Year: 2020

In the biotech world, positive clinical data readouts can be the spark that ignites the flame. Case in point: Intra-Cellular Therapies (ITCI) shares skyrocketed over 70% in Wednesday’s trading session, following positive results from a Phase 3 trial evaluating 42mg lumateperone (Caplyta) in patients with bipolar depression (BPD).The Caplyta arm of the trial was statistically significant on both the primary endpoint of change in total MADRS score and in the key secondary endpoint of CGI-BP-S Depression Score. To this end, ITCI is set to file an sNDA in late 2020 or early 2021.Writing for SVB Leerink, analyst Marc Goodman likes …read more […]

(Bloomberg) — Investors in a $1 billion subordinated bond issued by Citigroup Inc. seven years ago received an unusual notice on Thursday: their bond won’t mature in five years’ time but in 2043 instead.The New York-based bank made a mistake when drawing up the bond’s prospectus back in 2013. While the document was headed “6.675% Subordinated Notes due 2043,” its maturity was given as September 13, 2025 no fewer than three times in the text. The bank was also selling a separate $1.42 billion tranche of subordinated bonds maturing in 2025 at that time.Prospectuses are legal documents setting out the …read more […]

Cory Johnson, Epistrophy Capital Managing Member joins the On the Move panel to discuss Tesla stock and their exclusion from the S&P 500.
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Volatility is on us, with a vengeance. After rising, rising, rising most of the summer, markets made a sudden correction early this month. The losses were serious, but small in comparison to the earlier gains. But the key was volatility. Even with the losses, the S&P is up 5% year-to-date, and the NASDAQ’s gain this year is a most impressive 24%. Clearly, there are solid buys here, for an investor with the savvy to find them. Finding the right stocks for uncertain times, however, is no mean feat.Following the market’s insiders can be the right strategy. These are the corporate …read more […]

(Bloomberg) — A deadly pig disease has materialized in Germany for the first time, threatening to hammer exports from Europe’s biggest hog-producing nation.A confirmed case of African swine fever has been identified in the eastern state of Brandenburg, Agriculture Minister Julia Kloeckner said Thursday at a briefing in Berlin. The virus, which kills most infected pigs within 10 days but is not harmful to humans, was detected in the corpse of a wild boar found near the Polish border.Tests were conducted at Germany’s animal health institute and sensitive areas will now be cordoned off to try to prevent the disease …read more […]

Yahoo Finance’s Adam Shapiro and Julie Hyman cover Thursday’s trending stories. …read more […]

Hindenburg accused Nikola’s founder Trevor Milton of nepotism and said it has gathered enough evidence to show that Milton made false statements to form partnerships with large automakers. The short-seller said Milton appointed his brother, Travis, to lead the Hydrogen Production/Infrastructure unit, despite not having any substantial experience related to the sector. “Nikola has been vetted by some of the world’s most credible companies and investors”, the company said in a statement. …read more […]

Mall owners Simon Property Group and Brookfield Property Partners are close to striking a deal to buy J.C. Penney out of bankruptcy. Meanwhile department store Century 21 filed for bankruptcy. Yahoo Finance’s On The Move panel share the details. …read more […]

Art Hogan, Chief Market Strategist at National, joins Yahoo Finance’s The First Trade with Alexis Christoforous and Brian Sozzi to discuss what’s moving the markets on Thursday morning. Hogan also weighs in on the future of real estate, especially in major cities. …read more […]

Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Rick Newman discuss the new Lucid Motors electric car. …read more […]

Today we will run through one way of estimating the intrinsic value of Immunomedics, Inc. (NASDAQ:IMMU) by taking the… …read more […]

A speculative fever from the bulls pushed the market to historic heights, but have the bears now been vindicated? Following a record breaking five-month rally, stocks have dipped from their record highs. The recent decline had been preceded by warnings, which had been making the rounds for weeks, that a reality check was overdue. Weighing in for Wells Fargo, senior global equity strategist Scott Wren stated, “We have not had much give back in this gigantic run that we’ve had. So inevitably the stock market sell-off was bound to happen.” This, however, is not to say that exciting plays …read more […]

On Thursday, Citigroup, Inc. announced its current CEO Michael Corbat plans to retire in February of 2021. In his place, the major U.S. bank named Jane Fraser, President of Citi and the Chief Executive Officer of Global Consumer Banking. Yahoo Finance’s Emily McCormick joins The First Trade with Alexis Christoforous to discuss. …read more […]

The largest airline union in North America is warning Congress that compounded economic damage from the coronavirus pandemic, beyond lost jobs, is a certainty if additional stimulus funding is not soon allocated to the industry. …read more […]

Tesla shares edged up on Thursday in U.S. premarket trade, extending a recovery from this week’s drop, but analysts see a bumpy ride ahead as an extreme build-up in derivative positions caps the stock and precludes a full rebound. Tesla shares shed 21% on Tuesday – their biggest one-day percentage drop on record – after the stock’s surprise exclusion from the S&P 500 . The selloff early this week wiped out $75 billion dollars off the company’s market value, exacerbated by the hedges built around massive betting on Tesla options by retail and institutional traders during the …read more […]