If you are looking for the best ideas for your portfolio you may want to consider some of Greenlight Capital's top stock picks. Greenlight Capital, an investment management firm, is bullish on DXC Technology Co (NYSE:DXC) stock. In its Q4 2019 investor letter – you can download a copy here – the firm discussed its […]

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Shares in Bed Bath & Beyond (BBBY) plunged 9% in pre-market trading after the home goods retailer reported a 49% decline in net sales in the first quarter due to temporary store closures during the coronavirus pandemic.The stock dropped to $9.45 in Thursday’s pre-market trading as the retailer announced that it will close about 200 of its stores over the next two years to cut costs. Net sales in the first quarter dropped 49% to $1.3 billion year-on-year falling short of the $1.39 billion estimated by analysts. Bed Bath reported an adjusted net loss of $1.96 per diluted share for the period compared with adjusted net earnings of $0.12 per diluted share during the same quarter last year. Analysts had expected the retailer to post an adjusted loss of $1.22 per share.Meanwhile, net sales from online channels grew 82% during the reported period and made up almost two-thirds of total sales."The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including margin pressure from the substantial channel shift to digital,” Bed Bath CEO Mark Tritton said. "With nearly all stores now open, we are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and curbside pickup services.”The retailer expects its cost restructuring actions, including the planned store closures, to generate annualized savings of between $250 and $350 million, excluding one-time costs.Bed Bath shares have already dropped 40% this year and with the average price target set by analysts at $8.27, the stock is poised to decline another 21% over the coming year. (See BBBY stock analysis on TipRanks)Meanwhile, Merrill Lynch analyst Curtis Nagle sees room to raise the price target on the stock to $16 (54% upside potential) from $14.5 and keep his Buy rating intact, saying that valuation does not reflect big changes in the works.“Sales in June imply a strong acceleration through the month and other big positives include: a large cost reduction program; a commitment to taking out unproductive stores and; a continuation of strong online sales,” Nagle wrote in a note to investors. “We continue to believe the market is significantly undervaluing a turnaround of the core Bed Bath business.”The rest of the Street is sidelined on the stock. The Hold analyst consensus shows 5 Holds and 3 Sells versus 4 Buys.Related News: Costco June Sales Beat Estimates As Shoppers Go Online; Top Analyst Raises PT Burger Chain Shake Shack Drops 5% As Preliminary Q2 Sales Disappoint Lookout Walmart, Amazon Is Coming for Your Grocery Customers, Says Analyst More recent articles from Smarter Analyst: * Apple Reassures On Intel’s Thunderbolt Despite Chip Departure * Costco June Sales Beat Estimates As Shoppers Go Online; Top Analyst Raises PT * AstraZeneca’s Wins FDA Priority Review For Heart Drug Brilinta * Biogen Files FDA Application For Potential Alzheimer Treatment

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Jul.09 — Siemens AG Chief Executive Officer Joe Kaeser says the proposed spinoff of an energy business is the best way to refocus and boost the company’s share price. Kaeser said he expects investors at a virtual meeting today in Munich to back the separation of Siemens Energy, which makes turbines for power plants and wind farms. He spoke on “Bloomberg Markets: European Open.”

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How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

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The analysts covering Chembio Diagnostics, Inc. (NASDAQ:CEMI) delivered a dose of negativity to shareholders today, by…

