Category: Stock Market

Click here to read the full article. Disney veteran Kevin Mayer is leaving the company to become CEO of TikTok, the short-form video platform.Mayer also is being named chief operating officer of ByteDance, TikTok's parent company. He most recently was chairman of Disney’s Direct-to-Consumer and International segment since its founding in 2018. In that role, he oversaw the launches of Disney Plus and ESPN Plus and the integration of Hulu.At Disney, Mayer also served as the company’s chief strategy officer and was instrumental in facilitating a number of strategic acquisitions, including the acquisition of 21st Century Fox and BAMTech.“Kevin has had an extraordinary impact on our company over the years, most recently as head of our direct-to-consumer business,” Disney CEO Bob Chapek said in a statement. “He has done a masterful job of overseeing and growing our portfolio of streaming services, while bringing together the creative and technological assets required to launch the hugely successful Disney Plus globally."Chapek continued, "Having worked alongside Kevin for many years on the senior management team, I am enormously grateful to him for his support and friendship and wish him tremendous success going forward.”Mayer first joined Disney in 1993 let strategy and business development for all of Disney's Interactive/Internet and television businesses worldwide. Later, he became executive VP of the internet group, responsible for the operations, business plans, creative direction and distribution of Disney's popular Web sites, including ESPN.com and ABCNews.com.In 2000, he left Disney to become CEO of Clear Channel Interactive and two years after moved to LEK Consulting, where he served as partner and head of the global media and entertainment practice before rejoining Disney in 2005 as EVP of corporate strategy.

from Yahoo Finance https://ift.tt/2WFk9jw

Silver tests the $17.50 level but news about a potential vaccine for COVID-19 cause a sell-off.

from Yahoo Finance https://ift.tt/3bFGgdP

(Bloomberg Opinion) — Throughout the pandemic, euro zone governments have lagged behind the European Central Bank in charting a path out of the economic crisis. Germany and France have suddenly decided they want to lead the way.Chancellor Angela Merkel and President Emmanuel Macron have tabled a joint plan that includes, among other items, a shared 500 billion-euro ($543 billion) “recovery fund” for the EU. Berlin and Paris are front-running the European Commission, which is meant to present its own proposal for the fund next week. The two leaders are sending a clear signal to the more hawkish euro area members — such as the Netherlands and Austria — that the worst-affected nations need more than financial wizardry to get through this emergency.The Franco-German proposal would see the Commission raising the money on the financial markets and then distributing it in the form of grants. This would be a remarkable change for the EU, whose response so far has been that each country should take on more debt individually. In Merkel’s and Macron’s plan, each member of the bloc will contribute depending on its share of the EU budget, which in turn hinges on the relative size of national incomes. But the Commission would disburse the money as it saw fit. Essentially, this clears the way for fiscal transfers from financially secure countries to those less fortunate — and is a tacit admission that Europe needs to make a statement about all being in it together on Covid-19.The difference with the continent’s other emergency instruments is striking. The European Stability Mechanism, the euro zone’s rescue fund, has offered loans in the past to countries in crisis in exchange for a package of austerity and structural reforms. The pandemic has pushed Europe’s leaders to vastly improve the ESM’s lending terms and to let it offer money for the strengthening of national health systems without the usual conditions. However, these are still loans, meaning they’ll have to be paid back eventually.With their new proposal, Germany and France appear to have crossed the Rubicon on sharing the financial pain from the pandemic. The shift by the Germans from their usually conservative position is all the more noteworthy, and the financial markets certainly see it that way. Italy would be a clear beneficiary of the fund. Its 10-year bond yields dropped by nearly 20 basis points on the news, to 1.67%.There are many details that still need to be ironed out. For a start, while Germany and France are the EU’s dominant members, they still need to bring everyone else on board. The Dutch and the Austrians are traditionally opposed to the idea of grants, since they fear the money would be misspent. The inevitable negotiations may reduce the size and scope of these transfers, or demand stricter conditions from recipients. However, if the EU does accept this plan without watering it down too much, the proposal would have significant long-term implications. The “recovery fund” is being presented as an extraordinary, one-off facility. However, it could be the seed for a larger EU budget, based not just on individual contributions from member states but also on new EU-wide taxes. If that happened, the euro zone would move somewhat closer to a “fiscal union,” which is needed to put it on a more solid footing.The onus will ultimately be on the weaker member states such as Italy and Spain, and on how they use any money. Throughout the pandemic, they have made the case for more European help, arguing that the virus was no one’s fault. As France and Germany promote the cause of more grants, individual governments must show they can allocate their funds intelligently, helping those most in need while boosting the growth potential of their economies. Solidarity won’t last long without responsibility.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

