As protests over the George Floyd case continue to grow, worries over the spread of coronavirus weigh heavily on medical experts as Gilead Sciences and Eli Lilly announce news about their vaccine trials. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.

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The billionaire founders of Nikola and Tesla have a lot in common

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Stock futures rose, tracking advances in global equities as investors eyed stabilizing economic data alongside ongoing protests across the country, which spurred some concerns of a ramp-up in coronavirus cases following a deescalation in the outbreak.

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UBS analysts led by Eric Sheridan reiterated their ‘buy’ rating and $3,000 price target on shares of Amazon, on the premise that there are several factors pointing to more room for the e-commerce giant to grow. Although COVID-19 will impact the company’s margins for 2020, long-terms drivers are still intact. The Final Round panel discusses the call.

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Top news and what to watch in the markets on Tuesday, June 2, 2020.

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(Bloomberg) — The natural gas glut is now so severe that prices hardly move even when Europe’s biggest supplier curbs flows to the region.Europe is choking with gas as demand slumped in line with the virus-stricken global economy, storage sites are fuller than usual and little respite is seen in liquefied natural gas imports even with benchmark prices near record lows.As traders watch for signs when key producers such as Russia and Norway start curbing flows, Gazprom PJSC, which has one of the lowest marginal costs of importers to Europe, briefly reduced shipments through a key link via Belarus and Poland. Russia’s move wasn’t enough to give prices a sustainable lift.“Natural gas demand is very weak and low prices are signaling supply must be cut,” said Trevor Sikorski, a gas analyst at Energy Aspects Ltd. in London. “Prices will stay in a range in which it pressures supplies. Cuts now are keeping prices falling further.”Here’s a round-up of what’s happening with Europe’s main gas suppliers in the current climate:RussiaFlows from Russia via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany, resumed on Monday after slumping to zero last week.With the expiration of a long-term transit deal for Yamal pipeline, Gazprom now has to book capacity to use the link. There will be days the route isn’t used and the decision to stop exports is based on the short-term costs, Sova Capital said after a call with the gas producer last month.Russia’s move to cut flows is seen as temporary, said Hadrien Collineau, a senior gas analyst at WoodMackenzie Ltd. It’s likely exports will increase in June, when the gas producer has more longer-term capacity deals that cost less than daily bookings.Prices at the Dutch Title Transfer Facility, Europe’s biggest traded market, plunged as low as 3.365 euros a megawatt-hour last month, or about $40 per 1,000 cubic meters. Those levels indicate that the economics have deteriorated even for low-cost producers such as Gazprom, which pays about $47 on average per 1,000 cubic meters of transit costs for pipelines other than its Nord Stream link in the Baltic Sea, according to VTB Capital.“There is no demand for gas and prices are so low at the moment that all the suppliers are struggling,” said Collineau at WoodMac.Gazprom has already said its exports will drop to about 167 billion cubic meters this year from the near-record 199 billion cubic meters last year.LNGLNG inventories in Europe are at record levels for the time of year.But any cuts in supply still have to fit in with producers’ contract obligations and their efforts to preserve market share. Qatar, the world’s biggest LNG supplier, has already said it won’t reduce shipments.And though the U.S., the fastest growing LNG producer, has canceled some cargoes for June and July, exports are still up about 10% year-on-year, according to Dmitry Loukashov at VTB Capital.U.S. LNG Cancellations Swell With Storage Space Vanishing With U.S. natural gas futures for delivery through September now higher than prices in the Netherlands, the fuel looks increasingly less attractive to buyers in Europe.“The logic of U.S. LNG supplies into Europe is doubtful when the price the U.S. exporters have at home at Henry Hub is higher than the price they get for sales in Europe,” Loukashov said.NorwayNorway’s flows have declined by about 11% from the same period last year.The country may defer production from its two flexible fields – Troll and Oseberg – as much as it can because of the poor market conditions, Sikorski at Energy Aspects said.“Producers need to reduce supply and the question is to what extent as there is an obligation to make gas available, even if demand is depressed,” said Christoph Merkel, managing director of Merkel Energy consultancy.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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Aveo Oncology (AVEO) announced that the U.S. Food and Drug Administration approved the New Drug Application (NDA) for its tivozanib used for the treatment of kidney cancer.Tivozanib is the company’s next-generation vascular endothelial growth factor receptor tyrosine kinase inhibitor (VEGFR-TKI) targeted for the treatment of relapsed or refractory renal cell carcinoma (RCC). The FDA has assigned the application standard review and a Prescription Drug User Fee Act target deadline date of March 31, 2021.“The acceptance of our NDA filing marks yet another important milestone for AVEO, as we pursue our goal of providing RCC patients whose disease has relapsed or become refractory to multiple lines of therapy with a meaningful new treatment option,” said Aveo President and CEO Michael Bailey. “In parallel, we continue to focus on commercial-readiness to ensure we are well positioned to support the potential launch of tivozanib, subject to approval.”In a separate statement, Aveo disclosed that the TIVO-3 trial met the primary endpoint of progression free survival and the secondary endpoint of overall response rate and was generally found to be well tolerated. Tivozanib has been tested in several tumor types, including colorectal, ovarian and breast cancers.However, the company said that the FDA indicated that it did not currently plan on convening an Oncologic Drug Advisory Committee (ODAC) to discuss the application.Commenting on the news, Swayampakula Ramakanth, an analyst at H.C. Wainwright said he expects the FDA to review the application, and if accepted, then a positive opinion would be an “inflection point for the stock”.Shares in Aveo, which plunged to a multi-year low in March have since seen their value almost triple. The stock fell 6% to $7.67 as of the close on Monday.Aveo’s announcement prompted Ramakanth to raise his price target on the stock to $12 from $10, and maintain a Buy rating, saying that he is encouraged by the overall results, which have removed the last hurdle for the NDA filing for tivozanib as a treatment for relapsed or refractory (r/r) RCC.“Given that TIVO-3 study met both the primary endpoint of progression free survival (PFS) and the secondary endpoint of overall response rate (ORR), we anticipate an acceptance of tivozanib’s NDA, which is expected imminently at the end of the 60-day regulatory clock,” Ramakanth wrote in a note to investors. “As a result, we are increasing the probability of launch of tivozanib for treatment of r/r RCC to reflect the reduced regulatory risk.”Looking at the rest of Wall Street ratings, the stock scores only Buy recommendations leading up to a Strong Buy consensus. The bullish $20.67 average price target indicates a stellar 169% upside potential in the shares in the coming 12 months. (See Aveo stock analysis on TipRanks).Related News: Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Starbucks Is Said To Further Cut Worker Hours Due To Sales Demand * Adaptimmune Announces $11/ADS Pricing; Stock Now Up Over 850% YTD * AbbVie Seeks Rinvoq Approval For Psoriatic Arthritis In US, Europe * Revance, Mylan Move Forward With Botox Rival; Analyst Sees Long Path Ahead

