Category: Stock Market

(Bloomberg) — A fresh look at how a handful of patients are faring on Pfizer Inc.’s gene therapy for Duchenne muscular dystrophy will be key for investors in competitor Sarepta Therapeutics Inc.Underwhelming effectiveness or new safety issues in this week’s data could remove an overhang for Sarepta shares, which are on their longest winning streak since November. The update will be important in evaluating the competitive landscape before either company starts pivotal trials, wrote RBC Capital Markets analyst Brian Abrahams.RBC expects Pfizer’s presentation at the virtual meeting of the American Society of Gene & Cell Therapy on Friday could trigger a 5% to 10% move in Sarepta shares. Duchenne muscular dystrophy is the core of the company’s pipeline. The two companies are roughly neck-and-neck in drug development for a one-shot therapy to treat patients with the condition, which is marked by progressive muscle weakness and an early death.“We expect Pfizer’s presentation at ASGCT to show that its program is potentially active, though we also expect it could highlight the comparative disadvantages versus Sarepta’s program,” Abrahams said.Analysts have said commentary on Pfizer’s quarterly earnings call reflected enthusiasm for the program, even though the abstract for the meeting contained no new data. “They believe they have seen signs of consistent efficacy on a variety of measures, including signs of functional improvement in some older boys where one would expect functional decline,” Mizuho analyst Vamil Divan wrote of Pfizer’s stance.The commencement of Sarepta’s Study-301, a planned multicountry trial of its gene therapy with commercial-ready material which is key to securing regulatory approval, is likely to start in the second-half of the year after a few months of delay. While it is unclear when Pfizer could start its pivotal trial in the current environment, SVB Leerink analyst Joseph Schwartz said “investors will likely reward the first company out of the Phase 3 gates.”Shares of Cambridge, Massachusetts-based Sarepta are trading 21% higher than they were 12 months ago, though they remain well off a July peak, as investors await updates for its gene-therapy portfolio. All but one of the 24 analysts tracked by Bloomberg recommend buying shares; the lone skeptic has a hold rating.Options in Sarepta set to expire on Friday show expectations that shares are likely to move about 6% by the end of the week. Pfizer’s anticipated move is more muted with options only implying a 2.4% move over the next five days.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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One thing we could say about the analysts on Marathon Petroleum Corporation (NYSE:MPC) – they aren't optimistic…

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Today we're going to take a look at the well-established CenturyLink, Inc. (NYSE:CTL). The company's stock saw a…

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Immunomedics, Inc. (NASDAQ:IMMU) shareholders will have a reason to smile today, with the analysts making substantial…

