Gilead Sciences Revises FY20 Guidance – Quick Facts

Trump Says He Will Not Attend Biden’s Inauguration on Jan. 20

Washington (AP) — President Donald Trump says he will not attend President-elect Joe Biden’s inauguration on Jan. 20.

Gold Rises On Dollar Weakness

Gold prices rose on Wednesday and the dollar eased slightly as traders await the swearing-in of Joe Biden as the 46th president of the United States.

A better-than-expected sentiment survey in Germany and dovish talk from Janet Yellen also weakened the dollar.

Spot gold rose 0.7 percent to $1,853.14 per ounce, while U.S. gold futures were up 0.7 percent at $1,852.50.

Investors anticipate more stimulus spending after U.S. Treasury Secretary nominee Janet Yellen backed major fiscal stimulus to help workers and businesses battered by the coronavirus pandemic.

She urged lawmakers to ‘act big” on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

President-elect Biden has already outlined a $1.9 trillion economic relief package last week to jump-start the economy. He is expected to issue a flurry of executive orders following his inauguration at noon.

Biden Warns Staffers Not To Break 1 Key Rule Or ‘I Will Fire You On The Spot’

President Joe Biden warned his political appointees that there’s one behavior that will earn them an instant boot. 

“I’m not joking when I say this: If you’re ever working with me and I hear you treat another colleague with disrespect, talk down to someone, I promise you I will fire you on the spot,” he said after swearing in nearly 1,000 workers remotely. “No if, ands or buts.” 

Biden said everyone should be treated with decency and dignity, then added: “That’s been missing in a big way the last four years.”

Biden also told the appointees there was a lot of work ahead and thanked them for being willing to do it.

“As my mom would say, God love y’all,” he said. 

My Unlikely Pandemic Dream Partner

We loathed each other quietly, until we made space for grief and good food.

By Merissa Nathan Gerson

New Fortress To Acquire Hygo Energy, Golar LNG In Combined $5 Bln Deal – Quick Facts

Energy infrastructure firm New Fortress Energy Inc. (NFE) announced Wednesday that it has entered into definitive agreements to acquire Hygo Energy Transition Ltd. in a cash a stock transaction valued at $5.28 billion.

The consideration will comprise 31.4 million shares of New Fortress Energy Class A common stock and $580 million in cash.

Hygo Energy is a 50-50 joint venture between Golar LNG Limited (GLNG) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners, and Golar LNG Partners, LP (GMLP).

Pursuant to the transaction, Golar LNG will receive 18.6 million shares of New Fortress Energy Class A common stock and $50 million in cash and Stonepeak will receive 12.7 million shares of New Fortress Energy Class A common stock and $530 million in cash.

The addition of Hygo will quickly expand New Fortress Energy’s footprint in South America with three gas-to-power projects in Brazil’s large and fast-growing market.

With the acquisition of Hygo, New Fortress Energy will acquire an operating floating storage and regasification unit (FSRU) terminal and a 50% interest in a 1500MW power plant in Sergipe, Brazil as well as two other FSRU terminals with 1200MW of power in advanced stages in Brazil.

The closing of the transaction is subject to the receipt of certain regulatory approvals and third party consents and other customary closing conditions, and is expected to occur in the first half of 2021.

Emirates Airline Plans to Expand Services to U.S. From Dubai

Emirates plans to expand its services to the U.S. from Dubai as the airline ramps up its operations.

The carrier will resume non-stop services to Seattle from Feb. 1, and to Dallas and San Francisco from March 2, accordingto a statement. It also plans to boost flights to New York, Los Angeles and Sao Paulo from next month.

Dubai, the Middle East’s business hub, locked down the city for about a month last year and Emirates grounded passenger flights to halt the spread of the coronavirus. Since then flights have since resumed operations, and Emirates said Monday it currently serves 114 destinations on six continents.

Twitter permanently suspends Donald Trump from platform

(CNN)Twitter has suspended President Donald Trump from its platform, the company said Friday evening.

“After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said.
“In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action.”

Gilead Sciences Revises FY20 Guidance – Quick Facts

Gilead Sciences, Inc. (GILD) said non-GAAP earnings per share is now estimated in a range of $6.98 to $7.08 for 2020, revised from previous guidance range of $6.25 – $6.60. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.61. Analysts’ estimates typically exclude special items.

For 2020, total product sales guidance range is now $24.30 billion to $24.35 billion, revised from prior guidance range of $23.00 billion to $23.50 billion. The company noted that the updated product sales guidance reflects increased Veklury (remdesivir) sales as hospitalization and treatment rates were higher than expected given the most recent COVID-19 surge.