Passport to Wall Street http://www.pws.io/ pl-PL Copyright 2020, Passport to Wall Street 60 Coronavirus Update: Looking Back and Ahead as Global Cases Cross 12 Million http://www.pws.io/coronavirus-update-looking-back-and-ahead-as-global-cases-cross-12-million <p class='black-text'>The coronavirus pandemic has changed the world, with only several months of spread leading to an excess of 12 million confirmed cases on Wednesday, with global health experts fearing millions of other undocumented cases circulating throughout the world. The nature of this disease has baffled all that study it, for it leaves a wide swath of symptoms across various populations of the infected. The only this that is for certain is that the coronavirus pandemic should not be taken lightly as its unyielding spread continues.</p><p class='black-text'>Looking back over the course of the pandemic, many of the hard-hit epicenters of Europe have begun to move further from their brush with the first wave, with only a few minor containment errors occurring. Places like South Korea, Germany, China, and now Australia have had to reinstate lockdowns on portions of their populations to stave off another course of total shutdown due to a resurgence in infections. Currently, the virus has dominated the western hemisphere, bringing nations like Brazil and the United States to millions of cases and thousands of deaths. The United States on Tuesday became the first country to cross 3 million confirmed cases, with the highly populous nation accounting for a quarter of both infections and deaths. Alarmingly, the pandemic shows no signs of yielding, with the spread taking only five weeks to double from 6 million to 12 million.</p><p class='black-text'><b>Total Global Cases: </b>Over 12.1 Million</p><p class='black-text'><b>Deaths:</b> Over 551,000</p><p class='black-text'><b>Recovered: </b>Over 7 Million</p><p class='black-text'><i>Questioning the Future</i></p><p class='black-text'>There are still many unknowns when it comes to SARS-CoV-2, or the coronavirus. Scientists from University College London (U.C.L.)published a study in the medical journal brain on Wednesday, highlighting on the possible neurological complications that can arise following infection. Researchers in the study described 43 cases of coronavirus patients who later suffered temporary brain dysfunction, inflammation, stoke, nerve damage, or other serious effects that may be linked to coronavirus exposure.</p><p class='black-text'>"Whether we will see an epidemic on a large scale of brain damage linking to the pandemic--perhaps similar to the encephalitis lethargica outbreak in the 1920s and 1930s after the 1918 influenza pandemic --remains to be seen," said Michael Zandi of U.C.L'.s Institute of Neurology and co-lead of the study, <a href="https://www.reuters.com/article/us-health-coronavirus-brains/scientists-warn-of-potential-wave-of-covid-linked-brain-damage-idUSKBN24837S">quoted by </a><i><a href="https://www.reuters.com/article/us-health-coronavirus-brains/scientists-warn-of-potential-wave-of-covid-linked-brain-damage-idUSKBN24837S">Reuters</a></i>.</p><p class='black-text'>While the coronavirus pandemic mostly revolves around the respiratory illness associated with the disease, many researchers have linked infection with blood disorders and other conditions that are not necessarily associated with the lungs. Nine patients in the U.C.L. study who had developed brain inflammation were later diagnosed with a rare condition called acute disseminated encephalomyelitis (ADEM), which can be triggered by viral infections.</p><p class='black-text'>"Given that the disease has only been around for a matter of months, we might not yet know hat long-term damage COVDI-19 can cause," Ross Paterson, co-led of the U.C.L study, quoted by<i> Reuters</i>.</p><p class='black-text'><i>Understanding the Present </i></p><p class='black-text'>An analysis of over 17 million coronavirus patients linked to nearly 11,000 deaths in England, <a href="https://www.nature.com/articles/s41586-020-2521-4">published on Wednesday in the scientific journal </a><i><a href="https://www.nature.com/articles/s41586-020-2521-4">Nature</a></i><a href="https://www.nature.com/articles/s41586-020-2521-4">,</a> set out to determine the risk factors that lead to an individuals chance of succumbing to COVID-19. The study linked older age, being male, having health conditions like diabetes and severe asthma, and having of Black or South Asian decent as raise the patients chances of fatal infection.</p><p class='black-text'>The study is on going, hoping to shed light on all COVID-19 risk factors to bring better understanding of the fatal virus.</p> http://www.pws.io/coronavirus-update-looking-back-and-ahead-as-global-cases-cross-12-million Wed, 08 Jul 2020 21:16:10 -0400 Rachel Hemple Market Update: Stocks Pushed Higher as Tech Outperformed http://www.pws.io/market-update-stocks-pushed-higher-as-tech-outperformed <p class='black-text'>Stocks pushed higher into close during Wednesday's session as major tech shares continued to outperform, carrying the broader market. Shares of Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> both closed at record highs, with Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Netflix <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NFLX"><span style="color:#333">(</span><span style=";">NFLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NFLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NFLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NFLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> also joining in the gains. Meanwhile, new coronavirus infections continue to break daily records across the United States, with Tuesday reporting a staggering more than 60,000 cases. The continued outbreak in the U.S. is holding the market back from substantial gains, making the investment sentiment and economic recovery hopes uneasy.</p><p class='black-text'><b>Here's how the market settled for the mid-week:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.78% or +24.64 points to 3,169.96</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.68% or +177.10 points to 26,067.28</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.44% or +148.61 points to 10,492.50</p><p class='black-text'>For Major Stock News, U.S. airlines were pressured by United <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UAL"><span style="color:#333">(</span><span style=";">UAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> releasing a furlough notice for a third of its staff due to decreased travel demand: American <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAL"><span style="color:#333">(</span><span style=";">AAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Delta <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DAL"><span style="color:#333">(</span><span style=";">DAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Southwest <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LUV"><span style="color:#333">(</span><span style=";">LUV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LUV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LUV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LUV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares increased on rumors that social media platform is building a subscription service on Wednesday. Nikola Motors shares surged after JPMorgan <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> upgraded the stock from Neutral to Overweight, calling its a good buy for long-term investors. Gilead Sciences <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GILD"><span style="color:#333">(</span><span style=";">GILD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GILD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GILD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GILD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> both made advances in their clinical trials for potential coronavirus treatments on Wednesday.</p><p class='black-text'>For Stock Sectors, industries ended Wednesday's session mixed as investors traded mixed throughout the day. The half that saw performance gains were Information Technology +1.60%, Consumer Discretionary +1.53%, Financials +1.05%, Communication Services +0.93%, Utilities +0.89% and Health Care +0.02%. The other half that gave back recent gains were Materials -1.46%, Consumer Staples -0.21%, Real Estate -0.16%, Energy -0.11% and Industrials -0.03%.</p><p class='black-text'>For Commodities and Currency, oil futures increased on Wednesday, helped by signs of recovery for gasoline consumption as consumer start to venture out from their homes again. West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> settled higher at $40.90 per barrel and Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> climb to $43.47 each. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> soared on Wednesday due to continued coronavirus uncertainty, with spot gold rallying over the $1,800 threshold to $1,811.01 per ounce. Futures also press higher to $1,820.60 per ounce. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> declined to a recent low, with the DXY Index falling 0.5%.</p><p class='black-text'>For Thursday, market participants will continue to focus on coronavirus news. Weekly jobless claims data is also set to be released Thursday morning.</p> http://www.pws.io/market-update-stocks-pushed-higher-as-tech-outperformed Wed, 08 Jul 2020 17:42:47 -0400 Rachel Hemple Deutsche Bank Hit with Fine Over Epstein Inaction http://www.pws.io/deutsche-bank-hit-with-fine-over-epstein-inaction <p class='black-text'>Deutsche Bank <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DB"><span style="color:#333">(</span><span style=";">DB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was slammed with a $150 million fine by the New York State Department of Financial Services for its part in the Jeffery Epstein scandal. The bank was fined for its failure to notice the suspicious transactions being made by Epstein.</p><p class='black-text'>The State of New York, while looking into Epstein's finances at Deutsche Bank, where he had been a customer for five years, discovered <a href="https://www.bloomberg.com/news/articles/2020-07-07/deutsche-bank-kept-epstein-s-money-moving-as-red-flags-flew">countless suspicious transactions</a>. According to the investigation, Deutsche Bank helped Epstein send millions of dollars to various individuals, including alleged conspirators. A particular matter of concern was a direct question from Epstein's lawyer, who queried the bank on how much he could withdraw without raising attention. In its conclusion, the Department of Financial Services found that Deutsche Bank had ignored the warning signs that Epstein was engaging in illicit activities.</p><p class='black-text'>Oddly enough, the company had considered Epstein a <a href="https://www.reuters.com/article/us-deutsche-bank-settlement/deutsche-bank-to-pay-150-million-fine-says-making-jeffrey-epstein-a-client-was-mistake-idUSKBN2481WB">risky client</a>, according to emails obtained from Deutsche Bank. The bank, however, conducted business with Epstein anyway, choosing the income he would bring as a customer over any reservations staff at the bank may have had. In 2015, the bank sent employees to confront Epstein regarding allegations of sex with underage youths. The employees sent to confront the financier were apparently "satisfied" by his response, and the matter ended there.</p><p class='black-text'>The Department also <a href="https://www.cnn.com/2020/07/07/business/jeffrey-epstein-deutsche-bank-fine/index.html">criticized the bank</a> for its ties to Danske Bank <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DANSKE"><span style="color:#333">(</span><span style=";">DANSKE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DANSKE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DANSKE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DANSKE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and FBME bank. Danske Bank's Estonian branch was involved in a money laundering scandal, in which Deutsche Bank was an alleged partner, while FBME was found to be facilitating transactions for international crime groups and terrorist groups.</p><p class='black-text'>Deutsche Bank has <a href="https://www.cnn.com/2020/07/07/business/jeffrey-epstein-deutsche-bank-fine/index.html">apologized</a> for its role in the scandal, issuing a statement saying that it recognized its "error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings." And that "Our reputation is our most valuable asset and we deeply regret our association with Epstein."</p><p class='black-text'>Jeffery Epstein made world headlines after his July 2019 arrest on charges of sex trafficking. He was detained in New York City while a judge decided if an earlier plea deal still stood and was denied bail. Epstein was found dead in his cell weeks later of an apparent suicide. However, his lawyers have disputed official findings and claim he was murdered, prompting federal investigations that have yet to produce any conclusions.</p> http://www.pws.io/deutsche-bank-hit-with-fine-over-epstein-inaction Wed, 08 Jul 2020 13:42:34 -0400 Michael Mooney Consumer Staples Sector Looks Promising http://www.pws.io/consumer-staples-sector-looks-promising <p class='black-text'>Given the strength in the stock market, while the economy is struggling, there's understandable confusion about where to invest. There's a convincing case that is buttressed by the recently strong price action - the market has already discounted the economic weakness. The stimulus from the Fed and federal government are enough to offset the loss in economic activity. Further, there's been progress in several vaccine candidates.</p><p class='black-text'>The bear case is that the crisis has just started. The economic weakness is slowly filtering through to the rest of the economy. State and local governments are going to face a crisis due to steep drops in revenue from a lack of sales taxes. Monetary policy has already been fully deployed. Democrats and Republicans won't be able to come to another agreement given the recovery in the stock market, the upcoming election, and entrenched positions on several issues like assisting local and state governments, an extension of unemployment insurance, and more stimulus checks.</p><p class='black-text'><i>Consumer Staples</i></p><p class='black-text'>One way to thread this needle is with consumer staples stocks. The Federal Reserve has communicated that they aren't even going to think about raising interest rates until the end of 2021. This zero interest rate environment will ensure a premium for dividend-paying stocks. While the 10-year Treasury note pays 0.66% interest, the consumer staples ETF <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XLP"><span style="color:#333">(</span><span style=";">XLP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XLP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XLP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XLP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> pays 2.7%.</p><p class='black-text'>Consumer staples stocks tend to outperform in periods of loose monetary policy, especially as they tend to coincide with periods when the economy is underperforming. These companies also have huge balance sheets which means they can take advantage of low rates and borrow money for cheap to buyback shares. The sector also sees increased demand when investors anticipate deteriorating economic conditions.</p><p class='black-text'>The sector underperforms during periods of accelerating economic growth when investors are more attracted to higher-growth opportunities. This scenario doesn't seem likely especially in the short-term as the surging coronavirus case counts in states that were the first to reopen, indicate. Even assuming that a vaccine passes muster, there's the challenge of producing them on a mass scale, paying for it to be distributed, and then convincing the majority of the population to get vaccinated. It's easy to imagine this becoming politicized just like wearing a mask.</p><p class='black-text'>In terms of their businesses, they are well-insulated, as consumers will pull back on discretionary items before they cut back on essential, household items. Further, the demand for these companies' products wasn't significantly affected during the 2007-2009 crisis when there was much more damage to household incomes and retail spending due to the lack of significant, fiscal stimulus. Finally, household formation is increasing due to the coronavirus as many people are leaving urban areas for the suburbs and rural areas. This is likely to lead to increased demand for items produced by companies in the sector.</p> http://www.pws.io/consumer-staples-sector-looks-promising Wed, 08 Jul 2020 13:18:40 -0400 Jaimini Desai European Union Banks to Launch Visa and Mastercard Competitor http://www.pws.io/european-union-banks-to-launch-visa-and-mastercard-competitor <p class='black-text'>A group of 16 European banks is set to launch a new payment system intended to compete with American financial giants Visa <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/V"><span style="color:#333">(</span><span style=";">V</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="V" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="V" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="V" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Mastercard <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MA"><span style="color:#333">(</span><span style=";">MA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. The system is expected to be fully up and running by 2022 and could revolutionize finances in Europe.</p><p class='black-text'>The movement to produce a wholly European payment system has been a goal of European policymakers for some time. The European Central Bank (E.C.B.) had stated last year that the lack of a European payment system and the dependence on foreign companies wasn't supportive of the European single market. Additionally, several European member states still do not accept cards from other members.</p><p class='black-text'>The E.C.B. <a href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200702~214c52c76b.en.html#:~:text=This%20initiative%20aims%20to%20create,as%20well%20as%20cash%20withdrawals.">announced</a> the European Payments Initiative (E.P.I.) last week. The E.P.I. is being driven by an alliance of major European banks, including Deutsche Bank <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DB"><span style="color:#333">(</span><span style=";">DB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Banco Santander <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SAN"><span style="color:#333">(</span><span style=";">SAN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SAN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SAN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SAN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Intesa Sanpaolo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ISNPY"><span style="color:#333">(</span><span style=";">ISNPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ISNPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ISNPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ISNPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. The initiative will produce a European competitor to the likes of Visa and Mastercard that will be usable in all E.U. member states. Consumers will be able to use the system <a href="https://www.reuters.com/article/us-eu-banks-payments/eu-banks-to-take-on-visa-mastercard-with-new-payments-system-idUSKBN243284">similarly to a Visa or Mastercard product</a>, being able to use them for in-store purchases, online purchases, etc.</p><p class='black-text'>"The European Payments Initiative will have to tackle the fragmentation in European retail payments and should encompass all euro area countries, and eventually the entire European Union," <a href="https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200702~214c52c76b.en.html#:~:text=This%20initiative%20aims%20to%20create,as%20well%20as%20cash%20withdrawals.">said E.C.B. Board Member Fabio Panetta</a>. "The foreseen effective implementation and a growing number of participants have the potential to strengthen the role of European providers."</p><p class='black-text'>The effort is set to begin in the coming weeks. An interim company is <a href="https://financefeeds.com/major-banks-commence-implementation-phase-european-payment-initiative/">set to be opened in Brussels</a>, which will then lay the groundwork for the project and set goals for future developments. The initiative will remain open for other European service providers through the end of 2020.</p><p class='black-text'>The coronavirus pandemic helped drive the sudden push. The mass shutdown of physical storefronts and the prevalence of online shopping outlined a need for a centralized European payment system. Even as some in-person shopping begins again, many shoppers prefer contactless payments as opposed to handling cash, which can become a fomite for the transmission of the coronavirus.</p> http://www.pws.io/european-union-banks-to-launch-visa-and-mastercard-competitor Wed, 08 Jul 2020 12:09:26 -0400 Michael Mooney Lululemon Buys Mirror for $500 Million http://www.pws.io/lululemon-buys-mirror-for-500-million <p class='black-text'>Lululemon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LULU"><span style="color:#333">(</span><span style=";">LULU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LULU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LULU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LULU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> bought a home workout startup, Mirror, for $500 million. The home workout market is hot due to the coronavirus forcing gyms to be shut down.</p><p class='black-text'><i>Home Workout Trend Picking Up</i></p><p class='black-text'>So far, recent evidence seems to indicate that the risk of transmission is highest in places with talking, heavy breathing, and close contact which describes gyms. States that have reopened early are seeing spiking case counts and being forced to close early. One remedy is mask-wearing, but it's not feasible in many places like a gym or a restaurant.</p><p class='black-text'>Given these developments, it's unlikely that gyms are going to be reopening anytime soon. And even when they reopen, many people will stay away due to concerns about their health or spreading the disease to vulnerable people in their families.</p><p class='black-text'><i>Mirror's Value</i></p><p class='black-text'>Lululemon was an earlier investor in Mirror when it invested $5 million in the company that gave the company a valuation of $300 million. Under Lululemon, Mirror will be able to grow faster as it will be sold at the company's stores. For Lululemon, the value is clear, it becomes another outlet to market its products to customers by outfitting its trainers. Also, it can use it to sell products directly and get feedback on its items based on user engagement.</p><p class='black-text'>Companies like Nike <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NKE"><span style="color:#333">(</span><span style=";">NKE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NKE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NKE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NKE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Under Armour <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UA"><span style="color:#333">(</span><span style=";">UA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> have had great success in using fitness apps like Run Club or MapMyRun to learn more about their customers to develop a direct sales channel and optimize their offerings.</p><p class='black-text'>Mirror is a giant screen with a wide variety of different home workout offerings. It looks like a mirror when it's not being used, but it becomes a screen with a trainer when used. Due to the nature of the screen, it's easy for users to improve their form since their reflection can be seen along with the trainer.</p><p class='black-text'>The upfront cost of the core product is $1,495 with a $39 subscription cost. It's the same value proposition as a Peleton <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PTON"><span style="color:#333">(</span><span style=";">PTON</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PTON" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PTON" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PTON" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> except it offers a wide variety of exercise classes rather than spin or treadmills. There are also additional add-on features like live training and biofeedback that automatically adjust workouts based on the user's performance.</p><p class='black-text'>The deal helped push Lululemon's stock higher. It's more than a 100% above its March lows. Most analysts have a buy rating on the stock, the average price target is $355, and the highest price target is $400. Most analysts and investors are seeing the acquisition as a positive. It cost $500 million but added nearly $5 billion to the company's market cap.</p> http://www.pws.io/lululemon-buys-mirror-for-500-million Wed, 08 Jul 2020 11:52:21 -0400 Jaimini Desai Coronavirus Update: W.H.O. Warns Deaths Rates Expected to Rise Again, Novavax Joins Operation Warp Speed http://www.pws.io/coronavirus-update-who-warns-deaths-rates-expected-to-rise-again-novavax-joins-operation-warp-speed <p class='black-text'>The global first wave of the coronavirus pandemic is far from contained, with new case numbers in the epicenter of North, South and Central America increasing at a rapid rate compared to the state of the infection a few months ago.</p><p class='black-text'>In Brazil, President Jair Bolsonaro told reporters on Tuesday that he had tested positive for the coronavirus. Sticking to his stance on his country's high infection rate, Bolsonaro continued to downplay the risks of the virus, stating: ""You can see from my face that I'm well and I'm calm," <a href="https://www.reuters.com/article/us-health-coronavirus-brazil/brazils-bolsonaro-catches-coronavirus-shrugs-off-health-risks-idUSKBN2481EK">quoted by<i> Reuters</i></a>.</p><p class='black-text'>The World Health Organization on Tuesday sang to a different tune, warning that death rates are expected to rise again in the coming weeks in line with the acceleration in new cases over the past five weeks. The agency's head of emergencies Dr. Mike Ryan stated during the <a href="https://twitter.com/WHO/status/1280522973070323713">agency's press briefing in Geneva</a> that while the number of deaths global seems to be stable currently, the death rate usually lags behind the infection rate due to the time the virus needs to run its course.</p><p class='black-text'>"In April and May, we were dealing with 100,000 [global] cases per day," Ryan stated. "Today we're dealing with 200,000 a day."</p><p class='black-text'><b>Total Global Cases:</b> Over 11.94 Million</p><p class='black-text'><b>Total Deaths:</b> Over 545,000</p><p class='black-text'><b>Total Recovered:</b> Over 6.84 Million</p><p class='black-text'><i>Vaccine Check-Up</i></p><p class='black-text'>The U.S. Department of Health and Human Services on Tuesday added Novavax <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NVAX"><span style="color:#333">(</span><span style=";">NVAX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NVAX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NVAX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NVAX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to its family of drugmakers that are apart of the White House's Operation Warp Speed, <a href="https://www.hhs.gov/about/news/2020/07/07/hhs-dod-collaborate-novavax-produce-millions-covid-19-investigational-vaccine-doses-commercial-scale-manufacturing-demonstration-projects.html">awarding the biotech with $1.6 billion</a> in an agreement that it will deliver 100 million doses of its vaccine candidate by January 2021.</p><p class='black-text'>H.H.S. Secretary Alex Azar said in a statement that the addition of Novavax to Operation Warp Speed "increases that odds that we will have at least one safe, effective vaccine as soon as the end of this year."</p><p class='black-text'>Novavax plans to use the funding towards the cost of its large Phase II trial as well as large scale manufacturing costs. The company expects to report results of its Phase I trial within the next few weeks, with Phase II trials planned for last Summer/early Fall, according to <i><a href="https://www.reuters.com/article/us-health-coronavirus-novavax/u-s-government-awards-novavax-1-6-billion-for-coronavirus-vaccine-idUSKBN248182">Reuters</a></i>.