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United to drop contract with ExpressJet, dealing potentially fatal blow

Thu, 07/30/2020 - 23:24

United Airlines said on Thursday it has decided to drop its contract with ExpressJet, and consolidate all of its outsourced flying on 50-seat planes with regional rival CommutAir. The decision could be a fatal blow to ExpressJet, which will begin to wind down its operations, according to a memo from Chief Executive Subodh Karnik to employees seen by Reuters. Reuters reported United's choice between the two carriers on Monday, after it saw a union letter to ExpressJet pilots warning that the choice could have a "dramatic impact" on the future of ExpressJet.

Ethereum History in 5 Charts

Thu, 07/30/2020 - 23:00

Five years ago this week, the first general-purpose blockchain went live on mainnet. Here are five charts for understanding Ethereum's evolution.

Amazon posts biggest profit ever at height of pandemic in U.S

Thu, 07/30/2020 - 21:48

Shares of Amazon, the world's largest online retailer, rose 5% in after-hours trade. While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar. Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to COVID-19.

ImagineAR Announces Mike Anderson, Former MD of The Sun, as Advisor to CEO For Spearheading UK & Europe Sales

Thu, 07/30/2020 - 19:24

VANCOUVER, BC, July 30, 2020 /CNW/ - ImagineAR (CSE: IP) (OTCQB: IPNFF) an Augmented Reality Company that enables sports teams, brands and businesses to instantly create their own mobile phone AR campaigns, is pleased to announce that Mike Anderson has joined the Company as an Advisor to the CEO for the purposes of launching ImagineAR platform sales in the UK and Europe.  Mr. Anderson is the former managing director of the The Sun and News of the World publications, and founder of the mobile app UK development company -The Chelsea Apps factory.  ImagineAR believes Mr. Anderson will significantly accelerate the Company's presence and sales throughout the UK and Europe.

Exxon’s Mad Dash To Save Its Dividend

Thu, 07/30/2020 - 19:00

7 Biopharmaceutical Companies Finding Success During COVID-19

Thu, 07/30/2020 - 18:43

By CorpGov Editorial Staff The COVID-19 pandemic is both a health and economic crisis for countries around the world. Communities are experiencing loss of lives, businesses, and lifestyles, challenging biopharmaceutical companies to urgently develop therapeutics and vaccines that address this crisis while remaining profitable. Companies are employing diverse strategies to cope with the economic challenges […]

Moderna’s COVID-19 Vaccine Is Making Good Progress but Valuation Is Too High, Says J.P. Morgan

Thu, 07/30/2020 - 18:22

Moderna (MRNA) is undoubtedly one of 2020’s success stories. Its rise has rested on the hope it can be the one to solve the COVID-19 conundrum and bring to market the desperately needed COVID-19 vaccine.Although several questions regarding its business practices \- unrelated to its vaccine candidate’s progress - have come to the fore recently (including how execs are possibly profiteering off the stock’s rise and an unsuccessful attempt to invalidate another company’s patent), what concerns J.P. Morgan analyst Cory Kasimov at this point, is its fast accumulation of share gains.“Bigger picture,” said the 5-star analyst, “We remain constructive on the company overall (COVID-19 or otherwise) but are currently most comfortable on the sidelines given MRNA’s $30B+ valuation.”That valuation has increased dramatically since the turn of the year (up by 306%) as investors have applauded each step in the progress of the biotech’s COVID-19 vaccine candidate mRNA-1273. Moderna’s latest surge came earlier this week, after data published in the New England Journal of Medicine showed that in a preclinical study evaluating mRNA-1273 in nonhuman primates, the vaccine elicited strong antibody and T cell responses.With a Phase 3 study of mRNA-1273 initiated earlier this week, and management hopeful it can present data by Thanksgiving, the positive preclinical study results are a nice addition to the candidate’s progress. However, Kasimov wonders how much influence the data will have in the long run.Kasimov said, “We see the publication of Moderna’s data in non-human primates (NHP) as supportive of the potential for mRNA-1273 (COVID-19 vaccine), adding to the other encouraging pieces of early evidence, including Phase 1 results. That said, how results in monkeys ultimately translate to humans and whether the lack of an apparent CD8 T-cell response is relevant (especially when other vaccine candidates have shown CD8 T-cell involvement) are two (of admittedly many) outstanding questions.”Accordingly, Kasimov maintained a Neutral (i.e. Hold) rating along with an $89 price target, which implies nearly 15% upside from current levels. (To watch Kasimov’s track record, click here)Overall, there’s still plenty of support for Moderna among Kasimov’s colleagues. MRNA's Strong Buy consensus rating is based on 13 Buys and 3 Holds. Over the next 12 months, the Street is factoring in a 17% gain for the stock, considering the average price target clocks in at $90.67. (See Moderna 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.

