On May 15, 1997, Amazon.com, Inc. (NASDAQ: AMZN) held its initial public offering. In the past 23 years, the SPDR S&P 500 ETF Trust (NYSE: SPY) is up 236%, but it's safe to say Amazon IPO investors have done much, much better.Amazon's TransformationJeff Bezos founded Amazon in July of 1994. At the time of its IPO, Amazon was essentially an online bookstore valued at just $438 million.Today, Amazon is one of the largest online retailers in the world. Over the years, Amazon has morphed from an online bookstore to a one-stop shopping destination for pretty much anything under the sun. Not only has amazon expanded its business overseas, it has also aggressively built its AWS cloud services business into the market leader and one of its strongest growth engines in recent years.Amazon had three stock splits in the late 1990s following its IPO, so all the prices mentioned below are on...
The 1.0750 level underneath should offer significant support, and as a result we are trying to go back and forth to determine the winner of a tight competition....
Editor's note: the headline and story have been updated with information from a Sorrento Therapeutics press release. Sorrento Therapeutics Inc (NASDAQ: SRNE), which received a takeover bid early this year, is in the spotlight yet again.A Potential Coronavirus Antibody Confirming a Fox News report, Sorrento said its anti-SARS-CoV-2 antibody, STI-1499, demonstrated 100% inhibition of SARS-CoV-2 virus infection in an in vitro virus infection experiment at a very low antibody concentration. The company said the antibody was identified after meticulous two-step screening.The company is planning to develop STI-1499 as the first antibody in the COVI-SHIELD cocktail it is developing and also as a standalone therapy. Sorrento also said its cGMP antibody manufacturing facility in San Diego can likely produce up to 200,000 doses per month, and the company intends to produce 1 million doses at risk even as it seeks FDA approval."Our STI-1499 antibody shows exceptional therapeutic potential and could potentially save...
With business at a standstill and revenue dry, companies are dipping into cash reserves to cover costs. Few seem to be hurting worse than cruises are.The Cruise RatingsBank of America analysts Andrew Didora and Geoffrey d'Halluin maintained: * A Neutral rating on Carnival Corp (NYSE: CCL) but raised their price target from $10 to $13; * A Neutral rating on Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) with a $13 target; and * An Underperform rating on Royal Caribbean Cruises Ltd (NYSE: RCL) with a $20 target.Carnival: 9 MonthsCarnival recently suggested it requires $1 billion in liquidity per month to cover operating expenditures, customer refunds, debt obligations and other necessities. At this rate, with debt and equity offerings completed in April, Didora's suspect that Carnival can sustain itself through the end of 2020."We believe CCL could be able to reduce its monthly cash burn predominantly given potential delays in ship investments...
With unemployment rising to 15%, and the grim corporate earnings seasons wrapping up, investors may struggle to keep up the relatively buoyant mood that has boosted markets in recent weeks. They may find some support from the Federal Reserve, where Chairman Jerome Powell this week urged Congress and the White House to agree on additional stimulus packages. The Fed has already cut rates down to 0 to 25 basis points; they have no further ammunition, so if more help is to come, it will need to come on the spending side. Urging action, Powell said that an economic recovery “could come more slowly than they would like.”Viewing the situation for investment bank JPMorgan, quant strategist Dubravko Lakos-Bujas sees further aid as inevitable: “[This] crisis is a consequence of an exogenous shock, and is unique given the absence of ‘bad actors.’ This makes policy response much less contentious, more proactive and essentially...