</p><p class='black-text'>This is the largest Operation Warp Speed investment so far. The H.H.S. has also awarded funding under the accelerated vaccine plan to Johnson & Johnson <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JNJ"><span style="color:#333">(</span><span style=";">JNJ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JNJ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JNJ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JNJ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Moderna <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and AstraZeneca <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AZN"><span style="color:#333">(</span><span style=";">AZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. In addition, the U.S. government has awarded funding to Emergent Biosolutions <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EBS"><span style="color:#333">(</span><span style=";">EBS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EBS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EBS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EBS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to expand domestic manufacturing capacity in order to provide large scale production of a future vaccine.</p><p class='black-text'>On Tuesday, Regeneron Pharmaceuticals <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/REGN"><span style="color:#333">(</span><span style=";">REGN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="REGN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="REGN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="REGN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> also <a href="https://www.hhs.gov/about/news/2020/07/07/hhs-dod-collaborate-regeneron-large-scale-manufacturing-demonstration-project-covid-19-investigational-therapeutic-treatment.html">signed a $450 million contract </a>with the United States to make and supply its experimental double-antibody cocktail, REGN-COV2, which is currently in human clinical trials.</p> http://www.pws.io/coronavirus-update-who-warns-deaths-rates-expected-to-rise-again-novavax-joins-operation-warp-speed Tue, 07 Jul 2020 21:57:20 -0400 Rachel Hemple Market Update: Increased Coronavirus Infections Hold Back Gains http://www.pws.io/market-update-increased-coronavirus-infections-hold-back-gains <p class='black-text'>Wall Street gave back some of the gains made in previous trading sessions on Tuesday as mounting coronavirus cases in the United States outweighed positive economic data. Daily new infections across states in the Southern and Western parts of the nation, threatening any bullish moves in for the market as investment sentiment remains uneasy. On Tuesday, all three major market indices retreated from recent advances, with the Dow Jones declining almost 400 points.</p><p class='black-text'>Meanwhile, the Bureau of Labor Statistics report on jobs openings for May exceeded expectations by almost 1 million on Tuesday, showing an increase of about 5.4 million. The number of hires for the same month also rose by a record 2.4 million to 6.5 million.</p><p class='black-text'>"These improvement in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," the agency said in a statement.</p><p class='black-text'><b>Here's how the market settled on Tuesday: </b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -1.08% or -34.40 points to 3,145.32</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -1.51% or -396.85 points to 25,890.18</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.86% or -89.76 points to 10,343.89</p><p class='black-text'>For Major Stock News, Novavax <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NVAX"><span style="color:#333">(</span><span style=";">NVAX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NVAX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NVAX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NVAX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> soared over 30% after the company announced that it was awarded $1.6 billion in funding from the U.S. Department of Health and Human Services for its potential coronavirus vaccine. Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares rose are rumors surfaced that the company plans to launch an Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Prime rival this month. The recent tech rally lost momentum on Tuesday, with Netflix <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NFLX"><span style="color:#333">(</span><span style=";">NFLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NFLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NFLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NFLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> ending Tuesday flat and Alphabet <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOG"><span style="color:#333">(</span><span style=";">GOOG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> paring gains. Major U.S. airlines were put under pressure as new coronavirus cases continue to increase and new restrictions for travel are introduced: American <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAL"><span style="color:#333">(</span><span style=";">AAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Delta <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DAL"><span style="color:#333">(</span><span style=";">DAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Southwest <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LUV"><span style="color:#333">(</span><span style=";">LUV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LUV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LUV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LUV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and United <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UAL"><span style="color:#333">(</span><span style=";">UAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>For Stock Sectors, most industries responded to the wave of coronavirus fears washing over the market, with only Consumer Staples advancing +1.01%. The rest of the performance losses were as follows: Energy -3.18%, Financials -2.07%, Industrials -1.94%, Consumer Discretionary -1.72%, Real Estate -1.60%, Information Technology -1.06%, Health Care -0.86%, Communication Services -0.37%, Utilities -0.35% and Materials -0.02%.</p><p class='black-text'>For Commodities and Currency, crude oil prices have succumbed to the coronavirus market pressure on Tuesday, with future demand fears outweighing positive economic data. West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> dropped slightly, settling just under $41 per barrel, while international benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> pushed even lower, closing under $43 each. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices were benefitted by the market volatility, with spot prices settling at $1,796 per ounce and futures reaching as high as $1,810 per ounce. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was also slightly encouraged by the market's sell off, with the DXY Index increasing 0.03%.</p><p class='black-text'>For the midweek, market participants will focus on new mortgage applications data as well as earning from companies like Bed Bath & Beyond <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BBBY"><span style="color:#333">(</span><span style=";">BBBY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BBBY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BBBY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BBBY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/market-update-increased-coronavirus-infections-hold-back-gains Tue, 07 Jul 2020 18:50:39 -0400 Rachel Hemple Gap Gaps Up 42% on Kanye West Deal http://www.pws.io/gap-gaps-up-42-on-kanye-west-deal <p class='black-text'>Gap <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GPS"><span style="color:#333">(</span><span style=";">GPS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GPS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GPS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GPS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made a 10-year deal with Kanye West that seems like a win-win for both sides. Gap's stock initially jumped 42% on the deal's announcement but since then has given up about half of the gains. Gap's stock also includes Old Navy and Banana Republic which have been growing, but its namesake, Gap, is one of the retailers that's geared to appeal to a disappearing middle class and has failed to establish a strong online presence.</p><p class='black-text'><i>Kanye Deal</i></p><p class='black-text'>A new line of clothes "Yeezy Gap" will be introduced in stores and online in 2021. It'll certainly drive interest and foot traffic into the store for the struggling retailer. It'll also give the brand added appeal to a younger demographic who ordinarily wouldn't consider the Gap as a destination.</p><p class='black-text'>The deal includes an agreement for a new clothing line in addition to his "design vision" which gives him input on how the items are displayed in the store and online. Financial terms of the deal haven't been disclosed, but Gap is hoping that in the first five years, the deal can bring in an additional $1 billion in revenue. In recent years, Gap's revenues have been flat and the company has been closing stores.</p><p class='black-text'>Kanye's partnership with Adidas <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ADDYY"><span style="color:#333">(</span><span style=";">ADDYY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ADDYY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ADDYY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ADDYY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been a remarkable success. It's similar to the deal with Gap in that Yeezy will design the shoes and come up with the marketing strategy, while Adidas handles the production, marketing budget, and distribution. With Adidas, Yeezy gets a 5% royalty on sales from his line of shoes and apparel. He's likely gotten more favorable terms from Gap.</p><p class='black-text'>Currently, the Yeezy brand is valued close to $2 billion based on estimates. In 2019, sales for the Adidas-Yeezy tie-up were said to be $1.2 billion which would net him $65 million. This would make Yeezy the second-largest line of shoes behind the Jordan brand which generated $3.1 billion in sales in 2019.</p><p class='black-text'><i>Gap</i></p><p class='black-text'>The overall revenues for Gap have been flat over the past decade due to strength for Old Navy and Banana Republics. And this is another reflection of overall economic trends as Old Navy is focused on value, while Banana Republic is a more premium brand. In contrast, Gap which is focused on the middle has floundered.</p><p class='black-text'>The stock peaked at $45 in late-2014 and since then has been in a bear market. Pre-coronavirus, it was around $20 but then fell 80%. From its low, it's gained 200% but remains 40% off its prior levels. Its recent earnings report showed that its first-quarter sales fell from $3.71 billion in 2019's first quarter to $2.11 billion as a result. This is largely due to the company's reliance on sales from its physical store which was largely compromised due to the coronavirus. Online sales only grew 13% in the quarter which highlights its reliance on its physical stores.</p><p class='black-text'>Clearly, the company is struggling and its prospects look bleak especially if the coronavirus leads to a sustained drop in-store sales. The Kanye West partnership is a shot of adrenaline that could invigorate the brand.</p> http://www.pws.io/gap-gaps-up-42-on-kanye-west-deal Tue, 07 Jul 2020 10:08:52 -0400 Jaimini Desai Albertsons Debuts Below Expected Range, Raises $800 Million http://www.pws.io/albertsons-debuts-below-expected-range-raises-800-million <p class='black-text'>Albertsons <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ACI"><span style="color:#333">(</span><span style=";">ACI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ACI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ACI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ACI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> made its debut as a public company on the New York Stock Exchange and raised $800 million in its IPO. The company initially planned to offer 65 million shares between $18 and $20 for a total of $1.2 billion to $1.35 billion. However, due to lower than expected demand, it was only able to sell 50 million shares at $16 for $800 million.</p><p class='black-text'>This gives the company a value of $9.3 billion. Since opening, it's mostly traded slightly lower between $15 and $16. The company had attempted to go public twice in the last five years, but both attempts failed. It attempted a merger with Rite Aid <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/RAD"><span style="color:#333">(</span><span style=";">RAD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="RAD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="RAD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="RAD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> in 2018 which was blocked by regulators. Another attempt was in 2015 which was pulled due to poor market conditions.</p><p class='black-text'><i>Albertsons Profile</i></p><p class='black-text'>Albertsons is owned by a consortium of private equity companies that have been rolling up smaller grocery chains. They continue to make up the majority of its shareholders. In total, Albertsons had 2,252 locations in 34 states under a variety of different brands including Acme, Albertsons, Safeway, Vons, Star Market, and Jewel-Osco.</p><p class='black-text'>Its financials show that in its latest quarter, the company had $15.44 billion in sales which was a 34% increase over the same quarter in 2019. Of course, some of this is due to the one-time effect of the coronavirus with many restaurants shut down and people stockpiling groceries and other items. Gross profit margins were 28.6%, and net income for the quarter was $67.8 million</p><p class='black-text'>Digital sales were also 32% higher as the company has rolled out a unified, smartphone app for all its stores that offers digital coupons. Albertsons has heavily invested in this and see this channel as being the next source of growth for the company. The app gives them detailed information on customer behavior and lets them offer personalized deals to customers.</p><p class='black-text'><i>Grocery Stocks Have Been Poor</i></p><p class='black-text'>Many grocery stocks have reported strong numbers this quarter due to these effects. However, historically grocery stores have been poor investments. For one, there is constant competition which is going to get even more intense now that Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Target <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TGT"><span style="color:#333">(</span><span style=";">TGT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TGT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TGT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TGT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> are competing in the space.</p><p class='black-text'>These companies don't see groceries as a profit-center, rather for them it's simply a way to get people in the store, so they can sell them higher-margin items. Other negatives include the high costs of running a grocery store since they require lots of workers, managing relations with suppliers, and constant turnover in inventory.</p><p class='black-text'>For these reasons, grocery store bankruptcies are routine. There are always new entrants in the space. For example over the last decade, there are Amazon, Target, and Walmart. European grocery chains like Aldi and Lidl have also entered many markets. Dollar store chains are offering some items. On the higher-end, there have been more premium places popping up like Trader Joe's, Sprouts <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SFM"><span style="color:#333">(</span><span style=";">SFM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SFM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SFM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SFM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Whole Foods.</p> http://www.pws.io/albertsons-debuts-below-expected-range-raises-800-million Tue, 07 Jul 2020 10:03:26 -0400 Jaimini Desai What is Volatility Trading? http://www.pws.io/what-is-volatility-trading <p class='black-text'>Uncertainty is the only certainty there is, so much so, that many are willing to place a bet on it. The COVID-19 pandemic has led to an ever-escalating human health crisis, rapidly declining economy, and unforeseen market volatility. Volatility is the swings in stock prices. As a result, traders have adjusted market tactics to not only minimize losses but to also profit from the said volatility.</p><p class='black-text'>The CBOE Volatility Index (VIX) is a market index created by the Chicago Board Options Exchange that tracks the 30-day forward-looking volatility of the S&P 500 <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> options. The VIX is also referred to as the "fear index" or the "fear gage" because it is used by investors as a way to measure market risk. The larger the price swings of a financial instrument, the higher the level of volatility. There are two ways in which volatility can be measured. The first is historical volatility (HV) which uses historical data on option trading to forecast market swings. The second method is called implied volatility which is forward-looking, and volatility is implied by the option prices. It does not say in which direction the instrument will move (just how much).</p><p class='black-text'>A short introduction to options: options grant the right to buy or sell an asset at a pre-determined price and date. When investors are confident stocks will rise they want to lock in a lower price so will purchase call options which grant the right to buy an asset. When investors expect stocks to fall they want to lock in a higher selling price before the drop so they purchase put options which grant the right to sell.</p><p class='black-text'>The VIX is quoted as a price but it is actually a percentage. Volatility is always a percentage, even though it might not be spoken about as such. For example, a VIX priced at 15 means 15% annualized volatility (in other words, SPY will move at an annualized volatility of 30% for the next 30 days). The VIX negatively correlates with the SPY because when the market sells off, volatility tends to increase. Thus, when the SPY is up, VIX is generally down (and vice versa). This is because of something called the volatility skew which causes the VIX to go up when the market falls (bear) and fall when the market improves (bull). Briefly put, volatility skew is an options trading concept where options on the same underlying asset and same expiration but with different strike prices have different implied volatility in the market because investors are willing to pay more to protect against losses. The more volatile / erratic that the market is, the higher the VIX. Demand of calls and puts rises and options contract prices increase which drives the VIX up. Volatility trading last saw a boom during the 2008 financial crisis.</p><p class='black-text'>And now, traders are not only using the VIX to select investing strategies, but they are also placing bets on it and are using this opportunity to profit off the current market turbulence. However, this has drawn criticism because this betting on market volatility could actually be making markets more volatile. Volatility trading has become such a prominent strategy that placing bets on market movement can itself move the market and create volatility during calm periods. While this has created profits for some, it has also left others with losses.</p><p class='black-text'>Senior managing director at volatility hedge fund Aegea Capital Managements LLC, Cem Karsan, commented that "The exposure in these derivatives is so significant now that it's often the tail wagging the dog. It's definitely a structural change in how markets work." What started out as a metric is now used as a tool to bet/gamble on market movement.</p> http://www.pws.io/what-is-volatility-trading Tue, 07 Jul 2020 09:52:51 -0400 Karina Petrunova Facebook Boycott Intensifies as Major Advertisers Pull Ads http://www.pws.io/facebook-boycott-intensifies-as-major-advertisers-pull-ads <p class='black-text'>A boycott against Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which began last month and saw several major brands pulling advertising from the platform, is intensifying as major Facebook advertisers join the boycott. Facebook lost billions in market value after shares tumbled for two days straight.</p><p class='black-text'>The boycott is part of the <a href="https://www.pws.io//brands-join-naacp-led-coalition-in-protest-against-facebooks-policies">"Stop Hate for Profit"</a> movement, which was launched by a coalition of rights groups, including the National Association for the Advancement of Colored People, Anti-Defamation League, and Color for Change. The movement was launched in protest of Facebook's lack of regulation and allowing disinformation and hate speech to proliferate on its platform.</p><p class='black-text'>The boycott quickly attracted several brands and companies, such as popular ice cream brand and longtime civil rights advocate Ben & Jerry's (parent company Unilever) <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UN"><span style="color:#333">(</span><span style=";">UN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and outdoor clothing brand Eddie Bauer.</p><p class='black-text'>In the weeks since The North Face (parent company VF Corporation) <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VFC"><span style="color:#333">(</span><span style=";">VFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> became the first major brand to join the movement, many massive names in the business world have joined the ranks of advertisers that have pulled their ads from the social media platform. Many of these companies also happen to be among Facebook's top 100 advertisers.</p><p class='black-text'>The Coca-Cola Company <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/KO"><span style="color:#333">(</span><span style=";">KO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="KO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="KO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="KO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook's 47th largest advertiser, <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-reaction-advertisers-halt-social-media-spending-2020-6-1029350644">pulled its advertising from the platform</a> and joined the movement, joined by 33rd largest advertiser Honda Motor Company <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HMC"><span style="color:#333">(</span><span style=";">HMC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HMC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HMC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HMC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and 13th largest Ford Motor Company <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/F"><span style="color:#333">(</span><span style=";">F</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="F" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="F" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="F" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, among others. Verizon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook's 10th largest advertiser, was among the companies that joined the movement in its first week.</p><p class='black-text'>Some companies, including Starbucks <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SBUX"><span style="color:#333">(</span><span style=";">SBUX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SBUX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SBUX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SBUX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, have pulled advertising from Facebook but have <a href="https://www.ibtimes.com/infographic-heavyweights-pulling-ads-facebook-3004310">not joined the Stop Hate for Profit campaign</a>.</p><p class='black-text'>The en masse exodus of many advertisers has put a dent in Facebook's reputation and has <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-reaction-advertisers-halt-social-media-spending-2020-6-1029350644">not done its share price any favors</a>. Facebook's share price dropped for two days straight amid a slew of companies joining the boycott, leading to $60 billion in market value being erased. The boycott will not do lasting damage to the company's profits; however unless a far greater number of the company's advertisers join the movement. The company possesses <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-reaction-advertisers-halt-social-media-spending-2020-6-1029350644">8 million advertisers</a>, and rakes in billions of dollars of advertising revenue a year; the companies that have currently boycotted the social media giant only account for a small fraction of that revenue.</p><p class='black-text'>The pressure to meet the movement organizers at the bargaining table will likely not come from the immediate financial ramifications, but will probably come from the growing pressure for Facebook, and all social media platforms, to better police their content.</p><p class='black-text'>While the boycott is significant for the number of significant companies voicing their displeasure with the company's practices, dissatisfaction with Facebook and other social media sites as advertising platforms is <a href="https://www.cnbc.com/2020/07/03/facebook-boycott-is-a-turning-point-ad-trade-group-ceo-says.html">nothing new</a>. Concerns were raised after a <a href="https://www.thetimes.co.uk/article/big-brands-fund-terror-knnxfgb98">bombshell report</a> by the <i>Times of London</i> that brought attention to advertisements from major corporations appearing in online videos posted by terrorist organizations, as well as on websites operated by hate groups. More significant concerns were raised after the 2019 Christchurch mass shooting incident in New Zealand, in which the massacre was live-streamed on Facebook.</p><p class='black-text'>Many companies have taken issue with the propagation of disinformation, hate speech, and graphic content on social media platforms for years, but aside from a few isolated responses, no substantive action has been taken. The Stop Hate for Profit movement may have been the catalyst to motivate companies to act on this dissatisfaction and finally pressure social media platforms into better policing their content.</p><p class='black-text'>The sudden surge of pressure against the company finally seems to have rattled Facebook's resolve, as the company has announced it is willing to meet with campaign organizers. Facebook <a href="https://www.cnn.com/2020/07/01/tech/facebook-advertiser-boycott-demands/index.html">confirmed on July 1</a> that CEO and Co-Founder Mark Zuckerberg has agreed to meet with the coalition that organized the movement. The coalition has prepared a list of demands that it intends to pass on to Facebook, including hiring an executive with civil rights expertise, refunding advertising fees to companies whose ads have been shown alongside controversial content, and changing policies to prevent hate groups from using the platform.</p> http://www.pws.io/facebook-boycott-intensifies-as-major-advertisers-pull-ads Tue, 07 Jul 2020 09:46:10 -0400 Michael Mooney Coronavirus Update: Over 200 Scientists Claim Virus is Airborne, New Rapid Test is Approved by F.D.A. http://www.pws.io/coronavirus-update-over-200-scientists-claim-virus-is-airborne-new-rapid-test-is-approved-by-fda <p class='black-text'>Over the weekend, <i><a href="https://www.nytimes.com/2020/07/04/health/239-experts-with-one-big-claim-the-coronavirus-is-airborne.html">The New York Times</a> </i>reported that 239 scientists from 32 counties outlined in an open letter to the World Health Organization why they believe the global agency needs to revise its health recommendations related to the prevention of SARS-CoV-2, or COVID-19. Since the coronavirus pandemic became more understood by researchers, the W.H.O. has asserted that the virus is spread primarily by large respiratory droplets that fall quickly to the floor. These droplets are spread from person to person out of an infected individuals' nose or mouth whenever they sneeze, cough or talk. The W.H.O.'s main guidance since the beginning of the pandemic has been hand washing, coupled with social distancing and later facial coverings in social settings.</p><p class='black-text'>In the letter, scientists point to evidence that shows that the coronavirus can infect with smaller particles that may linger in the air in indoor settings, thus having the ability to infect individuals long after the virus has been expelled by someone who is infected. The researchers concluded that if airborne transmission is more of a factor in the pandemic than originally thought, containment measures will need to be modified significantly. For example, ventilation systems will be needed throughout common indoor public spaces to minimize recirculating air and masks that prevent tiny particles from moving through them will need to become the norm.