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Good Luck, BB
Goldman's revenue is more concentrated in deal advising and trading operations than any other major Wall Street bank. That focus helped the firm offset loan-loss pressures with strong performances across its trading divisions. Investment banking revenue reached a record $2.7 billion, up 55% from the year-ago period.
Equities revenue hit $2.9 billion, its highest in 11 years. Fixed-income sales and trading brought in $4.2 billion, its best reading in nine years as the Federal Reserve's bond-buying spree drove investors back into the corporate credit market.
https://markets.businessinsider.com/news/stocks/goldman-sachs-stock-q2-earnings-report-beat-coronavirus-recession-economy-2020-7-1029396607#
No clue what's going on, but IMO, it's not just your normal ebb and flow, he's why:
16:33:52 $13.91 246,859
1/4 of a million shares traded after hours is a lot for AUPH
https://www.nasdaq.com/market-activity/stocks/auph/after-hours-trades
Your timing is better than mine:
Sold 10 AUPH Sep 18 2020 14.0 Put @ 0.86(08/19/2020 10:10:38)
Bought 1000 AUPH @ 14.34 (08/24/2020 10:25:08)
However, I'm horrible at timing my buys, I would rather shares be Put to me, I just couldn't help myself Monday, plus I'm sorry I didn't have any more money so I could have bought today.
Rejected Buy 1000 AUPH Market -- -- 08/25/20 09:53:21 08/25/20
Selling puts eats up a lot of Maintenance Requirements, I was busy Monday.
GL,
Slim
I can't figure it out either, however, the premium are pretty sweet on the 12.50 puts, I just sold ten September contracts, we'll see what happens in a month.
I'd like for us to be trading north of that strike, but if we aren't, I'll own another thousand shares. I'll be dollar cost rising.
I'm not sure of this, but maybe they plan on going around the FDA by producing in the USA
Else Nutrition Announces a Second Full-Scale Manufacturing Run and On-boarding of Retail Brokers for North American Launch
7:00 am ET August 20, 2020 (Accesswire) Print
VANCOUVER, BC / ACCESSWIRE / August 20, 2020 / ELSE NUTRITION HOLDINGS INC. (TSXV:BABY)(OTCQB:BABYF) (FSE:0YL) ("Else" or the "Company"), a developer of plant-based alternatives to dairy-based baby nutrition, is pleased to provide an update on its North American product launch of its plant-based Toddler Nutrition product.
Else has engaged with additional retail brokers in order to bring the product to the shelves of natural food retailers (independent and retail chains), and to regional grocers. As a result of the engagements Else now has broker representation covering the entire U.S. West Coast, Arizona and Nevada, and the north East and Mid-Atlantic regions. Additionally, the Company hired a specialized broker for one of the largest U.S. retail chains with 1000 plus stores and a significant share in the baby food space.
Additionally, Else has commenced a second commercial manufacturing run. This manufacturing run will be 300% larger than the initial production run. As a result, Else will generate additional inventory to service the Company's expansion in the U.S. market by adding retail presence and increasing its capacity to generate online sales.
"We are very excited by the early response to our long awaited product launch and equally pleased to have to ramp up our inventory as we continue to see strong demand for our novel, clean-label, plant-based Toddler Nutrition product," said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else. "We are grateful for the overwhelming positive daily feedback from parents all over North America and look forward to bringing the product to store shelves soon."
Else has completed the setup and order automation processes by signing up with a third-party logistics company. This company has warehouses across the U.S. and Canada which will support Else's e-commerce sales. Online order shipments have already commenced.
Else Nutrition's Plant-Based Complete Nutrition for Toddlers & Babies (12+ mo.) is now available for sale on Else's e-store at elsenutrition.com, and will soon be available on Amazon.com. Consumers can order single 22 oz cans and 4-packs.
About Else Nutrition Holdings Inc.
Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the "2017 Best Health and Diet Solutions" award at the Global Food Innovation Summit in Milan. The holding company, Else Nutrition Holdings Inc., is a publicly traded company, listed as TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and on the Frankfurt Exchange under the symbol 0YL. Else's Executives includes leaders hailing from leading infant nutrition companies. Many of Else advisory board members had past executive roles in companies such as Mead Johnson, Abbott Nutrition, Plum Organics and leading infant nutrition Societies, and some of them currently serve in different roles in leading medical centers and academic institutes such as Boston Children's Hospital, Pediatrics at Harvard Medical School, USA, Tel Aviv University, Schneider Children's Medical Center of Israel, Rambam Medical Center and Technion, Israel and University Hospital Brussels, Belgium.
For more information, visit: elsenutrition.com or @elsenutrition on Facebook and Instagram.
For more information, contact:
Ms. Hamutal Yitzhak, CEO, Co-Founder & DirectorELSE Nutrition Holdings Inc.E: hamutaly@elsenutrition.comP: +972(0)3-6445095
Mr. Sokhie Puar, Director of Else NutritionEmail: sokhiep@elsenutrition.comTelephone: 604-603-7787
TSX Venture Exchange
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company's financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Else Nutrition Holdings
View source version on accesswire.com: https://www.accesswire.com/602517/Else-Nutrition-Announces-a-Second-Full-Scale-Manufacturing-Run-and-On-boarding-of-Retail-Brokers-for-North-American-Launch
Chilar, Have you order anything from Baby? There's another company that came up on the BYND site, another Canadian company, SUVRF, I tried to order from them, but they responded to me that they had to go through the FDA and they cannot ship to the USA. I'm not going to order baby formula, just can't understand why they can send to the USA and SUVRF can't.
Do you live in Canada?
August 20, 2020 at 8:30 AM EDT
Campbell to Release Fourth-Quarter and Full-Year Fiscal 2020 Results on Sept. 3, 2020
PDF Version
CAMDEN, N.J.--(BUSINESS WIRE)--Aug. 20, 2020-- Campbell Soup Company (NYSE:CPB) today announced that it will release its fourth-quarter and full-year fiscal 2020 financial results on Sept. 3, 2020, at approximately 7:00 a.m. ET.
In addition to a press release, Campbell will post the pre-recorded management remarks and related presentation at approximately 7:15 a.m. ET. The materials will be available at investor.campbellsoupcompany.com.
