Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, is in the early stages of preparing for a stock exchange listing in summer or autumn of next year, newspaper NZZ am Sonntag reported. The Zurich-based company, founded 10 years ago, says it has special sole technology https://press.on-running.com/ons-unique-technology# that is soft on impact and firm on the rebound, and it has been growing fast. It announced in November that Federer was a "co-owner" https://press.on-running.com/roger-federer-joins-swiss-running-brand-on-as-an-entrepreneur#.
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Australia’s Therapeutic Goods Administration (TGA) has granted provisional approval to Gilead Sciences’ (GILD) remdesivir (“Veklury”) as the first treatment option for COVID-19.It has received provisional approval for use in adults and adolescent patients with severe COVID-19 symptoms who have been hospitalized. Remdesivir will not be available to Australians unless they are severely unwell, requiring oxygen or high-level support to breathe, and in hospital care.“Remdesivir is the most promising treatment option so far to reduce hospitalisation time for those suffering from severe coronavirus infections” the TGA states, adding that remdesivir offers the potential to reduce the strain on Australia’s health care system. By reducing recovery times patients will be able to leave hospital earlier, freeing beds for those in need.While this is a major milestone in Australia’s struggle against the pandemic, the administration emphasizes that the product has not been shown to prevent coronavirus infection or relieve milder cases of infection.Australia is the one of the first regulators to authorize the use of remdesivir for the treatment of COVID-19, following on from recent approvals in the European Union, Japan, and Singapore.Provisional approval, which is limited to a maximum of six years, was granted within 2 weeks of GILD’s submission of preliminary clinical data because there is the potential for substantial benefit to Australian patients, says the TGA.GILD can apply for full registration when additional clinical data to confirm the safety and efficacy of the medicine is available.Shares in Gilead rose 2% to $76.32 at the close of trading on July 10 taking the year-to-date advance to about 18%. The $80 average price target implies 5% upside potential in the shares in the coming 12 months. (See Gilead stock analysis on TipRanks).“We believe that even in the likely case they are able to derive revenue from remdesivir, it would likely be only for the very near term, and the much more important potential value driver remains GILD’s ability to maintain their HIV leadership and revenue durability long-term” comments RBC Capital analyst Brian Abrahams. He has a buy rating on Gilead and $89 price target.Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside US More recent articles from Smarter Analyst: * Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk * Square Snaps Up Stitch Labs, As Analyst Finally Upgrades Stock * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Has Apple Surged Too Far, Too Fast? Analyst Weighs In
Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday. The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia. Debt service repayments would be suspended for eligible countries and individual companies in the developing world from Jan. 1 until Dec. 31, the fund said in a statement.
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Last month the European Central Bank expanded its emergency asset-purchase programme by €600bn to bring the total to €1.35tn. Since then, a handful of ECB policymakers have cast doubt on whether the bank will ever spend the full amount. Dutch central bank governor Klaas Knot has been among those suggesting purchases could fall short of that figure, if the bloc’s economy recovers faster than expected from the Covid-19 crisis.