</p><p class='black-text'>Nonetheless, the agency's Technical Lead of Infection Control Dr. Benedetta Allegranzi stated recently that evidence for the virus being airborne is unconvincing.</p><p class='black-text'>"Especially in the last couple of months, we have been stating serval times that we consider airborne transmission as possible but certainly not supported by solid or even clear evidence," Allegranzi stated, as quoted by the NYT. "There is a strong debate on this."</p><p class='black-text'>The researchers plan to publish the letter, along with their data, in a scientific journal in the coming week.</p><p class='black-text'><b>Total Global Cases:</b> Over 11.7 Million</p><p class='black-text'><b>Total Deaths:</b> Over 540,000</p><p class='black-text'><b>Total Recovered: </b>Over 6.62 Million</p><p class='black-text'><i>United States Update </i></p><p class='black-text'>The coronavirus outbreak in the United States did not take the weekend off for the national holiday, with the infection rates in the southern half of the country continuing to break daily records. The coronavirus has now surpassed the grim totals of 3 million confirmed cases and over 130,000 deaths in the nation alone as of Monday.</p><p class='black-text'>According to the<i><a href="https://apnews.com/edb298e959d070aea5851d3bd1d8ffbd">Associated Press</a></i>, confirmed cases are on the rise in 41 out of 50 states, with the percentage of positive tests increasing in 39 states. Florida hit an all-time record of about 11,400 new cases on Saturday, with its test positivity rate reaching over 18%. The infection levels in Arizona, California and Texas are not far behind Florida, with hospitals across those states nearing capacities. Arizona has also become the eighth state to record a total of 100,000 cases, only following the case numbers of California, Florida, Illinois, New Jersey, New York, Massachusetts, and Texas.</p><p class='black-text'>Yet, average deaths per day nationwide have decreased in the past few weeks by about 100. This decline can be attributed to both advances in treatments as well as the increased percentage of younger adults infected with the virus. However, experts have warned that deaths usually lag behind infection rates and the decline can be reversed quickly.</p><p class='black-text'><i>New Testing </i></p><p class='black-text'>The U.S. Food and Drug Administration on Monday granted an Emergency Use Authorization to Becton Dickson's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BDX"><span style="color:#333">(</span><span style=";">BDX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BDX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BDX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BDX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> rapid COVID-19 diagnostic test. The company stated that the test is able to provide results within 15 minutes.</p><p class='black-text'>"This will be a game-changer for frontline health care worker and their patients to be able to access a quick diagnostic test for COVID-19, offering results in realtime at at convenient locations like retail pharmacies, urgent care centers and doctors' offices," said Dave Hickey, president of Integrated Diagnostic Solutions for BD, <a href="https://news.bd.com/2020-07-06-BD-Launches-Portable-Rapid-Point-of-Care-Antigen-Test-to-Detect-SARS-CoV-2-in-15-minutes-Dramatically-Expanding-Access-to-COVID-19-Testing">stated in a release</a>. "Such tests will also help communities be more informed and better prepared to help prevent new spikes and additional waves of COVID-19 by enabling public health workers to quickly identify infectious individuals and trace their contacts."</p> http://www.pws.io/coronavirus-update-over-200-scientists-claim-virus-is-airborne-new-rapid-test-is-approved-by-fda Mon, 06 Jul 2020 21:17:37 -0400 Rachel Hemple IPO Weekly: Two Chinese Stocks and Two Biotechs Set to Price This Week http://www.pws.io/ipo-weekly-two-chinese-stocks-and-two-biotechs-set-to-price-this-week <p class='black-text'>July's initial public offerings (IPO) continue to bring more variety to a market that was mostly biotech companies during the beginning of the coronavirus pandemic throughout the second quarter. Last week saw the introduction of three companies as well as three special purpose acquisition companies (SPAC) as market participants are ready now more than ever to shake off pandemic uncertainty. This week fairs to be no different for the last, with two Chinese offerings and two biotechs set to debut.</p><p class='black-text'>To recap last week's market, familiar face <b>Dun & Bradstreet Holdings Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DNB"><span style="color:#333">(</span><span style=";">DNB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DNB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DNB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DNB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> raised over $1.7 billion from pricing shares at $22 each in its initial offering. The commercial data analytics provider went private back in February 2019 and is now attempting to accelerate growth in its second debut. The company ended up 23%.</p><p class='black-text'>Online self-serve renters and homeowners insurance platform<b> Lemonade Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LMND"><span style="color:#333">(</span><span style=";">LMND</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LMND" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LMND" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LMND" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> exploded onto the New York Stock Exchange, raising $319 million from pricing shares at $29 each. While highly unprofitable, the fast growing tech-enabled company wowed investors, finishing the week up 139%.</p><p class='black-text'>Healthcare benefits platform <b>Accolade Inc. </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ACCD"><span style="color:#333">(</span><span style=";">ACCD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ACCD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ACCD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ACCD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was not too far behind, raising over $220 million from pricing shares at $22 each. In the same situation at Lemonade when its comes to nature and profitability, the company finished its week up 35%.</p><p class='black-text'>In addition to the new stocks, three SPACs also tapped into public markets: Goldman Sachs's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> second blank check company <b>GS Acquisition Holding II</b> raised $700 million; <b>Capstar Special Purpose Acquisition Corp.</b> raised $240 million; and EcoR1 Capital's <b>Panacea Acquisition Corp.</b> raised $125 million.</p><p class='black-text'>Looking ahead, China's largest LGBTQ-focused dating app <b>BlueCity Holdings</b> plans to raise $85 million from 5.3 million offered shares in the range of $15-$17. The on-demand workers platform<b> Quhuo</b>, which serves as the largest workforce solutions platform in China, aims to raise $27 million from 2.7 million shares priced between $9-$11. <b>Nkarta</b>, a preclinical oncology biotech, is slated to raise $150 million from 10 million shares priced in the range of $14-$16. Finally, the Phase 2 oncology biotech <b>Poseida Therapeutics</b> plans to raise $150 million from 10 million shares priced between $14-$16.</p> http://www.pws.io/ipo-weekly-two-chinese-stocks-and-two-biotechs-set-to-price-this-week Mon, 06 Jul 2020 21:17:24 -0400 Rachel Hemple Market Update: Wall Street Leads Bullish Start to the Week http://www.pws.io/market-update-wall-street-leads-bullish-start-to-the-week <p class='black-text'>Wall Street started the trading week off with a thunderous start as all three major benchmarks rose sharply due to more strong economic data pointing towards fast recovery. The Nasdaq led the bullish rally with both the index and major tech companies breaking record closing highs.</p><p class='black-text'><a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?navItemNumber=28857&SSO=1">The Institute for Supply Management's </a>(I.S.M.) monthly index on U.S. non-manufacturing industry activity broke into expansionary territory on Monday, reported a faster than expected service sector rebound. The I.S.M. purchasing managers' index rose to 57.1 in June from May's reading of 45.4, the highest reading in fourth months following the coronavirus pandemic's impact.</p><p class='black-text'>Moreover, <a href="https://www.markiteconomics.com/Public/Release/PressReleases">IHS Markit's</a> final June print for the U.S. services purchasing managers' index was upwardly revised to 47.9 in June form the 46.7 previously reported. While the reading still indicated a contraction from the neutral level of 50, this is the highest reading since February. contracting but highest since February.</p><p class='black-text'>"The survey points to a strong initial rebound from the low point seen at the height of the pandemic lockdown in April, with indicators of output, demand, exports and employment all showing steep gains. Financial services and technology companies are not reporting improved demand, as are many consumer-facing companies. Many, however, remain constrained by social distancing measures," IHS Markit's Chief Business Economist Chris Williamson stated in the report.</p><p class='black-text'>While economic data continues to exceed expectations in recent weeks, the increasing coronavirus infection rates across the United States is still affecting investment sentiment. On Monday, economists from Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> lowered their forecast for U.S. gross domestic product growth for 2020 due to the resurgence of coronavirus outbreaks that are no where close to containment.</p><p class='black-text'><b>Here's how the market settled to start the week: </b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.59% or +49.70 points to 3,179.71</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.78% or +459.67 to 26,287.03</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +2.21% or +226.02 to 10,433.65</p><p class='black-text'>For Major Stock News, Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares surged above the $3,000 level for the first time ever on Monday. Other tech gainers included Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Netflix <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NFLX"><span style="color:#333">(</span><span style=";">NFLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NFLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NFLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NFLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MFST"><span style="color:#333">(</span><span style=";">MFST</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MFST" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MFST" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MFST" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Alphabet <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Zoom <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ZM"><span style="color:#333">(</span><span style=";">ZM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ZM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ZM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ZM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Uber <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced it will buy Postmates for $2.65 billion in stock.</p><p class='black-text'>For Stock Sectors, almost every industry took part in Monday's rally, with only Utilities lagging behind with a performance loss of 1.28%. The performance gains were as follows: Consumer Discretionary +3.22%, Communication Services +2.15%, Financials +1.95%, Information Technology +1.80%, Industrials +1.48%, materials +1.44%, Health Care +1.01%, Consumer Staples +0.53%, Energy +0.32% and Real Estate +0.195.</p><p class='black-text'>For Commodities and Currency, crude oil prices settled mostly flat on Monday as strong economic data balanced out future demand concerns. West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> closed slightly lower at under $41 per barrel and Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> increased slightly to settle at $43 each. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices rallied on Monday due mostly to mixed investor sentiment. Spot gold rose 0.5% to about $1,784 per ounce and futures climbed to $1,794 per ounce. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was pressured lower on Monday, with the DXY Index declining 0.4%.</p><p class='black-text'>For Tuesday, market participants will focus on jobs openings data for May as well as more coronavirus news.</p> http://www.pws.io/market-update-wall-street-leads-bullish-start-to-the-week Mon, 06 Jul 2020 18:08:37 -0400 Rachel Hemple Goldman Sachs Makes Case for National Mask Mandate http://www.pws.io/goldman-sachs-makes-case-for-national-mask-mandate <p class='black-text'>Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> released the details of a study on Wednesday that showed a correlation between the use of masks, a decrease in coronavirus infections, and protect the economy from another hit that would come as a result of the virus' ongoing resurgence.</p><p class='black-text'>The study by Goldman Sachs falls in line with <a href="https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/cloth-face-cover-guidance.html">ongoing studies by the Centers for Disease Control</a> and other health experts regarding the effectiveness of face masks. The investment bank compared infection rates in U.S. states with and without mask mandates, as well as against European countries that have required face masks. The<a href="https://www.cnn.com/2020/06/30/business/face-masks-economic-recovery-goldman-sachs/index.html"> study concluded</a> that a national mask mandate in the United States could cut the growth rate of daily infections by as much as 1%.</p><p class='black-text'>While some states already require masks for anyone attempting to go outdoors, there is a <a href="https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2020/07/01/the-finance-202-goldman-sachs-says-wearing-face-masks-could-save-the-economy/5efbc17388e0fa7b44f6b7f9/">great level of disparity</a> between states in terms of participation. In many southern and western states, such as Minnesota and Arizona, fewer than half of all state residents wear masks regularly. As many as 20% of state residents in some states admit to not wearing masks at all.</p><p class='black-text'>According to Goldman Sachs' study, a national mandate could help even-out disparities and raise the rate of participation by 15%.</p><p class='black-text'>The obvious benefit to such a mandate would be, of course, slowing down infection rates. Slowing down infection rates even by a small margin could make reopening measures easier to implement, a preferable alternative to the looming threat of the country once again closing. The process of re-closing has, however, already begun in several states where infection rates skyrocketed to record highs.</p><p class='black-text'>Slowing down infection rates would also reap the benefit of <a href="https://www.cnn.com/2020/06/30/business/face-masks-economic-recovery-goldman-sachs/index.html">saving the economy</a> from another massive hit from state and potentially nationwide lockdowns. The study by Goldman Sachs found that another round of lockdowns could erase as much as 5% of the national gross domestic product (G.D.P.). Concerns of a significant G.D.P. hit are close to becoming a reality as coronavirus cases surge out of control in dozens of states, which is already beginning to wreak havoc on the economy. Many experts are becoming less optimistic, with some going so far as to say a "V-shape" is totally out of the question already.</p> http://www.pws.io/goldman-sachs-makes-case-for-national-mask-mandate Mon, 06 Jul 2020 17:20:46 -0400 Michael Mooney Trump Weekly: Political Division and Independence Day http://www.pws.io/trump-weekly-political-division-and-independence-day <p class='black-text'>President Donald Trump gave two <a href="https://apnews.com/8513ec966d26d1c850e7cab0b269997c">divisive speeches</a> at Independence Day celebrations this weekend as coronavirus cases surged in several states. Both speeches vaguely gestured at a "left-wing" effort by "bad, evil people" to undermine American ideas and "indoctrinate our children". This is particularly inflammatory language to be used at an Independence Day celebration. Neither speech addressed the ballooning coronavirus rates in the U.S., and neither followed CDC guidelines for large gatherings.</p><p class='black-text'>At the July 3 event before Mount Rushmore in South Dakota, Trump used <a href="https://www.npr.org/2020/07/04/887249161/president-trump-delivers-speech-at-mount-rushmore-on-eve-of-independence-day">even more divisive language </a>targeting protestors, undoubtedly in an effort to energize his base and gain support in the coming election.</p><p class='black-text'>"Our nation is witnessing a merciless campaign to wipe out our history, defame our heroes, erase our values and indoctrinate our children," Trump said. "Make no mistake. This left-wing cultural revolution is designed to overthrow the American Revolution."</p><p class='black-text'>Much of this speech was intended to draw attention away from the pandemic and towards Confederate and non-Confederate statues that have been torn down. Efforts to have these monuments taken down largely revolve around systemic racial injustice, but Trump would have his followers believe their heritage is being wantonly attacked. This is a particularly enflaming speech to be given at a national holiday celebration of patriotism.</p><p class='black-text'>At the <a href="https://www.npr.org/2020/07/04/887346956/in-fourth-of-july-remarks-trump-attacks-radical-left">White House celebration on July 4</a>, Trump conflated Nazis and "the radical left, the Marxists, the anarchists, the agitators, [and] the looters". He said that "American heroes" would defeat these "agitators". He went on to call protestors an "angry mob" trying to "trample on our freedoms".</p><p class='black-text'>"We will never allow an angry mob to tear down our statues, erase our history, indoctrinate our children or trample on our freedoms," he said.</p><p class='black-text'>This 'us versus them' language is hardly new from Trump, but it was surprising that he dedicated so much time on the Fourth of July to scapegoating Black Lives Matter while barely touching on COVID-19. Unfortunately, when he did talk about the virus, he made <a href="https://www.cnn.com/2020/07/05/politics/donald-trump-july-4-coronavirus/index.html">false and dangerously misleading statements</a>.</p><p class='black-text'>"Now we have tested, almost 40 million people. By so doing, we show cases -- 99% of which are totally harmless -- results that no other country can show because no other country has testing that we have," Trump said. "Not in terms of the numbers, or in terms of the quality."</p><p class='black-text'>It's not clear why the President would say that 99% of cases are "totally harmless". <a href="https://www.cdc.gov/coronavirus/2019-ncov/hcp/planning-scenarios.html">Only 35%</a> of cases are asymptomatic, and nearly 5% of cases are fatal, according to Johns Hopkins. It's also unclear</p><p class='black-text'>At both of <a href="https://www.npr.org/2020/07/05/887386806/politics-chat-trump-delivers-two-divisive-speeches-over-independence-day-weekend">the events that Trump held</a> this weekend, social distancing measures were completely ignored. Meanwhile, <a href="https://www.npr.org/2020/07/05/887445479/u-s-covid-19-deaths-near-130-000-florida-and-texas-report-record-case-numbers">COVID-19 deaths are nearing 130,000</a> in the U.S. alone. More than 2,800,000 have been infected, and several states are reporting record high cases. Many are blaming the high number of cases on states' decisions to begin reopening before they were ready. Reopening the economy has been Trump's primary concern since it was closed since the beginning.</p> http://www.pws.io/trump-weekly-political-division-and-independence-day Mon, 06 Jul 2020 17:12:00 -0400 Autumn McLain 4.8 Million Jobs Added in June http://www.pws.io/48-million-jobs-added-in-june <p class='black-text'>The Bureau of Labor Statistics reported that 4.8 million jobs were added in June, and the unemployment rate fell to 11.3%. Expectations were for a gain of 2.9 million, and the unemployment rate to decline to 12.4%. Additionally, the May jobs report was revised higher by 200,000 jobs. Most of the job gains in June were in the hardest-hit industries like retail, hospitality, travel, restaurants, and education.</p><p class='black-text'>Despite the stronger than expected unemployment report, it's also important to note that the unemployment rate is higher than the worst levels of the Great Recession when it peaked at 10.4%. The survey was also taken in the middle of the month which means that the effects of recent orders shutting down certain establishments in states that are facing another wave of the coronavirus are not taken into account. A reflection of this development is 1.4 million people filing unemployment claims this week.</p><p class='black-text'>Core unemployment is a statistic that strips out temporary unemployment from the numbers and gives a much less "noisier" number. Based on this, the core unemployment rate has risen from 3.6% before the coronavirus in February to 5%. This figure has been increasing despite the gains in May and June for the headline figures.</p><p class='black-text'><i>Some Cautionary Notes</i></p><p class='black-text'>On the surface, the jobs report is a positive indication that the economy is healing and on the path to normalization. However, one important caveat is that much of the job gains were due to temporary layoffs ending rather than new workers being hired. And, it's uncertain whether many of these workers will be kept on the payroll.</p><p class='black-text'>Additionally, many Senate Republicans are citing improvements in the labor market and the strong stock market as evidence that further stimulus is not necessary whether that is extending unemployment insurance or extending help to state and local governments.</p><p class='black-text'>State and local governments are going to see huge drops in tax receipts. If they are forced to balance budgets, they will be forced to cut costs and lay off workers. This is at a time when they should be investing in public services to continue combating the coronavirus like testing and contact tracing.</p><p class='black-text'>One example is schools. Reopening schools is an important step for the economy to return to normal, but it's going to take additional measures like increased cleaning, temperature tests, social distancing, and some sort of rapid testing. Of course, all of these things cost money but over the long-term, it's much less than the cost of not opening schools and keeping the economy running at a sub-optimal level.</p> http://www.pws.io/48-million-jobs-added-in-june Mon, 06 Jul 2020 16:25:56 -0400 Jaimini Desai Blockchain & Cryptocurrency Weekly: Zap and Visa Partner on New Fintech Product http://www.pws.io/blockchain-cryptocurrency-weekly-zap-and-visa-partner-on-new-fintech-product <p class='black-text'>Last week, <a href="https://www.coindesk.com/bitcoin-startup-zap-is-working-with-visa">Zap and Visa</a> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/V"><span style="color:#333">(</span><span style=";">V</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="V" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="V" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="V" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> announced that they are partnering on a new fintech product. Bitcoin Lightning startup Zap unveiled the public beta of Strike, which lets users receive Bitcoin as dollars via direct bank deposits. Strike allows each user a unique, public website where people can send Bitcoin by simply scanning a QR code. So far, Strike is mostly used by small businesses and customers. The aim is to let anyone in the world anonymously send Bitcoin to people with US bank accounts or credit cards. CEO Jack Mallers added Zap joined Visa's Fast Track program, meaning a Visa card is also in the pipeline. Mallers noted his primary focus this year is launching a Strike card for consumer app users and integrating Visa Direct into the consumer app, the program that makes PayPal's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PYPL"><span style="color:#333">(</span><span style=";">PYPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PYPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PYPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PYPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Venmo payments so fast. There is no release date for the upcoming Strike Visa card yet.</p><p class='black-text'><b>Here is the rest of the week in review:</b></p><p class='black-text'>The<a href="https://www.coindesk.com/the-irs-wants-to-know-more-about-privacy-enhancing-crypto-coins-tools"> US Internal Revenue Service</a> (IRS) is laying the groundwork for a potential assault on privacy-enhancing cryptocurrency technologies. IRS-CI Cyber Crimes Unit challenged its "industry partners" to explain where the crypto tracing community stands on privacy coins, Layer 2 protocols, and other privacy technologies in a June 30 request for information. The IRS said: "There are few investigative resources for tracing transactions" that move across several privacy-enhancing vectors. The IRS singled out the Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizen (ZEN) privacy coins, sidechains Plasma and OmiseGo (OMG), and Layer 2 protocol networks Lightning, Raiden, and Celer. The tax agency also lamented the Bitcoin blockchain's plans to integrate Schnorr signatures, arguing the move would undermine IRS agents' current blockchain analysis tracing techniques. The IRS is also studying the cost of the initiative.</p><p class='black-text'><a href="https://www.coindesk.com/swiss-bank-incore-enables-euro-on-ramp-for-crypto-exchange-kraken">InCore Bank AG</a> became the first financial institution in Switzerland to offer banking services to clients of the Kraken cryptocurrency exchange. The move announced Thursday means EU clients will be able to fund their accounts using Single Euro Payments Area deposits, the payment integration project the EU designed. The firms added the move could help institutions and traders seeking alternative sources of capital value during an "uncertain macroeconomic climate." InCore CEO said: "As digital assets, cryptocurrencies are a valuable addition to modern asset management and will be indispensable as a payment and investment value in the future." The firms plan to enable deposits in British pounds (GBP), Swiss francs (CHF), and Canadian dollars (CAD) in the third quarter. According to a recent study, Kraken possesses the deepest Bitcoin to euro liquidity in Europe and is rated the 10th largest crypto exchange globally by trade volume.</p><p class='black-text'>Crypto prices edged down to $259 billion this week. For the majors, Cardano (ADA) and Crpyto.com (CRO) posted outsized gains, while Bitcoin SV (BSV) and Ripple (XRP) slipped. In the top 100, the biggest losers were The Midas Touch Gold (TMTG), down 31%, Compound (COMP), down 14%, and Bitcoin Gold (BTG), down 11%. The biggest gainers were VeChain (VET), up a whopping 62%, Kyber Network (KNC), up 47%, and Synthethix Network (SNX), up 43%. Next week traders will continue watching for signs of renewed volatility.</p><p class='black-text'><i>The author owns a small amount of BTC.</i></p> http://www.pws.io/blockchain-cryptocurrency-weekly-zap-and-visa-partner-on-new-fintech-product Mon, 06 Jul 2020 16:16:19 -0400 Eric Yao Coronavirus Update: The United States Outbreak Continues to Break Records http://www.pws.io/coronavirus-update-the-united-states-outbreak-continues-to-break-records <p class='black-text'>In the United States, the enduring spread of the coronavirus continues to hit record daily infections with no sign of stopping. On Thursday, total new cases across the country surpassed 55,000, the highest number of cases recording in the U.S. since the pandemic began. More than half of the 50 states in the U.S. have seen a significant rise in coronavirus infections in the past two weeks, with Florida taking the lead with more than 10,000 new infections reported on Thursday.