Stocks rose sharply to start the week as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases. A 60 Minutes investigation has found that federal officials knew many COVID-19 antibody testing kits had flaws, but allowed them to enter the U.S. market. Jun 29, 2020 (Market Insight Reports) —
Selbyville, Delaware the newly Added research report at Market Study Report titled “2020-2027 Global Blood Meal… On Monday, Facebook Inc (NASDAQ:FB)s shares inclined 1.31% to $103.31. Sharing isn’t what it used to be on Facebook, according to WSJ. Surveys show users post less often on the social network, which relies on […] Daily thread to exchange ideas and to share your thoughts
So far, the greenback is just seeing a minor pullback for the most part though we are seeing EUR/USD near 1.1250 and climbing back above its 200-hour moving average.
By Justin Low Bitcoin had another calm week despite the expiration of nearly $1 billion worth of bitcoin options on Friday.
Stocks rose sharply to start the week Monday as Wall Street cheered news on Boeing and traders shrugged off the latest surge in coronavirus cases.
The Dow Jones Industrial Average traded 472 points higher, or 1.9%. The S&P 500 was up 1.3% while the Nasdaq Composite gained 1.1%.
“US coronavirus statistics worsened over the weekend … but traders ultimately faded this negativity yet again,” said Erik Bregar, head of FX strategy at the Exchange Bank of Canada, in a note.
Shares of Dow-member Boeing rose 11.3% as certification flights for the Boeing 737 Max began Monday. The test is seen by investors as a critical step in Boeing’s worst-ever corporate crisis, which began in March 2019 after two crashes in five months killed 346 people.
Apple was also among the biggest contributors of gains on the Dow, climbing 1.8%. Facebook, meanwhile, traded 1.7% higher to recover from an earlier decline. The social media giant was first under pressure after more companies said they will pause advertising on its platforms. Since Friday, Starbucks, Coca-Cola and Guinness-parent Diageo all announced they will halt advertising on social media.
Investors bet on select stocks on hopes most state economies will continue to reopen even as some hotspots pop up. Southwest Airlines jumped 5.1% after Goldman Sachs upgraded the shares to buy from sell. Shares of retailer Gap and Kohl’s rose 4% and 5%, respectively.
The major averages also got a boost after the National Association of Realtors said pending home sales jumped by a record 44.3% in May.
Monday’s sharp gains come even after data compiled by Johns Hopkins University showed more than 2.5 million Covid-19 cases have been confirmed in the U.S., along with more than 125,000 deaths. Globally, over 10 million cases have been reported.
In Florida alone, 5,409 cases were confirmed Sunday. However, that’s down from a total of 8,424 cases confirmed on Saturday. To be sure, the percentage of positive tests has risen to 13.67% from 12.21%.
Some, such as Tom Lee of Fundstrat Global Advisors, say they’re taking solace in the fact that the acceleration in infection numbers is not yet leading to a marked rise in fatalities.
“While there were many alarming COVID-19 ‘headlines’ over the weekend, noting ‘record case’ numbers, daily US deaths attributed to COVID-19 fell to a new low of 253,” Lee said in an email to clients.
“And while many are inclined to become ‘full blown’ bearish again, we think the divergence in healthcare in COVID-19 (cases vs deaths) and the trajectories mirroring NYC near its peak tells us” we may be close to the point when cases begin to slow, he added.
The major averages posted their second weekly declines in three weeks on Friday. The Dow dropped 3.3% last week while the S&P 500 lost 2.9%. The Nasdaq Composite fell 1.9% last week.
“The bearish argument for the current market is breadth has not strengthened during this period of consolidation,” said Andrew Thrasher, founder of Thrasher Analytics, in a note. “That’s discouraging as more stocks have broken down along with the index.”
Thrasher noted 3,150 will be a key level to watch for investors. “I’m less interested in risky assets until we get back to that level,” he said.
