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GLOBAL MARKETS LIVE : New hope for a vaccine

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03/31/2020 | 09:27am EDT

Johnson & Johnson has selected a candidate vaccine against Covid-19. Meanwhile, US airlines intends to seek up to $12 billion in government assistance and Euronext has decided not to make a takeover bid for the operator of the Madrid stock exchange.


Apple pays. Apple reportedly bought $200 million worth of equipment from Japan Display, sources told Reuters.

Credit card transactions down. Visa announced Monday that its card transaction volumes have been adversely affected in recent weeks by the containment measures related to the coronavirus pandemic and expects only about 5 percent revenue growth in the second quarter.

A vaccine at the beginning of 2021. Johnson & Johnson has selected a candidate vaccine against Covid-19, which will be tested in humans by September and could be ready for use in early 2021. The experimental vaccine, Ad26 SARS-CoV-2, uses technology similar to that used to develop an Ebola candidate vaccine. This announcement demonstrates once again that a vaccine cannot be launched with the snap of a finger, contrary to what some people are suggesting.

Government cash. US airlines intends to seek up to $12 billion in government assistance with a commitment to exclude forced departures and salary reductions for the next six months, the management said in a note to employees seen by Reuters.

L'Oréal caught up. L'Oréal is postponing its 2020 Annual General Meeting until June 30 and estimates that its first-quarter sales should contract by around 5%. However, the company reports an "encouraging recovery" in China, but lacks the visibility to confirm its previous targets.

Euronext is giving up Madrid. Euronext has decided not to make a takeover bid for the operator of the Madrid stock exchange, Bolsas y Mercados Españoles. "Euronext believes that the financial terms of a potentially competitive offer, despite significant potential synergies, would not be compatible with value creation and return on investment for Euronext shareholders," the company commented, leaving the field open for SIX, the operator of the Zurich stock exchange, with its €2.84 billion offer.

High-Yield. In the United States, Yum Brands wants to reopen the high-yield bond market by placing $500 million in B+ rated bonds. A transaction to be watched as no junk debt has been issued since March 4 across the Atlantic. The investment-grade corporate bond market (i.e. companies rated BBB- or better), on the other hand, continued to function on both sides of the Atlantic, with several successful transactions.

Support plan. Lufthansa signed short-time working agreements with 27,000 of its employees. This measure is financed by the German government's support plan. About 700 of the 763 aircraft of the air carrier are grounded. In addition, the company's top management has agreed to substantial wage cuts.

RD Shell is renouncing its targets. Unsurprisingly, the oil company has given up its 2020 targets because of the coronavirus from the oil slump. Royal Dutch Shell should however remain immune to the need, with a free cash flow of around $40 billion.

U.S. distribution in trouble. In the United States, Amazon.com and Instacart employees are protesting against their current working conditions. In addition, Kohl's, Macy's and Gap will lay off the majority of their employees.

In other news. Virgin Australia needs $863 million in public aid. At Walt Disney, the management team is accepting pay cuts because of the coronavirus, as at Fiat Chrysler. Todd Gibbons confirmed as CEO of Bank of New York Mellon after acting in the position. Pier 1 Imports waives an auction for its Chapter 11 assets due to lack of suitors. BroadVision files for bankruptcy protection. Ford and General Electric are expected to produce about 50,000 respirators within 100 days. Zalando warns that its first quarter 2020 results will be significantly below market expectations and abandons its 2020 targets. Aston Martin hopes to raise £536m via a capital increase. UK advertising group WPP is giving up everything: its dividend, share buybacks and forecasts.


Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.39% 2401.1 Delayed Quote.30.44%
APPLE INC. 0.04% 318.25 Delayed Quote.8.38%
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 15.27% 58.5 Delayed Quote.-88.75%
BANK OF NEW YORK MELLON CORPORATION (THE) -2.54% 37.59 Delayed Quote.-23.37%
BROADVISION, INC. -0.34% 4.4148 Delayed Quote.69.15%
DEUTSCHE LUFTHANSA AG 5.42% 9.77 Delayed Quote.-40.46%
EURONEXT N.V. 1.04% 82.35 Real-time Quote.13.35%
FIAT CHRYSLER AUTOMOBILES N.V. 1.13% 8.25 Delayed Quote.-38.17%
FORD MOTOR COMPANY -2.99% 5.85 Delayed Quote.-37.10%
GENERAL ELECTRIC COMPANY -7.00% 6.78 Delayed Quote.-39.25%
KOHL'S CORPORATION -9.74% 20.12 Delayed Quote.-60.51%
L'ORÉAL 3.50% 260.2 Real-time Quote.-1.44%
MACY'S -7.45% 6.83 Delayed Quote.-59.82%
PIER 1 IMPORTS, INC. 11.00% 0.0888 Delayed Quote.-98.75%
ROYAL DUTCH SHELL PLC -0.53% 14.9 Delayed Quote.-43.05%
SINGAPORE TELECOMMUNICATIONS LIMITED -3.82% 2.52 End-of-day quote.-24.10%
SIXT SE 1.05% 76.7 Delayed Quote.-14.45%
VIRGIN AUSTRALIA HOLDINGS LIMITED 6.17% 0.086 End-of-day quote.-42.67%
VISA 0.75% 194.26 Delayed Quote.3.38%
WALT DISNEY COMPANY (THE) -3.93% 116.75 Delayed Quote.-19.28%
WPP GROUP -1.65% 630.2 Delayed Quote.-40.91%
YUM BRANDS 1.20% 90.85 Delayed Quote.-9.81%
ZALANDO SE 3.21% 60.48 Delayed Quote.33.86%

Romain Fournier
© MarketScreener.com 2020
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