A 30-minute live question and answer session for analysts with Mark Clouse, Chief Executive Officer, and Mick Beekhuizen, Chief Financial Officer, will begin at 8:30 a.m. ET.
The Q&A session can be accessed via webcast at investor.campbellsoupcompany.com/events-and-presentations and by telephone: U.S. and International: +1 (703) 639-1316, access code: 6497776.
For those unable to participate in the Q&A session, a replay will be available at the above website approximately two hours after the conclusion of the call. The replay will also be available from approx. 11:30 a.m. ET on Sept. 3, 2020, through 11:59 p.m. ET, Sept. 17, 2020, by dialing +1 (404) 537-3406, access code: 6497776.
Campbell intends to use its investor relations website to make announcements of material financial and other information. Investors and other interested persons are encouraged to regularly check the website for such information. Campbell also will, from time to time, disclose this information through press releases, filings furnished or filed with the Securities and Exchange Commission, conference calls and/or webcasts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005128/en/
Investor Contact:
Rebecca Gardy
(856) 342-6081
Rebecca_Gardy@campbells.com
Media Contact:
Thomas Hushen
(856) 342-5227
Thomas_Hushen@campbells.com
Source: Campbell Soup Company
My daughter has two little kids (1 and 3) and is very conscientious about what she eats and more so about what she feeds those two rug rats, yet she's never heard of this company; but she did say, it looks interesting.
Have you tried any of their products?
Global Pandemic Has Consumers Increasing Plant-Based Nutrition to Strengthen Immune Systems
9:50 am ET August 17, 2020 (PR Newswire) Print
How we eat, and what we buy for our meal planning is changing during the COVID-19 pandemic, as new surveys show that more people are gravitating towards plant-based sources of protein in response to this health crisis. Part of this can be attributed to meat shortages that took place in some markets, but more positively a shift to plant-based nutrition aligns with the advice of doctors who link diet to our ability to fend off poor COVID-19 outcomes. The market is responding in kind, as companies such as specialized plant-based protein companies Else Nutrition (TSXV: BABY) (OTCQX: BABYF) and Beyond Meat Inc. (NASDAQ: BYND) are both up triple-digits, and larger companies introducing plant-based protein options such as Tyson Foods, Inc. (NYSE: TSN), Kellogg (NYSE: K), and Bunge Ltd. (NYSE: BG) are up double-digits.
Investment in alternative protein companies is growing at a torrid pace, surpassing 2019's record $824 million, with $930 million invested in Q1 2020 alone. Among Else Nutrition's (TSXV: BABY) (OTCQX: BABYF) (FSE: 0YL) achievements during the pandemic have come from the introduction of its plant-based nutrition products for toddlers, which officially launched online on August 11. The safe, clean label, plant-based, dairy-free and soy-free nutrition products have so far received both USDA Organic Certification and multiple other key certifications.
"We are excited to be continuing on our pathway to commercialization," said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else Nutrition. "Obtaining these certifications is a major step as we prepare for our U.S. launch."
Pediatric child health studies state that well-planned, well-balanced vegetarian and vegan diets can provide for the needs of children and adolescents--conditional on ensuring the appropriate caloric and protein intake and sources of essential fatty acids, iron, calcium, and vitamins B12 and D.
Else Nutrition's (BABY.V) (BABYF.QX) (FSE: 0YL) plant-based toddler complete nutrition drink meets the gold standard equivalent of human milk nutritional composition values, based on WHO international standards, among many others. Else Plant-Nutrition meets the strictest regulatory requirements and the highest nutrition standards, providing a full essential amino acid profile and a clean source of protein.
Endorsed by a board of leading U.S. and international pediatricians and nutritionists, this complete nutrition offers healthy and clean fat, protein, and key nutrients such as calcium, vitamin D, B12, and zinc, among others. The product uses a blend of quality whole plant non-GMO ingredients, including almond paste, buckwheat, and tapioca, with overall low sugar content.
In many ways, the pandemic has actually helped us in how we eat. With many restaurants restricted on how many patrons they can serve, we're seeing family meals make a comeback, which studies have shown helps children by improving self-esteem, and lowers the risk of depression, as well as lower rates of childhood obesity.
But you don't have to go vegan to improve your health. Dietitians are recommending an increase in vegetable intake, and a reduction in meat intake to find a balance, including the highly-recommended Flexitarian Diet.
In order to achieve this decrease in meat consumption, we've seen the rise in popularity of plant-based protein alternatives, such as the offerings from Beyond Meat (NASDAQ: BYND). The company recently released its Q2 earnings report, beating investors' expectations on revenue and matched on earnings per share. The key to the company's success has been a rapid expansion in grocery sales.
Many of North America's largest and most prominent food producers have begun adding their products to the sector, including food processors, meat producers, and grain traders.
Long-standing food processing giant Kellogg (NYSE: K) entered the fray earlier this year with its "Incogmeato" product line. The plant-based burgers, bratwurst, and sausage join Kellogg's MorningStar Farms offerings, which have been selling veggie alternatives made with black beans and mushrooms for more than 4 decades. Unlike Else and Beyond Meat, which are not soy-based, all Incogmeato products are made with soy (non-GMO).
Last year, long before the pandemic, the largest meat producer in the US, Tyson Foods (NYSE: TSN), unveiled its own alternative protein products. Through the newly dubbed "Raised & Rooted" brand, Tyson set out to create great-tasting plant-based and blended food products, including plant-based nuggets, as well as blended burgers that combine actual beef and plants. Raised & Rooted nuggets are made from a blend of pea protein isolate and other plant ingredients and contain 5g of fiber and omega-3s.
Back in September of 2019, one of the world's biggest grain traders, Bunge (NYSE: BG), disclosed their own 1.6% stake in Beyond Meat. Today, Beyond Meat has grown its market cap to over 40% larger than Bunge.
That wasn't the end of the story for Bunge's entry into plant-based meat alternatives. In March of this year, through its subsidiary, Bunge Loders Croklaan, the company launched a new portfolio of products designed to replicate the taste, texture, and cooking experience of meat. These products leverage Bunge's supply of high-stability sunflower, canola, coconut, and palm fruit oils. The oils bring to the table flavor and aroma release, specialty fat fractions, and shortenings for juiciness and flakes for marbling, while lecithin helps enhance surface browning to improve visual appeal.
