Stocks cut earlier losses from the overnight session and opened higher Thursday morning after the Federal Reserve unexpectedly unleashed a new multi-trillion-dollar stimulus plan to support businesses during the coronavirus pandemic....
International Business Machines (NYSE:IBM) has been one of the most frustrating stocks in the market in recent years. As cloud competitors have zoomed by, IBM stock has headed south. Shares are down 46% from 2013 highs.Source: Laborant / Shutterstock.com The novel coronavirus crisis has provided another challenge. IBM was actually showing some momentum at the beginning of the year. A fourth-quarter earnings beat in late January sent IBM stock rallying to its highest levels in almost two years. Investors welcomed new leadership, including chief executive officer Arvind Krishna.That good news seemingly has been forgotten over the last two months. But as is the case with so many names in this market, investors are focusing too much on short-term risk, and ignoring the long-term case.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThere were reasons investors were optimistic toward IBM's long-delayed turnaround in February. Those reasons still should hold in April....
(Bloomberg) -- Occidental Petroleum Corp. wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces.In a sign of how important the appeal is to Chief Executive Officer Vicki Hollub, employees are being urged to send a pre-written wish list to Congress members. Among other things, the company wants the government to “provide liquidity to the energy industry through this period of unprecedented demand destruction and unsustainable pricing until normal economic conditions return.”The letter, linked in an internal email dated April 7 and seen by Bloomberg News, also encourages the Trump administration to negotiate with Saudi Arabia and end the kingdom’s price war with Russia. Lawmakers are asked to advocate for fair access for U.S. crude to Asian markets and to support buying oil for the nation’s Strategic Petroleum Reserve.A representative for Occidental declined to...
Month after month, Nio (NYSE: NIO) stock investors hold on, hoping for some sign from the company that it is on the right track. Up to this point, the company has given them little reason for confidence.Source: xiaorui / Shutterstock.com The headlines about Nio have been one red flag after another. China recently extended its key electric vehicle tax credits until 2022. But before the owners of Nio's stock could even cheer the news, the company announced that its head of electric-drivetrain engineering had left the company. China Is Supporting Electric VehiclesNio shareholders got some good news from the Chinese government last week. China announced that its EV subsidies which were set to expire this year will be extended to 2022. In addition, China will extend its 0% sales tax on EVs for two years. The buyers of Chinese internal combustion vehicles pay a 10% purchase tax.InvestorPlace - Stock Market News,...
Dan Ives of Wedbush Securities joins Yahoo Finance’s Alexis Christoforous and Brian Sozzi to discuss how the tech industry is faring amid the coronavirus outbreak....
Despite optimistic expectations concerning label expansion for Clovis Oncology Inc's (NASDAQ: CLVS) Rubraca to include prostate cancer, an analyst at BofA Securities is turning bearish on the stock. The Clovis Analyst Tazeen Ahmad downgraded Clovis shares from Neutral to Underperform but maintained a $6 price target. The Clovis Thesis The recent run in Clovis shares indicates a high likelihood of the FDA approving Rubraca in second line BRCA+ metastatic castration-resistance prostate cancer, or mCRPC, by the May 15 PDUFA date, Ahmad said in a Thursday note. (See the analyst's track record here.)AstraZeneca plc's (NYSE: AZN) competing PARP inhibitor -- Lynparza -- is also being reviewed for a potentially broader HRR+ label in second-line mCRPC, the analyst said. Assuming a 15% peak penetration in the U.S. BRCA+ market, BofA estimates peak non-risk-adjusted worldwide sales of $150 million for Rubraca in mCRPC.Ahmad said he would also wait and see whether the COVID-19 pandemic...
