US workers file over 1 million jobless claims for 20th straight week
The number of Americans applying for unemployment benefits topped 1 million for the twentieth straight week — bringing the total number of initial jobless claims filed during the coronavirus pandemic to more than 55 million.
An additional 1.186 million people filed for unemployment last week, according to the US Department of Labor.
Jobless claims were down 249,000 from the week prior, but at a total of 55.3 million, the number of Americans who have filed for unemployment claims during the course of the pandemic is greater than the populations of New York and Texas combined — and has long since surpassed the 37 million jobs lost over the 18 months during the Great Recession.
Continuing claims, which measure sustained joblessness on a one-week lag, was down to about 16 million in the week ending July 25, the US Department of Labor said.
The numbers arrive a week after the US economy suffered its worst blow since the Great Depression, with the Commerce Department reporting that the nation’s gross domestic product — the value of all goods and services produced here — shrunk 9.5 percent from the first quarter.
The plunge is unmatched in historical data from the National Bureau of Economic Research going back to 1875.
The most recent period that came anywhere close was a roughly 7.2 percent contraction in the last quarter of 1937, in the late stages of the Great Depression.
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Gold Hovers Near Record High
Gold prices hovered near record highs on Thursday as the number of global Covid-19 infections surged past 19 million and the impasse over the next round of the U.S. fiscal stimulus measures spurred concerns about the pace of economic recovery.
Spot gold edged up 0.6 percent to $2,049.65 per ounce after hitting a record high of $2,055.10 on Wednesday. U.S. gold futures were also up 0.6 percent at $2,049.95.
The Covid-19 pandemic clouded the economic outlook and boosted bullion’s safe-haven allure.
To help an economy at risk from rising coronavirus cases, Cleveland Fed President Loretta Mester called on Congress to provide more fiscal help and said the Fed is ready to do more if needed.
Dallas Federal Reserve Bank President Robert Kaplan said during an interview with CNN on Wednesday that the economy needs a continuation of the unemployment benefits to help the economy recover from the coronavirus pandemic.
Meanwhile, after holding interest rates and leaving QE targets unchanged, the Bank of England said it does not expect the U.K. economy to exceed its pre-coronavirus levels until the end of 2021.
On the stimulus front, White House negotiators said they’re no closer to agreeing with Democrats on the size and the scope of the latest stimulus package.
“If there’s not a deal by Friday, there won’t be a deal,” Republican Senator Roy Blunt reportedly said.
Atlas Air Worldwide Holdings Inc. Q2 adjusted earnings Beat Estimates
Below are the earnings highlights for Atlas Air Worldwide Holdings Inc. (AAWW):
-Earnings: $78.91 million in Q2 vs. $86.87 million in the same period last year.
-EPS: $3.01 in Q2 vs. $1.61 in the same period last year.
-Excluding items, Atlas Air Worldwide Holdings Inc. reported adjusted earnings of $123.19 million or $4.71 per share for the period.
-Analysts projected $2.13 per share
-Revenue: $825.25 million in Q2 vs. $663.92 million in the same period last year.
The Truth Is Not Out There In ‘X-Files’ Supercut Of Donald Trump’s Conspiracy Theories
The truth is out there.
But not in this “The X-Files”-themed montage highlighting President Donald Trump’s baseless conspiracy theories.
MSNBC’s Joy Reid on Wednesday laid bare a few of the falsehoods that Trump has promoted over the years ― from the racist “Birther” lie about former President Barack Obama to allegations of mass voter fraud.
Check out the segment here:
Stock Alert: Denali Therapeutics Soars 35%
Shares of Denali Therapeutics Inc. (DNLI) are rising more than 35% after the company announced that its LRRK2 inhibitor, DNL151 has met requirements to proceed into further late-stage clinical studies.
The stock touched a new high of $35.70 this morning.
DNL151 has been selected to advance into two late-stage studies in Parkinson’s disease in patients with a kinase activating mutation in LRRK2 and in patients with sporadic disease.
Denali and collaboration partner Biogen intend to commence patient enrollment in 2021.
Mutations in the LRRK2 gene can cause Parkinson’s disease and are a major driver of lysosomal dysfunction, which contributes to neurodegeneration.
Targa Resources Turns To Profit In Q2
Targa Resources Corp. (TRGP) reported that its second quarter net income attributable to common shareholders was $48.9 million, compared to a loss of $41.2 million in the prior year.
Net income was higher in 2020 primarily due to income allocated to noncontrolling interest holders in Targa Badlands LLC, Targa GCX Pipeline LLC, and the Grand Prix Pipeline LLC.
Total revenues declined to $1.52 billion from $1.995 billion in the previous year.
Targa is increasing the low end of its previously provided 2020 Adjusted EBITDA outlook and now estimates full year Adjusted EBITDA to be between $1.5 billion to $1.625 billion.