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Updated: 7 hours 15 min ago

Warren defends student loan plan after confrontation at campaign event

12 hours 15 min ago

Warren’s plan, the Student Loan Debt Relief Act, would cancel $50,000 in student loan debt for every household with a gross income less than $100,000.

After the wedding, should you marry your money in a joint account? Here are 3 approaches.

12 hours 26 min ago

As families blend and people marry in different stages of life – saying “I do” to joint accounts is not always the right answer for all.

3 Top Dividend Stocks with Over 7% Dividend Yield

12 hours 53 min ago

Last year was volatile for the stock markets, but overall growth was strong. Stocks have hit record highs – the S&P 500 gained 28% for 2019, and has started 2020 with continued growth. The broad-based gains have investors feeling good – but a look ahead has them nervous.Wall Street’s analysts don’t see the record-breaking growth run lasting much longer. In fact, the consensus among the top financial investment firms is that markets will gain a paltry 2% over the next twelve months. For investors who have grown used to reaping rewards from share appreciation, this is an unwelcome wake-up call. It also calls for a switch in strategy.Dividends are the logical way to turn. These profit-sharing payments give investors a steady income stream – even when market gains are sluggish. As an added appeal, there is no upper limit to a dividend’s yield. After three Fed rate cuts in 2019, Treasury bonds are down to the 1.5% to 1.75% range – while the average dividend yield among S&P-listed companies is just about 2%. And there are plenty of stocks with higher yields.Finding the right investment is key here. Just a high dividend yield won’t always cut it – investors should still seek a stock that will outperform. TipRanks, with its library of market and analyst performance data, has the perfect research tool to find just the right investment. The Smart Score brings together data from eight different sources and gives every stock in the database a single-digit score, on a scale of 1 to 10, to let you know at a glance how that stock is likely to move in the year ahead. The higher the number, the stronger the likelihood of outperformance.We’ve used TipRanks’ search tools to pull three stocks for the year ahead. These are investments that are likely to outperform – and are already paying out high dividend yields. The details tell some interesting stories; let’s dive in, and take in the details.Capital Product Partners (CPLP)Capital Product Partners is shipping company, specializing in seaborne transport of cargo – mainly of containerized goods. The shipping container – those giant metal boxes used that have standardized ocean-going freight, rail transport, and trucking – has revolutionized freight cartage, and CPLC operates a fleet of 10 container ships. The company also operates one dry bulk carrier.CPLP’s operations have been profitable, and in 2019 the company streamlined its operations by divesting its tanker fleet. The move, done in partnership with DSS Holdings, gives CPLP part ownership of the tankers without the direct costs of operations. On most of its container and bulk carriers, CPLP has operating agreements in place until 2022 and 2023, putting the company in a firm position to maintain both its carriage and its income stream. In Q4, the company announced an upcoming expansion of the fleet, with the purchase of three new container ships.However, the recent Q3 results were mixed. Removal of two vessels from the fleet forced a 17% decline in revenue from Q3 2018, with the quarterly total coming in at $26.87 million. EPS was well below expectations, at just 18 cents, but was much improved year-over-year from a $1.33 per share loss.Investors were not scared off by the quarterly report. Shares have registered gains since the earnings release, and the company has maintained its high dividend payment. The yield is 10.5%, more than 5x the market average. The absolute payment is modest, at 35 cents quarterly, but it annualizes to $1.40 per share – a reliable income for investors.Writing on CPLP, B. Riley analyst Liam Burke points out the fleet expansion as reason for optimism on this stock. Burke notes, “The announced acquisition of the container assets provides a nice complement to the MLP's existing container vessels and Capesize vessels which are operating under medium- and long-term contracts, creating predictable underlying cash flows and stable distribution.”Burke reiterated his firms Buy rating on CPLP shares and set a $14 price target, indicating a ~5% upside potential. (To watch Burke’s track record, click here)CPLP’s most recent analyst reviews are all Buys, giving the stock a unanimous Strong Buy consensus rating. Shares sell for a bargain price, $13.31, and the $14.67 average price target suggests room for an upside of 10%.CPLP holds a Smart Score of 8, indicating that outperformance likely lies ahead for the stock. Aside from a bullish analyst outlook, technical indicators show a positive trend in the moving averages along with a 73% positive momentum change over the past 