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Cathay Pacific Airways Ltd and its major shareholders Swire Pacific Ltd and Air China Ltd halted trading in their shares in Hong Kong on Tuesday pending announcements. Cathay's management team on Friday met with the leaders of pilot unions at Cathay Pacific and its regional arm Cathay Dragon to brief them on condition of confidentiality ahead of an announcement expected on Tuesday, three sources with knowledge of the matter told Reuters. A fourth person said Hong Kong's Cathay was poised to announce a new chief executive at Dragon along with some other senior management changes....
Another day, another stride forward in the race to develop a COVID-19 vaccine.On June 4, Novavax (NVAX) revealed it will receive $60 million from the U.S. Department of Defense (DoD) to further the advancement of its experimental vaccine candidate, NVX-CoV2373, in the U.S., through JPEOCBRND-EB (Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense Enabling Biotechnologies).As per the terms of the agreement, NVAX will work with multiple biologics contract development manufacturing organizations (CDMO) based in the U.S. to increase the scale of antigen and Matrix-M adjuvant production, which are both components of the vaccine. The end goal is to produce 10 million doses for the DoD in 2020, which will then be used in either a Phase 2/3 trial or under an Emergency Use Authorization (EUA).Weighing in on this development for B.Riley FBR, five-star analyst Mayank Mamtani tells investors he’s “encouraged” by the grant, arguing that the U.S. military...
(Bloomberg) -- Investors are piling into stocks of bankrupt companies, wagering against a court process that routinely wipes out shareholders.Car renter Hertz Global Holdings Inc., oil driller Whiting Petroleum Corp. and retailer J.C. Penney Co. are among companies that have seen their shares more than double in recent trading sessions despite being in Chapter 11 bankruptcy, a process that allows companies to keep operating while working out a plan to repay creditors.“I have always thought people have a psychological urge to buy stocks at a low price,” said Kirk Ruddy, a former bankruptcy claims trader. Retail investors may be buying big names they recognize without realizing how rare it is for shareholders to get anything back in bankruptcy, he said.“If you look at the markets in general, people don’t know where to put their money. They are like ‘Hey, I’m going to try that $1 stock,”’ said Ruddy, who now works...
It's been nearly a year since Wall Street firm Canaccord first recommended Slack Technologies (WORK) stock as a "buy" with a $40 price target. With Slack trading at $34 at the time (mid-July 2019), and Canaccord saying it would rise 18%, that buy recommendation sort of made sense. But it seemed to make progressively less and less sense as Slack stock slid lower and lower, ultimately bottoming at close to a 50% loss on March 16, 2020. Along the way, Canaccord cut its price target on the stock to $25 a share -- but maintained its "buy" rating, and kept on maintaining both the rating and the price target as Slack stock shot up to nearly $40, about a year after the initial recommendation, which was the price Canaccord had predicted it would fetch.Now, Canaccord is fiddling around the edges once again.Responding to Slack stock's sell-off Friday, in the wake of...
Earnings season is nearly over, but Tiffany & Co. and Chewy earnings Tuesday will be closely watched by investors....
(Bloomberg) -- In all the hullabaloo of OPEC+ prolonging the deepest production cuts in history, it’s easy to overlook ominous signals for oil prices -- and the wider economy -- that are emanating from the diesel market.The world’s largest crude oil producers agreed on Saturday that they would extend collective output curbs, effectively keeping 1/10th of supply off the market for another month. While the measures may be tightening the global crude market, potentially driving prices higher, they do almost nothing to address grim margins that refineries are earning when selling diesel, one of the most important petroleum products that the industry churns out.“The world’s awash with diesel,” said Alan Gelder, vice president for refining, chemicals and oil markets at consulting firm Wood Mackenzie Ltd. “There’s just loads of it everywhere.”Away from Europe, where diesel often powers cars, the fuel is also widely consumed by industry: things like freight to move...
(Bloomberg) -- Huawei Technologies Co. owns the most patents on next-generation 5G technology, ensuring the Chinese company will get paid despite Trump administration efforts to erase it from the supply chain, according to a new study.The study by two research firms identified the inventions most closely connected to the 5G standards and found that six companies owned more than 80% -- Huawei, Samsung Electronics Co., LG Electronics Inc., Nokia Oyj, Ericsson AB and Qualcomm Inc., the only U.S.-based company in the group.That may be awkward for President Donald Trump, whose administration has launched a global effort to shut out Huawei, accusing the Chinese company of being a security threat. The administration has launched a number of salvos, including a banned the sale of any silicon made with U.S. know-how that is hurting the Chinese company’s aspirations to grow in cutting-edge fields.“Even if they hire some other company to build the 5G...