(Bloomberg) -- Thailand plans to start human trials for a locally developed, potential Covid-19 vaccine as early as September, making it among the first done outside high-income countries, after encouraging results in both monkeys and mice.U.K. Prime Minister Boris Johnson is set to tell Parliament next week it will be compulsory for Britons to wear face masks in shops, according to news reports, soon after telling the country that it was only optional to do so. Infections in Germany increased by 377.Government schools in Melbourne, Australia’s second-largest city, prepared to return to remote learning as Victoria state recorded 273 new cases and one death in the past 24 hours. Mexico reported 539 fatalities linked to the virus Saturday, taking the toll to 34,730, the fifth highest in the world. China said it found seven more Covid-19 infections on July 11.Key Developments:Global Tracker: Cases top 12.7 million; deaths surpass 565,000Aversion to mask-wearing holds back U.S. economyU.K. set to tighten rules on wearing face masksWall Street forges a new relationship to data in coronavirus ageShake Shack’s Danny Meyer took PPP loans after allCovid inoculation proposal stalled by feds, pharmaWuhan shows the world how economies may recoverChina gives world first view of post-lockdown rebound: Eco WeekPoland votes in pivotal ballot as pandemic tests populist roleSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Hong Kong Outbreak Concerns (2:50 p.m. HK)The city’s top medical adviser Gabriel Leung warned on Sunday that Hong Kong is experiencing its first sustained local outbreak, and called for extensive tests at nursing homes for the elderly in East Kowloon, a high-risk area linked to many new local cases, according to Radio Television of Hong Kong. Every infected person in the territory is now expected to pass the virus on to almost four more people and the pathogen is transmitting at a faster pace, he said. Local cases in Asia’s financial hub jumped to a record last week since the outbreak started in January, and the government has tightened social distancing rules starting Saturday.German Infections Rise Steadily (2:25 p.m. HK)Germany’s coronavirus cases rose to 199,709, while deaths increased by seven to 9,070, according to data from Johns Hopkins University, both climbing at about the same rate as the previous day. The reproduction factor -- or R value -- grew slightly to 0.93, according to the latest estimate by the Robert Koch Institute, Germany’s health body. The 95% confidence interval means the number is somewhere between 0.72 and 1.13. The relatively small number of new cases means the value can fluctuate more wildly.Thailand to Begin Vaccine Trials in Humans (12:13 p.m. HK)The first stage of Thai clinical trials will enroll about 100 volunteers separated in two groups, one for people aged 18 to 60 and the other for 60- to 80-year-olds, Kiat Ruxrungtham, head researcher at Chulalongkorn University’s Center of Excellence in Vaccine Research and Development, said at a briefing on Sunday in Bangkok. The second stage, likely to begin in December, will involve 500 to 1,000 people. If the trials are successful, Thailand could have its vaccine by the second half of 2021, Kiat said. Globally, 160 vaccines are being studied for Covid-19, of which 21 are at the clinical evaluation stage, according to the World Health Organization.Toyota to Restart All Factories Globally (12:03 p.m. HK)Toyota Motor Corp. will reopen its Venezuelan plant on Monday, meaning all factories in South America will be operational, spokesman Kensuke Ko said. The auto giant had already opened all its plants in Japan, North America and Europe, he said. From February, Toyota halted production in many countries, starting with China, as the coronavirus spread rapidly across the world.Okinawa Demands Tougher Measures at U.S. Bases (11:23 a.m. HK)The governor of the Japanese island has sought tougher measures and more transparency from a top U.S. military commander after officials were told that more than 60 Marines at two American bases have been infected over the past few days, the Associated Press reported Sunday.Melbourne Students to Return to Remote Learning (11:01 a.m. HK)Most students in Australia’s second-biggest city will go back to remote learning as officials grapple with coronavirus outbreaks. All prep to year 10 students at government schools will return to learning from home starting July 20 until at least Aug. 19, Victoria’s Premier Daniel Andrews told a press conference Sunday. Melbourne is in the midst of a six-week lockdown that was imposed to help curb a growing infection count.Australia’s Victoria State Deals With Additional Cases (9:16 a.m. HK)The country’s second-most populous state, which is facing a worsening outbreak, found 273 new infections in the past 24 hours. Australia had enjoyed early success in crushing the curve of virus infections by shutting its international border, quarantining arrivals, social distancing measures and a widespread testing and tracing regime. But a mixture of complacency, easing restrictions and missteps in Victoria’s quarantine program, has seen a fresh outbreak that’s led to Melbourne being placed in a six-week lockdown.Authorities also warned of a cluster of infections linked to a hotel in Sydney’s southwest, and