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Can politicians overcome tensions at State of the Union amid impeachment?

Former California congressman Darrell Issa discusses the upcoming State of the Union and partisanship on Capitol Hill.

Latest Stories

  • Biden Defeated Trump to Win the Election. Here’s How Much You Would Pay Under His Tax Plan.

    Former Vice President Biden has a detailed proposal that involves raising taxes on people with taxable income of more than $400,000—essentially targeting the top 1%. President Trump wants to keep the tax cuts that went into effect in 2018, which largely benefited top earners.

  • Biden And Trump React To Pfizer's Vaccine Update, Stock Market Rally: 'Great News!'

    Pfizer Inc (NYSE: PFE) and partner BioTech SE (NASDAQ: BNTX) reported interim analysis of a Phase 3 study on coronavirus candidate BNT 162b2.The trial showed a 90% efficacy rate at the seven-day mark after a second dose of the vaccine was applied.The trial began July 27 and the companies have enrolled 35,358 healthy volunteers in the trial.The overall market is surging on the news, with the SPDR S&P 500 Trust ETF (NYSE: SPY) up 5% to $366.29 in pre-market trading. Dow futures are set to soar 5%, or about 1,300 points.Related Link: Pfizer-BioNTech's COVID-19 Vaccine Is 90% Effective, EUA Filing Likely By Late NovemberJoe Biden's Reaction: In a statement, president-elect Joe Biden said he was informed last night of the study results. He reminds Americans that it could be months before approval and people have access to the vaccine."I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope," he said.While staying positive, Biden also took the time to remind Americans to wear masks, practice social distancing and wash their hands."A mask remains a more potent weapon against the virus than the vaccine."Biden also said America is losing over 1,000 people a day to Covid-19 and cases are rising."Today's news is great news, but it doesn't change that fact," Biden said on wearing masks.Donald Trump's Reaction: President Donald Trump took to Twitter to say the following:> STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!> > -- Donald J. Trump (@realDonaldTrump) November 9, 2020Trump's first comment on the vaccine news was the impact it;s having on the stock market.The tweet from Trump broke a string of tweets from last night that shared Fox News videos that were labeled by Twitter as "this claim about election fraud is disputed."What's Next: Pfizer will continue safety data on the trial. The company plans on submitting the vaccine for emergency use authorization.Pfizer said it can produce up to 50 million vaccines in 2020 and up to 1.3 billion doses in 2021.Shares of Pfizer are up 14% to $41.65 in pre-market trading. Shares of BioNTech are up 25% to $114.88 in pre-market trading.See more from Benzinga * Click here for options trades from Benzinga * S&P 500 Rises 1% Each Of The Last 4 Days, Something Done Only 3 Times Since WWII * How The Betting Odds For Trump, Biden Fluctuated On Election Night(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Zoom Founder Drops $5 Billion as Vaccine Hits Covid Winners

