• 08/06/2020: World’s Best-Performing Gold Stock Doesn’t Operate Any Mines

    World’s Best-Performing Gold Stock Doesn’t Operate Any Mines(Bloomberg) -- The most successful way to be a gold producer may be to not operate any mines.At least, that’s the business model of DRDGold Ltd., the best-performing stock on the MSCI ACWI Select Gold Miners Investable Market Index this year. The company, which specializes in recovering gold from mine dumps in and around Johannesburg, has surged 271% in 2020, also making it the biggest gainer on South Africa’s FTSE/JSE Africa all share benchmark.“Everybody is flocking to the arms of gold,” Niel Pretorius, chief executive officer of DRDGold, said in an interview on Tuesday. “And because our company does provide exceptional gearing to the gold price, and it is traded at a multiple to movement of the gold price, it is always a favorite pick.”With the pandemic spurring demand for haven assets and central banks pumping unprecedented levels of stimulus, gold has surged to a record high, boosting shares of producers. Also helping DRDGold this year was a 1.1 billion-rand capital injection as Sibanye Stillwater Ltd. boosted its stake in the company, as well as the stock’s re-inclusion in the VanEck Vectors Gold Miners ETF.“It was almost like a perfect storm from the perspective of our company,” Pretorius says. “If you can’t take advantage of that then you don’t have a business.”DRDGold’s fortune is turning after a tepid first half of 2019 that saw the stock fall as much as 20% and it was removed from the VanEck gold ETF. Still, the stock more than doubled last year after the company began buying back shares, posted a rise in operating profits and paid its highest annual dividend since Bloomberg data going back to 1996.With gold’s meteoric rally driving up the FTSE/JSE Africa Gold Mining Index 131% and into the overbought territory this year, there may not be much room for further gains unless the precious metal trades higher, according to Pretorius, although he’s optimistic over the metal’s prospects longer term.“If gold prices stay at current levels, I would be surprised to see very significant increases in the share prices,” he said. “If the sentiment turns against gold, there could be some big losses.”For now, DRDGold intends to keep processing tailing dumps. The company, which started mining in 1893, no longer has shafts or underground works, according to Pretorius. Instead, it’s focusing on the unmaintained sand mine dumps dotted around Johannesburg, which environmentalists say seeps toxic material into surrounding areas -- the legacy of 130 years of gold extraction from the fabled Witwatersrand basin.“Our job will be finished when all these dumps in Johannesburg are either removed or for the ones that have to stay behind, they are fully cleared, and they are fully rehabilitated so that there is no dust and no water comes from them,” Pretorius saidBullion prices rose for a fifth session Thursday, up 0.6% to a fresh record, while the rand price of the metal extended gains for a 16th consecutive day to a new all-time high. South African gold stocks, however, eased 0.4% by 11:40am in Johannesburg, with DRDGold falling 1.9%.(Updates with the latest gold, stock prices in last paragraph)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.

  • 08/06/2020: Israel's Wix.com swings to second-quarter loss while revenue jumps

    Israel's Wix.com swings to second-quarter loss while revenue jumpsIsrael's Wix.com, which helps small businesses build and operate websites, swung to a loss in the second quarter as it ploughed investments into marketing to meet the demands of new customers during the COVID-19 pandemic. The company on Thursday reported a quarterly net loss excluding one-time items of 26 cents per share, compared with a profit of 34 cents per share a year earlier. The result fell short of analyst estimates - according to I/B/E/S data from Refinitiv Wix was expected to earn 24 cents a share ex-items on revenue of $233 million, partly due to a doubling in marketing investments.

  • 08/06/2020: U.S. dollar headed lower, in retreat against the euro: Reuters poll

    U.S. dollar headed lower, in retreat against the euro: Reuters pollThe dollar's supremacy of well over two years has turned sharply and the current downward trend will continue into next year on expectations the U.S. economic recovery is flagging, especially compared to Europe, buttressing the euro, a Reuters poll showed. A surge in coronavirus cases across several U.S. states and some data pointing to an economic recovery losing steam pushed the dollar index down 4.1% in July, its biggest monthly percentage fall in a decade.

  • 08/06/2020: Aviva shares soar as new CEO cuts focus on Asia, Europe

    Aviva shares soar as new CEO cuts focus on Asia, EuropeShares in Aviva jumped more than 7% on Thursday as new CEO Amanda Blanc said the British life, motor and home insurer would reduce its focus on Asia and Europe, a strategy change welcomed by analysts. Blanc took over last month, becoming the firm's third chief executive in less than two years. Aviva will instead focus on Britain, Ireland and Canada, the firm said.

  • 08/06/2020: AstraZeneca signs first COVID-19 vaccine supply deal with Chinese company

    AstraZeneca signs first COVID-19 vaccine supply deal with Chinese companyShenzhen Kangtai Biological Products will produce AstraZeneca Plc's potential COVID-19 vaccine in mainland China, the British drugmaker said on Thursday, its first deal to supply one of the world's most populous countries. To meet market demand in China, Shenzhen Kangtai will ensure it has annual production capacity of at least 100 million doses of the experimental shot AZD1222, which AstraZeneca co-developed with researchers at Oxford University, by the end of this year, AstraZeneca said. It must have capacity to produce at least 200 million doses by the end of next year as part of the exclusive framework agreement, its statement on the Chinese social media site WeChat added.

  • 08/06/2020: Goldman Says Covid-19 Vaccine Approval Could Upend Markets

    Goldman Says Covid-19 Vaccine Approval Could Upend Markets(Bloomberg) -- Investors should consider the risk of a successful coronavirus vaccine unsettling markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks, according to Goldman Sachs Group Inc.The increased probability of an approved vaccine by the end of November is underpriced by equity markets, wrote strategists including Kamakshya Trivedi in a note Wednesday. Over the next few months, the ramifications of the U.S. election and the evolution of the virus -- in part as schools reopen -- are also likely to be key drivers of the market, they said.Approval of a vaccine could “challenge market assumptions both about cyclicality and about eternally negative real rates,” the team wrote, adding such a scenario may support steeper yield curves, traditional cyclicals and banks, while challenging the leadership of technology stocks.If this happened along with a change in the U.S. administration, emerging market equities could benefit “if trade policy risks diminish while U.S. tax risks rise,” according to the note.While the strategists suggested it may be too early for investors to position themselves aggressively for such a shift, they recommended options trades as a way to play the theme. For example, some call options on the S&P 500 still look attractive, and Goldman sees upside to around the 3,700 level should there be an early vaccine.That compares with a potential downside target of 2,200 should there be a significant reversal of activity from a second wave of the virus, the strategists added. The U.S. benchmark closed just under 3,328 on Wednesday.The Goldman team was more forthright on keeping its bearish view on the dollar.“The range of outcomes is wide and our highest confidence is still in ongoing U.S. dollar weakness,” they said.(Updates with comments in the second paragraph.)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.

  • 08/06/2020: Adidas Sees Q2 Sales Slide 34 Percent

    Adidas Sees Q2 Sales Slide 34 PercentBut there’s “light at the end of the tunnel,” the company says, citing e-commerce surges and Chinese sales rebound.

  • 08/06/2020: Apple Stock Split Fuels Retail-Trader Bets on Further Gains

    Apple Stock Split Fuels Retail-Trader Bets on Further Gains(Bloomberg) -- Apple Inc.’s planned stock split in the wake of the surge in its shares and strong earnings is stirring more bets on the company, according to TD Ameritrade Holding Corp.Activity in the world’s largest technology company “sticks out” over the past week, a repeat of the pattern seen in previous years when Apple split its stock, Christopher Brankin, chief executive officer of brokerage TD Ameritrade Singapore Pte, said in an interview Tuesday.“It’s something that we’re seeing across our options here because of that announcement,” he said, referring to the use of derivatives to bet on more gains in Apple shares.The iPhone maker’s quarterly report last week crushed Wall Street expectations amid pandemic demand for its products, and the company announced a four-for-one split for later this month to make its stock more accessible. The shares have risen six straight days, gaining about 18% in that time, and closed Wednesday at $440.25.Signals from the options market are flashing enthusiasm for Apple, such as unusually high relative prices for upside bets, according to RBC Capital Markets strategist Amy Wu Silverman.Apple options are pricing in more upside risk versus downside than at any time this year, despite the stock having almost doubled from its mid-March lows, Chris Murphy, derivatives strategist at Susquehanna Financial Group LLLP, wrote in a note Monday. Smaller traders have been a big portion of such bets in recent months, according to Sundial Capital Research Inc.That’s part of a wider fervor for the stay-at-home trade favoring some technology stocks. More than 82,000 users of the U.S. investing app Robinhood.com added Apple to their accounts in some form over the past week, according to website Robintrack.net, which aggregates data from the brokerage but isn’t affiliated with it.(Updates the chart after the third paragraph. An earlier version of this story corrected the name of the TD Ameritrade unit in the second paragraph.)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.

  • 08/06/2020: Zynga raises bookings forecast, buys another Turkish game-maker
  • 08/06/2020: Dakota Access Pipeline Staves Off Shutdown in Mixed Court Ruling

    Dakota Access Pipeline Staves Off Shutdown in Mixed Court Ruling(Bloomberg) -- The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown, with judges ruling that the Trump administration has to decide whether the conduit can operate while a more robust review is done.Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry.“Despite the mixed decision from the circuit court, the impact is wholly positive for the pipeline,” said Bloomberg Intelligence analyst Brandon Barnes. Still, the decision leaves open the possibility that Dakota Access has to shut before an appeal is decided, he said.Energy Transfer units rose as much as 6.2% before paring gains to close up 3.5%. The stock fell in post-market trading after the company said it was lowering adjusted earnings guidance for the year. General Counsel Tom Mason said during a conference call that the company was reviewing the court decision and will “run the course” with its Dakota Access litigation.“We believe our legal positions are strong, and we are confident that the pipeline will continue to operate,” Mason said.The Army Corps is likely to allow the pipeline to continue operating, according to James W. Coleman, a professor at Southern Methodist University’s Dedman School of Law. The question is then whether the Corps’ decision holds up to scrutiny from the district court.“The bad news for the pipeline is that, if the district court orders a shutdown after considering the injunction standard, the same panel of three judges will hear a new request for a stay,” Coleman said. So far, they seem inclined to agree with the district court on the need for more environmental review, he said.The oil industry has been watching the Dakota Access case with bated breath. Pipeline operators and developers are increasingly losing legal battles over key permits, but the Dakota Access order marked the first time a federal court told a major crude pipeline to shut due to violations of the National Environmental Policy Act.Dakota Access has been in service for three years after drawing months of on-the-ground protests during its construction near the Standing Rock Indian Reservation. The district court’s July decision said the Army Corps of Engineers violated NEPA when it approved a key permit for the pipeline, ordering the project to shut down while the agency conducts a more robust review.Energy Transfer, led by billionaire Kelcy Warren, said the judge didn’t have the authority to shut the pipeline and that the company would continue to accept capacity reservations beyond when the conduit was supposed to be drained. A week later, the D.C. Circuit issued a temporary stay of that order, allowing the line to keep operating.The company had also sought a more permanent stay, which the appeals court declined to grant on Wednesday.“It’s interesting what the court did here,” said Earthjustice lawyer Jan Hasselman, who represents the Standing Rock Sioux Tribe against Dakota Access. “While the focus has been on this judicially imposed shutdown order, the bigger picture is the environmental impact statement and whether a permit will be reissued under the next administration.”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.