12 months. (See CPLP stock analysis at TipRanks)Broadmark Realty Capital (BRMK)Next up on our list is a Real Estate Investment Trust (REIT) with a ‘perfect 10’ Smart Score. The REIT niche is popular with dividend investors. Due to tax laws, these firms are required to return a high percentage of their profits back to shareholders, and usually choose dividends as the vehicle. It makes these stocks a reliable income generator for investors.Broadmark occupies the mortgage segment of the REIT sector, holding and investing in mortgages and mortgage-backed securities in the construction and development areas of the real estate industry. The company is new to the markets, as it was formed this past November through a merger between Trinity Merger Corporation and Broadmark real estate lending. The new company, ticketed as BRMK, started trading publicly on November 15. Since then, BRMK stock has gained almost 17% in share value.While investors will like the appreciation generated so far, the company’s dividend is also top-notch. The company announced its first regular dividend in December, at 12 cents per share, and paid it out on January 15. And even better: Broadmark announced earlier this month a second dividend payment, of 8 cents per share, making its payout monthly rather than quarterly. At the current payout, the yield is a high 7.57%. Being a new stock, Broadmark has not had a chance to develop a long history of dividend payments – but it has made an excellent start. Income-minded investors should take note of this stock.5-star analyst Tim Hayes, another financial expert from B. Riley FBR, is bullish on the future of Broadmark. He notes important developments in the US housing market and construction industries, writing, “The NAHB released its Housing Market Index (HMI), which exceeded economists' estimates and indicated that homebuilder sentiment is strongest in the West and South, regions that encompass BRMK's core markets… U.S. Housing Starts came in much stronger than economists' expectations... We believe both sets of data support the demand for construction debt capital, which should bolster BRMK's pipeline and pace of capital deployment…”Hayes set a $13 price target on BRMK, suggesting a modest 2.5% upside potential alongside his Buy rating. (To watch Hayes’ track record, click here.)So far, Broadmark has received two analyst reviews, and both are Buys. The stock’s fast share appreciation has pushed the price above the average target. That said, the Smart Score of 10 bodes quite well for Broadmark. The analyst ratings and technical factors are all positive, and market watchers should also take close note of the investor sentiment. This measures the stance of individual investors toward the stock – and it is highly positive. (See Broadmark stock analysis at TipRanks)Enviva Partners LP (EVA)The final stock on our list, Enviva, is a manufacturer of processed biomass fuel – wood pellets that are sold to industrial customers and used for power generation. They are a cleaner-burning alternative to coal as a fuel, with the added bonus of recycling a common waste product. The pellets can be manufactured from sawdust, woodchips, and other common debris from any wood-working industry.The company’s production plants are located mainly in the Southeastern US, and manufacture over 3 million tons of wood pellets every year. The pellets are mainly exported, to customers in the UK and mainland Europe, and contribute to an overall 80% reduction in powerplant carbon footprints. A mark of Enviva’s success is its share appreciation: the stock grew 43% in 2019.Q3 2019, the company’s most recent reported, showed strong revenue. At $157.4 million, it was up over 9% year-over-year. Total product sold, at 811,000 metric tons, was up 6.4% from the year-ago quarter. At the same time, net income slipped to $8.9 million. And for income investors, EVA declared its Q3 dividend at 67 cents. That annualized to $2.68 per year, for a yield of 7.13%. As discussed above, this puts the yield well over triple the S&P 500 average, and over four times the yield of Treasury bonds. Even better, EVA has been steadily raising its dividend since 2017.Elvira Scotto, 5-star analyst with RBC Capital, reiterated her Buy rating on the stock after the earnings report. She wrote, “EVA's tightened 2019 guidance range implies slightly lower 2019 EBITDA vs previous guidance. However, we believe the slight reduction represents a slight shift in timing of shipments. We believe EVA and its sponsors' contract backlog provides significant visibility into long-term cash flow growth.”Scotto’s price target, $39, suggests a modest upside of 4% from current levels. (To watch Scotto’s track record, click here)This stock’s fast appreciation has limited its room for growth – but the strong dividend promises continued income for investors. It also doesn't hurt that EVA has a high Smart Score. The ‘8’ rating indicates likely outperformance is in store for the stock. Technical factors weigh strongly on the outlook, as they are highly positive. Analyst ratings, blogger opinion, and hedge fund interest also give the stock a boost. (See Enviva stock analysis at TipRanks)

