Year: 2020

(Bloomberg) — Goldman Sachs Group Inc. is the latest firm to boost its year-end price target for the S&P 500, as a relentless rally off the March lows leaves strategist predictions in the dust.David Kostin raised his forecast for the benchmark U.S. gauge to 3,600 from 3,000, joining the likes of Yardeni Research founder Ed Yardeni and RBC Capital Markets’ Lori Calvasina who’ve upped their forecasts in recent weeks. The rally has caught many investors by surprise, with the S&P 500 now sitting at 3,372.85 — 51% off its March lows — and threatening to eclipse its February closing record. …read more […]

Aug.17 — Sanofi has agreed to acquire Principia Biopharma Inc. in a $3.4 billion deal. The move comes as the French drug maker pivots toward innovative therapies to spur growth. The all-cash deal will see Sanofi taking full control of the U.S. autoimmune drug maker. Bloomberg’s James Paton reports on “Bloomberg Markets: European Open.” …read more […]

(Bloomberg) — This month’s selloff in U.S. government bonds could spark a correction in equity markets before a new cycle of stock gains, according to Morgan Stanley.“There is growing evidence that long term nominal yields are making a secular trough with several near term catalysts that may extend last week’s rise,” strategists including Michael Wilson wrote in a note on Monday. “Such a development could prove to be very challenging to many equity portfolios that likely embed higher long duration risk than may be appreciated.”Ultimately, a selloff in equities would likely kickstart a new bull market in stocks, the note …read more […]

Aug.17 — John Hardy, head of FX strategy at Saxo Bank, discusses U.S.-China tensions, the Presidential election and the dollar which has been under increasing pressure since late March after the Federal Reserve pledged unlimited liquidity to support an economy hurt by the coronavirus pandemic. Hardy speaks on “Bloomberg Markets: European Open.” …read more […]

Bitcoin veterans are about to join the decentralized finance (DeFi) bull run, and they are taking a very different approach than Ethereum fans. …read more […]

Plus500 Ltd. (LON:PLUS) is about to trade ex-dividend in the next two days. This means that investors who purchase… …read more […]

(Bloomberg) — Sanofi plans to acquire San Francisco, California-based Principia Biopharma Inc in a deal with an enterprise value of $3.4 billion as the French drugmaker pivots toward innovative therapies to spur growth.The all-cash deal will see Sanofi taking full control of the American company which focuses on treatments for multiple sclerosis and a range of autoimmune disorders, the company said in a statement Monday. Bloomberg reported last month that Sanofi is studying potential acquisitions of U.S. biotechnology firms, including Principia.Sanofi will pay $100 per share, according to the statement, representing a 10% premium over the Friday closing price of …read more […]

The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. * Royal Dutch Shell will permanently shut its 110,000-barrel-per-day Tabangao facility in Philippines’ Batangas province, one of only two oil refineries in the country. Shell blamed a pandemic-led slump in margins for turning the plant into an import terminal. …read more […]

Stocks are mostly flat on mixed economic data and looked to Washington for clues on further coronavirus stimulus. …read more […]

China’s vaccine specialist CanSino Biologics Inc has won a patent approval from Beijing for its COVID-19 vaccine candidate Ad5-nCOV, state media reported, citing documents from the country’s intellectual property regulator. It is the first COVID-19 vaccine patent granted by China, state-owned newspaper People’s Daily reported on Sunday. The paper cited documents published by China’s National Intellectual Property Administration saying that the patent was issued on Aug. 11. …read more […]

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The IBM-designed Power10 chip will be manufactured by Samsung Electronics Co Ltd and is meant for use by businesses inside data centers, IBM said. The chip will use Samsung’s 7-nanometer chip manufacturing process, which is similar to the 7-nanometer technology that Advanced Micro Devices Inc uses to have its chips made by Taiwan Semiconductor Manufacturing Co Ltd. …read more […]