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Apple Inc. (NASDAQ: AAPL) has cut prices on the latest iPhone models in China. This comes ahead of a big online shopping festival with the Chinese economy picking up steam after COVID-19 lockdowns.What Happened Apple's channel partners Alibaba Group Holding Ltd (NYSE: BABA) owned e-commerce website Tmall, and JD.com Inc. (NASDAQ: JD), an official reseller, are offering steep discounts on iPhones in China during the 6.18 shopping festival. On Tmall, prices have been cut for the iPhone 11 64GB model that is selling for $670, 13% less expensive than the original price of $772. The iPhone 11 Pro is going for $1,063 instead of $1,220. The iPhone SE is being sold for $435 instead of $463.As of Monday, price cuts are even steeper on JD.com, with the iPhone 11 Pro Max selling at $1,052, a 21% discount on the full price.A JD spokesperson told CNBC that prices vary day-by-day during the 6.18 shopping festival, but discounts are available each day.Why It Matters The 6.18 shopping festival, which lasts several days, begins on June 18, and this is only the second time Apple is taking part in it, reported CNBC. Third-party resellers are offering discounts as well, on both JD.com and Tmall, an indication of the fierce competition among China's retailers as they compete for sales.Apple has sold 3.9 million iPhones in China since April, a 160% increase from March. Sell-in shipments, which refer to sales made to retail partners, rose 30%, up to 3 million in April over March.Price Action Apple shares traded 0.34% lower at $320.75 in the after-hours session on Monday. The shares had closed the regular session 1.23% higher at $321.85.See more from Benzinga * Apple Pays Hacker From India 0,000 For Discovering Serious 'Sign In With Apple' Vulnerability * Apple CEO Writes To Employees About George Floyd Death, Urges For 'Better, More Just World For Everyone' * Martin Scorsese's Next Movie Will Be Financed By Apple: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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