Coronavirus-Linked Stock Speculation Reminds Health Sector of Bitcoin

13 hours 2 min ago

(Bloomberg) -- The deadly coronavirus that has sparked stock rallies for a cluster of health companies developing drugs and screening tests reminds industry watchers of the frenzies that greeted other health scares -- and even the cryptocurrency craze.Small-cap companies including Novavax Inc., Cerus Corp., Co-Diagnostics Inc. and Inovio Pharmaceuticals Inc. have seen shares surge this week as investors gobble up statements about their plans to help combat the outbreak. Conversations with investors, analysts and executives show many people are skeptical these products will reach patients before years of research and development, if ever.“They just want to be able to say it in hopes that they’ll get a bump in the stock price, but I’d take anything like that with a grain of salt,” Matinas BioPharma Holdings Inc. Chief Executive Officer and co-founder Jerry Jabbour said in an interview. “It is a little bit like chasing Bitcoin and the fantastical nature of it, it captures the imagination.”Baird analyst Brian Skorney said it’s common for companies to issue press releases every few years about “their efforts to treat some potential pandemic.” Some of these releases are just “a launch pad for generating stock moves” rather than evidence of real clinical progress, he said.“The key to separating legitimate companies from hypesters is to see which ones are truly working with the U.S. government and other professional health organizations” and those that are “simply issuing well-timed press releases to take advantage of the situation,” said Brad Loncar, chief executive officer of Loncar Investments. He highlighted Moderna Inc.’s partnership with the National Institutes of Health and both it and Inovio getting grants from the public-private Coalition for Epidemic Preparedness Innovations.It is worth pointing out that companies like Inovio and Novavax have ridden the wave of viral emergencies before. Novavax has touted its platform for potential vaccines for Ebola, MERS and SARS, among others, while Inovio has been tied to the development of vaccines for Ebola, Zika and MERS.To contact the reporter on this story: Bailey Lipschultz in New York at blipschultz@bloomberg.netTo contact the editor responsible for this story: Catherine Larkin at clarkin4@bloomberg.netFor 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.

Mnuchin: Let’s not call it climate change

13 hours 6 min ago

At the World Economic Forum in Davos, Switzerland, Treasury Secretary Steven Mnuchin took on climate change, and brushed off big concerns about sustainability. Yahoo Finance’s Seana Smith, Dan Roberts, and Brian Cheung break down the details.

Store closings pile up: With 1,200 closures already announced, retailers face another grim year

13 hours 9 min ago

Any hope retailers would extinguish the fires consuming them in 2020 is fading fast, with closures by Macy's, J.C. Penney, Express, Pier 1 and others.

