What we’re reading (7/14)
“Moderna Shares Jump As Much As 16% After Company Says Its Coronavirus Vaccine Produced ‘Robust’ Immune Response” (CNBC). Big pop in Moderna’s share price after some peer-reviewed Phase 1 clinical data published in the New England Journal of Medicine.
“Arbitrators Rule Bridgewater Had Something To Fear From The Truth, And So Made Stuff Up” (Dealbreaker). More on Bridgewater’s assertion of trade secrets misappropriation against a few former employees that started a hedge fund. The folks at Dealbreaker astutely point out the arbitrators’ findings kind of, sort of imply Bridgewater may not really have any “proprietary practices to charge such lavish fees on that $140 billion” in assets under management.
“Vox Media Preparing Round Of Layoffs As Business Fails To Improve Amid Coronavirus Pandemic” (CNBC). Vox was a full 40 percent off its Q2 revenue target, expects to be 25 percent off full-year 2020. Another sign of the damages COVID has done to ad revenues.
“It’s Time For Investors To Stop Buying Stocks That Are ‘Stunningly Decoupled’ From Reality, Economist [Mohamed El-Erian] Warns” (MarketWatch). Allianz Chief Economic Adviser (formerly of PIMCO and the IMF) is apparently a little bearish on equities. Apparently, even he’s blaming a “new generation” of traders (read: Millennials). But that’s a pretty unsophisticated argument for a guy with such stature and pedigree.
“JPMorgan’s Profit Plunges As Credit Costs Spike On Economic Uncertainty” (CNN). 51 percent “plunge” in Q2 profits as the bank juiced up reserves in anticipation of forthcoming loan losses.
