Authorities in cities across the U.S. used tear gas, curfews and arrests in an attempt to contain violent protests sparked by the death of George Floyd. WSJ reporters in Minneapolis, Chicago and Los Angeles describe the worst civil unrest to erupt across the country in decades. Photo: Alex Wong/Getty Images

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Shares in UK-based biopharma Adaptimmune (ADAP) spiked 127% in Friday’s trading, after the company reported positive durability and efficacy data in synovial sarcoma at the American Society for Clinical Oncology (ASCO) Annual Meeting.The data demonstrated durability and responses in synovial sarcoma, supporting SPEARHEAD-1 as a potential registrational trial, ADAP announced. Dr David Hong spoke of a 50% response rate with inclusion of unconfirmed PR assessed after data cut-off. The ASCO presentation also described a new response in a patient with lung cancer, and a response in a patient with head and neck cancer.At the same time, Adaptimmune also announced new responses in the SURPASS trial, confirming the potential for SPEAR T‑cell therapies targeting MAGE-A4 to treat a broad range of cancers in addition to sarcoma. In the SURPASS trial, three patients have responded out of the first four treated with ADP-A2M4CD8, ADAP said.These data further support the rationale for two new Phase 2 trials – SPEARHEAD-2 in head and neck cancer, which will begin later this year, and a second trial in esophagogastric junction (EGJ) cancer planned for 1H 2021.“We are raising our PT on shares of ADAP to $9 from $3 driven off data presented at ASCO which demonstrated broader platform value for the company’s T-cell receptor (TCR)-T-cell platform technology as well as increased probability of success (POS) for the indication of synovial sarcoma (SS)” cheered Mizuho Securities analyst Mara Goldstein following the presentation. She now assigns a probability of success for this indication of 90%, up from 70%.According to Goldstein, responses accumulating in other tumor types, while not conclusive, point to broader potential in solid tumors. However she “does not yet see a critical mass in responses to more comfortably assign greater value to new indications.” As a result, the analyst reiterates her hold rating on the stock but tripled her price target to $9. Given ADAP’s recent rally this now translates into downside potential of 19%.Meanwhile JonesTrading analyst Soumit Roy upgraded ADAP to buy from hold previously. He has a more bullish $15 price target on the stock, indicating further upside potential of 35%. Overall, ADAP continues to hold a Moderate Buy analyst consensus, with the Street evenly split between hold and buy. The average analyst price target currently stands at $10 (13% downside potential). (See ADAP stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A 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: * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On

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Chinese electric vehicle (EV) maker BYD Co Ltd , will supply EV batteries to U.S. automaker Ford Motor Co , a document on the website of the Ministry of Industry and Information Technology showed on Monday. Ford’s China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD’s batteries, according to the document. Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.

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OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday. OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus. Rather than easing output cuts in July, sources told Reuters last week that de-facto OPEC leader Saudi Arabia was leading discussions on sustaining them until the end of the year.

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Top news and what to watch in the markets on Monday, June 1, 2020.