urged anyone who visited the venue from July 3 to 10 to self-isolate. Nine cases have been connected to the hotel, according to New South Wales health officials.South Korea Reports More Infections (9:13 a.m HK)South Korea reported 44 more Covid-19 cases in 24 hours, raising the total tally to 13,417, according to data from Korea Centers for Disease Control & Prevention. One additional death was reported, taking the total to 289. Among the new infections, 23 were imported.Japan Virus Chief Says Country Needs to be on High Alert (8:34 a.m. HK)Japan’s virus czar Yasutoshi Nishimura, who also serves as the nation’s economy minister, said the number of cases with unclear contagion routes is increasing, straining public health care resources. He didn’t say if the current situation warrants another declaration of emergency. The country has seen a spike in cases over recent days, with Tokyo reporting more than 200 infections daily for the past three days. Tokyo found 206 new cases Sunday, TV Asahi reported, without saying where it got the information.Mexico Cases Rise (8:23 a.m. HK)Mexico reported 6,094 new Covid-19 cases and 539 deaths Saturday, bringing the case count to 295,268 and number of deaths to 34,730, the fifth highest in the world, according to data released by the Health Ministry. New cases hit records this week, with officials reporting more than 7,000 for the first time Thursday.Brazil Reports 39,023 New Cases (6:40 a.m. HK)Total cases in Brazil, which has the highest number of infections and deaths after the U.S., reached 1,839,850, according to the Health Ministry’s press office. Another 1,071 deaths were reported, for a total of 71,469.Utah Mormons Ask Faithful to Wear Masks (6:30 a.m. HK)The Church of Jesus Christ of Latter-day Saints in Utah sent an email to worshippers asking them to wear masks as cases in the state continue to climb, the Deseret News reported.“Please join with us now in common purpose for the blessing and benefit of all,” read an email noting that the state hit a record number of daily cases on Friday of 867.As of Saturday, the state reported a total of 28,223 cases and 207 deaths, according to Bloomberg and Johns Hopkins University.Trump Wears Mask on Hospital Visit (5:45 p.m. NY)President Trump wore a mask during a scheduled visit to the Walter Reed National Military Medical Center.The event was the first public photo opportunity in which he has appeared with a mask on since the beginning of the outbreak. He was set to meet with combat veterans and health care workers.Despite repeated calls to do so, including from members of his own party, Trump has stubbornly refused to wear a mask, defying official guidelines from the Centers for Disease Control and Prevention and other health experts.U.K. Plans to Expand Mask Rules, Times Reports (5:35 p.m. NY)The U.K. government is set to make wearing masks mandatory in shops and other undisclosed indoor venues, the Times reported. Masks are currently compulsory on public transport but Boris Johnson has, so far, promised only to get “stricter” on their use. Johnson’s administration has come in for steady criticism for its handling of the coronavirus pandemic, which has claimed the lives of about 45,000 people in the U.K. -- by far the highest toll in Europe.Scotland has already made it compulsory to cover faces in shops.U.S. Cases Rise 2.3% by Record (4:02 p.m. NY)New infections in the U.S. surged by a record 71,389 from a day earlier to 3,215,861 million, jumping 2.3% and exceeding the daily average of 1.9% in the previous seven days, according to data compiled by Bloomberg and Johns Hopkins University.Deadly Outbreak at L.A. Apparel (3:45 p.m. NY)A virus outbreak at Los Angeles Apparel has infected 300 people and caused four virus-related deaths, the Los Angeles Times reported, quoting county officials.County officials found “flagrant violations” in public health control, the newspaper reported. The company, started by the ousted founder of American Apparel, Dov Charney, is now making face masks to combat the virus.Disney Opens Florida Theme Parks (3:26 p.m. NY)Disney opened its Magic Kingdom and Animal Kingdom Saturday, after a four-month shutdown and despite criticism that it did so as virus cases are spiking in Florida.Josh D’Amaro, chairman of Walt Disney Co.’s theme parks, said he was pleased with booking trends. The park is opening with virus-related safety protocols, including temperature checks at gates and mandatory mask-wearing by guests and employees inside.“This is the new world that we’re operating in and we feel like we’ve got a way to operate in that new world,” D’Amaro said. Epcot and Disney’s Hollywood Studios parks will return on Wednesday.Bollywood Veteran Hospitalized (1:40 p.m. NY)Veteran Indian actor Amitabh Bachchan has been admitted to Mumbai’s Nanavati Hospital after contracting the virus.Bachchan, 77, shared the information on his social media, prompting a welter of get-well-soon wishes from fans across the world. He requested anyone who has been in his close proximity over the past 10 days to get themselves tested. The Mint newspaper said the actor’s condition is reported to be stable with mild symptoms. Bachchan’s son also tested positive and is in the hospital, the paper said.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.
