Weekly Flash Report 7/24 2020.07.24

Current Happenings

  • Tesla posted its fourth consecutive quarter of profit, earning $2.18 a share. This opens the door for the company’s inclusion in the S&P 500.
  • Chevron to buy Noble Energy in $5B all-stock deal.
  • Simon Property Group and Authentic Brands have made a $350M bid for bankrupt Brooks Brothers.
  • Goldman Sachs has agreed to a $3.9B settlement with the Malaysian government over the multibillion-dollar 1MDB scandal.
  • Pfizer and development partner BioNTech ink deal with U.S. government for 600M doses of COVID-19 vaccine dubbed BNT162.

Regulatory Chatter and Industry Trends

  • A judge denied John Hancock’s (JH) motion to dismiss a self-dealing lawsuit. The suit suggests that JH breached its fiduciary duties “by applying an imprudent and inappropriate preference for JH products within the plan, despite their poor performance and high costs and lack of traction among fiduciaries of similarly sized plans .
  • MBA Engineering alleges Matrix Trust Company unlawfully retained potentially hundreds of million of dollars in 12b-1 fees, non-float cash interest and float cash interest from more than 60,000 customers through nondisclosure and concealment.

Investment Manager News

  • Mohamed El-Erian was named chairman of emerging markets manager Gramercy Funds Management.
  • Sophie van Oosterom was named global head of real estate at Schroders.

What's Ahead

  • EIA Petroleum Status Report – July 29, 2020
  • Gross Domestic Product – July 30, 2020
  • EIA Natural Gas Report – July 30, 2020
  • Jobless Claims – July 30, 2020
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