Samaritan's Purse, in Collaboration with Mount Sinai Health System, Opens Emergency Field Hospital in New York's Central Park in Response to the Coronavirus PandemicPR NewswireNEW YORK, April 1, 2020International Christian Relief Organization Responds at Epicenter in U. and ItalyNEW YORK, April 1, 2020 /PRNewswire/ -- Samaritan's Purse is opening an Emergency Field Hospital in Central Park adjacent to The Mount Sinai Hospital, the main facility of the Mount Sinai Health System to provide additional specialized care for victims of the COVID-19 pandemic.
(Bloomberg) -- Oil company executives reeling from a massive drop in prices were set to meet with President Donald Trump Friday as the administration seeks ways to help the beleaguered industry.The meeting, which was confirmed by the American Petroleum Institute comes just as Saudi Arabia unleashes a record volume of crude into the already-glutted global oil market, escalating a price war with Russia. Trump, who once hailed the unprecedented plunge in oil prices as a “tax cut” for American consumers, has stepped up efforts in recent days to intervene as the rout threatens to wipe out tens of thousands of jobs in America’s shale patch.Executives from companies such as Exxon Mobil Corp. Chevron Corp., Occidental Petroleum Corp. and Continental Resources Inc. are expected to attend, according to people familiar with the meeting who asked not to be named to discuss non-public matters.Among the topics expected to be discussed are possible tariffs on oil imports into the U.S. from Saudi Arabia, and relief from the Jones Act that requires ships that transport goods between U.S. ports to be American flagged, according to one of the people familiar.Representatives of the White House did not immediately comment.Attendees represent companies across the oil industry, including independent producers such as Continental and Devon Energy Corp., at least one midstream pipeline operator, Energy Transfer Partners, and one refiner, Phillips 66, according to another person familiar with the meeting. Representatives of the American Petroleum Institute are also attending the meeting.No independent offshore oil producers were invited to the summit. And no European oil majors, even those with substantial U.S. operations are invited, so Royal Dutch Shell Plc, BP Plc, Equinor ASA and others are left out.The companies have advanced widely varying prescriptions for dealing with the glut of crude fed by the Russia-Saudi oil price war and collapsing demand from the coronavirus.Oil majors such as Exxon and Chevron for instance have typically opposed any kind of government intervention in crude markets including tariffs and mandated production cuts. With better access to capital and diversification of businesses, they’re more resilient than smaller operators to ride out the rout.But some U.S. independent explorers, whose tenacity and technological innovation began the shale oil revolution, argue that such low crude prices risk killing the America’s domestic industry, leaving the country dependent on foreign producers once again.Continental Resources Chairman Harold Hamm has urged the U.S. impose tariffs on Saudi and Russian crude, while several oil industry trade groups and refiners have warned against that step. The American Petroleum Institute has asked the White House to find a diplomatic solution. The American Exploration and Production Council previously floated the Jones Act waiver.“Natural gas and oil will be critical to our nation’s economic recovery, and the industry’s message to the administration is sharing actions it is taking during this challenging time and highlighting that history has proven that markets work,” the American Petroleum Institute said in an emailed statement. “We are not seeking any government subsidies or industry-specific intervention to address the recent market downturn at this time.”Texas Railroad Commissioner Ryan Sitton, one of three regulators in the largest oil-producing state, says Trump should offer that the U.S. cut production at home for matching reductions from Saudi Arabia and Russia.(Adds more on positions of attendees, beginning with seventh paragraph)For 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.
PPGNY is proud to launch virtual health care services to connect patients to our trusted providers without having to visit a health center. Patients can now access a range of sexual and reproductive health services -- including birth control, emergency contraception, trans/nonbinary hormone therapy, STI treatment, and more by secure video conferencing and telephone.
EmpiRx Health, a healthcare company that offers self-insured employers a full suite of pharmacy benefit management services and specializes in cost containment, today announced it received a 2020 Validation Institute Health Value Award in the Pharmacy Benefits Management category.
Anthony Levandowski, the star self-driving car engineer who was at the center of a trade secrets lawsuit, has filed a motion to compel Uber into arbitration in the hopes that his former employee will have to shoulder the cost of at least part of the $179 million judgment against him. The motion to compel arbitration filed this week is part of Levandowski's bankruptcy proceedings. It's the latest chapter in a long and winding legal saga that has entangled Uber and Waymo, the former Google self-driving project that is now a business under Alphabet.
BroadPoint Inc., a leading provider of business application solutions and services for membership and non-profit organizations, showcased its iContests a Cinch app at Advanced Solution International (ASI)'s 2020 iMIS App Challenge.