    (Bloomberg) -- Eric Yuan is, in many ways, the poster child for the coronavirus economy.His Zoom Video Communications Inc. has hosted school lessons, family gatherings and business meetings for more than 300 million participants a day during the pandemic. The stock of the video conferencing site has soared more than 500% this year and Yuan, a Chinese-born immigrant to the U.S., was at one point worth $28.6 billion -- the 40th wealthiest person on the planet.That remarkable surge took a hit Monday after Pfizer Inc. said the Covid-19 vaccine it’s developing with BioNTech SE prevented more than 90% of infections in a study, the most encouraging scientific advance so far in the battle against the virus. Airlines, oil giants and hotel operators surged, but stocks that benefited from lockdowns and work from home arrangements, such as Peloton Interactive Inc., Netflix Inc. and online supermarket Ocado Group Plc, all slumped.The key question now is whether those extraordinary gains can hold, or whether people will stop using the services of companies like Zoom after the pandemic ends and they return to the workplace.‘Normal Volatility’“I don’t think the trend around e-commerce, video collaboration or shift-to-cloud will change as a result of the vaccine,” said Bloomberg Intelligence analyst Mandeep Singh. “The valuations look rich for some of these names, but some of these are multiyear growth stories. This is just normal volatility as investors look to rotate into sectors that have been depressed due to the pandemic such as travel, casinos and hospitality.”Zoom shares fell 17% in New York, erasing $5.1 billion from Yuan’s net worth. He’s sold more than $275 million of Zoom stock this year and is still worth $20 billion, according to the Bloomberg Billionaires Index. Peloton founder John Foley became a billionaire on the stunning rise in the home-fitness company’s shares. He’s down $300 million after the stock tumbled 20%.FedEx Corp. Chairman Fred Smith’s net worth dropped by about $250 million as shares of the express shipping company fell 5.7%. His fortune had surged this year by more than 70% through Friday as remote working and booming e-commerce boosted demand for package delivery services. Reed Hastings, chief executive officer of movie and television streaming service Netflix, saw his net worth decline by $416 million.Jay Chaudhry, CEO of cybersecurity firm Zscaler Inc., Ocado co-founder Tim Steiner and Forrest Li -- the billionaire behind Sea Ltd., Southeast Asia’s largest internet company -- also slumped in the fallout of Pfizer’s vaccine study.‘Ortega, Rowling’Some firms and their billionaire owners are holding onto their gains. The fortunes of Zara founder Amancio Ortega and his daughter Sandra surged through their stakes in fast-fashion retailer Inditex SA as the vaccine study boosted hopes of consumers returning to brick-and-mortar shops. Hotelier Robert Rowling, as well as industrialist Georg Schaeffler and the Deichmann family who control one of Europe’s largest shoe retailers also saw their wealth increase Monday.Some firms are optimistic that even after the pandemic is brought under control, people will continue to use their services.“How can anybody be tired of Zoom?” Chief Financial Officer Kelly Steckelberg said in a June interview with Bloomberg TV. “Video communication has been integrated into all aspects of our lives.”(Updates net worth calculations throughout)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.

  • Cramer: Buy Airline Stocks On Rally Instead Of Cloud Stocks On Dips

    Jim Cramer shared his thoughts on what the potential COVID-19 vaccine from Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) means for technology stocks that traded higher as stay at home plays.Stay-At-Home Stocks: Cramer said the S&P 500 and Dow are up the correct amount, but the Nasdaq futures are up too much. He said many of the companies in the Nasdaq don't benefit from the vaccine.Cramer said the vaccine coming is not good news for cloud stocks and not good for the big run-up in stay-at-home stocks.Some of the companies have risen this year as stay-at-home plays: "How many Nasdaq stocks can rally on this?"Cramer said some stocks are rallying on Joe Biden being elected and the potential positives from improved relations with China and that's okay.Related Link: Biden And Trump React To Pfizer's Vaccine Update, Stock Market Rally: Great News! Buy Airlines: Cramer said the stocks that are rallying like airlines and theme parks are making the right moves. Cramer said he would be "much more comfortable buying an airline stock up 10% than a cloud stock down 5%." Andrew Ross Sorkin asked Cramer if the stocks that are moving higher are worth buying since the timeline on approving a COVID-19 vaccine hasn't changed. Cramer said if you wait to buy, you'll miss the whole move" "Stocks trade in anticipation." Cramer said there are "many, many companies that benefit."Price Action: The SPDR S&P 500 Trust ETF (ARCA:SPY) is up 4% to $365.75 in pre-market trading. The Invesco QQQ ETF (NASDAQ: QQQ) is up 1% to $296.55.Airline stocks are rallying higher, with Southwest Airlines Co (NYSE: LUV) shares are up 15%, American Airlines Group (NASDAQ: AAL) shares are up 25% and JetBlue Airways Corporation (NASDAQ: JBLU) shares are up 18%.The U.S. Global JETS ETF (NYSE: JETS) is up 20% to $21.35 on Monday.See more from Benzinga * Click here for options trades from Benzinga * Biden And Trump React To Pfizer's Vaccine Update, Stock Market Rally: 'Great News!' * Kids Pushing Parents To Buy Electric Vehicles: Study(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Beyond Meat earnings miss big on declining food service and consumer demand

    Beyond Meat's partnership with McDonald's to develop the McPlant burger wasn't enough to keep shares from collapsing after the company posted third-quarter earnings that fell far below analysts' expectations. "Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues and accordingly, throughout our P&L," Beyond Meat's president and chief executive, Ethan Brown, said in a statement.

