Exxon Mobil Corp told employees it would begin suspending the employer match to retirement savings plans beginning in early October, said sources who received a message from the company on Tuesday. "The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020."...
Square Inc (NYSE: SQ) beat analyst expectations in its second quarter earnings report Tuesday, as its mobile payment service Cash App netted significant profit, including from Bitcoin.Q2 Earnings: The Jack Dorsey-led company reported an adjusted earnings per share of 18 cents in Q2, down from the 21 cents posted in the similar quarter last year.This signficantly beat Wall Street estimates. Analysts polled by Refinitiv had estimated an average adjusted loss per share of 5 cents, as earlier reported by CNBC.Square's net loss stood at $11.5 million, up 71.6% from last year's $6.7 million. Overall adjusted EBITDA was at $97.9 million, down 7% from 2019 Q2's 105.3 million.Cash App Leads Charge: The company's largest revenue growth came with Cash App, which netted $281 million in gross profit on a total revenue of $1.2 billion.View more earnings on SQRevenue through Bitcoin increased a whopping 600% for the payments app at $875 million. Bitcoin...
(Bloomberg) -- Tencent Holdings Ltd. is driving discussions to merge China’s biggest game-streaming platforms Huya Inc. and DouYu International Holdings Ltd., people familiar with the matter said, in a deal that would allow it to dominate the $3.4 billion arena.The Chinese social media titan -- which owns a 37% stake in Huya and 38% of DouYu -- has been discussing such a merger with the duo over the past few months, although details have yet to be finalized, said the people, who asked not to be identified because discussions are private. Tencent is seeking to become the largest shareholder in the combined entity, one person said.A deal would create an online giant with more than 300 million users and a combined market value of $10 billion, cementing Tencent’s lead in Chinese games and social media. Faced with rising competition for advertisers from ByteDance Ltd. and its rapidly growing stable of apps,...
Novavax, Inc (NASDAQ: VAX) announced Tuesday its novel coronavirus (COVID-19) vaccine elicited "robust antibody responses" in participants of the Phase 1 clinical trial.What Happened The Maryland-based drugmaker said in a statement that it carried out Phase 1 testing of its NVX-CoV2373 vaccine with and without its trademarked Matrix-M adjuvant in 131 healthy adults across ages 18-59 years."Overall, the vaccine was well-tolerated and reactogenicity events were generally mild," it noted.The vaccine candidate produced anti-spike IgG antibodies in all subjects after a single 5 µg dose, and many of the subjects also developed wild-type neutralizing antibody responses. The company reported 100% of the participants developed the wild-type responses after a second dose.The use of adjuvant was "dose sparing," according to the company, with a single 5 µg performing comparably to a 25 µg dose of the vaccine.John Moore, a virologist not involved in the study, told the New York Times that Novavax's results...
(Bloomberg) -- An uneasy calm is stalking the $20 trillion U.S. Treasury market.With yields on five-year U.S. debt grinding to another record low on Tuesday, just days after a gauge of Treasury volatility fell to an all-time nadir, bond traders and investors are taking a long hard look at the speed of these declines and are on the lookout for any signs that a reckoning is underway.DoubleLine Capital’s Jeffrey Gundlach on Monday tweeted that he saw “many layers of meaning” in the abrupt pace at which Treasury volatility has fallen from its highest level in over a decade in March, comparing it to descending into Death Valley from California’s 14,000 foot Mount Whitney. While August has often been a month of turmoil, with thin trading and other seasonal factors boosting volatility, the slide in yields -- particularly those on inflation-adjusted debt -- could cause renewed turmoil.“Historically when real yields reach a...
(Bloomberg) -- Amazon.com Inc. will kick off its first Prime Day since the coronavirus outbreak later this week in India, modifying almost everything about the retail bonanza to navigate the realities of a new era.Prime Day will have the customary deep discounts, hundreds of exclusive products, new launches and cashback offers. But in a profound departure from the past, the global retailer will have a virtual operations room instead of a real one, with thousands of employees coordinating the sale from their homes, and stringent hygiene protocols for its armies of packers, sorters and deliverymen.India is a test case for the e-commerce pioneer and founder Jeff Bezos, the world’s richest person. The U.S. version of Prime Day has been postponed from its usual spot in July, with the new date yet to be announced.“After a lot of conversations, we decided to go ahead with Prime Day,” said Akshay Sahi, head of...