(Bloomberg) -- Amid all the economic despair in the age of coronavirus, there is still something about the promise of sky-high returns that the American investor finds irresistible.Cruise line operator Carnival Corp. proved that Wednesday when investors clamored to buy a new $4 billion bond sale that would pay interest of 11.5%, one of the highest coupons ever offered, particularly by an investment-grade rated company. Demand was so frenzied -- as high as around $17 billion -- that Carnival was able to cut the coupon and increase the original size of the offering by an extra $1 billion, according to people familiar with the situation.Even with the economy spinning down, corporations around the globe have been able to tap the bond market to raise record amounts from investors in recent weeks. While executives are looking to stay liquid, investors’ confidence was buoyed by the trillions of dollars the Federal Reserve and other central banks are spending to buttress their economies.The demand for Carnival’s bonds was especially notable because investors have largely shunned riskier firms. Its business has been ravaged by the virus and investors still can’t be sure when the company will sail again. Appropriately enough, the majority of orders for Carnival’s offering are from junk-bond accounts.Yields that approach Carnival’s heights are usually seen only on the riskiest types of junk bonds, such as those issued from holding companies that are further removed from real assets or those that give borrowers the option to delay cash interest payments.A flurry of other bond deals Wednesday continued a strong performance for much of March, with 11 new investment-grade dollar deals, and T-Mobile is marketing a potential $10 billion offering for its acquisition of Sprint Corp. Europe had 17 new deals, its busiest day since January, including Tiffany buyer LVMH and Absolut Vodka maker Pernod Ricard SA.Overall in March, U.S. investment-grade issuance topped $259 billion for a new monthly record, while European supply passed 135 billion euros ($148 billion), the most since 2016. Asia’s dollar market was quiet for most of the month, though Chinese internet search giant Baidu Inc. announced a deal to start April.Still, returns were dismal. Even with the Fed’s help fueling a late stage rally, March was still the worst month for returns since the end of 2008, with U.S. high-yield down 11.5% and investment grade dropping 7.1%. The European index lost 6.9% in March, its biggest loss ever. Spreads on top-rated Asian dollar bonds ended the first quarter 146 basis points wider, the worst blowout since 2009.“We expect issuance to continue as corporates look to bolster liquidity,” said Henrik Johnsson, co-head of capital markets at Deutsche Bank AG. “The long term effect of all this debt is hard to quantify.”U.S.CDX has indicated a rough tone through Wednesday as President Donald Trump told the U.S. to brace for one of its toughest stretches as a nation, with the death toll from the virus projected to potentially top 200,000. After a slow start, borrowers quickly came forward to put 11 new deals in the market.T-Mobile has hired banks to market its secured bond offering to investors, which may be in dollars and/or euros with maturities ranging from five to 40 yearsCarnival is expected to wrap up its $4 billion bond sale today, after boosting the dollar component, dropping the euro tranche and getting a two-notch downgrade from Moody’s late TuesdayAB InBev is testing investor demand with a four-part offering of maturities due between 10 and 40 years, capitalizing on interest lately in the long end. It sold 4.5 billion euros of bonds Monday, and may need to cut its dividend to preserve ratingsFor deal updates, click here for the New Issue MonitorOil producer Whiting Petroleum filed for bankruptcy, the first big casualty of a global collapse in crude prices that’s leaving debt-laden shale explorers struggling to surviveEuropeSeventeen deals priced Wednesday in the primary market’s busiest day for more than two months, totaling 26.8 billion euros. It follows the best-ever quarter for debt sales, with more than 510 billion euros priced, mainly reflecting huge volumes at the start of the year, and lots of reverse Yankee issuance.Borrowers including LVMH Moet Hennessy Louis Vuitton SE and Absolut Vodka maker Pernod Ricard SA are leading a calendar set to price 26.57 billion eurosInvestors have thrown almost 100 billion euros worth of cash at today’s deals, according to data compiled by Bloomberg, led by demand for offerings from Portugal, Total Capital International SA, a euro green note offered by Spain’s Iberdrola Finanzas SA, LVMH and Pernod RicardSpreads on euro IG company bonds remain elevated but have fallen about 8 basis points from multi-year highs reached on March 24, according to a Bloomberg Barclays indexSpanish bankers and lawyers are bracing for a steep surge in insolvencies, amid the country’s rising death toll and strict lockdown measures. Prime Minister Pedro Sanchez has announced 117 billion euros of fiscal stimulus, but some business leaders say aspects of the government’s response risk making things worseEuropean banks may get more time to meet loss-absorbing debt targets, the euro-area’s Single Resolution Board said. It’s ready to adapt transition periods and interim targets to help them deal with the coronavirus falloutAsiaThe rebound in global bond sales in recent weeks has so far eluded Asia. After record issuance in January, sales of dollar securities by the region’s issuers, including financials and sovereigns, sputtered in the first quarter, totaling about $86 billion, up only about 3% on the year-earlier periodOne reason for that is that unprecedented stimulus from the Federal Reserve and European Central Bank has had more direct benefits in the U.S. and European marketsAnother factor is that Asian companies have been able to tap local-currency markets. Chinese companies sold a record amount of domestic bonds in March, for example, after Beijing flooded markets with cashBut there have been signs in recent days that more borrowers may offer dollar debt. Chinese tech giant Baidu Inc. was marketing an offering WednesdaySpreads on top-rated Asian dollar bonds were 10-20 basis points wider Wednesday, according to traders. They ended the first quarter 146 basis points wider, the worst blow-out in a Bloomberg Barclays index going back to 2009For 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.
