|Bid||66.12 x 900|
|Ask||66.13 x 1100|
|Day's Range||65.77 - 67.29|
|52 Week Range||42.86 - 69.29|
|Beta (5Y Monthly)||0.90|
|PE Ratio (TTM)||14.01|
|Earnings Date||Apr. 22, 2020|
|Forward Dividend & Yield||1.32 (2.00%)|
|Ex-Dividend Date||Feb. 05, 2020|
|1y Target Est||66.24|
The Zacks Analyst Blog Highlights: Microsoft, International Business Machines, Intel, Apple and Amazon.com
7nm chip competition heats up with Samsung's (SSNLF) new facility line V1 which has commenced production of state-of-the-art mobile chips.
(Bloomberg) -- Researchers were able to trick a Tesla Inc. vehicle into speeding by putting a strip of electrical tape over a speed limit sign, spotlighting the kinds of potential vulnerabilities facing automated driving systems.Technicians at McAfee Inc. placed the piece of tape horizontally across the middle of the “3” on a 35 mile-per-hour speed limit sign. The change caused the vehicle to read the limit as 85 miles per hour, and its cruise control system automatically accelerated, according to research released by McAfee on Wednesday.McAfee says the issue isn’t a serious risk to motorists. No one was hurt and the researcher behind the wheel was able to safely slow the car.But the findings, from 18 months of research that ended last year, illustrate a weakness of machine learning systems used in automated driving, according to Steve Povolny, head of advanced threat research at McAfee. Other research has shown how changes in the physical world can confuse such systems.The tests involved a 2016 Model S and Model X that used camera systems supplied by Mobileye Inc., now a unit of Intel Corp. Mobileye systems are used by several automakers though Tesla stopped using them in 2016.Tests on Mobileye’s latest camera system didn’t reveal the same vulnerability, and Tesla’s latest vehicles apparently don’t depend on traffic sign recognition, according to McAfee.Tesla didn’t respond to emails seeking comment on the research.“Manufacturers and vendors are aware of the problem and they’re learning from the problem,” Povolny said. “But it doesn’t change the fact that there are a lot of blind spots in this industry.”To be sure, the real-world threats of such an occurrence today are limited. For one, self-driving cars are still in the development phase, and most are being tested with safety drivers behind the wheel. Vehicles with advanced driver-assist systems that are available now still require the human to be attentive.And the McAfee researchers were only able to trick the system by duplicating a certain sequence involving when a driver-assist function was turned on and encountered the altered speed limit sign. Manufacturers are also integrating mapping technology into systems that reflect the proper speed limit.“It’s quite improbable that we’ll ever see this in the wild or that attackers will try to leverage this until we have truly autonomous vehicles, and by that point we hope that these kinds of flaws are addressed earlier on,” Povolny said.In a statement, Mobileye said human drivers can also be fooled by such a modification and that the system tested by the researchers was designed to assist a human driver and not to support autonomous driving.Robust Redundancies“Autonomous vehicle technology will not rely on sensing alone, but will also be supported by various other technologies and data, such as crowd sourced mapping, to ensure the reliability of the information received from the camera sensor and offer more robust redundancies and safety,” the company said.The McAfee research follows similar academic work in what’s known as adversarial machine learning, a relatively new field that studies how computer-based learning systems can be manipulated. Researchers in 2017 found that placing four black and white stickers in specific locations on a stop sign could “trick” a computer vision system into seeing a 45 mile per hour speed limit sign, for example.The issue isn’t specific to Tesla or Mobileye, but is a broader weakness inherent in the advanced systems powering self-driving cars, said Missy Cummings, a Duke University robotics professor and autonomous vehicle expert, and researchers have shown that potentially serious malfunctions can be caused by changing the physical environment without accessing the system itself.“And that’s why it’s so dangerous, because you don’t have to access the system to hack it, you just have to access the world that we’re in,” she said.Cummings said McAfee’s findings illustrate why autonomous cars should be subjected to a “vision test” to evaluate whether self-driving systems can safely detect and respond to real-world situations created by other vehicles, pedestrians and other road users.Safety advocates have also urged U.S. auto safety regulators and lawmakers to include such an evaluation among other requirements in new automated vehicle legislation being developed in Congress.(Updates with context on automated vehicle legislation in penultimate paragraph)To contact the reporter on this story: Ryan Beene in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, John HarneyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Squirrels Research Labs (SQRL), a world-leader in blockchain technology, today announced a flagship product in the successful JungleCat line of high-performance blockchain accelerators. With the introduction of two new modules starting at $1349, including 16GB of HBM2 in the highest capacity Intel® Stratix® 10 MX FPGAs, SQRL extends its market leadership in FPGA cryptocurrency mining solutions and customer value. “We are incredibly excited to launch this product based around Intel’s FPGA technology,” SQRL president David Stanfill said.
The global Artificial Intelligence in agriculture market may see CAGR of 26.2% from 2019-2024. Here are five stocks that are likely to benefit.
Advanced Micro Devices (AMD) is witnessing rapid adoption of its EPYC processors among cloud computing and data center providers. Should Intel, NVIDIA take note?
