Yahoo Finance’s Emily McCormick joins Melody Hahm to break down the details of DraftKings common stock offering, and more.

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On Wednesday, Gilead Sciences announced that it would soon begin enrolling volunteers for the next phase of its Remdesivir trial. Yahoo Finance’s Anjalee Khemlani breaks down the latest news about Gilead Science’s trial on The Final Round.

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Social media giants remove President Trump’s campaign ad over the use of hate symbols. Yahoo Finance’s On The Move panel shares the details.

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(Bloomberg) — American Airlines Group Inc. is seeking to raise around $2 billion from a junk bond offering that may emerge as soon as next week, according to people with knowledge of the matter.The company is sounding out investors for a potential five-year secured note that cannot be repaid for the life of the bond at a yield of 11%, said the people, who asked not to be named because the talks are private. Discussions around the terms of the offering, including the yield, are preliminary and could change, the people said.The debt may be backed by assets like airport slots and gates, Bloomberg previously reported.Representatives for American and Citigroup Inc., which is working with the company, declined to comment.American shares rallied after Bloomberg reported on the potential offering. The stock gained as much as 2% to trade at $16.84 at 11:16 a.m. in New York.American, the most debt-laden of the largest U.S. airlines, is considering the financing to help it get through a collapse in travel demand stemming from the Covid-19 pandemic. Delta Air Lines Inc., Southwest Airlines Co. and JetBlue Airways Corp. have tapped debt investors in recent weeks to boost liquidity.Fort Worth, Texas-based American offered about $360 million in municipal bonds on Wednesday, up from the $100 million the company initially planned to sell. The junk-rated bonds priced to yield 5.5% in 2031, nearly 4.6 percentage points higher than AAA rated municipals, and received more than $4 billion of investor orders.The airline has also received $5.8 billion in federal payroll support as well as a $1 billion 364-day term loan from banks, according to a regulatory filing last week.American’s planned offering comes as United Airlines Holdings Inc. said it plans to tap its frequent-flyer program to raise $5 billion in the debt markets. Amid the pandemic, investors have grown choosy about the collateral offered as security on debt. United earlier abandoned efforts to sell $2.25 billion of high-yield bonds backed by older planes after it was unsatisfied with terms of the deal.American has about $11 billion in unencumbered assets, according to the filing. Of that, $7.45 billion is estimated to be composed of slots, gates and routes. American’s existing term loans are trading between 75 cents and 85 cents on the dollar, according to data compiled by Bloomberg.(Updates with investor demand for bond in paragraph seven.)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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(Bloomberg) — U.S. stocks fell after Arizona and Florida reported their biggest increases in new Covid-19 cases since the pandemic began and Apple said it would close some stores in those states. Oil turned positive after briefly dropping into the red.Stocks had rallied at the start of U.S. trading amid reports that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal boosted risk appetite. Still, with uncertainty over how quickly economies can emerge from lockdowns, and a welter of options set to expire in a quarterly event know as quadruple witching, investors are being whipsawed by bouts of volatility.“That’s a worrisome sign for markets,”said Matt Forester, chief investment officer of BNY Mellon’s Lockwood Advisors. “This is a continuation of the first wave, this is not a second wave.”In Europe, investors focused on negotiations over the EU’s proposed 750 billion-euro ($840 billion) program to help economies rebound from lockdowns, which helped send the Stoxx 600 Index up about 0.6%.After a brief swoon, equity markets were back in rally mode as investors bet that governments will be able to put their economies back on track with enough stimulus at their disposal. U.S. and European benchmarks had clawed back nearly all of last week’s losses that were spurred by concern over a second wave of coronavirus infections.Elsewhere, crude oil swung between gains and losses after advanced beyond $40 a barrel.These are some of the main moves in markets: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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Apple to again close retail stores in states with coronavirus spikes.

