Shares of Tenneco (TEN), a manufacturer of automotive products and solutions, are spiking over 16% in Monday's pre-market trading. The move comes after hedge fund guru Carl Ichan disclosed acquiring over 3.48 million TEN shares on April 1.This is a volatile time for the stock. Shares plunged 21% on Friday after Tenneco withdrew its first-quarter and full-year guidance due to Covid-19 related uncertainty and suspended or reduced operations across several regions. In a press release, CEO Brian Kesseler commented: “The continuing near-term deterioration in demand in our end markets necessitates further difficult decisions.”As a result, JP Morgan’s Ryan Brinkman downgraded the stock from buy to hold- and dropped his price target from $7 to $5. The analyst stated: “Our implied blended average EV/EBITDA target multiple is approximately ~5.5x on our 2021 estimates, below the sector average currently.”Indeed, the Street is displaying a more cautious sentiment than Icahn when it comes to...
Arvind, known by his first name, headed the Big Blue's fast-growing cloud business before his elevation as chief executive officer in late-January. As chief technology officer of Bank of America, Boville was responsible for building and running the second largest U.S. bank's cloud services. IBM said in November it had created a financial services-specific cloud technology in collaboration with Bank of America....
State Farm and Progressive Insurance Corp , also among the largest U.S. auto insurers, are also looking into the driving decline and its potential impact on premiums. State Farm is "considering how best to take this into account and return value to our auto insurance policyholders" while Progressive is "exploring how to best return some premium to customers," representatives for the companies said. "There are very few silver linings out there, but auto insurance companies are definitely one of them,” said Piper Sandler analyst Paul Newsome, referring to the coronavirus outbreak's impact on industries....
A smaller U.S. auto insurer, American Family Insurance, also said on Monday it would return a total of $200 million to auto insurance customers beginning in mid-April. Progressive Insurance Corp is also "exploring how to best return some premium to customers to reflect the decreased exposure that comes with less frequent driving during the pandemic," a spokesman said in response to a query by Reuters. Progressive expects to have those plans in place soon, he said....
A smaller U.S. auto insurer, American Family Insurance in Madison, Wisconsin, also said on Monday that it would return a total of $200 million to auto insurance customers beginning in mid-April. “There are very few silver linings out there, but auto insurance companies are definitely one of them,” said Piper Sandler analyst Paul Newsome about coronavirus. Fewer accidents generally lead to a lower claim frequency and Newsome expects insurance companies with large auto portfolios, such as Progressive Corp , Travelers Companies Inc and Allstate, to post good first quarter results....
Drugmakers across the globe are rushing to develop a treatment or vaccine for the fast-spreading coronavirus that has killed over 68,400 people globally. There are currently no approved treatments for the disease. Initial focus will be to accelerate development of Vir's investigational treatments, VIR-7831 and VIR-7832, the companies said....
