(Bloomberg) — Stocks erased gains after a slide in technology companies and Federal Reserve Chairman Jerome Powell’s remarks that he’s not sure if the faster-than-expected economic recovery will continue.
The S&P 500 fell as giants Adobe, Apple and Facebook slid at least 2%. Earlier Wednesday, equities rose after the Fed left rates near zero and signaled it would hold them there through at least 2023. Treasuries briefly erased gains and fell to session lows after Powell said the central bank is satisfied with the current size and shape of its asset purchase program.
Read: Fed Signals Rates Will Stay Near Zero for at Least Three Years
Fed officials have stressed in recent weeks that the U.S. recovery is highly dependent on the nation’s ability to better control the coronavirus, and that further fiscal stimulus is likely needed to support jobs and incomes. “The recovery has progressed more quickly than generally expected,” Powell said, while cautioning that “the path ahead remains highly uncertain.” It was the Federal Open Market Committee’s final scheduled meeting before the U.S. presidential election on Nov. 3.
“Rates are likely to remain at zero through 2023, but this does not alleviate the need for additional fiscal support,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “The ball is now in Washington’s court.”
The White House strongly signaled Wednesday that it is willing to increase its offer in talks with Democrats, and that Senate Republicans should go along in order to seal a stimulus deal in the next week to 10 days.
These are some of the main moves in markets:
The S&P 500 fell 0.2% as of 3:30 p.m. New York time.The Stoxx Europe 600 Index climbed 0.6%.The MSCI Asia Pacific Index increased 0.6%.
The Bloomberg Dollar Spot Index decreased 0.2%.The euro fell 0.2% to $1.1829.The Japanese yen appreciated 0.5% to 104.95 per dollar.
The yield on 10-year Treasuries was little changed at 0.68%.Germany’s 10-year yield fell one basis point to -0.48%.Britain’s 10-year yield decreased one basis point to 0.211%.
The Bloomberg Commodity Index gained 0.7%.West Texas Intermediate crude increased 4.5% to $40.01 a barrel.Gold strengthened 0.5% to $1,963.37 an ounce.
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The U.S. is once again giving away 55,000 green cards to foreigners. It’s simple and free.
The U.S. State Department announced on Wednesday that it will officially open registration for the Diversity Visa Program for Fiscal Year 2022 (DV-2022), better known as the visa lottery.
The popular program for foreigners who lack U.S. sponsors to come to America will provide up to 55,000 permanent resident cards or green cards in 2022, authorities said.
Foreigners interested in immigrating legally to the United States, must submit their applications electronically starting next Wednesday, Oct. 7, at noon and until Tuesday, Nov. 10, 2020.
Applications must be submitted only through the site https://dvprogram.state.gov.
The winners will be drawn from random selection and there is no cost to register.
The Diversity Visa program provides permanent resident visas to foreign citizens in countries with low immigration rates to the United States in the previous five years.
For the DV-2021, the program received 6,741,128 qualified entries from around the world — or 11,830,707 foreign nationals including family members or “derivatives” of principal applicants. Egypt, Iran, Russia and Algeria won the most immigrant visas.
Applicants must meet simple but strict eligibility requirements to qualify, according to the State Department, which distributes the green cards among six geographical regions, from countries with historically low rates of immigration to the United States.
55,000 foreigners won green cards in the Visa Lottery. Here’s why many are having trouble
Who qualifies for the Visa Lottery 2022?
The application process is simple, too, so it generally doesn’t require the legal services of an immigration lawyer, but there are some strict eligibility requirements to qualify.
Eligibility requirements before submitting entries:
▪ First, the foreigner must have been born in qualifying countries. Natives from these countries are not eligible for the DV-2022: Bangladesh, Brazil, Canada, China (including Hong Kong SAR), Colombia, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, India, Jamaica, Mexico, Nigeria, Pakistan, the Philippines, South Korea, United Kingdom (except Northern Ireland) and its dependent territories, and Vietnam.
▪ They also must have at least a high school diploma or its equivalent, or two years’ work experience over the past five years in an eligible field that requires at least two years of training.
Due to the expected huge volume of entries, State Department officials urge participants not to wait until the end of the period to submit their petitions, because excessive demand later will slow the system down.
“Do not wait until the last week of the registration period to enter, as heavy demand may result in website delays. No late entries or paper entries will be accepted,” the authorities said in the official Instructions for the 2022 Diversity Immigrant Visa Program DV-2022.