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(Bloomberg) — Some of Wirecard AG’s most-loyal shareholders have sold their stakes as allegations of accounting impropriety engulf the German payments company.Alexander Darwall, who has held Wirecard shares since at least 2007, instructed his investment firm to sell all of its holdings, while Alken Asset Management, which has owned the stock since 2008, did the same. DWS Group, which had built a Wirecard position that reached about 1 billion euros ($1.1 billion) across several funds by the end of October, has also cut its exposure.Wirecard’s Chief Executive Officer Markus Braun resigned with immediate effect on Friday, after two Asian banks that were supposed to be holding 1.9 billion euros of missing cash denied any business relationship with the company.Wirecard shares plunged as much as 52% in Frankfurt on Friday, and the stock has lost about 71% since Wednesday’s close.Darwall’s asset management firm Devon Equity Management, which manages more than 1 billion pounds ($1.2 billion), has sold all of its Wirecard shares, the company’s biggest investment, according to a person familiar with the matter, who asked not to be identified because the holdings are private. Darwall bought the majority of his holdings in the firm in 2010 while he was still at Jupiter Fund Management Plc.The German payments company represented just over 10% of assets in Darwall’s European Opportunities Trust Plc and 9.4% of the European Opportunities SICAV Fund as of the end of May, according to Devon’s website. Both positions were the biggest in the money pools and the trust’s holding represented almost 1% of all Wirecard shares outstanding, according to data compiled by Bloomberg.Darwall built his reputation over almost a quarter century at Jupiter, where he at one time managed almost 8 billion pounds. Many of his vehicles were heavily invested in Wirecard, which had proven to be a profitable wager for the manager.The manager engaged with Wirecard in March after an internal investigation at the firm and was satisfied the company would address the issues identified, Devon’s Chief Executive Officer Richard Pavry wrote in a letter to investors on Friday. “In retrospect this conclusion was a mistake, for which we apologise,” he wrote.“When we ceased to believe in the investment case for the company on 18 June, we sold the position in its entirety,” Pavry wrote.Alken, which had a 1.4% stake at the end of 2019, has also sold all its shares, according to CEO and founder Nicolas Walewski.Deutsche Bank AG’s asset manager DWS will file a lawsuit against both Wirecard and Braun, a company spokesman said on Friday. The money manager said in a statement on Thursday that it no longer had material exposure to Wirecard in its actively managed funds.BlackRock Inc. is the company’s second-largest shareholder, after Braun, and has more than 5% of Wirecard’s stock held across a number of funds as of June 8, according to data compiled by Bloomberg. A representative for the asset manager declined to comment.(Updates with comment from Devon CEO in eighth paragraph, DWS proposed litigation in 11th 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.