HP's (HPQ) first-quarter fiscal 2020 performance is likely to have benefited from increasing demand in the commercial PC market. However, weakness in the Printing business might have been a headwind.
(Bloomberg) -- Intel Corp. is in talks to sell a unit that makes chips for home internet access gear to MaxLinear Inc., according to people familiar with the matter.No final decision has been made and Intel could keep the connected home division, the people said, asking not to be named because the matter is private. It’s not clear how much the potential deal is worth.A representative for Santa Clara, California-based Intel declined to comment. MaxLinear didn’t respond to requests for comment.Intel, the world’s largest chipmaker, is looking at reducing its footprint in areas where it isn’t competitive, Chief Executive Officer Bob Swan has said. The company sold its smartphone modem business to Apple Inc. in a $1 billion deal last year. Swan has pointed to the money-losing memory business as an area where he might look for a partnership.MaxLinear, based in Carlsbad, California, provides broadband and networking semiconductors. Its shares fell 4.3% to $17.57 at 12:14 p.m. in New York trading Tuesday, giving the company a market value of about $1.3 billion.Intel’s connected home business makes chips that enable WiFi and manage data traffic for consumers. The chips provide wireless connections in home routers and gateways. Competitors include Broadcom Inc. and Qualcomm Inc.Throughout its history, Intel has created units that push new technologies as a way to further its central processor unit.The connected home initiative is part of an attempt to make sure Intel’s computing chips find their way into the increasing number of smart gadgets being used in households.To contact the reporters on this story: Liana Baker in New York at firstname.lastname@example.org;Ian King in San Francisco at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Alistair Barr at email@example.com, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
SAN FRANCISCO/NEW YORK, Feb 18 (Reuters) - As Wall Street approaches the 20th anniversary of the piercing of the dot-com bubble, today's decade-old rally led by a few small players shows some similarities that cautious investors are keeping an eye on. March 11, 2000 marked the beginning of a crash of overly-inflated stocks that would last over two years, lead to the failure of investor favorites including Worldcom and Pets.com and take over 13 years for Wall Street to recover from. Now, after hitting a record high on Feb. 13, the Nasdaq has reached over 9,700 points, almost double its high point in 2000 and about eight times the level of its trough in 2002.
(Bloomberg) -- The wireless industry scrapped its biggest annual showcase after the coronavirus outbreak sparked an exodus of participants, roiling telecom companies just as they’re preparing to roll out new 5G services.It’s the first time in MWC Barcelona’s 33-year history that organizers have called off the event, which draws more than 100,000 participants from across the world to check out the latest innovations, pitch to investors and do deals.“The global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible” to hold the event, John Hoffman, chief executive officer of conference organizer GSMA, said in a statement to Bloomberg News.The list of big-name attendees started to crumble on Feb. 7, when Swedish wireless equipment maker Ericsson AB pulled out, saying it couldn’t ensure the safety of staff and customers. As others pulled the plug -- from Sony Corp. to Nokia Oyj, Vodafone Group Plc and Deutsche Telekom AG -- it became harder for those remaining to justify their presence.Bloomberg News reported earlier that GSMA could announce the cancellation as soon as Wednesday, after a meeting of members. As of Tuesday, the death toll in China from the virus rose to 1,113, and confirmed cases on the mainland have reached 44,653.MWC was due to run from Feb. 24 to Feb. 27. GSMA had stepped up sanitary precautions to reassure visitors -- advising against handshakes, introducing body temperature scanners and a protocol for changing microphones, and restricting entry to recent arrivals from China. Some delegations had replaced Chinese staff with colleagues from other countries or sent their China representatives ahead of time to avoid being barred.Who’ll Pay?Every year, telecom heavyweights use MWC and the oceans of publicity that come with it to generate marketing buzz around their latest wares. A big focus this year was going to be fifth-generation mobile services, and now several companies will need to reschedule launch events. Chipmaking giant Intel had planned to announce products for 5G networks and will hold an unveiling another time, according to a person familiar with its plans. Motorola was gearing up to showcase new 5G phones.The smartphone industry is trying to fire up stalled growth with the promise of higher data speeds and faster responsiveness. Smartphone shipments have been declining since 2016.The decision to scrap MWC entirely was a difficult one, and it’s not clear who will shoulder the costs -- the participants or GSMA. The industry’s biggest players often spend tens of millions of dollars to exhibit at the show. Ericsson’s absence alone left a gap bigger than a standard American football field in the conference halls.GSMA funds much of its budget from the event, charging 799 euros ($872) for a basic admissions pass.BarcelonaMWC is also important to the city of Barcelona, Spain’s second-largest city, as well as to many of the smaller companies that wouldn’t otherwise have access to such a large audience of mobile carriers and consumers. Large national contingents from Turkey to South Korea take to the show to encourage deal-making and inward investment.The regional government of Catalonia had been in touch with the conference organizers and said it saw no need to cancel events like MWC, Alba Verges, head of the Catalan government health department, said at a press conference in Barcelona.South Korea’s LG Electronics Inc. was among the first to rethink its participation, pointing out last week that most health experts had advised against “needlessly” exposing hundreds of employees to international travel.The global spread of the coronavirus has decimated other conferences, like Singapore’s annual airshow, which lost scores of corporate attendees but went ahead as planned on a smaller scale. Formula One confirmed it is postponing this year’s Chinese Grand Prix racing event due to the coronavirus outbreak, the Liberty Media Corp.