  • 08/06/2020: Bezos Sells $3.1 Billion of Amazon Shares After Wealth Jumps

    Bezos Sells $3.1 Billion of Amazon Shares After Wealth Jumps(Bloomberg) -- The numbers are eye-popping: 1 million Amazon.com Inc. shares offloaded for more than $3.1 billion. And yet for the seller, Jeff Bezos, it barely puts a dent in his stake in the e-commerce giant.The disposal, disclosed Wednesday in Securities and Exchange Commission filings, adds to a $4.1 billion sale earlier this year. The proceeds are a fraction of the amount that Bezos’s holdings have increased this year as the Covid-19 pandemic forced people to stay at home and created a surge in demand for Amazon’s e-commerce services.For Bezos, 56, this year has been a reversal from years of relative restraint in reducing his stake in Amazon. He still holds more than 54 million shares and is worth $189.8 billion, according to the Bloomberg Billionaires Index. His net worth has surged by $74.9 billion this year with Amazon stock rising 73%.The spectacular gains for Bezos and other titans in his industry have put Big Tech under increased scrutiny. Bezos testified before Congress last month along with the chief executives of Facebook Inc., Apple Inc. and Alphabet Inc. to defend their power and influence. It’s also highlighting widening income inequality with the U.S. economy entering its worst economic downturn since the Great Depression.“In the 19th century, we had the Robber Barons. In the 21st century, we’ve got the ‘Cyber Barons,’” Representative Jamie Raskin, a Maryland Democrat, told the CEOs at the July 29 hearing. “And we want to make sure that the extraordinary power and wealth that you’ve been able to amass is not used against the interests of democracy and human rights around the world and not against the free market at home.”Read more: Tech titans called ‘Cyber Barons’ as fortunes surgeIn his opening statement before Congress, Bezos, who was born to a single mother and adopted by his Cuban-immigrant father when he was four, referenced his humble upbringing: ”I was born into great wealth, not monetary wealth, but as said the wealth of a loving family, a family that fostered my curiosity and encouraged me to dream big.”The biggest hit to Bezos’s wealth was his divorce last year. His ex-wife MacKenzie Scott received a 4% stake in Amazon as part of the split. Scott, now worth $61.6 billion, is the 13th-richest person in the world.Scott, 50, recently donated about $1.7 billion to several causes including racial equity, climate change and public health. The novelist has pledged to give away a majority of her wealth.Many of the world’s wealthiest people have become richer in 2020. Elon Musk’s net worth has more than doubled to $70 billion, India’s Mukesh Ambani has gained $21 billion to reach $80 billion, and Mark Zuckerberg is now worth $94.5 billion after adding $16 billion. But Bezos is pulling far ahead of the pack. He is $70 billion wealthier than Microsoft Corp. co-founder Bill Gates, the second-richest man in the world.Bezos is now on the cusp of another record: a fortune exceeding $200 billion.Click here for the filing.Click here for the holdings data.(Adds chart and details in the ninth paragraph)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.

  • 08/06/2020: Boeing Faces $1.25M Civil Penalty Over Handling Of FAA-Allotted Oversight Staff

    Boeing Faces $1.25M Civil Penalty Over Handling Of FAA-Allotted Oversight StaffBoeing Co (NYSE: BA) is facing a $1.25 million fine from the Federal Aviation Administration for allegedly not adhering to a program, where the company's own employees were deputed to act on behalf of the federal agency. What Happened In a statement Tuesday, the aviation regulator claimed that unauthorized Boeing employees acted in managerial positions at the plane maker's South Carolina factory under a program called Organization Designation Authorization (ODA), which deputizes company workers as regulators.The FAA is also accusing Boeing managers of exerting undue pressure and of interference with actual ODA unit members. The aviation regulator said the alleged violations took place between November 2017 and July 2019, while a separate penalty was also proposed for exerting "undue pressure" on ODA members on February 26.Boeing has the right to challenge the penalties and said it has taken corrective action. The airframer said it was cooperating with the agency on its probe, reported Bloomberg.The House and the Senate are working on legislating more thorough scrutiny of the ODA program.Why It Matters Boeing ODA members reportedly approved a flawed design of its 737 MAX plane linked to two fatal crashes, according to Bloomberg.A report released last month detailed Boeing's lack of disclosure to regulators on issues related to MAX's flight control system. Key FAA personnel were kept unaware of revisions the company had made to the system.Aside from the ODA penalties, the Chicago-headquartered aerospace company paid $12 million to resolve 13 enforcement cases in 2015. An additional $24 million in penalties could apply if the FAA concludes that the violations didn't stop, as per Bloomberg.Price Action Boeing shares closed almost 5.6% higher at $174.28 on Wednesday and added another 0.76% in the after-hours.See more from Benzinga * Boeing Settles 90% Of Claims Related To 2018 Lion Air Crash * Norwegian Air Cancels Boeing Orders, Seeks Return Of Pre-Delivery Payments: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/06/2020: Ballard Reports Q2 2020 Results

    Ballard Reports Q2 2020 Results* $25.8M Revenue, 21% Gross Margin, ($8.

  • 08/06/2020: Bearish Amazon Option Trader Bets $2M The Stock Won't Hold $3,100

    Bearish Amazon Option Trader Bets $2M The Stock Won't Hold $3,100Amazon.com, Inc. (NASDAQ: AMZN) shares are up another 74.9% in the past year, but at least one larger option trader is betting its recent rally may come to an end soon.The Amazon Trade: On Wednesday morning, Benzinga Pro subscribers received an option alert related to an unusually large Amazon trade.At 11:28 a.m., a trader bought 407 Amazon put options with a $3,100 strike price expiring on August 21 near the ask price at $50.011. The trade represented a more than $2.03 million bearish bet.Why It's Important: Even traders who stick exclusively to stocks often monitor option market activity closely for unusually large trades. Given the relative complexity of the options market, large options traders are typically considered to be more sophisticated than the average stock trader.Many of these large options traders are wealthy individuals or institutions who may have unique information or theses related to the underlying stock.Unfortunately, stock traders often use the options market to hedge against their larger stock positions, and there's no surefire way to determine if an options trade is a standalone position or a hedge. In this case, given the relatively large size of Wednesday's Amazon option trade it could certainly be institutional hedging.Earnings Beat Breather? The huge put option purchase comes six days after Amazon's second-quarter earnings report blew expectations out of the water. The company reported $10.30 in EPS on $88.91 billion in revenue, crushing consensus analyst expectations of $1.46 and $81.56 billion, respectively.The shelter-in-place environment has created booming demand for Amazon's e-commerce and cloud services business, and Amazon is gaining huge chunks of market share from brick-and-mortar competitors. However, the stock's 4.5% post-earnings gain has pushed Amazon's market cap to $1.6 trillion, and some traders may see limited additional near-term upside and the potential for an aggressive pullback at some point. AMZN Chart by TradingView new TradingView.widget( { "width": 680, "height": 423, "symbol": "NASDAQ:AMZN", "interval": "D", "timezone": "Etc/UTC", "theme": "light", "style": "1", "locale": "en", "toolbar_bg": "f1f3f6", "enable_publishing": false, "allow_symbol_change": true, "container_id": "tradingview_29861" } ); Benzinga's Take: The $2 million put purchase has a break-even price of $3,050, suggesting 4.4% downside for the stock in less than three weeks. The near-term expiration of the puts in question suggests the trader anticipates some form of bearish Amazon catalyst on the horizon in the near future, potentially even a follow-up from Congress after the recent Washington tech antitrust testimony.Related Links:Long-Term Investors Prefer Microsoft And Amazon Over Tesla And Facebook, Tech Survey Says How To Read And Trade An Option Alert See more from Benzinga * Amazon's Post-Earnings Run Mirrors Positive Voices From The Street * Big Tech Stocks Among The Most Shorted In The Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: Novavax signs COVID-19 vaccine supply deal with India's Serum Institute

    Novavax signs COVID-19 vaccine supply deal with India's Serum InstituteThe Indian drugmaker will have exclusive rights for the vaccine in India during the term of the deal and non-exclusive rights during the "Pandemic Period" in all countries other than those designated by the World Bank as upper-middle or high-income countries. The deal was signed on July 30, according to an SEC filing by Novavax. On Tuesday, Novavax reported that its experimental COVID-19 vaccine produced high levels of antibodies against the novel coronavirus in a small, early-stage clinical trial, and that it could start a large pivotal Phase III trial as soon as late September.

  • 08/05/2020: Suze Orman says Americans get this wrong about financial advisers

    Suze Orman says Americans get this wrong about financial advisersDo you think advisers always look out for you? Think again, the financial celeb says.

  • 08/05/2020: Stock market news live updates: Stock futures steady ahead of jobless claims data

    Stock market news live updates: Stock futures steady ahead of jobless claims dataStock futures drifted in late trading after rallying during the regular session. The S&P 500 closed higher for a fourth straight session and came within striking distance of its recent record close.