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Author: Fred Imbert,Thomas Franck
Flawed COVID-19 antibody tests shipped without FDA review
Wyatt Earp, the gunslinger who helped tame the American West, once said, “fast is fine but accuracy is final.” The same thing could be said about testing for COVID-19. Back in March, the Food and Drug Administration took the unprecedented step of allowing COVID antibody tests to flood the market without review. The tests were billed as a critical tool to assess where the virus had spread and who might have immunity. But in the government’s rush to get more people tested quickly, it may have missed the mark. Over the course of a three-month investigation, 60 Minutes has learned that federal officials knew many of the antibody tests were seriously flawed but continued to allow them to be sold anyway. Now, as Coronavirus surges in parts of the country, that government failure is complicating efforts to know the reach of the Coronavirus.
- What to know before getting a COVID-19 antibody test
- More 60 Minutes coronavirus coverage
Laredo, Texas is a border town on the banks of the Rio Grande River, population 270,000. It was founded in the 1700’s as its own country. This spring, as it prepared to fight Covid, Laredo found itself alone on the frontier, again.
Robert Castañeda: Everybody was looking for supplies. Everybody was having challenges.
Robert Castañeda, a Laredo resident, owns two emergency clinics in town. He was desperately trying to find kits to test his patients for Covid-19.
Robert Castañeda: It was maddening, to be honest with you. You go through your normal chain of distributors. Then you start hitting a wall with them. And they tell you that, you know, “We’re out.” We talked to the local health department. And I spoke to the state health department. I even reached out to FEMA, talked to the FDA. All your avenues of trying to get testing supplies were exhausted.
He says he went to his Congressman’s office for guidance and remarkably, in the waiting room, met a stranger who offered to connect him to a broker with access to antibody tests.
Sharyn Alfonsi: You must have thought, sitting in that office, and the guy says to you, “Hey, I might be able to help you out.” “This is terrific luck.”
Robert Castañeda: Yes, there was a silver lining to that meeting. Exactly right.
Sharyn Alfonsi: And so tell me about the deal that was placed in front of you about buying this.
Robert Castañeda: There was a minimum buy. And that minimum buy was 20,000 kits. So that off the bat was half a million dollars to bring them into the city.
Sharyn Alfonsi: Was there a lotta guidance at that point, at the state level or the federal level, for procuring?
Robert Castañeda: No. Actually, there was none.
In March, many communities were competing against each other, and the federal government, to find COVID tests. The Trump administration was under fire.
President Trump at March 6 press conference: Anybody that needs a test, gets a test. They’re there. They have the tests. And the tests are beautiful.
But that was not true. Because of missteps a month earlier at both the Centers for Disease Control and the Food and Drug Administration, diagnostic tests, which can tell if a person is currently infected with the coronavirus, were in short supply.
The promise of a new serology, or antibody blood test, that could determine if a person had been exposed to COVID-19 and developed “protective” antibodies was being heralded as the next best thing: a “game-changer” that could get Americans back to work.
On March 16, in an attempt to get those tests to the public, the FDA took an unusual step. It announced it would allow antibody tests into the U.S. market without FDA review or formal clearance.
Almost immediately, more than 100 companies offering antibody tests flooded the market. They came from every corner of the world, and none of them were FDA tested.
Back in Laredo, Robert Castaneda agreed to the broker’s deal and bought 20,000 antibody tests from a Chinese manufacturer, Anhui DeepBlue. He agreed to share them with the city of Laredo where Coronavirus cases were spiking.
Drive-through testing sites were readied around Laredo. The Chinese test kits arrived on March 30, with the fanfare usually reserved for a winning high school football team in Texas.
Dr. Hector Gonzalez: We were elated– very happy because now we were going to be able to test.
Dr. Hector Gonzalez was the Director of Health in Laredo for nearly two decades. The city wanted to start testing front line responders as soon as possible. But first, Dr. Gonzalez, weeks away from his retirement, decided to test the accuracy of the antibody tests.
Dr. Hector Gonzalez: It was supposed to be 95%. All the tests, especially serologies, have to be 95% or better.
But Dr. Gonzalez found the tests results varied wildly. The tests didn’t work well if the person had been recently exposed to the virus. The small sample he tested was only 20% accurate.