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We missed you, the dinosaurs missed you, the animals on the Carousel missed you and we can't wait to welcome you back for a smart restart of the world's biggest and best children's museum. When the time is right for your family, we want you to know that The Children's Museum of Indianapolis is excited to welcome the public back on July 11, 2020 with limited capacity. It is important to point out that capacity remains limited. Every visitor—including members and donors—needs to reserve an advance ticket.
Gilead Sciences (GILD) has announced encouraging additional data on remdesivir, the company’s investigational antiviral for the treatment of COVID-19.The data includes a comparative analysis of the Phase 3 SIMPLE-Severe trial and a real-world retrospective cohort of patients with severe COVID-19.“In this analysis, remdesivir was associated with an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care – an important finding that requires confirmation in prospective clinical trials” the company stated.Separate subgroup analyses from the Phase 3 SIMPLE-Severe trial, including an evaluation of the safety and efficacy of remdesivir across different racial and ethnic patient subgroups in the US, found that traditionally marginalized racial or ethnic groups treated with remdesivir experienced similar clinical outcomes as the overall patient population in the study.Gilead also showed additional data on the company’s compassionate use program, which demonstrated that 83% of pediatric patients (n=77) and 92% of pregnant and postpartum women (n=86) with a broad spectrum of disease severity recovered by Day 28. No new safety signals were identified with remdesivir across these populations.To further the understanding of these results in individual patient cases, Gilead has initiated a global, open-label Phase 2/3 trial to evaluate the safety, tolerability and pharmacokinetics of remdesivir in pediatric patients from birth to less than 18 years of age. Gilead is also collaborating on a study for pregnant women.“We are working to broaden our understanding of the full utility of remdesivir. To address the urgency of the continuing pandemic, we are sharing data with the research community as quickly as possible with the goal of providing transparent and timely updates on new developments with remdesivir,” said Merdad Parsey, CMO of Gilead.“These data presented at the Virtual COVID-19 Conference shed additional light on the use of remdesivir in specific patient populations, including those that may be susceptible to higher rates of COVID-19 infection, as well as others that are particularly vulnerable, including children and pregnant and postpartum women” he added.Due to the current public health emergency, the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorization for remdesivir for the treatment of hospitalized patients with severe COVID-19.Five-star analyst Jim Birchenough at Wells Fargo recently reiterated a Hold rating on Gilead saying that he remains skeptical on the longer-term commercial opportunity in view of emerging competition and potential vaccine progress. Indeed, the Street is cautiously optimistic on the stock with a Moderate Buy consensus based on 10 Buy ratings, 12 Holds and 3 Sells.Shares in Gilead rose 2% to $76.32 at the close of trading on July 10 taking the year-to-date advance to about 18%. The $80 average price target implies 5% upside potential in the shares in the coming 12 months. (See Gilead stock analysis on TipRanks).Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Gilead’s Covid-19 Remdesivir Therapy Gets Conditional European Nod Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside US More recent articles from Smarter Analyst: * Square Snaps Up Stitch Labs, As Analyst Finally Upgrades Stock * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Has Apple Surged Too Far, Too Fast? Analyst Weighs In * Aurora Cannabis (ACB): Transformation on Track
