NEW YORK, Sept 14 (Reuters) – JPMorgan Chase & Co Chief Executive Jamie Dimon said the economic recovery from the coronavirus recession could be derailed by a lack of additional economic stimulus, the election and a second wave of infections.
Dimon made the comments on Friday to stock analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, who wrote about their meeting in a report.
Dimon added that earlier government stimulus had delayed the full effects of the recession. As it hits, customers who have borrowed from the banks will feel the impact, the note said.
Consumers are spending less. “Based on their data it is unclear if that trend is getting better or worse,” Kleinhanzl wrote.
JPMorgan is largest U.S. bank by assets and estimates spending trends from transactions through accounts in its 4,900 branches and its credit card businesses.
Dimon also said that having employees work from home during the pandemic has hurt overall productivity and reduced what he called the “creative combustion” that happens more in offices, Kleinhanzl wrote.
JPMorgan is moving to people back into the office safely, Dimon said.
“Jamie thinks a shift back to the office will be good for the young employees and to foster creative ideas,” Kleinhanzl wrote. (Reporting by David Henry in New York; Editing by Steve Orlofsky)
It’s in a Russian module that provides crucial life support
NASA and Roscosmos determined that a leak on the International Space Station is located in the Zvezda Service Module module on the station’s Russian side.
That module provides crucial life support, including oxygen.
Engineers are still working to pinpoint the leak’s exact location within the module.
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On Monday night, NASA flight controllers woke the three men living on the International Space Station. A small air leak seemed to have grown quickly, and ground control wanted to find it fast.
NASA and Roscosmos, Russia’s space agency, had already narrowed down the likely location of the leak to several modules on the station’s Russian side.
So astronaut Chris Cassidy and cosmonauts Anatoly Ivanishin and Ivan Vagner tested those modules by shutting the hatches between each one and using an ultrasonic leak detector to collect data through the night. The tool measures noise caused by airflow too quiet for humans to hear.
By Tuesday morning, they’d figured out that the leak is in the Zvezda Service Module, the main module on the station’s Russian side. Zvezda provides that half of the station with oxygen and drinkable water, and it’s also equipped with a machine that scrubs carbon dioxide from the air. The module contains the section’s sleeping quarters, dining room, refrigerator, freezer, and bathroom.
NASA and Roscosmos still haven’t pinpointed the source of the leak within the module, but they know it’s in Zvezda’s cylindrical “work compartment,” where crew members live and work.
“Additional work is underway to precisely locate the source of the leak,” NASA wrote in a blog post on Tuesday morning. The agency added, however, that further investigation revealed the leak “poses no immediate danger to the crew at the current leak rate and only a slight deviation to the crew’s schedule.”
That’s because the leak did not actually change suddenly; the shift detected this week turned out to be related to “a temporary temperature change” aboard the station, NASA wrote.
Air has been leaking from the station for more than a year
The International Space Station always leaks a little air. Normally, the air it loses gets replaced by highly pressurized containers full of a mix of oxygen and nitrogen. These are sent up on resupply missions and designed to mimic Earth’s breathable air.
But in September 2019, officials noticed that the regular rate of air loss had increased. The change wasn’t major, but then this summer, they saw a new uptick in that already higher-than-usual rate.
So in August, crew members aboard the station began testing for leaks by sealing each section off and monitoring air pressure. They sealed themselves in the Zvezda module for the duration of the initial, four-day test, so didn’t assess it.
Because those tests didn’t find any leaks, NASA concluded that the source must have been in one of the two models not assessed: either the Zvezda module or the Poisk Mini-Research Module 2, which serves as a port for docking spaceships and a place where crew members prepare for spacewalk.
“With the crew living and working in these modules, it was impossible to achieve the proper environmental conditions necessary for this test,” a NASA spokesman, Daniel Huot, previously told Business Insider.
NASA and Roscosmos were hesitant to seal off and test the Zvezda module, however, because it connects directly to the Soyuz spacecraft attached to the ISS. Ivanishin, Cassidy, and Vagner would need to use that ship get back to Earth in an emergency, so closing the module’s hatches decreases the crew’s ability to make a quick getaway.
However, by Monday night, controllers on the ground decided that sealing off Zvezda was worth the risk.
“At that point, we made the decision that it had gotten large enough, that we felt like we had a pretty good opportunity to to get the crew up, start working through a more focused isolation procedure,” Kenny Todd, deputy program manager for the space station, told reporters on Tuesday.
The test went smoothly. While Zvezda was inaccessible, the crew relied on the life-support system on the US side of the station, which also has oxygen generators, a kitchen, and drinkable-water systems.