Sharyn Alfonsi: At any point, you’re doing these tests, and you’re getting back these lousy numbers that the tests don’t work. Do you look at each other and go, “Are we crazy? Surely this thing had to work better than this?”
Dr. Hector Gonzalez: Yes, we said, “Are we– did we do this right?” and went back through our steps and we were confident that we did things correctly.
Sharyn Alfonsi: What strikes me about this is that here you are in Laredo, Texas, and you figure it out, but there was no kind of test happening at a federal level. Shouldn’t there have been?
Dr. Hector Gonzalez: Absolutely. But the FDA had never checked them.
Anhui DeepBlue did not respond to our request for comment. But Laredo officials had reported the bad tests to the feds who came to town to start an investigation and seize all 20,000 tests.
Sharyn Alfonsi: And you’re out a half million dollars?
Robert Castañeda: We are.
Sharyn Alfonsi: That hurts.
Robert Castañeda: It does. It does. The one thing that makes it a little bit easier to swallow is the fact that we tried to do something good for our community.
Sharyn Alfonsi: Did you feel duped?
Dr. Hector Gonzalez: Yes, but more disappointed because we had such high hopes to test. We were ready to do public drive-through testing. And now we couldn’t. We were on hold.
Meanwhile, hundreds of thousands of other antibody tests that the FDA also never reviewed continued to be mailed to businesses, clinics and hospitals where they were used to test patients, first line responders, and healthcare workers.
Dr. Alex Marson is an immunology researcher at the University of California, San Francisco. We spoke with him remotely.
Dr. Alex Marson: I got a text message from a good friend of mine here in the Bay Area, and she showed me pictures of her testing herself on a antibody test that had showed up at her own house. That made me realize that the availability of tests was actually preceding the availability of reliable information on the performance characteristics of these tests.
So in early March, Dr. Marson and Dr. Patrick Hsu, an assistant professor of bioengineering at UC Berkeley, assembled a team of 50 scientists to do what the FDA had not… test the antibody tests.
Dr. Alex Marson: We had to gather tests from around the world. We had to set up a lab with rigorous safety standards and ethical standards.
Dr. Patrick Hsu: We carefully curated a set of blood from positive people, who had tested viral positive, and had been seen in San Francisco hospitals, and negative blood samples, that were taken from well before the COVID-19 outbreak.
Dr. Alex Marson: So all of this was unfolding extremely rapidly.
A month later the team published preliminary results on antibody tests from a dozen different companies.
Sharyn Alfonsi: Did you feel the tests delivered as advertised?
Dr. Alex Marson: We saw a range, saw that some were closer to what we hoped for and others were farther off.
Some were way off. The tests are much less accurate when used on a person who was recently exposed to the virus. 20 days after exposure, the tests get better but none are perfect. All but one test delivered so-called false-positives, meaning they mistakenly signaled antibodies in people who did not have them.
Dr. Alex Marson: We want to have a test that will tell us, you know, with some reliability, “Have we been infected?” And ideally, “Can we go back into society and be safe?” The truth is we don’t yet have that information. The test cannot provide that assurance.
Dr. Marson says anyone with a positive antibody test should have a second or third test to confirm it. And even then the results should be viewed cautiously because scientists still don’t know what antibody levels are required to give immunity or how long it lasts.
Sharyn Alfonsi: I think a lot of people think if they get this antibody test and they test positive that they are going to have a shield that allows them to enter into the workforce, to go to the grocery store without their mask on. Is that what a positive antibody test means?
Dr. Alex Marson: I think we cannot safely say that to people yet. We need more scientific data to tell people exactly the characteristics of what protection will look like if at all.
Others were also raising red flags about antibody tests. On March 26, problems with the tests in Spain were made public. A week later, Britain tossed out $20 million worth of antibody tests because of false results. And days later, the World Health Organization issued more warnings about the test. But the White House continued to sell the idea of antibody tests.
President Trump at April 17 Briefing: …and support our efforts to get Americans back to work by showing us who might have developed the wonderful, beautiful immunity.
