– US companies kicked off an unprecedented earnings season that will show the impact of Covid-19 on the country’s businesses, noted the Financial Times (paywall). One of the first companies to report, PepsiCo, revealed better-than-expected results. Overall, however, S&P 500 constituents are predicted to suffer an average fall in quarterly profits of 45 percent, according to the article, citing data from FactSet.
– Company and executive accounts on Twitter were among those targeted in a widespread financial scam, reported the Wall Street Journal. Hackers gained access to numerous well-known accounts and posted requests for donations. The Twitter profiles affected included Amazon CEO Jezz Bezos, Tesla CEO Elon Musk and Apple.
– China’s STAR Market has proved a success for Chinese authorities but has developed a frenzied trading environment, according to the WSJ. Semiconductor Manufacturing International raised $6.5 bn on the market this week, and saw its stock value more than triple. The listing moved STAR into third place behind Nasdaq and Hong Kong for value of listings so far this year, according to Refinitiv data.
– BlackRock has taken action against 53 companies over climate change so far this year, reported the FT. The company said in January it would put pressure on companies over climate risk but since then has received criticism that it is not taking enough action. The investment giant has also put 244 companies on a watch list due to insufficient progress over tackling climate-related issues.
– Investors think going long tech is the most crowded trade there has ever been, noted Marketwatch, quoting the latest fund manager survey from Bank of America. The research finds that 74 percent of investors think the most crowded trade is ‘long US tech stocks’ – the highest reading for that question in the survey’s history. Respondents continue to be overweight tech and pharmaceutical stocks, added the research.
And to recap, here are IR Magazine’s stories posted this week:
Investor groups urge SEC to help improve virtual AGMs
Wednesday winner: Gibson Energy makes progress in IR
Brad Samson named IR head for Huami
IR teams dive into virtual roadshows, finds research
Magellan Health names Darren Lehrich as chief IR officer
SASB and GRI to provide guidance on joint implementation
