From Breakingviews: Oil trading losses emerge, and Ericsson surprises positively. Plus: Roche has good news and bad news. Catch up with the latest pandemic-related insights here:
OIL LOSSES. The fallout from Monday’s seismic drop of U.S. crude futures into negative territory is emerging. Interactive Brokers, an $18 billion U.S. market maker, said on Tuesday it was taking an $88 million provisionary loss after several customers who were calamitously long and wrong in futures contracts burned through their accounts’ equity. The company, which made $1.
STRONG SIGNAL. Who thought the absence of bad news could be such good news? Ericsson shares jumped 5% on Wednesday after the Swedish telecoms equipment maker maintained its 2020 financial targets. That in itself is a rarity given the coronavirus’s economic chaos, and explains why Ericsson is one of the few stocks in the black this year.
PANDEMIC PUSH. Roche’s virus exploits may outshine its core business. The $300 billion Swiss drug maker’s new cancer drugs helped deliver a 7% surge in sales in the first quarter. Its virus toolkit, however, is the real star. The U.S. Food and Drug Administration has given the green light for advanced clinic trials of Actemra, used to treat Covid-19 related pneumonia. China has already given the green light, and Roche is rapidly expanding production ahead of results.
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