And the FDA? It still did not change its open-door policy. We asked the FDA why, and they said the decisions were made with a “careful balancing of risks and benefits.”
Dr. Margaret Hamburg was the FDA Commissioner for six years during the Obama administration.
Sharyn Alfonsi: We know that a lot of the European countries were having problems with these antibody tests before we opened up the market. Should we have known that?
Dr. Margaret Hamburg: I don’t think that we took advantage of that to the degree that we could have and should have.
Sharyn Alfonsi: We know on March 16th the FDA kind of opened up the market for antibody testing without review. Was that a mistake?
Dr. Margaret Hamburg: I do think that was a mistake because it led to a marketplace that was full of antibody tests of very variable quality, and certainly could not be trusted in terms of their accuracy.
It took 50 days for the FDA to reverse its course on antibody tests. In May, the agency required developers to apply for emergency authorization and submit data to show their tests worked. But by then it was too late.
Rep. Raja Krishnamoorthi: Fraudulent tests flooded the market. Hundreds and hundreds of tests taken by hundreds of thousands, if not millions of people.
Democratic Congressman Raja Krishnamoorthi of Illinois is investigating who directed the FDA’s hands-off approach.
Rep. Raja Krishnamoorthi: The FDA was not policing this market. They adopted what’s called a self-validation and voluntary compliance system.
Sharyn Alfonsi: What does that mean, self-validation?
Rep. Raja Krishnamoorthi: Well, basically they were asking companies to validate that their tests worked. And guess what? Every company said they did.
Then in late May, nearly three months after the wave of unregulated antibody tests came to the U.S., the FDA started pulling tests off the market. 50 so far. Including the Anhui DeepBlue test that was sold to Laredo.
Customs agents and Homeland Security investigators now have the difficult task of trying to stop all the banned tests from entering the country. But the flawed antibody tests are still being used and the bad data collected from them is guiding critical decisions about when to reopen communities.
Rep. Raja Krishnamoorthi: We’ve never seen anything like this in terms of a policy which is basically an anything goes, Wild West type of approach to regulating a healthcare market. We just haven’t seen that.
Sharyn Alfonsi: I’m sure they would say, “we cut through the red tape. We had to get anything to the market as fast as we could, these are unprecedented times.” What’s wrong with that argument?
Rep. Raja Krishnamoorthi: When you open the floodgates to virtually any product being sold by anybody, well, guess what? Schiesters, scam artists, and people who are preying on unsuspecting consumers enter the fray.
The burden of keeping all those outlaws at bay fell to communities like Laredo, and Dr. Hector Gonzalez.
Sharyn Alfonsi: If you had not taken that step, if you had not tested these, what could the impact have been to this community?
Dr. Hector Gonzalez: Oh, devastating. We wouldn’t have a true indicator of the level of infection. The public deserves for us to give them something that’s valid.
Produced by Oriana Zill de Granados and Emily Gordon. Broadcast associate, Sheena Samu. Edited by Craig Crawford.
Blood Meal Market Size, Share, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2027
Growing demand for healthy feed ingredients along with shifting focus towards ensuring environmental sustainable and rising cognizance for crop protection are key factors driving the growth of blood meal market during the forecast period. Moreover, cost-effective nature and high nutritional profile of blood meal products along with its widespread usage as organic and natural fertilizer is also aiding the market expansion.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2689393/?utm_source=Marketwatch.com&utm_medium=AN
Speaking of application spectrum, although poultry feed segment held substantial market share in the year 2018, but aquafeed segment is predicted to record momentous growth during the forecast period. Growing population and increasing consumption of seafood have propelled the aquaculture activities across the globe. This phenomenon has compelled various companies to offer balanced and scientifically formulated nutritional product variants for aquatic species at reasonable costs.
For the uninitiated, blood meal is a dried form of animal blood which is collected during slaughtering process of various livestock animals such as chickens, pigs and cattle under specific conditions. The product is rich source of nitrogen, iron and protein and is extensively used to supplement feed diets based on forages, plant remains and cereal grains.
