Month: August 2020

State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said on Sunday, state news agency SPA reported. The energy minister Prince Abdulaziz bin Salman Al-Saud said the new Abraq al-Toloul oil field, which lies to the south east of the northern city of Arar, flows with a daily rate of 3,189 barrels per day (bpd) of Arab light crude oil, along with 3.5 million cubic feet of natural gas. …read more […]

Warren Buffett has shelled out a few tips on life and business during his 90 years. …read more […]

For the stock market, is it onwards and upwards? As the dog days of summer come to a close, stocks have ripped higher in a remarkable fashion, with the market sitting at record highs. That said, when we make our way into September, a historically rough month for equities, should investors put their hunts for compelling plays on hold? Not necessarily. The pros on Wall Street have set their sights on a select few names with growth prospects that can only be described as monstruous. We aren’t exaggerating here. These stocks have already posted some serious gains in 2020, with …read more […]

(Bloomberg) — Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman.Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate of 16 million standard cubic feet, in addition to 1,944 barrels of condensates, which are a type of petroleum that usually isn’t classified as crude oil because it’s too light. The nearby Abraq at-Tulul field has started producing 3,000 barrels a day of crude, 49,000 barrels of condensates and 1.1 million cubic feet of gas.Aramco …read more […]

(Bloomberg) — Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic.ByteDance Ltd. will be required to seek Chinese government approval to sell the U.S. operations of its short-video TikTok app under new restrictions Beijing imposed on the export of artificial intelligence technologies, according to a person familiar with the matter.AI interface technologies such as speech and text recognition, and those that analyze data to make personalized content recommendations, were added to a revised list of export-control products published on …read more […]

Shares in Dell Technologies (DELL) rose 6% in Friday’s trading, after the tech giant reported a solid earnings beat.Specifically, FQ2 Non-GAAP EPS of $1.92 beat Street estimates by $0.52, while GAAP EPS of $1.37 also topped forecasts by $1.59. Although revenue fell 2.8% year-over-year, at $22.8B it still beat Street expectations by $300M. Adjusted EBITDA was $3.1B- significantly higher than the consensus of $2.5B.“In Q2, we saw strength in the government sector and in education, with orders up 16 and 24 percent, respectively, as parents, teachers and school districts prepare for a new frontier in virtual learning” commented Jeff Clarke, …read more […]

Gilead Science’s (GILD) investigational antiviral Veklury (remdesivir) has now received expanded Emergency Use Authorization (EUA) from the FDA to treat all hospitalized patients with COVID-19. Previously the treatment was only authorized for patients hospitalized with severe COVID-19.“As we learn more about COVID-19 and we further establish the efficacy and safety profile of Veklury, we see benefit to making the drug available to patients at earlier stages of the disease” cheered GILD’s Merdad Parsey. The CMO added: “Today’s action by the FDA enables physicians to consider a broader range of eligible patients to potentially receive Veklury.”According to GILD, the expanded EUA …read more […]

Abbott Laboratories (ABT) is now holding trials to try and expand its rapid Covid-19 test to people who show no symptoms of the virus, ABT’s CEO Robert Ford has revealed to CNBC.“We are working on developing data for asymptomatic claims, so we are running our clinical trial, and we’ll eventually have data to be able to support that,” Ford told CNBC.“In the meantime, we see it being able to be deployed, because it doesn’t requirement an instrument … through the federal government, through the state governments, through schools, through employers, or even through retail clinics,” the CEO continued. “We think …read more […]

Morgan Stanley analyst Thomas Allen has downgraded DraftKings to Hold from Buy, citing increased competition and slowing momentum on legalization in several states. He also sees various risks to the upcoming NFL (National Football League) season that could be canceled due to COVID-19 related concerns. Shares of the online sports betting player plunged over 7% on Friday after the downgrade.The analyst downgraded DraftKings (DKNG) amid near-term risks. He wrote in a client note that the sports betting industry has become more competitive, “with numerous peers raising capital and operators looking to take first-mover advantage, so near-term losses could be much …read more […]

Shares of HP Inc. rose 6.2% on Friday after the personal computer maker reported stronger-than-expected fiscal 3Q results. The company’s quarterly results got a boost from strong PC demand driven by COVID-19 pandemic-induced online learning and work-from-home wave.On August 27, HP (HPQ) reported that 3Q revenues of $14.3 billion surpassed analysts’ expectations of $13.3 billion. Its adjusted EPS of $0.49 also beat Street estimates of $0.43.HP’s CEO Enrique Lores said, “We’re leveraging our leadership across consumer and commercial markets to capitalize on opportunities – from the essential role of the PC in an era of remote work and school to …read more […]

(Bloomberg Opinion) — From Monday there will be just one oil company in the Dow Jones Industrial Average — Chevron Corp. The removal of Exxon Mobil Corp. from the index after an uninterrupted presence since 1928 shouldn’t come as a surprise. It’s not the end of Big Oil, but it may signal the start of the beginning of the end.It may seem odd to remove one of only two oil companies in the index at a time when the shale boom has transformed America’s role in the global market. After all, the U.S. now produces more oil and more natural …read more […]

​AstraZeneca plc (NYSE:AZN) could easily acquire Gilead Sciences, Inc. (NASDAQ:GILD) Headlines: Market Dynamics May Inspire AZN To Re-Engage. A $200B+ Healthcare Juggernaut May Result. ​ Q2 2020 hedge fund letters, conferences and more Since June 8, 2020…When Speculation Bubbled About A Possible AstraZeneca-Gilead Sciences Combination [see vertical line in above chart]…The Following “Deal” Metrics Have Adjusted…Quite Dramatically […] …read more […]

If there was a “stock of the century” award, Amazon (AMZN) would be the favorite. Since 2001, AMZN has rocketed above $3,300, turning every $1,000 into just shy of $600,000. Obviously, anyone who got into Amazon early and held on is living the high life and deserves a round of applause. But now, it’s time to come to terms […] …read more […]

(Bloomberg) — President Donald Trump is cutting the cap on allowable steel shipments from Brazil, citing a slump in the U.S. market.In a proclamation issued late Friday, Trump amended a previous decision under the so-called Section 232 national security powers to lower the cap on allowable imports. The limits were set in 2018 as part of a deal between the nations to avoid tariffs that Trump applied to other countries.Trump cited a slumping American steel market, which has only accelerated amid shutdowns spurred by the coronavirus pandemic.“Imports from most countries have declined this year in a manner commensurate with this …read more […]

(Bloomberg) — Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. It’s said to be gunning for a valuation of $225 billion, making it the world’s fourth-largest financial company.A 2011 offshoot of Chinese giant Alibaba Group Holding Ltd., the firm has defined and dominates the Chinese payments market through its ubiquitous Alipay app. It also runs the giant Yu’ebao money market fund and the Huabei and Jiebei consumer lending units.Based in Hangzhou, a sprawling metropolis south of Shanghai, its ambitions run much …read more […]