  • Pfizer’s Covid-19 Vaccine Just Might Work. What That Means for Moderna and Other Vaccine Stocks.

    The pharmaceutical giant’s good news could be good news for other vaccine makers who are far along in the testing process.

  • Buy Fisker Stock Because the Price Could Double, Analyst Says

    Cowen analyst Jeffrey Osborne issued a Buy Rating on Monday. He sees shares hitting $22, up from Friday’s close of $10.86. The shares were up more than 30% in midday trading.

  • Stock Market Today With Jim Cramer: Sell Pfizer

    Jim Cramer discusses the latest stock market news including about McDonald's, Pfizer and the stock market rally on Monday.

  • Does Pfizer Vaccine News Make Carnival Stock A Buy Right Now? Here's What Earnings, Charts Show

    Ah, "Carnival." The name conjures smiles. And some cruise lines are about to resume trips. So is this a good time or bad time to invest in Carnival?

  • Electric Car Sales More Than Double In World's Biggest EV Market, But Tesla Lags

    Tesla trailed local Chinese players in a hot Chinese market for electric cars. But Tesla stock rose early Monday as it works on abuy point.

  • CEO: ‘It's almost impossible’ to find a pension plan that provides retirement income

    As pension plans fade, today’s investors may want to look to annuities to bridge the retirement gap, one expert said. 

  • Nikola Rises Late On 'Continuing' GM Talks; Workhorse, Kandi Kick Off Heavy Slate Of EV Earnings

    Niikola stock rose late as the EV truck startup said GM talks continue. Workhorse kicked off earnings from electric car stocks, but gave weak production guidance.

  • Lowe’s Is Said to Be in Talks to Acquire HD Supply

    (Bloomberg) -- Home improvement retailer Lowe’s Cos. is in preliminary talks to buy building products distributor HD Supply Holdings Inc., according to people familiar with the matter.The companies have been discussing a deal with advisers, though no final decision has been made, said the people, who asked to not be identified because the matter isn’t public. While Lowe’s approached HD Supply recently, it doesn’t currently plan to proceed with a deal, one of the people said.It’s unclear whether HD Supply is talking to other suitors.Representatives for HD Supply and Lowe’s didn’t immediately respond to requests for comment.HD Supply gained more than 16% in after hours trading on Monday.The stock rose 0.6% to close at $43.75 in New York, giving the company a market value of about $7.1 billion. Lowe’s fell 8.9% to close at $153.45, giving it a market value of about $116 billion.HD Supply used to be owned by Lowe’s rival Home Depot Inc., which sold the company to private equity firms in 2007. They took it public about six years later.One of the largest industrial distributors in North America, HD Supply provides everything from bleach, to doors and ceramic tile to about 500,000 customers from 270 branches and 44 distribution centers, according to its annual report.Lowe’s, like the larger Home Depot, has been thriving during the pandemic.Sales have skyrocketed this year with socially-distancing Americans splurging on their properties at home-improvement chains that stayed open because they were deemed essential.With more customers than ever before, Lowe’s is trying to ride the momentum into winter -- generally its slowest quarter before busy spring cleanups -- by stocking up on more holiday gifts than usual, like trampolines and Ninja air fryers.(Updates with additional details in second paragraph; updates shares in fifth 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.

  • Beyond Meat stock plummets more than 25% as COVID-19 takes bite out of earnings

    Shares of Beyond Meat Inc. plunged 25% in extended trading Monday after the flagship name in the plant-based meat field reported third-quarter results Monday that badly missed Wall Street estimates.