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Here's a roundup of top developments in the biotech space over the last 24 hours.Scaling The Peaks (Biotech Stocks Hitting 52-week Highs June 18) * ADC Therapeutics SA (NYSE: ADCT) * Adverum Biotechnologies Inc (NASDAQ: ADVM) * Alpine Immune Sciences Inc (NASDAQ: ALPN)( announced a licensing agreement with AbbVie Inc (NYSE: ABBV) * Amicus Therapeutics, Inc. (NASDAQ: FOLD) * Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN) * BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) * BioXcel Therapeutics Inc (NASDAQ: BTAI) * Burning Rock Biotech Ltd (NASDAQ: BNR) * Castle Biosciences Inc (NASDAQ: CSTL) * Cytokinetics, Inc. (NASDAQ: CYTK) * DiaMedica Therapeutics Inc (NASDAQ: DMAC) * Fennec Pharmaceuticals Inc (NASDAQ: FENC) * Neoleukin Therapeutics Inc (NASDAQ: NLTX) * Neubase Therapeutics Inc (NASDAQ: NBSE) * Ocular Therapeutix Inc (NASDAQ: OCUL) * Ovid Therapeutics Inc (NASDAQ: OVID) * Passage Bio Inc (NASDAQ: PASG) * Pliant Therapeutics Inc (NASDAQ: PLRX) * Protagonist Therapeutics Inc (NASDAQ: PTGX) * Royalty Pharma plc (NASDAQ: RPRX) (IPOed Monday) * Sarepta Therapeutics Inc (NASDAQ: SRPT)(announced a licensing agreement with Selecta Biosciences Inc (NASDAQ: SELB) for licensing the latter's immune tolerance platform, ImmTOR for use in Duchenne muscular dystrophy and certain limb-girdle muscular dystrophies) * Tandem Diabetes Care Inc (NASDAQ: TNDM) * TELA Bio Inc (NASDAQ: TELA) * TFF Pharmaceuticals Inc (NASDAQ: TFFP) * Trevena Inc (NASDAQ: TRVN) * Zentalis Pharmaceuticals Inc (NASDAQ: ZNTL)Down In The Dumps (Biotech Stocks Hitting 52-week Lows June 18) * CALLIDITAS THER/S ADR (NASDAQ: CALT)Stocks In Focus Mylan Wins Patent Lawsuit Against Biogen With Respect To Multiple Sclerosis Drug Mylan NV (NASDAQ: MYL) said the U.S. District Court for the Northern District of West Virginia ruled in its favor by invalidating Biogen Inc's (NASDAQ: BIIB) Tecfidera patent, U.S. Patent No. 8,399,514, for lack of written description. Mylan noted that the patent pertains to methods of treating multiple sclerosis using a dose of 480 mg/day of dimethyl fumarate delayed release capsules, and would have disallowed generic competition until 2028.With the patent win, Mylan is allowed to launch of its dimethyl fumarate product upon the receipt of FDA approval.In pre-market trading Friday, Mylan shares were rising 2.27% to $16.70.Assembly Biosciences Regains Rights To Gastrointestinal Programs After AbbVie Terminates Deal Assembly Biosciences Inc (NASDAQ: ASMB) said it will regain worldwide rights to all microbiome gastrointestinal programs, including ABI-M201 and ABI-M301, licensed under its collaboration agreement with AbbVie's Allergan. The development follows AbbVie deciding to terminate the R&D, collaboration and license agreement. This decision was not based on any efficacy, safety, or other data related to the collaboration programs, Assembly Biosciences said.ABI-M201 is currently being evaluated in a Phase 1b trial in patients with mild to moderate ulcerative colitis and ABI-M301 is a preclinical program for Crohn's disease, the company said. The transition is expected to be completed in the fourth quarter of 2020.In pre-market trading, Assembly Biosciences shares were rising 1.95% to $22.50.Tiziana to Get Patent For Platform Technology For Oral Administration Of Fully Human Monoclonal Antibodies Tiziana Life Sciences plc (NASDAQ: TLSA) announced the United States Patent and Trademark Office has granted a patent covering its proprietary platform technology for the oral administration of Foralumab, its proprietary fully human monoclonal antibody, and all other anti-CD3 monoclonal antibodies. The CD3 (cluster of differentiation 3) is a protein complex on T-cells, which is important for regulation of immune system, the company added. The patent will be issued by the USPTO June 23.The stock rallied 16.09% to $7 in pre-market trading.Roche Reports Positive Results For Late-Stage Prostate Cancer Study Roche Holdings AG Basel ADR (OTC: RHHBY) said the phase 3 IPATential150 study that evaluated ipatasertib in combination with abiraterone and prednisone/prednisolone compared to current standard-of-care plus placebo met its co-primary endpoint of radiographic progression-free survival in patients with metastatic castration-resistant prostate cancer and whose tumours had PTEN loss.The company said overall survival benefit and additional secondary