Oil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. Brent crude rose 31 cents, or 0.8%, to $41.58 a barrel by 0632 GMT after declining more than 1% on Tuesday. U.S. crude and gasoline stocks fell more than expected last week, while distillate inventories rose, data released by the American Petroleum Institute (API) late on Tuesday showed....
Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. Brent crude rose 48 cents, or 1.2%, to $41.75 a barrel by 0345 GMT after declining more than 1% on Tuesday. U.S. crude and gasoline stocks declined more than expected last week, while distillate inventories rose, data released by the American Petroleum Institute (API) late on Tuesday showed....
(Bloomberg) -- China over the past decade built an alternate online reality where Google and Facebook barely exist. Now its own tech corporations, from Alibaba Group Holding Ltd. to Tencent Holdings Ltd., are getting a taste of what a shutout feels like.India’s unprecedented decision to ban 59 of China’s largest apps is a warning to the country’s tech giants, who for years thrived behind a government-imposed Great Firewall that kept out many of America’s best-known internet names. If India finds a way to carry out that threat, it may present a model for other countries from Europe to Southeast Asia that seek to curtail the pervasiveness of apps like ByteDance Ltd.’s TikTok while safeguarding their citizens’ valuable data.The surprise moratorium hit Chinese internet companies just as they were beginning to make headway in the world’s fastest-growing mobile arena, en route to going global and challenging American tech industry supremacy. TikTok had...
Inovio Pharmaceuticals Inc (NASDAQ: INO) reported Tuesday interim Phase 1 readout for INO-4800, its DNA vaccine candidate against the novel coronavirus.The Inovio Analyst: Piper Sandler analyst Christopher Raymond maintained a Neutral rating and $8 price target for Inovio.The Inovio Thesis: There wasn't a ton of detail at this point from the readout except that 94% or 34 of the 36 patients, demonstrating an "overall immunological" response at week 6, with a benign safety profile, Raymond said in a note. This appeared consistent with preclinical data published in May.Raymond, however, said he would like to see data on neutralizing antibody production and T cell response generation separately and broken out by dose before drawing too many conclusions.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.The analyst expressed satisfaction with the safety data reported by Inovio."While initial human immunogenicity data...
Shares of PG&E Corporation (NYSE: PCG) tumbled last week on the company's equity issuance at $9.50 per share to fund its exit from bankruptcy.Management is unlikely to announce another equity issuance, unless the stock appreciates meaningfully from the current lows, according to BofA Securities.The PG&E Analyst Julien Dumoulin-Smith maintained a Buy rating for PG&E, while raising the price target from $10.70 to $11.The PG&E Thesis Following last week's announcement, the Street has been debating about whether PG&E will need another equity issuance in 2021, Dumoulin-Smith said in the note.Due to "conservatism," the BofA estimates assume that the company raises another $1 billion at $11 per share in 2021.There is "a clear trade-off between issuing incremental equity at depressed prices and slowing down the pace of HoldCo debt paydown," and management is unlikely to issue new equity at the current depressed levels, the analyst wrote.PG&E's projections also do not indicate equity needs...
The coronavirus has extended its stay. The alarming rise in cases over the past week has raised the question whether parts of the economy need to shut down again. According to Sun Trust Robinson analyst Youssef Squali, whether the broader economy remains open or closed, Amazon (AMZN) stands to benefit.And who can argue with such an assessment? While the coronavirus still rages on, Amazon has only added new customers and cemented its status even further as the e-commerce king.A recent survey revealed to Squali “several reasons to stay positive on the stock.” These include,” Squali said, “1) COVID-19 catalyzed a faster transition to ecommerce, which we believe is here to stay; 2) AMZN acquired brand-new customers to the platform, and who are likely to stick; 3) AMZN’s NPS (net promoter score) is the best amongst peers, with the vast majority of customers expecting to at least sustain, if not increase their purchase...
With the outbreak of the coronavirus, volatility has become a seemingly ever-present facet of the stock market. While the current economic landscape has spurred fear among investors, others view market volatility as a unique buying opportunity.Opportunity is the key word – and sometimes the hardest thing for investors to see. To find names that can deliver solid returns and now come with a bargain price tag, investors will often turn to penny stocks, or those trading for less than $5 per share.Sure, there could be a very good reason these tickers are so affordable, but should there be even minor share price appreciation, massive percentage gains could materialize, along with hefty profits for investors.So, how are investors supposed to determine which names have what it takes to make a comeback? Follow the pros.Using TipRanks’ database, we were able to pinpoint two promising penny stocks, according to the analyst community. Although each...