</p><p class='black-text'>Overwhelmed, many state governments have begun issuing mandatory masks orders in public spaces, ranging from in certain situations like public transit and grocery stores to any place outside of the home. Most notably, Texas Governor Greg Abbott ordered that all residents in any country with over 20 or more positive cases needs to wear masks in public starting Thursday. Abbott was originally against mandatory masks wearings for the people of Texas, with his state being on of the first to roll back coronavirus related social restrictions back in May.</p><p class='black-text'>Yet, calls for a nationwide public mask orders are still being rejected by the federal government. Vice President Mike Pence, head of the White House's Coronavirus Task Force, <a href="https://www.cnbc.com/squawk-on-the-street/">told </a><i><a href="https://www.cnbc.com/squawk-on-the-street/">CNBC's</a></i><a href="https://www.cnbc.com/squawk-on-the-street/"> "Squawk on the Street"</a>: "It's not a one-size-all approach whether it be on testing or on supplies and one mitigation efforts. What we want to do is empower governors and local officials to give the [mask] guidance to the people in those communities that are more appropriate to those circumstances."</p><p class='black-text'>In response to the uncontained outbreaks in the Southern and Western parts of the country, the state of Pennsylvania and the city of Chicago have joined the growing list of states that are requiring travelers to quarantine for 14-days. The two locations' health departments are calling for travelers from the usual list of 15 states to either self-isolate or face a fine starting within the week. Those states are: Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Louisiana, Mississippi, Nevada, North Carolina, South Carolina, Tennessee, Texas and Utah.</p><p class='black-text'>Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases and White House infectious disease advisor, <a href="https://www.bbc.co.uk/sounds/play/m000kg33">interviewed with </a><i><a href="https://www.bbc.co.uk/sounds/play/m000kg33">BBC News </a></i>Thursday on the state of the coronavirus infection in the United States compared to Europe.</p><p class='black-text'>"If you look at the different curve between the European Union, the U.K. and others, how they've handled the outbreak, they've had big spikes and then they've brought it down almost or even to baseline in some counties," Fauci stated. "The situation in the United States has been more problematic."</p><p class='black-text'>The U.S. health official noted that lockdown efforts in many European countries effected about 97% of social activity, while the strictest efforts in the United States only halts at most 50% of public movement.</p><p class='black-text'>"That allowed the perpetuation of the outbreak that we never did get under very good control," Fauci added. Fauci was very concerned about the direction the U.S. outbreak is taking, stating that the current state is the worst we have seen and the further risk is even greater.</p><p class='black-text'><b>Total Global Cases:</b> Over 10.97 Million</p><p class='black-text'><b>Total Deaths: </b>Over 523,000</p><p class='black-text'><b>Total Recovered: </b>Over 6.13 Million</p> http://www.pws.io/coronavirus-update-the-united-states-outbreak-continues-to-break-records Thu, 02 Jul 2020 21:41:45 -0400 Rachel Hemple Macy's Posts $4 Billion in Loss http://www.pws.io/macys-posts-4-billion-in-loss <p class='black-text'>Macy's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/M"><span style="color:#333">(</span><span style=";">M</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="M" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="M" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="M" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has suffered in recent years due to several factors. There's the hollowing out of the middle class which is hurting retailers in that category despite overall growth in retail spending every year for the past two decades except 2008 and 2009.</p><p class='black-text'>Another factor is a decline in retail foot traffic as online sales have boomed. This has been another differentiator between retailers that are thriving and those that are struggling to survive. Macy's online presence hasn't been as strong as others like Nordstrom <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JWN"><span style="color:#333">(</span><span style=";">JWN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JWN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JWN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JWN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Walmart <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WMT"><span style="color:#333">(</span><span style=";">WMT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WMT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WMT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WMT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> or Target <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TGT"><span style="color:#333">(</span><span style=";">TGT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TGT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TGT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TGT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>In the first quarter, Macy's revenue was $3.05 billion which was a 50% decline from the same quarter in 2019. It also reported a per-share net loss of $2.03. These results were in-line with analysts' expectations. In 2019, the company earned $0.44 in the same quarter. Notably, Macy's didn't provide any guidance for the upcoming quarter given the number of uncertainties.</p><p class='black-text'>The company has been aggressively cost-cutting as it laid off 3,500 workers and has been closing many locations. It's also been beefing up its online sales operation and turning stores into pickup locations for online orders to mixed success.</p><p class='black-text'>Another negative was the drop in international tourism which isn't expected to recover anytime soon. In some ways, the coronavirus is forcing Macy's to make dramatic changes it should have made many years ago.</p><p class='black-text'><i>Coronavirus Impact</i></p><p class='black-text'>These factors had already resulted in Macy's stock dropping from $55 in May 2015 to $16 in February 2020. So, the coronavirus was a negative shock in an already bleak situation. From its pre-coronavirus levels, Macy's dropped to a low of $4.3.</p><p class='black-text'>The stock did manage to rebound off its lows as coronavirus case counts fell, and there was optimism about the economy opening back up again and returning to pre-coronavirus levels. It traded in a range between $4 and $6 until the stock gained more than 100% from mid-May to early June. In part, this was also due to stock market sentiment getting frothy, and nearly every depressed stock made a big move,</p><p class='black-text'>However, in recent weeks, the stock has given this back and declined by 50%. It's now firmly back in its range from the Spring. This is appropriate because there's a lot of indecision with the stock. As its earnings report shows, the company is bleeding money. If it can survive this downturn, then it has a chance of recovering if online sales continue picking up, and the world returns to normal.</p><p class='black-text'>However if the economy and retail shopping continue to be impaired, then Macy's won't likely be able to survive in its current state. Currently, Macy's has $1.53 billion in cash which means if revenues stay at current levels it can survive for a little more than a year.</p> http://www.pws.io/macys-posts-4-billion-in-loss Thu, 02 Jul 2020 21:25:06 -0400 Jaimini Desai Market Update: Record June Job's Report Rallies Stocks http://www.pws.io/market-update-record-june-jobs-report-rallies-stocks <p class='black-text'>Stocks traded positive throughout Thursday's session following a record jobs report for June, outweighing the ever looming coronavirus concerns across the United States. All three major benchmarks gained on Thursday, ending the shortened trading week with performance gains. For the week, the Nasdaq climbed 4.62%, S&P 500 jumped 4.02% and the Dow Jones increased 3.25%.</p><p class='black-text'>The Bureau of Labor Statistics's <a href="https://www.bls.gov/news.release/empsit.nr0.htm">nonfarm payrolls increased by 4.8 million for June</a>, way more than the 2.9 million consensus economists forecasted. The unemployment rate also fell by greater than expected to 11.1% in June from May's 13.3%. However, jobs still have a long road ahead of them as they push towards recovery. The Labor Department's <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20201323.pdf">weekly unemployment claims for the week ended June 27</a> totaled a higher than expected 1.427 million. Thursday's reading was down slightly from the previous week's upwardly revised 1.482 million. Continuing unemployment was also more than expected, with the total for the week ending June 20 reading 19.29 million, more than the week prior.</p><p class='black-text'><b>Here's how the market closed out the week:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.45% or +14.15 points to 3,130.01</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.36% or +92.39 points to 25,827.36</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.52% or +53.00 points to 10,207.63</p><p class='black-text'>For Major Stock News, Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> awed investors, reporting a better than expected second quarter delivery results. Boeing <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BA"><span style="color:#333">(</span><span style=";">BA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> shares were encouraged by the aerospace manufacturer completing F.A.A. certification tests flights for the grounded 737 Max. Energy giants Apache <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/APA"><span style="color:#333">(</span><span style=";">APA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="APA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="APA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="APA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Noble Energy <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NBL"><span style="color:#333">(</span><span style=";">NBL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NBL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NBL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NBL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> climbed on Thursday as crude oil futures gained from positive economic news. Carnival Cruise <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CCL"><span style="color:#333">(</span><span style=";">CCL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CCL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CCL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CCL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Norwegian Cruise Line <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NCLH"><span style="color:#333">(</span><span style=";">NCLH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NCLH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NCLH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NCLH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Royal Caribbean Cruises <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/RCL"><span style="color:#333">(</span><span style=";">RCL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="RCL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="RCL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="RCL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were all put under more pressure by rising coronavirus infection rates throughout the U.S.</p><p class='black-text'>For Stock Sectors, most industries continued to gain throughout Thursday's trading session, with only Real Estate -0.34% and Communication Services -0.07% settling in the red. The rest that posted performance gains were as follows: Materials +1.85%, Energy +1.13%, Industrials +0.80%, Health Care +0.71%, Information Technology +0.50%, Consumer Staples +0.47%, Consumer Discretionary +0.39%, Utilities +0.23% and Financials +0.07%.</p><p class='black-text'>For Commodities and Currency, crude oil futures rose on Thursday on the back of more positive economic data and a sharp decline in crude stockpiles. However, the gains are still being held back by coronavirus fears as the United States outbreak continues to reach record daily infections. International benchmark Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> climbed over 2.6% to settle at about $43 per barrel, while West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> gained $2 to price back above $40. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> also posted a slight gain, despite positive economic data, with the metal's spot rate inching up to settle at $1,776 per ounce. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> rose 0.2% on Thursday, with coronavirus case numbers pushing back against market momentum.</p><p class='black-text'>For Monday, investors will weigh more economic news against coronavirus headlines. The stock market will be close on Friday in observance of Independence Day in the United States.</p> http://www.pws.io/market-update-record-june-jobs-report-rallies-stocks Thu, 02 Jul 2020 18:08:00 -0400 Rachel Hemple Investor Profile: Stanley Druckenmiller http://www.pws.io/investor-profile-stanley-druckenmiller <p class='black-text'>Stanley Druckenmiller is one of a few investors whose comments have the potential to move markets. He is also known for his flexible approach to markets and the ability to hold contradictory thoughts. For example over the past decade, he has been very critical about the Fed's policy, and the potential that it could lead to negative consequences. Yet in his portfolio, he has been long stocks and able to ride the market higher even though he doesn't think it will end well.</p><p class='black-text'>Some of his achievements include a nearly 30-year run with only one losing year. Being on the right side of some of the most historic trades including the devaluation of the British Pound and the 2008 crash. He also was infamously on the wrong side of big trades like the 1987 crash and the 2000 bubble in tech stocks but managed to escape with minimal damage.</p><p class='black-text'><i>Bio</i></p><p class='black-text'>Druckenmiller graduated from Bowdoin College as an Economics major. He dropped out of a Ph.D. program in Economics at the University of Michigan to be an equity analyst at Pittsburgh National Bank. Within a couple of years, he became the head of equity research. Due to his success in these roles, he was able to start his own hedge fund at the age of 28, Duquesne Capital Management.</p><p class='black-text'>His success at Duquesne attracted the attention of George Soros, and he was his primary fund manager from 1998 to 2000. At Soros in 1992, Druckenmiller and Soros were shorting the British pound heavily, betting that the country would have to pull out of the European Exchange Rate Mechanism, leading to a plunge in the currency. He proved correct, and the firm made over a $1 billion on the trade.</p><p class='black-text'>While at Soros, Druckenmiller continued running his own fund. His only down year was in 2010, and Duquesne Capital averaged 30% returns on an annual basis which is significantly higher than the S&P 500's 10% return over the same period.</p><p class='black-text'><i>Current Holdings</i></p><p class='black-text'>His investment philosophy mirrors that of a lot of macro managers who are large a long basket of stocks and short an equal amount of stocks to neutralize market exposure. On top of that, they will trade futures, currencies, and commodities with leverage to juice returns.</p><p class='black-text'>Some of his current, major holdings are Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Workday <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WDAY"><span style="color:#333">(</span><span style=";">WDAY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WDAY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WDAY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WDAY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Netflix <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NFLX"><span style="color:#333">(</span><span style=";">NFLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NFLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NFLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NFLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Microsoft <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MSFT"><span style="color:#333">(</span><span style=";">MSFT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MSFT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MSFT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MSFT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Of course, these are some of the best-performing stocks over the last couple of years.</p> http://www.pws.io/investor-profile-stanley-druckenmiller Thu, 02 Jul 2020 12:57:22 -0400 Jaimini Desai Beyond Meat Stock Trends Down After Barclays Downgrade http://www.pws.io/beyond-meat-stock-trends-down-after-barclays-downgrade <p class='black-text'>Beyond Meat <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BYND"><span style="color:#333">(</span><span style=";">BYND</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BYND" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BYND" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BYND" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> took a hit to its share price after Barclays <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BARC"><span style="color:#333">(</span><span style=";">BARC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BARC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BARC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BARC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> downgraded the vegetable-based-meat company. Barclays cited foodservice disruptions due to the pandemic and a failed attempt to pitch the company's product to McDonald's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MCD"><span style="color:#333">(</span><span style=";">MCD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MCD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MCD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MCD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>Beyond Meat's stock tumbled on Monday after Barclays analyst Benjamin Theurer <a href="https://www.thestreet.com/investing/beyond-meat-double-downgrade-barclays">double downgraded</a> the company's stock from buy to sell, skipping hold entirely. Theurer labeled the company as overweight, citing several reasons mostly related to the coronavirus pandemic.</p><p class='black-text'>The <a href="https://www.thestreet.com/investing/beyond-meat-double-downgrade-barclays">impact of the pandemic on the foodservice industry </a>was cited as one of the primary reasons for the downgrade. The majority of Beyond Meat's sales were made to the foodservice sector, with many companies piloting vegetable-based menu items to a great deal of success, for the most part. Foodservice sales, in fact, had accounted for half of Beyond Meat's sales in 2019, an obvious cause for concern given the mass shutdown of many restaurants across the country. The pandemic "hit in this channel might be too high for the retail channel to fully offset," <a href="https://www.thestreet.com/investing/beyond-meat-double-downgrade-barclays">Theurer said</a>.</p><p class='black-text'>Beyond Meat <a href="https://www.fool.com/investing/2020/06/29/why-beyond-meat-stock-dropped-today.aspx">benefited somewhat</a> from the pandemic, however, seeing increased sales as the US meat supply dwindled. The apparent issue with this benefit is the slow recovery of the U.S. meat industry, which is putting meat back on store shelves and taking away a chunk of Beyond Meat's sales.</p><p class='black-text'>The company's stocks <a href="https://finance.yahoo.com/news/beyond-meat-jumps-buy-sell-222610512.html">had not been performing too well</a> even before the downgrade. Share prices have fluctuated between the $150 and $130 over the last month; shares haven't been past the $160 mark since early June, falling just shy of that mark in late June before trending downward. Part of the blame for the downward trend lies with a failed trial with McDonald's stores in Canada; the fast-food giant announced last week that it had ended the trial and would not be carrying Beyond Meat products. Beyond Meat recovered somewhat since Monday's downgrade, making a $20 gain into Wednesday, but losing those gains during trading later in the day.</p> http://www.pws.io/beyond-meat-stock-trends-down-after-barclays-downgrade Thu, 02 Jul 2020 11:51:03 -0400 Michael Mooney Micron's Earnings Top Expectations http://www.pws.io/microns-earnings-top-expectations <p class='black-text'>The second-quarter earnings season is starting in earnest. The biggest question among market-watchers is gauging the impact of the coronavirus. Currently, analysts are expecting companies to take a slight hit with profits and sales rebounding to pre-coronavirus levels by the end of the year.</p><p class='black-text'>One reason stocks have been so strong is that first-quarter earnings were quite impressive relative to expectations. There's a remarkable divergence between the news, where economies in certain places are having to shut down again due to increasing case counts, and the stock market, where stocks are relentlessly climbing higher.</p><p class='black-text'>Earnings season will tell us who has it right. Thus, Micron's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MU"><span style="color:#333">(</span><span style=";">MU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> earnings report was highly anticipated. The company handily beat expectations and raised guidance. Semiconductors are considered to be the most cyclical component of the tech industry and a leading indicator of upturns and downturns. Thus, this report shows that tech spending remains resilient.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>Micron's shares jumped 5% higher following its results. The catalyst for this move was the increase in guidance for its next quarter. Most analysts were expecting a slight increase. The company expects it'll earn $0.95 per share on revenue between $5.75 and $6.25 billion in its fiscal fourth quarter. This is an increase from 2019's fiscal fourth-quarter of $0.56 per share on $4.87 billion in revenue. Most analysts were expecting $0.79 per share on $5.46 billion in revenue.</p><p class='black-text'>In the current quarter, Micron reported $5.6 billion above its forecast of $5.4 billion which is a 14% increase from the previous year. Most noteworthy is that Micron sold more units and had a higher average selling price than what was forecast by the company and analysts. Micron produces DRAM and NAND memory chips which are used in PCs, servers, digital cameras, and USB drives. There have been concerns that the market was oversupplied which would lead to falling prices. Of course, this could be exacerbated by the coronavirus leading to a drop in demand.</p><p class='black-text'><i>Thinking It Through</i></p><p class='black-text'>So far, this is not happening, and Micron is projecting that prices will rise in the fourth quarter. The ultimate reason is that end-demand among consumers and businesses for PCs and servers has remained strong. It could indicate that the economy is stronger and more resilient than commonly believed, or it could be that tech spending is now a necessity and not discretionary. And of course, another possibility is that both are true.</p><p class='black-text'>One conclusion from the strength in tech stocks and their earnings power is that spending on technology for companies is a necessity. Recent events have shown that companies in many industries can run just as fine virtually without offices due to the right combination of software and hardware.</p><p class='black-text'>Many investors in SaaS (software as a service) stocks brag that companies will pay their software and cloud bills before they pay their debt because of its importance to their daily operations. Many such programs lead to gains in efficiency, cost-savings, and increases in revenue. Of course, the engines of these programs are computer chips like those made by Micron. In previous cycles, tech spending fluctuated with the economy. This report is either telling us that the economy is strong or that relationship has changed.</p> http://www.pws.io/microns-earnings-top-expectations Thu, 02 Jul 2020 11:48:36 -0400 Jaimini Desai Coronavirus Update: United States Sets Another Record Daily Infection Total, Pfizer and BioNTech Vaccine Shows Positive Early Results http://www.pws.io/coronavirus-update-united-states-sets-another-record-daily-infection-total-pfizer-and-biontech-vacci <p class='black-text'>The coronavirus outbreak in the United States continues to spread at an alarming rate, with new infections totaling almost 50,000 on Wednesday, a new daily record for the nation. This new total comes only a day after top U.S. infectious disease expert Dr. Anthony Fauci <a href="https://www.pws.io//coronavirus-update-fauci-warns-infections-can-reach-100000-per-day-in-us-goldman-sachs-calls-for-nat">warned the public</a> that the daily infection rate could reach as high as 100,000 a day if Americans do not start taking the necessary health precautions to slow the spread. Due to the enduring and uncontained viral spread, many states in the Southern and Western parts of the nation have begun to reinstate social restrictions and increase their public mask policies.</p><p class='black-text'>Nevertheless, many health experts are warning the public against summer gatherings, with many of the recent state outbreaks being traced back to the Memorial Day holiday in late-May. With the upcoming Independence Day holiday this weekend and the continued mass social gatherings garnered at protest demonstrations, the United States has a long road ahead towards a traceable and controlled viral spread.</p><p class='black-text'><b>Total Global Cases:</b> Over 10.79 Million</p><p class='black-text'><b>Total Deaths: </b>Over 518,000</p><p class='black-text'><b>Total Recovered: </b>Over 5.93 Million</p><p class='black-text'><i>Vaccine Update</i></p><p class='black-text'>One of the potential coronavirus vaccines developed in partnership by the U.S. pharmaceutical giant Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and German biotech BioNTech <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> showed promising immune responses in <a href="https://www.medrxiv.org/content/10.1101/2020.06.30.20142570v1.full.pdf">preliminary human trial results </a>released on <i>medRXiv</i> Wednesday.</p><p class='black-text'>The clinical trial randomly assigned 45 healthy participants who received one of three different doses of the vaccine or a placebo: groups of 12 received either a 10-30-or-100-microgram dose of the vaccine BNT162b1, while 9 received a placebo. While the two groups who received lower microgram doses were given two rounds of injections within three weeks, the 12 that received 100-micrograms were not given a second dose due to adverse health reactions in half of the participants. A substantial portion of the participant pool developed fevers following injection, with the percentage of those reporting fevers correlating to higher dose amount. However, none of the side effects were determined to be serious.</p><p class='black-text'>The potential vaccine offered a strong immunity response, with all participants who received the vaccine developing significant levels of COVID-19 antibodies. The company noted that the levels of neutralizing antibodies were even higher than those found in recovered COVID-19 patients.</p><p class='black-text'>"We are encouraged by the clinical data of BNT162b1, one of four mRNA constructs we are evaluating clinically, and for which we have positive, preliminary, topline findings," Pfizer's Head of Vaccine Research and Development Dr. Kathrin Jansen <a href="https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-announce-early-positive-data-ongoing-0">stated in a release</a>. "We are dedicated to develop potentially groundbreaking vaccines and medicines, and in the face of this global health crisis, we approach this goal with the utmost urgency. We look forward to publishing our clinical data in a peer-reviewed journal as quickly as possible."</p><p class='black-text'>The vaccine will need to be tested further to prove it is at least 50% effective against COVID-19 infection, with the company's planning to conduct larger clinical trials this summer.