Year: 2020

(Bloomberg) — Seo Jung-jin used to borrow money from loan sharks, pledging his organs to get much needed funds for his upstart drugmaker. Now he’s the second-richest person in South Korea, trailing just Samsung Electronics Co.’s chairman.The Celltrion Inc. founder’s fortune has swelled to $10 billion as shares of his company, which is developing a Covid-19 treatment, almost doubled this year.His rise is extraordinary and represents a shift in the country’s business elite. While family-run conglomerates touch almost every aspect of life in South Korea, more corporate founders making fortunes in non-traditional sectors like Seo have emerged. As the coronavirus …read more […]

Just when you thought things could not get any worse for A&D giant Boeing (BA), more dispiriting news gets revealed.Last week, Boeing reported that another 60 MAX 737 orders were cancelled in June, bringing the yearly cancellation total to 373. Boeing has an additional 439 orders that are currently considered at risk.All in all, in the second quarter, Boeing delivered just 20 commercial aircrafts. While only 10 orders left the warehouse in June, the figure is still an improvement on the 4 delivered in May.Boeing will report 2Q20 results on July 29, and ahead of the print, Canaccord’s 5-star analyst …read more […]

(Bloomberg) — Silver jumped to the highest in almost seven years and gold continued its march toward a record on expectations more stimulus is needed to help the global economy recover from the coronavirus pandemic.Investors have flocked to the precious metals on surging demand for havens amid a resurgence in virus cases, slowing growth and negative real interest rates in the U.S. After the success of a European rescue package this week, focus turns to negotiations between Republicans and Democrats on legislation to prop up the hobbled American economy.Holdings in exchange-traded funds backed by the metals are at an all-time …read more […]

Investors of Moderna (MRNA) slept soundly last weekend, as shares ended each session in the green during the week. Saving the best for last, on Friday July 17, Moderna posted a 16% uptick after it was revealed that the European Union (EU) might purchase Moderna’s experimental COVID-19 vaccine. The latest surge has sent the stock to a record high, having added 310% of muscle since the turn of the year.With a Phase 2 study currently in progress, and a Phase 3 trial of mRNA-1273 set to begin on July 27, Oppenheimer analyst Hartaj Singh sees a rocky path ahead, yet …read more […]

After a series of ups and downs through most of June and July, making the stock index charts look like a saw, the S&P 500 is rising again. The index is holding above 3,200, giving investors reason to view that level as a new support. Where the upper resistance may lie, is anyone’s guess. At the start of the current rally, analysts placed it at 2,750 to 2,850 – but the index broke above that back in May.Whether these movements in S&P are lasting or ephemeral, there will always be means to find profit in the markets. Investing is a …read more […]

Wells Fargo Senior EVP Mary Mack joins Yahoo Finance’s All Markets Summit Extra: Road to Recovery special and discusses some of the steps the business is taking to win back the trust of consumers. …read more […]

(Bloomberg) — Texas Instruments Inc. projected revenue in the current quarter that topped analysts’ estimates, saying orders haven’t fallen off as much in the coronavirus pandemic as they did in the last recession. The chipmaker’s executives, however, cautioned that the positive outlook isn’t a sign the economy is on the upswing.“It seems clear that things are a little shaky in the world economy,” Chief Financial Officer Rafael Lizardi said Tuesday in an interview. “My job is not to figure out where the world economy is going, it’s to put TI in the best position whatever happens.”Lizardi and his colleagues faced …read more […]

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Earnings season is in full swing, and as per usual, the big banks were up first.
The numbers so far have been ugly.
Compared with results from the second quarter of 2019, the results for the second quarter of this year range from bad to really bad.
Here’s a sampling…

JPMorgan Chase (NYSE: JPM) reported that second quarter earnings were down 52% from $2.82 per share in 2019 to just $1.38 per share this year.
Bank of America (NYSE: BAC) saw second quarter earnings cut in half from $0.74 per share last year to $0.37 per share this time around.
Citigroup (NYSE: C) saw earnings fall …read more […]

In the first full quarter under the coronavirus pandemic, Snap revenue and DAUs grew — but the latter wasn’t enough to meet expectations. …read more […]

Typically, when a public company reports earnings, it highlights a positive in its release, no matter how much money it lost in the previous three months. But on Tuesday, United Airlines did not spin, telling investors it recently completed “the most difficult financial quarter in its 94-year-history.” United reported a net loss of $1.6 billion, […] …read more […]

(Bloomberg) — Fannie Mae could be worthless to public shareholders, according to its newest analyst.Federal National Mortgage Association drew an underperform rating and a price target of zero dollars from Wedbush analyst Henry Coffey, who started coverage Tuesday. In May the Federal Housing Finance Agency proposed that Fannie Mae and fellow mortgage giant Freddie Mac be required to hold hundreds of billions of dollars in capital to guard against losses.Despite the “tremendous underlying value” in the company, any recapitalization of Fannie Mae is likely to result in substantial dilution to public shareholders, Coffey wrote in a report. He is one …read more […]

Yahoo Finance talks about the road to recovery from the COVID-19 pandemic for cruise giant Carnival Corp. with CEO Arnold Donald. …read more […]

(Bloomberg) — Tesla Inc. Chief Executive Officer Elon Musk unlocked the second chunk of his moonshot pay award.The electric-car maker’s average trailing market value over six months rose above $150 billion on Tuesday, according to data compiled by Bloomberg, despite a dip in the company’s share price. That means Musk is now able to exercise an additional 1.69 million stock options, though he must wait at least five years before he can sell them.The options have a strike price of $350.02, meaning he would reap a $2.1 billion gain if he exercised and could immediately sell the shares.Musk unlocked the …read more […]