To complement the family's choices for mealtime, parents now have the ability to serve to their toddlers an organic, clean-label and clean process nutrition product, from Else Nutrition (BABY.V) (BABYF.QX) (FSE: 0YL). Soon the US market will be seeing a lot more of Else's products, after the company completed and signed broker agreements with three reputable natural food brokers, with combined networks that span Southern California, Northern California, Arizona, Nevada, the Northwest States, and the North East (including New York City).
"These key broker agreements will significantly accelerate our push to get our product on the shelves of U.S. Natural Food chains," said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else. "This marks a major step towards bringing our clean, plant-based nutrition for toddlers to market, and making it accessible to parents and children at their local retail outlets."
To get more information on Else Nutrition (TSXV: BABY) (OTCQX: BABYF) (FSE: 0YL), please click here.
Robert Ralston is selling 53,957 shares
Easton Ralston is selling 35,971 shares
The company isn't selling any, nor will they collect any of the money that these two guys get. I believe this is the settlement for their lawsuit against the company dealing when Novatel Wireless, sold it's MiFi to Inseego. Good luck finding out from Investor's Relations, they do not answer my questions.
So, this is just my opinion, do your own investigating, I do not believe this to be a market making event; however, it will cause a little dilution overall. I believe these are new shares were held in treasury (so not counted) so that is the reason for the S-3 Registration Statement
It's possible that the market will view this as closure and a positive event, we'll see tomorrow.
Best Minds: The World Could Have Enough Covid-19 Vaccines by the End of 2021, Analyst Says -- Barrons.com
7:29 am ET August 15, 2020 (Dow Jones) Print
(The opinions and reports contained in Wall Street's Best Minds and Asia's Best Minds are those of the economists, strategists, analysts and other market experts who have authored the reports or commentaries. Their opinions do not represent those of Barron's or Dow Jones & Co., Inc. Some of the reports' issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.)
By Connor Smith
The U.S. now has a half-dozen purchasing agreements with vaccine makers. And there are enough committed doses to immunize 75% of the population in 2021 -- even assuming 40% of the them fall through, according to Bernstein analyst Ronny Gal.
"Even if (say) two vaccines fail/underperform in trials or manufacturing issues cause only 60% of the promised dose to be delivered, HHS [the Department of Health and Human Services] would have enough to vaccinate [about] 85% of the U.S. population on the existing commitment alone," Gal wrote in a note on Friday.
"In short, as long as the entire field does not fail, vaccines will available for the U.S. to be immunized in 2021."
Gal and his colleagues wrote that there appears to be enough data on timing, volumes, and prices to take a swing at modeling the Covid-19 vaccine market. So they did just that.
"Once the developed world approaches vaccination rates of 50%, demand will slow down and substantial volume will be shifted towards emerging markets," they wrote. "Assuming volume in line with projections of companies to date, there would be enough capacity by [year-end] 2021 to vaccinate everyone."
In terms of revenue, Gal and team note that revenue in the initial wave is mostly predetermined due to purchasing agreements. They model for roughly $20 billion in worldwide revenue for Covid-19 vaccines in 2021, "the largest portion of which will be sold by Pfizer [ticker: PFE]. Again, the dynamics here are largely driven by the Pfizer's relatively higher price point and the fact that they will begin delivering doses somewhat earlier."
Beyond 2021 is a fog, according to Gal. They note it would be hard to model without, "some indication of relative efficacy/safety, durability, and how much demand will exceed supply in the developed world."
For now, they assume six players will be viable competitors for some time, a booster dose will be needed every two years, and prices will decline gradually. That all considered, they project a global market of between $5 billion to $6 billion in future years. In terms of market share, the Bernstein analysts assign a higher share to Sanofi (SNY) and GlaxoSmithKline's (GSK) candidate because "our expectation [is a] recombinant protein vaccine will be preferable in most instances."
Johnson & Johnson (JNJ) gets the second highest share for similar reasons, with the analysts noting its platform has "already been validated through the Zika vaccine."
"Among the remaining players, we assign equal share ...given the uncertain nature of the vaccine data to-date," they added.
Write to Connor Smith at connor.smith@barrons.com
(END) Dow Jones Newswires
August 15, 2020 07:29 ET (11:29 GMT)
25 dollar price target
Inseego Could Rally Further But Wait for It
A key indicator signals that a period of sideways price action is likely to continue for a bit in the stock of the provider of 5G wireless hardware.
By BRUCE KAMICH
Aug 11, 2020 | 09:25 AM EDT
Stocks quotes in this article: INSG, NVDA
For his second Executive Decision segment of Monday's "Mad Money" program, host Jim Cramer spoke with Dan Mondor, chairman and CEO of Inseego Corp. (INSG) , a provider of 5G wireless hardware.
Mondor said Inseego sells to practically everyone, from large enterprises to individual consumer hotspots and government agencies. The company embraces an ecosystem of partners, including chipmaker Nvidia (NVDA) , which provides edge computing capabilities that complement Inseego's 5G hotspots.
Let's check out the charts of INSG to see if they can get hot in the months ahead.
In this daily bar chart of INSG, below, we can see that prices made a small double top in January and February and then declined sharply into the middle of March. From the March low prices quickly surged to new highs with a spike high in late April. INSG corrected into the middle of June but found support around the levels of the January and February peaks (prior resistance becomes new support). Prices are testing the rising 50-day moving average line but remain comfortably above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line shows a good advance in March and April, telling us that buyers were more aggressive but we since have seen the OBV line give back that aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the downside for a take profits sell signal, but this indicator is also not far above the zero line and a possible sell signal.
In this weekly bar chart of INSG, below, we can see that prices have made a big markup from late 2017. Prices are above the rising 40-week moving average line. The weekly OBV line shows a neutral pattern from April and suggests that prices could see further sideways price movement in the weeks ahead. The weekly MACD oscillator has been above the zero line for much of the past three years but now shows a weaker pattern.