Senators Patrick Leahy (D., Vt.) and Mike Lee (R., Utah) said Wednesday that “damning” evidence of widespread FISA abuse uncovered in an ongoing audit of the FBI’s application process proves that “our work is not done” as the Senate prepares to consider an extension of expiring FISA powers in the coming months.In light of a report released Tuesday showing systemic abuses within the foreign surveillance process, Leahy and Lee announced that they will propose an amendment to “ensure” that government agencies hand over all evidence — including potentially exculpatory evidence — in future FISA applications. The amendment will be added to the “USA FREEDOM Extension and Amici Curiae Reform Act,” which Lee and Leahy introduced last month to enact “significant” reforms of the FISA legal adviser process, including the appointment of an a special expert in privacy and civil liberties to help boost protections for U.S. citizens.“The FBI appears to have a widespread problem in failing to disclose all of the exculpatory evidence in its possession to the FISA court. The disclosure of all exculpatory information to a court is one of the most basic due process rights guaranteed to all Americans, regardless of whether the court operates in the open or behind closed doors,” the senators said in a joint statement.The new report from Justice Department Inspector General Michael Horowitz found that an initial review of the Bureau’s transparency measures in 29 FISA applications involving U.S. citizens all included “apparent errors or inadequately supported facts.”Horowitz’s office was examining whether abuses of the Woods Procedure, which requires that the Justice Department verify the accuracy and provide evidentiary support for all facts stated in every FISA application, were part of a larger problem for the Bureau.The OIG found in a report released in December that the FBI included “at least 17 significant errors or omissions in the Carter Page FISA applications and many errors in the Woods Procedures” during its Crossfire Hurricane investigation of the 2016 Trump campaign.The new report Tuesday revealed that of the 29 applications that the OIG pulled from “8 FBI field offices of varying sizes,” the FBI lacked find Woods Files for four of the applications, while the other 25 all had an “average of about 20 issues” per application.The debate over FISA nearly came to a head in March, after Lee’s office said in December that “major reforms” could be passed before three of the program’s powers were set to expire on March 15. But the Senate elected to issue a bare-bones extension of the surveillance authorities for 77 days, with a commitment that senators would be permitted to offer amendments when the House bill is taken up.Republicans appear to be largely divided on the issue, with President Trump and allies indignant over the “witch hunt” of his 2016 campaign joining with civil-liberties advocates against security hawks. Lee and Rand Paul (R., Ky.) have been some of the Senate GOP’s most outspoken critics, while Majority Leader Mitch McConnell (R., Ky.) has expressed sympathy with Attorney General Bill Barr, who wants FISA reauthorized.Senate Judiciary Committee Chairman Lindsey Graham (R., S.C.) said Tuesday that he planned to call Horowitz back in front of his committee to further detail the audit into the FBI’s protocols.
