The North American Council for Freight Efficiency reached out to a number of industry representatives, as well as some drivers who are facing the COVID-19 outbreak first-hand, to speak about how the pandemic is affecting trucking. ...
(Bloomberg) -- Gilead Sciences Inc. is considering acquiring a stake in Arcus Biosciences Inc., a cancer therapeutics company backed by Alphabet Inc., people familiar with the matter said.The companies have held discussions about Gilead taking a significant stake in the Hayward, California-based company, and also about possible development partnerships, said the people, who asked not to be identified as the details are private.Arcus shares jumped as much as 54% after the close of regular trading Wednesday. Earlier in the day, the shares fell 7.2% to $15.58 in New York during the regular trading session, giving the company a market value of $716.3 million.No deal is certain and the talks could still fall apart, the people said.Gilead has been expanding through acquisitions into one of the hottest areas of pharmaceutical research: cancer treatments that harness the immune system to fight tumors. It acquired Forty Seven, an experimental cancer treatment company, in a...
(Bloomberg Opinion) -- When the S&P 500 Index surged on Tuesday to its highest in five weeks, bringing its rally since bottoming on March 23 to 27%, the sense was that the market was signaling that the worst from the coronavirus pandemic would soon be over. On Wednesday, though, the benchmark took a hit, falling by more than 2% as data on U.S. retail sales and factory output for March posted historic declines. Other figures measuring economic activity for April also suggested a very deep recession is in play.The recent rebound in equities had made stocks as expensive as they have been at any point during the past two decades based on one key measure: The S&P 500 was trading at about 20 times this year’s estimated earnings. Problem is, analysts have only started cutting their 2020 profit forecasts, dropping them to $141 a share on average for the index from $175 in early January,...
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...
