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International Business Machines Corp posted quarterly revenue and profit above analysts' estimates on Monday, riding on the strength of its high-margin cloud computing business. IBM has jettisoned some of its legacy business to focus on cloud computing, an area that has seen a lot of action in recent years as companies ramp up their digital shift to control costs and boost efficiency. Revenue from the cloud business, previously headed by IBM's new boss Arvind Krishna, rose 30% to $6.3 billion in the second quarter.

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Wells Fargo Asset Management Multi-Asset Strategist Brian Jacobsen joins Yahoo Finance’s Akiko Fujita to discuss what to expect from upcoming earnings.

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Shares in AstraZeneca (AZN) dropped 3.5% even after early-stage human trial data from its Covid-19 vaccine candidate showed “robust” immune responses.The stock declined to $58.96 in afternoon market trading. Interim data results from the ongoing Phase I/II trial of the potential coronavirus vaccine, also known as AZD1222, which AstraZeneca is developing with Oxford University, showed “strong” antibody and immune T-cell responses.“While there is more work to be done, today’s data increases our confidence that the vaccine will work and allows us to continue our plans to manufacture the vaccine at scale for broad and equitable access around the world,” said Mene Pangalos, Executive VP of BioPharmaceuticals R&D.The results demonstrated that a single dose of AZD1222 resulted in a four-fold increase in antibodies to the SARS-CoV-2 virus spike protein in 95% of participants one month after injection. In all participants, a T-cell response was induced, peaking by day 14, and maintained two months after injection.Neutralising activity against SARS-CoV-2 was seen in 91% of participants one month after vaccination and in 100% of participants who received a second dose. The levels of neutralising antibodies seen in participants receiving either one or two doses were in a similar range to those seen in convalescent COVID-19 patients.Late-stage Phase II/III trials are currently underway in the U.K., Brazil and South Africa and are due to start in the U.S., AstraZeneca said.The British drugmaker has in recent weeks signed supply chain agreements for the capacity to produce 2 billion doses of its vaccine candidate, should it prove to be successful. It has inked supply deals with the U.S. and European Union countries.AZD1222 is one of several candidates supported by Operation Warp Speed (OWS), the U.S. government program to accelerate the development, manufacturing, and distribution of COVID-19 vaccines available for Americans by Jan. 2021.Shares have jumped 10% in the past five days in anticipation of the trial results and are now up more than 18% year-to-date. In light of the recent rally, the $61.67 average analyst price target puts the upside potential at a more modest 4.7% 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: Pfizer, BioNTech Ink UK Supply Deal For 30M Covid-19 Vaccine Doses Moderna Soars 16% As Covid-19 Vaccine Shows Strong Immune Response GSK Buys 10% Stake In Germany’s CureVac To Develop mRNA Vaccines More recent articles from Smarter Analyst: * Chevron To Buy Noble Energy For $5 Billion In All-Stock Deal * Philips Reports Q2 Earnings Beat, Sending Shares Higher * Disney Delays Launch Of Its Marvel TV Series Citing Covid-19 Pandemic  * Ford, Mobileye Join Forces To Boost Camera-Detection Systems

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Fortress Biotech, Inc.'s (NASDAQ:FBIO): Fortress Biotech, Inc. develops and commercializes pharmaceutical and…