</p> http://www.pws.io/coronavirus-update-united-states-sets-another-record-daily-infection-total-pfizer-and-biontech-vacci Wed, 01 Jul 2020 21:30:34 -0400 Rachel Hemple Market Update: Investors Encouraged by Manufacturing Data Amid Coronavirus Woes http://www.pws.io/market-update-investors-encouraged-by-manufacturing-data-amid-coronavirus-woes <p class='black-text'>Stocks traded higher throughout most of Wednesday's session, with both the S&P 500 and Nasdaq starting the third quarter off with gains. Market participants were encouraged by positive economic data and promising early clinical trial results from Pfizer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PFE"><span style="color:#333">(</span><span style=";">PFE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PFE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PFE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PFE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and BioNTech's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNTX"><span style="color:#333">(</span><span style=";">BNTX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNTX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNTX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNTX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> potential coronavirus vaccine. The heightened market sentiment was just enough to outweigh the return of some coronavirus social restrictions in states across the country.</p><p class='black-text'>The <a href="https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?navItemNumber=12942&SSO=1">ISM U.S. Purchasing Managers Index for June </a>rose to 52.6% from May's reading of 43.1%, indicating expansion in the overall economy for the second straight month after April's contraction. ISM Chair Timothy R. Fiore stated: "As predicted, the growth cycle has returned after three straight months of COVID-19 disruptions. Demand, consumption and inputs are reaching parity and are positioned for a demand-driven expansion cycle as we enter the second half of the year."</p><p class='black-text'><a href="https://adpemploymentreport.com/">ADP's National Employment Report for the Private Sector </a>released on Wednesday totaled the addition of about 2.37 million jobs across an array of business sectors in June. Although the reading was a monthly gain, it was below consensus expectations.</p><p class='black-text'><b>Here's how the market settled on Wednesday:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.50% or +15.58 points tp 3,115.87</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -0.30% or -77.91 points to 25,734.97</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.95%or +95.86 points to 10,154.63</p><p class='black-text'>In Major Stock News, stay-at-home tech giants Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Netflix <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NFLX"><span style="color:#333">(</span><span style=";">NFLX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NFLX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NFLX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NFLX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> surged during Wednesday's session as more states pause their phased re-opening strategies. FedEx <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FDX"><span style="color:#333">(</span><span style=";">FDX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FDX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FDX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FDX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> also soared after its quarterly earnings saw a major boost from pandemic-driven deliveries. Major airlines--American <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAL"><span style="color:#333">(</span><span style=";">AAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Delta <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DAL"><span style="color:#333">(</span><span style=";">DAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Southwest <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LUV"><span style="color:#333">(</span><span style=";">LUV</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LUV" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LUV" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LUV" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and United <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UAL"><span style="color:#333">(</span><span style=";">UAL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UAL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UAL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UAL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>--all gained after United announced that it will be added 25,000 flights to its August schedule. Beyond Meat <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BYND"><span style="color:#333">(</span><span style=";">BYND</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BYND" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BYND" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BYND" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> skyrocketed following a deal with Alibaba <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BABA"><span style="color:#333">(</span><span style=";">BABA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BABA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BABA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BABA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> to sell its plant-based burgers in the Chinese tech company's Freshippo super markets.</p><p class='black-text'>In Stock Sector News, industries mostly maintained their upward momentum, with only three lagging behind at the end of Wednesday's session. The few that saw performance losses were Energy -2.49%, Financials -1.03% and Industrials -0.48%. The rest that closed with gains include the following: Real Estate +2.57%, Utilities +2.29%, Communication Services +2.23%, Consumer Discretionary +1.76%, Health Care +0.71%, Materials +0.19%, Information Technology +0.10% and Consumer Staples +0.05%.</p><p class='black-text'>In Commodity and Currency News, crude oil prices slightly gained on Wednesday due to positive manufacturing data. Price increases for West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> only climbed about 1%, only tempered by the enduring coronavirus outbreak in the United States. Barrel prices settled just under $40 and $42 per barrel, respectively. Also in response to the positive economic data, Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> prices dropped from their recent peak, with futures down about 1% to price at $1,779 per ounce. Finally, the U.S. Dollar slipped during its trading session as investors move more money into riskier bets.</p><p class='black-text'>As the market enters its final trading day of the shorted week, all eyes will be on the U.S. Labor Department's latest weekly jobs report that is scheduled to be released Thursday morning.</p> http://www.pws.io/market-update-investors-encouraged-by-manufacturing-data-amid-coronavirus-woes Wed, 01 Jul 2020 20:01:33 -0400 Rachel Hemple Economic Recovery Could be in Trouble from Unemployment and Stunted Income http://www.pws.io/economic-recovery-could-be-in-trouble-from-unemployment-and-stunted-income <p class='black-text'>The United States appears to be healing economically, with the Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> <a href="https://www.investors.com/market-trend/stock-market-today/dow-jones-rallies-350-points-boing-soars-nasdaq-reverses-higher/">jumping almost 500 points</a> during trading on Monday, and most other indices showing substantial recovery. Investor confidence may be separated from reality, however, as unemployment figures remain daunting and uncertainty over whether consumers will have the spending power to support further recovery becomes more prominent.</p><p class='black-text'>Monday was a banner day for the top U.S. stock market indices. The Dow rose 1.8% during trading, ending the day 449 points up from the beginning of trading. The S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> jumped by 1.2%, coming up a respectable 35 points, while the Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/IXIC"><span style="color:#333">(</span><span style=";">IXIC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="IXIC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="IXIC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="IXIC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> came up 1.1% for a 104 point gain. <a href="https://www.investors.com/market-trend/stock-market-today/dow-jones-rallies-350-points-boing-soars-nasdaq-reverses-higher/">Tech stocks</a> made the most significant moves, helping the Nasdaq make its gains and bring it to a substantial 9% gain year-over-date.</p><p class='black-text'><a href="https://www.cnn.com/2020/06/30/investing/dow-stock-market-today-best-quarter/index.html">Investor confidence</a>, which has driven Wall Street's resurgence as of late, is mostly motivated by the reopening of the U.S. economy and fiscal stimulus measures that restored consumer spending power amid mass unemployment and stunted income. Investor confidence doesn't seem to be in tune with reality; however, as the U.S. economy is still very much under threat. Economic recovery, as recent trends would indicate, is finicky; with every bad headline of COVID-19 resurgence in the United States, major indices take a hit.</p><p class='black-text'>Paramount of the threats facing the economy's recovery is unemployment, which remains considerably dour despite optimism about economic recovery. The employment-population ratio dropped to <a href="https://www.cnbc.com/2020/06/29/nearly-half-the-us-population-is-without-a-job-showing-how-far-the-labor-recovery-has-to-go.html">52.8% in May</a>, which means that just under half of the adult population of the United States is still out of work. Many unemployed Americans are victims of coronavirus related furloughs and layoffs; a problem made worse by the lack of available employment as any companies downsize amid pandemic-related losses.</p><p class='black-text'>To make matters worse, the lack of effective action by the federal government and many state governments, alongside the too-soon reopening of the economy despite a lack of meaningful progress in COVID-19 cases, has led to a massive resurgence in coronavirus cases. Over 40,000 new cases per day are being reported in the United States recently, an all-time peak for the nation. In response, many states have begun re-implementing lockdown measures, which would lessen the amount of available employment while also making it difficult for many companies to make meaningful revenue.</p><p class='black-text'>Only adding to the growing danger of another economic tumble is the <a href="https://www.fool.com/investing/2020/07/01/if-the-600-weekly-unemployment-boost-isnt-extended.aspx">looming expiration</a> of the pandemic-related unemployment relief, which has provided unemployed Americans with an extra $600 a week in addition to regular unemployment. Many Americans are still out of work, and even those that have returned to work still do not make living wages. For many Americans, the $600 bonus provided <a href="https://www.fool.com/investing/2020/07/01/if-the-600-weekly-unemployment-boost-isnt-extended.aspx">spending power they did not previously have</a>, allowing them to make more purchases from local businesses and keep on bill payments. Removing the benefit could stand to remove a great deal of spending power from many at-risk Americans, which in turn would dramatically reduce overall consumer spending as many workers tighten their belts to deal with the loss of income.</p><p class='black-text'>The combination of factors leads to a dismal scenario where out-of-work and low-paid Americans lose a great deal of spending power and are unable to contribute to economic recovery, which will, in turn, reduce available jobs due to continuing downsizing and furloughs.</p> http://www.pws.io/economic-recovery-could-be-in-trouble-from-unemployment-and-stunted-income Wed, 01 Jul 2020 18:03:24 -0400 Michael Mooney JPMorgan Predicting Another Oil 'Supercycle' http://www.pws.io/jpmorgan-predicting-another-oil-supercycle <p class='black-text'>JPMorgan <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> had an interesting analyst note in which it called for a new oil "supercycle" in which prices could hit $190 sometime between 2023 and 2025. The note came out before the coronavirus which led to a collapse in demand and prices to plunge to inflation-adjusted lows.</p><p class='black-text'>The note highlighted that investment in oil production and exploration has decreased in recent years. At the same time, the productivity of wells is decreasing. These same dynamics will only intensify due to the coronavirus which will likely impair demand over the next six months especially as people travel less.</p><p class='black-text'>Currently, oil prices have rebounded off low levels due to supply cuts from OPEC and decreased drilling in the shale patch. There's also optimism that demand will continue to strengthen given the "reopening" of economies all over the world. However, this is contingent on the coronavirus not making a comeback.</p><p class='black-text'><i>Oversupply to Deficit</i></p><p class='black-text'>The high oil prices from 2007 to 2014 led to innovation in oil production that enabled oil to be extracted from shale. This has led to increased oil supply and created several adverse effects. One is that the downtrend in oil prices has capped inflation which has led to easier monetary policy and a longer economic cycle. Previous expansions have ended as economic growth led to increased energy demand. At some point, it resulted in inflation which led central banks to raise interest rates. Due to plentiful oil, there haven't been any serious inflationary pressures.</p><p class='black-text'>In early-2008, the Federal Reserve's ability to act to avert damage from the burst housing bubble was handcuffed by above-trend inflation. This time, the Fed was able to act early and aggressively, since inflation was not a concern.</p><p class='black-text'>Based on JPMorgan's assessment of current oil production trends and demand, it believes that the market is going to move into a deficit in 2022. For the last 6 years, the market has been in oversupply, meaning that any increase in demand can be met with additional supply. In a deficit, prices will have to rise to meet additional demand.</p><p class='black-text'>Due to decreased oil exploration and production budgets, the bank expects only five, new fields will begin operating in the next five years. At the same time, each well that is currently producing will produce less or stop producing. Due to the environment and short-term pessimism, global production budgets are at a 20-year low. There's also the possibility that shale drilling and exploration may be curtailed with Democrats in power as current forecasts show from 2021 to 2023.</p><p class='black-text'><i>Conclusion</i></p><p class='black-text'>The short-term forecast for oil is not great. It depends on OPEC maintaining its discipline to not pump more oil, and demand to return to pre-coronavirus levels. However, these factors are contributing to the conditions for the next bull market in oil.</p> http://www.pws.io/jpmorgan-predicting-another-oil-supercycle Wed, 01 Jul 2020 17:48:32 -0400 Jaimini Desai 'Blue Wave' Odds Keep Growing http://www.pws.io/blue-wave-odds-keep-growing <p class='black-text'>Financial markets have been mainly focused on the economic recovery, threats of a second wave of the coronavirus emerging, and the prospects of more fiscal and monetary stimulus. However, there's less attention to the evolving political situation which is showing increasing odds of a Democratic takeover of the federal government.</p><p class='black-text'>According to Predicit, former Vice President Joe Biden has a 58% chance of winning the election. A month ago, his odds were at 45%. Similarly, the odds of Democrats winning control of the Senate has also increased over the past month from 49% to 60%. The odds of Democrats retaining control of the House has slightly increased from 73% to 84%.</p><p class='black-text'><i>President Donald Trump's Falling Fortunes</i></p><p class='black-text'>President Donald Trump's approval ratings received a bump during the initial phases of the coronavirus. However, this has worn off. The most intense part of the pandemic is over, the curve has been flattened, but it has plateaued at a much higher level than other countries. His push to reopen the economy has hurt his approval rating among over 65 voters the most. This is also the age group that is most likely to vote.</p><p class='black-text'>During the 2016 election, Trump won this demo by 13 points. Currently, he's losing it by 1 point in head to head polling against Biden. This puts him in a tough position. Originally, his reelection campaign was going to be centered around the strong economy.</p><p class='black-text'>Due to the coronavirus pushing unemployment to record highs, a campaign built around the economy is no longer tenable. His next pivot was to campaign on an "American comeback" which means reopening the economy, however, this message is turning off many older voters.</p><p class='black-text'>His fortunes were further damaged by the protests and his divisive, uneven response. He's been unable to do the normal, Presidential routine of tamping down tensions and trying to find common ground which is challenging for any President, but Trump hasn't tried. This has turned off many, moderate, suburban voters as well who liked his economic policies.</p><p class='black-text'><i>Implications</i></p><p class='black-text'>It's quite possible and likely that President Trump's odds will improve especially given the polarized nature of the electorate. He's had previous moments when his polling dropped like the "Access Hollywood" tape and after the Charlottesville incident. Both times, his polling dropped due to conservative-leaning independents dropping their support, however, they've come back to him given the lack of alternatives.</p><p class='black-text'>For financial markets, there are some implications with a Democratic takeover of the federal government. Overall spending will likely increase. Defense spending will go down, and healthcare spending will go up. Additionally, there's a decent chance that corporate tax cuts will be repealed, and capital gains taxes will increase as well. Both of these developments could lead to selling pressure for stocks as the election nears.</p> http://www.pws.io/blue-wave-odds-keep-growing Wed, 01 Jul 2020 17:38:50 -0400 Jaimini Desai Coronavirus Update: Fauci Warns Infections Can Reach 100,000 Per Day in U.S., Goldman Sachs Calls for National Mask Mandate http://www.pws.io/coronavirus-update-fauci-warns-infections-can-reach-100000-per-day-in-us-goldman-sachs-calls-for-nat <p class='black-text'>The coronavirus's outbreak in the United States continue to spread at an alarming rate, with cases more than doubling in at least 10 states during the month of June. Arizona's infectious rate was the largest record at an almost 300% increase compared to May, with South Carolina and Arkansas not too far behind. Daily infection rates nationally rose over 40% and deaths increased by 20%, <a href="https://www.reuters.com/article/us-health-coronavirus-usa-june/u-s-coronavirus-cases-double-in-june-in-at-least-10-states-idUSKBN2412PN">based on <i>Reuters</i> data analysis</a>. Alarmingly still, in the past week 21 states have reported a positive test rate above 5%.</p><p class='black-text'>At a Senate Hearing in Washington D.C. on Tuesday, Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases and top White House coronavirus health official, stated that the outbreak in the United States can only get worse if citizens don't start following public health recommendations. These recommendations include the use of a facial covering when in most public situations; this has become a political issue in the U.S.</p><p class='black-text'>"We are now having 40-plus-thousand new cases a day. I would not be surprised if we go up to 100,000 a day if this does not turn around, and so I am very concerned," Fauci stated, adding that recent outbreaks put the entire nation at risk.</p><p class='black-text'>Relatedly, Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Chief Economist Jan Hatzius found that a national mask mandate could help reduce infection rate and sate the U.S. from taking a 5% hit to its gross domestic product (G.D.P.). The percentage is based on his team's research investigating the link between mask wearing and possible economic outcomes associated with the pandemic.</p><p class='black-text'>"We found that face masks are associated with significantly better coronavirus outcomes," Hatzius wrote in a note to clients on Monday, <a href="https://www.cnbc.com/2020/06/30/goldman-sachs-says-a-national-mask-mandate-could-slash-infections-and-save-economy-from-a-5percent-hit.html?&qsearchterm=goldman%20sachs">reported by </a><i><a href="https://www.cnbc.com/2020/06/30/goldman-sachs-says-a-national-mask-mandate-could-slash-infections-and-save-economy-from-a-5percent-hit.html?&qsearchterm=goldman%20sachs">CNBC</a></i>.</p><p class='black-text'>"If a face mask mandate meaningfully lowers coronavirus infections, it could be valuable not only form a public health perspective but also from an economic perspective because it could substitute for renewed lockdowns that would otherwise hit G.D.P.," Hatzius added.</p><p class='black-text'>Meanwhile, New York added another eight states to its mandatory quarantine list for visitors. The<a href="https://coronavirus.health.ny.gov/covid-19-travel-advisory"> list of states now includes</a>: Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Iowa, Louisiana, Mississippi, Nevada, North Carolina, South Carolina, Tennessee, Texas, and Utah. Massachusetts Governor Charlie Baker took the travel mandate a step further on Tuesday, announcing that any visitor from outside of the state will need to self-quarantine for 14-days. Travelers from Connecticut, New Hampshire, New Jersey, New York, Maine, Rhode Island and Vermont are exempt from the ruling.</p><p class='black-text'><b>Total Global Cases: </b>Over 10.5 Million</p><p class='black-text'><b>Total Deaths:</b> Over 513,000</p><p class='black-text'><b>Total Recovered: </b>Over 5.79 Million</p><p class='black-text'><i>Vaccine Briefing </i></p><p class='black-text'>The U.S. Food and Drug Administration (F.D.A.) on Tuesday released <a href="https://www.fda.gov/media/139638/download">guidance </a>on the requirements a potential vaccine most follow in order to be approved by the federal agency. The F.D.A. noted that an approved vaccine will need to prevent or decrease disease severity in at least 50% of patients and be tested on diverse populations. This is in effort to gain public trust towards a potential vaccine as drug makers attempt to speed up the developing and testing process.</p><p class='black-text'>"While the F.D.A. is committed to expediting this work, we will not cut corners in our decisions and are making clear through this guidance what data should be submitted to meet out regulatory standards....We have not lost sight our responsibility to the American people to maintain our regulatory independence and ensure our decisions related to all medical products, including COVID-19 vaccines, are based on science and the available data." F.D.A. Commissioner Stephen M. Hahn <a href="https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-takes-action-help-facilitate-timely-development-safe-effective-covid">said in a release</a>.</p><p class='black-text'>Inovio Pharmaceuticals <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/INO"><span style="color:#333">(</span><span style=";">INO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="INO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="INO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="INO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> on Tuesday <a href="http://ir.inovio.com/news-releases/news-releases-details/2020/INOVIO-Announces-Positive-Interim-Phase-1-Data-For-INO-4800-Vaccine-for-COVID-19/default.aspx">released data</a> that showed promise in its COVID-19 vaccine candidate's ability to produce an immunity response. The potential vaccine was also found to be safe to be administered in a preliminary clinical trial. Although the announcement did not provide much data on the extent of the potential vaccine's early research, the biotech plans to publish a full report in a peer-reviewed medical journal in the near future.</p><p class='black-text'>In addition, Inovio plans to begin broader clinical trials later in the summer after receiving the necessary regulatory approval.</p> http://www.pws.io/coronavirus-update-fauci-warns-infections-can-reach-100000-per-day-in-us-goldman-sachs-calls-for-nat Tue, 30 Jun 2020 20:08:51 -0400 Rachel Hemple Market Update: Major Indices Close Out Second Quarter with Gains http://www.pws.io/market-update-major-indices-close-out-second-quarter-with-gains <p class='black-text'>Wall Street rallied into close during Tuesday's session, with all three major market benchmark's gaining for the day, month, and quarter. The Nasdaq led performance gains for the second quarter, outperforming about 30%. The S&P 500 was not too far behind, surging almost 20% and the Dow climbed a bit over 17%, making the quarter a strong one despite the coronavirus pandemic's uncertainty. For the month of June, the Nasdaq led again, gaining 6% while the S&P 500 jumped 2% and the Dow increased 1.7%.</p><p class='black-text'>Meanwhile, the Conference Board's Consumer Confidence Index<a href="https://www.prnewswire.com/news-releases/the-conference-board-consumer-confidence-index-increased-in-june-301085981.html"> rose to 98.1 in June</a>, rebounding from May's reading of 85.9, more than expected, but well below pre-pandemic levels.</p><p class='black-text'>"Looking ahead, consumers are less pessimistic about the short-term outlook, but do not foresee a significant pickup in economic activity...it's too soon to say that consumer have turned the corner and are ready to begin spending at pre-pandemic levels," Senior Director of Economic Indicators at The Conference Board Lynn Franco said in a statement.</p><p class='black-text'><b>Here's how the market settled on Tuesday:</b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.54% or +47.05 points to 3,100.29</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +0.85% or +217.08 points to 25,812.88</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: +1.87% or +184.61 points to 10,058.77</p><p class='black-text'>In Major Stock News, big tech and big banks led Tuesday's rally: Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Bank of America <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BAC"><span style="color:#333">(</span><span style=";">BAC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BAC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BAC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BAC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Citigroup <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/C"><span style="color:#333">(</span><span style=";">C</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="C" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="C" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="C" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, JPMorgan <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Morgan Stanley <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MS"><span style="color:#333">(</span><span style=";">MS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Wells Fargo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WFC"><span style="color:#333">(</span><span style=";">WFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Facebook shares are still gaining despite increased pressure from advertisers boycotting on the social network. Lululemon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LULU"><span style="color:#333">(</span><span style=";">LULU</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LULU" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LULU" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LULU" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> traded higher after acquiring the in-home fitness company Mirror for $500 million late Monday. Carnival <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CCL"><span style="color:#333">(</span><span style=";">CCL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CCL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CCL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CCL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Norwegian Cruise Line <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NCLH"><span style="color:#333">(</span><span style=";">NCLH</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NCLH" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NCLH" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NCLH" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Royal Caribbean Cruises <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/RCL"><span style="color:#333">(</span><span style=";">RCL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="RCL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="RCL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="RCL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> all fell due to the continued outbreak of the coronavirus threatening future demand.