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U.S. retail giants from Apple Inc. (AAPL) and Amazon.com Inc.  (AMZN) to Target Corp. (TGT) are temporarily closing some of their stores and curtailing operations amid the violent nationwide protests following last week's death of George Floyd.Demonstrations in dozens of cities across the U.S., including New York and Chicago, have since turned violent leading in some places to looting and damage to a number of retail stores.Apple, which had just reopened about half of its U.S. stores after the coronavirus related shutdowns, said it has temporarily closed many of its stores to protect the safety of employees and customers. Target announced the temporary closure of 175 of its stores across the country, including 32 in Minneapolis. Amazon said it is scaling back deliveries in a number of cities including Chicago, Los Angeles and Portland.“Minneapolis is grieving for a reason,” Apple CEO Tim Cook wrote in a Twitter post. “To paraphrase Dr. King, the negative peace which is the absence of tension is no substitute for the positive peace which is the presence of justice. Justice is how we heal.”Apple shares have recovered all of this year’s losses after appreciating 42% since mid-March. The stock closed little changed on Friday trading at $317.94Four-star analyst Samik Chatterjee at J.P. Morgan sees more upside potential in the stock fueled by bullish prospects for the iPhone maker in India. Chatterjee last week bumped up the price target to $365 from $350 and maintained a Buy rating on the shares.The analyst contends that the launch of the iPhone SE should help Apple build its position in emerging markets, particularly in India. The "attractive value proposition" with iPhone SE can change the landscape for Apple, which has struggled to build a material presence in India, he added.“Our recent supply chain checks highlight key milestones relative to verification testing are on track for iPhone launches in September, in addition to no major component bottlenecks,” Chatterjee wrote in a note to investors. “Pre-order and shipping dates might differ modestly for certain models. Delay risks remain, but largely from incremental disruptions."Turning now to the rest of Wall Street, analysts mostly share Chatterjee’s bullish rating outlook on Apple’s stock. The Strong Buy consensus is backed up by 27 Buys with the rest split between 4 Holds and 1 Sell. However, following the recent rally, the $322.63 average price target indicates shares have limited upside potential in the coming year. (See Apple stock analysis on TipRanks).Related News: Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost Apple Snaps Up AI Startup Inductiv, As Analysts Boost PTs On Store Reopenings KKR Invests $1.5 Billion in Reliance’s Jio Platforms In Biggest Deal In Asia More recent articles from Smarter Analyst: * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On * Nordstrom's Shares Drop 12% on Difficult Quarter * Chevron to Make Sweeping Job Cuts as Oil Demand Plummets

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Beyond Meat (BYND) is partnering up with fast-food chains Kentucky Fried Chicken (KFC) and Pizza Hut to expand the reach of its famous plant-based beef in China.The news sent shares up 6.2% on Friday. According to social media site Weibo, the plant-based meat pioneer will be rolling out its products with KFC from June. The partnership with Pizza Hut is slated to start in the coming week. No further details were announced.“We’re proud to expand our partnership with KFC into China, one of their largest markets worldwide, as well as introduce a new partnership with Pizza Hut in China,” a Beyond Meat spokesperson said in an e-mail response to Bloomberg. "We'll be sharing more details soon."Back in April, Beyond Meat made the foray into the market in China announcing a partnership with Starbucks (SBUX). The coffee chain operator is offering a new menu to Chinese customers featuring the company’s ‘beef’ in pastas and lasagna, as well as non-dairy milk and fake pork products.During the same month, Yum China’s KFC also announced that it will begin its first Chinese trial of a plant-based version of its popular fried chicken. According to the company’s Weibo page, U.S. agribusiness Cargill Ltd will supply the nuggets.Beyond Meat’s expansion plans have fueled its share price to more than double since March 18. The stock traded at $128.29 as of Friday. Following the impressive rally, the $90.64 average analyst price target now indicates 29% downside potential from current levels. (See Beyond Meat stock analysis on TipRanks)However, one of the analysts sees more gains in the offing for Beyond Meat’s stock. Five-star analyst Peter Saleh, on May 19 initiated the stock with a Buy rating and $173 price target, reflecting 35% upside potential over the coming year, citing strong sales growth in coming years.“The company’s stated goal is to tackle the $1.4 trillion global meat industry,” Saleh wrote in a note to investors, adding that about $270 billion of that is spent in the U.S. “The adoption of Beyond’s products by mainstream customers in the suburbs will be the key to long-term success. We expect the company to expand into other protein categories including poultry to help broaden its appeal.”The analyst forecasts sales to grow 56% in 2020 and 51% in 2021.The rest of Wall Street analysts remain sidelined on Beyond Meat’s stock right now. The Hold analyst consensus is divided into 5 Hold, 5 Sell and 4 Buy ratings.Related News: Hormel Stock Rises After It Reports Record Sales Papa John’s U.S. Pizza Sales Jump 33.5%; Shares Pop 7% In Pre-Market Uber In Partnership With MoneyGram For Driver Discount During Pandemic More recent articles from Smarter Analyst: * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On * Nordstrom's Shares Drop 12% on Difficult Quarter * Chevron to Make Sweeping Job Cuts as Oil Demand Plummets

