Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8% jump in the electric carmaker’s stock. Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added.

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During a recent Yahoo Finance Premium webinar, Yahoo Finance’s Jared Blikre and Brian Shannon, CMT and founder of AlphaTreds.net discuss the stock market rally and how Warren Buffett and Stanley Druckenmiller — two of the world’s highest profile investors — may have missed the boat.

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Jul.10 — Trivago Chief Executive Officer Axel Hefer discuss rapidly changing rules for European travel and how Covid 19 is transforming travelers preferences. He speaks with Anna Edwards and Matt Miller on “Bloomberg Markets: European Open.”

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(Bloomberg) — Texas hospitalizations topped 10,000 for the first time and California suffered its second-highest day of deaths. Florida’s biggest county had a record number of patients in its intensive-care units.New York will allow limited visitors into nursing homes and long-term facilities for the first time in months. Overall U.S. cases rose 1.9%, matching the average daily rise over the past week.Gilead Sciences Inc.’s remdesivir treatment reduced the mortality risk for Covid-19 patients by 62% compared to standard care, a new analysis of trial data showed. Japan is trying to fix its contact-tracing app after it failed to register new cases.Key Developments:Global Tracker: Cases top 12.4 million; deaths surpass 558,000Wuhan shows the world how economies may recoverTesting bottlenecks are keeping states from tamping down virusBillionaire’s empire unexpectedly thrives in BrazilBringing students back poses ultimate test for collegesTrump school-reopening gambit stokes fresh concernSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Japan’s Contact-Tracing App Fails (8:49 a.m. HK)Japan’s health ministry suspended the registration of positive cases on its contact-tracing smartphone app Cocoa as it worked to fix an error that left some people unable to enter their information.The ministry aims to get the feature running again next week, according to a statement. The ministry encouraged users to keep using the app, which had 6.5 million downloads across iOS and Android phones as of Friday evening. Mexico Cases Rise 6,891 to 289,174 (8:23 a.m. HK)Mexico reported 6,891 new confirmed cases, bringing the country’s total to 289,174, the Health Ministry said late Friday. Deaths rose by 665 to 34,191.San Francisco to Pause Reopening Salons, Parlors (7 a.m. HK)San Francisco will delay reopening businesses that provide personal services, including haircuts, massages, tattoos and manicures, from an originally planned restart on Monday. The city made a similar move earlier this week to halt re-openings of indoor dining and outdoor bars.“Re-opening businesses that will encourage gathering and interacting with people outside of your own household is not the safe thing to do right now,” Mayor London Breed said Friday in a statement. The city’s new cases have jumped to 7.4 per 100,000 people, well above the goal of 1.8 and the rate of 3.5 when re-openings began on May 18.Texas Hits Milestone (5:35 p.m. NY)More than 10,000 people were hospitalized with Covid-19 in Texas Friday, the first time the state has reached that benchmark. Cases there jumped by 9,765, an increase of 4.2% compared with the seven-day average of 3.9%. The state has added close to 10,000 cases for each of the last four days, and deaths have begun to spike in tandem, with another 98 fatalities exceeding the seven-day average.Governor Greg Abbott stepped up efforts to encourage people to wear masks, making the rounds of local television stations to warn that deaths are likely to rise in coming days. Though Abbott has issued a mask mandate for the state, he allowed counties to opt out if they had fewer than 20 active cases, and almost a third of Texas’ 254 counties have done so.California to Release Prisoners (4:30 p.m. NY)California plans to release about 7% of its prison population, roughly 8,000 non-violent offenders, to relieve pressure on a chronically overcrowded correctional system that’s now struggling with a spike in coronavirus cases.The move will enable prisons to maximize available space to implement physical distancing, isolation and quarantine efforts, the California Department of Corrections and Rehabilitation said in a statement. It estimated that about 8,000 currently incarcerated people could be eligible for release by the end of August.U.S. Cases Rise 1.9% (3:55 p.m. NY)U.S. cases rose by 59,782 from a day earlier to 3.14 million, according to data collected by Johns Hopkins University and Bloomberg News. The 1.9% jump matched the average daily increase over the past week. Deaths rose 0.7% to 133,677.Arizona reported 4,221 new cases, a 3.7% gain to 116,892 that matched the average rise of the previous seven days. The state also reported 44 new deaths, bringing the total to 2,082.Florida reported 244,151 cases, up 4.9% from a day earlier, compared with an average increase of 4.7% in the previous seven days. Deaths reached 4,102, a gain of 93, or 2.3%.California Has Second-Deadliest Day (2:21 p.m. NY)California reported 140 new virus deaths, second only to the 149 reported Thursday as the most yet for the pandemic. The 14-day average is 75, according to state health data.Total confirmed cases rose by 