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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...
(Bloomberg) -- Hong Kong, until recently an oasis of political stability in Asia, is now gripped with unprecedented regulatory and legal uncertainty that threatens its position as one of the world’s top financial hubs.China’s imposition of a sweeping, but vaguely worded national security law on June 30 has already begun to change the business landscape. Tech giants like Google and Facebook Inc. have suspended processing data requests from the government. Banks are struggling to figure out how to comply with the contradictions in U.S. and Chinese legal changes. Even mainland bankers in the city got a shock when China started taxing their incomes at rates as high as 45%, compared with 15% in Hong Kong.On Tuesday, President Donald Trump stripped away certain special privileges for Hong Kong under U.S. law. The landmark decision eliminated a range of measures that allowed the capitalist city different treatment from the mainland, from preferences for...
After the coronavirus fears subside and the U.S. counts the economic toll, the legalization of cannabis is a potential beneficiary. Most states have huge budget deficits with an eye on legalization of especially recreational cannabis as a major source of new tax revenues.One state pushing forward with recreational cannabis approval is New York. Governor Andrew Cuomo is one of the few governors pushing aggressively for approval and the state would probably be very close to legalization, if not for the ongoing setback from COVID-19.The flip side of this setback is the need for cannabis tax revenues is further enhanced by the near full shutdown of the New York economy for 4 months now. State lawmakers are now pushing to get marijuana legalized due an estimated $300 million in tax revenues for the state that now has a budget deficit of up to $61 billion.The state currently has a medical cannabis program...
When it comes to something as important as safety, recognition and appreciation can go a long way to reaching your ultimate goal according to Phil Byrd, CEO of Bulldog Hiway Express and head of the Daseke Leadership Council. ...