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(Bloomberg) — Goldman Sachs Group Inc. has effectively bowed to pressure from the continuing rally in U.S. stocks and abandoned its call for another steep sell-off.Strategists led by David Kostin have rolled back their prediction that the S&P 500 would slump to the 2,400 level — over 20% below Friday’s 3,044 close — and now see downside risks capped at 2,750. The U.S. equity benchmark could even rally further to 3,200, they wrote in a May 29 note.“The powerful rebound means our previous three-month target of 2,400 is unlikely to be realized,” the strategists wrote. “Monetary and fiscal policy support limit likely downside to roughly 10%. Investor positioning has oscillated between neutral and low and is a possible 5% upside catalyst.”The shift came just after JPMorgan Chase & Co.’s strategists shifted in the other direction — reining in their bullish outlook. JPMorgan’s Marko Kolanovic warned about rising U.S.-China tensions in a note May 28.JPMorgan’s Kolanovic Dials Back Bullish Stance on EquitiesGoldman’s strategists maintained their year-end target of 3,000 for the benchmark U.S. stock gauge.Goldman continues to argue that short-term returns are skewed to the downside — “or neutral at best” — thanks to the risk of an economic, earnings, trade or political “hiccup” to the normalization trend. A broader participation in the rally would be needed for the S&P 500 to move meaningfully higher.The S&P 500 has climbed 36% from its March 23 low, helped by massive fiscal and monetary support, mega-cap outperformance and optimism about the economy restarting, according to Goldman. Last month it argued fear of missing out was a key driver of the rebound in stocks.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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Hong Kong’s stock market surged more than 3% and other global markets also gained Monday after President Donald Trump avoided reigniting a trade war with China amid tension over Hong Kong and the coronavirus pandemic. Global markets sank Friday as investors waited for Trump’s response to Beijing’s security law on Hong Kong.

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Nordstrom (JWN) reported its quarterly earnings on Friday, and the results were grim. Net sales dropped 40%, worse than the 33% decline expected by analysts.The company recorded an operating loss of $521 million for the quarter for a loss per share of $2.23. This represented a decrease from net earnings of $37 million during the same period in fiscal 2019, and fell starkly short of Street expectations of a $0.95 loss per share for the quarter. Its shares closed on Friday at $16.13, down more than 12% for the day.Nordstrom shuttered all of its stores on March 17. Some reopened in early May, while those in its key markets—California, New York and Washington—remain closed. Disappointingly, Nordstrom reported online-sales growth of only 5% in the quarter. As a result, Nordstrom reported that its SG&A expenses ballooned to 55% of net sales, compared with 34% of net sales for the same period in fiscal 2019.The family-run retailer started the year well, experiencing sales growth in the fourth quarter after four consecutive quarters of negative year-over-year sales growth. It seemed that investments in e-commerce and a cautious approach to physical stores had helped Nordstrom stay ahead of the department store pack.Nordstrom Rack — Nordstrom's off-price unit — posted particularly weak numbers, partly because it initially was not able to to fulfill online sales through its stores. That capability was enabled by mid-April. Nordstrom's reported that at the Nordstrom Rack locations that have reopened, sales have exceeded expectations thus far.Even prior to Friday, it had been a brutal year for Nordstrom stock, having already dropped 56% year to date through Thursday. Analysts have a Moderate Sell consensus on Nordstrom and an average price target of $21 a share, although the poor results Nordstrom exhibited in the last quarter has pulled down the most recent price targets.On Friday Jay Sole of UBS pulled down his price target to just $12. Nevertheless, the current price target of $21 represents 30% upside potential over the next 12 months. (See Nordstrom stock analysis on TipRanks).Related News: Papa John’s U.S. Pizza Sales Jump 33.5%; Shares Pop 7% In Pre-Market Boeing Gets No Orders in April, Customers Cancel 737 MAX Jets Alibaba Scores Earnings Beat With Revenue Surging 22% Y/Y More recent articles from Smarter Analyst: * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On * Chevron to Make Sweeping Job Cuts as Oil Demand Plummets * Google Mulling Purchase of Stake in Indian Vodafone Idea

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