(Bloomberg) -- A California software company that received a federal Paycheck Protection Program loan of more than $750,000 sued the government over new guidelines attempting to restrict who can get such assistance.Zumasys Inc. said in a suit filed Monday against the Small Business Administration and Treasury Department that it is now concerned it will have to pay back the forgivable loan the company and its two subsidiaries received in mid-April, some of which has already been spent to keep nearly 70 employees on payroll.Facing criticism that much of the money intended to help small businesses weather the economic shock of the coronavirus pandemic was going to larger enterprises, the government said on April 23 that companies applying for PPP loans were required to certify that federal assistance was “necessary,” taking into account their access to other sources of liquidity.But San Clemente-based Zumasys says it is entitled to the money under the...
While Warren Buffett abandoned the airlines, the numbers don’t support abandoning the sector or American Airlines (AAL). The stock trades at the lows despite strong government aid and plenty of financial liquidity to survive the depressed air travel in the U.S.The market is focused on some of the negative headlines, but daily air passenger totals are starting to make a nice rebound. The ultimate value of an airline stock or American Airlines in general is based on the willingness of passengers to return to the skies. With the proper focus, investors will find the prospects for American Airlines heading higher.According to TipRanks, the consensus on Wall Street is that American Airlines stock is a “sell” for investors. But TipRanks might as well have said “buy” — because analysts, on average, think the stock, currently at $9.25, could zoom ahead to $13.82 within a year, delivering 50% profits to new investors. Buffett...
Market participants got another pulse check on the U.S. labor market Thursday morning, as the world continues to grapple with the COVID-19 pandemic and ahead of the highly-anticipated April jobs report....
In a newly released interview, New York Stock Exchange President Stacey Cunningham acknowledged that the resilient stock market does not reflect the condition of the economy....
Japan on Thursday approved Gilead Sciences Inc's remdesivir as a treatment for COVID-19, making it the country's first officially authorized drug to tackle the coronavirus disease. Japan reached the decision just three days after the U.S. drugmaker filed for fast-track approval for the treatment. "There has so far been no coronavirus medicine available here so it is a significant step for us to approve this drug," a Japanese health ministry official said at a press briefing....
Moderna (MRNA) has announced that the FDA has completed its review of the company’s Investigational New Drug (IND) application for its novel coronavirus vaccine candidate (mRNA-1273).The FDA will now allow the vaccine to proceed to a Phase 2 study, which is expected to begin shortly, Moderna revealed. Shares are surging 15% in Thursday’s pre-market trading, with the stock already recording a whopping 150% year-to-date gain.Looking further ahead, the company is also finalizing the protocol for the Phase 3 study of mRNA-1273, which is expected to begin in early summer of 2020.“The imminent Phase 2 study start is a crucial step forward as we continue to advance the clinical development of mRNA-1273, our vaccine candidate against SARS-CoV-2. With the goal of starting the mRNA-1273 pivotal Phase 3 study early this summer, Moderna is now preparing to potentially have its first BLA (biologics license application) approved as soon as 2021” says Stéphane Bancel,...
