Skip to content
(Bloomberg) -- California Resources Corp. filed for bankruptcy, kicking off what could turn into the next wave of collapses among oil drillers and the businesses that depend on them.The company joins more than 200 oil explorers that have filed for court protection since 2015, and more may be coming in a matter of weeks. Denbury Resources Inc. and Noble Corp. missed their July debt payments, and Chaparral Energy Inc. asked lenders for more time, setting them on course for a possible default.With oil prices hovering around $40 a barrel, the industry simply isn’t able to support debts taken on when prices were near peak levels. California’s biggest crude producer has been weighed down by massive borrowings since its spinoff from Occidental Petroleum Corp. in late 2014, right at the start of the previous downturn in the crude market.Low levels of cash and stricter state drilling regulations added to the pressure on...
A stock with a 6-month gain of over 1500% is normally certain to raise some eyebrows. But, “normally” is a long distance away from the current reality, and that figure is the upside posted by shares of molecular diagnostics player Co-Diagnostics (CODX) since the turn of the year.While certainly not common place, these massive gains are not completely out of the ordinary in 2020, although primarily reserved for one specific group of stocks: those in the hunt for coronavirus related solutions.And CODX belongs squarely in that group. Actually, that’s not quite on point - Co-Diagnostics already has a solution, in the shape of its Logix Smart COVID-19 test.The U.S. has seen an explosion of new infections in several states, as the rush to re-open the economy has backfired. The record number of COVID-19 cases reported over the last few days signal that there is no end in sight to the pandemic...
Monday’s market selloff skipped past BioNTech (BNTX). The German biotech ended the session posting a 12% gain after news that two of the COVID-19 vaccine candidates it is co-developing with partner Pfizer were given Fast Track designation status by the U.S. Food and Drug Administration (FDA).Any positive development in the search for a desperately needed coronavirus treatment or vaccine has prompted optimistic headlines accompanied by surging stock prices. However, J.P. Morgan analyst Cory Kasimov believes the headlines illustrate how much the public has taken to biotechs during these pandemic driven times, while the news amounts to… well, not much really.“The reality,” Kasimov said, “Is that this update is really not surprising or significant. It speaks more to the unmet need of the target indication (which is obvious in this situation) than it does to the investigative candidate(s) in question. Unlike Breakthrough Therapy Designation (BTD), fast track does not consider the clinical...
Tesla's only U.S. vehicle factory in California was shut for some six weeks of the quarter. The report released on Wednesday showed registrations in California, a bellwether market for the electric-car maker, plummeted almost 48% from a year earlier to 9,774 vehicles in the three months ended June 2020. Model 3 registrations in the state, which accounted for more than half of the total registrations, fell 63.6% to 5,951 vehicles....
EKA Solutions, which offers a cloud-based integrated freight management ecosystem platform, has expanded its collaboration with Transflo to implement digital and automated transportation document workflow between shippers and carriers. ...
No matter how you look at it, claims Benchmark analyst Daniel Kurnos, whether we are heading for another lockdown or should restrictions be lifted, OTT leader Roku (ROKU) stands to benefit.Shares of Roku have trended higher recently, adding 40% over the past month. However, Kurnos expects further gains, as there are simply too many tailwinds pushing at Roku’s back.The 5-star analyst said, “We think Roku ends up a winner regardless for the following reasons: 1) Roku has proven to be a go-to name during “Covid on” days, while a V-shaped recovery would result in marked advertising and EBITDA outperformance; 2) We believe CPM and fill rates are already approaching pre-Covid levels, with advertisers in a better situation to handle a resurgence and the Facebook boycott potentially providing a tailwind; 3) Not only have our checks suggested that the TCL-Google partnership was mostly headline hype thus far but we have also heard...