Apple Q3 earnings beat expectations, announces 4-1 stock split

Thu, 07/30/2020 - 17:36

Apple reported its Q3 2020 earnings on Thursday, surpassing expectations for the period. The tech giant also announced a 4-1 stock split. Yahoo Finance's Myles Udland, Seana Smith, Andy Serwer, Jared Blikre, Jen Rogers and Neuberger Berman's Dan Flax break down the earnings report on The Final Round.

We're not going to get back to where we were at the end of last year until late 2022 or early 2023: Economist

Thu, 07/30/2020 - 17:12

Chris Rupkey, MUFG's Chief Financial Economist, joined The Final Round to discuss the latest jobless claims numbers and second quarter GDP.

Apple earnings: Apple crushes Q3 expectations, announces 4-1 stock split

Thu, 07/30/2020 - 16:32

Apple has reported its Q3 2020 earnings, crushing expectations, and announcing a 4-1 stock split.

Seth Klarman Says Fed Is Infantilizing Investors in ‘Surreal’ Market

Thu, 07/30/2020 - 15:52

(Bloomberg) -- Seth Klarman said the Federal Reserve is treating investors like children and is helping create bizarre market conditions that are unsupported by economic data.“Surreal doesn’t even begin to describe this moment,” Klarman said in a letter to investors reviewed by Bloomberg News. Investor “psychology is surprisingly ebullient even though business fundamentals are often dreadful,” he added.The culprit is the Fed, Klarman said in the 16-page letter.“Investors are being infantilized by the relentless Federal Reserve activity,” said Klarman, who runs hedge fund firm Baupost Group. “It’s as if the Fed considers them foolish children, unable to rationally set the prices of securities so it must intervene. When the market has a tantrum, the benevolent Fed has a soothing yet enabling response.”Going further, he said: “As with the 30-year-olds still living in their parents’ basements, we can only wonder whether the markets will ever be expected to make it on their own.”Klarman said “we were significant net sellers” as prices rallied in the second quarter. The hedge fund delivered a gain of about 10% in the three months ended June 30, and was down about 2% for the first half of the year, according to a person familiar with the matter.Baupost’s cash balance was 31% on June 30, up from 26% disclosed in April, the result of selling a recently purchased portfolio of mortgage-backed securities and one corporate debt holding, as well as net stock sales.A spokeswoman at Boston-based Baupost declined to comment.Here are some other highlights from the letter:Gains in the hedge fund were led by EBay Inc., Pacific Gas and Electric Co., Liberty Global Plc, ViacomCBS Inc., Steinhoff International Holdings NV and Translate Bio Inc.Covid-19 has caused “some adverse developments” in the firm’s public portfolio but those are likely to be temporary, he said.Investments in subrogation claims and equity of Pacific Gas were not affected by Covid-19 and substantial distribution is expected to be paid this month.The pandemic is challenging some of the firm’s private holdings including in real estate. While residential property developments in Miami, Denver, Lake Tahoe and southern Delaware are experiencing strong sales and traffic, a mixed use property outside of Cleveland is impaired because rents aren’t being paid, he said. Occupancy is also falling at a “major residential property” that wasn’t identified.Hedges cost the firm 1% of net asset value in the second quarter after contributing about 3% in the first quarter.(Updates with Baupost performance in sixth 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.

Is Southwest Airlines Co.'s (NYSE:LUV) Stock Price Struggling As A Result Of Its Mixed Financials?

Thu, 07/30/2020 - 15:27

Southwest Airlines (NYSE:LUV) has had a rough month with its share price down 9.3%. It is possible that the markets...