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Over the last few years – and certainly since the March crash – tech stocks have been on a tear. However, veteran tech giant IBM (IBM) has found it difficult to keep up, and has lagged behind the whole market. Yet, with F2Q earnings due today after market close, could sentiment be changing?With the Street calling for a year-over-year drop of 35% to revenue of $17.7 billion and EPS to decline by 8% to $2.07, Merrill Lynch analyst Wamsi Mohan argues the low expectations could provide IBM with a minor victory when it releases its quarterly statement this evening.Mohan said, “We expect IBM to report a small beat relative to a very depressed consensus in the wake of COVID-19. Consensus is modeling a flat q/q trend vs normally up mid-single digits. However, while near term trends will be scrutinized, we think the more important catalyst will be an update from CEO Arvind Krishna at a later point in 2H20.”The problem for IBM has been one of reduced profits and declining revenue from its legacy businesses. This is something the company has been addressing with its pivot toward one of 2020’s most prominent trends – the accelerated move to cloud-based services. Last year’s $34 billion acquisition of open source, enterprise software maker Red Hat was the biggest in its history and a statement of intent. The onus is now on new CEO Arvind Krishna – whose appointment in April couldn’t have come at a worse time – to make his mark.For Mohan, “the potential for the new CEO to articulate his vision to drive growth,” along with a 5% dividend yield, means at present, IBM’s "valuation remains attractive.”Therefore, ahead of the print, Mohan reiterates a Buy rating on IBM along with a $145 price target. The implication for investors? Potential upside of 15% from current levels. (To watch Mohan’s track record, click here)Street sentiment toward IBM is currently split down the middle, with a tilt toward the bulls. IBM's Moderate Buy consensus rating is based on 4 Buys and Holds, each. With an average price target of $135.43, there’s possible upside of 7% over the next 12 months. (See IBM stock analysis on TipRanks)To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Ford, Mobileye Join Forces To Boost Camera-Detection Systems * BeiGene, Assembly Bio Ink $540M China HBV Deal; Shares Surge In Pre-Market * Amazon Exports From India-Based Sellers Crosses $2B Mark – Report * Grifols Buys Plasma Assets From Green Cross For $460M To Boost Canada Business

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With the U.S. coronavirus case count zeroing in on 4 million, health experts ramped up their calls for a stronger federal leadership.

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Columbia University’s Dr. Bernard Chang joins Yahoo Finance’s Zack Guzman to discus the recent coronavirus developments as cases surge in states like Florida and California.

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(Bloomberg) — AstraZeneca Plc fell from a record high in New York trading after data for the company’s Covid-19 vaccine candidate, though promising, fueled concerns about whether it can match competitors.Bernstein analysts led by Ronny Gal said the vaccine, developed in partnership with the University of Oxford, showed early positive data, but the benefits didn’t appear to match the bar set by programs from Pfizer Inc. and BioNtech SE, as well as Moderna Inc.“In the competitive context they fail to impress,” Gal wrote.Exacerbating concerns, the Lancet medical journal publication came just an hour after Pfizer and BioNtech had announced early positive data from their Covid-19 vaccine trial in Germany, which builds upon promising results from their program earlier this month.U.S. listed shares of AstraZeneca fell as much as 5.7% — the biggest intraday decline since March — bringing the stock’s year-to-date gain to 19%. Moderna, which is among biotech’s hottest stocks, was also down as much as 18% as JPMorgan downgraded its rating to the equivalent of a hold.Here’s what else analysts are saying:Bernstein, Ronny GalAstraZeneca results were positive as “virtually all vaccine recipients developed IgGs binding, and neutralizing the spike protein and cellular response was met as well. The data thus supports ongoing development.”The group’s data “fail to impress” in a competitive context. “The titers from immunized patients were lower than convalescent patients, whereas BioNtech and Moderna vaccines both elicited IgGs substantially higher than convalescent controls.”“Even the prime boost group was at most even with convalescent patients,” he said. However, “each company used different convalescent group, so direct comparison is not possible.”Jefferies, Peter WelfordData published in the Lancet medical journal “confirm broad immune responses and acceptable safety, in our view. Notably, neutralising antibody titers are similar-below other Covid-19 vaccines, boosted by a possible 2-dose regimen, and importantly, all subjects had marked increases in effector T-cells, which may bode well for durability.”Reiterates hold rating and says the share price move is overdone.Baird, Madhu KumarSays vaccine data from Astra and CanSino Biologics’ adenovirus vaccine programs that were published in The Lancet show a “cleaner adverse event profile than existing” vaccine candidates from Moderna as well as BioNtech and Pfizer.“All in all, we believe the existing clinical data from these adenovirus Covid vaccine trials provide a much higher safety bar for new Covid-19 vaccine entrants than that required by the mRNA-1273 data set so far.”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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