(Bloomberg) -- A second wave of coronavirus cases is emerging in the U.S., raising alarms as new infections push the overall count past 2 million Americans.Texas on Wednesday reported 2,504 new coronavirus cases, the highest one-day total since the pandemic emerged.A month into its reopening, Florida this week reported 8,553 new cases -- the most of any seven-day period.California’s hospitalizations are at their highest since May 13 and have risen in nine of the past 10 days.A fresh onslaught of the novel coronavirus is bringing challenges for residents and the economy in pockets across the U.S. The localized surges have raised concerns among experts even as the nation’s overall case count early this week rose just under 1%, the smallest increase since March.“There is a new wave coming in parts of the country,” said Eric Toner, a senior scholar at the Johns Hopkins Center for Health Security. “It’s small and it’s...
(Bloomberg) -- Oil declined in New York as an increase in American crude stockpiles to a record high raised fresh concerns about excess supply, while the Federal Reserve forecast a long road to recovery for the U.S. economy.Futures lost 2.9% to drop below $39 a barrel, erasing all of the gains from the previous session. U.S. crude inventories unexpectedly rose last week, even as oil production fell, while gasoline stockpiles also saw a surprise expansion. Fed Chairman Jerome Powell said the pandemic could inflict longer-lasting damage on the economy and the central bank signaled it would keep rates near zero possibly for years to come.Global production cuts and the easing of lockdowns in some countries has pushed prices higher after oil plunged below zero in April. However, the recovery is expected to be fragile and uneven, and there are concerns U.S. producers may pump more with crude above $30 a barrel,...
(Bloomberg) -- China’s No. 2 online retailer JD.com Inc. is poised to raise HK$30.1 billion ($3.9 billion) in its Hong Kong share sale, people familiar with the matter said, putting it on track to complete the world’s second-biggest listing this year.The company is telling prospective investors that it plans to price 133 million new shares at around HK$226 each, according to the people, asking not to be identified as the information isn’t public. The indicative price represents a 3.9% discount to the Nasdaq-listed JD’s closing price of $60.70 per share on Wednesday, JD trades in the U.S. via American depositary receipts, one of which represents two ordinary shares.JD’s shares are slated to begin trading in Hong Kong on June 18, which coincides with its largest annual online sales event. A representative for the company declined to comment.At $3.9 billion, JD’s Hong Kong share sale is set to be this year’s second-largest...
Oil prices fell more than 2% on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years. U.S. West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a barrel. U.S. crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels - a record - as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April, data from the Energy Information Administration showed....
Lilly is also doing preclinical studies of a third antibody treatment for the illness caused by the new coronavirus that could enter human clinical trials in the coming weeks, Chief Scientific Officer Daniel Skovronsky said in an interview. Lilly has already launched human trials with two of the experimental therapies. The drugs belong to a class of biotech medicines called monoclonal antibodies widely used to treat cancer, rheumatoid arthritis and many other conditions....
A recent CK Commercial Vehicle Research (CKCVR) focus group report shows both for-hire and private fleets are not feeling extremely confident in the current state of the commercial trucking industry. ...
Electric car giant Tesla (TSLA) is at the top of its game, hitting another all-time high on Wednesday, and reaching the long-ballyhooed $1,000 mark. The latest surge ensued when a memo from CEO Elon Musk telling employees it was "time to go all out" on the production of the Tesla Semi, began making the rounds.But Tesla’s latest rally picked up steam earlier this week, when reports came out that demand for Model 3s in China has accelerated. News outlets focused on the 11,095 Model 3s that zoomed out of Tesla’s Shanghai Giga 3 factory last month and are now sitting pretty outside a new home.However, GLJ Research analyst Gordon Johnson argues the celebrations are premature and, in fact, the figures are misleading.“The China May 2020 Sales numbers released yesterday, which have been covered by nearly every news outlet, were from China Passenger Car Association (“CPCA”)... Stated more clearly, the numbers from CPCA...