“The law allows only one entry per person during each entry period. The Department of State uses sophisticated technology to detect multiple entries. Submission of more than one entry will render you ineligible for a DV,” they noted.
Green cards are only available to immigrants who fall under one of these categories
How to enter the 2022 visa lottery
Foreign nationals can sign up and submit their electronic entry at dvlottery.state.gov.
After registering online, the green card hopeful will see a confirmation screen containing his or her name and a unique confirmation number a person must print to verify if he or she was chosen.
People who already live in the United States with legal non-immigrant status can also participate, provided their country of origin is included.
The following information is required to fill out the form:
▪ Name — last name, first name, middle name — as it appears on your passport
▪ Date of birth
▪ City of birth
▪ Country of birth
▪ Country of eligibility for the DV-2022 program
▪ Recent photograph (of the applicant, his spouse and children) that meets these requirements
▪ Postal address
▪ Country of current residence
▪ Phone number (optional)
▪ Highest academic level achieved
▪ Marital status
Diversity Immigrant Visa Program during pandemic
It has been a complicated year for 55,000 foreigners who won the 2020 Diversity Immigrant Visa Program from among 14 million qualified entries.
Ahead of a Sept. 30 deadline to get the visas issued, foreigners have scrambled to find a consular interview, one of the key requirements. So far, the Department of State has issued only 14,636 of the 55,000 diversity visas allocated for Fiscal Year 2020, according to immigration attorney Curtis Morrison, who represents over 3,000 of the plaintiffs.
U.S. embassies and consulates around the globe halted, in March, non-emergency visa services due to the coronavirus pandemic — and only recently has the Department of State restarted phased routine services for immigrant and travel visas.
But visa applicants and their attorneys are optimistic that U.S. District Judge Amit P. Mehta, who is presiding over a lawsuit challenging President Donald Trump’s immigrant ban, will extend the Sept 30 deadline.
“Judge Mehta has not yet issued order but we expect it will come before end of day,” Morrison wrote on Twitter.
You can read this story in Spanish in el Nuevo Herald.
Daniel Shoer Roth is a journalist covering immigration law who does not offer legal advice or individual assistance to applicants. Follow him on Twitter @DanielShoerRoth or Instagram. The contents of this story do not constitute legal advice.
Chicago Med Shuts Down Production for 2 Weeks After Positive COVID Test
The doctors of Chicago Med are now dealing with the coronavirus in real life: Production on the NBC medical drama has been shut down for two weeks after a production team member tested positive for COVID-19, our sister site Deadline reports.
The production team member was immediately sent home following the positive test, and producers Wolf Entertainment and Universal TV decided to pause production out of an abundance of caution, since the production team member was in close proximity with the cast and crew. (A second member from the same department also tested positive last week.)
Med just began filming last week for the upcoming Season 6, and as of now, is still slated to premiere on Wednesday, Nov. 11, along with its fellow #OneChicago series Chicago Fire and Chicago P.D. Those other two series are set to begin filming next month.
The global coronavirus pandemic — which has claimed more than 200,000 lives in the United States alone so far — has delayed production on virtually every TV series, with some shows just now getting back to filming. NBC has had to shuffle its fall schedule, with reality shows like American Ninja Warrior and a Weakest Link reboot hosted by Jane Lynch picking up the slack while scripted shows like Law & Order: SVU and The Blacklist get pushed back several months. This Is Us, however, actually moved up its premiere date to Tuesday, Oct. 27.