  • 08/05/2020: Biocept: Watch Out for This New Player in COVID-19 Testing

    Biocept: Watch Out for This New Player in COVID-19 TestingThe battle to extinguish the coronavirus is nowhere near the end. Cases have yet to be bought under control in many states. California is among the worst hit; Last week a new single-day death record was set, and the state’s reopening has been rolled back.Apart from the obvious need to contain the virus’ spread, comes the need for as much testing as possible.Diagnostics specialist Biocept (BIOC) has risen to the challenge. Being San Diego based, the small cap is perfectly located to meet demand in the Golden State.Over 100,000 tests are conducted each day in California. Although cases have modestly declined over the past week, the positivity rate is still over 6%, which is higher than the WHO’s 5% threshold for sufficient testing and indicates the need for additional tests.Maxim analyst Jason McCarthy notes that in addition to being able to provide the much needed testing kits, the venture should prove beneficial to Biocept’s balance sheet.“Biocept is working to increase its testing supply which comes at a key time as the US is facing a testing bottleneck with tests taking as long as 7 days to turnaround,” said the 5-star analyst, “COVID-19 is looking like it could drive growth for Biocept which we have pointed towards in prior notes. The company likely generated ~$700k since late June, and has been testing an increasing number of specimens each week, which should place them on track to offset slowed revenues around oncology testing due to the pandemic and potentially even drive growth.”Biocept has already received over 7,000 COVID-19 testing samples. The $700,000 McCarthy points out are on account of a $100 Medicare reimbursement for each test.Over 12,000 collection kits have been sent out since distribution begin in late June. Biocept has another 18,000 tests ready to go and has ordered components to produce another 20,000 collection kits. Based on present collection kit inventory, Biocept could boost the balance sheet by an additional $2.3 million.Accordingly, McCarthy rates Biocept a Buy along with a $1 price target. This figure implies 12-month upside of 12% from current levels. (To watch McCarthy’s track record, click here)Over the past 3 months, only one other analyst has posted a review of Biocept’s prospects. The additional Buy provides the diagnostics specialist with a Moderate Buy consensus rating. Investors could pocket a 71% gain, should the $1.53 average price target be met in the year ahead. (See Biocept stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • 08/05/2020: A Taiwan Tech Company Bigger Than Foxconn (Not TSMC)

    A Taiwan Tech Company Bigger Than Foxconn (Not TSMC)(Bloomberg Opinion) -- When the U.S. administration moved in May to block Huawei Technologies Co. from accessing American technology to manufacture its chips, shares of Taiwan Semiconductor Manufacturing Co. dropped.Huawei, the Chinese phone and telecoms equipment giant, was one of the custom chipmaker’s biggest clients and losing those orders was thought to pose a huge threat to revenue. Yet that same day, shares of another Taiwanese company jumped as much as their daily 10% limit, the most in almost five years.MediaTek Inc., a designer of chips used in electronics including smartphones, has since climbed another 78% in Taiwan and by late July overtook the market value of Hon Hai Precision Industry Co., the Taipei-based flagship of iPhone maker Foxconn Technology Group. At the close of trade Wednesday, MediaTek was Taiwan’s second-biggest company, worth NT$1.2 trillion ($40 billion). The new rule from the Trump administration stated that chip manufacturers such as TSMC cannot use American know-how to make semiconductors for Huawei, accusing the Chinese company of undertaking “malign activities contrary to U.S. national security and foreign policy interests.” Since U.S. equipment, software and materials are an irreplaceable part of chip manufacturing, the edict meant that Huawei can no longer use its own chips in its devices.But Huawei’s smartphones, routers, switches and other hardware can use chips designed by outside parties, even if they’re manufactured with American technology. Enter MediaTek.It designs 5G chips for both smartphones and base stations, and has them manufactured by TSMC, making it the perfect replacement for the Huawei-designed chips that can no longer be made.Already a supplier to the Chinese company, MediaTek’s orders from Huawei are reported to have jumped after the restrictions, spurring analysts to raise their outlook for 2020 revenue by 14% and for next year by 29%.This wasn’t some fluke, though, or merely being in the right place at the right time. Founded by M.K. Tsai, a U.S.-educated electrical engineer and  early leader of Taiwan’s chip industry, MediaTek has made a career out of being the backup quarterback in the world’s most ubiquitous devices.Once a division of United Microelectronics Corp., TSMC’s smaller rival in the chip foundry business, the company was spun off and listed in 2001. All three are based in Taiwan’s Hsinchu Science Park. When it gained independence, CD-ROMs and DVDs were hot, and MediaTek made the chips which powered them. It’s been riding the electronics revolution ever since and Tsai was later named among the world’s best-performing chief executive officers by the Harvard Business Review. When Blu-ray players were introduced, it became a key supplier of components. By the time Bluetooth became standard in gadgets, later to include mobile phones, MediaTek had cheaper offerings than its rivals. Wi-Fi was another big boon to the company.In many cases, MediaTek didn’t have the first or even the best product in the market, but it consistently found a way to balance performance with cost, and leverage a huge uptake in a hip new technology that would invariably force prices down. Competitors were often left flat-footed, offering higher-priced chips when MediaTek’s components were considered acceptable while being far cheaper.When mobile telephony came along, particularly the 3G technology that enabled the mobile internet, MediaTek was recognized as a serious player. Before long, it was not only designing networking chips but the core processor that runs a smartphone or tablet, treading on turf dominated by Qualcomm Inc. It went one step further, offering reference designs — recipes for how to make a smartphone — whereas Qualcomm tended to just sell the chip and let device manufacturers figure out the rest.MediaTek’s semiconductors, and Google’s free Android operating system, gave rise to a boom in smartphones that could be made for as little as $20 apiece. It has since developed high-end chips with artificial intelligence capabilities. One parlor trick: using MediaTek-powered phones to follow human movement and mimic it on a robot.Now, there’s 5G.With Chinese smartphone brands like Huawei, Xiaomi Corp. and Oppo already clients, and China itself being the earliest adopter of this faster networking standard, MediaTek stands poised to benefit. It helps that its closest rival, Qualcomm, is an American company in the midst of a U.S.-China tech cold war.Its new mobile chipsets may be installed on more than 40% of 5G devices launched in China, Bloomberg Intelligence analyst Charles Shum writes, adding to the strength it already enjoys in the market for Wi-Fi and power-management components it supplies to the likes of Amazon.com Inc., Xiaomi and Alibaba Group Holding Ltd.MediaTek has built a good business from being a smaller, less-famous name from a little-known place in Taiwan. With Beijing-Washington tensions heating up, it now finds itself at the center of the action. The trick will be to remain indispensable without becoming collateral damage.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 08/05/2020: Were Hedge Funds Right About Ditching Mallinckrodt Public Limited Company (MNK)?

    Were Hedge Funds Right About Ditching Mallinckrodt Public Limited Company (MNK)?We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

  • 08/05/2020: Apple gets rare analyst downgrade

    Apple gets rare analyst downgrade On Wednesday, Bank of America analysts led by Wamsi Mohan cut their rating on shares of Apple from buy to neutral, citing a number of risks. Key issues include tough comps, squeezed services margins by content amortization costs and risks in the 5G iPhones.

  • 08/05/2020: Giant Tesla Model Y Casting Machine Spotted In Fremont Factory: Report

    Giant Tesla Model Y Casting Machine Spotted In Fremont Factory: ReportThe Tesla Inc (NASDAQ: TSLA) Model Y is already an advanced product, with a two-piece casted body that reduces weight and manufacturing complexities. "When we get the big casting machine, it'll go from 70 parts to one with a significant reduction in capital expenditure," CEO Elon Musk said in 2019. What Happened: It appears the large casting machine is now in Fremont, according to a picture posted by Tesmanian.Not only would this reduce the cost and complexity of Model Y, it would allow Tesla to produce more vehicles faster.Musk has also said the Berlin-produced Model Y will be a revolution in autobody engineering. Benzinga's Take: Tesla moves quick when it comes to vehicle updates. The company does not wait for model year refreshes, with vehicles regularly receiving software and hardware updates as soon as they are ready to be rolled out.Tesla will also hold its battery investory day Sept. 22, which may reveal more information about the Model Y and other vehicle updates.Photo courtesy of Tesla. See more from Benzinga * 3 Tesla Vehicles Make List Of Top 10 Fastest-Selling Used Cars * Tesla Model 3 Vastly Outsells Competitors In China For June * Tesla On-Screen Wiper Controls Ruled Illegal In Germany(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: China’s Open Source Development Has Lessons for the US

    China’s Open Source Development Has Lessons for the USWhile the U.S. complains about TikTok and Chinese IP theft, China is forging a new form of development based on open source networks.

  • 08/05/2020: Pan American Silver reports cash flow from operations of $62.8 million in Q2 2020 and updates 2020 guidance

    Pan American Silver reports cash flow from operations of $62.8 million in Q2 2020 and updates 2020 guidanceVANCOUVER, BC, Aug. 5, 2020 /CNW/ - Pan American Silver Corp.

  • 08/05/2020: Franco-Nevada Reports Q2 Results

    Franco-Nevada Reports Q2 Results(in U. dollars unless otherwise noted)Assets returning to normal operationsTORONTO, Aug.

  • 08/05/2020: Roku beats on its top line, says Steven Louden to remain as CFO

    Roku beats on its top line, says Steven Louden to remain as CFORoku released its second quarter earnings report after hours on Wednesday, which beat investor expectations on its top line but missed on its bottom. The company did not offer any guidance, saying that the pandemic inhibited their ability to forecast. Roku also announced that CFO Steve Louden would remain its chief financial officer. Yahoo Finance’s Jared Blikre breaks down the company’s earnings report on The Final Round.