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(Bloomberg) -- Investors are gearing up for a potentially tumultuous European earnings season that may offer clues on whether the stock market’s rapid rebound since the start of the Covid-19 pandemic has been wise or foolish.The second-quarter reporting season kicks off this week with the likes of Volvo AB, Electrolux AB and Nordea Bank set to shed light on the virus’s profit impact. And with the region’s stock market having rallied 30% from March lows on bets that companies will start recovering in the second half of 2020, investors will be hungry for guidance that shows whether such optimism is well founded.“Our focus for the quarterly results will not be the backward-looking damage in the second quarter, but more the forward guidance as economies start to reopen,” said Edward Park, deputy chief investment officer at Brooks Macdonald Asset Management. “The key for the second-quarter European earnings will be the corporate narrative for the recovery and guidance in a world less impacted by the daily swings of new case growth.”With the virus having already wreaked havoc with business, much is riding on how companies see the future. Current forecasts are for a 36% rebound in the earnings of Stoxx 600 companies in 2021, after a 32% contraction this year, according to data compiled by Bloomberg. However, with the pandemic still posing risks and the timing of a vaccine unclear, analysts are having a tougher time than usual estimating future profits or losses.“It’s going to be a very messy quarter,” Roger Jones, the head of equities at London & Capital, said in a phone interview. “That is due to the very limited visibility that companies have had, and the difficulties in making any sensible financial predictions in the short period of time given the uncertainty.”Brooks Macdonald’s Park expects the upcoming earnings season to feature many large expectation misses and beats because of how complicated forecasting profits has been during the Covid-19 uncertainty. At the start of the year, strategists were forecasting 8.2% profit growth for 2020, yet just three months later that expectation had changed to a 6% drop.The technology and healthcare sectors are seen as two big winners during this reporting season, having benefited from a switch to remote-working during lockdowns and the race to develop treatments for Covid-19. Since the Stoxx 600 Index started rebounding in March, technology has gained 60%, the most among all the sectors, while healthcare has added 24%.“Many technology companies are clearly benefiting from the acceleration of recent disruptive trends, which are widening their addressable market at a greater speed than many thought previously possible,” said Marcus Morris-Eyton, a fund manager at Allianz Global Investors.First-half results due on Tuesday from Ocado Group Plc should shine a light on the extent to which online grocers benefited from lockdowns, and any comments on the longer-term market implications will be closely watched.Both Morris-Eyton and Park expect energy and cyclical consumer industries such as travel and leisure to post the biggest slumps in earnings. Oil stocks have suffered from dividend cuts in light of the falling price of the commodity and travel firms have seen business plunge during lockdowns.“The key debate will be how quickly these earnings are able to rebound,” said Morris-Eyton.Looking ahead, while European earnings are expected to contract more this year than the 22% slump at S&P 500 companies, the recovery in 2021 is supposed to beat the 26% growth in the U.S. This could bode well for the region’s stock market, which in June outperformed the U.S. on bets of a quicker economic comeback and swift policy support measures.“As long as the European recovery from Covid-19 continues, equity markets will be happy to look through the near-term effects of lockdown on corporate profitability as long as guidance points to sunnier pastures,” Park said.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.
