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Warner Music kicks off $1.8 billion Nasdaq IPO
Warner Music Group said on Tuesday it is aiming to sell up to $1.82 billion in stock in its U.S. initial public offering, potentially the largest New York IPO so far in 2020 as the market for new stocks rebounds after the COVID-19 pandemic put many debuts on hold.
Trading Ideas
Texas Capital CEO Resigns As Independent Bank Merger Terminated; Analyst Downgrades Stock
Texas Capital Bancshares (TCBI) and Independent Bank (IBCP) have mutually agreed to terminate their merger agreement, previously announced on December 9, under which the parties had agreed to combine in an all-stock merger of equals.The companies have now entered into a Mutual Termination Agreement which was approved by the board of directors of both companies. Neither party will pay any termination fee. On the news Piper Sandler analyst Brad Milsaps downgraded TCBI from buy to hold, while slashing his price target from $41 to $26 (9% downside potential).David Brooks, CEO of Independent Bank Group (IBTX), said, “While both companies believed …read more […]
Business News
French restaurant ruling puts coronavirus claims on global menu
AXA said on Tuesday it would meet the bulk of business interruption claims from some restaurant owners in France after it lost a court case that was seen as a potential precedent for coronavirus-related disputes across the world.
Business News
Supercar maker McLaren to cut 1,200 jobs across group amid pandemic
British supercar maker McLaren Group said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the impact of the COVID-19 pandemic.
Trading Ideas
Solid Insider Buying Puts These 3 Stocks in Focus
Finding a reliable stock strategy is a key to sanity in this Age of Coronavirus. The pandemic has pushed governments to impost extreme economic shutdown orders, as part of a larger society ‘stay at home’ policy. The result has been a stoppage of business, a decline in earnings, and a sudden sharp turn from steady economic growth to a deep recessionary event, perhaps even a Depression. And so, for investors, a reliable stock strategy is both necessary and hard to find.One strategy is to follow the insiders. Insiders are the corporate officers and board members charged with running and overseeing …read more […]
Business News
Qatar Airways plans summer flights to over 80 destinations
Qatar Airways said on Twitter on Tuesday that it planned to fly a summer schedule to over 80 destinations worldwide.
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Aurinia Submits FDA New Drug Admission For Novel Voclosporin Kidney Treatment
Shares in Aurinia Pharmaceuticals, Inc (AUPH) advanced in pre-market trading as the biotech company announced the submission of the New Drug Application (NDA) for its experimental voclosporin drug for the treatment kidney inflammation.The stock rose 3.1% to $16.75 in pre-market U.S. trading. Aurinia said that the NDA submitted to the U.S. Food and Drug Administration (FDA) is backed by a global clinical program including the pivotal Phase 3 Aurora study and the pivotal Phase 2 Aura LV study.There are currently no FDA-approved treatments for serious kidney inflammation, also known as lupus nephritis (LN). Voclosporin is a potentially best-in-class calcineurin inhibitor …read more […]
Business News
Europe’s travel sector soars, S&P 500 to break 3000 barrier
World shares forged ahead on Tuesday and commodity markets drove higher as well, as investors shrugged off Sino-U.S. tensions to focus on more stimulus in China and a re-opening world economy.
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Column: Sorry we had to cancel your trip. But we're keeping your travel-insurance money
Some travel insurers are refusing to give policyholders their money back despite trips being canceled because of the coronavirus. …read more […]
Business News
Exclusive: ECB prepares for the worst: life without the Bundesbank – sources
The European Central Bank (ECB) is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case Germany’s top court forces the main participant in the scheme to quit, four sources told Reuters.
Business News
S&P 500 futures surge on recovery, vaccine hopes
U.S. stock futures surged on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors returning from a long weekend to overlook Sino-U.S. tensions.
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Business News
Sanofi shares down despite $13 billion Regeneron payday
Shares in Sanofi fell on Tuesday despite the French drugmaker’s impending $13 billion payday from selling most of its 20.6% stake in U.S. partner Regeneron .
Business News
NYSE to reopen trading floor closed by coronavirus
The New York Stock Exchange will partially reopen the trading floors at its iconic 11 Wall Street building on Tuesday for the first time since March 20 when the bourse was forced to go all-electronic due to the coronavirus pandemic.