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Stock market news live updates: Stock futures point to a lower open as virus spike continues -

Stock market news live updates: Stock futures point to a lower open as virus spike continuesStock futures pointed lower Friday morning as coronavirus case growth remained front and center for market participants.

Fri, 10 Jul 2020 08:35:13 -0400

Australia approves Gilead's remdesivir for COVID-19 treatment - Fri, 10 Jul 2020 08:26:10 -0400
Estimating The Fair Value Of The Coca-Cola Company (NYSE:KO) -

Estimating The Fair Value Of The Coca-Cola Company (NYSE:KO)Today we will run through one way of estimating the intrinsic value of The Coca-Cola Company (NYSE:KO) by estimating...

Fri, 10 Jul 2020 07:36:44 -0400

‘The Ultimate Hold’: Why Disney has investors stuck in place -

‘The Ultimate Hold’: Why Disney has investors stuck in placeWalt Disney Co is planning to reopen its Orlando-based Walt Disney World theme park on July 11, ending the longest shutdown of the company's highly profitable U.S. theme park division in its history. Instead, they point to the company's already-high valuation as a result of the outsized success of its Disney Plus streaming platform as limiting any benefit from the resumption of its U.S. park operations. Disney did not respond to a request for comment.

Fri, 10 Jul 2020 07:20:29 -0400

These ‘epicenter’ stocks could surge higher, says analyst who called March bottom -

These ‘epicenter’ stocks could surge higher, says analyst who called March bottomSurging tech stocks are hiding the opportunity in some beaten-down names, says Fundstrat's Tom Lee.

Fri, 10 Jul 2020 06:48:19 -0400

Oracle Corporation (NYSE:ORCL) Passed Our Checks, And It's About To Pay A US$0.24 Dividend -

Oracle Corporation (NYSE:ORCL) Passed Our Checks, And It's About To Pay A US$0.24 DividendReaders hoping to buy Oracle Corporation (NYSE:ORCL) for its dividend will need to make their move shortly, as the...

Fri, 10 Jul 2020 06:25:35 -0400

The coronavirus surge is starting to squeeze the U.S. job market: Morning Brief -

The coronavirus surge is starting to squeeze the U.S. job market: Morning BriefTop news and what to watch in the markets on Friday, July 10, 2020.

Fri, 10 Jul 2020 06:24:06 -0400

Asia IT Giant’s CEO Warns Trump’s Visa Curbs Will Cost U.S. -

Asia IT Giant’s CEO Warns Trump’s Visa Curbs Will Cost U.S.(Bloomberg) -- The chief executive officer of Asia’s largest IT services firm warned that a U.S. freeze on thousands of employment visas will only raise costs for American corporations like Wall Street banks, auto manufacturers and drugmakers.Tata Consultancy Services Ltd. CEO Rajesh Gopinathan told Bloomberg News the move has put massive stress on a huge swath of Indian-born engineers that have lived in the U.S. for years and helped support American clients, who will ultimately be the ones hurt most. His remarks were among the strongest public rebukes from India’s $181 billion IT industry since U.S. President Donald Trump’s June decree to halt approvals for a range of visas until the end of the year -- including those for intra-company transfers.TCS and peers like Infosys Ltd. have relied for years on the ability to send talent to work alongside their customers overseas, which include some of the largest electronics manufacturers and global retailers. Investors worry that the inability to do so will hurt their competitiveness in the largest international market.“The ignorance around this ruling should be addressed,” Gopinathan said via video conference on Friday. “Playing with the status of people who’ve moved away from families and committed to spending five-six years in a foreign country without immigrant status to deliver value to customers, is a short-term gimmick,” the executive said.Read more: Tata Consultancy Profit Misses as Lockdowns Snarl ServicesOn Thursday, TCS reported profit below expectations after the Covid-19 pandemic disrupted operations of its clients from Wall Street banks to Silicon Valley tech giants. The visa curbs had no material impact on TCS’s own business but will certainly upset its workers, Gopinathan said. “The attitude towards us in a country where we contribute significantly is unexpected and unfortunate.”Before the onset of the pandemic, TCS and the rest of India’s 4-million-workers-strong IT services industry faced pressure from structural industry changes. With the rise of artificial intelligence and automation, companies had to retrain thousands of workers and invest in new cloud- and software-based services to address clients’ evolving needs. Trump’s visa ban last month has added a further layer of uncertainty.“We invest in skills and make this talent available in a fungible manner for use by customers,” Gopinathan said from his office in Mumbai’s business district. This helps clients avoid “large fixed costs to have access to this kind of talent.”The investment by TCS and its peers helps American firms tap a pool of talent that’s continuously adapting to new technology, he said, adding he continues to work from the office because it’s close to his home and offers the familiarity of old work routines.Gopinathan started his career at TCS in 2001, becoming chief financial officer in 2013. He took over the helm in 2017 when his predecessor was promoted to restore stability at conglomerate Tata Group after a bitter boardroom coup. Gopinathan has presided over a doubling in TCS’s market value since, a reflection of the corporation’s effort to pivot to newer services.TCS has seen a surge in demand for its services from clients enhancing their digital infrastructure and accelerating cloud migration to cope with Covid-19. “Overall, the pandemic has hastened the move towards distributed infrastructure,” he said.(Updates with additional details of industry and pandemic fallout from sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Fri, 10 Jul 2020 05:28:01 -0400

Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact -

Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 ImpactWalgreens Boots Alliance Inc. (WBA) reported a $1.71 billion quarterly loss and announced 4,000 jobs cuts due to the impact of the coronavirus pandemic sending shares down 8%.The stock dropped to $39.01 at the close on Thursday after the drugstore chain operator announced that it will also suspend its share repurchase program and will need to take a non-cash impairment charge of $2 billion mainly as result of the COVID-19 impact on its Boots UK business. As part of a restructuring plan to cut costs, Walgreens said it will close 48 of its Boots opticians stores and lay off 4,000 employees, or 7% of its workforce.Net loss was $1.71 billion, or $1.95 per share, in the three months ended May 31, versus a profit of $1.03 billion, or $1.13 per share, in the year-earlier period. Analysts on average had expected adjusted earnings of $1.19 per share. Revenue rose 0.1% to $34.6 billion.“Prior to the pandemic our financial performance for fiscal 2020 was on track with our expectations. However, this unprecedented global crisis led to a loss in the quarter as stay-at-home orders affected all of our markets,” Walgreens CEO Stefano Pessina said. “Shopping patterns are evolving more rapidly than ever as consumers further embrace digital options, spurring us to accelerate our ongoing investments in digital transformation and neighborhood health destinations.”Walgreens total digitally initiated sales rose 22.7% in the third quarter, compared with the same period last year. The drugstore chain recently formed a strategic partnership with Microsoft (MSFT) and Adobe to launch a marketing technology and customer data platform for personalized healthcare and shopping experiences.Earlier this week, Walgreens announced that it will be expanding the size of its care clinics by nearly 700 retail stores over the next few years as part of an overhaul of its business model from being primarily a drug pharmacy to a primary care clinic.With Walgreens’ stock down now 34% year-to-date, analysts are sidelined on the stock. The Hold analyst consensus shows an unanimous 4 Hold ratings. Looking ahead, the $47.75 average price target implies 22% upside potential from current levels. (See Walgreens stock analysis on TipRanks).Morgan Stanley analyst Ricky Goldwasser earlier this month cut the stock’s price target to $45 from $49 and reiterated a Hold rating, saying that investors are weighing whether, or not the challenges the company is exposed to are valued into the shares.Goldwasser remains cautious for now and lowered her full-year per share earnings forecast by 8 cents to $5.48. The analyst expects Walgreens to report EPS of $1.16 in the fourth quarter, which is slightly below consensus estimates.Related News: Costco June Sales Beat Estimates As Shoppers Go Online; Top Analyst Raises PT Lookout Walmart, Amazon Is Coming for Your Grocery Customers, Says Analyst Walmart To Launch Online Subscription Service For $98 Per Year- Report More recent articles from Smarter Analyst: * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S. * Sony Invests $250M For Minority Stake In Fortnite Maker Epic Games * Amazon: Top Analyst Raises Estimates… Again * GenMark Diagnostics (GNMK) Stock Is a Winner, But How Much Higher Can It Go?

Fri, 10 Jul 2020 05:20:58 -0400

Electric Vehicle Maker Fisker Plans To Go Public In Similar Fashion To Rival Nikola: Report -

Electric Vehicle Maker Fisker Plans To Go Public In Similar Fashion To Rival Nikola: ReportFisker Inc. is planning to go public through a merger with a special-purpose acquisition company, Reuters reported Thursday.What Happened Apollo Global Management Inc (NYSE: APO)-backed blank-check company Spartan Energy Acquisition (NYSE: SPAQ) is leading a bidding war to make a deal with the electric vehicles manufacturer that could fetch about $2 billion, sources familiar with the matter told Reuters.Another electric vehicles company, Nikola Corporation (NASDAQ: NKLA), similarly went public last month through a merger with VectorIQ Acquisition. The company's shares are up more than 60% till-date since the listing.The electric vehicle and autonomous driving companies have seen increased interest from investors following the incredible surge in Tesla Inc.'s (NASDAQ: TSLA) stock.Fisker was founded by automotive designer Henrik Fisker in 2016, rebranded from his previous company Fisker Automotive. The company is best known for its electric luxury sports car "Fisker Karma."Price Action Spartan shares closed 38.7% higher at $14.99 in the regular session on Thursday. The shares were up another 13.7% in the after-hours session at $17.05.Image: Fisker IncSee more from Benzinga * Amazon Agrees To Pay Treasury Department To Settle Allegations Of US Sanctions Violations * Sony Acquires Minority Stake In Fortnite Maker Epic Games With 0M Investment * Elon Musk Says Tesla Autopilot Will Achieve 'Level 5' This Year(C) 2020 Benzinga does not provide investment advice. All rights reserved.

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