Mobile payment processor Square (SQ) has acquired Stitch Labs, an operations management platform for growing commerce brands. Terms of the deal were not disclosed.Stitch Labs has a strong background in building key tools for businesses such as inventory and order management, channel management, and fulfillment solutions, says Square.“The team will join our Seller organization, where we’re eager to learn from their experience and expertise to help us better serve sellers” the statement revealed.While Stitch Labs won’t take on any new customers, Stitch Lab’s products will continue to operate for existing customers until Spring 2021.“Longer term, we plan to sunset Stitch Labs’s products so the team can focus on building out Square tools, and we’ll work with existing customers to ensure that they have the resources and options they need to be successful transitioning off the platform” the company stated.Shares in Square have now doubled year-to-date, leaving the stock with a cautiously optimistic Moderate Buy consensus. Meanwhile the average analyst price target of $95 now indicates 26% downside potential from current levels. (See SQ stock analysis on TipRanks).However, Rosenblatt Securities analyst Kenneth Hill has now upgraded SQ from Hold to Buy, writing “SQ has been one of the most divisive names in our coverage over the first half of 2020, and we’ve been content, until now, to sit on the sidelines as expectations vacillated.”So why the enthusiasm now, at these levels? According to the analyst, there is more to the long-term story than he initially anticipated. “We were forced to re-evaluate the opportunity set and our valuation methodology, leading us to a Buy recommendation as we see Cash App revenue (ex. bitcoin) increasing by more than 3x over the next 5 years” the analyst explained.While shareholders may still experience some bumps, he believes that as Square develops, rolls out, and monetizes a slew of services across the payments and financials ecosystems, it will lay the groundwork to make the company a need-to-own name for years to come. Hill has a $121 price target on Square.Related News: Amazon Delays Prime Day- This Time Until October Has Apple Surged Too Far, Too Fast? Analyst Weighs In Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 More recent articles from Smarter Analyst: * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S.
Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group's 55% stake in Vodafone Egypt. STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic. Vodafone Egypt is the country's biggest mobile operator with 44 million subscribers and a 40% market share.
Jul.12 -- Michael Roth, Germany's Europe Secretary, spoke to Bloomberg News in Berlin on July 10, ahead of the European Summit next week, during which Germany will try to come to an agreement on the proposed €750 billion recovery fund for the EU. Roth also said that he thinks the Dutch would not "stand in the way of a compromise" as the member states try and agree on a stimulus package to help the regions most affected by the coronavirus pandemic and subsequent lockdown.
Thai researchers plan to begin human trials of a potential vaccine for the new coronavirus in November and are preparing 10,000 doses, a senior official said on Sunday, aiming for a vaccine that could be ready for use by late next year. Following favourable results in trials on primates, the next step is to manufacture doses for human trials, said Kiat Ruxrungtham, director of the Bangkok’s Chulalongkorn University vaccine development program. “At first we were going to send them in June, but it was not easy to plan everything,” Kiat told a news conference.
In his first letter to shareholders, Alibaba’s (BABA) CEO Daniel Zhang has set out a series of ambitious goals for the Chinese e-commerce giant.BABA’s goal is to serve more than 1 billion consumers in China and facilitate more than RMB10 trillion of consumption on the company’s platforms in the next five years as ‘we continue on the path of globalization’.Longer-term, Zhang wants BABA to serve 2 billion consumers globally, create 100 million jobs and provide the necessary infrastructure to support 10 million small businesses to become profitable on the company’s platforms by 2036.“We will continue to pursue our three strategic pillars of globalization, China domestic consumption and big data powered by cloud computing” the CEO said.“Globalization is our long-term battle; Chinese domestic consumption is our cornerstone battle and big data powered by cloud computing is our battle for the future” he wrote.Zhang also pointed out that this year the company has migrated its core system onto the public cloud, paving the way to build a cloud-native infrastructure for the future, and held a secondary listing in Hong Kong.