U.S. printer maker Xerox Holdings Corp (XRX) abandoned its $35 billion hostile cash-and-stock takeover for HP Inc (HPQ), citing the volatile market and the economic crisis triggered by the coronavirus outbreak.“The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP,” Xerox said in a statement.Xerox maintained though that there were compelling long-term financial and strategic benefits from combining Xerox and HP.“The refusal of HP’s Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction,” Xerox said.Read More: HP Tells Shareholders: Now Isn’t the Time For Merger with XeroxThe analyst community is taking a cautious stance on recommending to buy Xerox and HP as both stocks get a Moderate Buy consensus rating. In the case of Xerox, the consensus rating is based on 2 Buys and 1 Hold. For HP, analysts are evenly split into 4 Buys and 4 Holds.Xerox’s $31 average price target would provide investors with a 77% yield should it be met. (See Xerox’s stock analysis on TipRanks) The average price target of $22.29 for HP suggests a potential gain of 51% in the coming 12 months. (See HP’s stock analysis on TipRanks)Related News: Billionaire Investor Howard Marks Believes Now Is The Time To Buy (But Not Too Much) Tower Semiconductor Bucks Downhill Trend By Reaffirming Q1 Guidance and Growth Rate Judge’s Record Looks Unpromising for Amarin’s Appeal; Analyst Remains Bullish More recent articles from Smarter Analyst: * Goldman Sachs Gives Employees 10 Days of Family Leave Due to Coronavirus Pandemic * Moderna Hopeful of Phase 1 Data for COVID-19 Vaccine by Summer, Analyst Reiterates Buy * France’s Carrefour Joins Forces With Uber Eats For Home Delivery Service * Judge’s Record Looks Unpromising for Amarin’s Appeal; Analyst Remains Bullish
Time is money as the old adage goes, and this is doubly true in healthcare systems operating with thin margins now made even thinner thanks to the loss of revenue caused by a freeze on elective procedures. Stepping in with a technology that automates much of the time-consuming backend processes hospitals and healthcare providers need to keep up with is Olive, a startup out of Columbus, Ohio. The company, which counts over 500 hospitals representing some of the largest healthcare providers in the U.S. among its customers, has raised a new round of $51 million as it sees significant growth for its business.
180byTwo, a leading Data-as-a-Service company, is excited to announce a partnership with DemystData, a leading external Data-as-a-Service platform that helps clients discover, access, and test hundreds of data products. The partnership will enable DemystData to integrate 180byTwo's AI-driven data solutions into the already-growing repository of over 500 data products – empowering B2B marketing and sales teams to power data-driven programs.
It’s another day on the stock market roller coaster, with the S&P 500 starting off the second-quarter in the negative.If you don’t think that you can correctly call the bottom in a deep bear market, don’t worry. So far, that crystal ball hasn’t been invented. But if you can get a clear snapshot of current conditions, you may be able to set up a profitable trading strategy no matter what the broader market is doing.This all just brings us back to the question: how do you find investment-grade stocks in a volatile market? There isn’t one sure answer; plenty of investment strategies can steer you toward profits. But there is one possibility that might make investing easier – just follow the insiders.Insiders – the corporate officers, board members, and others ‘in the know’ – don’t just manage the companies, they know the details. Legally, they are not supposed to trade that knowledge, or to blatantly trade on it, and disclosure rules by government regulators help to keep the insiders honest. Their honest stock transactions, however, can be highly informative. These are the people with the deepest knowledge of particular stocks. So, when they buy or sell, especially in bulk, take note!TipRanks has the tools to help you do just that. The Insiders’ Hot Stocks page shows which stocks top insiders are most active on, for both purchases and sales. You can sort insider trades by a variety of filters, including trading strategy. We’ve done some of the legwork for you, and pulled up three stocks with recent informative buy-side transactions. Here are the results.Prosperity Bancshares (PB)We’ll start in the financial sector, with a mid-cap bank holding company. Prosperity Bancshares is the owner/operator of Prosperity Bank, a regional bank with 285 branches in Texas and Oklahoma. Prosperity ended 2019 on a high note, with strong Q4 results after concluding a merger with Legacy Texas Financial Group, a move that gave the bank an additional 42 branches in the northeastern part of the state.The insider sentiment on PB is strongly positive, as three company officers have used the stock’s low price to pick up large blocks of shares in recent days. The two largest purchases came from David Zalman, Senior Chairman and CEO, who laid down $650,000 for some 15,000 shares, and from H. E. Timanus, Chairman, who paid $215,000 for 5,000 shares. These two purchases are part of a larger run of insider buys, that have totaled almost $4.2 million over the past three months.In addition to holding a solid financial position, Prosperity also pays out a reliable dividend. The company has a 17-year history of maintaining the payments, and has raised the quarterly payout three times in the past three years. The current dividend, at 46 cents quarterly, annualizes to $1.84 and gives a yield of 3.73%. This compares favorably to the 2% yield average among S&P listed companies.Covering this stock for Wedbush, analyst Peter Winter likes what he sees and upgrades his stance on the shares from Neutral to Buy. Supporting his view, Winter writes, “PB is a flight