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Markets in Asia Trade Lower on Poor Wall Street Lead | US Market Buzz
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Markets in Asia Trade Lower on Poor Wall Street Lead



Stock markets in Asia are trading much lower with most of the investors participating in heavy selling of many front line stocks, as per the tracking of Wall Street in which stocks were seen tumbling last Friday amid disappointing reports of earnings. In the markets of Australia, energy, healthcare and mining are some of the biggest losers. Property, industrial and financial trusts stocks were also seen trading weak.

The S&P/ASX 200 index, which was declining to reach 4,522.7 during early trades, is at the moment down by 30.7 points or 0.7% at 4,540.4. The All Ordinaries index is also down 29.8 points or 0.6% at 4,563.7, which is around 20 points lower than the lowest of the day 4,545.9. Among different bank stocks, National Australia Bank was recorded down around 1% and WBK is also trading 1.2% low, while Commonwealth Bank of Australia and NZ plunged marginally. Bendigo & Adelaide Bank contracted 0.6% and on the other hand Bank of Queensland was seen trading flat.

Top miners Rio Tinto and BHP Billiton plunged 2.2% and 1% respectively. Moving over to the energy sector, Santo, Wood side Petroleum Oil Search and Caltex Australia also traded lesser by 0.6% to 1.2%. Origin Energy, on the other hand, is improving the ongoing trend and is marginally up.

Shares of Treasury Wine Estates are also down by over 6% after the company lowered its forecast after 2 consecutive quarters of slow performance. The company states that its earnings during its first half of the current financial year might be 20% lesser, against its earnings during the same period in last year. Fortescue Metals, Aurora Oil & Gas, James Hardie Industries, Primary Healthcare, White haven Coal, Iluka Resources, Oz Minerals and SP Ausnet are all down by 2% to 2.6%.

Blue scope Steel, PanAust, Challenger and Worley Parsons, QBE Insurance Group, ResMed (RMD) and News Corporation (NWS) were also seen recording very low. Fairfax Media increased 3.5% and Perseus Mining is also trading around 2% higher. Grain corp on the other hand is scoring heavy profit at 40%.

Grain corp has already announced about it reviewing a big takeover offer of A$2.7 billion from Archer Daniel Midlands, one of the leading American agribusinesses. The company confirmed that it had got an indication of a non-binding proposal of acquisition from ADM. This happened after the American company increased the stakes in the business in Australia to 14.9%.

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Top 3 Gainers: Zynga (NASDAQ:ZNGA), Eros International (NYSE:EROS), Borqs Technologies’ (BRQS)




Zynga (NASDAQ:ZNGA) is up 2.5% after Benchmark reiterated its Buy rating in a look-ahead at Q2 earnings. The firm’s expecting a beat and solid guidance for Q3, and it’s raising its guidance for the fiscal year.

Tailwinds from the pandemic won’t dissipate easily, Benchmark suggests, and the videogame maker’s acquisition of Peak (and with it new “forever franchises” in Toon Blast and Toy Blast) will drive audience, bookings, margins and free cash flow, it says. The firm has an $11 price target, now implying 14% upside.

Eros International (NYSE:EROS) is up 5.8% today, making up the last week’s lost ground, after news that its streaming service Eros Now is partnering with Sony India (SNE +2.3%).

That will mean Eros Now’s app is pre-installed on selected Sony smart televisions in India, along with availability on a large base of existing models (Bravia E series and newer).

The country over the past year has seen a 25% growth in demand for smart TVs, fueled by overall industry growth of 15%, to a record 15M units/year.

Borqs Technologies’ (BRQS) personal safety tracker sees strong market with increased orders from the electronics retail chain in the US.

The boost in product demand comes ahead coronavirus pandemic that provides company to expect delivery of 250K units this year. It reflects over 3x the volume delivered in 2019, the year of its launch.

Borqs’ mobile personal safety devices designed particularly for senior citizens come with panic button, location tracking, and fall detection.

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Biotech movers: Pfizer Inc. (PFE), Celgene Corporation (CELG)



Pfizer Inc. (PFE) said on Thursday it received a request for documents as part of a U.S. investigation related to quality issues involving the manufacture of auto-injectors at its Meridian Medical Technologies site.

Pfizer, in a regulatory filing, said it would be producing records in response to the civil investigative demand from the U.S. Attorney’s office for the Southern District of New York.

Why ASDN Could Massively Outperform PFE in 2019

Meridian, a unit of Pfizer that manufactures EpiPen injectors used to deliver an emergency allergy antidote, has been hit by a series of manufacturing problems in recent years. Mylan NV, which markets EpiPens, has recalled tens of thousands of the devices after complaints that some had failed to activate.

Bristol-Myers Squibb has been meeting with shareholders in Boston and New York over the last two weeks to try to salvage its $74 billion purchase of cancer drugmaker Celgene Corporation (CELG), the biggest acquisition announced so far this year.

Why Investors Are Calling ASDN the CELG of the Sky!

The deal, announced in January, was hard sell to Bristol shareholders from the start. The acquisition adds about $32 billion in fresh debt to Bristol’s balance sheet while assuming $20 billion in Celgene’s debt, the companies said at the time. After factoring in debt, the acquisition was the largest health-care deal on record, according to data compiled by Refinitiv.

Now, hedge funds Wellington Management and Starboard Value say the deal doesn’t sit well with them. Bristol has sent executives to New York to meet with institutional investors several times over the last two weeks and met with investors in Boston on Wednesday and Thursday, according to a person who briefed on the meetings.

Bristol-Myers declined to comment.

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Big Losers: Corbus Pharmaceuticals Holdings, Inc. (CRBP), Petróleo Brasileiro S.A. – Petrobras (PBR)



Corbus Pharmaceuticals Holdings, Inc. (CRBP)’s shares slumped as much as 16% to $6.94 on huge volume. The stock has been showing intense sell off suddenly after a bearish article on seekingalph.com by Alpha Exposure.

The article stated that Corbus has ties to investors convicted of or alleged to have committed securities fraud. We believe lenabasum has failed its major trials in SSc and CF. Lenabasum was also denied Breakthrough Therapy Designation in SSc. We believe lenabasum will fail in its pivotal SSc and Phase 2b CF trials. We are short Corbus with a price target of $0.50.

Wow the future of Autonomous flight is finally here with the launch of ASDN passenger drone Elroy

Petróleo Brasileiro S.A. – Petrobras (PBR) is expanding its ambitious divestment program and has “bold” plans for sales, the Brazilian state-run oil company’s chief executive said after the firm posted its first annual profit in five years.

On a conference call with analysts to discuss fourth-quarter results, CEO Roberto Castello Branco said selling non-core assets will be key to deleveraging.

Petrobras, as the company is known, can reduce its ratio of net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, to 1.5 or even to 1, he added.

The University of Chicago-educated CEO, who took the reins in early January, has long been vocal about the need to slim down the sprawling firm and focus on core activities such as exploration and production. Thursday’s comments were some of his most assertive on the matter.

Why Investors Are Calling ASDN the TPC of the Sky!

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