In this Point and Figure chart of INSG, below, we used daily price data and here the chart is projecting a potential upside price objective in the $24-$25 area.
Bottom line strategy: INSG has been in a $9 to $15 trading range the past four months. Considering the movement of the OBV line I would anticipate further sideways price action. Eventually INSG should break out on the upside. Traders should wait for that breakout over $15 before committing capital. The $25 area is the price target for now.
I'm not going anywhere, I'm waiting for us to be the talk of the show
https://www.jpmhealthconference.org/
I found an article about the deal Microsoft did that you were talking about, at first I kind of doubted that Microsoft would be interested, but you never know. It should be an interesting year. I wish that 'Dan the Man' would be more open with what's going on. I'll bet you that they let Aviva Holdings know what's going on, they own 22% of the company.
https://techcrunch.com/2020/05/14/microsoft-is-acquiring-metaswitch-networks-to-expand-its-azure-5g-strategy/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAACTpKDz3lnMxYPdHs5nki3fnYiXSpv_eXhldWGudzfW1QR3HzRRQipd_lRv_TdELmhK8-pUrPNNAG6G6_4ziN9S8xU1Zhp3raWVxdvvDChufCrgUlmuAjQp7668KvB3I1FducRH8m0WAzefgi-xoNfWv4UNmQtCpXRS7erzvZL-K
My wife was one of your "COVID massive acceleration"
I dropped in here and thought I'd see a lot of action, you know, folks chewing the fat! I was wrong.
They act as if they were a private company now, I never did get the link for their little "fireside" chat. Also, shareholders were not allowed to ask questions following the earnings report, it was only for analyses.
Furthermore, I have no idea why they have two IR employees, neither will address my concerns.
Also, why did they skirt around future earnings, they were clear that VZ is their largest customer, but what about Deutsche Telekom, are they even a customer or not, why so damn secretive? Who are the TOP 50? What with this for an answer, I can't say because INSG does not control the launch of other companies networks. In this day of age, there's way to much conspiratorial nonsense going around, did Dan Mondor conceal intentions and information because he's in discussions of a buy out as you suggested, I don't know!
I do know that I didn't get to hear their "fireside chat", did you?
Zep, why is it obviously to you that the company wants to GIA, I think they just wanted some to show that they can and aren't looking for any bail out. Good solid companies don't go selling themselves, they are bought out. I think the secondary put us into that position.
I'm dead serious, I want no part of watching this research company try to turn itself into a pharmaceutical company. If you know something I don't know, please let me in on it.
We don't have enough money to GIA, once we get past the FDA, if I think management wants to GIA, I'll do as I suggested in my last post. I'll sell my shares and move along, last damn thing this world needs is another pharmaceutical company.
With the FDA, no one should ever feel 100% confident; but to say, management is hinging on an FDA refusal isn't anything I'd say and if I did think that, I'd sell my position and move on.
That secondary killed our little run, but it's over now. I have no idea if management thinks they can GIA, hopefully not. Hopefully, they wanted enough money so they ould bargain with strength when buyouts come, and they will come.
Ganz, we're going to hear about DES before end of year, I bet we get a nice bump in price when that's announced. DES is a serious issue for some of us.
I requested the link, we'll see if I get one.
I also looked at this again, have you seen it?
http://investor.inseego.com/static-files/bd008900-59d0-4f33-8389-483859016e20
Doc, they do not have the link posted yet on their web site, I'm guessing they'll post it Wednesday prior to the event.
Interested parties may tune in to a live webcast of the presentation by visiting the Events and Presentations section on the company’s investor relations site at investor.inseego.com.
I'll shoot off an email to IR and ask what's going on. I have tried to be myself invited to a company presentation in NYC, but failed. They are for analysis only. If I get any more information, I'll post.
Did you listen to the earning call, Dan the Man said he's very bullish on our future. Actually, said it a few time.
Beyond Meat Stock Gets a Big Target-Price Bump, but Goldman Sachs Still Says Sell -- Barrons.com
11:19 am ET August 10, 2020 (Dow Jones) Print
By Al Root
Beyond Meat stock was trading down, curiously, after Goldman Sachs increased its price target for shares -- by a lot -- Monday morning.
Analyst Adam Samuelson raised his price target for the alternative-protein pioneer from $44 to $112. That is a 155% increase. Despite the rise, he kept his Sell rating on shares, which appeared to be weighing on the stock.
Shares were down 4.7% to $125.32. The S&P 500, for comparison was down 0.2%. Still, year to date, Beyond Meat stock is up 69%, far better than comparable gains of the S&P.
Samuelson's research report follows Beyond Meat's second-quarter earnings which easily exceeded Wall Street expectations. He raised his 2021 and 2022 sales estimates to $650 million and $943 million, respectively, from earlier estimates of $612 million and $884 million.
"Retail benefiting from pantry-stocking," Samuelson wrote, acknowledging that Beyond Meat is managing through the pandemic better than expected. Still, the 6% to 7% rise in his sales estimates don't warrant a ratings change. Samuelson now values the company at nine times forward sales estimates. Beyond Meat stock, however, is trading for about 11 times estimated forward sales estimates.
"Food service lags behind industry benchmarks," Samuelson wrote. That was a negative he saw from the recent earnings report. Beyond Meat has relatively more exposure to smaller, independent restaurant chains. Those have been hit harder than major players such as McDonald's (MCD) and Chipotle Mexican Grill (CMG)
Samuelson isn't alone in struggling with valuation. Wall Street, overall, has had trouble with the stock. Only three analysts covering the company, out of 22, rate shares Buy. The average Buy-rating ratio for stocks in the Dow Jones Industrial Average is about 55%. What's more, nine analysts rate shares Sell. The average Sell-rating ratio for stocks in the Dow is 7%.
The average analyst price target is about $113, close to Samuelson's target price and about 11% lower than recent trading levels.
Monday's drop marked the fourth day of declines following Beyond Meat's strong earnings. The company has beaten estimates every quarter reported as a publicly traded company, and the stock has traded down following the reports in four of the six quarters.
