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Is now the time to be fearful? Some will warn, it's a guilty as charged environment for the market. But when it comes to financial heavyweight Bank of America (NYSE:BAC), the jury is still out and trying to overturn that more bearish conviction. Let me explain the issues surrounding Bank of America stock.Source: 4kclips / Shutterstock.com Many investors can argue there's a very large disconnect between the stock market and economy right now. And understandably so. The broad-based, large-cap S&P 500 is up nearly 40% since its historic March 23 bear market bottom despite a still very real and problematic coronavirus.Has the market no sense of what's right and wrong? At the same time, shares of Bank of America are up 48%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMore recently, Wall Street has seen fit to ignore polarized and sometimes violent nationwide protests in the wake of the senseless...
Top news and what to watch in the markets on Friday, June 5, 2020....
The novel coronavirus pandemic caught iBio (NYSE:IBIO) stock at a good time.Source: Maksim Shmeljov / Shutterstock.com The company just finished building a 130,000-square-foot facility near Texas A&M University to produce proteins when the pandemic began in China.Originally a licensor of technology, iBio had made the decision to become a commercial protein producer in 2016.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNow iBio is a Covid-19 vaccine company. The transition began in February, through a contract with a Chinese company to produce a vaccine candidate. In March iBio filed four patent applications for Virus-Like Particle (VLP) constructs, which could become vaccine building blocks, and began pre-clinical work at Texas A&M. * 7 Hotel Stocks to Buy Before Vacationing RestartsThe steady drumbeat of news releases has had its effect. The share price exploded in late February from 30 cents to $1.86. They now sit near $1.70. Hope or HypeThere's a big...
(Bloomberg) -- The longest euro rally in almost a decade is on shaky grounds even as investors’ appetite for risk makes a comeback.Europe’s shared-currency halted an eight-day rally Friday - which was its best since 2011. It earlier reached an almost three-month high of $1.1384, more than 4.5% above its May 25 low, before reversing gains in London.The euro gained a fresh boost Thursday after the European Central Bank expanded its emergency bond-buying program to counter the economic impact of the coronavirus pandemic. Yet while it’s surge against the dollar and other peers took it past key resistance levels, some strategists are urging caution and technical gauges are flashing warning signs.“The ECB-induced euro rally is running out of steam,” Petr Krpata, a strategist at ING Bank said by email. Any “meaningful” euro gains should stem more from the dollar’s bear trend, rather than additional ECB impact, he said.The euro currently appears...
China's street vendors are officially flavour of the month, and the share prices of related companies reflect their new-found status.A policy U-turn by the Chinese government to support the tiny retailers it now regards as the lifeblood of the economy has sparked a stock market frenzy. Investors believe there will be a run on things the average street-level entrepreneur might need, such as vans from which to sell their wares, frying pans to prepare delicious snacks, and umbrellas to protect them come rain or shine.Consequently, shares of companies from vehicle makers to kitchenware and umbrella producers are skyrocketing.Chinese premier Li Keqiang lit the fuse when he visited a street stall selling spicy chicken in the eastern province of Shandong on Monday, and praised street hawkers for being an important source of jobs that should be supported by the country.Hawkers and small shops make up "the liveliness of China, as much as...
(Bloomberg) -- Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts.Brent crude was back above $40 a barrel, while futures in New York rose 2% on Friday. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with Iraq over its compliance, paving the way for the agreement’s extension into July instead of tapering them. OPEC will meet at 1 p.m. London time on Saturday, followed by a gathering of the wider group later to sign off on the pact, delegates said.While oil has recovered rapidly from its plunge below zero in mid-April, the pace of the rebound has slowed in the past couple of weeks. Demand is quickly returning in China, but questions remain for many other nations, especially for consumption of diesel, the biggest-selling oil product globally.A continuation of crude’s price rally could also encourage more...
Almost every company could use some positive developments following the novel coronavirus. Arguably, General Electric (NYSE:GE) needs it the most. Even before the pandemic, the once-mighty industrial giant needed everything to go smoothly to lend credibility to its low-probability recovery initiative. But like with the pandemic, everything that could go wrong, did go wrong for GE stock.Source: Sergey Kohl / Shutterstock.com As the health crisis spread, General Electric saw much of its market value evaporate over a matter of days. In that, it was much like so many other publicly traded companies. But the extra cruelty for investors who were still holding the shares, GE stock couldn't even get a proper dead cat bounce. While it briefly managed to get itself out of the hole from its March lows, shares again suffered pressure. Last month, they hit a low that was more shocking than what transpired in March.However, the market gods...
