Draftkings CEO Jason Robbins joins Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Dan Roberts to discuss the company’s merger with Diamond Eagle, and the future of sports betting. ...
(Bloomberg) -- The World Health Organization formed an international alliance to ensure that Covid-19 vaccines and treatments are distributed fairly. The U.S. Food and Drug Administration warned patients about taking malaria medications touted by President Donald Trump.Spain had its fewest deaths in five weeks, and new cases in Singapore dropped below 1,000 for the first time in five days. Russia reported the most new cases since April 19, and Germany had its worst day in almost a week. Chancellor Angela Merkel said the country is “far from being out of the woods.”Europe’s leaders inched toward a deal on rebuilding plans, while U.S. lawmakers overwhelmingly passed a $484 billion aid bill.Key DevelopmentsVirus Tracker: Cases top 2.7 million; deaths exceed 191,000Europe grapples with lockdowns as cases drop and economies reelMnuchin asks for equity stakes in exchange for $17 billion aidGilead sinks after latest data leak on virus drug trialTrump muddles virus response while...
(Bloomberg Opinion) -- How would you like to generate 40% annual returns for three decades? Build a firm with billions of dollars under management that's the envy of the industry? Become so influential that your peers -- assuming you have any -- are so in awe of you they are afraid to discuss you with the media?Sounds great, right? Well, forget about it. Jim Simons, the quant whiz who built teams of computer science wizards and math geniuses into Renaissance Technologies, is a once-in-a-lifetime talent. We learned from journalist Gregory Zuckerman that Simons’s fund returned an insane 40% annually. This year, according to Zuckerman, the firm’s flagship Medallion fund is up 24% after costs. Before fees, in the midst of the conoravirus crisis, the fund gained 39%.But here's the thing: You are not Jim SimonsWhat about Pershing Square Capital Management LP, run by Bill Ackman? Concerned about the impact of the coronavirus,...
(Bloomberg) -- American Express Co. said it’s seeking to cut $3 billion in costs after the coronavirus pandemic caused a plunge in spending on the firm’s cards.The slowdown the credit-card issuer began to see in March as a result of nationwide shelter-in-place orders has “dramatically” impacted spending on its cards in April as well, American Express warned Friday. Provisions for loan losses rose to $2.6 billion in the first three months of the year as unemployment soared.Chief Executive Officer Steve Squeri, who led expense-reduction efforts at American Express before taking the helm in 2018, said the planned cost cuts are the largest he can remember the company undertaking. American Express will keep investing in mobile capabilities as well as customer service and collections, he said.“It was important for us to stick with those initiatives that inevitably would be important when this crisis ended,” Squeri said on a conference call with analysts....
So, what’s going on in the stock markets? Are they completely haywire? Since February 19, when the bull market ended, the Dow Jones has fallen 36.6% and then gained back, in uneven steps, some 26.4% from the trough. Movements have been similar in the S&P 500 and the NASDAQ. For the last two weeks, both the S&P and Dow have been holding fairly steady – the S&P near 2,800 and the Dow near 23,500.Yet, there are more questions raised than answers. Are we in a true rally, or will the slide resume? What will happen when people return to work; will the economy pop back up again, or are we in a new recession? And if a recession, how bad will it get? The answer to that last may be worse than anticipated: the last five weeks have seen unemployment claims soar to 26 million.Taking the bearish view, Mark Jolley of...