7,798, or 2.6%, pushing California’s total infections to 304,297. While the gain was less than the 3% average over the past seven days, the state’s outbreak has been accelerating: Infections have exceeded 300,000 just two weeks after crossing the 200,000 milestone.N.Y. Nursing Home Residents Get Visits (2:17 p.m. NY)With the number of cases in New York remaining relatively low, residents the state’s nursing homes and long-term facilities will be allowed to have visitors, health officials said. They must be virus-free for at least 28 days, and no more than two visitors will be allowed at a time.Visitors must have their temperature checked, wear face coverings, and socially distance during the visit, according to the guidance. Only 10% of the residents in each facility can be allowed visitors at any one time.Cases in the state, once the epicenter of the U.S. outbreak, remain low with 786 new infections and 8 deaths reported Friday. Of the 73,558 tests conducted in the state 786, or 1.06%, were positive.N.J. Transmission Drops below 1 (1:27 p.m. NY)New Jersey’s virus transmission rate dropped to 0.98, Governor Phil Murphy said Friday, “a good sign” that the state is making progress to reverse an uptick in Covid-19 transmission.Two days ago, the rate had reached 1.1, the highest in 10 weeks. The virus rate of transmission — a measure of how many people a carrier infects — was more than 5 at the pandemic’s March height in New Jersey. Any figure over 1 suggests the virus is spreading.Russia Triples Death Toll in Revised Data (12:33 p.m. NY)Russia reported 15,277 deaths linked to the virus in April and May, including 9,192 where Covid-19 was reported as the main cause. That compares with the 4,831 deaths reported previously by the government for those months.The earlier data didn’t include cases where the virus was present but not considered the main cause, but some regions, including the capital Moscow, began reporting those figures, as well. Using the new data, the death rate from the virus stood at 3.7%, three times the previously reported figure.The Statistics Service didn’t release June data. The government has faced questions about the much lower number of deaths attributed to the pandemic compared with other nations.Gilead’s Remdesivir Linked to Death Reduction (9:36 a.m. NY)Gilead Sciences Inc. said its remdesivir virus treatment is associated with a 62% reduction in the risk of death compared with the standard of care. The death rate with remdesivir was 7.6% at Day 14 versus 12.5% among those not taking remdesivir.The finding is based on an analysis that combines results from a Phase 3 trial and a “real-world” retrospective cohort of patients with severe disease, the company said, noting that it requires confirmation in prospective clinical trials.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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With the market getting extra frothy, it is legitimate to wonder whether we are in the midst of a bubble. Despite the growing disconnect between Wall Street and Main Street, the surge has been almost relentless since the coronavirus inflicted meltdown in March. Tech stocks, in particular, have outperformed, including the world’ largest company by market cap – Apple (AAPL).It has become increasingly hard to keep up, as Apple has repeatedly notched new all-time highs recently. In a research note to clients, Deutsche Bank analyst Jeriel Ong ponders this exact issue.“AAPL's prior pre-COVID peak was ~$325 back in Feb-20,” Ong noted, “and we can't say that the fundamentals behind the stock for 2021 and beyond are ~15% better than the pre-COVID era as the present difference in all-time highs today vs. back then suggests.”Additionally, aside from “the speed and magnitude of the rebound,” going forward, Ong says, Apple’s surge is at risk of being derailed due to several possible elements. These include a contracting economy with high unemployment rates and less spending from “smaller wallets,” a second COVID-19 wave which will result in stores closing again and the risk of delays to the anticipated iPhone 12 launch.So, with these concerns laid out, is now the time for investors to step aside and come back after Apple has cooled off?Uh-uh. Looking ahead, the pluses outweigh the minuses.Ong explained, “Long-term, we see investors building more confidence in 4 drivers of the stock (iPhone, AirPods, Services, and GM mix shift) as the market continues to stabilize. Simply put, while we see the risks outlined above and perhaps negative catalysts on the horizon (maybe a weak 4Q guide as a result of a delayed next-gen iPhone launch?) ultimately we continue to believe the reward/positive catalysts outweigh the risks, at least at this point in time.”Therefore, Ong keeps his Buy rating intact, and somewhat surprisingly given the concerns, increases the price target. The figure moves up from $380 to $400. (To watch Ong’s track record, click here)Among the analyst fraternity, Apple remains a firm favorite. AAPL's Strong Buy consensus rating is backed by 1 Sell, 6 Holds and a resounding 26 Buys. However, the Street expects shares to decline by 8%, should the $355.52 average price target be met over the following months. (See Apple stock-price forecast 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: * Aurora Cannabis (ACB): Transformation on Track * 3 “Strong Buy” Penny Stocks That Could See Outsized Gains * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact

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Aurora Cannabis (ACB – Research Report) continues to confirm a strong transformation to a cannabis company focused on profitable growth while Canopy Growth (CGC – Research Report) is still chasing large market opportunities with wild spending. The company is now on track to spend about 25% of the SG&A as the largest Canadian cannabis stock while approaching the same revenue levels.The Edmonton-based company is a far better value on weakness despite having no major investor and struggling over the last year with a weak balance sheet. The company still has work to get done to reach EBITDA profits, but Aurora Cannabis is the far better stock with the transformation on track.Operational ExcellenceThe best part of the story is that Aurora Cannabis set a transformational target in February and the company is already hitting this goal. With the targets in sight on transforming SG&A costs, the company is now moving forward with consolidating production facilities to the low-cost areas with considerable capacity and eliminating the high-cost facilities no longer needed for the global opportunity that never materialized.Aurora Cannabis forecasts reaching an SG&A target of C$42 million in FQ1, thereby cutting operational expenses by an astonishing 50% in just a few months. Staff levels were cut by 25% to achieve these goals with some apparent high cost consultants let go as well.The company can now achieve EBITDA profits on substantially lower revenues. The good news is that consolidating production facilities will help improve gross margins with Pablo Zuanic of Cantor Fitzgerald forecasting an 8-point boost to gross margins.In prior quarters, Aurora Cannabis was stuck on mid-40s gross margins while clearly over producing inventory similar to the rest of the Canadian cannabis industry. The consolidation of five small facilities will help reduce costs that were averaging C$1.15 per gram while other industry players were down below C$1.00.Once the cannabis company reaches C$100 million in quarterly revenues, the new 50% gross margins will generate up to C$8 million in operating income. This metric assumes a stable C$42 million SG&A quarterly run rate as revenues rise.Focused OpportunityCanopy Growth highlighted how the once promising global opportunity is limited to the U.S., Canada and Germany. These three countries are set to account of C$63 billion or up to 90% of the global total addressable market by 2023.Aurora Cannabis is a strong player in both the Canadian cannabis market and Germany medical that make up the majority of the revenue TAM outside of U.S. Similar to Canopy Growth, both companies have recently entered the U.S. CBD market while being currently blocked from the massive C$42 billion TAM in the U.S. recreational and medical cannabis markets.The key here is that both companies have the same market opportunities and areas of focus, but one still plans to spend wildly on SG&A due to a C$2.0 billion cash balance while the other has become a strong operator due to the requirement to focus. Aurora Cannabis is on the path to positive EBITDA while Canopy Growth has no apparent EBITDA profit goals.TakeawayThe key investor takeaway is that the valuation equation for Aurora Cannabis remains far more compelling here as the market has pushed the stock back down to a market valuation of $1.4 billion. Canopy Growth is far too expensive at $5.7 billion with no meaningful improvement in financials while Aurora Cannabis is on schedule for solid EBITDA profits in FY21 starting in July.To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclosure: No position. More recent articles from Smarter Analyst: * 3 “Strong Buy” Penny Stocks That Could See Outsized Gains * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S.

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