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Trade Idea of the Day Presented by: Baystreet.ca

Stocks Lower After Roller-Coaster Session

Stocks closed lower on Tuesday, giving up a massive rally from earlier in the day, as Wall Street assessed the latest news on the coronavirus outbreak. The Dow Jones Industrials gave up gains of as much as 900 points at one time, and lost 26.13 to 22,653.80. The S&P 500 docked 4.27 points... Read More

Fed eases Wells Fargo growth restrictions to allow for more loans

The Federal Reserve said in a statement, "Due to the extraordinary disruptions from the coronavirus, the Federal Reserve Board on Wednesday announced that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses. The change will only allow the firm to make additional small business loans as part of the Paycheck Protection Program, or PPP, and the Federal Reserve's forthcoming Main Street Lending Program. The Board will require benefits from the PPP and the Main Street Lending Program to be transferred to the U.S. ...

Tesla Cuts Employee Pay 30% Amid Coronavirus Pandemic

Electric car maker Tesla Inc.(NASDAQ:TSLA) is cutting employee salaries by as much as 30% to save costs while the coronavirus pandemic forces the company to shut down production.Tesla vice presidents and above will see the steepest salary reductions, followed by a 20% cut for directors, and 10% for all other employees, according to the company. Workers outside the U.S. will see similar reductions. Tesla employees who can’t work from home will be furloughed without pay, though they’ll keep health-care benefits. The move adds to the growing number...

Luminex Gets Nod for Virus Detection Measure

Luminex Corporation (NASDAQ:LMNX) disclosed that it received Food and Drug Administration emergency use authorization for ARIES SARS-CoV-2 assay to detect viruses responsible for COVID-19 disease. Luminex also launched the NxTAG® CoV Extended Panel last week after receiving a EUA from the U.S. FDA and Medical Device Authorization for importation or sale for Health Canada. The panel is a high-throughput, scalable, cost-effective option for detecting SARS-CoV-2 in as many as 96 samples in approximately four hours. To provide a more complete picture of a patient's respiratory...

Lilly to Help Diabetes Patients

Eli Lilly (NYSE:LLY) says it has capped the out-of-pocket cost for insulin to $35 per month to help diabetes patients across the United States, many of whom are facing financial difficulties due to the coronavirus outbreak. The new co-pay scheme covers most of Lilly’s insulins, including widely-used Humalog injection, and can be purchased by people...

Luckin Sinks After Goldman Says Lenders Selling up to 76.35m Shares

Following the occurrence of a default by Haode Investment, a shareholder of Luckin Coffee (LK) under a $518M margin loan facility, a syndicate of lenders, as secured parties under the facility, has instructed Credit Suisse (CS) to exercise the lenders' rights with respect to the collateral securing the borrower's repayment...

XBiotech Gains on FDA Nod

XBiotech Inc (NASDAQ:XBIT) and BioBridge Global disclosed collaboration on U.S. Food and Drug Administration program to develop potential coronavirus treatment based on natural antibodies from recovered patients. In a news release issued Sunday, the Austin-based company it’s working toward a potential treatment for COVID-19...

Boom, Bust & Echo – When to Profit on Private Placements

The seeds of the boom were sown in the 1830’s. That was the time the first railway was built to connect Liverpool and Manchester. They were two cities that were booming during the industrial revolution. By the mid 1840’s, the British economy was growing. And because of the rise of industry, a...

Super Micro Hikes on Q3 Guidance

Super Micro Computer, Inc. (NASDAQ:SMCI) lowered its preliminary Q3 sales guidance from $770 million-$830 million to $755 million-$785 million. The company said it had $285 million in net cash and equivalents as of March 31 The San Jose-based company reported Friday now anticipates that it will report revenue for its third quarter of fiscal 2020 in the range of...

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