Launch Gallery: #OneChicago Cast Exits, Ranked
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Micron Remains a Solid Long-Term Play, Says 5-Star Analyst
Goldman Sachs Predicts Over 40% Rally for These 3 Stocks
A new wave of optimism is splashing onto the Street. Investment firm Goldman Sachs just gave its three-month stock forecast a boost, lifting it from Neutral to Overweight, with it also projecting “high single-digital returns” for global stocks over the next year.What’s behind this updated approach? Goldman Sachs strategist Christian Mueller-Glissmann cites the impressive rebound in global earnings growth and reduced equity costs as the drivers of the estimate revision. On top of this, a “broader procyclical shift” in stocks and other assets could take place during the remainder of this year.“We have shifted more cyclical on sectors and themes tactically but still prefer growth vs. value on a strategic horizon… In the near-term, elevated uncertainty on U.S. elections and a better global growth outlook might benefit non-U.S. equities more, but in the medium term a large weight in structural growth stocks is likely to support the S&P 500,” Mueller-Glissmann noted.As for the “most important catalyst” that could spur growth optimism in the next year, the strategist points to additional clarity on when and how a COVID-19 vaccine will be available.Turning Mueller-Glissmann’s outlook into concrete recommendations, Goldman Sachs’ analysts are pounding the table on three stocks that look especially compelling. According to these analysts, each name is poised to surge in the 12 months ahead.Raytheon Technologies (RTX)First up we have Raytheon Technologies, which is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers. While shares have stumbled in 2020, Goldman Sachs thinks the weakness presents a buying opportunity.Representing the firm, analyst Noah Poponak points out that RTX is “too high quality and well positioned of a company to trade at an 11% free cash flow yield on the fully aerospace-recovered and fully synergized 2023E free cash.”The analyst’s bullish outlook is largely driven by the company’s aerospace aftermarket (the secondary market that deals with the installation of equipment, spare parts, accessories and components after the sale of the aircraft by the original equipment manufacturer) business, which Poponak argues is “the best sub-market within Aerospace over the long-term.” This segment makes up roughly 45% of RTX’s aerospace revenue.Even though COVID-19 flight disruptions have weighed on this part of the business, Poponak points out total aircraft in service is down only 25% year-over-year, and flights have dipped less than 50%. He added, “China domestic traffic is now up year on year, and while international remains depressed, we believe the recovery in global air travel could be quicker from here than broad expectations for a recovery by 2023-2024.”Poponak highlights that in previous downturns, the aftermarket had to confront headwinds that arose from the increased use of parting out, inventory pooling and delayed aftermarket spending. “Even then, aftermarket grew at or faster than ASMs, and we believe there was pent-up demand heading into this downturn that support aftermarket tracking the recovery in global air travel. Long-term, we expect air traffic to grow 2X global GDP, as it has historically,” the analyst commented.Adding to the good news, the Geared Turbo Fan, which is a type of turbofan aircraft engine, product cycle could generate substantial revenue and EBIT growth at Pratt & Whitney, in Poponak’s opinion.“Given the high OE exposure to the A320neo, which has the strongest backlog of any aircraft in the market, we see Pratt OE revenue holding up better and recovering faster than peers. New GTF deliveries will drive expansion in the installed base for Pratt, which was declining for most of the 2000s. Despite the end of V2500 OE deliveries, that program is just moving into the sweet-spot for shop visits on the aftermarket side,” Poponak opined.What’s more, Poponak sees merger synergies as capable of fueling margin expansion and cash generation, with the historical synergy capture in the space implying that upside to guidance isn’t out of the question.In line with his optimistic approach, Poponak stays with the bulls. To this end, he keeps a Buy rating and $86 price target on the stock. Investors could be pocketing a gain of 49%, should this target be met in the twelve months ahead. (To watch Poponak’s track record, click here)In general, other analysts echo Poponak’s sentiment. 7 Buys and 2 Holds add up to a Strong Buy consensus rating. With an average price target of $78.63, the upside potential comes in at 36.5%. (See RTX stock analysis on TipRanks)Boeing (BA)Moving on to another player in the aerospace space, Boeing has also struggled on account of the COVID-19 pandemic, with it failing to match the pace of the broader market. That being said, Goldman Sachs has high hopes for this name going forward.Firm analyst Noah Poponak, who also covers RTX, points out that BA has already trimmed production rate plans by half, compared to the peak plan from before the COVID crisis and MAX grounding. A slower-than-anticipated air travel rebound could result in more reductions, but the analyst argues these would be much smaller than the reductions that have already been witnessed. He added, “Historically, the best buying opportunities in BA shares are right after it has capitulated to production rate cuts.”According to Poponak, compared to previous economic declines, the peak to trough in the current downturn is larger and faster, although this is partly related to the grounding of the 737 MAX in 2019. “We