Considering the geographical landscape, Asia-Pacific blood meal market accounted for a majority share in 2018, followed by North America. Asia-Pacific industry is also expected to register considerable growth during the forecast period, with China dominating the regional hierarchy. Shifting consumer preference towards healthy lifestyle and rising adoption of meat, egg and poultry products are stimulating the industry outlook. Incorporation of blood meal in fertilizers to enhance crop yield and to control pests is complementing the business scenario in APAC.
In fact, according to NIOMR (Nigerian Institute for Oceanography & Marine Research), there has been a significant improvement in average daily weight gain as well as average body length in aquaculture activities during blood meal treatments. In addition to this, blood meal is also provided to shrimp culture in order to promote growth, which in turn is contributing towards popularity of blood meal as aqua feed among industries and farmers across the globe.
The major companies formulating the competitive landscape of global blood meal market are FASA Group, Valley Proteins Inc., The Boyer Valley Co. Inc., Terramar Chile S.p.A., Sanimax, Ridley Corp. Ltd., DAR PRO Ingredients, Apelsa Guadalajara SA de CV, APC Co. Inc. and Allanasons Pvt. Ltd. among others.
Question & Answer: Blood Meal Market
Question 1: What factors are fueling the growth of blood meal market?
Answer: Growing demand for healthy feed ingredients along with shifting focus towards ensuring environmental sustainability and rising cognizance for crop protection are key factors driving the growth of blood meal market.
Question 2: How will aquaculture applications contribute towards the growth of global blood meal industry?
Answer: Growing population, increasing aquaculture activities owing to rising consumption of seafood and extensive adoption of blood meal to produce better shrimp culture are contributing towards market outlook.
Question 3: Why is Asia-Pacific blood meal industry witnessing constant expansion?
Answer: Shifting consumer preference towards healthy lifestyle, rising adoption of meat, egg and poultry products and incorporation of blood meal in fertilizers in order to improve growth in crops and to control pests are complementing the business scenario in APAC.
Question 4: Which companies constitute the competitive spectrum of worldwide blood meal industry?
Answer: The major companies in global blood meal market are FASA Group, Valley Proteins Inc., The Boyer Valley Co. Inc., Terramar Chile S.p.A., Sanimax, Ridley Corp. Ltd., DAR PRO Ingredients, Apelsa Guadalajara SA de CV, APC Co. Inc. and Allanasons Pvt. Ltd. among others.
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Pre-Market Stocks Roundup: Facebook, (NASDAQ:FB), Alcoa, (NYSE:AA), ARM Holdings, (NASDAQ:ARMH)
On Monday, Facebook Inc (NASDAQ:FB)s shares inclined 1.31% to $103.31.
Sharing isn’t what it used to be on Facebook, according to WSJ.
Surveys show users post less often on the social network, which relies on users for an overwhelming majority of its content. In the third quarter, market researcher GlobalWebIndex said 34% of Facebook users updated their status, and 37% shared their own photos, down from 50% and 59%, respectively, in the same period a year earlier.
Facebook users still visit the network often. Some 65% of Facebook’s 1.49 billion monthly users visited the site daily as of June. But these days, they are more likely to lurk or “like” and less likely to post a note or a picture. WSJ Reports
Facebook, Inc. is a social networking company. The Company is engaged in developing products that enables users to connect and share through mobile devices and personal computers.
Alcoa Inc (NYSE:AA)s shares inclined 2.74% to $9.18.
The days of aluminum smelting, for years a leading multi-billion-dollar industry for Washington state, are coming to an end, according to Business Journals.
On Monday, Alcoa Inc. (NYSE: AA) declared it will idle the smelting lines of its plants in Wenatchee and Ferndale, the last two operating aluminum smelters in the state.
The cuts are a response to falling prices of aluminum – partly driven by Chinese competition – that have made some plants no longer competitive. When the cuts to the two Washington plants and others are accomplished, Alcoa will have cut 45 percent of its total aluminum smelting capacity since 2007. Business Journals Reports
Alcoa Inc. (Alcoa) is engaged in lightweight metals engineering and manufacturing. The Company operates in four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions.
