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Why Goldman Sachs and Deutsche Bank think the September stocks sell-off has run its course

The recent pullback in U.S. stocks could be close to an end if history is a guide, according to strategists at Goldman Sachs Group Inc. and Deutsche Bank AG.

Its magnitude has matched a “typical” selloff in the S&P 500 since the financial crisis, albeit at a faster pace, wrote a team led by Goldman’s David Kostin in a note Friday. And options positioning—at the core of the weakness—has normalized, noted their counterparts at Deutsche including Srineel Jalagani the same day.

“Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months,” wrote the Goldman strategists. “Since the financial crisis, the typical S&P 500 pullback of 5% or more has lasted for 20 trading days and extended by 7% from peak to trough, matching the magnitude of the most recent pullback if not the speed.”

A reassessment of historically … Read the rest

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Alibaba Is in Talks to Invest $3 Billion in Grab

(Bloomberg) — Alibaba Group Holding Ltd. is in talks to invest $3 billion into Southeast Asian ride-hailing giant Grab Holdings Inc., according to people familiar with the matter.The Chinese e-commerce giant, a sole investor in the round, will spend a portion of the funds to acquire some of the Grab stock held by Uber Technologies Inc., one of the people said, asking not to be named as the discussions are private. The deal may represent one of Alibaba’s biggest bets on Southeast Asia since its first investment in Lazada in 2016. China’s largest corporation has previously had limited forays in ride-hailing but a potential tie-up with Grab gives it access to data on millions of users in eight countries, a growing delivery fleet as well as a stake in digital wallet and financial services.The funding — about a fifth of Grab’s last known valuation of $14 billion — comes amid … Read the rest

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Voting by mail is more secure than the President says. How to make it even safer

In the middle of the COVID-19 pandemic, widespread mail-in voting is essential to maintaining voter turnout and preventing the spread of the virus. Our unprecedented dependence on mail-in voting is precisely why it is important to take a serious look at the security of the process. We can only improve the safety of mail-in voting if we understand where there are legitimate concerns to begin with.

Some of the most widely circulated concerns surrounding mail-in voting fraud, however, are not grounded in fact. President Trump has alleged that widespread use of voting by mail would allow foreign countries to send in ballots and that there is “tremendous potential for voter fraud.” The technical reality is that fraud of the sort Trump has claimed is widespread would be easily detected by the ballot-scanning systems and ballot barcodes used by the majority of election jurisdictions. Ballot scanners verify that the … Read the rest

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Gilead Sciences Close To Inking $20B Immunomedics Deal- Report

Gilead Sciences (GILD) is nearing a deal to buy biotech Immunomedics Inc for more than $20 billion, says the Wall Street Journal, which cites people familiar with the matter.Immunomedics (IMMU) currently has a market value of just $9.77B, which means that GILD would be paying a significant premium in order to obtain IMMU’s key breast-cancer drug, Trodelvy. Shares in IMMU have already doubled year-to-date, with a 37% leap over the last three months.In August, Immunomedics reported that Trodelvy generated $20.1M in its first two months on the market. Furthermore, market research conducted by the company showed that >80% of oncologists who treat metastatic triple-negative breast cancer (mTNBC) intend to prescribe Trodelvy in the third-line setting.“We continue to expect robust uptake of Trodelvy in thirdline mTNBC; we are encouraged by the initial sales result” commented HC Wainwright analyst Robert Burns back in August. He has a buy rating on the stock … Read the rest

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Got interruption insurance? These companies found it’s useless in the age of COVID-19

To hear Century 21 Stores tell it, the New York retailer should have survived the pandemic because it had business interruption insurance. Instead, insurers refused to pay, and Century 21 is shutting down after almost 60 years in business.

More than 1,000 companies have found themselves in the same predicament and have sued, with cases playing out across the U.S. and U.K. Insurers are arguing they don’t have to pay out on pandemic claims in part because the coronavirus didn’t damage property.

Their stance will be tested as new cases are filed by bigger businesses with the resources to wage long, sophisticated court battles where the stakes are much higher. Until recently, the typical lawsuit demanding insurance payments came from smaller companies that couldn’t sustain a fight, said Walter J. Andrews, who represents Ralph Lauren Corp. in its $700 million insurance case filed last month in New Jersey.