Wall Street, in the short run, is always an expectations game.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires
August 10, 2020 11:19 ET (15:19 GMT)
Copyright (c) 2020 Dow Jones & Company,
SAN DIEGO, CA – August 6, 2020 (BUSINESSWIRE) – Inseego Corp. (Nasdaq: INSG), a pioneer of 5G and intelligent IoT device-to-cloud solutions, today announced that Dan Mondor, Inseego chairman and CEO, will participate in a fireside chat at the 40th Annual Canaccord Genuity Growth Conference on Wednesday, August 12, at 10:30 a.m. Eastern. The company will also host virtual one-on-one investor meetings throughout the day by appointment only.
Interested parties may tune in to a live webcast of the presentation by visiting the Events and Presentations section on the company’s investor relations site at investor.inseego.com. A replay of the webcast will be available for 90 days following the presentation. Conference participation is by invitation only and registration is mandatory. For more information on the conference or to schedule a one-on-one meeting with Inseego’s management team, Dan Mondor, Chairman and CEO and Stephen Smith, EVP and CFO, please contact your Canaccord Genuity representative. Alternatively, investors may also contact Inseego investor relations at Investor.Relations@inseego.com.
Last Monday's trading was super crazy, ran up to 3+ only to end the day down, I wasn't involved, pure speculator.
My thoughts now, I'm going to be a speculator tomorrow, too.
No, I guess I'm going to be a fan, rooting for CB's numbers for I do not believe we see ten bucks much less eighteen. If we are trading 3.40 pre market, I'll be a buyer. IMO, we have to close higher than five bucks.
GL to all.
Did you buy those calls when Cardio suggested that this was a nice move?
No matter, good move on your part. I did listened to Cardio, but I sold the 2.5 puts, a week or two later, I bought them back and with my profit bought shares, I'm long 1,301 shares. Hindsight, makes me look stupid, but..........
I believe that there was a post here that may not be correct(IMO), whenever a company knows market changing news, it has to file an 8-K. I'm certain Trevena is going to release an 8-K.
PFE isn't going to screw up, I personally will be watching to see if they file an 8-K Monday, they are the producers of Olinvyk. If they do not file, then it's their legal department that believes that Olinvyk isn't going to move the needle of PFE, which is anyone guess what that means for PFE is a 215 billion dollar company, I have no clue if this is a meaningful event for a company of their size.
However, if PfE files an 8-K, I might be a buyer or TRVN.
Regardless, I'm a new guy here and I wish all of you well.
Peace
PFE has skin in this game, the FDA requires enough Olinvo on hand upon approve to satisfy demand, all of which, PFE has produced. They certainly didn't manufacture this out of the goodness of their heart.
PFE will PR Olinvo if approved. If it's not approved, it's just goes down as business as usual for PFE. IMO
https://www.webull.com/news/21959435
Press Release: Inseego Reports Second Quarter 2020 Financial Results
4:05 pm ET August 5, 2020 (Dow Jones) Print
Inseego Reports Second Quarter 2020 Financial Results
-- New 5G product portfolio delivering breakthrough performance in multiple
pre-launch field trials with operators globally
-- Continued strong demand for mobile products
SAN DIEGO--(BUSINESS WIRE)--August 05, 2020--
Inseego Corp. (Nasdaq: INSG) (the "Company"), a pioneer in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the second quarter ended June 30, 2020. The Company reported second quarter net revenue of $80.7 million, reflecting year-over-year growth of 44%, GAAP operating loss of $5.3 million, GAAP net loss of $74.8 million, including $67.2 million of one-time non-cash charges relating to refinancing activities during the quarter, GAAP net loss of $0.78 per share, adjusted EBITDA of $4.3 million and non-GAAP net loss of $0.01 per share. Cash and cash equivalents at quarter end was $42.1 million.
"We reported an exceptionally strong quarter with outstanding operational execution in every part of the company and over $80 million in revenue. We're on track to launch our new 5G portfolio with multiple operators in the coming months and are seeing phenomenal performance in pre-launch field trials on live 5G networks," said Inseego Chairman and CEO Dan Mondor. "We rapidly increased our supply chain capacity in response to the surge in demand and continue to see strong demand for our 4G mobile products driven by work-from-home and distance learning and our 5G products as the technology is deployed in more networks worldwide."
Corporate Highlights
-- Q2 revenue growth up 42% sequentially and 44% year-over-year, driven by
IoT & Mobile Solutions
-- Operating cash flow increased to $4.3 million in the quarter
-- Strengthened balance sheet with repayment of high interest term loan and
$180 million convertible note issued with maturity in May 2025
-- Rapidly scaled supply chain to meet initial surge and continued demand
for mobile products
-- Next-generation 5G portfolio demonstrating superb performance with
multi-gigabit and gigabit-plus speeds in high-band (mmWave) and
lower-band (sub-6 GHz) spectrum in live pre-launch field trials with
multiple operators
IoT & Mobile Solutions
-- Q2 revenue of $66.2 million, up 64% sequentially and up 66%
year-over-year
-- GAAP gross margins for mobile products up 180 basis points sequentially
with non-GAAP gross margins up 240 basis points sequentially
-- Q2 growth driven by 4G LTE mobile solutions sold into enterprise channel
-- Won another North American Tier One mobile operator customer for the
MiFi(R) 8000 4G LTE mobile hotspot
-- Expanded channel, including Skyus(R) 160 4G LTE global-band gateway with
Verizon Wireless
Enterprise SaaS Solutions
-- Q2 revenue of $14.4 million, down 9% year-over-year and 12% sequentially
due to COVID-related installation delays and foreign exchange rate
headwinds
-- Ctrack business seeing strong recovery in multiple geographies exiting
the quarter and continued positive market traction and customer
acceptance with Ctrack Clarity SMB-focused application
-- DMS cloud-based subscription management service grew subscriber base 27%
and revenue up 51% sequentially
"In addition to delivering strong top-line growth and improved operating cash flow, we strengthened our balance sheet in Q2 by refinancing the balance of our debt, lowering the interest rate to 3.25%, extending maturities to 2025 and adding approximately $13 million in cash," said Inseego EVP and CFO Steve Smith. "We incurred some higher short-term cost of goods in order to fulfill customer demand; however, we expect to fully recover these costs over the coming quarters."