</p><p class='black-text'>In Stock Sector News, every industry soared during Tuesday's rally. The performance gains were as follows: Energy +2.20%, Information Technology +1.92%, Health Care +1.81%, Consumer Discretionary +1.73%, Real Estate +1.59%, Financials +1.56%, Materials +1.43%, Communication Services +1.32%, Consumer Staples +0.81%, Industrials +0.65% and Utilities +0.41%.</p><p class='black-text'>In Commodity and Currency News, oil futures were pressured on Tuesday, with the West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> gaining slightly at 1% to settle under $40 per barrel, and Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> slipping 1% to price just over $41 per barrel. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> futures crossed over $1,800 per ounce on Tuesday, only to close slightly under its high. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has lost some of its steam on Tuesday, with the DXY Index dropping from its recent gains.</p><p class='black-text'>As the market heads into Wednesday, investors will weigh more economic data against mounting coronavirus infection rates around the United States.</p> http://www.pws.io/market-update-major-indices-close-out-second-quarter-with-gains Tue, 30 Jun 2020 18:41:09 -0400 Rachel Hemple PPE Stocks Back in Focus http://www.pws.io/ppe-stocks-back-in-focus <p class='black-text'>Unfortunately, coronavirus case counts are rapidly increasing in many states that weren't meaningfully affected by the start of the first wave. The most affected regions are the South and Southwest. In total, case counts in the U.S. are now higher than they were during the previous peak in March and April.</p><p class='black-text'>One silver lining is that so far, hospitalizations and fatalities haven't risen as they did during March and April. One factor seems to be that the disease is hitting young people, rather than more vulnerable populations, who are the least likely to abide by social distancing guidelines and also have the most chance of exposure due to their jobs.</p><p class='black-text'>However, one worrisome sign is that many countries have had similar outbreaks like Italy and Iran which initially was confined to young people with low hospitalization rates. However, they were followed by the disease spreading to an older population with about a month's delay. Further, anecdotal reports that even among young people who get the disease and recover, there are many lingering effects on lung capacity and function.</p><p class='black-text'><b>LAKE</b></p><p class='black-text'>There are many secondary effects due to these developments. One is that the demand for personal protective equipment (PPE) will continue to increase. Lakeland Industries <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/LAKE"><span style="color:#333">(</span><span style=";">LAKE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="LAKE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="LAKE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="LAKE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> will be one of the beneficiaries. They make many of the full-body suits and face shields that are worn by medical professionals when dealing with patients.</p><p class='black-text'>It's also clear that much of the spread is happening at doctor's offices and hospitals. During the initial phase of the outbreak, Lakeland's stock jumped by 150% in a little more than a week. From there, it gave back the bulk of these gains as many expected the increase in demand to be a temporary factor. However, LAKE's stock has started moving higher once again as it becomes clear that this is not a temporary matter.</p><p class='black-text'>The stock currently has a price to earnings ratio of 14. Its previous earnings report showed a 145% beat of revenue targets and 312% EPS beat. Despite this beat, analysts didn't significantly raise targets for the next quarter which contributed to the stock's decline. However, the surge in cases indicates that this was an incorrect assumption.</p><p class='black-text'><b>MMM</b></p><p class='black-text'>Another lesson from the latest surge in coronavirus cases is the efficacy of mask-wearing. 3M <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MMM"><span style="color:#333">(</span><span style=";">MMM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MMM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MMM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MMM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> is one of the largest manufacturers of N95 masks. Although it's difficult to get precise data, many believe that areas wear mask-wearing is mandated are seeing less severe outbreaks than areas where it is suggested but not mandatory.</p><p class='black-text'>Many countries in Asia and Europe have been successful in controlling the spread with less than a 100 cases per day, and there's full compliance with wearing masks. Governors of states like Georgia and Texas who didn't take the coronavirus seriously at first are now encouraging mask-wearing as the numbers get worse. Until herd immunity is reached or a vaccine is made and easily available, mask-wearing is going to be necessary.</p> http://www.pws.io/ppe-stocks-back-in-focus Tue, 30 Jun 2020 17:36:21 -0400 Jaimini Desai Bayer Agrees to Pay $10B in Roundup Settlements http://www.pws.io/bayer-agrees-to-pay-10b-in-roundup-settlements <p class='black-text'>Bayer <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BAYRY"><span style="color:#333">(</span><span style=";">BAYRY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BAYRY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BAYRY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BAYRY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has announced that they will be <a href="https://www.npr.org/2020/06/24/882949098/bayer-to-pay-more-than-10-billion-to-resolve-roundup-cancer-lawsuits">paying between $10.1 billion and $10.9 billion</a> to settle thousands of Roundup weedkiller lawsuits that have been filed against the massive chemical company.</p><p class='black-text'>The plaintiffs in these cases primarily fall into two groups: those who allege Roundup exposure caused their cancer, and farms who claim Roundup contamination has damaged their property. The settlement includes roughly $9 billion fund for cancer victims and another $1.25 billion for farmers as well as another $820 million meant to settle claims relating to public water contamination.</p><p class='black-text'>More than 130,000 lawsuits have been filed against Bayer and Monsanto, manufacturer of Roundup, purchased by Bayer in 2018. Of those suits, several have <a href="https://www.npr.org/2019/05/13/723056453/california-jury-awards-2-billion-to-couple-in-roundup-weed-killer-cancer-trial">already gone to court or been settled</a>, meaning they won't be included in the recent agreement. In the past, Bayer has paid out $2 billion to a couple in California, $80 million to a man in Florida, and $250 million to a Missouri peach farmer.</p><p class='black-text'>Studies on the health effects of glyphosate, the active ingredient of Roundup weedkiller, have seen mixed results. However, some allege that results showing that glyphosate isn't dangerous to humans have been influenced by industry members.</p><p class='black-text'>The Environmental Protection Agency (E.P.A.), for instance, says that <a href="https://www.epa.gov/ingredients-used-pesticide-products/glyphosate">Roundup is completely safe for humans</a> so long as it is used in accordance with the label. This E.P.A. report has drawn widespread criticism including in the form of <a href="https://thehill.com/policy/energy-environment/488725-epa-sued-over-reapproval-of-key-roundup-chemical">lawsuits against the agency</a>.</p><p class='black-text'>Contrast the E.P.A.'s judgement with that of the World Health Organization, whose International Agency for Research on Cancer found that glyphosate is "probably carcinogenic to humans". The claims of more than 100,000 plaintiffs who allege that Roundup caused their cancer would seem to support the W.H.O.'s findings.</p><p class='black-text'>The agreement is pending approval by Judge Vince Chhabria of the U.S. District Court for the Northern District of California.</p> http://www.pws.io/bayer-agrees-to-pay-10b-in-roundup-settlements Tue, 30 Jun 2020 17:35:34 -0400 Autumn McLain IPO Weekly: Market Maintains Momentum With Four Companies Set to Debut http://www.pws.io/ipo-weekly-market-maintains-momentum-with-four-companies-set-to-debut <p class='black-text'>The initial public offering (IPO) market continues to maintain momentum following its extended halt back in April. Last week saw the single biggest day of the year so far, as five companies and three special purpose acquisition companies (SPAC) priced on the same day. This week plans to be similar, with four companies planing to debut despite the shortened holiday week.</p><p class='black-text'>To recap last week, <b>Agora Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/API"><span style="color:#333">(</span><span style=";">API</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="API" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="API" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="API" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the clear frontrunner for the market as the stock jumped 153% in its debut. The communications API platform priced well above its range at $20 per share to raise an offering of $350 million. The company is based in both Shanghai and Santa Clara, offering a platform for companies to embed video, audio and messaging in their web based services.</p><p class='black-text'>Not too far behind Agora in share growth in its initial trading day was the biotech <b>Akouos, Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AKUS"><span style="color:#333">(</span><span style=";">AKUS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AKUS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AKUS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AKUS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, finishing up 29% in its debut. The hearing loss focused biotech priced its upsized offering high at $17 per share to raise over $212 million. <b>PolyPid Ltd </b>(NADSAQ: PYPD) was next, pricing its upsized offering at its midpoint of $16 per share to raise $60 million. The biotech is focused on medicines to prevent and treat surgical infections and ended its debut up 19%.</p><p class='black-text'>Only two companies ended lower last week, with <b>Albertsons Companies, Inc. </b><nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ACI"><span style="color:#333">(</span><span style=";">ACI</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ACI" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ACI" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ACI" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> finishing down 3% and <b>Ebang International Holdings Inc.</b> <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/EBON"><span style="color:#333">(</span><span style=";">EBON</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="EBON" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="EBON" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="EBON" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> dropping 4%. Highly anticipated Albertsons was disappointing in its debut, finally pricing after three attempts and a cut to its valuation. The fourth largest grocer ended up pricing below its range at $16 per share to raise an offering of $800 million. Similarly, Ebang priced below its midpoint at $5.23 per share to raise an offering of about $100 million.</p><p class='black-text'>For SPACs, <b>Fusion Acquisition Corp.</b> raised $305 million to target a financial services company,<b> Kensington Capital Acquisition Corp. </b>raised $200 million to focus on an automobile related business, and<b> Brilliant Acquisition Corp. </b>raised $40 million for a company in the Asian market.</p><p class='black-text'>Due to the United States Friday holiday, the week ahead is scheduled to be a shortened trading week. However, the IPO market was not deterred, with four companies of various industries slated to price.</p><p class='black-text'>Starting the week off with a bang, <b>Dun & Bradstreet Holdings, Inc.</b> plans to raise over $1.5 billion form 65 million shares offering in the range of $19-$21 each. The company provides commercial data analytics services to many of the largest enterprises in the world.</p><p class='black-text'><b>Lemonade, Inc.</b> follows, aiming to raise over $328 million from 11 million shares priced between $23-$26 each. The insurance startup provides and online quotes platform for various renters and homeowners insurance offerings.</p><p class='black-text'><b>DoubleDown Interactive Co.</b> is next, planning to raise over $240 million from 11 million shares priced in the range of $17-$19 each. The Seoul-based developer is a leader in social casino games applications.</p><p class='black-text'>Finally, <b>Accolade, Inc.</b> plans to raise over $211 million from about 8.7 million shares offered between $19-$21 each. The company provides a platform for healthcare benefits management for self-insured employers.</p> http://www.pws.io/ipo-weekly-market-maintains-momentum-with-four-companies-set-to-debut Tue, 30 Jun 2020 17:34:52 -0400 Rachel Hemple Amazon Buys Self-Driving Startup, Zoox for $1.2 Billion http://www.pws.io/amazon-buys-self-driving-startup-zoox-for-12-billion <p class='black-text'>A <a href="https://www.pws.io/elon-musk-vs-jeff-bezos">previous article discussed the possibility</a> of Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> buying Zoox, a self-driving car startup. The deal was finalized on Friday with Amazon paying $1.2 billion which is down from its $3 billion valuation in 2018.</p><p class='black-text'>Amazon, famously, makes very few purchases, as it tends to develop products in-house. It's Amazon's first, major purchase since Whole Foods in 2017. The acquisitions it does make tend to be strategic and accretive. The current expectation is that Zoox's technology can be implemented in its warehouses and for delivery, down the line.</p><p class='black-text'>Amazon has already experimented with self-driving trucks to deliver cargo and at an employee meeting, it was reported that he said it's his latest intellectual interest. Its venture-arm made two investments in self-driving companies, Rivian and Aurora, in 2019. Its purchase of Zoox will help the companies logistics and delivery efforts while giving it an entry into a potential, trillion-dollar market in terms of making self-driving technology commercially available and viable.</p><p class='black-text'>It's expected that Zoox will operate autonomously within Amazon. The company has struggled in recent years with management turnover and legal issues with Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> over trade secrets. It's also experienced delays in bringing its product to market like other competitors including Uber <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UBER"><span style="color:#333">(</span><span style=";">UBER</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UBER" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UBER" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UBER" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Google <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOG"><span style="color:#333">(</span><span style=";">GOOG</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOG" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOG" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOG" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Zoox needed to sell itself or do more dilutive, fundraising at a lower valuation given its high cash burn.</p><p class='black-text'><i>Tensions with Tesla</i></p><p class='black-text'>Already, Elon Musk and Jeff Bezos have a contentious relationship. Both have been wildly successful, but they have wildly different personalities. Following the news, Musk <a href="https://twitter.com/elonmusk/status/1276568125060689924">tweeted</a> that Bezos is a "copy cat". And there's some truth in the charge as Bezos did launch his space company after Musk and both are in competition to take people to space and go to Mars. Now, they will be competing in the self-driving space. Before this, it seemed that Tesla was the clear leader with Zoox a distance second.</p><p class='black-text'>Tesla cars already have a primitive version of "autonomous driving mode" which is already on the road and giving the company valuable feedback to continuously improve its product. However, Zoox with Amazon's resources is going to become a much more, serious adversary. Self-driving like many technology products will likely become a winner-take-all market. The company with the most market share will have the most data that ensures it can keep iterating its product for better and safer outcomes.</p> http://www.pws.io/amazon-buys-self-driving-startup-zoox-for-12-billion Tue, 30 Jun 2020 09:57:40 -0400 Jaimini Desai Coronavirus Update: Infection Rates Accelerate in Younger Populations, Gilead Sciences Prices Remdesivir http://www.pws.io/coronavirus-update-infection-rates-accelerate-in-younger-populations-gilead-sciences-prices-remdesiv <p class='black-text'>The coronavirus pandemic crossed two bleak milestones over the weekend, with total global cases topping 10 million and confirmed deaths crossing over 500,000. Bleaker still, nations around the world are seeing more younger populations' infection rates increasing, warning of the virus's coming spread to the more vulnerable to fatal infections. The World Health Organization's Director-General Dr. Tedros Adhanom Ghebreyesus warned on Monday that the pandemic is accelerating around the world, meaning that the worst of the virus's outbreak hasn't happened yet.</p><p class='black-text'>"Although many countries have made some progress, globally, the pandemic is actually speeding up," Tedros stated during the<a href="https://twitter.com/WHO/status/1277622924212465664"> agency's press briefing in Geneva</a> on Monday. "We all want this to be over. We all want to get on with our lives, but the hard reality is that this is not even close to being over."</p><p class='black-text'><a href="https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200628-covid-19-sitrep-160.pdf?sfvrsn=2fe1c658_2">According to data from the W.H.O.</a>, more than 60% of the daily new global infections came from countries in North, South and Central America on Sunday. Moreover, about 23% of Sunday's global infections came for the United States.</p><p class='black-text'>In the United States, some state governors have begun to join others that have paused their phased reopening plans as infection rates surge. Yet, more social restrictions may be required to control the enduring spread, as Dr. Anne Schuchat, principal deputy director for the U.S. Centers for Disease Control and Prevention, stated that the U.S. is reporting too many daily cases to contain the outbreak.</p><p class='black-text'>"We're not in the situation of New Zealand or Singapore or [South] Korea where a new case is rapidly identified and all the contacts are traced and people are isolated who are sick and people who are exposed are quarantined and they keep things under control," Schuchat stated in an interview with<i> The Journal of the American Medical Association's </i>Editor-in-Chief Dr. Howard Bauchner, <a href="https://twitter.com/JAMA_current/status/1277757491514875905">released on Monday</a>. "We have way too much virus across the country for that right now, so it's very discouraging."</p><p class='black-text'>"What we have in the United States, it's hard to describe because it's so many different outbreaks. There was a wave of incredible accelerating, intense interventions and control measures that have brought things down to a much lower level of circulations in the New York City, Connecticut, New Jersey area. But in much of the rest of the country, there's still a lot of virus," Schuchat added.</p><p class='black-text'><b>Total Global Cases:</b> Over 10.4 Million</p><p class='black-text'><b>Total Deaths:</b> Over 500,000</p><p class='black-text'><b>Total Recovered:</b> Over 5.65 Million</p><p class='black-text'><i>Treatment Update</i></p><p class='black-text'>Gilead Sciences <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GILD"><span style="color:#333">(</span><span style=";">GILD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GILD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GILD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GILD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> priced its antiviral remdesivir for coronavirus treatment courses on Monday. The company stated that it would sell the drug at $390 per vial to governments of developing nations and $520 per vial for wealthier countries. That brings a full treatment course at its current recommended length to $2,340 and $3,120 per course, respectively. The company stated that the pricing is below the drug's true value.</p><p class='black-text'>"At the level we have priced remdesivir and with government programs in place, along with additional Gilead assistance as needed, we believe all patents will have access," CEO Danial O'Day said in <a href="https://stories.gilead.com/articles/an-open-letter-from-daniel-oday-june-29">an open letter published on Monday.</a></p><p class='black-text'>Meanwhile, CanSino Biologic's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CASBF"><span style="color:#333">(</span><span style=";">CASBF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CASBF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CASBF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CASBF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> coronavirus vaccine candidate received government approval from China for use in the country's military. <a href="https://www.reuters.com/article/us-health-coronavirus-china-vaccine/cansinos-covid-19-vaccine-candidate-approved-for-military-use-in-china-idUSKBN2400DZ">According to Reuters</a>, CanSino's candidate is one of eight that are currently in human trails in China.</p> http://www.pws.io/coronavirus-update-infection-rates-accelerate-in-younger-populations-gilead-sciences-prices-remdesiv Mon, 29 Jun 2020 19:22:25 -0400 Rachel Hemple Oil Industry Under Threat Once Again http://www.pws.io/oil-industry-under-threat-once-again <p class='black-text'>The long-awaited economic recovery the oil industry has waited for is beginning to deteriorate as the United States suffers a rapid resurgence of coronavirus infections and the rapid buildup of inventories well ahead of demand despite production cuts. Oil prices ended Thursday with some substantial gains, bringing some relief amid continued uncertainty.</p><p class='black-text'>Last week has been pretty rough for big oil, with prices dropping steadily for <a href="https://www.fool.com/investing/2020/06/24/big-oil-stocks-are-crashing-on-more-bad-news.aspx">two days straight</a>. From Monday to Wednesday, West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> dropped from $40 a barrel to $38. Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which has trended higher than WTI over the last few days, went from $43 to $40. Major oil stocks fared little better. ExxonMobil <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/XOM"><span style="color:#333">(</span><span style=";">XOM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="XOM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="XOM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="XOM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fluctuated quite a bit over the two-day period but settled 3.5% down on Wednesday at $44. Chevron <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/CVX"><span style="color:#333">(</span><span style=";">CVX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="CVX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="CVX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="CVX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> similarly fluctuated over the period, ending Wednesday 2.9% down at $87.</p><p class='black-text'>Thursday bore some relief for both oil prices and oil stocks. WTI bounced from $38 to $39, while Brent jumped from $40 to $41. Exxon made a modest hop from $44 to $45 by the end of trading on Wednesday, while Chevron managed to climb back to $89.</p><p class='black-text'>Despite ending higher on Thursday, the concerns that caused the initial drop to occur in the first place remain, as does a great deal of uncertainty. The initial cause for concern was the Energy Information Administration's weekly report, which showed a <a href="https://www.fool.com/investing/2020/06/24/big-oil-stocks-are-crashing-on-more-bad-news.aspx">significant increase</a> in domestic oil stocks. Experts initially predicted a 100,000 barrel decrease in crude inventories; the weekly EIA report, however, showed a drastic opposite, with an increase of <a href="https://finance.yahoo.com/news/yesterdays-dramatic-drop-oil-prices-125312911.html">1.4 million barrels</a>. This was the third such increase over the last three weeks. The total crude stuck in the United States is about 540.7 million barrels according to the report, a record high.</p><p class='black-text'>While demand is finally showing some indications of recovery, the domestic supply is rapidly outpacing it, a matter made worse by the resurgence in coronavirus infections in the United States. The spike in infections has many worried about a potential likewise drop in oil demand, mirroring the initial outbreak of the pandemic several months ago. Already, many states are <a href="https://www.marketwatch.com/story/oil-prices-add-to-steep-slide-as-coronavirus-flare-up-stokes-fresh-demand-worries-2020-06-25">delaying reopening</a>, and many companies are delaying re-opening locations or are even re-closing stores. Making matters worse is a <a href="https://finance.yahoo.com/news/yesterdays-dramatic-drop-oil-prices-125312911.html">recent report</a> by the International Monetary Fund showing a dourer global economic situation than previously thought.</p><p class='black-text'>Some experts seem to think that, while the coronavirus resurgence will likely cause some trouble for the oil industry, the rapidly growing domestic stock will produce the most trouble. The Economic Intelligence Unit hinted at this in a statement to <i><a href="https://www.marketwatch.com/story/oil-prices-add-to-steep-slide-as-coronavirus-flare-up-stokes-fresh-demand-worries-2020-06-25">MarketWatch</a></i>, saying that "rising U.S. stockpiles pointed to slowing GDP growth and a potential supply glut."</p> http://www.pws.io/oil-industry-under-threat-once-again Mon, 29 Jun 2020 17:05:45 -0400 Michael Mooney Trump Weekly: “White Power!”, COVID-19, and Russian Intelligence Bounties on Americans http://www.pws.io/trump-weekly-white-power-covid-19-and-russian-intelligence-bounties-on-americans <p class='black-text'>United States President Donald Trump <a href="https://www.cnn.com/2020/06/28/politics/donald-trump-video-man-shouts-white-power/index.html">retweeted a video</a> in which supporters are shown shouting "white power" this week, thanking the "great people" in the video before ultimately deleting the post. The video was taken at a retirement village in Florida and shows a man in a golf cart shouting "white power" repeatedly before being echoed by another man in the crowd, "Ya, white power!"</p><p class='black-text'>"White Power isn't a dog whistle," culture critic at The Undefeated Soraya Nadia McDonald <a href="https://twitter.com/SorayaMcDonald/status/1277271474253049856">tweeted</a>. "It's an air horn."</p><p class='black-text'>Trump's press secretary Kayleigh McEnany soon came out claiming that Trump "did not hear the one statement made on the video."</p><p class='black-text'>Of course, those in retirement villages are at risk for another global crisis: COVID-19. The novel coronavirus has enveloped the globe for the past months, resulting in over half a million deaths as of June 19. Meanwhile, systemic racism in the justice system and recent acts of police brutality, particularly the murder of George Floyd by police, have led to widespread protesting and unrest.</p><p class='black-text'>Trump has faced considerable criticism for his reactions to both of these issues. He has repeatedly called for the use of <a href="https://abcnews.go.com/Politics/back-trump-comments-perceived-encouraging-violence/story?id=48415766">violent force against protestors</a>, including in the form of threats of military intervention. He called himself a friend to peaceful protestors in the Rose Garden while peaceful protestors just outside the Whitehouse in Lafayette Park were being <a href="https://www.nytimes.com/2020/06/02/us/politics/trump-walk-lafayette-square.html">violently dispersed</a> so that Trump could pose for a photo at a church. A member of the clergy of that church had also been dispersed with the peaceful crowds; no one at the church had been warned.