Author: Multibagger News

Investment Manager’s Perspective: House Democrats Express Concerns About Biden’s Re-Election Bid As lawmakers reconvene in Washington D.C. after the July 4 holiday week, close to 10 House Democrats have voiced their doubts about President Joe Biden seeking re-election. Reports suggest that Senator Mark Warner of Virginia is rallying Senate Democrats to support this stance, despite Biden being the presumptive Democratic nominee for now. In an interview with ABC News, concerns about Biden’s acuity were not fully addressed, leading to speculation about his fitness for office. The return of lawmakers to the capital is seen as a crucial moment that could…

The financial markets were rocked on Monday as Hurricane Beryl wreaked havoc on Texas, causing oil ports to shut down, flights to be canceled, and leaving homes and businesses without power. Beryl, the earliest Category 5 hurricane on record, made landfall near Matagorda, Texas, unleashing dangerous storm surges and heavy rain. The energy industry in Texas, the largest oil-producing state in the U.S., braced for impact as Beryl disrupted refining activities and forced some production sites to evacuate. The National Hurricane Center warned of life-threatening storm surge and heavy rainfall, urging residents to take precautions. As the storm weakened while…

China’s Smartphone Market Soars: iPhone Outshines Android and Huawei – What It Means for Your Investments China’s smartphone volume has demonstrated impressive year-over-year growth, largely propelled by substantial discounts during the 618 sales promotions, according to a recent report from Jefferies. Key Insights from Jefferies’ Analysis Jefferies’ industry checks reveal that while smartphone volumes dipped by low double digits sequentially, they still managed to achieve high single-digit growth year-over-year. This uptick is attributed to high single-digit gains in Android and Huawei (HW) devices and low double-digit gains in iPhone sales. Remarkably, iPhone sales outperformed both Android and HW during the…

Get Ready for a Packed Week in the Financial Markets: Key Inflation Data, Fed Chair Testimony, and Earnings Season Kick Off By Lisa Pauline Mattackal U.S. stock index futures are holding steady as investors await important events this week, including a crucial inflation reading, Congressional testimony from Federal Reserve Chair Jerome Powell, and the beginning of earnings season. The latest nonfarm payrolls report, which showed a slowdown in U.S. job growth, has increased expectations of interest-rate cuts as early as September. Market participants are eagerly looking for signals on the Fed’s monetary policy direction for the rest of the year.…

Bob Menendez Corruption Trial: Closing Arguments Expected After Seven Weeks of Testimony By Luc Cohen In what has been a riveting seven weeks of testimony, federal prosecutors are set to deliver their closing arguments in Bob Menendez’s corruption trial on Monday. The once-powerful senator is facing allegations of accepting hundreds of thousands of dollars in bribes, with prosecutors claiming he sought to help Egypt secure U.S. military assistance and aid the interests of New Jersey businessmen in exchange for cash, gold bars, and other payments. Throughout the trial, jurors have been shown evidence of the bribes, including gold bars seized…

Breaking News: Dogecoin Founder Billy Markus Speaks Out on Crypto Market Crash | Bitcoin and Dogecoin Prices Plummeting, Investors in Panic Mode In a recent tweet, Billy Markus, the co-creator of Dogecoin, shared his thoughts on the current state of the cryptocurrency market. Bitcoin, the world’s leading cryptocurrency, has experienced a significant drop of 15% in the past week, with Dogecoin following a similar trajectory. Markus, known for his humorous and often critical takes on the crypto industry, likened crypto trading to gambling, stating that price movements cannot be predicted. He also questioned the concept of financial freedom offered by…

Mizuho Initiates Coverage on Ideaya Biosciences Stock with Outperform Rating and $50 Price Target On Monday, Mizuho started covering Ideaya Biosciences (NASDAQ:IDYA) stock with an Outperform rating and a price target of $50. The firm highlighted the company’s focus on precision medicine and functional genomics in oncology, particularly emphasizing its lead asset darovasertib. Darovasertib has shown promising results in Phase 1/2 trials for uveal melanoma, drawing attention to its potential. Ideaya Biosciences also has four other novel candidates progressing through pre-clinical and clinical stages, which Mizuho believes helps diversify and de-risk the company’s portfolio. The firm also mentioned Ideaya’s collaborations…

Exxon Mobil Upstream Earnings to Soar by $700 Million due to Oil Price Surge Exxon Mobil (NYSE: XOM) announced today that changes in oil prices are projected to boost the oil giant’s second-quarter upstream earnings by $300 million to $700 million compared to the first quarter. This news comes after the largest U.S. oil producer reported $5.7 billion in upstream earnings for the first quarter ended March 31. This significant increase in earnings highlights the company’s ability to capitalize on favorable market conditions and reinforces its position as a key player in the energy sector. Investors are likely to take…

Eli Lilly’s Bold $3.2 Billion Acquisition of Morphic Holding: A Strategic Move in the Inflammatory Bowel Disease Market Eli Lilly Acquires Morphic Holding for $3.2 Billion: What This Means for Investors and the Future of Inflammatory Bowel Disease Treatment Breaking News: Eli Lilly’s Strategic Acquisition to Bolster Inflammatory Bowel Disease Portfolio In a groundbreaking move, Eli Lilly (NYSE: LLY) announced its acquisition of Morphic Holding (NASDAQ: MORF) for a staggering $3.2 billion in cash. This acquisition grants Eli Lilly access to Morphic’s promising experimental drug, MORF-057, which is currently being evaluated as a treatment for various inflammatory bowel diseases, including…

The finance minister of Indonesia has announced that the country’s budget deficit is expected to reach 2.7% of gross domestic product this year. This increase in deficit is attributed to the depreciation of the rupiah and a decline in tax revenue from the mining sector. Initially, the government had set a target deficit of 2.29% for 2024, which is higher than the 1.65% deficit recorded in 2023. The weakening rupiah, which hit 16,475 per U.S. dollar last month, has contributed to the widening deficit. Factors such as increased spending on fuel subsidies and food assistance, along with lower tax revenue…