Conference Call Information
Inseego will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET. A Q&A session with analysts will be held live directly after the prepared remarks. To access the conference call:
-- In the United States, call 1-844-881-0135
-- International parties can access the call at 1-412-317-6727
An audio replay of the conference call will be available beginning one hour after the call, through August 19, 2020. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 10145477 followed by the # key. International parties may call 1-412-317-0088. In addition, the Inseego Corp. press release will be accessible from the Company's website before the conference call begins.
About Inseego Corp.
Inseego Corp. (Nasdaq: INSG) is an industry pioneer in smart device-to-cloud solutions that extend the 5G network edge, enabling broader 5G coverage, multi-gigabit data speeds, low latency and strong security to deliver highly reliable internet access. Our innovative mobile broadband and fixed wireless access (FWA) solutions incorporate the most advanced technologies (including 5G, 4G LTE, Wi-Fi 6 and others) into a wide range of products that provide robust connectivity indoors, outdoors and in the harshest industrial environments. Designed and developed in the USA, Inseego products and SaaS solutions build on the company's patented technologies to provide the highest quality wireless connectivity for service providers, enterprises, and government entities worldwide. www.inseego.com #Putting5GtoWork
Cautionary Note Regarding Forward-Looking Statements
Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as "may," "estimate," "anticipate," "believe," "expect," "intend," "plan," "project," "will" and similar words and phrases indicating future results. The information presented in this news release related to our future business outlook, the future demand for our products, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management's current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Actual results could differ materially from our expectations.
Factors that could cause actual results to differ materially from the Company's expectations include: (1) the future demand for wireless broadband access to data and asset management software and services; (2) the growth of wireless wide-area networking and asset management software and services; (3) customer and end-user acceptance of the Company's current product and service offerings and market demand for the Company's anticipated new product and service offerings; (4) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (5) dependence on third-party manufacturers and key component suppliers worldwide; (6) the impact that new or adjusted tariffs may have on the cost of components or our products, and our ability to sell products internationally; (7) the impact of fluctuations of foreign currency exchange rates; (8) the impact of geopolitical instability on our ability to source components and manufacture our products; (9) unexpected liabilities or expenses; (10) the Company's ability to introduce new products and services in a timely manner, including the ability to develop and launch 5G products at the speed and functionality required by our customers; (11) litigation, regulatory and IP developments related to our products or components of our products; (12) dependence on a small number of customers for a significant portion of the Company's revenues; (13) the Company's ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; and (14) the Company's plans and expectations relating to acquisitions, divestitures, strategic relationships, international expansion, software and hardware developments, personnel matters and cost containment initiatives, including restructuring activities and the timing of their implementation; (15) the potential impact of COVID-19 on the business.
These factors, as well as other factors set forth as risk factors or otherwise described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause actual results to differ materially from those expressed in the Company's forward-looking statements. The Company assumes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as otherwise required pursuant to applicable law and our on-going reporting obligations under the Securities Exchange Act of 1934, as amended.
Non-GAAP Financial Measures
Inseego Corp. has provided financial information in this news release that has not been prepared in accordance with GAAP. Adjusted EBITDA, non-GAAP net loss and non-GAAP net loss per share exclude share-based compensation expense, amortization of intangible assets purchased through acquisitions, amortization of discount and issuance costs related to the Company's convertible 3.25% and 5.5% senior notes and term loan, loss on debt conversion and extinguishment relating to the Company's convertible 5.5% senior notes, and fair value adjustments on derivative instruments. Adjusted EBITDA also excludes interest, taxes, depreciation and amortization (unrelated to acquisitions, the convertible senior notes and the term loans) and foreign currency transaction gains and losses.
(MORE TO FOLLOW) Dow Jones Newswires
August 05, 2020 16:05 ET (20:05 GMT)
Beyond Meat Reported More Great Numbers. Wall Street Isn't Thrilled. -- Barrons.com
11:07 am ET August 5, 2020 (Dow Jones) Print
By Al Root
The alternative-protein pioneer Beyond Meat reported another blowout quarter, with sales 14.5% higher than analysts expected, yet sales were down by 6.4% in morning trading.
The move underscores two points: Wall Street is an expectations game in the short run, and investors have come expect big numbers from the startup.
Sales through U.S. grocery and retail outlets exploded, up 195% year over year. The pandemic pushed people out of restaurants and back into their houses.
"[Retail] shipments also outpaced Nielsen's plus-102% with the gap attributable to new distribution in the club channel," wrote Wells Fargo analyst John Baumgertner in a Wednesday research report. Analysts often look to the data provider Nielsen to gauge intra-quarter sales trends, but Nielsen doesn't capture all sales. Beyond has expanded its product distribution rapidly -- especially at large club-format stores.
U.S. household penetration of Beyond products is at 4.9% -- versus 3.5% in January and 2% a year ago, according to Baumgartner. That's another positive. Still, he has concerns over whether retail sales can keep growing at such a rapid clip and rates shares the equivalent of Sell. His price target for the stock is $72 -- a figure he left unchanged following the earnings report.
Bernstein analyst Alexia Howard raised her price target to $136 from $133. Howard, however, still rates share the equivalent of Hold.
Howard understands, to some extent, the shares' weakness following earnings. Sales growth was strong, but the growth rate decelerated compared with the first quarter and the company didn't offer new financial forecasts for 2020. The pandemic is making it harder for Beyond to forecast, as it is for many other firms.
Credit Suisse analyst Robert Moscow noted the strong sales growth but called the quality of results weaker than expected, even after backing out $7.4 million in higher costs due to Covid-19. He wanted to see higher profit margins.
U.S. restaurant sales were down 59%. "Management attributed the sharpness of the decline to the company's high exposure to small, independent restaurant chains that have been disproportionally impacted by the pandemic," wrote Moscow in a Wednesday research report. "In addition, Nielsen tracking data indicates that U.S. Retail sales growth has slowed to 60-70% over the past six weeks from a rate of 170%" during the second quarter.
He rates shares Hold and has a $142 price target for the stock.