from Yahoo Finance https://ift.tt/3dXbkHt

All eyes were on Moderna, which sparked a big rally on Wall Street after announcing promising early trial data of a coronavirus vaccine that is the furthest along among U.S. biotechs in the race.

from Yahoo Finance https://ift.tt/3bKkSnU

Professor of Medicine at Yale and Director of The Yale New Haven Hospital Center for Outcomes Research and Evaluation Dr. Harlan Krumholz joins Yahoo Finance’s Seana Smith to discuss Moderna’s recent headway in early-stage coronavirus vaccine trial.

from Yahoo Finance https://ift.tt/3g0RFbE

J.C. Penney plans to close roughly 29% of its department stores as part of its bankruptcy. According to documents, 242 stores are slated to close.

from Yahoo Finance https://ift.tt/2AFTB9k

from Yahoo Finance https://ift.tt/3cIckyZ

Investors going long may find the best opportunities in technology and ‘serendipity’ stocks, says strategist James McDonald, CEO of Hercules Investments. 

from Yahoo Finance https://ift.tt/2WEQUgC

Shares of Square Inc (NYSE: SQ) have gained around 28% year to date.Although the gradual reopening of the U.S. economy may be an incremental positive for brick-and-mortar merchants, small- and mid-sized companies have yet to witness a trough in churn, according to BofA Securities.The Square Analyst Jason Kupferberg downgraded Square from Buy to Underperform with an unchanged $84 price target. The Square Thesis While stimulus funds may provide temporary relief, a significant number of small- and mid-sized businesses may struggle to remain afloat, especially if the economy reopens only partially, Kupferberg said in the Monday downgrade note. (See his track record here.)Around 75% of Square's payment volume comes from merchants with less than $500,000 in annual card volume, the analyst said. Despite this backdrop, the stock has outperformed the S&P500 by around 4,000 basis points so far this year, he said. Although the consumer-facing Cash App business is performing well, the Seller segment represents around 70% of the company, Kupferberg said.The reopening of the US economy is uneven, creating uncertainty around a recovery in Square's gross payment volume, which the analyst said "will likely vary significantly across a range of spending categories."While expressing optimism over Square's competitive positioning in the long-term, BofA said wrote the stock "has moved too far and too fast relative to its near-term fundamental prospects."SQ Price Action Shares of Square were down 2.18% at $78.51 at the time of publication. Related Links: Along With Dramatic Jobs Data, Investors Scrutinize Recent Earnings From Uber, Square10 Biggest Price Target Changes For FridayPhoto courtesy of Square. Latest Ratings for SQ DateFirmActionFromTo May 2020Stephens & Co.DowngradesOverweightEqual-Weight May 2020B of A SecuritiesDowngradesBuyUnderperform May 2020BarclaysMaintainsOverweight View More Analyst Ratings for SQ View the Latest Analyst Ratings See more from Benzinga * Coca-Cola CFO Says Trough Will Come In Q2, Says Bullish Credit Suisse * BofA Downgrades Canada Goose On Projected Revenue Decline * Cantor Cuts Canopy Growth Target After Warrants Exercise(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

from Yahoo Finance https://ift.tt/36bIHUz