-owned firm said in a Twitter post on Wednesday.(Updates with information on abandoned product launches by Intel and Motorola in seventh paragraph.)\--With assistance from Thomas Seal, Niveditha Ravi, Saritha Rai, Debby Wu, Ian King, Gao Yuan, Mark Gurman, Scott Moritz, Rodrigo Orihuela, Angelina Rascouet and Loni Prinsloo.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Rob GolumFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Applied Materials Inc. gave a bullish sales forecast for the current quarter suggesting its chipmaker customers have returned to spending more on their factories.The Santa Clara, California-based company is the largest maker of machinery used in the manufacture of semiconductors, which are among the most important parts of the electronics supply chain. Its customers include Samsung Electronics Co., Intel Corp. and Taiwan Semiconductor Manufacturing Co. That makes Applied Materials’ results and forecasts important early indicators of future demand in the electronics industry.Key InsightsFiscal second-quarter sales will be $4.34 billion, plus or minus $200 million, Applied Materials said Wednesday in a statement. That compares with analysts’ average estimate of $4 billion, according to data compiled by Bloomberg.Adjusted earnings will be 98 cents a share to $1.10 a share in the period ending in April, the company said. Analysts projected 92 cents.“We believe we can deliver strong double-digit growth in our semiconductor business this year as our unique solutions accelerate our customers’ success in the AI-Big Data era,” Chief Executive Officer Gary Dickerson said in the statement.Chip-equipment makers often experience wild earnings swings. Machines cost tens of millions of dollars each. Delaying factory build outs is one of the fastest ways a chipmaker can preserve cash when they’re unsure of future demand.Net income was $892 million, or 96 cents a share, in the fiscal first quarter, compared with $771 million, or 80 cents a share, a year earlier.Revenue gained 11% to $4.16 billion in the period ended Jan. 26, making it the first quarter of year-over-year growth in five quarters. Analysts were looking for $4.11 billion.Stock ReactionShares rose about 1% in extended trading after the announcement. The stock closed at $65.37 in New York and has increased 60% over the last 12 months.More InformationFor more details, click here.To see the statement, click here.To contact the reporter on this story: Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Alistair Barr at email@example.com, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Achmad Zaky spoke with unusual candor after taking the stage in Jakarta that October afternoon. People stopped chattering and lowered their phones when he began recounting the decade he spent building one of Indonesia’s most successful startups. What none of the hundreds in the cavernous hall knew then: it was his last big public act as chief executive of Bukalapak.com.Unbeknownst to the crowd, the 33-year-old self-taught computer whiz was on his way out. After a series of failed experiments and missteps -- including an abortive attempt to go toe-to-toe with Alibaba-backed rivals -- Zaky had lost his board’s confidence that he could lead a vastly expanded company into its next phase of growth. Just months away from ceding the reins of the $2.5 billion e-commerce outfit he built from the ground up, he spent much of the speech reflecting on his decade-long stewardship.“I’m not smarter than you. My success rate is maybe 10%,” he told the now-silent audience. “Back then, I was an engineer focusing on the product,” he added. As the company grew, “I was thinking I have to be a leader.”Yet some of his backers had doubts Zaky was the right person to lead Bukalapak given its current complexity, people familiar with the matter said. That may surprise industry observers for whom Zaky’s name had become synonymous with Indonesian e-commerce. He acquired something akin to folk hero status because, unlike many fellow founders, the self-effacing executive from a Java village made it big without Ivy League degrees or billions from the likes of SoftBank Group Corp.His departure in January sent a signal to Southeast Asia’s largest startups, which unlike Silicon Valley remains largely founder-driven. From Grab’s Anthony Tan and Tan Hooi Ling to Tokopedia’s William Tanuwijaya, they rode a funding boom fueled by a mobile explosion to create some of the world’s largest tech startups. But they also burned enormous amounts of cash in pursuit of growth. Now that economic uncertainty is squeezing funding and WeWork’s epitomized the perils of placing expansion above profitability, the time has come for corporate mavens to take the reins, some argue.