endpoints are not yet mature and the trial will continue until the next planned analysis.Endologix CFO Departs, Announces Interim CEO Endologix, Inc. (NASDAQ: ELGX) said its CFO Vaseem Mahboob,will leave the company, effective July 1, to take over as CFO of a private global healthcare company.View more earnings on IBBThe company announced the appointment of Cindy Pinto, VP, Financial Planning & Analysis, as interim CFO in addition to her current responsibilities, and it also said it has initiated a search process for a permanent successor.Miragen Appoints Pharma Industry Veteran As COO Miragen Therapeutics Inc (NASDAQ: MGEN) announced the appointment of Lee Rauch as Chief Operating Officer, effective immediately. Rauch, who has over 25 years of experience in the biotech and pharma industries, will report to the CEO and will be responsible for overseeing business development, licensing, partnerships, investor relations, corporate communications, intellectual property, and new product planning, the company said.In pre-market trading, the stock was up 4.20% t $1.24.Akebia Names David Spellman as CFO Akebia Therapeutics Inc (NASDAQ: AKBA) said David Spellman is joining Akebia as its new SVP, Chief Financial Officer and Treasurer, effective June 29, replacing Jason Amello, who has been serving in the position since 2013.Dynavax Says Human Trial of COVID-19 Vaccine Using Its Adjuvant Initiated Dynavax Technologies Corporation (NASDAQ: DVAX) announced the first participants have been dosed in the Phase 1 clinical trial to evaluate Clover Biopharma's vaccine candidate to prevent COVID-19 that contains the Company's CpG 1018 adjuvant.In pre-market trading, Dynavax shares were rising 9.30% to $6.70.Earnings Urovant Sciences Ltd (NASDAQ: UROV) reported a net loss of $1.68 per share for its fiscal-year 2019 fourth quarter compared to a loss of 96 cents per share a year ago. This was wider than the consensus loss estimate of $1.24 per share.The stock was down 3.48% to $11.10 in pre-market trading.BioNano Genomics Inc's (NASDAQ: BNGO) first-quarter revenues fell from $1.8 million in 2019 to $1.1 million in 2020. The net loss widened from $7.8 million to $10.5 million.The stock was sliding 5.80% to 49 cents in pre-market trading.On The Radar PDUFA Dates Nabriva Therapeutics PLC – ADR (NASDAQ: NBRV) is knocking at the FDA altar for the second time for its investigational antibiotic contepo for treating complicated urinary tract infection. The company hinted at the decision being delayed due to the FDA requiring inspection of the facilities of third-party manufacturers in Europe.Evoke Pharma Inc (NASDAQ: EVOK) has a PDUFA date in the unfolding for its Gimoti to treat women with acute and recurrent diabetic gastroparesis.IPOs Repare Therapeutics Inc., a precision oncology company enabled by its proprietary synthetic lethality approach, priced its upsized initial public offering of 11 million shares of its common shares at $20 per share. Repare's common shares are expected to begin trading on the Nasdaq under the ticker symbol RPTX.Forma Therapeutics Holdings, Inc., a clinical-stage biopharmaceutical company focused on rare hematologic diseases and cancers, priced its IPO of 13.88 million shares at $20 per share. The shares are expected to begin trading on the Nasdaq under the ticker symbol FMTX.See more from Benzinga * The Daily Biotech Pulse: Eloxx Resumes Cystic Fibrosis Study, Rexahn's Reverse Merger, Ultragenyx, Epizyme Await FDA Decisions * The Daily Biotech Pulse: Patent Win For Amarin, FDA Nod For Novartis & Merck, Chembio's Coronavirus EUA Revoked * The Daily Biotech Pulse: GlaxoSmithKline, IDEAYA Strike Oncology Partnership, Decision Day For Merck, Adverum's New CEO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Saturna Capital Corporation is the investment management company of Sextant Mutual Funds. Sextant Mutual Funds recently released Q1 2020 Investor Letter, a copy of which you can download here. The Sextant Growth Fund posted a return of -15.13% for the quarter, outperforming its benchmark, the S&P 500 Index which returned -19.60% in the same quarter. […]

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Cloudflare CEO and Founder Matthew Prince joins Yahoo Fiance’s Alexis Christoforous and Brian Sozzi to discuss a rise in cyberattacks amid the coronavirus pandemic, in addition to its preparation for the 2020 election and more.

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