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Msg  67938 of 68234  at  8/12/2020 1:12:28 PM  by

carswell


Coffee/Summaries


BEFORE THE OPEN
Source: Thomson Reuters

  • Canadian main stock index's futures gained, supported by oil prices that rose on a bigger-than-expected drop in U.S. crude inventories
  • U.S. stock index futures rose, even as investors remained on edge due to a stalemate over the next coronavirus federal aid bill
  • European shares gained, boosted by telecom stocks following Liberty Global's takeover offer for Sunrise
  • Japan’s Nikkei edged higher as some investors bought shares of major exporters on the back of a weaker yen
  • The U.S. dollar index slipped, while spot gold rebounded in volatile trade
DEAL SPOTLIGHT
Source: Thomson Reuters

Liberty Global PLC (LBTYA):
  • The company plans to take over Switzerland's Sunrise Communications in a surprise $7.4 billion deal announced by the companies
  • The agreed deal reverses Sunrise's failed bid to buy Liberty's Swiss business last year and marks a strategic reversal by the U.S. company which has been divesting European assets
  • The all-cash $7.43 billion deal will see Liberty Global, set up by U.S. cable pioneer John Malone, pay 110 francs per share for Switzerland's No. 2 telecoms company, a 32% premium to the company's average share price over the past 60 days
  • "It's a fair valuation," Freenet CEO Christoph Vilanek told Reuters. "We believe that a merger on sensible terms makes sense."
STOCK IN THE NEWS
Source: Thomson Reuters

Chevron Corp (CVX):
  • The company's $5 billion offer to acquire Noble Energy emerged after the U.S. oil major first proposed taking a stake of at least 50% in Noble's Eastern Mediterranean natural-gas fields, a proxy filing on Tuesday showed
  • If consummated, the all-stock merger will boost Chevron's U.S. shale oil holdings and give it vast natural gas assets off the coast of Israel
  • Noble's Leviathan, one of the world's biggest offshore gas discoveries of the last decade, already is supplying gas to Israel, Egypt and Jordan
Eastman Kodak Co (KODK):
  • The company increased spending on lobbying the U.S. government in the months before the Trump administration announced a $765 million loan to the photographic equipment maker, public disclosures filed with the Congress show
  • The company spent $870,000 as "expense relating to lobbying activities" from April through June, according to the lobbying disclosures
  • Kodak had previously not spent any money on lobbying since an expense of less than $5,000 in the first quarter of 2019
Moderna Inc (MRNA):
  • The United States has entered an agreement with drugmaker Moderna to acquire 100 million doses of its potential COVID-19 vaccine for around $1.5 billion, the company and White House said on Tuesday
  • Moderna's price per dose comes to around $30.50 per person for a two dose regimen
  • With the exception of its deal with AstraZeneca, which offered a lower price per drug in exchange for upfront research and development costs, all the deals price COVID-19 vaccines between $20 to $42 for a two dose course of treatment
Vir Biotechnology Inc (VIR):
  • The company said on Tuesday it plans to start a mid-to-late stage trial of its COVID-19 drug candidate in August, as drugmakers across the globe rush to find treatments for the highly infectious virus
  • The company's therapy candidate, VIR-7831, is a monoclonal antibody that binds itself to the SARS-CoV-2 live virus and neutralizes it
  • Vir Biotech expects initial clinical data from the study to be available before the end of 2020
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • U.S. stocks turned sharply lower before the close yesterday after Senate Majority Leader Mitch McConnell said stimulus talks are at a stalemate
  • The comments damaged expectations among investors that a compromise would eventually be reached on a new – desperately needed – package
  • In other news, Democratic presidential nominee Joe Biden picked Senator Kamala Harris to be his running mate for November's election

Air Canada* (AC: $16.69)
Argonaut Gold Inc.* (AR: $2.67)
AYR Strategies Inc* (AYR.A: $13.61)
Columbia Care, Inc.* (CCHW: $4.61)
Calian Group Ltd.* (CGY: $59.31)
Equinox Gold Corp.* (EQX: $15.53)
Optiva Inc.* (OPT: $54.50)
WELL Health Technologies Corp.* (WELL: $4.31)

Homology Medicines, Inc.* (FIXX: $11.09)
Galmed Pharmaceuticals Ltd.* (GLMD: $4.46)
Intercept Pharmaceuticals, Inc.* (ICPT: $52.58)
Madrigal Pharmaceuticals, Inc.* (MDGL: $104.06)
Rada Electronic Industries Ltd.* (RADA: $7.05)


WEALTH & ESTATE PLANNING
When was the last time you reviewed your Financial Plan?

INDUSTRY UPDATE
Biomedical Devices and Services
Oil


MORNING INK REPORT
Insiders buy as GR Silver Mining stock shines after drilling results

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
U.S. consumer prices rose by 0.6% for the second consecutive month in July 2020

MOST READ NEWS
Source: Bloomberg Finance L.P.
Even Wall Street’s Biggest Bonuses Will Disappoint This Year
“If you're not making mistakes, then you're not doing anything. I'm positive that a doer makes mistakes.”

- John Wooden

ASSET CLASS PERFORMANCE
Source: FactSet
*All numbers presented on the table below is based on total return
 


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