At the end of Monday’s trade, ARM Holdings plc (ADR) (NASDAQ:ARMH)s shares surged 0.99% to $47.90.
ARM Holdings plc (ADR) (ARMH) is currently valued at $22.03 billion. The company has 1.41 billion shares outstanding and 31.60% shares of the company were owned by institutional investors. The company has -15.73 value in price to sale ratio while price to book ratio was recorded as -8.60. The company exchanged hands with 783,812 shares as compared to its average daily volume of 2.30 million shares. It beta stands at 1.36.
ARM Holdings plc (ARM) is a United Kingdom-based company engaged in designing of microprocessors, physical intellectual property (IP) and related technology and software, and sale of development tools.
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Author: About Travis Garlick
Trade ideas thread – European session 29 June 2020
So far, the greenback is just seeing a minor pullback for the most part though we are seeing EUR/USD near 1.1250 and climbing back above its 200-hour moving average.
In most other charts, the dollar is keeping more near-term control with AUD/USD still struggling to get back above its own 200-hour moving average. Meanwhile, cable is a tad higher at 1.2370-80 but price action isn’t suggestive of much.
Gold is looking to try and keep at a break and push to fresh highs for the year, but the upside momentum is more tepid to start the new week.
It is still all about risk sentiment and US trading will once again be the key driver of things as we look towards the day ahead. Coronavirus headlines remain a key concern so let’s see how things go when we get the latest updates from the US.
The S&P 500 is in a tricky state of play right now as the bears edge out a victory at the end of last week, but can they keep at that play this week? We’ll find out.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
For bank trade ideas, check out eFX Plus
Trump’s Empty Bitcoin Threat; PayPal Prepping For Crypto Trading
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It would be almost impossible for President Trump to implement a bitcoin ban.
Bitcoin had another calm week despite the expiration of nearly $1 billion worth of bitcoin options on Friday. Millennials remain confident that it will be a useful investment in the near term, with 44% of them in one survey saying they’re likely to buy bitcoin in the next five years and 47% trusting it more than big banks.
Source: Messari. Prices as of 4:00 p.m. on June 26, 2020.
Donald Trump’s distaste for bitcoin is no secret, but banning it would be harder than President Roosevelt’s undertaking when he banned gold in 1933, allowing the government to seize citizens’ gold holdings during the Great Depression and requiring them to exchange the precious metal for cash.
Bitcoin proponents like to point out its similarities with gold, but they’re lucky in this context it has some obvious differences, too. Its online decentralization makes it easy to transfer around the globe instantaneously, and transactions off exchanges can be untraceable. “Bottom line: it would be nearly impossible to censor bitcoin transactions,” says early bitcoiner Marshall Hayner.
This Tuesday, the U.S. Senate Banking Committee will hold a virtual hearing titled “The Digitization of Money and Payments.” Chris Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission and the founder of the Digital Dollar Project, will be testifying about the importance of tokenized financial products.
Plus, all eyes will be on President Trump’s next nominee for the head of the SEC and its stance on crypto as the current chair, Jay Clayton, awaits Senate confirmation to become the U.S. Attorney for the Southern District of New York.
A growing number of crypto investors on social media have taken up “yield farming,” the act of leveraging decentralized finance products and protocols to generate high rates of return. The practice comes with risk, but users have been able to compound returns on high-yield interest income by using leverage to gain additional exposure to assets, in some cases generating annualized yields exceeding 100%.
Lending startup Compound dove into this space, and its governance token comp, which was listed on Coinbase on Monday, has quadrupled in value since last week.
DOJ Indicts Founder of Anti-Money Laundering Bitcoin Project for Money Laundering [CoinDesk]
Crypto Push by Republic Investment Platform Sparked by New Token [Bloomberg]
Blackballed by PayPal, Scientific-Paper Pirate Takes Bitcoin Donations [CoinDesk]
Author: Crypto Confidential