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Bill Ackman Puts Part of His Personal Fortune in Covid-19 Testing

(Bloomberg) — Bill Ackman said he has invested a portion of his personal wealth to help manufacture antibody testing kits produced by Covaxx, a newly formed subsidiary of closely-held United Biomedical Inc., amid the outbreak of the coronavirus.Ackman has repeatedly called for a complete shutdown of the U.S. for 30-days to help combat the spread of the Covid-19 virus. He has also called for antibody testing, like the one Covaxx develops, across the country to determine who has been contracted the virus.“The key to a successful reopening beyond the maintenance of social distancing, hand washing, mask use and other related …read more […]

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Tesla to reopen New York plant 'as soon as humanly possible' to make ventilators: Musk

Medtronic Plc Chief Executive Officer Omar Ishrak told CNBC earlier in the day that the medical device maker has started working with Tesla, which is fast on track to start production of ventilators at Fremont. Governments across the globe have appealed to automakers and aerospace companies to help procure or make ventilators and other medical equipment. …read more […]

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Risky U.S. Mortgages Face Reckoning in Market Spooked by Crisis

(Bloomberg) — As America heads into a deep recession, the $11 trillion residential-mortgage market is in crisis. Investors who buy home loans packaged into bonds are dumping even those with federal backing because of panic that millions might not make their payments. Yet one risky sector had started to show cracks long before the coronavirus pandemic sparked the worst financial meltdown in 12 years: the federal government’s largest affordable-housing program, whose lenient terms are geared toward marginal borrowers. As real estate prices soared in recent years, working-class adults everywhere have increasingly relied on mortgages backed by the Federal Housing Administration …read more […]

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Demand Drop: The Latest in the Oil Price War

It’s clear that the world has changed due to COVID-19. We are in uncharted territory on so many levels.
Last Thursday, jobless claims shot up 33% from the prior week to 281,000. But that will likely be just the tip of the iceberg.
Goldman Sachs is predicting we’ll see 2.25 million jobless claims in this week’s report.
And some economists are predicting unemployment could hit 10% or more. We haven’t had that many people (about 16.5 million) out of work since the Great Recession.
The virus is also having a big impact on the oil sector. Last Wednesday, oil prices dropped to 18-year lows.

But …read more […]

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Boeing Presses Survival Mode; Analysts Weigh In

The promise of a $2 trillion stimulus program was received with widespread relief across Wall Street, none more so than by investors of beleaguered airline Boeing (BA). BA stock jumped over 60% in the past 3 trading sessions. Yet, even following the surge, Boeing’s share price is down by 50% year-to-date. So, following months of the stock’s decline, is Boeing finally on the mend?Jefferies Sheila Kahyaoglu believes there are better days ahead for the A&D giant. The 5-star analyst maintains a Buy on Boeing, along with a price target of $185, which implies nearly nearly 16% upside from current levels. …read more […]

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Micron Gives Strong Outlook Indicating Demand from Datacenters

(Bloomberg) — Micron Technology Inc., the biggest U.S. maker of computer memory chips, predicted stronger-than-expected revenue in the current quarter, indicating orders from datacenter operators are helping make up for a demand shortfall from smartphone makers crushed by the effects of the coronavirus pandemic.Revenue will be $4.6 billion to $5.2 billion in the fiscal third quarter, which ends in May, Micron said Wednesday in a statement. Analysts had projected $4.88 billion, according to data compiled by Bloomberg. Adjusted earnings will be 55 cents a share, plus or minus 15 cents. Analysts estimated 52 cents a share on average.Micron is one …read more […]