Stocks futures ticked lower Friday morning following a tech-led trading a day earlier. The Nasdaq closed out the regular session at yet another record high. …read more […]
(Bloomberg) — Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices.Saudi Arabian Oil Co., or Aramco, decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners, said the people, who asked not to be identified as the matter is private. The uncertain market outlook was behind the decision, they said.Aramco didn’t immediately respond to a request for comment. China North Industries Group …read more […]
(Bloomberg) — Deere & Co., the largest maker of agricultural machinery, increased its sales outlook for the year despite an “uncertain” market due to the coronavirus pandemic.The Moline, Illinois-based producer said net income for the fiscal year would be $2.25 billion, up from a May estimate of $1.6 billion to $2 billion. The company’s third-quarter net income of $2.57 a share exceeded the highest estimate among analysts. Shares rose 4.5% as of 6:43 a.m. in New York, before regular trading hours.“Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the …read more […]
(Bloomberg) — European stocks rose and U.S. futures fluctuated as faith in the technology-led rally and a virus-vaccine breakthrough competed with concerns over mixed economic data. The single currency weakened.Semiconductor and healthcare shares led gains Europe and in the U.S. premarket, from ASML Holding NV to drugmakers Novartis AG and Pfizer Inc. Equipment maker Deere & Co., a bellwether stock, jumped after increasing its profit guidance. The tech-heavy Nasdaq 100 swung between modest ups and downs after setting a fresh record high Thursday.The dollar gained on against a basket of its peers after the euro-area economy unexpectedly lost momentum this …read more […]
It’s no coincidence the savings rate in this country spiked at the same time as the stock market hit its lows.
The folks who stashed Uncle Sam’s mailbox money in the bank are still sitting on their $1,200.
The folks who put it in the stock market are likely sitting on a whole lot more.
It’s with that regret-stirring notion that we dive into a very personal and very controversial topic.
We’re sure to get hate mail. We’re sure to get a flood of notes telling us we’re wrong.
But then again… that’s when we know we’re doing what’s right.
That’s when we know we’re bucking …read more […]
Top news and what to watch in the markets on Friday, August 21, 2020. …read more […]
(Bloomberg) — It’s anything but business as usual for the 1,500 U.S.-based employees of TikTok. Plans to hire 10,000 employees and open new offices in the country are being postponed, and brands and social media stars are inserting clauses into their contracts to address what happens if a proposed ban comes to pass, according to TikTok employees, executives and business partners.Virtual town hall sessions that were once held each month are now weekly affairs where worried employees ask top executives if their paychecks will keep coming if the app goes dark in the U.S. In response, executives have pointed to …read more […]
Harvard Medical School’s Professor of medicine and immunology, Dr. Dan Barouch, speaks with Yahoo Finance’s Editor-in-Chief Andy Serwer about his experience with the coronavirus and his progress in the search for a vaccine.
(Bloomberg) — Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.“Lots of long-term fund managers, especially the ones whose fund managers …read more […]
Sorrento Therapeutics (SRNE) and SmartPharm Therapeutics have now signed a merger agreement for Sorrento to acquire SmartPharm, a gene-encoded therapeutics company developing non-viral DNA and RNA gene delivery platforms for COVID-19 and rare diseases.Shares in Sorrento rose 4% in Thursday’s after-hours trading.As previously announced on July 24, SmartPharm equity holders will receive up to an aggregate of $19.4 million of Sorrento common stock, based on a price per share calculated in accordance with the merger agreement.Sorrento and SmartPharm will also collaborate on research and development to encode and express in vivo Sorrento’s proprietary SARS-CoV-2 neutralizing monoclonal antibodies with SmartPharm’s Gene …read more […]
(Bloomberg) — Oil is set for a third weekly gain in New York on nascent signs of a demand recovery, but the pandemic is continuing to cloud the outlook while concerns are rising about over-supply.October oil was steady near $43 a barrel and up 1.3% for the week. Futures surged to a five-month high on Monday on fresh China stimulus and as a gauge of builder sentiment in America jumped to its highest since 1998. However, optimism was tempered by downbeat comments from the U.S. Federal Reserve and OPEC+ on the demand outlook due to the coronavirus, while American unemployment …read more […]
(Bloomberg Opinion) — The euro is becoming the go-to currency for safety and liquidity as we approach the U.S. presidential elections and investors bet on a rocky time for the dollar. This may be a source of pride for European policy makers in how they’ve handled the pandemic so far. Unfortunately, it’s a potential problem for exporters on the continent, not least its manufacturers.As Kit Juckes, a currency analyst at Societe Generale SA, puts it: “The dollar’s very overvalued but the euro isn’t very undervalued.”With signs that hedge funds are taking option exposure on a rising euro, the recent move …read more […]
(Bloomberg) — Billionaire Jack Ma’s Ant Group plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about $225 billion, people familiar with the matter said, in an effort to pull off the world’s largest initial public offering.The share sales could raise about $30 billion in total if markets are favorable, said one of the people, requesting not to be named because the matter is private. The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon …read more […]
Tesla Inc (NASDAQ: TSLA) asked the Federal Communications Commission for approval of a motion-sensing device that could prevent children from being left inside hot vehicles, Reuters reported Thursday.What Happened The automaker’s short-range interactive motion-sensing device uses unlicensed millimeter-wave sensors, which work at higher power levels than currently allowed, according to Reuters.The Elon Musk-led company claims that the device based on radar technology has advantages over other systems including camera-based ones as it can perceive depth.The system can “differentiate between a child and an object left on the seat, reducing the likelihood of false alarms,” Tesla stated. The company says the …read more […]
The comments from the online retail giant’s boss come as the firm saw sales jump in the wake of the pandemic. …read more […]
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