Economic data continued to support demand for riskier assets early on. U.S jobless claims and updates from Capitol Hill will influence later in the day....
It was not a good start to the week for online sports betting (OSB) company DraftKings (DKNG). Shares dropped after it became apparent that college football's fall season probably won’t kick off. At a Big Ten conference meeting, the teams’ presidents voted 12-to-2 to cancel the season. This development represents a big blow for DraftKings. College football is one of the most bet on sports in the US and takes place during Q4, when the company traditionally generates most of its revenue.The decision raises the question of whether other sports leagues will be cancelled. Whether they will or won’t, Rosenblatt Securities analyst Bernie McTernan believes DraftKings has enough cash to weather the storm. Management has said that while sports are not in session, monthly cash burn amounts to between $15 million to $20 million.“This is relative to their $1.1 billion cash balance we estimate for the end of June, indicating a...
The global landscape is fraught with simmering tensions, but one universal commonality remains intact: the need for a coronavirus vaccine.However, Canaccord analyst John Newman believes that until a vaccine becomes available, there could be another solution. And one just as potent.“Regeneron's (REGN) REGN-COV2 antibody cocktail could provide immediate treatment for COVID-19 patients, whereas a vaccine would not. We believe REGN-COV2 is a much-needed approach to provide both immediate impact and a supplement to protection once vaccines are (hopefully) available,” said the 5-star analyst.Regeneron initiated the Phase 3 study for REGN-COV2 in July, evaluating its efficacy in treating and preventing COVID-19. Initial data from the trial could become available by the end of September, ahead of vaccine data.Newman argues that what differentiates REGN-COV2 from vaccines is its potential to actually treat active COVID-19. Additionally, before a vaccine becomes widely available, REGN-COV2 could also be used to prevent infection, thereby protecting those most...
(Bloomberg) -- Gold held above $1,900 an ounce following wild swings as investors weighed the outlook for the metal’s record-setting rally, tracking moves in bond yields, a weaker dollar, as well as an uptick in risk appetite.Spot bullion steadied, while futures dropped after U.S. stocks briefly surpassed their all-time closing high, curbing demand for haven assets. Gold had tumbled on Tuesday, then swung in a wide arc on Wednesday, as last-week’s rally likely spurred some technical selling and profit-taking.Even with the correction in prices, gold and silver remain among the best performing commodities this year, aided by negative real yields and vast stimulus to combat the fallout from the coronavirus pandemic. Goldman Sachs Group Inc. has described gold as the currency of last resort amid an inflation threat to the dollar, and forecast further gains above $2,000 an ounce.“Gold’s roller-coaster ride is far from over as bond yields will likely remain...