  • Is Pfizer Stock A Buy After Its Coronavirus Vaccine Passed A Key Test?

    Pfizer stock broke out in early November after the pharma company's coronavirus vaccine proved 90% effective in a final-phase study. But if the pharmaceutical company's stock a buy now?

  • Berkshire Hathaway Appears to Have Sold About $4 Billion of Apple Stock in Third Quarter, According to Filings

    Berkshire Hathaway, overseen by CEO Warren Buffett, also was a seller of financial stocks and a buyer of industrial stocks in the third quarter, according to filings.

  • Nio will be a ‘winner’ in EV market, analyst says

    Nio Inc. got a bullish endorsement from J.P. Morgan analyst Rebecca Wen, as she raised her stock price target on the belief the Shanghai-based company will be a "winner" in the electric vehicle market.

  • Alibaba Remains a Top Internet Mega-Cap Pick, Says Raymond James

    The suspension of Ant Group’s highly anticipated initial public offering took center stage in all Alibaba (BABA) related news last week. The Chinese e-commerce giant owns roughly one-third of the fintech company, which was expected to go public last Thursday. But things didn't go as planned, as the Chinese regulators halted the $34.5 billion public debut – the largest IPO on record.While the IPO is expected to get the go ahead eventually, the unfolding drama made for an interesting backdrop to the release of Alibaba’s quarterly numbers.F2Q revenue increased by 30% year-over-year to 155 billion renminbi ($22.8 billion) and came in in-line with consensus estimates. The company beat on the bottom line, with Non-GAAP EPS of $2.65 beating the Street’s call by $0.58.While Mobile MAUs (monthly active users) increased by 12% year-over-year to 881 million, the growth decelerated compared to the 16% growth exhibited in the previous quarter.However, with year-over-year increases to Retail Marketplace (20%), Cloud (60%) Cainiao Logisitcs (73%) and International (30%), Raymond James analyst Aaron Kessler believes Alibaba continues to “demonstrate strength across key businesses.”In fact, the 5-star analyst makes no bones about his bullish outlook for BABA. “Alibaba remains our top Internet mega-cap pick given: we expect continued solid China ecommerce growth with Alibaba as the biggest winner (Alibaba captured about one-sixth of China total retail sales in FY20, crossing $1T in GMV); 2) we believe take rate upside is underappreciated (4% CMR+Commission take rate in F1Q21 with potential for the mid/high-single digits); we believe valuation is attractive at ~19.5x 2021 marketplace EPS (including SBC) on our base case scenario vs. ~20%+ expected long-term growth,” Kessler wrote. All told, Kessler rates BABA shares a Strong Buy along with a $330 price target. The figure implies nearly 16% upside from current levels. (To watch Kessler’s track record, click here)Overall, there are currently no BABA bears on Wall Street. As it happens, there are no analysts on the fence either. With all 24 ratings a Buy, the stock qualifies with a Strong Buy consensus rating. The average price target is a touch higher than Kessler’s and at $337.53, could yield returns of 12.5%. (See Alibaba stock analysis on TipRanks)

  • Stock market news live updates: Stock futures open higher after vaccine optimism fuels S&P 500, Dow rally

    Stock futures opened higher as optimism over a COVID-19 vaccine carried over into the overnight session, encouraging investors to keep snapping up risk assets.

  • Beyond Meat shares rise on news that it collaborated with McDonald's on the McPlant options

    After tumbling earlier today, Beyond Meat shares are shooting upward on news that the company did indeed collaborate with McDonald's on its new McPlant vegetarian menu. McDonald's made waves this morning when it announced its new McPlant, and the company's statement, which said that the new plant-based patty and chicken substitute formulation was made in-house, caused Beyond Meat shares to slide. The stock has been on a roller coaster today, with shares sliding on fears that it had been rebuffed by McDonald's and then rising on the clarification that it was involved in the process.