“It’s the coming-of-age” of Southeast Asia’s tech scene, said Paul Santos, managing partner at Singapore’s Wavemaker Partners. “It’s the end of an era of unbridled ambition and hopefully the beginning of a period of sustainable growth.”Read more: Indonesia’s Newest Unicorn Now Wants to Take on the Big BoysZaky is only the second founder-CEO to leave a Southeast Asian unicorn, following Gojek’s Nadiem Makarim, who became Indonesia’s education minister. While the former’s departure seemed sudden, it was the culmination of a gradual separation, the people said, asking not to be identified discussing internal matters.Some of Zaky’s decisions rankled investors. Bukalapak -- which means “open a stall” -- succeeded by becoming the go-to bazaar for shoppers seeking bargains. But a few years ago, in his zeal to bring more mom-and-pop stores into the network, Zaky pushed too hard for ever-lower prices, disrupting market pricing and upsetting some consumer brands, they said.Later, as Bukalapak expanded, Zaky grew ambitious and tried to take on rivals like SoftBank-backed Tokopedia and Alibaba Group Holding Ltd.’s Lazada by flogging pricier goods. Bukalapak backtracked when it realized it was getting too far away from its roots. Then in 2019, he incensed followers of popular Indonesian President Joko Widodo after tweeting that the government was spending too little on R&D and suggested a new leader might beef up the budget: UninstallBukalapak becoming a trending topic on Twitter.Discussions about a changing of the guard began long before that. Zaky had talked with his board about wanting to pursue his passion of helping young entrepreneurs. But that coincided with increasing pressure for the startup to turn a profit, one reason why it announced 10% job cuts. Directors felt that, while Zaky had been instrumental in Bukalapak’s early days, the company had outgrown him and proposed bringing on an experienced executive. In December, the board appointed a successor in Rachmat Kaimuddin, a former director of finance and planning at PT Bank Bukopin that Zaky himself and a co-founder recommended.“As startup capital raising and profitability come under pressure, we should expect to see more CEO exits. Not just for under-performance, but for other reasons that were ignored under hyper-growth,” said Suresh Shankar, founder and CEO of Singapore-based Crayon Data. “Travis-like (behavioral), Adam-like (financial engineering) or Moonves (CBS, alleged sexual misbehavior) exits will become more common. Sometimes one of these causes or the other will be used as the excuse, to make company under-performance seem more palatable.”Unlike Uber’s Travis Kalanick, Adam Neumann of WeWork or CBS’s Leslie Moonves (who denied allegations of impropriety), Zaky leaves Bukalapak with his reputation largely intact. He will remain an adviser to Bukalapak while chairing his own foundation to support startups.Read more: Indonesia’s Newest Startup Unicorn Taps Mom-and-Pop StoresBorn in central Java in 1986 to school teachers, Zaky got his first PC (an Intel 486) from his uncle at the age of 10 -- the only one in his village. By the time he got to high school, he was competing in national competitions, and eventually enrolled in the prestigious Bandung Institute of Technology. There, he met Nugroho Herucahyono, with whom he started Bukalapak in his dorm room. College friend Fajrin Rasyid left Boston Consulting Group to join them in 2011.By the end of the first year, they’d run out of money and considered throwing in the towel. Then a chance meeting with Japanese venture capitalist Takeshi Ebihara revived the startup (Zaky tagged along with a friend to a meeting.) To his surprise, Ebihara offered to invest in Bukalapak. He also provided early guidance to the founding team.One of the lessons was the importance of control. Zaky was cautious about raising too much money to avoid dilution. While Tokopedia and Grab raised billions, Bukalapak raised less than $500 million from investors including PT Elang Mahkota Teknologi, better known as Emtek, Singaporean sovereign fund GIC Pte and Jack Ma’s Ant Financial.“I want to make sure I have a large stake, like Mark Zuckerberg,” Zaky said in an interview in 2016 at Bukalapak’s offices in Jakarta, decorated with replicas of bird cages to convey the Asian bazaar aesthetic and slogans like “Get Sh*t Done.”Read more: Southeast Asia’s Internet Economy to Top $100 Billion This YearZaky’s and Makarim’s exits now presage a trend. “‘It’s not about you’,” Makarim wrote in his farewell email.In his own parting memo, Zaky counted professionalizing his company among his achievements. He recounted an incident in its early days when the website went down for days and no one was bothered. By mid-2019, when the company had 2 million mom-and-pop store partners and agents and more than 70 million active users, Bukalapak had executives to run finance, strategy and operations.“I remember our early years when our management style was still ‘dormitory’ style,” he wrote. “Over time, our management has become more modern.”\--With assistance from Harry Suhartono.To contact the reporter on this story: Yoolim Lee in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- While tech giants are canceling plans to attend Barcelona’s Mobile World Congress this month, smaller firms don’t see it as an option.The show, which draws more than 100,000 attendees from around the world, is a critical meeting place for founders looking to attract new investors or cement manufacturing deals. Big name dropouts from the conference this year are stacking up: Facebook Inc. and Cisco Systems Inc. on Tuesday joined Intel Corp., MediaTek Inc., Ericsson AB, Sony Corp. and others in saying they’d canceled plans to attend the show.U.K.-based FX Technology, which sells a smartphone with a slide-out physical keyboard, was relying on MWC to help it win publicity after recent news that BlackBerry-branded devices may no longer be manufactured.