Tag: Yahoo Finance

Unilever withdraws guidance as virus knocks China, ice cream sales slide

Underlying sales across Asia, the Middle East and Russia, fell 3.7%, as lockdowns in the quarter restricted restaurant visits and shopping in China and led to factory shutdowns that halted production in India. In Europe, Turkey and Latin America, Unilever's 3 billion euro ($3.2 billion) ice cream business was hit by national efforts to prevent the spread of the coronavirus, deterring distributors in holiday destinations from buying stock. "Many of our classic out-of-home retailers like leisure sites, travel hubs, beaches and tourist destinations were closed," Chief Financial Officer Graeme Pitkethly said on a call....

AstraZeneca pilots diabetes drug as potential COVID-19 treatment

Dubbed "DARE-19", AstraZeneca said on Thursday that the study will assess if Farxiga can reduce the risk of death from serious complications and organ failure in such patients. "AstraZeneca is committed to finding new solutions to fight COVID-19 by investigating the application of our new and existing medicines," Mene Pangalos, Executive VP of biopharmaceuticals at the company, said. While existing medications being trialled include cancer drugs and immunotherapies, some research shows that patients with existing heart conditions are at a high risk of developing COVID-19 complications, including heart failure....

Immunomedics Jumps Almost 30% In After-Hours On FDA Approval

Shares in biopharma Immunomedics (IMMU) soared 29% in Wednesday’s after-market trading following an early FDA approval for Trodelvy (sacituzumab govitecan) in triple-negative breast cancer. The drug is approved for patients who have already received two other lines of therapy for metastatic disease.The decision had been expected on the PDUFA date of June 2nd, so the announcement took investors and analysts by surprise.Previously, in January 2019, IMMU received a CRL (complete response letter) from the FDA on its first filing attempt seeking accelerated approval for the drug.“The issues related to approvability in the CRL were exclusively focused on Chemistry, Manufacturing and Control matters and no new clinical or preclinical data need to be generated” said Michael Pehl, President and CEO of Immunomedics at the time.Following the latest news Piper Sandler’s Joseph Catanzaro bumped his IMMU price target up from $30 to $40 and reiterated his buy rating on the stock.Although the FDA approval includes a...

Bankruptcy looms over U.S. energy industry, from oil fields to pipelines

U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport, provoking a massive glut of oil that has hammered global prices and left energy companies with no choice but to pump hundreds of millions of barrels into storage. Just as demand plummeted, Saudi Arabia and Russia started an oil price war, and Riyadh flooded the market with even more crude....

Six Vaccines in Human Trials Stage, WHO Says: Virus Update

(Bloomberg) -- The World Health Organization said 83 coronavirus vaccines are in development globally, with six of them in human trials stage.President Donald Trump signed an order Wednesday temporarily curbing immigration to limit competition for jobs as the U.S. moves toward reopening the economy.China reported no deaths from coronavirus for an eighth straight day. South Korea said it will prepare for a second wave of virus infections. The country’s economy suffered its worst contraction since the global financial crisis.Singapore said it’s bracing for a sharper economic contraction this year.Key DevelopmentsVirus Tracker: Cases top 2.6 million; deaths exceed 183,000Trump signs executive order to curb immigrationWHO says six vaccines in human trials stageChina reported no deaths for eight straight days$8 trillion in global fiscal stimulus still isn’t enoughEarth Day highlights link between climate change and coronavirusSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal...

Zoom Backlash Widens With Daimler, Ericsson and BofA Curbs

(Bloomberg) -- Some of the world’s largest companies have advised against the use of Zoom Video Communications Inc.’s conferencing app, fueling a growing backlash against a service that shot to prominence during the Covid-19 pandemic.Daimler AG, Ericsson SA, NXP Semiconductors NV and Bank of America Corp. are among a wave of companies forbidding or warning employees against using Zoom because of concerns about its security, according to people familiar with their operations. They join corporations like Tesla Inc. and government agencies from Taiwan to Singapore that have banned the app’s use. India has deemed Zoom an unsafe platform and initiated a public contest to develop a secure homegrown video-chat alternative.Read more: Zoom Goes From Conferencing App to the Pandemic’s Social NetworkZoom emerged during the global coronavirus lockdown as a home for everything from virtual cocktail hours to cabinet meetings and classroom learning. It passed the milestone of 300 million daily meeting...