The coronavirus market rally had a mixed day Thursday, but it's a stock picker's paradise: Costco, Inphi, Lululemon cleared buy points.
Allergan, an AbbVie (NYSE: ABBV) company, today announced that the U.S. Food and Drug Administration (FDA) approved a supplemental Biologics License Application (sBLA) that supports expanded use of BOTOX® for the treatment of spasticity in pediatric patients 2 years of age and older, including those with lower limb spasticity caused by cerebral palsy.
Uber Technologies (NYSE: UBER) is launching a fixed-schedule commuter service in London after buying the naming rights to the Thames Clippers ferry service, which will be rebranded as Uber Boat by Thames Clippers. The new boating service would be yet another attempt to branch out into areas other than ridesharing, as declining numbers of fares caused Uber to report a $2.9 billion quarterly loss earlier this year. Uber has been leaning hard into meal delivery with its Uber Eats service that was carried along by the COVID-19 pandemic as restaurants were forced to rely on takeout and delivery to survive during the crisis.
Northwest Pipe Company (Nasdaq: NWPX), an industry leader of engineered pipeline systems for water infrastructure, today announced the addition of Amanda Kulesa to its Board of Directors.
efficacyAI, Inc. announced today that it has recently signed a license agreement with the Georgia Tech Research Corporation granting it exclusive rights to the use of a suite of algorithms called MedicascyAI. This novel artificial intelligence software platform requires only the chemical structure of a small molecule as the input to make actionable high confidence predictions related to the safety and efficacy of the molecule’s use for targeted indications.
The Global Gas Masks Market will grow by $ 10.70 bn during 2020-2024
Gender diversity quota: California will force public companies to have at least one woman on their board of directors by Jan. 1 or face penalties.
(Bloomberg) -- Vanguard Group Inc., the New York Stock Exchange and Nasdaq Inc. are pushing back on an escalating risk to their bottom lines: threats from Capitol Hill and the Trump administration to dramatically curtail U.S. investments in Chinese companies.During a Thursday panel discussion hosted by the Securities and Exchange Commission, the firms’ executives questioned a bill under consideration on Capitol Hill that could lead to Alibaba Group Holding Ltd., Baidu Inc. and other Chinese businesses getting kicked out of American stock markets. The intent of the legislation is to force China to comply with U.S. accounting rules. But among the concerns raised was that it might just prompt companies to relocate to markets with less regulatory oversight.“Companies will likely move their listings,” said Rodney Comegys, a principal at Vanguard. “They’ll move their place from New York to Hong Kong.”The remarks are notable because Wall Street -- hesitant to get in the middle of rising tensions between the U.S. and Beijing -- has been mostly quiet about about Washington’s potential crackdown on Chinese companies.The bill in question cleared the Senate unanimously in May with a companion version now being reviewed by the House. It would trigger the de-listing of Chinese firms if they don’t allow their books to be examined by the U.S. Public Company Accounting Oversight Board for three straight years -- a requirement that China has long rejected. The legislation’s Republican and Democratic backers says it’s needed to protect U.S. investors from fraud.Read More: Citadel’s Ken Griffin Urges U.S. Access to Chinese AuditsThe Thursday event also featured SEC staff and executives from major accounting firms. It’s not expected to result in swift policy changes as most regulations take months or even years to enact.Vanguard is among giant money managers whose mutual funds invest in Chinese businesses listed on U.S. exchanges, while NYSE and Nasdaq make millions of dollars in fees by allowing Chinese shares to be traded on their platforms.John Tuttle, chief commercial officer for NYSE Group Inc., said the exchange would support adding an indicator to company tickers to ensure investors are aware of risks associated with firms whose audits aren’t inspected by the PCAOB. But he warned that the proposed legislation could backfire.‘Blunt Tool’“We don’t disagree with it philosophically,” Tuttle said. “However, some of the tactics -- about how they want to get the results they want to get -- we don’t necessarily agree with that.”While he was careful to say that Nasdaq wasn’t opposing the pending bill, John Zecca, the exchange operator’s global chief legal and regulatory officer, was also critical.“Legislation is a very blunt tool,” he said. “The government already has a number of tools to address this.”The issue of Chinese stock listings has attracted the attention of President Donald Trump, who has ratcheted up his attacks on China over the coronavirus pandemic and as friction mounts due to Beijing’s recent moves that chip away at Hong Kong’s political freedoms.Trump has ordered regulators to review Chinese companies’ lack of adherence to U.S. accounting rules and submit recommendations by early August on how to fix the problem, putting the SEC at the center of the fight. The president’s critiques come as slumping poll numbers show he faces a difficult road to winning re-election in November.Luckin ScandalAdding urgency to the debate over Chinese companies is this year’s high-profile accounting scandal at Luckin Coffee Inc. Since reaching a high of $50 a share in January, the Chinese chain has cratered more than 90% in Nasdaq trading, a plunge that’s erased about $11 billion of market value. Following an internal investigation, Luckin disclosed earlier this month that fabricated transactions had inflated its 2019 revenue by about $300 million.SEC Chairman Jay Clayton has said he supports the legislation because denying access to PCAOB examiners creates an “unlevel playing field” for U.S. investors. Clayton, in remarks prepared for Thursday’s event, said he expected the panelists’ comments to inform recommendations that regulators are preparing for Trump.The longstanding requirement that all companies that trade on U.S. exchanges submit their audits for PCAOB inspections was implemented in the wake of Enron Corp.’s 2001 accounting scandal. There are more than 200 Chinese corporations that have been allowed to sell shares in the U.S. without complying, according to the PCAOB. Their market capitalization is roughly $1.8 trillion, with Alibaba making up about one-third of the total.Bad AuditsFamous short seller Carson Block was among Thursday’s panelists who said the U.S. needs to do much more to prevent fraudulent Chinese companies from ripping off American investors.The Muddy Waters Capital founder said that when Chinese companies trading in the U.S. blow up, American affiliates of global accounting firms should be held financially responsible. The proposal is provocative because U.S. accounting firms have no role in scrutinizing the books of Chinese companies, which are typically examined by Chinese audit affiliates. Block said audits of Chinese companies are akin to a “rubber stamp.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Stock futures pointed slightly higher Thursday evening after a mixed session on Wall Street, during which tech shares broke further to the upside to close at fresh record highs.
