Year: 2020

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Trading Ideas

Gilead Generates Street Skepticism Ahead of Covid-19 Results

April 7, 2020 admin Comments Off on Gilead Generates Street Skepticism Ahead of Covid-19 Results

(Bloomberg) — Results from a study of Gilead Sciences Inc.’s experimental Covid-19 medicine are top-of-mind for Wall Street as cases surpass 1.35 million and deaths approach 76,000.With a potential vaccine more than a year away, Gilead’s antiviral remdesivir offers one of the nearest-term hopes for a treatment in the pandemic that’s sweeping across the globe and putting many countries, including most of the U.S., on lockdown. Results from late-stage studies out of China are expected this month with results from U.S. trials following in May.After the company’s valuation surged more than $20 billion from late January to early March, some …read more […]

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Trading Ideas

Carnival Shares Get Some Relief After Saudi Fund Buys Stake

April 7, 2020 admin Comments Off on Carnival Shares Get Some Relief After Saudi Fund Buys Stake

Carnival Corp.’s (CCL) shares climbed 21% after Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in coronavirus-hit Carnival Corp.PIF made the offering for Carnival’s 43.5 million shares worth about $369.3 million on March 26, according to the SEC filing. The investment makes PIF the second-largest investor in the world’s biggest cruise line.Since the start of the year, Carnival has seen its shares lose more than three-quarters of their value as the coronavirus pandemic has forced cruise ship companies to halt operations and suspend cruises.Wall Street analysts take a cautious stance on Carnival …read more […]

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Business News

Futures surge on early signs of coronavirus slowdown in hot spots

April 7, 2020 admin Comments Off on Futures surge on early signs of coronavirus slowdown in hot spots

U.S. stock index futures bounced for a second straight day on Tuesday as risk appetite returned on tentative signs the coronavirus outbreak was starting to plateau in hard-hit U.S. states. All three major indexes rallied more than 7% on Monday after the governors of New York and New Jersey said their states, hot spots of the COVID-19 disease, were showing early signs of a “flattening” of the outbreak.

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Trading Ideas

Oil storage uneconomical despite hefty supplies as Brent futures strengthen

April 7, 2020 admin Comments Off on Oil storage uneconomical despite hefty supplies as Brent futures strengthen

Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market, industry sources said on Tuesday. Front-month Brent crude prices have jumped since Friday on expectations that Saudi Arabia and Russia may strike a deal to cut output and support prices. “Demand has collapsed and supply is gushing,” said Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore. …read more […]