Overall, three analysts covering Beyond rate the shares Buy, 10 rate it at Hold, and nine rate the shares at Sell. The average Buy-rating ratio for stocks in the Dow Jones Industrial Average is about 55%. The average Sell-rating ratio is only about 7%.
Valuation appears to be the biggest hurdle for the Street. Shares trade for about 241 times estimated 2021 earnings, although the company is growing rapidly and is just becoming profitable.
The average analyst price target is roughly $109 a share, more than 20% below recent levels.
Analysts' caution hasn't helped investors so far in 2020. The stock was up 88% year to date as of Tuesday's closing price, far better than comparable returns of the S&P 500 or Dow over the same span.
(END) Dow Jones Newswires
Because Ethan Brown isn't Jeffrey Bezos and Beyond Meat isn't Amazon, but don't you worry Cubbie, 69% revenue growth is going to get us back to the 200's, it's just going to take more time.
Beyond Meat Reports Stronger Demand As Pandemic Inspires Food Stockpiling
5:00 pm ET August 4, 2020 (Dow Jones) Print
By Micah Maidenberg
Beyond Meat Inc. said consumers scooped up its alternative-meat products in the second quarter from retail stores amid coronavirus-inspired food stockpiling.
The plant-based meat company reported revenue of $113.3 million for its second quarter that ended June 27, up 69% compared with last year. Analysts polled by FactSet expected $99.2 million in revenue.
Sales from groceries and other shops roughly tripled year-over-year in the U.S. to $90 million but dropped 61% to $6.5 million in the company's business serving restaurants and other outlets.
"As the toll of the Covid-19 pandemic took hold across the food service industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles," Chief Executive Ethan Brown said.
Sales overseas fell 17% in the quarter to $16.8 million, the company said.
Beyond Meat reported a loss of $10.2 million, or 16 cents a share, compared with a loss of $9.4 million, or 24 cents a share, the year earlier. Analysts predicted a loss of 2 cents a share.
Overall, costs of goods sold, or those tied to raw materials, manufacturing and shipping, among others, rose to $79.7 million from $44.5 million.
The El Segundo, Calif.-based food producer reported $5.9 million in costs for repurposing some product inventory that was meant for food service customers to retail clients, given the demand the company saw from consumers at stores because of the pandemic.
On Monday, Tyson Foods Inc., the largest U.S. producer of meat, reported higher costs in the second quarter related to safety equipment, employee pay and other expenses tied to the pandemic.
Beyond Meat has been pushing to expand where its products are available, saying Monday that it struck deals with Walmart Inc.'s Sam's Club and BJ's Wholesale Club Holdings Inc. to sell its burger product in those stores.
The company has also been trying to narrow the price gap between its plant-based products and traditional meats. In June, it began selling for a limited time 10-packs of its burgers at Walmart, Target Corp. and other retailers' locations at a suggested retail price of $15.99, or approximately $1.60 a patty.
Its packages containing two burgers typically have sold for $2.50 to $3 a patty, while beef patties on average sell for $1.50 each, according to JPMorgan Chase & Co. analysts.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
JK, I bought back the puts I had sold yesterday, so just holding my base shares.
Beyond Meat's Earnings Are Today. Investors Are Counting on Better-Than-Expected Results. -- Barrons.com
10:52 am ET August 4, 2020 (Dow Jones) Print
By Al Root
Beyond Meat's earnings are big events on Wall Street because the figures generally trigger huge volatility in the stock. Investors can expect more of the same Tuesday evening as the company talks about managing a high-growth enterprise during a global pandemic.
Here's what to watch for, along with some recent history.
-- Analysts expect the company to lose 2 cents a share from $99 million in
sales. Beyond Meat is still growing rapidly and only recently turned
profitable. Quarterly sales are expected to grow about 47% year over
year. A result that just meets analysts' estimates, however, won't be
enough for investors.
-- People have come to expect Beyond to blow past sales estimates. Beyond
has beaten forecasts for sales by double-digit percentages each of the
past four quarters.
-- A huge earnings "beat" isn't a guarantee of big stock gains, though.
Beyond has reported five quarters as a public company, beating sales
estimates each time, but the stock has risen only twice. Curiously,
investors have come to expect better-than-expected results.
-- Investors also have come to expect volatility after earnings are
released. The smallest post-earnings stock move is a decline of 12%
following the second-quarter 2019 earnings. Options markets imply a
roughly 15% move, up or down, following the coming quarterly report.
-- From time to time, the stock trades independently of how well management
is running the business. The C-suite's performance has been good. During
the quarter, the company expanded further into both Europe and China in
both the retail and food-service distribution channels. Investors will
expect to hear about additional distribution plans and how sales are
progressing in geographic markets the company has recently entered.
-- One key question for investors in the first quarter was how the shift
from restaurant sales to grocery sales would play out as people were
forced to stay at home to slow the spread of the coronavirus.
First-quarter sales grew 142% year over year, beating expectations.
-- Trends at grocery stores will continue to be a focus for investors. "We
have some visibility into the retail side of the business, wrote J.P.
Morgan analyst Ken Goldman in a Tuesday report previewing earnings. He
said April, May, and June retail growth, according to data tracker
Nielsen, came in at 126%, 104%, and 83%, respectively. Those are solid
figures.
-- Investors will want an update on July sales and how new grocery
initiatives, such as value packs with more faux meat at lower unit prices,
are being received by the consumers.
-- Ken Goldman, for his part, rates Beyond shares the equivalent of Hold and
has a $95 price target for the stock. Strong numbers and a Hold rating
illustrate why trends in the stock market and business execution don't
always sync up. The key is valuation. Beyond trades for about 12 times
estimated 2021 sales, much higher than its peers in the food industry. Of
course, Beyond grows much faster than the overall food industry.
Since Beyond reported its first-quarter 2020 numbers in May, shares are up 34%, better than the 15% and 12% respective gains of the S&P 500 and Dow Jones Industrial Average over the same span.
Year to date, Beyond stock is up about 80%.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires
The Sink or Swim platform makes rolling puts from one week to the next pretty simple as well as pretty lucrative. I have no idea why your maintenance requirement is higher than mine, I wrote mine down exactly from site, I can't look now for I've bought those back and
Sold to Open 2 BYND Aug 07 2020 124.0 Put @ 5.04
We'll see what earnings bring, I agree with you that people are going to continue to eat, I'm betting we beat earnings, but like JK warned, it's what's said during Q and A.