believe this will result in a less severe dislocation of supply and demand balance, and see deliveries recovering to 2018 levels by 2024 as global air travel recovers and airlines replace accelerated retirements,” he explained.As for how the company can fulfill its new production rate plan “given the mix of its backlog is so much more weighted to growth than replacement,” Poponak believes “the answer is that airlines during this downturn are revising that mix.” Since the pandemic’s onset, airlines have revealed higher aircraft retirement plans, and braced for less growth. “That means for a given revision in an airline’s order book, there is also a substantial mix shift toward replacement from growth within the new delivery numbers. Therefore, the backlog will not necessarily lose all of its growth orders,” the analyst stated.Additionally, following an uptick in aircraft order cancellations in March and April, the pace has slowed. “Even assuming another 200-plus unit cancellations this year, we estimate the 737 MAX would have nearly 6X years of production by the middle of the decade at our revised production rate estimates,” Poponak mentioned.When it comes to free cash flow, the analyst is also optimistic, with Poponak forecasting that BA will see positive free cash flow in 2021. “We think the market is underestimating the mid-cycle achievable aircraft unit cash margins across the major programs, extrapolating temporarily negative items into the future, and underestimating the degree of inventory unwind likely to occur in 2021,” he said.If that wasn’t enough, the MAX recertification could be a major possible catalyst. The company is working towards recertification and return to service, with Poponak expecting both to come before year-end.Taking all of the above into consideration, Poponak maintains a Buy rating and $225 price target. This target conveys his confidence in BA’s ability to climb 35% higher in the next year.Turning to the rest of the analyst community, opinions are mixed. With 8 Buys, 8 Holds and 1 Sell assigned in the last three months, the word on the Street is that BA is a Moderate Buy. At $192.40, the average price target implies 16% upside potential. (See Boeing stock analysis on TipRanks)Immatics (IMTX)Combining the discovery of true targets for cancer immunotherapies (therapies that utilize the power of the immune system) with the development of the right T cell receptors, Immatics hopes to ultimately enable a robust and specific T cell response against these targets. Based on its cutting-edge approach, Goldman Sachs counts itself as a fan.Writing for the firm, analyst Graig Suvannavejh notes that unlike CAR-T approaches, a T cell receptor (TCR)-based approach can go after targets inside the cell, and fight the 90% of cancers which are solid tumor in nature. The company is advancing two technologies: ACTengine, designed for personalized TCR-based cell therapies, and TCER, which targets TCR-based bispecific antibodies.ACTengine is the more advanced technology, with its four assets IMA201, a genetically engineered T cell product candidate that targets melanoma-associated antigen 4 or 8, IMA202, which targets melanoma-associated antigen 1, IMA203, which targets preferentially expressed antigen in melanoma (PRAME) and IMA204 that targets COL6A3 (found in a tumor’s stroma and is highly prevalent in the tumor microenvironment/TME in a broad range of cancers) expected to enter the clinic soon.Using the TCER platform, IMTX is developing IMA401 and IMA402, or “off-the-shelf” biologics consisting of a portion of the TCR which directly recognizes cancer cells and a T cell recruiter domain which recruits and activates the patient’s T cells.Speaking to the market opportunity, Suvannavejh mentioned, “Cancer immunotherapies have made great strides over the past decade, and in particular, advances seen with CAR-T have paved the way for cell therapy-based approaches… CAR-T, however, has to date only shown limited effect in treating cancers that are solid tumor in nature. With more than 90% of all cancers being solid tumors — with lung, breast, colorectal and prostate cancers accounting for c.60% of the total — this is the opportunity for IMTX.” To this end, he believes cumulative 2035 sales could land at $15.5 billion for the ACTengine-based assets.Reflecting another positive, since 2017, IMTX has inked at least one significant partnership per year with top global biopharma companies. According to Suvannavejh, each provided non-dilutive funding opportunities.The analyst added, “…the ARYA Sciences Acquisition Corporation, a special purpose acquisition company (SPAC), merger that enabled IMTX to become a publicly traded entity brought in a deep roster of well-known, experienced healthcare-dedicated institutional investors. Taken together, we find these to be validating of IMTX’s longer-term prospects.”Looking ahead, the initial clinical data readouts for IMA201, IMA202 and IMA203, which are slated for Q1 2021, and investigational new drug (IND) application submissions for IMA204 and IMA401 in 2021 and YE2021, respectively, reflect key potential catalysts, in Suvannavejh’s opinion.Everything that IMTX has going for it convinced Suvannavejh to reiterate his Buy rating. Along with the call, he attached a $17 price target, suggesting 73% upside potential. (To watch Suvannavejh’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 4, in fact, have been issued in the last three months. Therefore, the message is clear: IMTX is a Strong Buy. Given the $19 average price target, shares could soar 93% in the next year. (See Immatics 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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