Intel Can’t Take Off Another Round in Chip Battle

13 hours 13 min ago

(Bloomberg Opinion) -- Intel Inc. closed out 2019 learning the hard lesson that making cutting-edge semiconductors is truly difficult.Like a prizefighter who refuses to admit he just hit the mat, the world’s biggest chipmaker is coming out swinging. And it should, because how it gets through 2020 could decide the company’s fate. Once the most advanced supplier of semiconductors, Intel struggled last year to ramp up production of chips that use its latest 14-nanometer process node, “letting customers down,” as CEO Bob Swan said in October. Its full-year results released Thursday showed that revenue climbed 2% and that net income was flat — hiding the fact that Intel dodged a bullet when it wasn’t able to supply enough of its most advanced products when clients needed them most.It tried to offer some reassurance three months ago by noting that it would increase 14-nanometer capacity 25% this year while raising capital spending to nose-bleed levels. To help overcome that slip-up, executives are keen to tell investors how many customers have signed up for its latest offerings, including a chip dubbed Ice Lake and an upgrade to its Comet Lake mobile processor, which use the next-generation 10-nanometer process. In reality, Intel is badly lagging behind both contract manufacturer Taiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. TSMC, for example, started selling its 10-nanometer chip technology in mid-2017 and last year boosted revenue from its more advanced 7-nanometer offerings by more than 200%. When Intel eventually hits 7 nanometers in 2021, it will be almost three years behind.Intel’s rebuttal is that so-called process-node technology isn’t the only thing. It’s right, and clients should look at total system performance to see how all the parts — the processor, memory and controllers — all slot together. No other company in the world can offer the breadth and depth that Intel can.But with Advanced Micro Devices Inc. back in the game after a decade in the wilderness and a raft of chip designers ready to tap TSMC’s technology advantage, Intel would be foolish to rest on the belief that it can stay ahead of the game while lagging behind on technology. It knows this and has committed to speeding up its migration from the pace of a new node every five to seven quarters to as little as four quarters. Yet investors ought to also note that the introduction of a new node compresses margins during the early stages before better yields provide economies of scale later. A quicker timetable won’t allow as much time to enjoy the upside before the next margin crunch comes.Intel’s strategy to offset this squeeze is to tap continued growth in the data-center market. Cloud providers like Inc., Alphabet Inc.’s Google and Alibaba Group Holding Ltd. are among customers for its 14-nanometer Cascade Lake products, while the global 5G rollout is expected to provide a couple of solid growth years. Its Data Center Group accounts for 32.6% of revenue but 46.4%  of operating income, making it Intel’s most lucrative business unit by operating margin.But that business relies on Intel’s ability to churn out leading-edge chips that, even if not equivalent to what TSMC can offer clients, won’t be too far behind. A data center operator might be willing to forgive a single-generation lag, reasoning that the broader platform integration Intel offers can provide the cost-benefit metrics it needs. A two-generation delay is hard to overlook, though. Intel’s size and strength means it won’t be easily knocked out. But it needs to get through this year unscathed if it’s to remain the undisputed heavyweight champ.(Updates with details about Intel’s 10-nanometer offerings in the fourth paragraph.)To contact the author of this story: Tim Culpan at tculpan1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of 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 now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

When Should You Buy Marvell Technology Group Ltd. (NASDAQ:MRVL)?

13 hours 32 min ago

Let's talk about the popular Marvell Technology Group Ltd. (NASDAQ:MRVL). The company's shares led the NASDAQGS...

Disney To Close Shanghai Park Indefinitely Amid Coronavirus Outbreak

13 hours 55 min ago

Walt Disney Co (NYSE: DIS) has become the latest corporate victim of the Wuhan coronavirus. The closure will cost significant revenue expected for the nation’s largest holiday season. This year, even if Disney would have remained open, it would have missed business from more than 18 million prospective visitors as Wuhan, Wuanggang and other cities enforce travel restrictions.

Student loan servicer appeals landmark $220,000 bankruptcy ruling

14 hours 4 min ago

A student loan servicer involved in a bankruptcy case is appealing a New York judge’s decision to discharge $220,000 of student debt held by a navy vet.