  • 08/05/2020: Why Airline Stocks Are Trading Higher Today

    Why Airline Stocks Are Trading Higher TodayShares of several airline companies such as American Airlines Group Inc. (NASDAQ: AAL), Delta Air Lines, Inc. (NYSE: DAL) and United Airlines Holdings, Inc. (NASDAQ: UAL) are trading higher following a report suggesting some senators are showing support for another round of payroll assistance.According to a CNBC report, "Sixteen Republican senators on Wednesday backed $25 billion in additional federal aid to support airline industry jobs as a spike in coronavirus cases in the U.S. hurt a modest recovery in flight demand in recent weeks."American Airlines' stock was trading up 11.40% at $12.78 per share on Wednesday at the time of publication. The company has a 52-week high of $31.67 and a 52-week low of $8.25.Delta's stock was trading up 3.80% at $26.65. The company has a 52-week high of $62.48 and a 52-week low of $17.51.United Airlines' stock was trading up 5.22% at $33.97. The company has a 52-week high of $95.16 and a 52-week low of $17.80.See more from Benzinga * Why Roku's Stock Is Trading Higher Today * Why Snap's Stock Is Trading Higher Today * Why Applied DNA Sciences' Stock Is Trading Higher Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: Gold At $3K? $50 Silver? BofA Raises Metal Price Targets

    Gold At $3K? $50 Silver? BofA Raises Metal Price TargetsGold prices once again hit new all-time highs Wednesday after breaking the $2,000-per-ounce level for the first time ever this week. Fortunately for precious metal investors, BofA Securities said global economic conditions suggest even more upside ahead.Gold traded at $2,057/ounce on Wednesday, with silver prices at $27.03/ounce and copper prices at $2.92/pound. Traders have been flocking to gold in 2020 as a safety investment during a period of economic uncertainty. Gold is also an inflation hedge after the Federal Reserve issued trillions of dollars of stimulus earlier this year. The Fed is expected to commit to near-zero interest rates until inflation hits its 2% target.More Upside Ahead: BofA Securities analyst Michael Jalonen said he's bullish on gold, and BofA raised its average 2021 real gold price forecast from $2,012 to $2,159.The firm also raised its 2021 real silver average price forecast from $21.95 to $30.49 and its 2021 real copper average price forecast from $2.77 to $3.10."Continued fiscal spending as governments are mending the damage from COVID-19, backstopped by central banks means that interest rates will remain low, at the same time as the economy reflates," Jalonen said in a note. Investors can expect gold prices to peak at $3,000 within the next 18 months, the analyst said. At the same time, he said copper prices could rally as high as $50/ounce in the medium-term.In addition to the commodity price target adjustments, BofA also upgraded Kinross Gold Corporation (NYSE: KGC) from Neutral to Buy and raised the price target from $8.90 to $11.25.The firm upgraded silver producer Hecla Mining Company (NYSE: HL) from Underperform to Neutral and raised the price target from $2.40 to $6.25.Benzinga's Take: The most pure-play trade on precious metals outside of owning the physical metals is to invest in funds such as the SPDR Gold Trust (NYSE: GLD), the iShares Silver Trust (NYSE: SLV) and the US COMMODITY IX/COM UT REPSTG U S C (NYSE: CPER).The GLD fund has been the best performer of 2020, with a 50.9% gain, while the CPER fund has lagged, gaining 4.6%.Related Links:Here's How Much Investing ,000 In The GLD Gold Fund In 2010 Would Be Worth Today Gold Prices At 9-Year Highs, But Eldorado Still Undervalued: BofALatest Ratings for GLD DateFirmActionFromTo Apr 2013Oracle Investment ResearchInitiates Coverage onStrong Buy Apr 2013Oracle Investment ResearchInitiates Coverage onStrong Buy View More Analyst Ratings for GLD View the Latest Analyst Ratings See more from Benzinga(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: 'Halftime Report' Traders Comment On Buffett's Purchase Of Bank Of America

    'Halftime Report' Traders Comment On Buffett's Purchase Of Bank Of AmericaCNBC "Fast Money Halftime Report's" traders commented on Warren Buffett's recent purchase of Bank of America Corp (NYSE: BAC).Sarat Sethi said this is a good decision. The catalysts are still not there, but when the economy picks up, Buffett is going to have a good position. Sethi also has a long position in the name.Joe Terranova said Buffett can't fix the headwinds that are challenging the money center banks. He is not a buyer because of the significant consumer exposure and the absence of trading revenue. Terranova owns JPMorgan Chase & Co. (NYSE: JPM) and he thinks Wells Fargo & Co (NYSE: WFC) has more upside than Bank of America.Brenda Vingiello also owns JPMorgan, but she is not ready to increase exposure in the sector before the economy picks up and interest rates go higher. She added that Buffett is known for his long-term positions and his patience.Stephen Weiss believes Bank of America is the best stock among the money center banks, but headwinds are too strong as interest rates are going to stay low for a long time. Weiss is not a buyer of Bank of America.Image credit: Fortune Live Media, FlickrSee more from Benzinga * Brian Stutland's Gold Trade * Joe Terranova Shares His Thoughts On Monster Beverage And Palo Alto * 'Halftime Report' Traders Advise Viewers On GM, Blackrock And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: Oppenheimer: These 3 “Strong Buy” Stocks Could Double, If Not More

    Oppenheimer: These 3 “Strong Buy” Stocks Could Double, If Not MoreThe “dog days” of summer are here, but it’s just as busy as ever on the Street. As earnings results continue to roll in, investors will be watching for any update on the next economic stimulus package along with the non-farm payroll report slated for release this Friday. Against this backdrop, plenty of questions remain, weighing on the minds of both institutional and private investors.In a recent note to clients, Oppenheimer’s Chief Investment Strategist John Stoltzfus addresses these concerns. When it comes to stocks’ disconnected state, he writes that the market tends to focus on the future, with it betting on a successful outcome based on the stimulus policy already put in place. But will this highly accommodative monetary policy eventually cause inflation?“We do not expect high levels of inflation to result from the extraordinary stimulus and monetary policy taken to deal with the Covid-19 pandemic. Federal Reserve vigilance against inflation (as well as vigilance by central banks around the world) is likely to be able to suitably address any flare up of inflation,” Stoltzfus commented.Bearing this in mind, we took a closer look at three stocks backed by the analysts at Oppenheimer, the third best-performing research firm, according to TipRanks. Running the tickers through TipRanks’ database, we learned Oppenheimer sees at least 120% upside potential in store for each, and all three have earned a “Strong Buy” consensus rating from the rest of the Street.Durect Corporation (DRRX)Developing innovative therapies based on its endogenous epigenetic regulator program, Durect believes it could potentially transform the treatment of acute organ injury and chronic liver diseases. As one of its candidates has delivered encouraging results, Oppenheimer sees an opportunity to get in on the action.Firm analyst Francois Brisebois recently told clients, “After several years of promising results, we believe DRRX's endogenous small molecule epigenetic regulator DUR-928 has finally found its home in the treatment of Alcoholic Hepatitis (AH). Given a high level of mortality (26% 1-month rate) and no viable treatment options, we believe DUR-928's fairly early robust Phase 2a efficacy and safety data could have it attacking this ~ $3 billion market opportunity with peak penetration as early as 2025.”Digging a bit deeper into this Phase 2a data, along with a robust safety profile, the trial showed that the therapy was able to rapidly reduce bilirubin, a marker of AH. In addition, there was a 100% response to treatment from the Lille score (mortality predictor tool) in 30mg and 90mg dosages and reduction in MELD (AH severity). Going forward, AH Phase 2b is set to begin in 2H20. “Given the potential to receive Breakthrough Therapy Designation (BTD) for treating a life-threatening condition with a substantial improvement over available therapies (mainly corticosteroids), launch could happen ahead of anticipation. Additionally, market exclusivity and pricing could be greater if Orphan Drug Designation (ODD) is awarded based on ~117,000 annual hospitalizations,” Brisebois added.Plenty of other catalysts are still ahead, in Brisebois’ opinion. DUR-928 is being evaluated in hospitalized COVID-19 patients with acute liver or kidney injury in a Phase 2 study and Phase 1b NASH data could be released during an upcoming conference. It should also be noted that it’s a “waiting game” for Posimir’s PDUFA, with the analyst considering “any related weakness as a buying opportunity.”All of the above makes Brisebois optimistic about DRRX’s long-term growth prospects. As a result, the analyst continues to assign an Outperform rating and $7 price target to the stock. Should his thesis play out, a potential twelve-month gain of 202% could be in the cards. (To watch Brisebois’ track record, click here) Brisebois’ colleagues are also pounding the table on DRRX. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. At $6, the average price target implies shares could climb 156% higher in the next year. (See DRRX stock analysis on TipRanks)Avadel Pharmaceuticals (AVDL)Hoping to address overlooked and unmet medical needs, Avadel Pharmaceuticals wants to provide solutions through its patient-focused and cutting-edge products. With Oppenheimer stating its asset has “disruptive potential in a proven blockbuster market,” the firm believes it might be time to snap up shares. According to analyst Francois Brisebois, who also covers DRRX, AVDL is primarily focused on FT218, a once-nightly sodium oxybate designed for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. He goes so far as to call the candidate the company’s “first, second and third priorities,” noting that it recently sold its Hospital Drug Portfolio “to avoid distractions.”Looking at the pivotal Phase 3 REST-ON top-line data, Brisebois believes it “speaks for itself.” At the 9g dose, FT218 was able to produce a change from baseline in Maintenance of Wakefulness (MWT) of 10.82 minutes vs. 4.469 in placebo, in Clinical Global Impression-Improvement (CGI-I) of 72% vs. 31.6% and in Mean Weekly Cataplexy Attacks of -11.51 vs. -4.86, all three of the co-primary endpoints. “We were particularly impressed that the 6g and 7.5g doses also showed p<0.001 across all co-primary endpoints,” the analyst added.The implication? “Following strong efficacy and safety data, we believe FT218 could significantly disrupt Jazz Pharmaceuticals' Xyrem (twice-nightly sodium oxybate), which reported FY19 sales of $1.6 billion,” Brisebois said.While some investors have expressed concern regarding the company’s freedom to operate, Brisebois isn’t too worried. “We are comfortable with AVDL's freedom to operate path forward as we don't believe it will infringe on Xyrem's IP (REMS or DDI). Although FT218 does use the same drug substance, it consists of a substantially different drug product. The label should add more clarity,” he explained.Additionally, management has made a significant effort to drive a turnaround. Brisebois points out that since CEO Greg Divis was appointed in June 2019, he has offered clear guidance on enrollment, which has led to huge gains in the share price. He also mentioned, “Dr. Jordan Dubow's appointment as CMO was key because of his important role in adjusting the original study design (data a year ahead of expectations). New CFO Thomas McHugh's commercial experience is crucial.”Given everything that AVDL has going for it, it’s clear why Brisebois joined the bulls. In addition to initiating coverage with an Outperform rating, the analyst put a $19 price target on the stock. What does this mean for investors? Upside potential of 134% is at play.Overall, the bulls take the lead on this one. Out of 5 total reviews published in the last three months, all 5 analysts rated the stock a Buy. Therefore, the message is clear: AVDL is a Strong Buy. The $18.40 average price target implies shares could skyrocket 126% in the next twelve months. (See Avadel stock analysis on TipRanks)CymaBay Therapeutics (CBAY)Last but not least we have CymaBay Therapeutics, which develops therapies designed to improve the lives of patients with liver and other chronic diseases. Given its impressive technology, Oppenheimer has high hopes.Covering the stock for the firm, analyst Jay Olson points out that its seladelpar asset produced strong results in the ENHANCE Phase 3 study in PBC. As it was terminated early and there were only a small number of patients that reached 12 months, the primary endpoint was changed to 3 months. The revised primary composite and key secondary ALP normalization endpoints were both statistically significant at 10mg. “We believe these impressive efficacy results could set a new paradigm for physicians and patients as they strive to achieve ALP normalization,” the analyst commented.Going into more detail, 30% of patients in the study had moderate-to-severe pruritus, and the pruritus levels were balanced and representative of high-risk PBC patients, in Olson’s opinion. Unlike Ocaliva, which has a warning for severe pruritus with management strategies that include temporary dosing interruption, seladelpar was able to generate a substantial improvement in pruritus.Based on this promising data, CBAY could kick off a Phase 3 PBC study. “We expect CBAY to initiate this simplified Phase 3 PBC trial in 1Q21 with 12-month primary endpoint for pivotal data in 2023. The safety profile of seladelpar is similar to placebo and compares favorably to Ocaliva's which has a boxed warning for dosing in certain patients,” Olson stated.When it comes to the NASH indication, Phase 2b 52-week biopsy data, which showed a solid reduction in fibrosis and NASH resolution, could support seladelpar’s progression to Phase 3. It should be noted that CBAY might seek a partner here.With the company boasting a path forward in 2L PBC that could establish seladelpar as the standard of care, the deal is sealed for Olson. To this end, the analyst rates CBAY an Outperform (i.e. Buy) along with a $12 price target. This figure suggests 127.5% upside potential from current levels. (To watch Olson’s track record, click here) Looking at the consensus breakdown, other analysts echo Olson’s sentiment. With 8 Buys compared to no Holds or Sells, the word on the Street is that CBAY is a Strong Buy. In addition, the $12 average price target is identical to the Oppenheimer analyst’s. (See CBAY stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • 08/05/2020: RPT: Microsoft, TikTok still negotiating acquisition deal

