’s Investigational New Drug (IND) application for its novel coronavirus vaccine candidate (mRNA-1273).The FDA will now allow the vaccine to proceed to a Phase 2 study, which is expected to begin shortly, Moderna revealed. Shares are surging 15% in Thursday’s pre-market trading, with the stock already recording a whopping 150% year-to-date gain.Looking further ahead, the company is also finalizing the protocol for the Phase 3 study of mRNA-1273, which is expected to begin in early summer of 2020.“The imminent Phase 2 study start is a crucial step …read more […]

Since cases of the novel coronavirus began accelerating in March, U.S air travel demand has sunk by about 95%, forcing airlines to shift their focus from growth plans to parking planes and minimizing their daily cash burn. While the overall number of bookings was “extremely limited,” New York-based JetBlue said it believed demand had reached a floor around mid-April and it expected to have a better sense of the third and fourth quarters by early summer. Following measures to boost its liquidity, JetBlue expects its daily cash burn to fall to just below $10 million in May from …read more […]