“We’re also fundraising so it’s important to meet potential investors and distributors,” said Adrian Li Mow Ching, co-founder of FX Technology. “We’re making every effort to go still.”Read More: Top Mobile Conference Nears Cancellation Due to CoronavirusUnlike their smaller rivals, larger exhibitors are aided by their ability to generate their own news away from MWC. Samsung Electronics Co. unveiled its new flagship phones at simultaneous events in San Francisco and London this week, well ahead of the Barcelona gathering.Some, including Sony, said instead they’ll launch their latest products via internet livestreams. Video-calling potential investors or distributors remains “our contingency plan,” Ching said.Robert Vis, chief executive officer of enterprise communications startup MessageBird, said MWC is “super important” as networking at the show “fundamentally drives our business.”The Amsterdam-based company competes with the likes of Twilio Inc., helping firms chat with customers via messaging apps, SMS and calls. To make this happen, Vis said MessageBird needs to forge and maintain thousands of relationships with businesses, software companies and mobile carriers.“I founded the company in 2011 and we used to go with three people and run 20 meetings a day,” he said. This year he’d expected to take 40 people and hold about 500 meetings, before deciding Wednesday to pull out.“We’re a 200 million-euro ($218 million) business and this is the event of the year from a carrier perspective,” he said. “But we just don’t want to take any risk in terms of our employee safety.”The GSMA, which organizes MWC, confirmed as recently as Wednesday that the event is still going ahead.If it doesn’t, there are travel, accommodation, exhibition booths and entertainment costs deep-pocketed tech companies can afford to absorb in ways startups can’t always.MessageBird’s booth costs about 750,000 euros, in addition to travel and accommodation. But, Vis said, employee safety was more important than the numbers.Less CompetitionEven before the virus scare, big companies globally have begun looking for ways to generate buzz for their products without hitting the conference circuit.Sony, the world’s biggest console maker, skipped last year’s E3 video-game conference for the first time in almost a quarter-century. It said at the time it would focus on “exploring new and familiar ways to engage our community” instead.IDC analyst Raquel de Condado Marques said that large companies, such as Samsung Electronics Co., could ultimately benefit if MWC was halted.“Smaller vendors that were planning to launch their phones at MWC were counting on the visibility they could earn,” she said. “Therefore, Samsung will benefit from the fact that some of its competitors will lose the spotlight that MWC could potentially cast on them.”ShowStoppers, a popular companion event to MWC and other tech conferences, such as the annual Consumer Electronics Show in Las Vegas, gives smaller companies an opportunity to meet industry insiders and journalists at evening networking events.Many smaller companies take booths at these evening gatherings, which draw hundreds of industry insiders and journalists with promises of early access to cool tech from the main show, peppered with food, drinks and networking.On Tuesday, its organizer, Steve Leon, said the event was still planned to go ahead.“ShowStoppers continues to monitor news and will follow health and safety advisories from the World Health Organization, Spanish authorities, GSMA, airlines and other organizations, and the Chinese and other governments,” he wrote in an email to attendees.\--With assistance from Vlad Savov.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editor responsible for this story: Giles Turner at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.The death toll from the coronavirus exceeded 1,000. Hubei, the province at the center of the outbreak, reported its highest number of fatalities yet and removed top officials. The disease caused by the new coronavirus has been officially named Covid-19.A first group of Americans evacuated from China are scheduled to be released from quarantine, and the U.S. State Department will allow non-essential personnel in Hong Kong to depart. A top U.S. health official raised questions about ongoing concerns of cruise ships with infections.Beijing said regions less hit by the disease should accelerate a resumption of industrial output and authorized Airbus SE to restart operations in Tianjin. The U.S. Federal Reserve singled out the crisis as among risks threatening the U.S. and world economy.Bloomberg is tracking the outbreak on the terminal and online.Key DevelopmentsChina death toll at 1,016, up by 108; confirmed cases at 42,638Hong Kong PolyU develops rapid diagnostic systemWireless event hangs by a thread as virus deters more companiesCourier services disrupted, wreaking havoc on commodities tradersWhen coronavirus hits a ship, it’s too late to batten down the hatchesJ&J Says It Will Accelerate Vaccine Work (4:34 p.m. NY)Drugmaker Johnson & Johnson will accelerate work on its attempts to develop a vaccine for the new coronavirus, expanding a collaboration with the U.S. government’s Biomedical Advanced Research and Development Authority, the company said in a statement. Under the agreement, J&J and Barda will share some R&D expenses, and J&J will will work to expand production capabilities for a potential vaccine.U.S. Raises Travel Advisory for Hong Kong (3:20 p.m. NY)The U.S. State Department raised its travel advisory for Hong Kong to level 2, which means travelers should exercise increased caution.