IBM Corp. (IBM) is said to reduce the number of employees across the U.S., streamlining its workforce in at least five states.The company declined to comment on the total number, but the workforce reductions appear far-reaching, according to a Bloomberg report.“IBM’s work in a highly competitive marketplace requires flexibility to constantly add high-value skills to our workforce. While we always consider the current environment, IBM’s workforce decisions are in the interest of the long-term health of our business,” company spokesman Ed Barbini said in a statement. “Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected U.S. employees through June 2021.”Based on a review of IBM internal communications on the Slack corporate messaging service, the number of affected workers is likely to be in the thousands, said a North Carolina-based worker who lost his job along with his entire team of 12.“This was far ranging — and historical employment ratings, age and seniority did not seem to matter,” he said. The person asked not to be identified on concern that speaking publicly may impact his severance package, according to the Bloomberg report.IBM employees in Pennsylvania, California, Missouri and New York, are also said to be affected by the round of job cuts, according to the Bloomberg report.Another worker who lost his job said the reductions mostly focus on IBM’s North American workforce. Half of his 70-person department were cut and told their last day with the company will be June 22.IBM is joining a list of tech companies, who are implementing cost-cutting measures, such as widespread job cuts after the coronavirus pandemic induced a slower economic growth environment. Uber Technologies Inc. (UBER) has cut about a quarter of its workforce, while Hewlett Packard Enterprise Co. (HPE) last week said it will cut some employees to preserve cash.In an earnings call in January, IBM discussed reducing costs through “aggressive structural actions” to improve the competitiveness of its Global Technology Services consulting unit, which represents about a third of revenue.Shares in IBM, which have advanced 25% in the past two months, are still down 13% year-to-date.Turning now to Wall Street, analysts are cautiously optimistic about the stock’s outlook. The Moderate Buy consensus is divided into 4 Buy ratings and 8 Hold ratings. The $132.36 average price target suggests shares have 12% upside potential in the coming 12 months. (See IBM stock analysis on TipRanks).Related News: Nvidia Sinks Despite Stellar Earnings; Top Analyst Says Buy On Any Weakness Micron Has More Than Enough Tailwinds to Offset Huawei Sanctions, Says Top Analyst Baidu May Use Nasdaq Delisting To Boost Value – Report More recent articles from Smarter Analyst: * Twilio To Power New York’s COVID-19 Contact Tracing Initiative; Shares Jump 7.5%   * NBA In Talks With Disney To Reopen Season At Disney World In July * GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows

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Twilio (TWLO) announced that it will provide the communications platform to power New York City’s coronavirus contact tracing initiative sending shares up 7.5% on Friday.The cloud communications company said that New York City’s Department of Information Technology & Telecommunications (DoITT) is planning to deploy a cloud-based contact center on Twilio Flex to call, message or email COVID-19 patients, educate them on the virus, and identify their close contacts through self-reporting. Terms of the deal weren’t disclosed.The platform also provides messaging-based alerts using Twilio Voice, SMS, email or WhatsApp that prompt patients to fill out secure surveys on their symptoms. As governments around the world explore strategies to slow the spread of new coronavirus cases and safely reopen economies, public health departments have identified contact tracing as a step in the process.“Throughout this pandemic, the ability for businesses and government agencies to quickly spin up and iterate ways to engage customers and constituents has never been more important,” said George Hu, chief operating officer at Twilio. “New York City’s contact tracing solution makes it possible for the city to connect with and support residents with COVID-19 and keep their known contacts safe and informed.”Twilio stock jumped 7.5% to $208.62 on Friday. The value of the company’s shares has almost tripled since mid-March after it posted strong sales figures as the coronavirus-related stay-at-home orders fueled demand for its cloud technology solutions.Last week, five-star analyst Patrick Walravens at JMP Securities ramped up the price target on Twilio’s stock to $200 from $160 and reiterated his Buy rating, in view of new business coming from verticals such as education, retail, and healthcare.In the long-term, Walravens expects Twilio to benefit from its "clear lead" in a massive market with an estimated $45B opportunity coming from SMS unified communications and authentication.The rest of the Wall Street community is cautiously optimistic about Twilio’s stock prospects. The Moderate Buy consensus splits into 14 Buys and 6 Holds. Given the recent share rally, the $164.33 average price target implies 21% downside potential in the next 12 months. (See Twilio stock analysis on TipRanks).Related News: Google, Apple Roll Out Coronavirus Contact Tracing Technology Google Cloud Wins Cyber Security Contract With U.S. Defense Department Microsoft Buys Metaswitch For Cloud-Based Telecoms Move, 5G Expansion More recent articles from Smarter Analyst: * IBM Is Said To Make Far-Reaching Job Cuts Across The U.S. * NBA In Talks With Disney To Reopen Season At Disney World In July * GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows

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John Hopkins Biocontainment Unit Medical Director Dr. Brian Garibaldi joins Yahoo Finance’s Zack Guzman to discuss the timeline of a coronavirus treatment, as global cases surpass 5 million, according to John Hopkins data.

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CanSino Biologics, a Chinese vaccine company, announced on Friday that it saw strong, positive results from its phase one trials of a coronavirus vaccine, which it tested on 108 volunteers. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.

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Inari Medical shares soar in public debut under the ticker NARI. Yahoo Finance’s Adam Shapiro discusses.

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Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]

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A week ago, NVIDIA Corporation (NASDAQ:NVDA) came out with a strong set of first-quarter numbers that could…

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Tesla Inc. (TSLA) is asking the Chinese government for approval to build model 3 vehicles in the country equipped with lithium iron phosphate (LFP) batteries, Reuters reported.The name of the battery maker wasn’t disclosed, according to a document by the Ministry of Industry and Information Technology seen by Reuters.Reuters exclusively reported in February that Tesla is in advanced talks to use LFP batteries from CATL that contain no cobalt – one of the most expensive metals in electric vehicle (EV) batteries – in cars made at its China plant.Tesla did not immediately respond to a request for comment from Reuters.Model 3 vehicles are being built at the U.S. car maker’s Shanghai factory. On May 8 Tesla revealed that it secured a 4 billion yuan ($565M) lending line for continued expansion of production at the Gigafactory Shanghai.The company uses EV batteries from Panasonic Corp and LG Chem. CATL has said it would start supplying Tesla from July.Earlier this month figures from the China Passenger Car Association (CPCA) showed that sales of Tesla’s Model 3 sedan in China plunged 64% in April vs March. The industry association also said that auto demand was now recovering following the coronavirus outbreak.The value of Tesla shares has more than doubled in the past two months. The stock depreciated 1.3% to $816.88 as of the close on Friday.TipRanks data shows that Wall Street analysts take a more cautious stance on Tesla stock. The Hold consensus rating is based on 9 Sells, 9 Holds, and 8 Buys. Following the stock’s recent rally, the Street’s $623.45 average price target implies 24% downside potential in the shares over the coming year. (See Tesla’s stock analysis on TipRanks).Related News: Tesla Drops Alameda County Lawsuit Over California Plant Reopening Tesla Gets County Nod To Reopen California Auto Plant – Report Fiat Chrysler Shares Decline on Dividend Payout Withdrawal More recent articles from Smarter Analyst: * NBA In Talks With Disney To Reopen Season At Disney World In July * GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report * Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows * KKR Invests $1.5 Billion in Reliance’s Jio Platforms In Biggest Deal In Asia

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