Bayer Looks Well Beyond Its $10 Billion Roundup Payout

15 hours 5 min ago

(Bloomberg Opinion) -- Investors aren’t waiting for a definitive deal to end the mass of lawsuits against Bayer AG before snapping up the shares. The German life sciences group’s 75 billion euro ($83 billion) market value is up some 26 billion euros in seven months on hopes that thousands of claims related to its glyphosate-based Roundup weedkiller, accused of causing cancer, might be resolved in a settlement. There’s a risk that shareholder expectations are getting carried away.Talks about a deal do appear constructive, based on the tone of limited statements made by the legal mediator Ken Feinberg. Bayer’s lawyers have in some discussions proposed the firm pays $8 billion to settle existing suits and sets aside $2 billion for future claims, Bloomberg News reported Thursday. That was well received by the market, which pushed up Bayer stock as much as 4%. The $10 billion total is consistent with the cost that analysts have put on a settlement.What’s striking about Bayer is that despite its recent rally the stock still trades at a substantial discount to peers, and removing this would be worth much more than the settlement costs being discussed. The company trades at 9 times expected Ebitda. Its pharmaceutical peers command valuations of 11.2 to 17.5 times. Just getting to a valuation matching its cheapest counterparts would add about 20 billion euros of market value, after deducting the estimated cost of ending litigation. A re-rating toward the average of its peer group would see Bayer’s market value rise even more substantially.Investors are right to retain a degree of caution amid the evidence of progress. What Bayer’s lawyers put forward in talks is only a piece of the jigsaw. The number for a final cap on the cost of the glyphosate litigation remains unknown. Bayer has suggested it’s willing to fight if an acceptable figure cannot be agreed. Citing studies, the company says glyphosate is safe when used as directed. There remains a real possibility that the saga endures for longer than investors believe.The other difficult question is whether Bayer deserves a valuation more generous than that commanded by its cheapest peers — such as GlaxoSmithKline Plc, Sanofi and Roche Holding AG. The same management is in place that led Bayer into this mess via an overpriced $66 billion acquisition of U.S. seeds group Monsanto Co. (the owner of Roundup). The touted benefits of that deal, and the logic of marrying crop science and pharmaceuticals, are yet to manifest themselves fully in sales and profit.A premium valuation will need to be earned. From here, the gains to Bayer’s shares will depend on definitive progress both on the litigation — and on operational performance.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The Case For General Dynamics Corporation (NYSE:GD): Could It Be A Nice Addition To Your Dividend Portfolio?

15 hours 12 min ago

Is General Dynamics Corporation (NYSE:GD) a good dividend stock? How can we tell? Dividend paying companies with...

Bargain hunters fire up rally in cannabis stocks

15 hours 15 min ago

Some cannabis stocks are seeing their prices surge as investors hunt for winners in the ashes of an industry shakeout that hammered share prices last year. Shares of Tilray Inc and Canopy Growth Corp have climbed more than 20% since the start of the year, while Cronos Group Inc and Aphria Inc are up more than 10%. The ETFMG Alternative Harvest exchange-traded fund, which targets the global cannabis industry, is up 5.8% in that period.

PacWest Bancorp Just Released Its Annual Earnings: Here's What Analysts Think

15 hours 32 min ago

PacWest Bancorp (NASDAQ:PACW) shares fell 3.5% to US$36.66 in the week since its latest full-year results. Results...

US Treasury Secretary Steven Mnuchin: Let's not call it climate change

15 hours 46 min ago

US Treasury Secretary Steven Mnuchin and European Central Bank chief Christine Lagarde share their economic outlooks on the final day of the 2020 World Economic Forum.

Should You Buy Enerplus Corporation (TSE:ERF) For Its Upcoming Dividend In 4 Days?

15 hours 57 min ago

Readers hoping to buy Enerplus Corporation (TSE:ERF) for its dividend will need to make their move shortly, as the...

