Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs.
Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close.
The firm said COVID-19 continues to accelerate the trend towards video streaming services.
Goldman Sachs said Netflix is a prime beneficiary of that trend.
On Friday, Goldman Sachs lifted its 2020 S&P 500 earnings-per-share estimate. The move comes after better-than-expected second-quarter results. Business Insider reports that Goldman expects 2020 S&P 500 EPS of $130, from $115. That's about 21% lower than 2019. Goldman also thinks S&P 500 earnings will surge 30%, to $170 per share in 2021. The estimate is tied to Goldman's economic growth outlook.
Reuters / Shannon Stapleton David Solomon, CEO of Goldman Sachs, says the US economy still has jobs to shed. The comments come after May unemployment figures showed a slight uptick in employment after mass layoffs due to the coronavirus. "All businesses are learning and seeing ways where there are efficiencies," he said, speaking of companies broadly and not just banks.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
While spot gold tumbled the most it has in seven years on Tuesday, the commodity whipsawed on Wednesday. According to Business Insider, spot gold dropped as much as 2.6% below $1,900 per ounce before gaining as much as 2% through the morning. Analysts had been warning of gold turning overbought. However, some now view Tuesday's plunge as too steep. T A popular gauge of gold exchange-traded fund volatility, Cboe's GVZ index has nearly doubled over the past month.
IBM is building a cloud for Financial Services. BNP Paribas will come on board as the anchor client for the services. IBM is in discussions with Japan's Mitsubishi UFJ Financial Group (MUFG) to explore how it can adopt the IBM Cloud for Financial Services. Business Insider report that this marks a milestone in the modernization of the global financial industry. IBM Cloud for Financial Services is the world's first product of its kind.
Brooks Brothers announced that Authentic Brands Group and SPARC Group LLC were the winning bidders for the suiting company. Business Insider reports that Brooks Brothers filed for Chapter 11 bankruptcy last month. ABG and SPARC increased its initial offer of $305 million to $325 million. They agreed to keep at least 125 retail locations operating. The group have previously worked together to purchase distressed retailers like Aeropostale and Juicy Couture.
On Wednesday, Tesla stock rallied as much as 7% in early trading. According to Business Insider the boost comes after the company revealed a five-for-one stock split scheduled for August 28. Every Tesla shareholder will receive four additional shares that, when added to their existing share, will equal the stock's pre-split value. The split itself won't change Tesla's market cap. However, it may pull in smaller investors who couldn't previously afford shares.
Italy's richest family is the Ferraro family. They founded confectionery giant Ferrero Group. The company is run by Giovanni Ferrero. Under his guidance the value of assets acquired through his CTH holding company increase by 40% last year. Business Insider reports this was partly due to CTH's $300 million purchase of Danish cookie business Kelsen Group last year.
A full dress rehearsal of Independence Day was held at the Red Fort here amid COVID-19 and tight security on August 13. Soldiers from the Army, Navy and Air Force and security force personnel participated in the rehearsal for the 74th Independence Day celebrations at the main event here. In the view to contain the spread of COVID-19, social distancing, wearing masks, proper sensitization avoiding large congregations and follow all COVID guidelines issues by MHA. The events organised could be web-cast in order to reach out people at large, who are not able to participate. Prime Minister Narendra Modi will hoist the Tricolour flag at Red Fort to mark the Independence Day on August 15 and address the nation from its ramparts. It will be his second Independence Day speech of second consecutive term in office. Security measures have been intensified in and around Delhi's Red fort ahead of the event.
From protests over civil liberties in the United States to illegal parties, there are instances around the world of people shunning virus containment measures. Megan Revell explores some of the psychological drivers to COVID-19 rule-breaking.
India on August 13 reported 66,999 COVID-19 cases in the last 24 hours. 942 people lost their lives because of pandemic yesterday. According to Ministry of Health, the COVID19 tally rises to 23,96,638 including 6,53,622 active cases in the country. 8,30,391 samples tested on August 12. The total number of 2,68,45,688 samples tested up to August 12,informed Indian Council of Medical Research (ICMR).
"The whole world got to see it play out," says Nadia Jagessar, the breakout star of the Netflix dating series "Indian Matchmaking." She sat down with Page Six for an exclusive interview, in which she..