During the time of Ebola outbreak, there was one company whose stock price surged by 400%. The same company ended up paying $1.9 million in a false claim lawsuit, as investors accused the company of incorrect claims related to producing an experimental virus drug. Coming to the present, iBio (NYSEAMERICAN:IBIO) was trading at 31 cents toward the end of February 2020. In a matter of few trading days, IBIO stock surged by 642% to close at $2.45.The reason for the sharp move was the company's claims on work toward the development of COVID-19 vaccine. And that earlier Ebola matter? Yes, you guessed it -- iBio is the same company that had a shell out the nearly $2 million to settle the claim in fiscal 2015.While a vaccination for COVID-19 could result in windfall profits, iBio is certainly not the company I would consider for exposure.InvestorPlace - Stock Market News, Stock Advice...
(Bloomberg) -- In Saudi Arabia, there is one oil company, the state-run behemoth Saudi Aramco. This makes for a fairly simple process to set policy goals when the country negotiates output quotas with rivals.In the U.S., there are more than 6,000 oil drillers -- everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like Exxon Mobil Corp.That would seem to make formulating a coherent U.S. negotiating stance next to impossible. And yet, President Donald Trump appears to be intent on seeking to broker a dramatic cut in output along with Saudi Arabia and Russia to prop up plunging prices.The president’s triumphant tweet Thursday that Saudi Arabia and Russia are open to substantial production cuts quickly gave way to fears in some quarters that the U.S. and other non-OPEC producers would have to join them in slashing output to achieve the goal of giving severely...
(Bloomberg) -- U.S. stock index futures fell, erasing part of Thursday’s rally, as global coronavirus infections continued to increase.S&P 500 Index futures expiring in June slid 0.9% as of 9:30 a.m. in London, after gaining 2.8% on Thursday. Contracts dropped 0.9% on the Nasdaq 100 Index and fell 1.1% on the Dow Jones Industrial Average. Global coronavirus infections surpassed 1 million, a milestone reached just four months after the first cases surfaced in China.In Europe, the Stoxx 600 Index was down 0.5%, weighed down by insurers and telecom shares. The euro-area economy is in a slump of unprecedented scale, with IHS Markit saying Friday its monthly measure of services and manufacturing points to an annualized economic contraction of about 10%.“Sentiment in the market is still very fearful,” said Dan Russo, chief market strategist at Chaikin Analytics. “The longer it takes to flatten the curve, the more prolonged the negative economic impact...
Thousands of workers in General Electric Company's (NYSE: GE) aviation subsidiary are impacted as company furloughs half its aircraft engine manufacturing workforce.What Happened The ongoing coronavirus pandemic is hitting the aviation industry hard, as airlines ground planes and delay orders for new planes. The crisis is forcing GE aviation to furlough 50% of its staff for four weeks. This measure is in addition to the 10% cut in jobs announced last month.A GE Aviation spokesperson told CNBC, "Due to the unprecedented impact of COVID-19 on the commercial aviation industry, GE Aviation is implementing a temporary reduction in commercial engine assembly and some component manufacturing operations for up to four weeks." The spokesperson appreciated the commitment of GE Aviation's employees at "this difficult time," and said that the company regretted taking this action. Regarding the continuance of business, he said, "We will continue to deliver for our customers and preserve our capability...
(Bloomberg Opinion) -- Donald Trump wasn’t alone in hoping everyone’s lives could get back to normal by Easter weekend.Retailers’ decisions to furlough hundreds of thousands of U.S. retail workers this week underscore that store closures are set to go on for much longer than initially anticipated. Closings in many major markets around the world will remain in place through next weekend and beyond, wreaking havoc with the prime spring shopping season.Hennes & Mauritz AB said on Friday that net sales fell by 46% in March from the year earlier. It expects a loss in its second quarter. The extended closures will now affect crucial pre-Easter shopping period, worth about $25 billion to U.S. retailers, according to GlobalData. While people may still indulge in filling their children’s baskets with chocolate eggs to create some holiday cheer in this difficult time, crackdowns on even the smallest of gatherings mean they won’t be planning big fancy meals, nor refreshing their bunny-and-chick-themed decorations. What’s more, consumers can’t take advantage of the long...
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus. COSTS MOUNT: The pandemic will cost the global economy as much as $4.1 trillion, or nearly 5% of all economic activity, according to new estimates from the Asian Development Bank....