</p><p class='black-text'>As COVID-19 racks the country, Trump has spent his time <a href="https://www.cnn.com/2020/06/29/politics/donald-trump-coronavirus-russia/">going golfing</a> and calling for his administration to "slow down" testing- higher case numbers make him look bad. He also has repeatedly <a href="https://www.cnn.com/2020/06/28/politics/lamar-alexander-trump-masks/index.html">refused to wear a mask</a> calling them a "double-edged sword" and implying those who wear them are <a href="https://apnews.com/7dce310db6e85b31d735e81d0af6769c">trying to make a political statement</a>. Like testing, Trump has said that wearing a mask would "send the wrong message", ostensibly that the coronavirus is a serious threat in the United States and that Trump might be doing less than a perfect in responding to it.</p><p class='black-text'>Just last week, Trump held a Tulsa rally despite confirming 6 COVID-19 cases amongst his pre-rally Tulsa team. Since then, at least one person who was there reporting on the event <a href="https://time.com/5860696/reporter-tulsa-trump-rally-covid-19/">has tested positive</a> for the virus. Before entering the rally, supporters were asked to sign waivers in the case that they contracted COVID-19.</p><p class='black-text'><a href="https://thehill.com/policy/healthcare/504788-covid-19-cases-rise-as-trump-brushes-off-concerns">Cases in the states continue to mount</a> with more than 400,000 cases across the U.S. as of Friday. Trump claimed the spike is being caused by "GREAT TESTING" despite reports from medical experts stating that testing is far from the only explanation. The President was conspicuously absent from Friday's COVID-19 briefing, the first one held in weeks. In previous briefings, Trump has made claims regarding the use of bleach internally to treat the virus. He has also repeatedly touted the efficacy of an anti-malaria drug in treating the coronavirus despite medical evidence to the contrary.</p><p class='black-text'>Also this week, <a href="https://www.nbcnews.com/politics/donald-trump/bad-it-gets-pelosi-democrats-take-aim-trump-over-russian-n1232363">allegations were released</a> regarding Russian intelligence efforts to pay a bounty to Taliban fighters for dead Americans. Trump tweeted that "everybody is denying it", leading some to claim that he's avoiding condemning Russia's actions.</p><p class='black-text'>"This is as bad as it gets." House Speaker Nancy Pelosi, D-Calif., said on <i>ABC</i>. "And yet the president will not confront the Russians on this score, denies being briefed... Whether he is or not, his administration knows, and our allies - some of our allies who work with us in Afghanistan - had been briefed and accept this report."</p><p class='black-text'>"Just as I have said to the president: With him, all roads lead to Putin. I don't know what the Russians have on the president, politically, personally, financially or whatever it is, but he wants to ignore," Pelosi added, referring to Russian President Vladimir Putin.</p><p class='black-text'>Pelosi and other critics of the President's decision not to condemn Russia's actions cited several acts of preferential treatment by Trump toward Russia as cause for concern. Specifically, Trump wants Russia to attend the G8 summit.</p><p class='black-text'>Another name often associated with Trump's came up in relation to this issue: John Bolton. Bolton, Trump's former national security adviser, said the President's national security policy is "just unconnected to the reality he's dealing with. It's about his personal position."</p><p class='black-text'>Bolton, of course, is currently in a struggle with the Whitehouse to publish his highly critical memoir about his time in the Whitehouse entitled "The Room Where It Happened".</p> http://www.pws.io/trump-weekly-white-power-covid-19-and-russian-intelligence-bounties-on-americans Mon, 29 Jun 2020 17:01:07 -0400 Autumn McLain Tesla Ranked Last on JD Power Initial Quality Survey http://www.pws.io/tesla-ranked-last-on-jd-power-initial-quality-survey <p class='black-text'>In a blow to the electric car maker, Tesla <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSLA"><span style="color:#333">(</span><span style=";">TSLA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSLA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSLA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSLA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was ranked the worst in initial quality among 32 of the industry's major players by J.D. Power. The company suffered problems per 100 vehicles well above the industry average, with manufacturing faults cited as the common complaint.</p><p class='black-text'>Tesla's reputation, despite being a Wall Street darling with a rapidly rising share price, is quickly being eroded as the company comes under increasing scrutiny as the quality of its products continues to come into question.</p><p class='black-text'>The <a href="https://www.jdpower.com/business/press-releases/2020-initial-quality-study-iqs?">survey</a> results coincided with a bombshell report by <i><a href="https://www.businessinsider.com/tesla-faulty-battery-cooling-systems-design-model-s-2012-2019-6">Business Insider </a></i>that Tesla had been willingly shipping Model S vehicles with a defective battery pack, and the announcement that the National Highway Traffic Safety Administration was<a href="https://www.theverge.com/2020/6/24/21301676/tesla-nhtsa-touchscreen-failure-investigation-model-s"> investigating the early failures of Model S touchscreens</a>. Reports by various current and former Tesla employees have arisen, with claims of an aggressive drive to meet production goals, corner-cutting to meet deadlines, and poor working conditions.</p><p class='black-text'>The results of the survey, with the context of the various reports, are unsurprising, to say the least. According to the survey, Tesla came in at 250 problems per 100 vehicles, which, when compared to the industry standard of 166, is somewhat troubling. According to Doug Betts of J.D. Power, complaints with Tesla's vehicles included imperfections in paint jobs, poorly fitting body panels, trunks, and hoods, as well as issues opening some trunks, hoods, and doors.</p><p class='black-text'>Tesla's dead-last place on J.D. Powers' list is not entirely official, however. The company collects data for its list by interviewing new-vehicle owners on their first 90 days of ownership. In most states, the data of new owners are readily available, but in 15 states, the permission of the company is required. To date, Tesla has not <a href="https://www.jdpower.com/business/press-releases/2020-initial-quality-study-iqs?">divulged this data</a>. J.D. Power, however, was able to collect enough samples from the states that make said data available without permission to include Tesla for the first time.</p> http://www.pws.io/tesla-ranked-last-on-jd-power-initial-quality-survey Mon, 29 Jun 2020 10:02:28 -0400 Michael Mooney Blockchain & Cryptocurrency Weekly: Facebook's Libra Could Face Stricter E.U. Global Stablecoin Regulations http://www.pws.io/blockchain-cryptocurrency-weekly-facebooks-libra-could-face-stricter-eu-global-stablecoin-regulation <p class='black-text'>Last week, the <a href="https://www.coindesk.com/eu-bloc-wide-regulatory-regime-crypto-economic-chief">European Union</a> began crafting a new cryptocurrency regulatory framework that could impose stricter requirements on global stablecoin projects, such as Facebook's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> Libra. At Digital Finance Outreach 2020 last week, E.U. Lead Economics Minister Valdis Dombrovskis said Europe needs to seize the opportunity to become a major rule-maker for digital finance. He stated a new regulatory regime for cryptocurrency will not only cover unregulated digital assets, but also consolidate and homogenize existing standards across the bloc. While Dombrovskis' speech contained few specifics, he noted the E.U. is keen to bring stricter rules on any project considered a "global stablecoin." Dombrovskis warned stablecoins that operate globally could "raise additional challenges" and risk disrupting financial and monetary stability.</p><p class='black-text'><b>Here is the rest of the week in review:</b></p><p class='black-text'><a href="https://www.coindesk.com/vanguard-symbiont-blockchain-foreign-exchange-pilot-with-state-street-bny-mellon-franklin-templeton">Vanguard </a>completed another blockchain pilot that aims to change the risk profile of foreign exchange transactions. The Pennsylvania-based investment management giant ran the pilot on Symbiont's Assembly blockchain with participation from State Street <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/STT"><span style="color:#333">(</span><span style=";">STT</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="STT" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="STT" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="STT" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, BNY Mellon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BK"><span style="color:#333">(</span><span style=";">BK</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BK" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BK" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BK" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and investment firm Franklin Templeton. Vanguard and Franklin Templeton served as dealer banks, and State Street and BNY Mellon acted as counterparty banks and custodians. Joe Ziccarelli, Symbiont's foreign exchange lead, said the firm believes the foreign exchange platform will go into production in the third quarter. He added the forex pilot's completion shows the Assembly blockchain can quickly become a viable option for many large enterprises engaged in forex. Ziccarelli argued the pilot proves a use case that applies to all forex contracts like swaps and outrights, which buy- and sell-side firms use for hedging and speculative bets.</p><p class='black-text'><a href="https://www.coindesk.com/telegram-agrees-to-pay-18-5m-penalty-in-sec-settlement-over-failed-ton-offering">Telegram </a>agreed to pay $18.5 million to the U.S. Securities and Exchange Commission (S.E.C.) and notify the regulator if it plans to issue a digital token or cryptocurrency in the next 3 years, according to a court filing revealed Thursday. In an approved settlement with the S.E.C., the communications firm has 30 days to pay the penalty and up to 4 years to pay back funds to investors. Also, Telegram must notify the S.E.C. if it wants to issue "cryptocurrencies," "digital coins," "digital tokens," or any similar digital asset issued or transferred using distributed ledger technology at any point over the next 3 years. The S.E.C. sued Telegram in October 2019 after the firm raised $1.7 billion to fund the development of its TON blockchain project. If fulfilled, the settlement would conclude a six-month court battle and officially terminate Telegram's blockchain ambitions.</p><p class='black-text'>Crypto prices slipped to $261 billion this week. For the majors, all coins but Tether (USDT) and Crypto.com Coin (CRO) dipped into the red, with Bitcoin SV (BSV), EOS, and Binance Coin (BNB), and Ripple (XRP) posting the worst losses. The biggest losers were SwissBorg (CHSB), down 32%, Compound (COMP), down 30%, and Flexacoin (FXC), down 22%. The biggest gainers were Celsius (CEL), up a whopping 56%, Quant (QNT), up 40%, and Ren (REN), up 30%. Next week traders will again be watching for more market volatility amid a calm summer so far.</p><p class='black-text'><i>The author does not hold any positions on any of the securities above.</i></p> http://www.pws.io/blockchain-cryptocurrency-weekly-facebooks-libra-could-face-stricter-eu-global-stablecoin-regulation Mon, 29 Jun 2020 09:54:57 -0400 Eric Yao Coronavirus Update: European Union Moves to Reopen Border, Texas and Florida Reinstate Social Restrictions http://www.pws.io/coronavirus-update-european-union-moves-to-reopen-border-texas-and-florida-reinstate-social-restrict <p class='black-text'>The European Union is reaching a new milestone in the months following coronavirus pandemic social and economic lockdowns: reopening to travel. E.U. officials on Friday stated that they are planning to reopen the bloc of 27 countries to travel and tourism from outside countries on July 1, with the exception of a few that are deem to be high risk due to their current infection rates, according to <a href="https://www.nytimes.com/2020/06/26/world/europe/europe-us-travel-ban.html"><i>The New York Times. </i></a></p><p class='black-text'>The criteria to be on the list of excepted countries is gauged on scientific principles, not political, based on daily infection rates and credibility of their public health reporting. In addition, there are several exceptions including health care workers, diplomats and those repatriating. The list of accepted countries will be updated every two weeks as countries' conditions improve or worsen.</p><p class='black-text'>The finalized list on Friday includes Australia, Canada, Georgia, Japan, New Zealand, South Korea and Uruguay. Countries that currently no not qualify include Brazil, Russia, and notably, the United States.</p><p class='black-text'>In the United States, some states have begun pausing their reopenings in light of a record high of nearly 45,000 new infections recorded on Friday. Texas and Florida have gone so far as to order bars to close and place new social restrictions in order to slow their intensifying spread.</p><p class='black-text'><a href="https://apnews.com/2c48b10419a28caec8012b0c65244424">According to the <i>Associated Press</i></a>, rural counties in states like California, Arkansas, Missouri, Kansas, Texas, and Florida have seen their confirmed cases more than double in a week from June 19 to Friday. In some cases, spikes in cases were attributed increased testing efforts in prisons and outbreaks like the Tyson Foods <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TSN"><span style="color:#333">(</span><span style=";">TSN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TSN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TSN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TSN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> poultry factory in McDonald County, Missouri.</p><p class='black-text'>Dr. Anthony Fauci, U.S. top infectious disease scientist, stated: "There are more cases. There are more hospitalizations in some of those places and soon you'll be seeing more deaths," <a href="https://www.cnbc.com/2020/06/26/as-us-coronavirus-cases-spike-country-will-be-seeing-more-deaths-dr-fauci-says.html">in an interview with CNBC on Friday</a>. "Even though the deaths are coming down as a country, that doesn't mean that you're not going to start seem them coming up now."</p><p class='black-text'>However, Fauci noted that the virus is mostly infecting young people as opposed to those that are older and more vulnerable in the beginning of the United States's outbreak.</p><p class='black-text'><b>Total Global Cases:</b> Over 9.89 Million</p><p class='black-text'><b>Total Deaths:</b> Over 496,000</p><p class='black-text'><b>Total Recovered: </b>Over 5.34 Million</p><p class='black-text'><i>Treatment Updates</i></p><p class='black-text'>The U.S. Department of Health and Human Services <a href="https://www.hhs.gov/">updated its website</a> on Friday to say that it will send Gilead Science Inc's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GILD"><span style="color:#333">(</span><span style=";">GILD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GILD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GILD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GILD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> antiviral treatment remdesivir to states that have been experiencing an increase in COVID-19 cases like California, Texas, Florida, and Arizona.</p><p class='black-text'>Starting on Monday, H.H.S. said that it will start shipping doses, depleting the full donation of treatment courses from Gilead. Last month, after receiving an emergency use authorization from the U.S. Food and Drug Administration last month, Gilead donated 120,647 treatment courses of remdesivir to the H.H.S.</p><p class='black-text'>Meanwhile, The World Health Organization's Chief Scientist Soumya Swaminthan noted on Friday during a news briefing that AstraZeneca's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AZN"><span style="color:#333">(</span><span style=";">AZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> potential COVID-19 vaccine is probably the world's leading candidate.</p><p class='black-text'>"Certainly in terms of how advanced they are, the stage at which they are, they are I think probably the leading candidate," said Swaminathan, <a href="https://www.reuters.com/article/us-health-coronavirus-who-development/astrazeneca-moderna-ahead-in-covid-19-vaccine-race-who-idUSKBN23X1WA">reported by Reuters</a>. "It's possible they will have results quite early."</p><p class='black-text'>Swaminathan also stated that Moderna's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MRNA"><span style="color:#333">(</span><span style=";">MRNA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MRNA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MRNA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MRNA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> potential vaccine is also a front runner in the race for a vaccine.</p><p class='black-text'>"We do know that Moderna's vaccine is also going to go into phase three clinical trials, probably from the middle of July, and so that vaccine candidate is not far behind. But I think AstraZeneca certainly has a more global scope at the moment in terms of where they are doing and planning their vaccine trials," Swaminathan added.</p> http://www.pws.io/coronavirus-update-european-union-moves-to-reopen-border-texas-and-florida-reinstate-social-restrict Sat, 27 Jun 2020 18:24:15 -0400 Rachel Hemple Market Update: Stocks Under Pressure as New Infections Threaten Economic Reopening http://www.pws.io/market-update-stocks-under-pressure-as-new-infections-threaten-economic-reopening <p class='black-text'>Stocks across all industries fell on Friday as states like Florida and Texas began to reinstate some social restrictions as new infection rates continue rise. Financials were also pressured by the Federal Reserve imposing new restrictions on big banks due to risks associated with the coronavirus. All three major benchmarks fell over 2% by the end of Friday's session, with the S&P 500 closing at its lowest level in two weeks.</p><p class='black-text'>The Federal Reserve's<a href="https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm"> annual stress test on Thursday</a> found that that several bank could get too close to minimum capital levels in scenarios involving the coronavirus pandemic. This led the central bank to require investment banks to suspend share buybacks and cap dividend payments, as well as resubmit their payout plans later this year.</p><p class='black-text'>Meanwhile, University of Michigan's <a href="http://www.sca.isr.umich.edu/">Surveys of Consumers data released on Friday </a>showed that consumer sentiment fell lower for June due to concern over rising cases in parts of the country. June's final reading of 78.1 was down from 78.9 reported earlier in the month and lower than consensus economists expectations. Yet, this was the second month of gains since April's low. The Bureau of Economic Analysis also released <a href="https://www.bea.gov/data/consumer-spending/main">consumer spending data on Friday</a>, showing spending increasing 8.2% in May from April's 12.6% decline. However, the spending rate was lower than expected.</p><p class='black-text'>"While most consumers believer that economic conditions could hardly worsen from the recent shutdown of the national economy, prospective growth in the economy is more closely tied to progress against the coronavirus," Surveys of Consumers Chief Economist Richard Curtin said in a statement. "The early reopening of the economy has undoubtedly restored jobs and incomes, but it has come at the probable cost of an uptick in the spread of the virus."</p><p class='black-text'><b>Here's how the market finished the week: </b></p><p class='black-text'>S&P 500 Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SPY"><span style="color:#333">(</span><span style=";">SPY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SPY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SPY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SPY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.42% or -74.74 points to 3,009.02</p><p class='black-text'>Dow Jones Industrial Average <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/DIA"><span style="color:#333">(</span><span style=";">DIA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="DIA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="DIA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="DIA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.84% or -730.12 points to 25,015.48</p><p class='black-text'>Nasdaq Composite Index <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/QQQ"><span style="color:#333">(</span><span style=";">QQQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="QQQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="QQQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="QQQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>: -2.59% or -259.78 points to 9,757.22</p><p class='black-text'>In Major Stock News, big banks were under pressure following the Federal Reserve's latest stress test: Bank of America <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BAC"><span style="color:#333">(</span><span style=";">BAC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BAC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BAC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BAC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Citigroup <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/C"><span style="color:#333">(</span><span style=";">C</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="C" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="C" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="C" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Goldman Sachs <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GS"><span style="color:#333">(</span><span style=";">GS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, JPMorgan <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/JPM"><span style="color:#333">(</span><span style=";">JPM</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="JPM" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="JPM" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="JPM" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Morgan Stanley <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/MS"><span style="color:#333">(</span><span style=";">MS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="MS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="MS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="MS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Wells Fargo <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/WFC"><span style="color:#333">(</span><span style=";">WFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="WFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="WFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="WFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>. Retailer Gap <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GPS"><span style="color:#333">(</span><span style=";">GPS</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GPS" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GPS" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GPS" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> soared after the announcement of a partnership with Kanye West's clothing line Yeezy. Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Twitter <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/TWTR"><span style="color:#333">(</span><span style=";">TWTR</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="TWTR" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="TWTR" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="TWTR" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> were put under further pressure over their ad policies by companies like Verizon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Unilever <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UN"><span style="color:#333">(</span><span style=";">UN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>In Stock Sector News, all industries dropped with the broader market sell off during Friday's session. The performance losses were as follows: Communication Services -4.50%, Financials -4.32%, Energy -3.50%, Consumer Discretionary -2.35%, Consumer Staples -2.06%, Information Technology -2.00%, Real Estate -1.83%, Industrials -1.82%, Materials -1.39%, Health Care -1.21% and Utilities -1.04%.</p><p class='black-text'>In Commodity and Currency News, crude oil ended the week lower as coronavirus cases continue to rise throughout the United States, threatening future demand. West Texas Intermediate <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/USO"><span style="color:#333">(</span><span style=";">USO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="USO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="USO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="USO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> dropped about 1.3% and Brent Crude <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BNO"><span style="color:#333">(</span><span style=";">BNO</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BNO" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BNO" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BNO" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> fell around 0.8%, bringing barrel prices to about $38 and $41 each, respectively. Gold <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GLD"><span style="color:#333">(</span><span style=";">GLD</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GLD" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GLD" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GLD" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> futures picked up momentum on Friday, increasing over 0.8% to price the metal at about $1,786 per ounce. Finally, the U.S. Dollar <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UUP"><span style="color:#333">(</span><span style=";">UUP</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UUP" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UUP" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UUP" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> slightly gained in the current market, with the DXY Index bumping up 0.02%.</p><p class='black-text'>As the market moves into Monday, investors will be mostly focused on developing coronavirus news throughout the United States.</p> http://www.pws.io/market-update-stocks-under-pressure-as-new-infections-threaten-economic-reopening Fri, 26 Jun 2020 21:14:06 -0400 Rachel Hemple Hertz Roller Coaster Continues http://www.pws.io/hertz-roller-coaster-continues <p class='black-text'>Hertz <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/HTZ"><span style="color:#333">(</span><span style=";">HTZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="HTZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="HTZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="HTZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> has been on a roller coaster. It was forced to declare bankruptcy as the coronavirus caused a complete halt in travel. Although numbers are recovering, they remain far off on an absolute level. Even during normal times, Hertz's business had a heavy debt load and faced competitors from all sides.</p><p class='black-text'>This set of conditions resulted in the company declaring bankruptcy, and the stock collapsing from $20 to $0.40 in less than 3 months. At the time, this seemed like the end for Hertz, but it turned out to only be the beginning of its saga. It bottomed as it declared bankruptcy. Then due to several combinations including short-covering, retail traders piling into low-priced stocks, and optimism about the economy normalizing, the stock shot up straight to $6.</p><p class='black-text'>Just like Hertz's plunge was catalyzed by the coronavirus. The huge move higher in Hertz was due to a temporary mania in markets where low-priced, beaten-down stocks were bid up in expectations of a V-shaped rebound. Like Hertz, in recent weeks, these stocks have given back a significant chunk of these gains.