Bayer Discusses Settling Roundup Claims for $10 Billion

16 hours 26 min ago

(Bloomberg) -- In an effort to settle tens of thousands of claims that Bayer AG’s Roundup weedkiller causes cancer, lawyers for some plaintiffs are discussing with the company deals that could lead to a total payout of about $10 billion, according to people with direct knowledge of the negotiations.In some discussions, Bayer’s lawyers have said the chemical maker will set aside $8 billion to resolve current cases and reserve $2 billion for future claims, the five people said. Roundup has been blamed for ailments including non-Hodgkin’s lymphoma, which can take years to diagnose. Bayer declined to comment on the numbers or any terms under negotiation.Bayer shares rose as much as 3.9% Friday in Frankfurt, the most since October. They’re still down about 23% since the company acquired agricultural giant Monsanto Co. for $63 billion, giving it Roundup. The collapse has wiped about $18 billion off Bayer’s market value.If a settlement of the litigation costs Bayer $10 billion, its shares could rise quickly to 90 euros from the current level of about 76 euros, Markus Mayer of Baader Bank said by email Friday morning.To be sure, the $10 billion figure isn’t final and could change as talks continue, said the people, who asked not to be identified because they weren’t authorized to speak publicly about the discussions.Ken Feinberg, the lead mediator for the cases, has indicated deals resolving as many as 85,000 Roundup claims in the U.S. may be reached within a month. Feinberg said he’s unaware of the numbers being discussed in settlement talks. The talks are taking place between company lawyers and separate groups of plaintiffs’ attorneys, each with a sizable inventory of cases.While Feinberg said in an email he remains optimistic, “any details about what may constitute a comprehensive agreement are pure speculation as to both dollars and eligibility criteria.”Chris Loder, a U.S.-based spokesman for the company, has said the figure cited by Feinberg is “a speculative estimate” that includes “potential plaintiffs” who haven’t filed court complaints and that “the number of served cases as reported on a quarterly basis remains significantly below 50,000.”“The mediation process is continuing diligently and in good faith to explore resolution under the auspices of Ken Feinberg,” Loder said Thursday. “There is also no certainty or timetable for a comprehensive resolution.”Read More: Bayer’s Roundup Challenge Is to Avoid Another ‘Nuclear’ Jury VerdictRoundup claims have surged since a trio of jury verdicts awarded plaintiffs almost $2.5 billion, increasing pressure on Bayer to settle. While several trials due to start this month have been postponed to give more time for negotiations, cases in Missouri and California got underway this week. Bayer is appealing the earlier verdicts, which judges have already slashed to $191 million.Analyst estimates vary on how much a deal could cost. Bloomberg Intelligence analyst Holly Froum said this week it could take $10 billion to $13 billion. Thomas Claps, a litigation analyst with Susquehanna Financial Group, forecast $4.5 billion to $6.5 billion.Read More:Bayer CEO Opens Door to Roundup Settlement as Lawsuits SwellBayer Roundup Mediator Is ‘Optimistic’ With Talks Heating UpBayer Roundup Deal Is Close as Claims Surge, Mediator SaysThe St. Louis case, involving claims by four former Roundup users, is the first to be tried outside California. The city is regarded as a plaintiff-friendly venue -- a jury there awarded more than 20 women $4.7 billion in 2018 over claims Johnson & Johnson’s baby powder gave them cancer. J&J has appealed.Bayer has steadfastly maintained that glyphosate, the active ingredient in Roundup, is not a carcinogen. The U.S. Environmental Protection Agency concluded it doesn’t require a cancer warning, something state regulators had advocated. But plaintiffs point to other research that shows glyphosate can cause non-Hodgkin’s lymphoma and multiple myeloma.Feinberg, who was appointed in May to lead the settlement talks, has asked retired judges to serve as mediators in direct negotiations between Bayer’s attorneys and groups of plaintiffs’ lawyers, the people said. The strategy could produce a lower total settlement cost for Bayer than had it continued to seek a formal, global deal.But the company will need to make sure to address all claims as it would still have to fight the remainder in court, said Perry Weitz, a New York-based plaintiffs attorney whose firm is involved in the two trials underway. He declined to comment on any figures being discussed in the settlement talks.Defense attorneys have told plaintiffs’ lawyers Bayer won’t settle wrongful-death claims that are more than 10 years old and only will settle claims of non-Hodgkin’s lymphoma, according to a summary of the company’s settlement criteria seen by Bloomberg News. Some Roundup users are blaming their multiple myeloma cancers on the product.Some of Bayer’s lawyers also warned the company is prepared to put Monsanto into bankruptcy to deal with the wave of Roundup suits if it feels reasonable deals can’t be reached, people have said. Other companies faced with crippling litigation -- such as Purdue Pharma LP -- have taken that path.The case is In re: Roundup Products Liability Litigation, MDL 2741, U.S. District Court, Northern District of California (San Francisco).(Updates with number of served cases in eighth paragraph)To contact the reporters on this story: Jef Feeley in Wilmington, Delaware at;Tim Loh in Munich at tloh16@bloomberg.netTo contact the editors responsible for this story: David Glovin at, ;Eric Pfanner at, John Lauerman, Anne PollakFor 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.

