On CNBC's "Power Lunch," Steve Grasso said that Tesla Inc (NASDAQ: TSLA) has "defied all laws of probability." He thinks the restart of its Shanghai plant was the first surge higher.Grasso would sell Tesla at around $735, but he would watch for the price level of $767 at which the company raised money. He said the stock is going to face resistance between the current price and $767. The risk-reward is definitely stacked in the hands of bears, according to Grasso.Tesla closed Wednesday's session up 2.8% at $729.83 per share. The stock has a 52-week high of $968.99 and a 52-week low of $176.99 per share.Related Links:Tesla's Stock Keeps Rising After Goldman Sachs Gives Shares 4 Price TargetTesla China Car Registrations Buck Industry Slump In MarchSee more from Benzinga * Cramer Advises His Viewers On Alcoa, Xerox, Tesla And More * Mike Khouw Sees Unusual Options Activity In Tesla * 'Fast...
(Bloomberg) -- U.S. public pensions suffered a double blow from the coronavirus pandemic: losing hundreds of billions of dollars in the equity market rout just as unprecedented revenue losses piled up for the governments that pay into the funds.Funding levels will be under stress because of the losses in the financial markets, and at the same time, governments may struggle to make up the difference as the economic shutdown to stem the outbreak slashes their income.In March, Moody’s Investors Service estimated that public pension investment losses were nearing $1 trillion. During the first quarter, the S&P 500 Index plunged the most since the Great Recession. Equity markets have since rebounded in April, and the Moody’s composite used to make the projection now implies returns of -9% instead of -21%, though the virus continues to inject jarring volatility into markets.“Without a dramatic bounceback of investment markets, 2020 pension investment losses will mark...
(Bloomberg) -- The Defense Department’s watchdog found no evidence that the Pentagon’s controversial decision to award a $10 billion cloud-computing contract to Microsoft Corp. was the result of interference from President Donald Trump, though it said its probe was limited by the White House.The 317-page report issued Wednesday by the inspector general’s office also found that giving the JEDI contract to a single company -- Microsoft -- rather than dividing it among competitors was “consistent with applicable acquisition standards.”While the Joint Enterprise Defense Infrastructure project was hotly disputed by rival technology companies from the start, the project gained broader attention when Trump publicly expressed concern about the assumption that the contract would go to Amazon.com Inc.After Microsoft was given the award instead, Amazon Web Services, Amazon’s cloud services unit, filed a lawsuit alleging that political interference by Trump cost the company the cloud deal. Amazon said in the suit that the...
As companies race against time to bring to market a vaccine for the new coronavirus -- SARS-CoV-2 -- that causes COVID-19, three contenders have emerged as frontrunners, having advanced their candidates into the clinics.Moderna Inc (NASDAQ: MRNA), Inovio Pharmaceuticals Inc (NASDAQ: INO) and CanSino Biological Inc./Beijing Institute of Biotechnology are those that have moved out of the crowd, even as the rest are either testing vaccines in labs, in vitro, or in animals in the preclinical stage. Here's brief on the vaccine programs:Moderna Name of the vaccine candidate: mRNA-1273Type: messenger RNA vaccineStatus: enrollment ongoing in Phase 1 studyModerna is working on mRNA-1273 in collaboration with the NIH's National Institute of Allergy and Infectious Diseases. The vaccine encodes a prefusion-stabilized form of the SARS-CoV-2 spike protein. The company said it took just 25 days to go from sequence selection to manufacturing of the vaccine, and 63 days from sequence selection to start...
Never in the 30 years she's been covering trucking has Editor in Chief Deborah Lockridge seen so many stories in the mainstream media about trucking, truck drivers, and the vital role they play in keeping the store shelves stocked with the necessities we need. ...
Federated Hermes Client Portfolio Manager Jordan Stuart joins Yahoo Finance’s Seana Smith to discuss the impact the coronavirus is having on the economy, after U.S. retail sales and manufacturing output each declined by massive margins in March....
The coronavirus pandemic is taking no prisoners, and investors will get another pulse on the deteriorating labor market when the U.S. Labor Department releases weekly jobless claims Thursday morning....
