Year: 2020

Shares of Sorrento Therapeutics Inc (NASDAQ: SRNE) traded 13.5% lower in after-hours trading on Tuesday as a reaction to the company firing its Chief Financial Officer Jiong Shao. What Happened: Sorrento Therapeutics, a biotech drug manufacturer in a filing with the Securities and Exchange Commission on Monday stated that Shao is “terminated in its entirety, effectively immediately.” Further, the company announced it has appointed Najjam Asghar as its new CFO.Asghar has already been performing the role of chief accounting officer for the company since June 2019.Why It Matters: Sorrento also claimed that Shao’s termination is in association with the company’s …read more […]

(Bloomberg) — European stocks edged lower while U.S. futures drifted as investors weighed what’s next for the post-pandemic rally after shares hit all-time highs on Wall Street. Gold slipped back below $2,000 an ounce.Declines in RWE AG and other utilities outweighed gains in travel shares as the Stoxx Europe 600 Index opened. Contracts on both the S&P 500 and Nasdaq 100 erased earlier moves after the benchmarks closed at records Tuesday. The dollar held five days of declines against its major peers and Treasuries rose before the Federal Reserve releases minutes of its last open-market committee meeting.Asia stocks were mixed. …read more […]

(Bloomberg Opinion) — Dear investors readers,In response to recent rumors, started by me, that I’m in talks to purchase the U.S. operations of TikTok, I’d like to clarify. I am indeed interested in buying the hip viral short-video service. I’d also like to fly to Mars, cure cancer, or climb Mount Everest. Just as with my bid for TikTok, I have no intention of doing so. However, I have “held talks” with TikTok. By which I mean I tweeted at them. They didn’t reply.Despite the fact that I have no money, no operational experience, no management team and even this …read more […]

(Bloomberg) — The pound erased this year’s drop against the dollar, catching up with some Group-of-10 currencies that made the move months ago.The currency rose as much as 0.2% to $1.3267, extending gains after inflation in July was faster than anticipated. The rally, however, is mostly driven by the greenback’s drop. The Bloomberg Dollar Spot Index has fallen every month since the end of March.”The dollar is doing most of the heavy lifting for the pound,” said James Athey, a money manager at Aberdeen Standard Investments. “Sterling is still cheap as chips. Everyone has problems, most of them huge, but …read more […]

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Sorrento sank 14% in extended market trading after the biotech company announced the ousting of its chief financial officer Jiong Shao.The stock plunged to $10.62 in the after-market session after Sorrento (SRNE) said in a SEC filing that Shao’s employment “terminated in its entirety”, effective immediately. Shao served as the company’s Executive Vice President and CFO.Sorrento announced the appointment of Najjam Asghar, 39, as the company’s CFO effective from Aug. 18. Asghar will serve as the company’s principal financial officer and principal accounting officer until a successor will be found. Asghar has been Sorrento’s Chief Accounting Officer since June 2019.The …read more […]

(Bloomberg Opinion) — When finance types talk about internal combustion engines, they often just use the abbreviation ICE. It’s an appropriate name: Investors have a frosty view of car companies that depend on petrol or diesel to power their vehicles.Volkswagen AG, the world’s biggest auto maker by sales, has a market value of 73 billion euros ($87 billion), or about 6.5 times the earnings it generated last year. By contrast, Tesla Inc.’s all-electric lineup has propelled it to an astonishing $352 billion valuation even though its profits are tiny. Budding Teslas such as Rivian Automotive Inc. and Nikola Corp. have …read more […]

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(Bloomberg) — A British fund that has grown more than seven times faster than peers this year has one big bet to thank.Scottish Mortgage Investment Trust Plc’s holding of 1.87 million shares in Tesla Inc. has increased in value by more than $2 billion since the end of March as the electric carmaker’s stock price has surged to a record. That, along with investments in other U.S. tech giants and stay-at-home winners, means the fund has provided a year-to-date return of 55% versus 7.1% for its peer group, according to data compiled by Bloomberg.The growth of the closed-end investment fund …read more […]

Oracle’s chairman Larry Ellison is a supporter of the US president and held a fundraiser for him this year. …read more […]

Gilead Sciences, Inc (NASDAQ: GILD) shares took a jolt in the after-hours session Tuesday as it announced its application for filgotinib, an investigational treatment for moderately to severely active rheumatoid arthritis (RA) didn’t get the go-ahead from the United States Food and Drug Administration.What Happened: The biopharmaceutical company received a complete response letter (CRL) from the FDA that said the review cycle for an application is complete and that the application isn’t ready for approval in its present form.Gilead is the market authorization holder for filgotinib in the U.S. as well as for the potential commercialization of the drug in …read more […]

The U.S. economy is in one of the sharpest economic downturns since the Great Depression yet the stock market reached a new record high. Here’s why. …read more […]

Spot gold was down 0.4% at $1,993.34 per ounce by 0505 GMT, after hitting a one-week high of $2,014.97 on Tuesday. U.S. gold futures fell 0.5% to $2,002.40. “Gold has registered a 3% gain over the past two days, rendering the metal prices vulnerable to profit-taking activities.” …read more […]

(Bloomberg) — The future of China’s largest artificial intelligence company was thrown into question last year when it was blacklisted by the Trump administration. Today, SenseTime is thriving with growing demand for its facial recognition software, especially as local governments in China adopt its technology to battle the coronavirus.The Hong Kong-based startup’s revenue surged 147% to 5 billion yuan ($720 million) in 2019 and its customer base increased by about 500 to 1,200 clients, according to co-founder Xu Bing. Sales are on track to climb 80% this year to about 9 billion yuan and gross profit could double, according to …read more […]

According to Urban Dictionary…
An “internet troll” is someone who posts controversial messages in an online community with the primary intent of provoking an emotional response.
And today, these internet trolls are going to eat a hot plate of crow.
You see, I’m never one to shy away from criticism.
So today, I’m going to do what no other editor ever does…
I’ll read off the biggest troll comments I’ve received…
And actually respond to them!
Just for the fun of it… I’ll keep score as well.
If the trolls are correct, they’ll get a troll point.
If the trolls are wrong, Trade of the Day gets the point.
Ready …read more […]