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A former North Carolina trucking company co-owner was sentenced to 15 months in prison for orchestrating an elaborate $500,000 wire fraud scheme, according to federal prosecutors.Nathaniel Brad Moffit, 40, of Statesville, North Carolina, was sentenced in U.S. District Court in Statesville on Thursday, after pleading guilty to one count of wire fraud in November.He must serve two years of supervised release once he finishes his prison sentence. He also has been ordered to repay his former business partner, Brian Souther, more than $40,000, and loan company National Funding Inc. nearly $73,000. According to court documents, Moffit and Souther were longtime friends and co-owned Piedmont Sales Service and Transport LLC (PSST), a small trucking company in Harmony, North Carolina. While running the day-to-day business operations, Moffit had access to the company's bank accounts as well as Souther's personal information. Federal prosecutors said Moffit engaged in a "Ponzi-style" scheme to defraud the company and his business partner by using Souther's identity to take out three loans totaling more than $500,000. Court filings state that while some of the money was used to pay PSST's business expenses, Moffit also "used the proceeds for his own personal benefit." The fraud was discovered when Moffit was unable to repay the loans to National Funding, which "ruthlessly pursued" Souther for repayment.PSST, which had 11 trucks and 17 drivers, was forced to file for Chapter 11 bankruptcy protection in March 2018.Read more articles by FreightWaves' Clarissa HawesSee more from Benzinga * Emirates SkyCargo's Annual Revenue Falls 14% * CDC Issues Long-Haul Trucker COVID-19 Guidelines * Coronavirus Pushes Avianca Airlines To File For Bankruptcy(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — Lauren Carrick and fiance Joe Harrison haven’t had a good night’s sleep in weeks. The two dancers on Celebrity Cruises’s Infinity say being held aboard ships for almost two months has left them emotionally drained.“I cried all day,” said Carrick, 29. “We need to have alcohol to sleep — that’s how bad it is. We’re worried, tense, stressed out. We just want to get home.”Carrick and Harrison are among the more than 90,000 cruise workers in U.S. waters stranded on ships two months after the coronavirus pandemic began forcing cruise lines to halt operations and repatriate crew. While companies work through a thicket of shifting rules on returning workers to their home countries, recent deaths of crew have shook the industry and underscored concern about mental health.“It’s a very stressful situation,” said Fabrizio Barcellona, assistant secretary for seafarers at the International Transport Workers’ Federation, which represents local unions. “The prolonged periods they have to stay on board can create a situation of unrest. People can become distressed and that can create flash points.”Carnival Corp.’s Princess Cruises said Sunday a 39-year-old crew member from the Ukraine was killed after leaping off its Regal Princess in the port of Rotterdam. The ship’s crew was in the process of being repatriated, the company said in an emailed statement.Another worker was found dead in his cabin on the Carnival Breeze, unrelated to Covid-19, the company said. Carnival, the world’s largest operator, said it was not providing details of the death out of respect for the worker’s family.Royal Caribbean Cruises Ltd., the No. 2 line and owner of Celebrity Cruises, said a crew member went overboard from its Jewel of the Seas about two weeks ago.‘Suicidal’ MessagesCrew members have said the reported deaths have rattled them and dampened morale, said Krista Thomas, a former Norwegian Cruise Line guest manager who’s operating two Facebook pages for stranded crew and their families. In recent days, several workers have told her in direct messages that they are suicidal, she said.“Many of these people have been isolated in their small cabins for 21 hours a day and they’re breaking down from the loneliness and stress,” said Thomas, who operates the pages from Vancouver, Canada. “Many have been told to pack quickly to leave, and then their charter flights get canceled. Those highs and lows are taking their toll.”The cruise line operators say government policy changes and travel restrictions have complicated efforts to get crew home. More than 124 cruise ships with 94,600 workers aboard are underway or at anchor in U.S. waters, the U.S. Coast Guard said Monday.“That one simple question – how do we get you home? – turns out to be incredibly complex to answer,” Michael Bayley, chief executive officer of Royal Caribbean International, wrote in a letter to crew members this month. “Each country has rules and regulations for who can travel home, and how, and when. But in the wake of the coronavirus pandemic, those rules have gone in all different directions – and they frequently change without notice.”About 15 countries won’t allow their citizens to return home at all amid the pandemic, said Bayley.About 7,100 Filipino crew on 20 ships were anchored in Manila bay as of last week, awaiting government testing and clearance to return home, the Philippine Coast Guard said. Many have been confined to their cabins for at least two weeks, according to crew and some operators. They will be quarantined 14 more days before leaving the vessel, the Coast Guard said in an email.Royal Caribbean International has said all 25,000 crew members on its ships have completed 14 days of in-room quarantine and are now practicing social distancing. While the company has repatriated about 9,100 seafarers, plans are still being made for the others, who come from 60 different countries, Bayley said in the letter.Carnival has also cited port closures and travel restrictions as roadblocks to getting crew back on land. The operator repatriated 20,000 workers last month, leaving 52,500 waiting to go home as of Friday, according to Roger Frizzell, a spokesman for Carnival, which employs about 90,000 crew on 105 cruise ships.CDC RequirementsThe business shutdown for many cruise operators began in earnest March 14, when the Centers for Disease Control and Prevention issued its first-ever no sail order for all cruise ships in U.S. waters.The order banned passengers from boarding and required lines to come up with plans to contain COVID-19 infections. Since February, more than 30 cruise voyages have been linked to coronavirus outbreaks, according to the CDC website.Last month, the CDC updated requirements that called for cruise company executives to guarantee that seafarers would be flown home on charter flights and other private transport. Under the rules, crew should not use public airport terminals or transportation to avoid the risk of spreading infections.Travel restrictions have also meant that in some cases, workers are shuffled from one ship to another before they can set food on land again.Carrick and Harrison, both from the U.K., were moved to another Celebrity ship, the Reflection, a few days ago. They were told to pack to transfer to yet another ship Monday, but were given a last-minute option to remain on their current ship and then get on a charter flight to the U.K. next week.They chose the flight and have also made another important decision. After dancing on ships for more than 6 years, this will be their last voyage.“This whole experience has been a nightmare,” said Carrick. “I can’t even think of coming back to a ship.”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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Top news and what to watch in the markets on Tuesday, May 12, 2020.

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(Bloomberg) — Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.Futures rose 2.6% in New York after falling Monday. Pockets of fuel demand are starting to emerge in India and China, and while a huge glut remains, global stockpile builds are starting to slow. Saudi Arabia announced a surprise move to deepen daily output cuts by another 1 million barrels, which was followed by smaller reductions from OPEC allies the United Arab Emirates and Kuwait.Oil is still down about 60% this year with little clarity over when global consumption will be back to pre-virus levels. China has seen a steady recovery in air and road travel in its capital city, but in Europe various degrees of lockdown continue to hobble consumption. In the U.S., an OPIS report showed that the volume of fuel sold by retailers across the nation rose just over 7% in the week ended May 2. However, the rebound is still far below 2019 levels and traders remain wary of a resurgence of coronavirus cases.See also: Wuhan to Test Whole City of 11 Million After New Cases Emerge“The road to oil price recovery will likely be choppy and plagued with stop-and-go rallies and selling cycles until some level of price certainty is restored,” said Roger Diwan, vice president of financial services at IHS Markit.Indian fuel consumption in May is expected to be as much as 25% higher than April as planting season begins, requiring tractors and water pumps to burn more diesel, while trucks return to the road as lockdown restrictions ease, according to officials at two state-owned refineries. In China, more people are driving to avoid public transport due to virus fears, boosting gasoline demand.Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day. It’s a sign of the urgency in Riyadh to stabilize the market as rock-bottom prices force the kingdom to impose deep spending cuts. Kuwait and the U.A.E. followed by announcing additional daily curbs of 80,000 barrels and 100,000, respectively.See also: Saudis in ‘Whatever It Takes’ Mode to Fast-Track Recovery: RBCSaudi Aramco reported a 25% year-on-year drop in first-quarter profit after the crash in oil prices. Income declined to 62.48 billion riyals ($16.6 billion) in the first three months of the year, according to a statement. It said it would pay a dividend of $18.75 billion for the quarter, keeping it on track to meet its pledge of a full-year payout to shareholders of $75 billion.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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