“During this past fiscal year, despite the impact of the pandemic, Alibaba still delivered on a strategic goal that we had established five years ago, which was to surpass US$1 trillion in GMV. This was an important milestone for Alibaba, especially in the context of US$6 trillion in total annual retail sales of consumer goods in China today” Zhang wrote.The SEC filing also showed that BABA revenue soared 35% over the last fiscal year, with net income up 75%. Meanwhile annual active customers surged to 140 million from 120 million previously.On July 9, RBC Capital analyst Mark Mahaney reiterated his buy rating on the stock and $235 price target. “While management continues to emphasize strategic investments to sustain long-term growth, we look to narrowing losses on this line as a signal of improved cost management and path to profitability, which we believe would be a material positive for the stock” commented Mahaney.For the June quarter, the analyst is forecasting 124.6B RMB in Core Commerce Revenue, implying 25% Y/Y growth, and 101.0B RMB in China Commerce (28% Y/Y growth), largely in line with the Street.Turning to other Wall Street analysts, the bulls have it. The Strong Buy consensus boasts 20 Buy ratings versus 1 Hold rating. The $267 average price target implies 2% upside potential in the shares in the coming 12 months. (See Alibaba stock analysis on TipRanks). Shares in Alibaba are now trading up 23% year-to-date.Related News: Amazon Delays Prime Day- This Time Until October Has Apple Surged Too Far, Too Fast? Analyst Weighs In Lookout Walmart, Amazon Is Coming for Your Grocery Customers, Says Analyst More recent articles from Smarter Analyst: * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * 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
(Bloomberg) -- Investors are snapping up Italy’s government debt with as much appetite as during previous European summers, when the high yields proved the perfect place to pick up a steady return while volatility is low.And the global pandemic, predicted to slash 11% off the nation’s economy this year -- the worst in the euro area -- isn’t putting them off.Italy offer the biggest yields in the region, with its 10-year bonds at around 1.2%, higher even than Greek notes, which have long been the pariah in the region. For that, investors still get an investment-grade asset, as well as the safety of a liquid market.“It is the high-yielding play in the region for sure,” said Mark Dowding, chief investment officer at BlueBay Asset Management, who is positioned for longer-dated securities to climb. “We see spreads continuing to rally as political risks subside against the backdrop of increased euro zone solidarity in the face of the Covid crisis.”The Bonds’ AppealItalian bonds rallied last month, the fifth straight year they have done so in June, despite frequent periods of intense volatility in between. In July, four out of the last five years have also seen the bonds prosper.Part of the allure is the high carry, or the coupon payments collected for simply holding the bond, rather than betting on an appreciation. Then there’s the roll, the profit received as a security moves closer toward its expiry.Two-year bonds offer such a pickup of around 10 basis points. When calculating how much carry and roll an investor might be able to get, volatility is a key part of the equation, because it can jeopardize what is normally a steady return. That’s why the summer, when there’s a trading lull -- is an attractive period to lock in such bonds. Volatility in the broader European rates market is hovering near a six-month low.It’s a far cry from March, when Italy became the first country in Europe to initiate a lockdown, bringing with it the realization of just how hard the continent would be hit by the virus. Bond yields spiraled after investors perceived that European Central Bank President Christine Lagarde might be reluctant to lend support, spurring fears of a fresh euro-area debt crisis.That fear has now eased, with the ECB pumping trillions of euros into the region’s economy through its pandemic asset-purchase program. The buying has helped rein in the premium investors demand to hold Italy over haven German debt.Italy “is one of the few developed market sovereigns with yields still positive and close or above inflation,” said Alberto Gallo, a money manager at Algebris Investments, adding investors are not necessarily betting on a quiet summer. “They are still having a sigh of relief after the sell-off, but have not deployed much of their capital.”The bets on Italy could be scuppered if European Union leaders fail to reach an agreement at a summit in the coming days on proposals for a regional recovery fund.Record OrderbooksIf recent bond sales are anything to go by, appetite for Italian debt is booming. Last month, the nation was inundated with over 100 billion euros of offers from investors for a sale of 10-year bonds.Italian bonds have returned investors around 2% so far this year, comparable to that on German debt and more than the 1.5% for Spain, according to Bloomberg Barclays Indices.Charles Diebel, a money manager at Italian fund Mediolanum SpA, is among those invested. He’s betting on a recovery deal between EU member states, albeit one that’s perhaps less ambitious than currently outlined. Success means that the chances of the euro area breaking up would be eliminated.“If you buy into the recovery plan then the euro exit tail risk is gone, so it’s an appealing case,” he said. “Some deal will be reached.”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.