Capstone Turbine Corporation (NASDAQ:CPST): Is Breakeven Near?

16 hours 28 min ago

Capstone Turbine Corporation's (NASDAQ:CPST): Capstone Turbine Corporation develops, manufactures, markets, and...

Epizyme's Tazemetostat Drug For Epithelioid Sarcoma Gets Accelerated FDA Approval

16 hours 31 min ago

The TAZVERIK drug has been approved, particularly for the treatment of patients above the age of 16, who have metastatic or locally advanced epithelioid sarcoma that cannot be completely removed with surgery. The clinical benefit of the drug still needs to be verified in a confirmatory trial for the FDA's continued approval, as is usually required in cases where the federal agency grants accelerated approvals based on preliminary trials. Epizyme said that it is already performing a confirmatory trial that assesses the effects of a combination of TAXVERIK and chemotherapy drug Doxorubicin against a combination of the latter with a placebo.

Volkswagen CEO Confident He Can Catch Tesla in E-Car Race

16 hours 43 min ago

(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Volkswagen AG Chief Executive Officer Herbert Diess is preparing to muscle Elon Musk out of the electric-car lead.While Tesla Inc. is paving the way in sustainable mobility, the world’s biggest automaker is buying software companies and ramping up investments in electric vehicles and battery cells, Diess said Friday at the World Economic Forum in Davos, Switzerland.“It’s an open race,” Diess said in an interview with Bloomberg TV. “We are quite optimistic that we still can keep the pace with Tesla and also at some stage probably overtake” the U.S. carmaker.Tesla’s market value surpassed Volkswagen’s for the first time this week, even as the U.S. company sells a fraction of the cars VW churns out and has yet to record an annual profit. Volkswagen rose as much as 1.7% in Frankfurt trading after Diess’s comments.Still, Tesla has a competitive edge in electric cars and software, technologies that are underpinning a shift toward cleaner mobility. The threat is underscored by Musk’s plan to establish a factory near Berlin, in the heart of Germany’s automotive industry.While they’re competitors, Diess and Musk have cultivated somewhat friendly ties. The German CEO in October hailed Tesla as a serious competitor that’s pushing the industry toward sustainability -- just a few weeks after the South African-born billionaire tweeted that Diess is doing more than any big car CEO to go electric. Diess repeated his respect for Musk in Davos, saying Tesla’s product lineup “describes the future of the auto industry.”Last week, the German CEO called on his top managers to speed up Volkswagen’s overhaul efforts to make the German industrial giant more agile or risk being pushed aside. Volkswagen has earmarked about $66 billion to invest in electrification, hybrids, and digitalization, and in October plans to start churning out e-cars at a factory near Shanghai, where Musk opened a plant last year ahead of schedule.“The company which adopts fastest and is most innovative but also which has enough scale in the new world will make the race,” Diess said Friday.Trade ThreatTesla isn’t Diess’s only concern. The CEO was among executives who attended a dinner with U.S. president Donald Trump in Davos on Tuesday. While the meeting was “positive,” the threat of U.S. tariffs on European carmakers hasn’t been averted, he said.“It’s very difficult to read President Trump but he stated that he’s still not happy with Europe,” Diess said. “We’re doing what we can to avoid tariffs.”Volkswagen has been relatively resilient so far to industry headwinds exacerbated by trade friction, higher tariffs and a slowdown in China, the German manufacturer’s largest market. The company also will have to comply with Europe’s new fleet emission targets, he said, meaning VW will have to sell more sustainable cars or face penalties.“2020 for the auto industry will be a very difficult year,“ Diess said. “But we’re doing the right things to be competitive.”(Updates with Volkswagen shares in fourth paragraph.)To contact the reporters on this story: Christoph Rauwald in Frankfurt at;Francine Lacqua in London at flacqua@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at, Stefan NicolaFor 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.

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