Zoom, which has soared to 200 million daily users from 10 million in less than three months, had faced backlash from users after security researchers found bugs in its codes and the company failing to disclose that its service was not end-to-end encrypted. Zoom said it has made several changes to its user interface, including offering password protection and giving more controls to meeting hosts to check unruly participants. To account for criticism that the company had routed some data through Chinese servers, Zoom said an account admin can now choose data center regions for their meetings....
Biogen (BIIB) has kicked off first quarter biotech earnings with a top- and bottom-line beat. However, the company surprised investors by announcing a significant delay to the aducanumab BLA (biologics license application) filing, which is now set for 3Q instead of early 2020. Aducanumab is a human monoclonal antibody designed to treat early Alzheimer’s disease.“Among the new disclosures are a pre-BLA meeting this summer and additional “formal interactions” with the FDA (such as Type C meetings); these were not previously communicated and may raise questions on how receptive FDA is to this BLA” comments JP Morgan analyst Cory Kasimov.As a result shares are currently down 6% in Wednesday’s pre-market trading at $309.Meanwhile, Mizuho Securities analyst Salim Syed notes that “the original guidance was “early 2020”, then revised to “as soon as possible”, now “3Q20” … and there’s actually very little in the press release that explains why timelines have shifted so much.”He also reiterated his...
(Bloomberg) -- AT&T Inc. posted a 4.5% drop in revenue from a year ago and withdrew its forecast of 2% revenue growth for the year, saying it can’t provide a financial forecast for 2020 due to the coronavirus pandemic.The Covid-19 crisis hurt earnings by 5 cents a share in the first quarter and knocked $600 million off of revenue due to lower ad sales from canceled sports events like the NCAA men’s basketball tournament. But the U.S. stay-at-home orders, which started in mid-March, did help improve some of AT&T’s slumping consumer businesses.Homebound customers craving videoconferencing and cellular connections helped boost broadband and wireless numbers. AT&T added a total of 27,000 wireless subscribers, exceeding analysts’ prediction for a loss of 132,000. That number includes a loss of tablet customers, offset by 163,000 new mobile-phone customers. And demand for fiber broadband connections surged 34% as more people sought faster home internet access.AT&T shares...
Delta Air Lines posted a $607 million loss in the first quarter as the COVID-19 crisis forced the airline to cut up to 85% of its scheduled flights....
Macy’s, Inc. (M) is reportedly seeking to raise as much as $5 billion in debt as it is struggling with depressed retail sales after government restrictions to contain the coronavirus pandemic forced the closure of all of the department chain’s stores.According to the debt plan, the department chain will to use its inventory as collateral to raise $3 billion and real estate assets to raise $1 billion to $2 billion, CNBC reported.All of the department chain's 775 stores have been closed since March 18. Macy’s had also announced that it is suspending its quarterly dividend, drawing down on its credit line, freezing both hiring and spending, stopping capital spending, reducing receipts, and cancelling some orders and extending payment terms.This month, Macy’s said that its CFO and Executive Vice President Paula Price will leave the company adding more uncertainty as to how the department chain will navigate its cost-cutting plan and saving measures...
