(Bloomberg) -- U.S. stocks rose for a second day, but faded into the close as concern mounted that a spike in virus cases in some states could curtail economic activity. Gold rallied to its best level since 2012.The S&P 500 jumped as much as 1.2% before paring the gain by two-thirds on reports that spiking cases in several hotspots in the South and Southwest threatened to derail plans to ramp up reopening. The Nasdaq Composite hit an all-time high, with investors keying on signs of continued economic growth and the idea that any setback will be met with increased government spending and Federal Reserve moves.Stimulus “puts the bottom on bad news,” said Nela Richardson, an investment strategist at Edward Jones. “Bad news isn’t so bad if we think that that means more stimulus. The markets are responding also to the quick action, quickest in any recession going back to the Great...
Aurora Cannabis Inc. (ACB) on Tuesday announced plans to cut jobs and close five of its plants as it grapples with the financial impact of the coronavirus pandemic on the cannabis industry.The Canadian cannabis producer said it is reducing its selling, general and administrative (SG&A) staff by 25% and will cut 30% of its production workforce over the next two quarters. In addition, five of Aurora’s plants will be shut down so that production and manufacturing can focus on the company's larger scale and highly efficient sites, it said."With today's announcement we have achieved our stated SG&A run-rate target and expect to operate at approximately C$42 million ($31.07 million) for the first quarter of fiscal 2021,” Aurora’s Executive Chairman and Interim CEO Michael Singer said. “The further cost savings and margin improvement to be realized from our facility rationalization plan is another example of our commitment to deliver greater efficiency throughout...
(Bloomberg) -- Apple Inc. looks like an attractive investment no matter which aspect of the business you examine, according to analysts who are growing steadily more optimistic about the stock’s prospects.At least a dozen Wall Street firms have raised their Apple price targets this month alone, lifting the average to nearly $343, up from $305 at the end of April. UBS, Deutsche Bank, Bernstein, Citi, BofA and Morgan Stanley are all among the firms turning more positive, although the higher average still implies downside of more than 7% from current levels.Shares of Apple rose 3.3% on Tuesday, hitting an intraday record and extending a recent advance above 60%. The gains have lifted Apple’s market capitalization above $1.5 trillion.While the direction has been the same, the reasons for the higher targets have varied. Wells Fargo Securities cited the product updates announced at a recent conference. Evercore ISI pointed to the potential of...
