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Showing posts from January, 2020

Amazon soars after reporting fourth quarter earnings

Amazon shares skyrocketed during after-hours trading on Thursday, when the e-commerce titan reached a trillion-dollar market cap following the release of its fourth quarter earnings results. Yahoo! Finance's Emily McCormick joins The Final Round the break down the report. from Yahoo Finance https://ift.tt/2UaB5xl
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Explain growth rate revision: P Chidambaram to govt

Explain growth rate revision: P Chidambaram to govtCongress has alleged that the economic survey was 'completely disconnected from the grim reality' even as former FM Chidambaram pointed to the downward revision of the GDP growth rate for 2018-19 to 6.1% from 6.8% estimated to contend that the real state of economy under the Modi regime was actually worse that what was believed to be so far. from Economic Times https://ift.tt/2RKoVd6
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Budget Live: FM's make-or-break moment is here

Budget Live: FM's make-or-break moment is hereFinance Minister Nirmala Sitharaman is set to outline steps that may include higher rural spending and possible tax cuts when she delivers Budget 2020 today. From Dalal Street to the man on the street, India will be watching. from Economic Times https://ift.tt/2UemPDT
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Looking at Trump’s likely acquittal, Republicans shift defense from ‘no quid pro quo’ to ‘already been proven’

With a 15-part statement on Twitter late Thursday night, Senator Lamar Alexander (R-Tenn.), a key swing vote, sunk Democrats’ hopes of calling new witnesses to testify in the impeachment trial of President Donald Trump. And on Friday evening, those hopes were completely dashed, as the U.S. Senate voted against witnesses, 51-49, mostly along party lines. Alexander conceded that the President did what Democrats had accused him of, but that it wasn’t an impeachable offense, and the Senate, contrary to the hopes of Democrats and two Republicans, did not need to hear any more evidence about something that had “already been proven.” “It was inappropriate for the President to ask a foreign leader to investigate his political opponent and to withhold United States aid to encourage that investigation,” he said. Alexander further added that House managers had already proven their case, but the voters should decide whether to re-elect the Trump in November.  Alexander’s vote ensured a swift
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On a terrible day for stocks, One Medical sees its stock pop 47% from the IPO price

While markets were roiled Friday over fears about the Chinese coronavirus epidemic, an unprofitable healthcare unicorn had its trading debut—and was a rare bright spot in a day where many sectors were deep in the red. On Friday, healthcare provider One Medical raised $245 million in an offering of 17.5 million shares priced at $14—at the low end of its previous range. But the public market pushed shares up 47% in trading Friday even as the wider S&P 500 Index fell 2%—giving the company a valuation of $2.7 billion.  “As a public company we can now start raising more funding more cost effectively by getting our name out there,” said CEO Amir Rubin Friday following the company’s public debut. It listed as “ONEM” on the Nasdaq. Founded in 2007 by entrepreneur Tom X. Lee, One Medical says it plans to simplify the healthcare process by charging consumers a $199 annual membership fee upfront. That fee gives access to a centralized platform that, among other things, includes a telemedi
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U.S.-UK trade deal needs labor, climate protections, enforcement -U.S. lawmaker

WASHINGTON -- A future U.S.-UK trade agreement must incorporate strong provisions on worker rights, environmental protection, and enforcement to ensure bipartisan support, U.S. House Ways and Means Committee Chairman Richard Neal said on Friday, staking out a claim for Congress to help shape any such accord. Read More from Financial Post https://ift.tt/2uTwfKe
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China’s Tianjin closes schools, firms until further notice to curb virus – state media

SHANGHAI -- The northern Chinese city of Tianjin has ordered schools and non-essential companies to remain closed until further notice to curb the spread of the coronavirus that has already infected thousands in the country, a local government-run newspaper said. Read More from Financial Post https://ift.tt/31fMAoT
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IBM’s New CEO Is Mastermind Behind Cloud Strategy for Growth

(Bloomberg) -- In July of 2017, International Business Machines Corp. executive Arvind Krishna walked into a routine meeting with senior leaders and delivered a surprise pitch that changed the course of the iconic 108-year-old company’s future.For months Krishna, the head of IBM’s cloud computing division, had been thinking about a way to connect clients’ most important data, which was often held on private servers, to public cloud servers run by others including IBM, Amazon.com Inc. and Microsoft Corp. Finally he proposed a way, creating IBM’s so-called hybrid multi cloud strategy.The company was coming off of 19 consecutive quarters of shrinking revenue and lagging far behind rivals in cloud computing, the lucrative new field in business technology, when Krishna stood in front of a crowd of executives, including Chief Executive Officer Ginni Rometty, at the company’s Armonk, New York, headquarters. He ran a live demonstration of some of the hybrid cloud products from his Mac laptop.“
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A Tale of 4 Telecom Giants: Is the T-Mobile-Sprint Merger Inevitable?