“The Hong Kong government has reported cases of the novel coronavirus in its special administrative region, has upgraded its response level to emergency, its highest response level, and is taking other steps to manage the novel coronavirus outbreak,” the department said.Last month, the U.S. raised the advisory for mainland China to level 4, the highest designation, which means do not travel.American Airlines Extends Flight Suspensions (1 p.m. NY)American Airlines Group Inc. on Tuesday extended the suspension of U.S. flights to Shanghai and Beijing and between Los Angeles and Hong Kong through April 24.The suspension is about a month longer than planned because of an ongoing decline in demand, said the airline. The carrier also said it won’t fly between Dallas-Fort Worth and Hong Kong until at least April 24, about two months longer than it originally expected, for the same reason.U.S. Health Official Raises Concerns About Cruise Ship (12:19 p.m. NY)A top U.S. health official said that quarantining large numbers of people on cruise ships to contain cases of the coronavirus may present issues.“The increased cases count is making authorities really look critically at what is the safest thing,” said Anne Schuchat, principal deputy director of the Centers for Disease Control and Prevention, during a press event Tuesday in Washington.Several cruise ships have been quarantined or turned away from ports because of concerns about infections on board. Some older cruise passengers can be at particular risk of complications from the virus.First Quarantined American Evacuees to Be Released (10:30 a.m. NY)A first group of Americans who were quarantined after being repatriated from the center of the outbreak in China are expected to be released Tuesday, Anne Schuchat, principal deputy director of the U.S. Centers for Disease Control and Prevention, said at a press conference Tuesday.Health workers are doing final checks to make sure none of the people are showing symptoms.The U.S. has been putting those evaluated from the outbreak into quarantines of at least 14 days, part of a broad set of measures to stop potential spread of the virus by returning Americans and their family members. A first group of about 200 Americans was repatriated last month, and the U.S. has been running quarantine centers at military bases.State Department to Let Some Hong Kong Staff Depart (10:25 a.m. NY)The U.S. State Department will let non-essential diplomats and their families based in Hong Kong leave if they want to, amid growing fears about the spread of the coronavirus there.Hong Kong consular staff and their families aren’t required to leave, a State Department spokesperson said Tuesday, speaking on condition of anonymity. The move is being taken out of an abundance of caution and the consulate will remain open, the person said. Nevertheless, the decision is likely to be closely reviewed by other countries and businesses as they plan how to gauge their response to the outbreak.The State Department move comes as the number of cases in Hong Kong continues to grow, with at least 49 confirmed infections and one death. The U.S. shut its consulate in Wuhan, China, the center of the outbreak, and has allowed diplomats and family members to leave other outposts in China if they wish.Disease Is Officially Named Covid-19, WHO Says (10:10 a.m. NY)The disease cause by the new coronavirus that emerged in Wuhan, China, has been officially named Covid-19, the World Health Organization said at a press conference Tuesday in Geneva.The pathogen itself has gone by the designation 2019-nCoV. WHO Director-General Tedros Adhanom Ghebreyesus said that naming the disease it causes was important, and that the group had been conscious about not picking a name that could be inaccurate or stigmatizing.Powell Says Risks to Outlook Remain as Fed Monitors Coronavirus (8:30 a.m. NY)Federal Reserve Chairman Jerome Powell said the bank is monitoring the fallout from the deadly outbreak, “which could lead to disruptions in China that spill over to the rest of the global economy.“Airbus to Restart Production in Tianjin (7:50 a.m. NY)European planemaker says it has been authorized by Chinese authorities to restart operations at its final-assembly line in Tianjin. The company said this will allow it to gradually increase production “while implementing all required health and safety measures for Airbus employees.”Airbus had said Wednesday the assembly line was closed following government advice. The Tianjin plant produces about six narrow-body aircraft per month, or about 10% of Airbus’s total narrow-body output.Under Armour, Moncler Warn on Coronavirus Impact (7:27 a.m. NY)Moncler, the Italian maker of down jackets, and Under Armour became the latest companies to feel the effects of the coronavirus, echoing comments from Canada Goose Holdings Inc. and Burberry Group Plc.Milan-based Moncler said it has taken “significant and urgent” measures to deal with the epidemic -- including postponing some projects and investments -- but warned it was difficult to forecast the effects on 2020 results.Under Armour said the virus would lead to $50 million to $60 million in lost sales in the first quarter of 2020 and warned of a larger impact beyond the period.H.K. PolyU Develops Rapid Diagnostic System (6:17 p.m. HK)The system can identify 30 to 40 pathogens including the novel coronavirus, severe acute respiratory syndrome and Middle East respiratory syndrome in one single test and in about an hour, the Hong Kong Polytechnic University said.China Lets Local Governments Sell More Debt Early (6:08 p.m. HK)China will allow local governments to sell another 848 billion yuan ($122 billion) of debt before March, as authorities seek to offset the economic shock of the coronavirus.The new quota includes 558 billion yuan of local government debt as well as 290 billion yuan of so-called special debt, according to a Ministry of Finance statement Tuesday. The latter is mainly used to finance local infrastructure projects like highways and health facilities.The second batch of early-approved local debt quota by the Chinese authorities indicates a strong government intention to accelerate the recovery of economic activity amid the coronavirus. We now see a higher chance of the overall fiscal deficit widening while more stimulus measures get launched to cushion the impact.