    RPT: Microsoft, TikTok still negotiating acquisition deal Microsoft and TikTok continue to negotiate the acquisition deal as TikTok announced that it will establish new rules in order to help mitigate misinformation and the manipulation of information going into the 2020 elections. Yahoo Finance’s Final Round panel discuss the details.

  • 08/05/2020: I Built A List Of Growing Companies And Realty Income (NYSE:O) Made The Cut

    I Built A List Of Growing Companies And Realty Income (NYSE:O) Made The CutSome have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...

  • 08/05/2020: Cannabis outlook as Canopy Growth, Tilray prep earnings

    Cannabis outlook as Canopy Growth, Tilray prep earningsKramer Capital Research Chief Investment Officer Hilary Kramer joins Yahoo Finance’s Zack Guzman to weigh in on how the coronavirus is impacting the cannabis industry.

  • 08/05/2020: Beyond Meat tumbles despite surge in U.S. retail sales

    Beyond Meat tumbles despite surge in U.S. retail salesCFRA Analyst Arun Sundaram joins Yahoo Finance’s Zack Guzman to break down Beyond Meat's latest quarterly results, after U.S. retail sales surged 194.9% from a year ago.

  • 08/05/2020: CVS Health Beats 2Q Estimates, Top Analyst Sticks To Hold

    CVS Health Beats 2Q Estimates, Top Analyst Sticks To HoldCVS Health reported better-than-expected 2Q earnings and raised its full-year guidance. The company is bullish on its diverse business, including its drugstore chain and health benefits, and believes that it is well-positioned to weather the impact of the coronavirus pandemic.CVS Health (CVS) reported 2Q adjusted earnings of $2.64 per share, up from $1.89 per share in the year-ago period, and beating analysts’ estimates of $1.93 per share. Revenue during the reported quarter grew 3% to $65.3 billion year-on-year marginally higher than the Wall Street consensus of $64.2 billion.For the full-year, the company raised its adjusted earnings guidance to $7.14- $7.27, from the earlier forecast of $7.04 -$7.17. CVS now expects full-year cash flow from operations to be between $11 billion-$11.5 billion, up from the previous guidance of $10.5 billion-$11 billion.Oppenheimer analyst Michael Wiederhorn maintained a Hold rating on the stock saying: “The Retail segment softened after a robust end to Q1 ($1.06B vs OPCO/Street $1.15B/$1.34B) due to COVID-related impacts to op-expenses and volumes, while the Pharmacy segment ($1.33B vs. OPCO/Street $1.28B/$1.34B) was largely in-line, overcoming softer new prescriptions and incremental costs.”Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 5 Buys and 4 Holds. The average price target of $74.71 implies an upside potential of about 15%. (See CVS stock analysis on TipRanks).Related News: Zimmer Biomet Slips 3.7% On 2Q Profit Decline Fiverr Pops 18% In Pre-Market On Upbeat 2Q Earnings And Raised Outlook Square’s 64% Revenue Spike Pushes Shares Up 9% In Pre-Market More recent articles from Smarter Analyst: * Teladoc To Snap Up Livongo In $18.5B Virtual Care Merger Deal * Apple Cut To Hold At Merrill Lynch * Pfizer, BioNTech Ink Deal To Supply Canada With Potential Covid-19 Vaccine * Zimmer Biomet Slips 3.7% On 2Q Profit Decline

  • 08/05/2020: Soaring gold prices could mean chaotic election day: strategist

    Soaring gold prices could mean chaotic election day: strategistPerhaps there is more behind the impressive run in gold prices than simply fears of a lingering U.S. recession.

  • 08/05/2020: 3 Big Dividend Stocks Yielding Over 8%; Raymond James Says ‘Buy’

    3 Big Dividend Stocks Yielding Over 8%; Raymond James Says ‘Buy’Investment firm Raymond James has released its July performance recap, summing up the fourth month of the economic recovery. The firm notes that the early weeks of this recovery cycle showed a V-shaped turnaround for the economy, which has since slowed, taking a “treading water” patter. Raymond James sees defensive stock plays in a strong position, as they have somewhat outperformed since the second week of June.Raymond James strategist Tavis McCourt sees the slowing pattern as predictable, and linked to the pace of Congressional action on recovery stimulus packages. McCourt writes, “With D.C. negotiating another package, it is likely that high frequency economic data will decelerate in early August before another round of stimulus is signed, but the market clearly believes the likelihood is that more direct support at similar scale is likely through the election.”This makes defensive stocks part of a consistent strategy, to keep returns coming in for reinvestment. With this in mind, we used TipRanks database to pull up the stats on three stocks that Raymond James analysts have tapped as buying propositions. These are stocks with a specific set of clear attributes, that frequently indicate a strong defensive profile: a high dividend yield -- over 8%; and a considerable upside potential.Phillips 66 Partners (PSXP)The first stock on our list is the midstream affiliate of Phillips 66. PSXP spun off the oil giant to operate the natural gas and crude oil pipelines, along with terminals and processing plants, that move product from the producer to the distributors. The company’s network of transport assets extends from the central US to the Gulf coast of Texas and Louisiana.PSXP has shown a combination of poor share performance in the economic downturn plus relatively strong quarterly earnings. The stock is still down 53% from February’s pre-crash levels, while EPS beat expectations in both Q1 and Q2. The second quarter results also showed a sharp upward turn sequentially from Q1, coming in at $1.05.The company has used its earnings to keep up the dividend payment. The quarterly payment has been stable at 87.5 cents per common share for the past three quarters, and at $3.50 annualized give a yield of 12.7%. This is more than 6x higher than the average dividend yield found on the S&P 500. PSXP has a 7-year history of dividend reliability.The dividend is only part of the positive picture here. Raymond James analyst Justin Jenkins writes, “Despite the near-term volatility in PSXP from pandemic/demand and regulatory risks, we remain positive on the long term outlook. Longer-term, PSXP benefits from a solid backstop from Phillips 66 (PSX) relative to peers. The interplay between the Phillips franchise provides growth optionality, especially as demand normalizes…”Jenkins gives this stock a Buy rating, and his $36 price target suggests an upside of 30% for the coming year. (To watch Jenkins’ track record, click here)Overall, Phillips 66 Partners has a Moderate Buy from Wall Street’s analysts, based on 6 Buy and 3 Hold ratings given in recent weeks. The stock is currently trading for $28.15, and the average price target, at $37.11, is slightly more bullish than Jenkins’, suggesting a 32% one-year upside to the shares. (See PSXP stock analysis on TipRanks)Black Stone Minerals LP (BSM)Next on our list, Black Stone Minerals, is another player in the hydrocarbon industry. Black Stone is an exploration and development company, with land use rights on 20 million acres in 40 states, with two main focuses: the South, with holdings from Texas across to Alabama, and the Northern Plains, where it operates in Montana and the Dakotas. Appalachian gas plays in West Virginia and Pennsylvania round out Black Stone’s operations.Depressed demand and economic lockdown policies kept impacted profits, and Black Stone’s earnings dropped sharply in Q2. The company has maintained its dividend payment, however, adjusting the payout to keep it in-line with debt reduction efforts and improved free cash flow during 1H20.The success of those efforts can be seen by the 88% increase in the dividend from Q1 to Q2, despite the fall in earnings. The current dividend is 15 cents per share, or 60 cents annualized, and gives a strong dividend yield of 8.2%. Covering the stock for Raymond James, analyst John Freeman gives BSM shares a Buy rating. His $9 price target suggests it has room for a 22.5% upside potential in the next 12 months. (To watch Freeman’s track record, click here)Supporting his stance, Freeman points out the company’s improving balance sheet. He writes, “As a result of their announced asset sale, BSM's borrowing base was reduced to $430M (down 7%) in 2Q. The company had $153M drawn at the end of July putting their utilization at a little over 35% currently. BSM ended the quarter with leverage at a low 1x.” "We applaud the reduced leverage profile and increasing distribution (nearly doubled q/q), while continuing to like BSM's diverse asset base and steps towards Shelby Trough development," the analyst added. Overall, the analyst consensus rating on Black Stone, a Moderate Buy, is based on an even split – 2 Buys and 2 Holds. The stock’s $9.25 average price target suggests an upside of 26% from the $7.38 trading price. (See BSM stock analysis on TipRanks)Oneok, Inc. (OKE)Last on the list today is Oneok (pronounced One-Oak), another midstream company in the natural gas industry. Oneok operates in the Permian Basin, the Mid-Continent region, and the Rocky Mountain states, with a network of assets including pipelines, processing plants, and storage facilities.Oneok has underperformed in 1H20, despite a strong Q1 performance. The company’s earnings fell from 83 cents per share in first quarter to 32 cents in the second. Shares fell sharply in early March, and have yet to recover value; OKE is down 54% from pre-crash levels, and is simply not gaining traction.At the same time, the company does have those valuable midstream assets, and has held its dividend stable at 93.5 cents per common share, giving a yield of 12.8%. Those strengths make the low share price an attractive point of entry, a factor noted by Raymond James.Writing for the firm, James Weston says, “At ONEOK (OKE), we still see a solid management team, generalist-friendly structure, and intense Bakken operating leverage in a more constructive environment (which may begin to show itself somewhat in 3Q financials). True, Bakken regulatory headwinds would drive tack-on impacts through the value-chain and could push leverage sustainably above ~5x in our model. However, the painful ~60% YTD sell-off took OKE from a peer premium to a slight peer discount, largely pricing in this risk. Further, OKE remains an attractive total return story as our base case avoids a cut to its ~13% dividend yield."To this end, Weston puts a $33 price target behind his Buy rating, implying a about 10% upside to the stock from current levels. (To watch Weston’s track record, click here)Overall, with 2 Buy ratings, 13 Holds, and 1 Sell, the analyst consensus rating on OKE is a Hold. Meanwhile, the stock is selling for $29.73, and the average price target, $34.07, suggests it has ~15% upside for the year ahead. (See Oneok’s stock-price forecast on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis and to consider your own personal circumstances before making any investment.