</p><p class='black-text'><i>Latest Developments</i></p><p class='black-text'>As Hertz's stock crossed $6 and there was unexpected demand for the stock, Hertz sought to take advantage by issuing $500 million billion in additional stock. Given Hertz's situation, even this infusion of cash was unlikely to alter its trajectory. In its filing, Hertz clearly stated that investors in the offering were likely to lose money. This is also reflected in the company's debt which is trading at around 30 cents on the dollar, an indication that bondholders don't expect to get made whole which is a prerequisite for stockholders to make money.</p><p class='black-text'>However, the U.S. Securities and Exchange Commission has objected to this plan, and it's stalled. Given that Hertz's current market cap is $240 million, $500 million in additional stock would be incredibly dilutive but not make a meaningful dent in its $19 billion debt load. It could give the company more time to survive and hope that economic conditions improve which could result in its assets becoming more valuable.</p><p class='black-text'><i>Buyout Rumors</i></p><p class='black-text'>From its early-June spike above $6, the stock has given back 80% of these gains. However, in recent days, Hertz has rallied 50% on an analyst note that Carmax <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/KMX"><span style="color:#333">(</span><span style=";">KMX</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="KMX" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="KMX" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="KMX" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> or AutoNation <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AN"><span style="color:#333">(</span><span style=";">AN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> may buyout the company.</p><p class='black-text'>Hertz's price action following this news report was also puzzling. First of all, no news is being reported. Second, just because Hertz gets bought out, it doesn't mean that its stock will necessarily climb especially given there's no reason for a buyer to pay full price. Additionally, the analyst note mostly focused on these companies buying Hertz's used car inventory which is approximately $3 billion.</p><p class='black-text'>Selling all the cars at once would temporarily boost their cash position, but it would be less profitable than selling the cars individually and maximizing their return. Overall, the note was mostly negative as it said that Hertz's liquidity position has declined from just under $1 billion in March to $365 million as of June 30.</p> http://www.pws.io/hertz-roller-coaster-continues Fri, 26 Jun 2020 18:25:52 -0400 Jaimini Desai Brands Join NAACP-led Coalition in Protest Against Facebook’s Policies http://www.pws.io/brands-join-naacp-led-coalition-in-protest-against-facebooks-policies <p class='black-text'>Various brands are joining the trending "Stop Hate for Profit" movement in protest of Facebook's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> policies, namely those that allow the platform's continued use for disinformation and racism. The movement itself is being led by the National Association for the Advancement of Colored People and other allied groups.</p><p class='black-text'>The protest was <a href="https://abcnews.go.com/Business/ben-jerrys-latest-join-stophateforprofit-facebook-ad-boycott/story?id=71425786">launched last week</a> with the #StopHateForProfit hashtag by a coalition of groups, including the NAACP, Color for Change, the Anti-Defamation League, Sleeping Giants, Free Press, and Common Sense Media. The campaign directly targets Facebook's policies, more specifically, the company's lack of regulating fake news, discriminatory posting, and allowing users to be attacked for their race. The coalition directly targeted Facebook's advertising, stating that the company did nothing to police its own platform while profiting immensely off of harmful posts.</p><p class='black-text'>"They allowed incitement to violence against protesters fighting for racial justice in America in the wake of George Floyd, Breonna Taylor, Tony McDade, Ahmaud Arbery, Rayshard Brooks and so many others." The coalition <a href="https://www.stophateforprofit.org/">says on its website</a>. "Let's send Facebook a powerful message: Your profits will never be worth promoting hate, bigotry, racism, antisemitism and violence."</p><p class='black-text'>The coalition has attracted a slew of <a href="https://finance.yahoo.com/news/heres-a-running-list-of-companies-boycotting-facebook-185430503.html">major brands</a> to their cause, with various companies throwing their support behind the campaign and offering to pull their advertising from Facebook for the month of July. The North Face (parent company VF Corporation, <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VFC"><span style="color:#333">(</span><span style=";">VFC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VFC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VFC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VFC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> was the first brand to join the cause, and was followed by many others, including Patagonia, Arc'teryx (parent company Anta Sports <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/ANPDF"><span style="color:#333">(</span><span style=";">ANPDF</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="ANPDF" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="ANPDF" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="ANPDF" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and Eddie Baur. Ben & Jerry's (parent company Unilever, <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/UN"><span style="color:#333">(</span><span style=";">UN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="UN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="UN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="UN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, which has long been a supporter of civil rights causes, was the latest to join the campaign, along with advertising firm Goodby, Silverstein, and Partners (parent company Omnicom Group, <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/OMC"><span style="color:#333">(</span><span style=";">OMC</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="OMC" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="OMC" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="OMC" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> and Verizon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/VZ"><span style="color:#333">(</span><span style=";">VZ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="VZ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="VZ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="VZ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p><p class='black-text'>On social media, the various brands took to voicing their support for the cause, sharing the campaign's hashtag, and for some, directing users to the campaign's website.</p><p class='black-text'>"Ben & Jerry's stands with our friends at the NAACP and Color of Change, the ADL, and all those calling for Facebook to take stronger action to stop its platforms from being used to divide our nation, suppress voters, foment and fan the flames of racism and violence, and undermine our democracy," Ben and Jerry's <a href="https://abcnews.go.com/Business/ben-jerrys-latest-join-stophateforprofit-facebook-ad-boycott/story?id=71425786">said in a press release</a>.</p><p class='black-text'>The policies brought into question by the campaign have been a long-time problem for Facebook, being the subject of scrutiny by citizens, advocacy groups, and the Federal Government alike. The timing of the campaign also coincides with an ongoing antitrust investigation into Facebook.</p> http://www.pws.io/brands-join-naacp-led-coalition-in-protest-against-facebooks-policies Fri, 26 Jun 2020 18:17:59 -0400 Michael Mooney Ant Financial Changing Name to Ant Technology Group http://www.pws.io/ant-financial-changing-name-to-ant-technology-group <p class='black-text'>Alibaba <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BABA"><span style="color:#333">(</span><span style=";">BABA</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BABA" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BABA" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BABA" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> affiliate, Ant Financial is rebranding to Ant Technology Group and changing its focus as well. It's currently the largest fintech company in China and has already filed and received approval from regulators for the name change. Ant Financial is a spin-off of Alibaba with the parent company retaining 33% ownership.</p><p class='black-text'>Ant Technology doesn't see itself as a financial company, instead, a company spokesman said Ant is "an innovative global technology provider" and over 60% of its workforce is in technology positions. Ant Technology's most well-known product is AliPay.</p><p class='black-text'><i>AliPay</i></p><p class='black-text'>Its first and major product is AliPay which began in 2004 as a part of Alibaba. It was the first online payment processor in China. From this AliPay has grown to include mobile payments, saving accounts, personal investing, lending, and credit scores as well as several B2B services and products. In essence, AliPay is an amalgam of Visa <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/V"><span style="color:#333">(</span><span style=";">V</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="V" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="V" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="V" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Paypal <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/PYPL"><span style="color:#333">(</span><span style=";">PYPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="PYPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="PYPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="PYPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Square <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/SQ"><span style="color:#333">(</span><span style=";">SQ</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="SQ" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="SQ" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="SQ" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, and a major bank.</p><p class='black-text'>AliPay started as a humble, side project for Alibaba to create a reliable payment system for its e-commerce platform. Alibaba followed the same path as Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> which created two hundred billion-dollar businesses by solving its problems in cloud computing and logistics.</p><p class='black-text'>AliPay was a necessary creation to allow an online business to flourish in China. Once users were on its platform, features were slowly added to incentivize more activity including banking and investing. From there, AliPay branched out into selling financial products like insurance and asset management to users. Many younger users were more comfortable managing their finances on AliPay rather than a traditional bank.</p><p class='black-text'><i>Extraordinary Growth</i></p><p class='black-text'>Ant Technology was started in October 2014. By the end of 2015, it was valued at $45 billion. In 2018, it raised $14 billion from investors, a record amount, for a valuation of $100 billion. It remains a private company, but its value is estimated at $200 billion which makes it the most valuable private, startup in the world. It's in talks to go public, and most analysts expect it does so within the next year.</p><p class='black-text'>Although it's changed its name to Ant Technology from Ant Financial, the most important part of its name, "Ant" has not changed. Founder Jack Ma chose this name because his goal was to create a product that focuses on small, individual users.</p><p class='black-text'>This ethos is evident in all of Alibaba's major products which don't differentiate between users with large balances or small balances. For example, its money-market funds are available to users even with a single yuan in their account. Ma's focus is on growing with his users. So far, this strategy has been remarkably successful as indicated by its valuation. Ant Technology may become bigger than Alibaba over the next decade.</p> http://www.pws.io/ant-financial-changing-name-to-ant-technology-group Fri, 26 Jun 2020 18:10:51 -0400 Jaimini Desai Nike Shares 4% Lower on Earnings Miss http://www.pws.io/nike-shares-4-lower-on-earnings-miss <p class='black-text'>Nike <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/NKE"><span style="color:#333">(</span><span style=";">NKE</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="NKE" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="NKE" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="NKE" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> posted a rare earnings miss, and its shares were trading 4% lower after-hours. Despite the strong stock market and massive amounts of fiscal and monetary stimulus, Nike's report demonstrates that the coronavirus and economic uncertainty are affecting discretionary spending.</p><p class='black-text'>However, a more positive spin is that Nike's weakness was due to the stores being shut down and the company's reliance on physical retail as its primary sales channel. Under this interpretation, Nike's weakness is temporary and provides a compelling buy the dip opportunity.</p><p class='black-text'><i>Inside the Numbers</i></p><p class='black-text'>Nike reported a net loss of $0.51 per share in its fiscal fourth-quarter which equates to $790 million. A year ago, it generated a profit of $989 million. Revenue at $6.31 billion was down 38% from 2019's $10.18 billion. The global figures reflected the coronavirus' path as Chinese sales were down only 3%, and North American sales were down 46%. Of course, the bulk of the most aggressive shutdowns were from late-March to early-May in North America, while the shutdowns were being lifted in China by late-March.</p><p class='black-text'>Going forward, most states are reopening but states that reopened the earliest are seeing the biggest surge in case counts, while states in the Northeast that have been cautious are seeing success in controlling the outbreak. So, more shutdowns may be necessary which would prevent Nike's North American sales rebounding like sales figures in China.</p><p class='black-text'>Another impediment for Nike is that many sports and recreation were put on hold which affected demand. Footwear sales were 42% lower, apparel was 38% down, and athletic equipment was 53% lower.</p><p class='black-text'><i>Digital Growth</i></p><p class='black-text'>The one bright spot was the 70% increase in digital sales. Nike's long-term strategy is to be less reliant on its retail partners and increase its direct-to-consumer sales online. The coronavirus certainly accelerated this process, as it probably hopes to retain online buyers. By selling directly, Nike can reap bigger margins, provide a more unique buying experience, and increase the lifetime value of a customer as opposed to selling through retail channels where margins are less and Nike has less control over many aspects.</p><p class='black-text'>For its online channel, the coronavirus is a blessing and accelerated its timeline towards digital sales becoming its primary source of revenue. This quarter, digital sales account for 30% of revenue which was Nike's target for 2023. The company is planning to open 150 mini-stores that will primarily function as locations where customers can pick up online orders.</p><p class='black-text'>Nevertheless, Nike swinging from a nearly $1 billion profit last year to a half-billion-dollar loss this year despite a 70% gain in digital sales, shows that in the near-term, retail sales in physical stores makes up the bulk of its business. It will be interesting to see how the numerous retail stores permanently closing affect Nike's bottom-line. In its conference call, it said that wholesale shipments were down 50%.</p> http://www.pws.io/nike-shares-4-lower-on-earnings-miss Fri, 26 Jun 2020 09:19:57 -0400 Jaimini Desai Coronavirus Update: United States Sees Record Daily New Infections, C.D.C. Notes Most of the Country Still At Risk of Infection http://www.pws.io/coronavirus-update-united-states-sees-record-daily-new-infections-cdc-notes-most-of-the-country-stil <p class='black-text'>The coronavirus outbreak in the United States is continuing to increase in an alarming rate, causing some states in the Southern and Western half of the country to pause their reopening plans to help contain their outbreaks. The state health departments around the country reported a total of over 38,000 new daily infections on Wednesday, a rate that the country has not seen since the pandemic reached its shores a few months ago.</p><p class='black-text'>Director of the Harvard Global Health Institute, Dr. Ashish Jha, stated in an interview with the <a href="https://twitter.com/TODAYshow/status/1276114464446840835?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1276114464446840835%7Ctwgr%5E&ref_url=https%3A%2F%2Fwww.washingtonpost.com%2Fnation%2F2020%2F06%2F25%2Fcoronavirus-live-updates-us%2F">"Today" show on Thursday</a> that the main cause of the acceleration of the United States cases is due to the rushed effort to restart the nation's economy without taking needed safety and health precautions.</p><p class='black-text'>"We had hoped that we would be able to keep the virus at bay for a while, but we are seeing these resurgences, largely because we opened up too quickly, and we opened up without the right safeguards in place," Jha stated. "And I'm worried that we're going to see increases in the number of cases in the days and weeks ahead."</p><p class='black-text'>The increases in cases in the state of Texas has caused Governor Greg Abbott to halt the phased lifting of social restrictions and reimpose a ban on elective surgeries to free up hospital beds in some areas of the state, according to<a href="https://apnews.com/778da4a2da7e5d9d12e6105c012b8cf9"> the <i>Associated Press</i></a>. Arizona Governor Doug Ducey and New Mexico Governor Michelle Lujan Grisham also paused their reopening efforts as cases in their respective states surge at an alarming rate.</p><p class='black-text'><b>Total Global Cases:</b> Over 9.7 Million</p><p class='black-text'><b>Total Deaths:</b> Over 491,000</p><p class='black-text'><b>Total Recovered:</b> Over 5.2 Million</p><p class='black-text'><i>C.D.C. Report</i></p><p class='black-text'>The U.S. Centers for Disease Control and Prevention on Thursday estimated that 20 million Americans have been infected with the coronavirus since the start of the outbreak in the United States, almost 10 times the amount of the 2.3 million confirmed cases on country currently has.</p><p class='black-text'>"Our best estimate right now is that for every case that's reported, there actually are 10 other infections," C.D.C. Director Robert Redfield stated during a call to reporters on Thursday, according to <i><a href="https://www.washingtonpost.com/health/2020/06/25/coronavirus-cases-10-times-larger/">The Washington Post</a></i><a href="https://www.washingtonpost.com/health/2020/06/25/coronavirus-cases-10-times-larger/">.</a> The estimate is based on coronavirus antibodies found in blood samples collected from donors around the country. Redfield also determined that between 92% to 95% of the United States population is still at risk of infection.</p><p class='black-text'>C.D.C. officials noted that the new infections in the Southern and Western states are being increased by higher infection rates from younger people, attributing the data to broader testing of people under 50.</p><p class='black-text'>"We're in a different situation today than we were in March and April where the virus was disproportionately being recognized in older adults," Redfield added.</p> http://www.pws.io/coronavirus-update-united-states-sees-record-daily-new-infections-cdc-notes-most-of-the-country-stil Thu, 25 Jun 2020 22:07:33 -0400 Rachel Hemple Facebook Loses Major Antitrust Appeal in German Court http://www.pws.io/facebook-loses-major-antitrust-appeal-in-german-court <p class='black-text'>In a landmark case that may serve as the bellwether for how the European Union approaches major tech companies going forward, Facebook <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/FB"><span style="color:#333">(</span><span style=";">FB</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="FB" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="FB" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="FB" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> lost its appeal in Germany's Federal Court of Justice. The decision found Facebook in violation of German antitrust laws and upholds an earlier decision by the German Federal Cartel Office.</p><p class='black-text'>In February of last year, the Federal Cartel Office found that Facebook's business model violated German antitrust regulations. According to the Cartel Office, Facebook had been abusing its dominant position by coercing users into surrendering their data through an "all or nothing" choice. The choice was either allowing Facebook to collect user data, or not using any Facebook products at all. The office also found that Facebook was illegally combining data harvested through its flagship site with data from its acquired products, such as Instagram and WhatsApp, as well as harvesting data from non-affiliated sites through plugins such as like and share buttons.</p><p class='black-text'>With the <a href="https://www.nytimes.com/2020/06/23/technology/facebook-antitrust-germany.html">decision </a>of the higher German court, Facebook is now required to allow users to block it from harvesting their data and combining it with data from other websites. The top court decision <a href="https://www.nytimes.com/2020/06/23/technology/facebook-antitrust-germany.html%20https://finance.yahoo.com/news/facebook-suffers-top-court-setback-143500871.html">laid out a timeline </a>for Facebook to come to comply with the decision, giving the social media company four months to plan out implementation, and another ten months to implement said plan.</p><p class='black-text'>"There are no serious doubts about Facebook's dominant position in the German social media network market, or that Facebook is abusing its dominant position with the terms of use prohibited by the Federal Cartel Office," said the <a href="https://www.dw.com/en/germanys-top-court-rules-against-facebook-on-users-data/a-53919404">court decision</a>.</p><p class='black-text'>The decision <a href="https://www.nytimes.com/2020/06/23/technology/facebook-antitrust-germany.html">may not be entirely final</a>, however. The lower German courts must still make a final decision, and it's entirely possible that courts could side with Facebook, likely setting off a second appeal process and another higher court decision. However, the strongly worded decision by the higher German court may more than likely cause the lower court to affirm the judgment.</p><p class='black-text'>Facebook is no stranger to antitrust issues, finding itself under investigation by the United States Congress, the Federal Trade Commission, and the Department of Justice. Other tech companies are also under intensive antitrust investigations; recently, Apple <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/APPL"><span style="color:#333">(</span><span style=";">APPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="APPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="APPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="APPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> found itself under investigation by the European Commission for anticompetitive behavior, while Alphabet <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/GOOGL"><span style="color:#333">(</span><span style=";">GOOGL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="GOOGL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="GOOGL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="GOOGL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, Amazon <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AMZN"><span style="color:#333">(</span><span style=";">AMZN</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AMZN" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AMZN" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AMZN" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>, as well as Apple, are similarly under investigation by U.S. authorities alongside Facebook.</p> http://www.pws.io/facebook-loses-major-antitrust-appeal-in-german-court Thu, 25 Jun 2020 17:40:51 -0400 Michael Mooney Apple Developers Conference Recap http://www.pws.io/apple-developers-conference-recap <p class='black-text'>Apple's <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/AAPL"><span style="color:#333">(</span><span style=";">AAPL</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="AAPL" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="AAPL" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="AAPL" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr> 2020 Worldwide Developer Conference took place virtually. There were no major announcements but several, smaller ones that in sum are meaningful. Unlike past events where major products and announcements were made, this was a more modest affair. Some of the new updates were expected, while others were surprises.</p><p class='black-text'><i>iOS 14</i></p><p class='black-text'>Apple gave its first look at its new iPhone operating system which will come out later this year. The newest feature is widgets that can be placed on the home screen which will allow for more functions and data to be accessed without using the phone. There are also automatically organized app libraries to make it easier to use and access apps that are sometimes lost deep inside the phone. Another new feature is picture-in-picture which means that you can watch a video while doing other things on the phone.</p><p class='black-text'><i>App Clips</i></p><p class='black-text'>This is an innovation that sprang from China's WeChat which has "mini-apps" within its product that don't require a lengthy download or installation and offer bare-bones functions. App clips are Apple's take on this and can be paid by Apple Pay. In essence, it's very, simple apps that can run without a download like a web application. This feature is in its infancy and developers will certainly innovate on it in unpredictable ways.</p><p class='black-text'><i>Miscellaneous Features</i></p><p class='black-text'>While iOS 14 and App Clips were the biggest new developments, there were several, new features for the Apple Watch. Users can trade watch faces with other users with a new program called "face-swapping". It's added fitness tracking for dancing and is supposedly the first, fitness-tracker to do so. It's a cool way to demonstrate the accuracy of the watch's gyroscope and accelerometer. It also has a new feature to track handwashing which is a coordination between the microphone which listens to the sound of water, a timer on the watch face, and the gyroscope which tracks hand movements.</p><p class='black-text'>Like the handwashing feature, a lot of the new announcements will only be relevant for a small, group of people, but it demonstrates that the company's products keep evolving. Apple debuted a new, more detailed series of emoji with more age options, emotions, and accessories. For most people, it's not a big deal and for some people, it's a really big deal.</p><p class='black-text'>There's also an update to Apple Maps for cyclists which has information like elevation, stairs, or bike lanes. Currently, it's only available in major cities but will be rolled out everywhere in the coming months. There's also an update for electric vehicles which adds charging station information to Apple Maps. Another new feature is "digital car keys" which basically will allow cars to be opened and turned on using an iPhone. So far, this is only compatible with the BMW 5 series <nobr><span style="white-space: nowrap; display:inline-block"><a href="http://www.pws.io/stock/BMWYY"><span style="color:#333">(</span><span style=";">BMWYY</span>&nbsp;<span class="updatable-ticker text alert" data-symbol="BMWYY" data-type="direction_class" data-up="success" data-down="alert"><i data-symbol="BMWYY" data-type="direction_class" data-up="fa-arrow-up" data-down="fa-arrow-down" class="updatable-ticker fa"></i>&nbsp;<span class="updatable-ticker" data-symbol="BMWYY" data-type="changePercent"></span></span><span style="color:#333">)</span></a></span></nobr>.</p> http://www.pws.io/apple-developers-conference-recap Thu, 25 Jun 2020 17:33:04 -0400 Jaimini Desai