VANCOUVER, BC , July 9, 2020 /CNW/ - Minco Base Metals Corporation (the "Company") announces that the special general meeting of shareholders was held on July 8 . At the meeting, the minority shareholders of the Company approved the proposed privatization of the Company originally announced on April 15 , 2020. A total of 98.3% of the shares held by minority shareholders and represented at the meeting voted in favour of the proposed privatization.
Ava DuVernay's Array Releasing has bought Isabel Sandoval drama "Lingua Franca" and will premiere the film on Netflix on Aug. 26 along with select cities theatrically. Sandoval directed, wrote, produced, edited and stars in the film. "Lingua Franca" was the first movie directed by and starring a trans woman of color to screen in competition […]
Moody's Investors Service has assigned an initial underlying A3 and enhanced Aa1 rating to Mt. Morris Consolidated Schools, MI's $11 million 2020 School Building and Site Bonds (General Obligation - Unlimited Tax). Post-sale, the district will have $11 million of general obligation debt outstanding.
BofA head of equity research Savita Subramanian doesn’t label herself a bear, yet she sees the U.S. equity markets declining some 8% from now through year-end.
The U.S. State Department said on Thursday it had approved the possible sale of 105 Lockheed Martin F-35 fighter jets to Japan at an estimated cost of $23 billion. The Japanese request included 63 F-35A and 42 F-35B aircraft, 110 Pratt and Whitney F135 engines, and related equipment, it said, and implementation of the proposed sale, including technical support and training, would take 25 years. "It is vital to U.S. national interest to assist Japan in developing and maintaining a strong and effective self-defense capability," the State Department said, adding that the proposed sale would not change the military balance in the region.
Mario Anglada, Founder & Chief Executive Officer of Hoy Health, joined Yahoo Finance's Kristin Myers, Jen Rogers, and Sibile Marcellus to discuss the state of health care in the U.S. and how Hoy Health is making health care more accessible.
If you were the market and you knew that coronavirus cases were spiking in Florida and other states, would you want head higher? The day’s action was dictated by news out of Florida—cases, hospitalizations and cases rose—and perhaps by the Supreme Court’s decision to allow the New York prosecutor to subpoena President Donald Trump’s taxes.
President Donald Trump has pledged to make America great again. Former Vice President Joe Biden wants people to "buy American" again.
Cannae Holdings and Senator Investment Group, which are trying to buy property data and analytics company CoreLogic Inc, have hired a proxy solicitor, a source familiar with the matter said on Thursday. A proxy solicitor polls large shareholders on how they plan to vote on hotly contested corporate matters like mergers or proxy fights. Hiring one signals that Cannae and Senator are taking next steps to prepare for a potential fight with CoreLogic.
Moody's Investors Service, ("Moody's") has assigned a Prime-1 (sf) rating to the Series B Commercial Paper Notes issued by Concord Minutemen Capital Company, LLC ("Concord"). The Prime-1 (sf) rating of the Series B Commercial Paper Notes issued by Concord is based on, among other factors, (i) the repayment obligations of Prime-1 rated institutions under various support agreements that provide full credit and liquidity support for each transaction; (ii) structural features aimed at protecting the bankruptcy remote nature of Concord; (iii) the experience and capabilities of Guggenheim Treasury Services LLC ("Guggenheim Treasury") as the conduit manager to provide day-to-day administrative services to Concord and ensure timely issuance and repayment of the ABCP; and (iv) the experience and capability of Deutsche Bank Trust Company Americas ("DBTCA") as the issuing and paying agent to provide day-to-day depositary and issuing and paying agency services to Concord and to ensure timely issuance and repayment of the ABCP.
AM Best has placed under review with positive implications the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb-" of National General Holdings Corp. (NGHC) (headquartered in New York, NY) [NASDAQ:NGHC], and all of the Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of NGHC securities. At the same time, AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of "a-" of Integon National Insurance Company (Winston-Salem, NC) and its reinsured affiliates, as well as of National General Re Ltd. (Hamilton, Bermuda). All of the operating insurance entities are collectively referred to as National General Group or the Group.
Wells Fargo & Co said on Thursday it has hired Flagstar Bank's Kristy Fercho to run its mortgage division following the retirement of 23-year veteran Michael DeVito from the company. Fercho will oversee home lending operations of the largest mortgage lender in the United States during a time of uncertainty in the industry. Since taking over as chief executive late last year, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues in top positions.
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments technologies company, is pleased to provide further information regarding the institutional credit facility that it received totaling 1.4 billion USD to power merchant settlements.NetCents has partnered with Bison Digital LLC, backed by BKCoin Capital LP, to use its merchant order flow as a supply for a short-term crypto portfolio. ...
New York, July 09, 2020 -- Reportlinker.com announces the release of the report "Autonomous Mining Equipment Global Market Report 2020-30: Covid 19 Growth and Change" -.