  • 08/05/2020: Moderna Posts Q2 Beat, Closes In On Coronavirus Vaccine Deal With Swiss Government

    Moderna Posts Q2 Beat, Closes In On Coronavirus Vaccine Deal With Swiss GovernmentModerna Inc (NASDAQ: MRNA) shares were moving to the downside Wednesday despite the coronavirus vaccine developer reporting forecast-beating second-quarter results and reports of a potential deal with the Swiss government.Moderna's Q2 Report: Cambridge, Massachusetts-based Moderna said its second-quarter revenue increased from $13.1 million in 2019 to $66.4 million in 2020, exceeding the $27.43-million consensus estimate.The company attributed the higher revenue to increased collaboration revenues from AstraZeneca plc (NYSE: AZN) and incremental BARDA funding.The loss per share narrowed from 41 cents to 31 cents, despite R&D expenses climbing about 18%. The Street was expecting a loss of 35 cents per share. The company ended the quarter with cash, cash equivalents and investments of about $3.1 billion. Moderna raised $1.3 billion in net proceeds with a public equity offering in May.Moderna said it has received about $400 million in customer deposits as of July 31 for potential supply of its coronavirus vaccine candidate, mRNA-1273.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Moderna Analyst Says Government Funding Key: On the earnings call, the company said it has executed smaller volume agreements for mRNA-1273 at $32-$37 per dose, and it expects to negotiate larger volume contracts at lower prices in the future, SVB Leerink analyst Mani Foroohar said in a note."We continue to expect larger volume government contracts to drive most revenue in the pandemic period, and that these large contracts will present an economically [attractive] value to MRNA shares on a contribution margin basis, regardless of somewhat lower headline price," the analyst said. View more earnings on MRNAThe risk of increasing competitive intensity could impact demand, he said. Moderna said its base case assumes a supply of 500 million doses of the vaccine per year, with annual capacity of 1 billion doses in an upside scenario, Foroohar said. The Phase 1 data from elderly patients treated with mRNA-1273 is likely to be released in the upcoming weeks, the analyst said.A Deal In The Making: Moderna is close to striking a coronavirus vaccine supply agreement with the Swiss government, a Reuters report said, citing a government official."We are only a few hours away from completing a purchase contract. With this contract we will get it very quickly," the official reportedly said.The official did not disclose the financial terms of the deal, Reuters said.MRNA Price Action: Moderna shares were down 3.98% at $75.34 at the time of publication Wednesday. Related Links:The Week Ahead In Biotech: Novavax Coronavirus Vaccine Readout, FDA Decisions And More Earnings Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates Latest Ratings for MRNA DateFirmActionFromTo Jul 2020SVB LeerinkInitiates Coverage OnMarket Perform Jul 2020JP MorganDowngradesOverweightNeutral Jul 2020Chardan CapitalMaintainsBuy View More Analyst Ratings for MRNA View the Latest Analyst Ratings See more from Benzinga * The Daily Biotech Pulse: Novavax Vaccine Data, Aerpio Gets .1M Funding For COVID Trial, Rigel Gains Big On Earnings * Coronavirus Vaccine Developer Moderna's Q2 Report: What To Expect(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 08/05/2020: U.S. cruise operators suspend voyages until Oct. 31
  • 08/05/2020: Why Wheaton Precious Metals (WPM) Stock is a Compelling Investment Case

    Why Wheaton Precious Metals (WPM) Stock is a Compelling Investment CaseFirst Eagle Investment Management recently released its Q2 2020 Investor Letter, a copy of which you can download here. The First Eagle Global Fund A Shares posted a return of 14.73% for the second quarter (without sales charge), underperforming its benchmark, the MSCI World Index which returned 19.36% in the same quarter. You should check […]

  • 08/05/2020: Wells Fargo (WFC) Likely To Remain Resilient From COVID-19 Impact

    Wells Fargo (WFC) Likely To Remain Resilient From COVID-19 ImpactFirst Eagle Investment Management recently released its Q2 2020 Investor Letter, a copy of which you can download here. The First Eagle Global Fund A Shares posted a return of 14.73% for the second quarter (without sales charge), underperforming its benchmark, the MSCI World Index which returned 19.36% in the same quarter. You should check […]

  • 08/05/2020: J.P. Morgan: These 2 Healthcare Stocks Are Must-Watch Names

    J.P. Morgan: These 2 Healthcare Stocks Are Must-Watch NamesMarching forward together, the previous decade saw equities and bonds rally right alongside each other. At the same time, there was a negative correlation of daily returns, limiting portfolio volatility. This was a good thing for multi-asset portfolios like pension funds which benefited from the high-low frequency correlation, with declining yields also giving a bump to specific equity market sectors.Today, things have changed, with bond yields landing at almost zero. According to J.P. Morgan strategist Marko Kolanovic, this implies that the trend might be fading away, which poses a major threat to multi-asset portfolios.“Should yields (or inflation expectations) start rising, these portfolios could experience a triple-whammy: bond values would go lower, valuations of the above-described equity market segments would be under pressure, and bond-equity correlation would deteriorate as it is itself correlated with yields,” Kolanovic explained. The strategist added that even if yields don’t rise, in the long run, it’s unlikely that such portfolios will see mid-to-high single-digit returns.So, what does Kolanovic think investors should do? He suggests buying stocks with a more negative correlation to bonds, pointing to value and cyclical names in particular.Offering up concrete recommendations based on Kolanovic’s strategy, the analysts at J.P. Morgan are pounding the table on two stocks, noting that each could climb at least 60% higher in the year ahead. Using TipRanks’ database, we found out that each ticker has also received Buy ratings from the rest of the Street.Autolus Therapeutics (AUTL)Primarily focused on the development of precisely targeted, controlled and highly active T cell therapies, Autolus Therapeutics wants to offer cancer patients treatment options that are superior to the existing standard of care. Given its innovative technology, it’s clear why J.P. Morgan has been impressed by this healthcare name.Writing for the firm, four-star analyst Eric Joseph calls its lead programs, AUTO1 and AUTO3, “potentially best-in-class autologous CAR-T candidate therapies for the treatment of ALL and DLBCL.” When it comes to AUTO1, the available Phase 1/2 data provides a “meaningful de-risking,” with it having the potential to be the first auto-CAR-T therapy approved for both adult and pediatric ALL.Expounding on this, Joseph stated, “Combined, we forecast a worldwide peak sales opportunity of ~$275 million and anticipate U.S. approval for AUTO1 in 2023. Further, as the company is also exploring adoption potential in the outpatient/community oncology setting, we see the safety profile demonstrated to date.”As for AUTO3, its dual CD19/CD22-targeting CAR design makes it a stand-out, in Joseph’s opinion, as it could “yield more durable remissions relative to the currently approved CAR-T class.” In addition, the fact that the asset is more easily tolerated means it could be adopted in an outpatient setting, potentially expanding the addressable DLBCL commercial opportunity. Pivotal development is slated to kick off in 1H21, with regulatory approval potentially coming in 2024. The analyst estimates a worldwide peak sales opportunity of $1.5 billion.To this end, Joseph tells clients to watch out for several possible catalysts in 2H20 including full Phase 1 data for the ALEXANDER study of AUTO3 in DLBCL, long-term follow-up data from the Phase 1 ALLCAR19 study of AUTO1 in adult ALL as well as the initiation of Phase 1 development for AUTO1NG (pediatric ALL), AUTO3NG (DLBCL) and AUTO8 (multiple myeloma).Based on these key catalysts, Joseph commented, “...we believe current AUTL levels undervalue the risk-adjusted commercial potential of these two lead programs in addition to the broader pipeline of CAR-T candidates for heme onc and solid tumor indications.”All of the above convinced Joseph to step over to the bulls’ side. In addition to initiating coverage with an Overweight rating, the analyst set a $25 price target. This target suggests shares could rise 67.5% in the year ahead. (To watch Joseph’s track record, click here)   The bulls represent the majority on this one. Out of 8 total reviews published in the last three months, 7 analysts rated the stock a Buy, while only 1 said Hold. So, the word on the Street is that AUTL is a Strong Buy. The $25.29 average price target lands just above Joseph’s and puts the upside potential at 73%. (See AUTL stock analysis on TipRanks)Alexion Pharmaceuticals (ALXN)Targeting rare and devastating diseases, Alexion Pharmaceuticals hopes its therapies will be able to address the unmet medical needs of patients from all over the world. On the heels of its strong Q2 showing, J.P. Morgan thinks that now is the time to pull the trigger.Thanks to continued solid commercial execution across its key franchises, five-star analyst Cory Kasimov tells investors that ALXN was able to deliver double-digit top and bottom-line beats. As a result, management boosted its 2020 guidance for the top and bottom-lines. This is set to be driven by the lower than expected impact to new patient starts in 1H, strong compliance rates across indications, continued conversion to Ultomiris (aHUS in particular) and payer impact that hasn’t been observed yet.Although the new patient queue is slowing and COVID-19 poses a risk to compliance rates, which could have a negative impact on the top-line and operating margins, management announced a commitment to $500-$550 million of repurchases in 2020, increasing to at least one third of free cash flow, on average, from 2021-2023.Looking at its pipeline, it should be noted that ALXN discontinued ALXN-2040 (danicopan) in C3G, much to the dismay of some investors. That being said, plans for the Phase 3 study in PNH are on track.As a reminder, its Soliris therapy got the stamp of approval in 2007 and up until the approval of ALXN’s follow-on product, Ultomiris, in December 2018, it was the only available therapy for the treatment of PNH. Even though Ultomiris wasn’t able to generate superior results over Soliris in Phase 3 studies, its less frequent dosing schedule has enabled the rapid conversion, in Kasimov’s opinion.“We see the rapid conversion of Ultomiris in PNH translating to the aHUS indication, as well continued uptake of Soliris in neurology, which sets up the C5 franchise for a sustainable growth trajectory further supporting the attractive risk/reward profile at the current valuation,” Kasimov said.Based on everything ALXN has going for it, Kasimov reiterated an Overweight rating. He also bumped up the price target from $158 to $167, suggesting 59% upside potential. (To watch Kasimov’s track record, click here)  Turning now to the rest of the Street, 10 Buys and 5 Holds have been assigned in the last three months, which add up to a Moderate Buy consensus rating. In addition, the $146.67 average price target brings the upside potential to 41%. (See ALXN stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis and to consider your own personal circumstances before making any investment.