The jury is still out on whether to allow the deal, but the market may have the final word on whether a merger happens Continue reading... from Yahoo Finance https://ift.tt/36JmsE4
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Future U.S.-UK trade deal needs labor, climate protections, enforcement -U.S. lawmaker

WASHINGTON -- A future U.S.-UK trade agreement must incorporate strong provisions on worker rights, environmental protection, and enforcement to ensure bipartisan support, U.S. House Ways and Means Committee Chairman Richard Neal said on Friday, staking out a claim for Congress to help shape any such accord. Read More from Financial Post https://ift.tt/38VeSYd
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Amazon holiday sales jump as one-day shipping pays dividends, stock up 13%

If the share gain holds on Friday, it will be the biggest daily jump for Amazon since October 2017. Amazon also forecast operating income of up to $4.2 billion in the current quarter. "These results and Q1 forecast suggest we’re past the worst in terms of the margin pressure from the one-day shipping initiative, and that competitive concerns surrounding AWS have been massively overstated, removing two of the main bear arguments on the stock," said Atlantic Equities analyst James Cordwell. from Yahoo Finance https://ift.tt/38MYxF0
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IBM CEO Ginni Rometty to step down

IBM Ginni Rometty will step down as chief of the technology giant. IBM’s board of directors said on Thursday that they have elected Arvind Krishna to become the company’s new CEO on April 6, 2020. James Whitehurst, an IBM senior vice president and CEO of enterprise software firm Red Hat—which was acquired by IBM in July for $34 billion—will become IBM’s president in April. Rometty will remain IBM’s chairman until the end of the year, when she will officially retire after a 40-year tenure at Big Blue. “Arvind is the right CEO for the next era at IBM,” Rometty said in a statement. “He is a brilliant technologist who has played a significant role in developing our key technologies such as artificial intelligence, cloud, quantum computing and blockchain.” Rometty’s plans to retire from IBM comes after years of declining revenue and a slumping share price, as the over-100-year-old company tried to retool itself amid a rapidly changing information technology market. Under her tenure, IB
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U.S. SEC Commissioner defends proposal on shareholder voting rules

WASHINGTON -- A top official at the U.S. Securities and Exchange Commission on Thursday defended an agency shareholder voting proposal amid "misconception" received from the SEC's public consultation process over new limits to vote on thorny issues like climate change disclosure and executive pay. Read More from Financial Post https://ift.tt/2GBPU3Y
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Microsoft’s cloud soars, while consumer businesses like Xbox slide

As long as Microsoft’s cloud continues to soar, investors will forgive a few of the company’s weaker consumer businesses. Microsoft stock jumped 4.3% to $175.26 in after-hours trading after the technology titan reported its earnings for another solid quarterly earnings. Overall sales jumped 14% to $36.9 billion in Microsoft’s fiscal second quarter, beating analyst expectations of $35.7 billion.  On a call with analysts, Microsoft CEO Satya Nadella pointed to the company’s cloud and related enterprise software business as the key drivers for growth. Indeed, sales in its cornerstone Azure cloud computing unit rose 62%, a slight increase to the  previous quarter when revenue (which Microsoft doesn’t disclose) rose 59%. Azure’s slight sales bump in its most recent quarter reversed a two-year trend of slowing growth, albeit still substantial gains that any company would crave.  But while Nadella bragged about the company’s various enterprise focused services, ranging from artificial in
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Facebook to pay $550 million in one of largest privacy settlements in U.S. history

