Exact Sciences (EXAS) has pre-announced first quarter results, with total revenue up 114% year-over-year at $348 million, surpassing the Street estimate of $342.6 million.The company, which focuses on the early prevention and detection of colorectal cancer, revealed that screening revenue from its key Cologuard product rose 35% from 1Q19 to $219 million. Meanwhile precision oncology revenue was up 18% to $128 million.However EXAS also revealed that Cologuard orders decreased 36% year-over-year in the last 16 days of March and 63% for first 20 days of April.“Due to social distancing, stay-at-home orders, and other actions taken in response to COVID-19, there has been a significant and widespread decline in standard wellness visits and preventive services. That decline has negatively impacted Cologuard test orders in our Screening business” EXAS explained.Encouragingly, the company added that during April it has seen ‘what appears to be a stabilization’ in the year-over-year decline of Cologuard test orders.Similarly,...
Investing.com - AT&T; (NYSE:T) pulled its annual guidance after a disappointing set of first-quarter numbers on Wednesday, hit by the loss of advertising revenue from live sports and from lower wireless equipment sales....
United Airlines (UAL) has announced an underwritten public offering of 39.25 million shares of its common stock in a bid to raise around $1 billion,as it seeks to further boost liquidity in these challenging times. The offering will be priced at $26.50 per share.The company has also granted to the underwriters a 30-day option to purchase up to 3,925,000 additional shares. According to the statement, the proceeds from the offering will be used for general corporate purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on April 24, 2020.UAL stock, which dropped 1.7% in after-hours trading on Tuesday, is currently trading at $27.88. Share prices have plunged 68% year-to-date due to the fallout from the coronavirus pandemic.As a result, the average analyst price target of $69 now indicates upside potential of almost 150%. Indeed, TipRanks shows that in the last three months, UAL has received 6...
(Bloomberg) -- Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.Brent futures for June delivery lost 12% to trade near $17 a barrel while New York’s West Texas Intermediate fell 4% having lost almost half its value on Tuesday. Prices continue to crash amid fears the massive glut that sent May WTI to as low as minus $40.32 a barrel on Monday is only going to get worse.With global demand crushed by coronavirus lockdowns, concerns that the unwanted oil is going to overwhelm storage capacity have triggered a selling frenzy. Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the rout, though a closing statement signaled they didn’t settle on any new policy measures.The alliance agreed to slash production by about...
Roche's diagnostic business has moved out of the shadows of its main medicines unit during the coronavirus epidemic, as the Swiss drugmaker confirmed its 2020 sales and profit outlook amid rising demand for its new COVID-19 tests. Basel-based Roche still expects full-year sales to grow in the low- to mid-single-digit percentage range, with core earnings per share growing broadly in line with sales at constant exchange rates, the company said on Wednesday. Group sales in the first-quarter rose 7% to 15.1 billion Swiss francs ($15.57 billion), with drugs business revenue up 7% and diagnostics rising 5% at constant exchange rates....
(Bloomberg) -- Ericsson AB said Europe risks falling further behind on fifth-generation networks as phone carriers postpone upgrades to the latest cellular technology due to coronavirus lockdowns.The pandemic is already making it harder for the communications equipment supplier to deliver its services, though this had only a limited effect on operating income and cashflow during the first quarter, the company said in a statement.Key InsightsEricsson and peers such as Nokia Oyj are seen as relatively insulated from the virus pandemic as demand for communication services is holding up with the shift to home working and schooling.However, the pandemic has led to the postponement of European 5G spectrum auctions in countries including Spain, Austria and Poland, and a U.K. auction scheduled for the second quarter could also be delayed.A general pushback in 5G investments would be a setback for Ericsson, which has gone through a turnaround under Chief Executive Officer Borje Ekholm...