\-- David Qu and Chang Shu, Bloomberg Economics; Click here to view the researchChina May Delay U.S. Farm Purchase Target (5:23 p.m. HK)The coronavirus outbreak may delay the implementation of U.S. farm good purchases as part of the phase one trade deal, but they will likely be fulfilled by the end of the year, according to China’s agriculture ministry outlook committee.Two Japan Evacuees Get Virus After First Testing Negative (5:12 p.m. HK)Two Japanese men who were evacuated from Wuhan late last month have tested positive for the novel coronavirus after initially being cleared of the deadly disease, the health ministry said.The cases bring total infections in Japan to 28, excluding 135 on a cruise ship under quarantine in Yokohama. Both men had tested negative on Jan. 30 after they returned from the Chinese city on a government-chartered flight.China Urges Farmers to Wear Masks While Planting (5:11 p.m. HK)China is asking its farmers to wear face masks to prevent the spread of the virus while urging them not to miss the spring planting season.The agriculture ministry issued a notice on Monday advising farmers to wash hands and wear masks, but still prepare for planting. It also asked local villages not to block roads to ensure the timely arrival and transport of seeds, pesticides and other farming equipment.Indonesia’s Jokowi Orders Spending Spree (4:50 p.m. HK)Indonesian President Joko Widodo has called for fiscal stimulus to be accelerated in a bid to shield Southeast Asia’s biggest economy from the coronavirus crisis.While Indonesia is yet to record a single case of the deadly virus, officials have become increasingly worried about the economic impact. China is Indonesia’s biggest trading partner and its top export destination.China Starts Handing Out ‘Force Majeure’ Slips (4:49 p.m. HK)Huida Manufacturing (Huzhou) Co. became one of the earliest known companies to obtain a “force majeure” certificate in China that may help it avoid penalties for breaching contractual obligations.The China Council for the Promotion of International Trade said it issued the certificate on Feb. 2. More companies have since received the document.China Pushes Big Companies to Meet Output Targets (4:15 p.m. HK)China is urging the nation’s biggest companies to meet production targets despite the challenges presented by the coronavirus epidemic, as firms begin to restart plants that have been idled for weeks.Regions that are less hit should accelerate the resumption of production, according to a nationally televised conference held by Ministry of Industry and Information Technology. The ministry said it was “very urgent” to resume industrial production and stabilize expectations.The impact to China’s economy from the coronavirus will be short-term and won’t derail its longer term improvement, CCTV reported Monday, citing President Xi Jinping. China will strengthen controls on economic operations and monitor employment to avoid large-scale layoffs, it said.Xi told local officials during a Feb. 3 meeting of the Politburo’s Standing Committee that efforts to contain the virus had gone too far and threatened its economy, Reuters reported Tuesday, citing unidentified people familiar with the meeting.Dalio Says Market Impact Is ‘Exaggerated’ (3:57 p.m. HK)Investor concerns over the pandemic “probably had a bit of an exaggerated effect on the pricing of assets because of the temporary nature of that, so I would expect more of a rebound,” Ray Dalio, the billionaire founder of Bridgewater Associates, said at a conference in Abu Dhabi. “It most likely will be something that in another year or two will be well beyond what everyone will be talking about.”Virus Likely Cost China’s Retail and Food Sectors Billions (3:54 p.m. HK)The outbreak of coronavirus may have cost China’s retail and food service sectors billions of dollars in sales during the Lunar New Year week, according to a leading food and agricultural bank.Revenue lost in both retail and food services during the Lunar New Year week could range from 20% to 80%, representing a fall of $31 billion to $124 billion, as major chains shuttered stores across the country, Rabobank said in a report.Chipmakers Skip Premier Mobile Show on Virus Fears (3:27 p.m. HK)Intel Corp. and MediaTek Inc. have pulled out of Mobile World Congress, joining a list of marquee names skipping the wireless industry’s biggest annual showcase because of concerns about the spread of the novel coronavirus.Fellow tech giants Ericsson AB, Sony Corp. and LG Electronics Inc. have already withdrawn from the conference scheduled to kick off in Barcelona’s Fira Gran Via on Feb. 24. The growing number of cancellations has called into question an event at which smartphone and networking companies from Huawei Technologies Co. to Samsung Electronics Co. show off their wares and launch new products.The GSMA, which organizes the gathering, said it’s going ahead irrespective of the cancellations, though it’s requiring attendees to prove they’ve not set foot in mainland China in the two weeks prior to showing up.China Stats Bureau to Survey Economic Impact (3:23 p.m. HK)China’s National Bureau of Statistics will conduct a special survey on the economy amid the coronavirus epidemic and analyze the outbreak’s impact, according to a statement. The bureau will use data from the survey to advise the government on the resumption of production as well as the success of coronavirus control efforts.South Korea Advises Avoiding Japan, Singapore (2:48 p.m. HK)South Korea’s health ministry advised citizens to minimize travel to countries with confirmed