to quality bank in times of stress and we believe its acquisition of Legacy Texas will be more accretive than originally projected, offsetting potential margin pressures from the precipitous drop in rates and potentially much weaker economy. PB has consistently maintained some of the best credit metrics in banking through many economic cycles.”Winter gives PB a $74 price target, suggesting an upside of 61%. (To watch Winter’s track record, click here)Also upbeat here is SunTrust Robinson analyst Jennifer Demba. She particularly likes the bank’s long history of strong credit and smart acquisitions: “PB has proven itself to be a credit safe-haven over the past 20 years… we think PB should be an outsized beneficiary of a more challenging fundamental environment for the banks given it is a proven, experienced and disciplined bank acquirer.” Demba’s reiterated a Buy rating on PB shares, which is backed by $76 price target -- a bullish 65% upside potential. (To watch Demba’s track record, click here)All in all, Prosperity gets a Moderate Buy rating from the analyst consensus, as it has 4 Buys and 4 Holds in its most recent reviews. Shares are selling for just $46.09, and the average price target of $74.50 indicates an upside potential of 62% for the coming 12 months. (See Prosperity stock analysis on TipRanks.)GMS, Inc. (GMS)The next stock on our list is from the construction industry, which had been doing well in 2019 only to face a serious hit during the coronavirus lockdowns. Long-term, however, that hit may just provide investors with a low-cost point of entry now for companies like GMS.This company, whose initials stand for Gypsum Management and Supply, is a provider of wallboard, dropped ceiling systems, steel framing, and other interior construction materials. GMS is a major supplier for homebuilders and contractors in the US, and boasts a market cap of $661 million.Turning to the insider activity, we find that company Director Ronald Ross has made two large purchases, totaling 189,800 shares. His purchases cost a combined $2.5 million. Also making an informative buy was David Smith, another director of the company. He spent $36,270 to pick up 3,000 shares, in another move made last week. These purchases indicate a high level of confidence in the company, by company officers.The insiders’ confidence is shared by two Wall Street analysts who reviewed this stock in early March. SunTrust Robinson analyst Keith Hughes maintained his Buy rating, and backed it with a $33 price target that suggests a 135% upside potential. (To watch Hughes’ track record, click here)In his comments, Hughes noted some positive points from the earnings release: “GMS reported a ~90 bps increase in gross profit margin due to price/cost dynamics, mix and synergies. Good wallboard volume helped mix but was aided by a higher percentage of commercial work.” He added, at his own bottom line, “We look for GMS to continue to increase its market share, both organically and through acquisitions.”Trey Grooms, from Stephens, also puts a Buy rating on the stock, saying, “Looking forward, mgmt. see signs of stabilization in Canada. Commercial activity was robust and the outlook has improved since last quarter. Residential remains promising and GMS' focus on Other Products should support top-line growth... with guidance that appears achievable, an improved end-market outlook with opportunity for price inflation, and a current valuation below the historic range…” Grooms gives GMS a $30 price target, implying an upside of 113%. (To watch Grooms’ track record, click here)Overall, the Moderate Buy analyst consensus rating on GMS is supported by 3 Buys and 2 Holds set in recent weeks. The stock is priced at a discount, $14.06, and the $26 average price target suggests a potential upside of 85%. (See GMS’ stock analysis on TipRanks)Accelerate Diagnostics (AXDX)Our final stock on the list is from the medical tech sector. Accelerate develops diagnostic systems for healthcare providers on the global market, for the identification and treatment of bacterial infections. In short, AXDX offers new technology for medical labs, allowing them to speed up the testing process and get results to clinicians and patients faster, promoting better medical outcomes.Looking at the insider purchases, we find that Jack Schuler, member of the Board of Directors and a 10% owner in the company, made two informative purchases in recent days, totaling 322,900 shares. Schuler spent $2.17 million on that purchase, a clear sign of confidence.Writing on this stock for Piper Sandler, 5-star analyst William Quirk sees plenty of room for optimism. He gives AXDX a Buy rating, with a $16 price target implying a 109% upside. To watch Quirk’s track record, click here)In his comments supporting his stance, Quirk wrote, “Accelerate is utilizing clinical data from customers in the selling process to demonstrate cost savings and decreased length of stay. Accelerate also developed an ROI tool to help customers realize the incentives of Pheno. Management was upbeat about both of these tools and said the additional data points have been key for closing deals.”William Blair analyst Brian Weinstein, also rated 5-stars, sees the COVID-19 pandemic as a long-term net positive for the company. He writes, “…as the dust settles on the pandemic, the company believes this could create additional buy-in from key stakeholders, including hospital executives and government agencies, with respect to how they view and promote rapid diagnostics.” Weinstein gives AXDX a Buy rating, but declines to set a specific price target. (To watch Weinstein’s track record, click here)Net net, this stock is selling for a modest $8.69 right now, and the average price target of $16 suggests room for an impressive 84% share appreciation. (See Accelerate Diagnostics’ stock analysis at TipRanks)