“Their business … Read the rest

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Amarin (AMRN): Vascepa’s International Opportunity Remains Intact, Says Analyst

The markets might be in turmoil, but spare a thought for the current woes at biotech Amarin (AMRN). Over the past 7 trading sessions, shares have retreated by 44% as investors charged to the exit doors following a botched date in court.Last week, an appeals court rejected Amarin’s appeal concerning a lost patent court case against generic drug makers Hikma Pharmaceuticals and Dr. Reddy’s, who are seeking to bring to market their own versions of Amarin’s high triglyceride treatment Vascepa.As Vascepa is Amarin’s only product, the ruling has obviously spooked investors, who are concerned the treatment’s vast commercial opportunity is fading fast. However, Cantor analyst Louise Chen argues the game is far from over.Chen said, “We continue to think that AMRN's EU opportunity is underappreciated and that generics companies will not be able to manufacture enough product to meet the demand in the U.S. market. We still believe that AMRN … Read the rest

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Book recommendations from Fortune’s 40 under 40 in media and entertainment

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Curious about what some of the most influential young minds in the media and entertainment industries read for inspiration? Here is a selection of book recommendations from the 40 under 40 in media and entertainment, including suggestions from Emily Ramshaw, founder of the new nonprofit newsroom the 19th; Peloton star instructor Robin Arzón; and music mogul Scooter Braun.

Many Lives, Many Masters: The True Story of a Prominent Psychiatrist, His Young Patient, and the Past-Life Therapy That Changed Both Their Lives by Brian L. Weiss

Over my career and life, I’ve read and listened to many different helpful books and podcasts, I couldn’t name just one. One book I recently read was Many Lives, Many Masters by Brian L. Weiss. It’s a very interesting book and … Read the rest

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Tesla Plans to Start Shipping Out Cars Made at Shanghai Gigafactory

(Bloomberg) — Tesla Inc. plans to ship cars made at its Shanghai Gigafactory to other markets in Asia and Europe, according to people familiar with the matter, as the company looks to realize its plan to reduce shipping costs and manufacture vehicles closer to customers.China-built Tesla Model 3s intended for delivery outside the country will likely start mass production in the fourth quarter, the people said, asking not to be identified because the details are private. They said the markets targeted include Singapore, Australia, New Zealand, as well as Europe, where customers currently have to wait for a Tesla to be delivered from the U.S. Shipments could start as soon as the end of this year, or early 2021, according to the people.The world’s biggest maker of electric vehicles is stepping up production as competition in the space intensifies, with traditional automakers starting to make EVs, especially for the China … Read the rest

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How the Best Workplaces in Manufacturing have risen to the COVID-19 challenge

Arthrex and Stryker routinely compete in the field of medical devices. But during the COVID-19, these two companies have been on the same side of the fight. Both specialty manufacturers have stood out for safeguarding employees during the pandemic, as well as for making generous donations of medical equipment to those on the front lines.

Give the way the two companies have cared for their people and the wider community, it’s no wonder that both Stryker and Arthrex earned spots on the 2020 list of the Best Workplaces in Manufacturing & Production. Fortune just published this list, based on employee survey research from Great Place to Work, the global authority on workplace culture.

We asked leaders from the two companies about their high-trust, inclusive workplace cultures and how they’ve responded to the coronavirus crisis. From Naples, Fla.-based Arthrex, we interviewed Kathy Sparrow, Senior Vice President of Human … Read the rest

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BP’s $1.1 Billion Deal Marks First Step Into Offshore Wind

(Bloomberg) — BP Plc, the oil giant that announced a seismic strategy shift last month, made its first venture into offshore wind power with a $1.1 billion purchase of U.S. assets from Norway’s Equinor ASA.The deal marks the start of an offshore-wind investment partnership in the region for the two companies, which have been at the forefront of the rapid changes in the oil industry as companies seek to adapt to the realities of climate change.BP has taken the boldest steps so far in abandoning the oil-supermajor business model. Just six months after taking the helm, Chief Executive Officer Bernard Looney said in August he’d shrink oil and gas output by 40% over the next decade and spend as much as $5 billion a year building one of the world’s largest renewable-power businesses.Read: BP Walks Away From the Oil Supermajor Model It Helped CreateBP will receive a 50% stake in … Read the rest