Facebook will pay $550 million to resolve claims it collected user biometric data without consent in one of the largest consumer privacy settlements in U.S. history, according to a statement Wednesday by lawyers for consumers. The accord, which requires a judge’s approval, will avert a trial that may have exposed the social networking company to billions of dollars in damages. Facebook fought unsuccessfully to persuade the U.S. Supreme Court to derail the class action case. The users alleged that the company’s photo-scanning technology violated an Illinois law by gathering and storing biometric data without their permission. Facebook didn’t immediately respond to a request for comment. The settlement was disclosed to investors on a quarterly earnings call. While Facebook has weathered controversy over privacy almost since its inception, the company has come under particularly harsh scrutiny in recent years, both in the U.S. and in Europe. Facebook reached a historic $5 billion deal
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Three Senate Democrats from red states waver on impeachment votes

As the Senate impeachment trial grinds toward a climax, it remains unclear how three Democrats will vote on whether to toss President Donald Trump from office. Sens. Doug Jones of Alabama, Joe Manchin of West Virginia and Kyrsten Sinema of Arizona are all question marks. Unlike a quartet of wavering Republicans who could put Trump in peril as lawmakers decide whether to call witnesses and extend the proceedings, the three Democrats’ votes on whether to acquit him won’t likely affect the trial’s outcome. It seems certain that the GOP-run Senate will lack the 67 votes needed to remove Trump from office, no matter what the trio does. But the Democrats’ decisions will color their political careers and this year’s presidential campaign. If one or more of them votes to acquit Trump — even voting against one article of impeachment while supporting the other, which many consider likely — it could alienate some Democratic voters, mark their legacies and let Trump spend his reelection campaig
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Tesla will have a disaster year in 2020: Analyst

Tesla is one of the most polarizing companies on Wall Street. On one side, the bulls are all-in on CEO Elon Musk's clean energy vision, but on the other side of the Street, there's a legion of short sellers who believe financial reality will eventually catch up with the company.  from Yahoo Finance https://ift.tt/2vAIoEB
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Tesla Smashes 4th-Quarter Estimates Following a 2019 Turning Point

The EV maker’s stock spikes on renewed enthusiasm, though global auto sales decline poses a challenge Continue reading... from Yahoo Finance https://ift.tt/3aRjUqA
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Bioasis Announces Filing of Its Quarterly Financial Statements and MD&A for the Period Ending November 30, 2019

GUILFORD, Conn. -- Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company” or “Bioasis”), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB 3 ™ platform technology for the delivery of therapeutics across the blood-brain barrier (“BBB”) and the treatment of central nervous system (“CNS”) disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced it has filed its unaudited quarterly financial statements and management’s discussion and analysis for the period ended November 30, 2019. All are available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.bioasis.us/investors/ . Read More from Financial Post https://ift.tt/2RAuk6i
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As the coronavirus spreads, these stocks are the most exposed

The new coronavirus outbreak in Wuhan, China has already taken a heavy toll. Since the World Health Organization became aware of the outbreak on Dec. 31, 2019, there have been 4,593 confirmed cases —4,537 in China, including 106 deaths. Two of the 56 other cases are in the U.S. , according to the Centers for Disease Control. Two human ones, that is. Because of massive disruption of business and society in China, the virus has leaped into the markets. An immediate panic over last weekend had hit stocks: between last Friday and the following Monday, the Dow was down 1.6%, losing 453.9. The S&P 500 was off by the same percentage. The Nasdaq dropped by 1.9% and the Russell 2000 had just over a 1% loss. The indexes saw significant recoveries by Tuesday and, from a broad view, things are fine. “A couple of percentage points is a sell-off,” said Craig Turner, a senior commodities broker with Daniels Trading. “It’s not some kind of black Friday crash.” Dig down a bit, though, and at th
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Latino writers push back against Oprah’s Book Club pick, ‘American Dirt’

During a trip to Mexico to visit family, writer Myriam Gurba took American Dirt , a novel about immigration and cartel violence that was being touted as one of the biggest U.S. releases of 2020 . The writer was of mostly white descent, and Gurba felt the book didn’t ring true. “I was reading the book in Parque Revolución in Guadalajara. I’d look up and see real Mexico,” said Gurba, of Long Beach, Calif. “I’d look down back at the book and see fake Mexico.” Since before its publication, American Dirt , by Jeanine Cummins , garnered suspicion and criticism from many Latino writers and activists at the same time—and partly because—it was being heralded by many in the book community as a vital new work on the Southern border crisis. It was praised by novelist Don Winslow as a modern Grapes of Wrath . The novel has become a flashpoint in debates over who gets published, how reputations are formed, and who can tell which stories in an industry—from publishers and editors to booksellers a
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