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AstraZeneca Plc (AZN) announced on Thursday that the Food and Drug Administration (FDA) has accepted a supplemental New Drug Application (sNDA) and granted a priority review for its heart treatment Brilinta.The U.S. regulator granted priority review for the drugmaker’s Brilinta (ticagrelor) as a treatment for the reduction of subsequent stroke in patients who experienced an acute ischemic stroke or transient ischemic attack (TIA). The FDA action date for the supplemental application, is scheduled for the fourth quarter of 2020.The sNDA was based on results from the Phase III THALES trial, which showed that the treatment of aspirin in combination with Brilinta 90mg dosage used twice daily for 30 days resulted in a statistically significant and clinically meaningful reduction in the risk of the primary composite endpoint of stroke and death, compared to aspirin alone. The results were in line with the known safety profile of Brilinta.“Patients who have had an acute ischaemic stroke or transient ischemic attack are at high risk of experiencing a subsequent stroke, which may be disabling or fatal,” said Mene Pangalos, Executive VP, BioPharmaceuticals R&D. “Today’s priority review reflects Brilinta’s potential as a much-needed treatment option to reduce the rate of subsequent stroke for these patients and we look forward to working with the FDA to make Brilinta available as soon as possible.”Brilinta is approved in more than 110 countries for the prevention of atherothrombotic events in adult patients with acute coronary syndrome (ACS) and in more than 70 countries for the secondary prevention of cardiovascular events among high-risk patients who have experienced a heart attack.Stroke is the second leading cause of death worldwide, with 6.2 million stroke-related deaths in 2017, of which 2.7 million were due to ischaemic stroke.In May 2020, the FDA approved a label update for Brilinta in the US to include the risk reduction of a first heart attack or stroke in high-risk patients with coronary artery disease.AstraZeneca shares have jumped 43% since mid-March as the company joined the list of companies engaged in the development of a potential coronavirus vaccine. The stock rose 1.4% to close at $54.19 on Wednesday.Despite the recent rally, the $61.67 average analyst price target still puts the upside potential at 14% in the coming 12 months. (See AstraZeneca stock analysis on TipRanks)Overall, the stock scores a Strong Buy consensus from the analyst community based on 4 unanimous Buy ratings.Related News: AstraZeneca-Merck Pancreatic Cancer Drug Wins European Approval Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Corvus Shoots Up 115% On Start Of Novel Immunotherapy Study In Covid-19 Patients More recent articles from Smarter Analyst: * Biogen Files FDA Application For Potential Alzheimer Treatment  * Airbus First-Half Deliveries Drop 49% Amid Covid-19 Aviation Crisis * Google Stops Project For Cloud Services In China   * Tesla China Sales Of Model 3 Vehicles Up 35% In June

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(Bloomberg) — Walgreens Boots Alliance Inc. plans to cut about 4,000 jobs in the U.K. following a sharp drop in its business there and suspend stock buybacks, as the coronavirus pandemic jolts its business around the world.On Thursday, Deerfield, Illinois-based Walgreens said it anticipates full-year adjusted earnings between $4.65 to $4.75 a share, including $1.03 to $1.14 a share of costs related to Covid-19. Analysts surveyed by Bloomberg were expecting $5.43 a share. Walgreens had previously withdrawn its financial forecasts, citing the turmoil caused by the coronavirus.Drugstores are grappling with both short-term disruptions and potential longer-term changes in consumer behavior driven by Covid-19. Before the pandemic set in, Walgreens was already facing questions about how it planned to compete with rivals focusing on health care and internet giants sizing up the pharmacy business.Now, the playing field has changed once again, as the global spread of Covid-19 continues to alter both the health care and retail industries in unpredictable ways.Shares of Walgreens, which had dropped 28% so far this year through Wednesday, declined as much as 4.9% in premarket trading in New York.Foot traffic plummeted 85% in April at the company’s Boots stores in the U.K. amid strict lockdown orders, resulting in a $700 to $750 million hit to total sales that forced Walgreens to record a $2 billion impairment charge. Overall, sales in the quarter, which ended May 31, were essentially flat compared with the same quarter a year earlier, at $34.6 billion. In the U.S., people rushed to stock up on prescriptions and toilet paper in the early days of the pandemic. Comparable sales at U.S. drugstores rose 3%.Soaring CostsWalgreens said that a broad decline in visits to doctors’ offices and hospitals weighed on prescription volumes. Prescriptions filled at its U.S. drugstores fell 1.3% compared with the year-ago quarter, though volumes have shown “steady improvement” since the end of May.Costs associated with cleaning stores and boosting employee pay sent selling, general and administrative expenses soaring to $8.3 billion in the quarter from $6.2 billion in the year-ago quarter.To help expand its health-care offerings, Walgreens said Wednesday it plans to open as many as 700 doctors’ offices in its drugstores over the next five years. Rival CVS Health Corp. has already made big steps in that direction by buying insurer Aetna and making over stores to focus on patient care.Walgreens posted a loss of $1.71 billion, or $1.95 a share, in the fiscal third quarter. On an adjusted basis, earnings per share came to 83 cents. Analysts surveyed by Bloomberg expected adjusted earnings of $1.19 a share.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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If you want to know who really controls Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR), then you'll have to look at the…

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We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

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