A busy time for the space station
The crew members located the leak ahead of a busy time for the ISS. This weekend, a Northrop Grumman spacecraft is slated to bring up an experimental new toilet and other supplies. Then on October 14, the next crew members are expected to launch to the station from Kazakhstan: NASA astronaut Kate Rubins and cosmonauts Sergey Ryzhikov and Sergey Kud-Sverchkov.
At the end of October they’ll be joined by the members of NASA’s Crew-1 mission, the next in the agency’s partnership with SpaceX: NASA astronauts Shannon Walker, Victor Glover, and Michael Hopkins, and Japan Aerospace Exploration Agency astronaut Soichi Noguchi.
NASA was originally aiming to launch Crew-1 this month, but the timeline has been pushed back to October 31. That’s mostly to accommodate other mission schedules, though also in part because of the leak.
The delay, NASA wrote in a blog on Monday, “will provide a good window of opportunity to conduct additional testing to isolate the station atmosphere leak if required.”
Cassidy, Ivanishin, and Vagner are expected to return to Earth shortly before the Crew-1 group arrives.
Not the first leak on the space station
This isn’t the first leak found on the space station’s Russian side. In August 2018, crew members discovered a 2-millimeter drill hole in part of a Russian Soyuz spaceship that was docked to the station.
That hole seemed to indicate a manufacturing defect — it appeared that someone on Earth had attempted to plug it with paint, but that paint had broken off. So in December 2018, two cosmonauts donned spacesuits and studied the hole in detail on a spacewalk. They spent nearly eight hours hacking at the insulation with a knife to find and document it.
After that, the crew patched up the hole with an epoxy sealant. Roscosmos has since stayed quiet about the incident.
“We know exactly what happened, but we will not tell you anything,” Roscosmos head Dmitry Rogozin said at a youth science conference in September 2019, according to the Russian state news agency Ria Novosti.
Read the original article on Business Insider
Kindle Unlimited is on sale at Amazon
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The reviews quoted above reflect the most recent versions at the time of publication.
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Don’t Go Bargain Hunting on Inovio (INO) Stock Quite Yet, Says 5-Star Analyst
Oppenheimer: These 2 Stocks Are Poised to Surge by Over 100%
When it comes to the market’s wild swings, is the glass half empty or half full? Oppenheimer’s chief investment strategist John Stoltzfus is taking the latter view.Despite the volatility that has ruled the market over the last few weeks, Stoltzfus actually likes what he’s witnessing in both the market and the economy. In particular, he points to U.S. companies that have been outperforming most other markets around the world as exciting plays, with the innovation in the U.S. reflecting a key component of his bullish thesis.“The U.S. is outperforming most of the markets around the world — whether it’s developed markets or emerging markets… We’ve taken out the froth that had come into the market in certain [mega cap] names. It may be a good opportunity to pick up some really good, high quality growth stories that are on sale right now,” Stoltzfus noted.Additionally, the strategist believes the S&P 500 could climb back to its September 2 high point, based on improving economic data. The approval of a COVID-19 vaccine as well as an election outcome that is “friendly to the domestic economy, business, job growth and the taxpayer” could also push the index higher.Turning Stoltzfus’ outlook into tangible recommendations, Oppenheimer analysts are pounding the table on two stocks, with these pros seeing over 100% upside potential in store. Running the tickers through TipRanks’ database, we wanted to find out exactly what makes them so compelling.Brickell Biotech (BBI)Focused on the development of innovative and differentiated therapeutics for the treatment of skin diseases, Brickell Biotech wants to improve the lives of patients everywhere. Given the potential of the company’s lead candidate and its $0.82 share price, Oppenheimer thinks that now is the time to pull the trigger.Sofpironium bromide (SB), a prescription treatment for axillary hyperhidrosis (AH, or excessive underarm sweating), is entering U.S. Phase 3 trials. This program will consist of two identical six-week studies, and will evaluate its ability to improve the condition per the objective (gravimetric sweat production) and subjective (HDSM-Ax) co-primary endpoints. Each is expected to last 12 months, and the first will kick off next quarter.Roughly 10 million people in the U.S. suffer from AH, with this condition interfering with daily social and professional activities. Currently, only 2.3 million receive prescription treatment, and some resort to invasive or permanent interventions like Botox, MiraDry or surgery.Oppenheimer’s Leland Gershell argues that more conservative approaches could be used to meet these medical needs. He also believes the recent entry of Eli Lilly’s competing product, Qbrexza, represents a significant step forward. That said, there’s “room for improvement” with this anti-cholinergic approach.Looking at a U.S. Phase 2b trial, the highest dose of BBI’s SB gel (15%) demonstrated 46% greater sweat reduction per gravimetric analysis compared to the placebo, with significant reductions in a validated patient-reported outcome instrument seen at all doses. Based on the trial data, efficacy is over 50% better than Qbrexza per label, despite higher baseline severity. In addition, their safety profiles were relatively similar.It should be noted that BBI will market the drug to U.S. dermatologists through a specialty salesforce of 120 representatives. According to Gershell’s estimates, uptake by 110,000 patients per year (just 5% of the currently treated AH population) translates to $200 million in gross sales. The analyst adds that patent issuance could extend market exclusivity to 2040.Adding to the good news, on September 25, BBI announced that Kaken Pharmaceutical, its development partner, got the green light to manufacture SB in Japan for the treatment of AH. Japan is the first country to approve the candidate, with the launch expected later this year.To sum it all up, Gershell stated, “By virtue of its efficacy, tolerability, and antiperspirant-like application, we believe SB offers an attractive profile in a market that offers much room for improved solutions. We encourage risk-tolerant investors to build a position ahead of upcoming newsflow.”To this end, Gershell rates BBI an Outperform (i.e. Buy) along with a $5 price target. This target conveys the analyst’s confidence in BBI’s ability to surge 502% from current levels. (To watch Gershell’s track record, click here)Looking at the consensus breakdown, 2 Buys and no Holds or Sells have been published in the last three months. As a result, BBI gets a Moderate Buy consensus rating. The $5 average price target is identical to Gershell’s. (See BBI stock analysis on TipRanks)Aldeyra Therapeutics (ALDX)As for Oppenheimer’s other pick, Aldeyra Therapeutics works to bring new treatment options for immune-related diseases to market. Based on the solid progress of its pipeline, the firm has high hopes for this healthcare name.Representing Oppenheimer, analyst Justin Kim points out that he came away from a recent conversation with the CEO even more confident in ALDX’s long-term growth prospects. Pivotal studies on reactive aldehyde species (RASP) are slated for Q4 2020, evaluating the action of reproxalap, Aldeyra’s lead therapy designed to clamp down on overactive inflammation, on tear levels of RASP over a period ranging from 1-2 days to 28 days. “Based on Phase 2a results, we are confident in the ability to replicate results in Q4 2020,” Kim stated.Given the potential of dry eye disease (DED) in the near-term, the analyst expects significant investor focus to land on clinical trial execution (Phase 3 RASP studies and safety study), which would support a potential NDA filing by the end of 2021, in Kim’s opinion. “Despite some volatility in the shares, we see a solid setup emerging as the company initiates its Phase 3 RASP studies in dry eye disease (DED),” he said.Speaking to the potential of RASP as an accepted dry eye endpoint, ALDX has experienced “a watershed moment,” with it facilitating an expedited path to registration (from traditional sign endpoints) and greater likelihood of clinical trial success, based on reproxalap’s mechanism of action (MoA) as a RASP-trap, according to Kim.He added, “Moreover, agreement on RASP could have broader implications for a commercial launch in dry eye, a market that we believe will see segmentation as more therapies with targeted MoAs become incorporated into the armamentarium.”“We continue to be impressed by the progress in achieving a potential concurrent filing for dry eye and allergic conjunctivitis (AC), appreciating the importance of a differentiated dry eye agent with action also in AC. As the dry eye therapeutic landscape increases its options, we expect greater segmentation of the heterogeneous patient population potentially beginning with reproxalap’s positioning in ‘allergic dry eye’,” the analyst concluded. For the rest of 2020, focus is likely to stay on Phase 3 study designs (assay work/development), execution and the potential readout in DED, which could set the stage for a commercial launch in DED and AC in 2022.If that wasn’t enough, based on the broader pipeline of candidates targeting PVR, inflammatory conditions and COVID-19, Kim sees “a rich environment of catalysts for the shares over the coming 12-18 months.”It should come as no surprise, then, that Kim stayed with the bulls. To this end, he kept an Outperform rating and $15 price target on the stock. Investors could be pocketing a gain of 110%, should this target be met in the twelve months ahead. (To watch Kim’s track record, click here)What does the rest of the Street have to say? Only Buy ratings, 2 to be exact, have been issued in the last three months. So, the consensus rating is a Moderate Buy. In addition, the $23.50 average price target suggests 227% upside potential from current levels. (See ALDX stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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