cases of novel coronavirus, including Singapore, Japan, Malaysia, Vietnam, Thailand and Taiwan, according to a ministry statement. South Korea will strengthen quarantine screening on entrants from Hong Kong and Macau.China Home Sales Plunge Due to Virus (1:29 p.m. HK)Home sales in China have been dealt a huge blow by the spreading coronavirus, with figures showing transactions plunged in the first week of February. New apartment sales dropped 90% from the same period of 2019, according to preliminary data on 36 cities compiled by China Merchants Securities Co. Sales of existing homes plummeted 91% in eight cities where data is available.CDC Confirms 13th Case in the U.S. (11:38 a.m. HK)The Centers for Disease Control and Prevention confirmed another case of coronavirus in California, bringing the number in the U.S. to 13.The latest patient is in San Diego, and was among citizens evacuated from Wuhan to the U.S. and under quarantine. The CDC said it is conducting an investigation to determine the patient’s contacts and assess if they had high risk exposure.Hong Kong Won’t Enact Mask Laws (11:12 a.m. HK)Hong Kong authorities have no plans to enact laws regulating the city’s supply of surgical masks, Chief Executive Carrie Lam told reporters at a weekly briefing.Lam has faced criticism from the public in recent days as a mask shortage sent people scrambling to form long lines at pharmacies, while residents distrustful of her administration after months of pro-democracy protests staged a run on toilet paper. She urged Hong Kongers to reduce their number of social interactions as the city works to ward off a wider outbreak.Lam said the government wasn’t calling for compulsory closures, “because Hong Kong is a free society” and business operators were already taking strong precautionary measures.Singapore Sees Up to 30% Drop in Tourism (10:32 a.m. HK)Singapore could see a 25% to 30% decline in tourist arrivals and spending this year because of the coronavirus outbreak, as the industry braces for a worse impact than the 2003 SARS pandemic, the city’s tourism chief said.The city-state is losing about 18,000 to 20,000 tourists a day, and the figures could plummet further if the situation persists for longer, Keith Tan, chief executive of Singapore Tourism Board, said in an interview with Bloomberg TV.China accounts for about 20% of Singapore’s tourism intake, the biggest source of visitors ahead of Indonesia and India. China’s ban on outbound tour groups and Singapore’s move to bar Chinese nationals from entering has led to an “evaporation” of a key source of revenue, Tan said.China’s Hubei Province Removes Top Health Officials (9:04 a.m. HK)China’s Hubei province at the center of the virus outbreak has removed health commission head Liu Yingzi and party chief Zhang Jin from their posts, state-run CCTV reported.Criticism has mounted over China’s transparency and speed in handling the epidemic. The government’s struggle to stem the outbreak has fueled concerns about President Xi Jinping’s efforts to centralize power since taking office, with officials pointing fingers over who’s to blame for the spread of the illness.The death last week of a 34-year-old doctor, Li Wenliang, who was sanctioned by local authorities after warning about the disease, unleashed a torrent of grief and anger on social media.Thailand Says Ship Won’t Be Allowed to Disembark (8:56 a.m. HK)Passengers from a ship that has been blocked from other ports due to virus concerns won’t be given permission to disembark in Thailand. The Westerdam cruise ship, operated by Carnival Corp.’s Holland America, has been refused entry by a number of nations over fears that passengers may be carrying the coronavirus.The ship departed Hong Kong on Feb. 1 with 1,455 passengers and 802 crew. It is set to arrive at a port near Bangkok on Thursday, and checks with health authorities indicate there is “no reason to believe there are any cases of coronavirus on board the ship,” Holland America said in a statement Monday.China Death Toll at 1,016 (8:17 a.m. HK)The death toll in China from the coronavirus rose to 1,016, with the addition of 108 fatalities for Feb. 10, according to the National Health Commission. Hubei, the province at the center of the outbreak, reported 103 more deaths, its highest daily count so far.While the total confirmed cases in mainland China climbed to 42,638, Hubei reported 2,097 new infections, the smallest daily increase since Feb. 1.Two additional deaths have occurred outside of mainland China: one in Hong Kong and the other in the Philippines.(An earlier update was corrected to clarify that new name is for the disease, not the virus, in the item from 10:10 a.m. NY time)\--With assistance from Isabel Reynolds, Dominic Lau, Simon Lee, Cecilia Yap, Josh Wingrove, Karen Leigh, Nicolas Parasie, Ainslie Chandler, Ian King, Stephen Tan, John Lauerman and Nick Wadhams.To contact Bloomberg News staff for this story: Michelle Fay Cortez in Minneapolis at firstname.lastname@example.org;Robert Langreth in New York at email@example.com;Li Liu in Beijing at firstname.lastname@example.org;Drew Armstrong in New York at email@example.comTo contact the editors responsible for this story: Rachel Chang at firstname.lastname@example.org, ;Drew Armstrong at email@example.com, Jeff Sutherland, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Feb 11 (Reuters) - Cisco Systems Inc on Tuesday became the latest heavyweight technology company to pull out of the Mobile World Congress (MWC) in Barcelona due to the coronavirus outbreak.
Zacks.com featured highlights include: KB Home, Morgan Stanley, Clearway Energy, Booz Allen Hamilton and Intel
Wall Street has been able to sustain its longest bull run amid coronavirus outbreak. The technology stocks have primarily propelled the impressive bull run.