Rich Investors Will Be Fine If Biden Hikes Taxes, UBS Says

Thu, 07/30/2020 - 14:32

(Bloomberg) -- With Joe Biden leading President Donald Trump in the polls, some investors are concerned the age of corporate tax cuts and deregulation may soon end, replaced by a Democratic administration eager to soak the rich.Those fears are unfounded, according to UBS Group AG.While Biden has proposed tax increases on high-income individuals and corporations, such hikes would be offset by massive spending packages targeted at accelerating the country’s recovery from the coronavirus, the investment bank said.And unlike in 2008, banks aren’t seen as the bad guys in today’s crisis -- meaning a Biden administration would likely refrain from tightening regulations on the financial industry, according to Solita Marcelli, UBS’s chief investment officer for the Americas.Biden will focus more on ensuring a rapid economic recovery than on punishing wealthy investors, which would be a boon for the stock market and ultimately prevent drastic changes to corporate profits, Marcelli said at the company’s midyear media roundtable this week.Read more: Biden to Map Economic Path Delaying Progressives’ Biggest PlansAn estimated 5% reduction in S&P 500 Index earnings under Biden’s corporate-tax plan could be offset by the Democratic candidate’s proposed stimulus spending and investments in infrastructure, climate change and other initiatives, according to UBS.“We suspect that Biden will further tilt toward pro-growth policies, especially now that policy winds have shifted,” Marcelli said. “Focusing on balanced budgets in the near-term is not a priority for politicians, nor financial markets for that matter.”The potential economic gains from those spending packages would also make up for higher taxes on wealthy individuals, whose spending behavior probably wouldn’t change anyway, Marcelli said. Biden’s proposals include income and payroll tax increases for high-income individuals, as well as raising corporate taxes to 28% from 21%.Populist demands to tax the rich have increased in recent months as the pandemic exacerbates the wealth gap and puts pressure on cash-strapped local and state budgets. Biden this month said the idea that U.S. companies only have responsibility to their shareholders is “an absolute farce,” arguing instead that they have a duty to workers and the country.Still, the almost $4 trillion that Biden’s tax regime would raise is much less than the new federal spending -- estimated by the Wall Street Journal at $7 trillion-plus -- he’s proposed for the next 10 years. Biden recently launched his “Build Back Better” plan centered around reviving U.S. manufacturing with a buy-American focus, though it steers clear of big-ticket progressive proposals like the Green New Deal.“We know some are ready to go all in on a Biden family-investment strategy,” Marcelli said. “But when it comes to our guidance to our clients, it still remains that we don’t advise investors to try and predict the outcome and make drastic portfolio moves.”From 1926 to 2018, the stock market has performed best under a Democratic president and a divided Congress, with an annualized return of 16.9%, UBS strategists including Justin Waring said in a July 27 blog post. Still, they cautioned about reading too much into that statistic.“In all likelihood, there are explanations beyond politics for these apparent patterns,” they wrote. “The jury is still out with regard to the extent to which politics affects market returns.”(Updates with UBS blog comments starting in penultimate 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.

FanDuel Group CEO on sports betting amid coronavirus: 'Demand is off the charts'

Thu, 07/30/2020 - 14:30

FanDuel Group CEO Matt King joins Yahoo Finance’s Zack Guzman to discuss the latest outlook for online gambling as live sports resume.

Seagate Technology plc Just Missed EPS By 12%: Here's What Analysts Think Will Happen Next

Thu, 07/30/2020 - 13:59

It's been a mediocre week for Seagate Technology plc (NASDAQ:STX) shareholders, with the stock dropping 10% to...

Why Wedbush Says Shopify's Q2 Results Were A 'Blowout'

Thu, 07/30/2020 - 13:39

Shopify (NYSE: SHOP) posted a "blowout" second quarter Wednesday, with revenue that came in nearly 40% above expectations, according to Wedbush Securities.The Shopify Analyst: Ygal Arounian maintained a Neutral rating on Shopify and raised price target from $998 to $1,053.The Shopify Takeaways: Shopify decelerated in June and July compared to its peaks in May, but the performance "continues to support our view that e-commerce will ultimately settle at a lower than peak-Covid, but higher than pre-Covid growth over the course of 2020," Arounian said in a Wednesday note. (See his track record here.) View more earnings on SHOPThe analyst named the following as positives from Shopify's second quarter: * Excellent new store creation that showed a 71% sequential increase. * Shopify's expectation that the merchants will convert to paying subscribers. * Shopify is likely to benefit from underpenetrated categories like tobacco. * Shopify Plus had a record quarter and has an opportunity to add large enterprise clients.Arounian said he sees upside potential in Shopify's retail OS."Shopify's model of integrated OS is clearly a winning strategy, and can drive more share gain in an accelerating ecommerce environment where businesses aim to move online quickly."SHOP Price Action: Shopify shares were down 0.86% at $1,044.50 at last check Thursday. Photo courtesy of Shopify. Latest Ratings for SHOP DateFirmActionFromTo Jul 2020SunTrust Robinson HumphreyMaintainsHold Jul 2020Canaccord GenuityMaintainsHold Jul 2020JefferiesMaintainsHold View More Analyst Ratings for SHOP View the Latest Analyst Ratings See more from Benzinga * Oppenheimer Upgrades Qorvo After Better-Than-Expected Q1 * Why This Spotify Analyst Is Raising Their Price Target * Airbnb CEO Says IPO Possible In 2020(C) 2020 Benzinga does not provide investment advice. All rights reserved.

A Preview Of AbbVie's Earnings

Thu, 07/30/2020 - 13:06

Why StoneCo (STNE) Stock is a Compelling Investment Case

Thu, 07/30/2020 - 13:00

Spree Capital Advisers recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund posted a return of -12.41% in the first half of 2020, underperforming its benchmark, the S&P 500 which returned -3.1% in the same period. You should check out Spree Capital's top 5 stock picks for […]

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