  • 08/05/2020: Earnings Tell The Story For Zynex, Inc. (NASDAQ:ZYXI)

    Earnings Tell The Story For Zynex, Inc. (NASDAQ:ZYXI)With a price-to-earnings (or "P/E") ratio of 54.2x Zynex, Inc. (NASDAQ:ZYXI) may be sending very bearish signals at...

  • 08/05/2020: The World’s Hottest Stock Is a Money-Losing Tech Giant Soaring 880%

    The World’s Hottest Stock Is a Money-Losing Tech Giant Soaring 880%(Bloomberg) -- It gets far less attention than Tesla, the FAANGs or even the Robinhood flavor of the week.Yet Sea Ltd. has quietly become the world’s best-performing large-cap stock, stoking a debate on Wall Street over whether the Singapore-based gaming, e-commerce and payments company is the next great internet colossus or just Exhibit A in a global tech bubble that’s destined to burst.For now at least, bulls have the upper hand. Swelling optimism that loss-making Sea may one day become both the Tencent and Alibaba of Southeast Asia has boosted its New York-listed shares by more than 880% in the past 18 months, the largest gain worldwide among companies with a starting market value of at least $1 billion. Short sellers who placed record wagers against the stock in June are retreating at an unprecedented pace.If Sea Chief Executive Officer Forrest Li is paying attention to any of this, he’s not letting on. The 42-year-old billionaire said in a video interview that he’s been working seven-day weeks in the office since April, leading his company through what may be its most pivotal year. Demand for Sea’s mobile games and online-shopping platform has surged during the pandemic, and the company is bidding on a Singapore digital-banking license to accelerate its push into financial services. Li is also looking for potential acquisitions in gaming, logistics and e-commerce.“We don’t like to think too much about our success or how we got here,” he said when asked about Sea’s stock price. “It doesn’t matter if the environment is good or bad. It doesn’t change a company or a person.”Even by the standards of today’s tech boom, Li’s ascent has been remarkable. Born in the Chinese port city of Tianjin, he worked for the local units of Motorola Solutions Inc. and Corning Inc. before enrolling in Stanford’s MBA program. He founded Sea, then known as Garena, in 2009 and took it public with backing from Tencent in 2017.Read more about Li, who named himself after Forrest Gump.After a rocky first year of trading, Sea’s stock has gone on to trounce everything in its class. Initially, the gains were fueled by the runaway success of Sea’s first self-made mobile game -- a battle royale called Free Fire that has attracted as many as 80 million daily active users in more than 130 markets.But Sea’s e-commerce and financial services units are now increasingly important pillars of the bull case. Its Shopee platform overtook Alibaba’s Lazada in the fourth quarter of 2019 to become the top e-commerce provider in Southeast Asia, according to research firm iPrice, and the business accounted for more than 40% of Sea’s revenue in 2019, up from 2.3% in 2017.SeaMoney, which offers everything from e-wallets to micro loans, could ultimately be just as large, according to Li. “We think this is a huge business opportunity,” he said.Read more: Sea’s Singapore Digital Bank Bid Targets Millennials, SMEsThe soft-spoken founder has some big-name believers. Tencent still owns about 20% of Sea, and the stock was the biggest holding as of May in Noah Blackstein’s Dynamic Power Global Growth Class fund, one of the world’s top-performing equity mutual funds of the past decade. Other prominent shareholders include Chase Coleman’s Tiger Global Management LLC and Kora Management LP, an emerging markets-focused hedge fund in New York, according to regulatory filings as of March.Kora began investing in Sea in early 2018 after meeting with Li, Daniel Jacobs, the hedge fund’s founding partner, said in an interview. “We’ve seen over the last two years a company that’s got a great team and great products going after a big market and just executing incredibly well,” he said. “We think this is a mini Tencent and has the ability to be a really successful, large company in a global context.”Sea has already claimed the title of biggest company in Southeast Asia after its market value swelled to $65 billion, topping DBS Group Holdings Ltd. and PT Bank Central Asia for the first time earlier this year. Revenue has also grown quickly, jumping 163% to $2.2 billion in 2019, though it’s still just a fraction of DBS’s $11 billion.As for Sea’s $1.46 billion net loss last year? Jacobs isn’t bothered by it. “They are thoughtful and prudent about building a business,” he said. “We are very much of the view that the company has all this under control.”Not everyone is convinced.DBS Bank Ltd. analyst Sachin Mittal downgraded his recommendation on Sea to sell in July, citing Indonesia’s new tax regulations for cross-border transactions and the likelihood of the company burning through cash to grow its payments business. “There is a tech bubble right now,” he said in an interview. “Sea’s stock is overvalued and it’s partly a reflection of the industry.”While short sellers have closed out bets against Sea at a rapid clip in recent weeks, they still have a bearish position worth more than $3 billion, or about 8% of the stock’s free float, according to S3 Partners, a financial analytics firm. “Mark-to-market losses may have forced shorts out of their position,” said Ihor Dusaniwsky, head of predictive analytics at S3. “But they may still have a negative outlook.”Skeptics note that Sea faces deep-pocketed competitors in all of its main businesses, from Lazada to Grab Holdings Inc. and a slew of other up-and-comers in digital finance. Meanwhile, Sea’s gaming unit has yet to prove it’s more than just a one-hit wonder.Read more: Alibaba Helps Asia’s Malls Go Online After Virus Upends Retail“We could have a post-Covid situation where the jack-up in revenue does not materialize, and the gaming business is doing well but rests on only one popular game,” said Nirgunan Tiruchelvam, head of consumer equity research at Tellimer Ltd.Sea optimists see little reason to cash in. In fact, Georg Krijgh, founder and head of the investment team at Amsterdam-based Fratres, said his firm’s Knight Tech Fund, which has 150 million euros ($177 million) under management, plans to add to its Sea holdings.The stock is already the fund’s second-largest position after Shopify Inc., a Canadian e-commerce company that has gained more than 500% in the past 18 months. “There are always people who like to short excellent companies such as Sea, Tesla or Carvana, mainly based on the argument of a high valuation,” he said. “It’s an inferior strategy.”Sea’s biggest challenge now may have less to do with execution than with meeting investors’ “sky-high” expectations, said Matthew Kanterman, an analyst at Bloomberg Intelligence. In the past seven days alone, Sea’s stock has soared 28% to record.For his part, Li appears well aware that the bar has increased. It’s been hard not to notice with everyone calling his company a Southeast Asian mashup of Tencent and Alibaba, two of the most successful businesses in history.“We learned a lot from those pioneers,” said Li, who has an estimated net worth of $7.5 billion. “But at the end of the day, we don’t need to be their mini versions. We can just be ourselves.”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.

  • 08/05/2020: Australia Approves Co-Diagnostics’ Covid-19 Test; Stock Falls On Profit-Taking

    Australia Approves Co-Diagnostics’ Covid-19 Test; Stock Falls On Profit-TakingCo-Diagnostics’ (CODX) Covid-19 detector, the Logix Smart COVID-19 Test kit, has scored the green light from The Australian Therapeutic Goods Administration. The product is an in vitro diagnostic test for the qualitative detection of the RNA from SARS-CoV-2 coronavirus (COVID-19).The molecular test uses a single step real-time reverse transcriptase polymerase chain reaction (RT-PCR) process in lower respiratory tract fluids and upper respiratory tract fluids from patients who meet the clinical criteria COVID-19. These include fever, cough, shortness of breath and travel history to China.Negative results do not preclude SARS-CoV-2 infection and should not be used as the sole basis for patient management decisions, the company adds.However, shares in CODX plunged 8% in Tuesday’s trading, and fell a further 1.4% after-hours on a bout of profit-taking after the stock’s steep climb on Monday.The stock rallied 28% following the announcement that the company’s partner, Clinical Reference Laboratory (CRL), received Emergency Use Authorization from the US FDA for CRL Rapid Response, a saliva-based COVID-19 test that can be self-administered at home, and then tested using Co-Diagnostics’ patented CoPrimer technology.“We believe that CRL’s selection of the Co-Diagnostics platform, and their successful emergency use authorization from the FDA, speaks volumes about the quality, sensitivity, and specificity of our CoPrimer primer and probe technology,” remarked Dwight Egan, CEO of Co-Diagnostics.Indeed shares in Co-Diagnostics have exploded over 3000% year-to-date, and the stock still maintains a bullish Strong Buy Street consensus. That’s alongside an average analyst price target of $34 (19% upside potential).“Logix Smart COVID-19 test’s high accuracy [has been] independently validated for multiple times” comments HC Wainwright analyst Yi Chen, adding that time to detection is just 63-90 minutes. With the U.S. continuing to record over 60,000 new cases of Covid-19 daily Chen expects Co-Diagnostics to continue to provide its partners with large volumes of its Logix Smart Covid-19 test kits.The analyst reiterated his buy rating on the stock with a $35 price target following the approval of the company’s self-collecting Covid-19 saliva test. (See CODX stock analysis on TipRanks).Related News: CytoDyn Scores Safety Thumbs Up For Late-Stage Covid-19 Trial Abiomed’s Impella Scores Emergency FDA Nod For Covid-19 Patients Regeneron: Covid-19 Antibody Combo Prevents & Treats Disease In Animals More recent articles from Smarter Analyst: * LivePerson Spikes 15% On Raised Profit Guidance; Needham Almost Doubles PT * CyberArk Drops 6% On 3Q Outlook, Top Analyst Says Hold * Twilio Falls 4% In After-Hours On Weakening Corporate Demand * Oppenheimer Lifts SolarEdge's PT After Strong 2Q Results

  • 08/05/2020: State attorneys general urge U.S. to let other firms make Gilead COVID-19 drug

    State attorneys general urge U.S. to let other firms make Gilead COVID-19 drugThe coalition of more than 30 state attorneys general called on the government to act or allow states to do so, saying in a letter to U.S. health agencies that Gilead "has not established a reasonable price" for remdesivir. "Gilead should not profit from the pandemic and it should be pushed to do more to help more people," the letter said.