While I'm not a vegan, my daughter loves to talk about the rotting meat in my refrigerator. I agree, the trend is our friend, the cow is the new coal. I also like how easy it is to warm up a BYND burger in the micro wave, IMO, they are as good warmed up as fresh off of the grill. That can't be said of beef. IMO
I'm not going to agree with a good broker, TD Ameritrade. I do have money to cover the puts, if they are put to me. Perhaps, that plays into how they come up with their maintenance requirements. They are really high for bio's, in particular, AUPH. Plus, those fees tag along with you for a month, I like weekly options much better, even if I extend myself and sell more time.
Last earnings the CEO said they were full steam ahead with their move into China, virus be damn. I liked that!
It's my opinion, we're trading way to low, if I'm wrong, I'll go long those puts. I have a lot of outstanding puts going on, a real lot considering the nonsense going on in Washington.
I've been up north, I've skated with folks going to work in Ottawa, suits and ties included. I count those times as some of the happiest times of my life. Great sport, skating. I also do well with the second national sport of Canada. Cheers.
I think it's a safe bet, but the maintenance requirement is huge, I sold two 115 puts and my maintenance on just those two is $8,049.64. What's your thoughts going into earnings, JK?
Beyond Meat's Expansion Continues. Next Stop: Wawa, a 'Cult Favorite.' -- Barrons.com
11:32 am ET July 31, 2020 (Dow Jones) Print
By Al Root
Beyond Meat products are going into the very popular regional convenience chain Wawa. It's another bit of good news for the alternative meat startup.
Any product expansion is noteworthy, but Wawa is special. It has a devoted base of fans who sing the praises of its sandwiches. Wawa, however, is also regional. Investors might not realize the power of the its brand.
Consider Wawa has more than 360,000 Twitter followers. 7-Eleven has about 125,000 followers. But Wawa has about 900 locations, while 7-Eleven has about 8,000.
"Wawa is a cult favorite brand and we're excited to partner with them to introduce several new breakfast options made with Beyond Breakfast Sausage," said Beyond (ticker: BYND) Chief Growth Officer Chuck Muth, in the company's news release. "These new on-the-go options not only taste great, but will make plant-based meat more accessible to more consumers."
In addition to Wawa, Beyond has been active in 2020, adding locations in China with Starbucks (SBUX) and Yum China (YUMC), among others. Business execution through the pandemic appears solid.
Overall, Beyond Meat products are available in about 94,000 retail and restaurant locations in 75 countries worldwide.
Business execution isn't why Barron's panned Beyond Meat stock back in May 2019. We have a valuation issue. Beyond trades for about 11 times estimated 2021 sales. It's growing rapidly, but its valuation is far beyond what food peers trade for.
Wall Street has its reservations about the stock, too. Only about one in five analysts rate shares Buy. The average Buy-rating ratio for stocks in the Dow Jones Industrial Average is about 55%. Not to mention the average analyst price target is about $110 a share, below where the stock is trading today.
Since that Barron's story appeared, Beyond shares have been volatile. Shares closed the year at about $75 a share, down roughly 25% from Barron's pan date.
Shares, however, have been on a tear in 2020, rising about 64%, far better than comparable returns of the Dow index and S&P 500 over the same span.
Shares are up 0.2% in early trading Friday. The S&P, for comparison, is down 0.4%.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 11:32 ET (15:32 GMT)
Stocks Are Split as Tech Takes Center Stage -- Barrons.com
12:49 pm ET July 31, 2020 (Dow Jones) Print
By Teresa Rivas
Tech stocks are doing their best, but their blowout earnings couldn't rescue the broader market from declines.
The Dow Jones Industrial Average was down 0.4% near midday, while the S&P 500 was near the breakeven point. The Nasdaq Composite gained 0.8%, helped by blockbuster earnings from four big tech players, with only Google's parent, Alphabet (GOOGL), ticking lower.
"In a nutshell, we view last night's...earnings as a catalyst moving tech stocks higher as the strong continue to get stronger with investors focused on the secular winners for the coming year," wrote Wedbush analyst Daniel Ives. "Expectations were high for tech stalwarts...and they knocked it out of the park."
Silicon Valley aside, some other earnings were more downbeat, including from Chevron (CVX), which fell 4.8% after disclosing lower-than-expected profits and large writedowns. Exxon Mobil (XOM) didn't fare much better, and dropped 1.3%.
Another bit of downbeat news is that consumer spending slowed as incomes declined in June. Supplemental unemployment benefits expire today, and there is no sign of an agreement to extend them in Congress.
Elsewhere, Beyond Meat (BYND) rose 0.8% on news its products are now at the convenience-store favorite Wawa.
Merck (MRK) rose 0.8% as strong Keytruda sales boosted results.
A robust quarter lifted Pinterest (PINS) shares by 32.4%.
Under Armour (UAA) gave up early gains, and was off 8.3% following earnings.
Write to Teresa Rivas at teresa.rivas@barrons.com
(END) Dow Jones Newswires
July 31, 2020 12:49 ET (16:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Company: Trevena Inc (NASDAQ: TRVN)
Type of Application: NDA
Candidate: Oleceridine
Indication: moderate-to-severe acute pain
Date: Aug. 7
Oliceridine is a G protein-selective mu-opioid receptor agonist in development for the management of moderate-to-severe acute pain in hospitals or other controlled clinical settings where intravenous therapy is warranted.
Trevena's original NDA was handed down a complete response letter in November 2018, with the FDA requesting additional clinical data on QT prolongation and indicating the submitted safety database is not of adequate size for the proposed dosing.
The company resubmitted the regulatory application in February, and the FDA deemed it as a complete response and assigned a PDUFA date of Aug. 7.
"Positive physician feedback builds a strong use case of IV oliceridine," HC Wainwright analyst Douglas Tsao said in a March note.
You've dealt with worse, 26 to 13, all in all, IMO, this was a well played secondary.
We are back to the races waiting on the FDA, you've done that before, too. Man Up