  • 08/04/2020: Trump Versus Trump as President’s Son Opposes Alaska Mine Site

    Trump Versus Trump as President’s Son Opposes Alaska Mine Site(Bloomberg) -- Donald Trump Jr. took to Twitter on Tuesday to oppose a mining project in southwestern Alaska that his father’s administration has previously supported.Trump Jr. said he “100%” agreed with Vice President Mike Pence’s former chief-of-staff Nick Ayers in opposing the Pebble Mine, which has known deposits of copper, gold and other metals, saying that the nearby Bristol Bay and surrounding fishery are “too unique and fragile to take any chances with.”Less than two weeks ago the mine secured a final environmental impact review from the Army Corps of Engineers, boosting the prospects that Vancouver-based Northern Dynasty Minerals Ltd. could be on track for approval. Shares of the miner surged as high as C$3.49 July 24, before slipping back to C$2.19 Tuesday.The mine has been a source of contention among politicians on Capitol Hill. Last week, Alaska Representative Don Young, a Republican, rebuked an amendment on a proposed fiscal 2021 appropriations package that would prohibit the Army Corps of Engineers from using any fiscal 2021 money to issue a record of decision for the proposed mine. “Let’s stop this rat infestation,” Young said in reference to the amendment concerning Pebble Mine.The Obama administration in 2014 proposed water pollution limits for the mine, but President Trump’s Environmental Protection Agency withdrew the proposed limits, calling them an unfair veto to the mine.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.

  • 08/04/2020: 3 “Strong Buy” Penny Stocks That Could Go Boom

    3 “Strong Buy” Penny Stocks That Could Go BoomThe stock market has been holding up remarkably well, but why? Against the backdrop of weak second quarter earnings results, investors are piling in on the hope that a COVID-19 vaccine is coming, there will be additional stimulus and corporate profits will bounce back.Morgan Stanley’s chief U.S. equity strategist Mike Wilson believes the U.S. is experiencing a V-shaped recovery, noting that the current state of the market resembles other recessionary periods right before economic expansion took place. He argues that given the possibility of a “tremendous” rise in operating leverage post-pandemic, the increased efficiency will translate to higher profits.Taking this outlook into consideration, we set out to find exciting opportunities that won’t break the bank, namely penny stocks. As these tickers trading for less than $5 per share carry risk, due diligence is essential. Using TipRanks’ database, we locked in on three that have garnered glowing reviews from the Street, enough to earn a “Strong Buy” consensus rating. Not to mention each offers massive upside potential.Aileron Therapeutics (ALRN)Focused on improving chemotherapy, Aileron Therapeutics wants to help cancer patients fight the disease without the fear or burden of chemotherapy-induced side effects. Based on its recent encouraging data readout and $0.90 share price, this healthcare name has landed right under Wall Street’s microscope.On June 1, ALRN announced positive interim results from the ongoing ALRN-6924 myelopreservation trial in patients with small-cell lung cancer (SCLC) being treated with topotecan. The data showed that the candidate was able to alleviate multiple adverse side effects associated with chemotherapy, including anemia, thrombocytopenia and neutropenia.It should be noted that the sample size was relatively small. However, one aspect of the results was particularly promising. The therapy reduced the need for blood transfusions in patients treated with the lowest dose. Additionally, the rate of anemia was only 17%.Among the bulls is 5-star analyst John Newman who noted, “If these data are confirmed in a larger trial, we believe ALRN-6924 would be comparable to trilaciclib, with a potential larger market opportunity than G1's agent.” He added, “We view Aileron's interim ALRN-6924 myelopreservation results positively, with an established proof-of-concept in reducing topotecan associated hematological toxicities.”This month, ALRN will kick off the schedule optimization part of the study, which will evaluate the therapy at up to two dose levels, potentially with an expansion cohort, in up to 20 SCLC patients. Newman points out that the dosing schedule will be shortened, which could “enhance the chemoprotection effects and offer a more convenient dosing schedule for patients.” He stated, “We look forward to viewing these data in 4Q20 to see how it compares with the 24-hour ALRN-6924 dose schedule.”To this end, Newman rates ALRN a Buy along with a $5 price target, which implies a potential twelve-month gain of 440% from current levels. (To watch Newman’s track record, click here) Do other analysts agree? They do. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. At $4, the average price target implies shares could soar 341% in the next year. (See ALRN stock analysis on TipRanks)Rigel Pharmaceuticals Inc. (RIGL)Developing cutting-edge small molecule drugs, Rigel hopes its products will ultimately improve the lives of patients with immune and hematologic disorders, cancer and rare diseases. Recently, the company has received attention thanks to the potential of its asset in COVID-19, and with its share price at $2.43, several analysts believe that now is the time to buy.In July, RIGL revealed that fostamatinib (Tavalisse), its SYK inhibitor, will be assessed in patients with ITP caused by COVID-19. Five-star analyst Joseph Pantginis, of H.C. Wainwright, told clients, “Recall that SYK inhibition allows the targeting of both Fc and B-cell receptor signaling pathways, which confers broad potential immunomodulatory properties. Specifically, paths are now being defined for using fostamatinib in acute lung injury (ALI), which is associated with acute respiratory distress syndrome (ARDS), which contributes to many COVID-19 related deaths.”Tavalisse has already been granted approval in both the U.S. and E.U., so it could “have an easier path for repurposing beyond the treatment of ITP patients (label) in COVID-associated lung injury.” As for what this path looks like, there will be an investigator-sponsored study (IST) at the Imperial College of London to evaluate the drug in COVID-19 pneumonia.The IST will be a two-stage open label, controlled study, with the primary endpoint being the reduction of hospitalized patients progressing from mild-moderate to severe pneumonia. After this study concludes, RIGL may sponsor another study to advance the program.Adding to the good news, the Broad Institute of MIT and Harvard tested FDA-approved agents’ ability to reduce mucin-1 (MUC-1), which is also a marker in ALI and ARDS, and Tavalisse was the only compound that cut MUC-1. This reflects an additional repurposing opportunity, in Pantginis’ opinion.According to Pantginis, both the IST and MIT/Harvard data showcase the “rapid visibility out of management regarding the potential repurposing of Tavalisse into the COVID-19 fray, which could have positive incremental benefit on the drug's commercial traction.”If that wasn’t enough, the company announced its partner, Grifols, launched Tavlesse (marketed in the U.S. as Tavalisse) in Germany and the U.K. “As per prior management comments, the progressive expansion to other European countries could be possibly guided by the impact of COVID-19 as different regions are handling the pandemic differently and some are expected to resume clinical activities more quickly than others,” Pantginis said.It’s clear why Pantginis continues to take a bullish stance. To this end, he kept his Buy rating and $8 price target as is. What does this mean for investors? Upside potential of 232% is on the table. (To watch Pantginis’ track record, click here) Other analysts are also optimistic about RIGL. A Strong Buy consensus rating breaks down into 4 Buys and no Holds or Sells. In addition, the $7 average price target brings the upside potential to 190%. (See Rigel stock analysis on TipRanks)Curis Inc. (CRIS)Rounding out our list is Curis, which develops therapies for patients battling cancer. With several potential catalysts on the horizon and a share price of only $1.19, some analysts think investors have a unique opportunity on their hands.Writing for Cantor Fitzgerald, five-star analyst Alethia Young reminds investors that CRIS boasts not one, but two clinical-stage programs, namely CA-4948 (IRAK-4 inhibitor) and CI-8993 (anti-VISTA antibody), which are expected to generate proof-of-concept data in the near-term.Looking at the CA-4948 (IRAK-4 inhibitor) program, a study evaluating the asset in AML and high-risk MDS patients was kicked off after a KOL presentation at ASH suggested IRAK4- L may be the driver mutation in AML/MDS patients. Data is slated for release in Q4 2020.Citing data released in 2019, Young points out that CA-4948 already demonstrated tumor reduction. “Although there were no confirmed responses, we think that the discovery of the oncogenic long-form of IRAK4 in roughly half AML and MDS patients by Amit Verma (presented at ASH’19) could better inform future trials... They are starting this study at 200mg, which seems from the Phase 1 to be the minimally effective dose, suggesting that we could get to efficacy data relatively quickly,” she commented.Additionally, CRIS will study the therapy along with a BTK inhibitor. “Over the next 12 months, we will get updated safety and efficacy data from CA-4948’s NHL trial and learn about the RP2D in Q3, which is very important to inform on the dose used in the Phase 2 BTK combination trial,” Young noted.When it comes to the second program, Young believes it “is interesting optionality to the Curis story.” The company licensed the candidate from ImmuNext in January and its IND was accepted by the FDA, so it can progress to a Phase 1 study. “We think even positive safety findings could be a positive catalyst for the stock as the key question remains whether the company can get to the therapeutic dosing levels safely. We will likely start to get early data in late 2020, but we expect 8993 may become a much bigger focus in 2021 if escalation toward efficacious ranges is successful. We are intrigued by the idea of another potential checkpoint that hasn't gotten a lot of attention,” she mentioned.All of this prompted Young to state, “At ~$60 million market cap, we think the market gives almost no credit to either program. We think any positive data will drive positive momentum in the shares.”Everything that CRIS has going for it convinced Young to join the bulls. In addition to initiating coverage with an Overweight rating, the analyst set a $4 price target. This target suggests shares could skyrocket 220% in the year ahead. (To watch Young’s track record, click here) Judging by the consensus breakdown, other analysts also like what they’re seeing. 3 Buys and zero Holds or Sells add up to a unanimous Strong Buy consensus rating. The $5 average price target is more aggressive than Young’s and puts the upside potential at 296%. (See Curis stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

  • 08/04/2020: Here's how much money Americans think they need to retire comfortably

    Here's how much money Americans think they need to retire comfortablyThe virus-induced economic crisis is causing Americans to reconsider and make changes to their retirement plans and goals.

  • 08/04/2020: A Look At The Intrinsic Value Of Momo Inc. (NASDAQ:MOMO)

    A Look At The Intrinsic Value Of Momo Inc. (NASDAQ:MOMO)How far off is Momo Inc. (NASDAQ:MOMO) from its intrinsic value? Using the most recent financial data, we'll take a...