Stocks tumble as Covid-19 cases surge and stimulus is nowhere to be found

Wall Street is tumbling on Monday as coronavirus, Washington intransigence and earnings weigh on the market.



a person standing in front of a building: NEW YORK, NEW YORK - OCTOBER 02: People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 02, 2020 in New York City. Stocks and markets around the world have fallen in morning trading as investors digest the overnight news that President Donald Trump has Covid-19. (Photo by Spencer Platt/Getty Images)


© Spencer Platt/Getty Images
NEW YORK, NEW YORK – OCTOBER 02: People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 02, 2020 in New York City. Stocks and markets around the world have fallen in morning trading as investors digest the overnight news that President Donald Trump has Covid-19. (Photo by Spencer Platt/Getty Images)

US stocks sank at the opening bell in New York, and the selloff gathered pace as the session went on.

Loading...

Load Error

In the early afternoon the Dow was down 950 points, or 3.4%. Not a single Dow stock was in the green. At this rate, the index is on track for its worst day since June.

The S&P 500 — the broadest measure of the US stock market — fell 2.8%, on pace for

Read More

Software developer pleads guilty to COVID-19 fraud scheme

SEATTLE (AP) — A Seattle man has pleaded guilty to one count of wire fraud for carrying out a scheme to defraud several COVID-19 relief programs, according to federal prosecutors.

Baoke Zhang, 35, of Issaquah, Washington, pleaded guilty last week in federal court in Seattle. He admitted that he submitted four fake applications to three different lenders for forgivable loans under the Paycheck Protection Program, which provides payroll help to small businesses, prosecutors said.

To support the loan applications, Zhang used fake entities for which he created fake payroll and tax records, prosecutors said. Two of the fake loan applications sought $600,000 each, a third application sought $325,000, and a fourth sought approximately $41,000.


Zhang also sent in fake applications to two non-profit organizations that give grants to restaurant workers suffering economic hardship due to the pandemic.

Zhang also admitted that he submitted a fraudulent application to a multinational technology

Read More

SAP shares fall sharply after COVID-19 cuts revenue, profit forecast at software giant

SAP announced its Q3 earnings yesterday, with its aggregate results down across the board. And after missing earnings expectations, the company also revised its 2021 outlook down. The combined bad news spooked investors, crashing its shares by over 20% in pre-market trading and the stock wasn’t showing any signs of improving in early trading.

The German software giant has lost tens of billions of dollars in market cap as a result.

The overall report was gloomy, with total revenues falling 4% to €6.54 billion, cloud and software revenue down 2%, and operating profit down 12%. The only bright spot was its pure-cloud category, which grew 11% to €1.98 billion.

SAP’s revenue result was around €310 million under expectations, though its per-share profit beat both adjusted, and non-adjusted expectations.

While SAP’s big revenue miss might have been enough to send investors racing for the exits, its revised forecast doubled concerns. Even

Read More

SAP Q3 2020: Software license revenue plummets, demand weakens as COVID-19 strengthens its grip

SAP has reported third-quarter earnings results revealing reduced income and COVID-19’s impact on the company’s cloud business.

SAP’s Q3 2020 earnings (statement) (.PDF), ending September 2020, reveal revenues of €6.54 billion IFRS, down 4% year-over-year (or flat non-IFRS and at constant currencies) with basic earnings per share of €1.32 (€1.70 non-IFRS).

In Q2 2020, SAP reported €6.74 billion IFRS revenue.

SAP reported an operating profit of €1.47 billion IFRS, down 12% year-over-year and 1% to €2.07 billion non-IFRS and up 4% non-IFRS at constant currencies. 

SAP says this reduction in operating profit is “primarily due to higher share-based compensation expenses compared to the prior year period.”

Operating cash flow for the first nine months of the year was €5.09 billion, up 54% year-over-year due to “lower restructuring-related payments and lower income tax payments.” 

A cloud backlog of €6.6 billion has been recorded, while cloud revenue grew by 11% year-over-year, to

Read More

New Robotic Lawn Mower Market Research Highlights Recovery Path for Businesses from COVID-19 on Residential and Commercial End-users| Technavio

The new robotic lawn mower market research from Technavio indicates Neutral & Inferior growth in the short term as the business impact of COVID-19 spreads.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201025005013/en/

Technavio has announced its latest market research report titled Global Robotic Lawn Mower Market 2020-2024 (Graphic: Business Wire)

“One of the primary growth drivers for this market is the demand from commercial segment,” says a senior analyst for Industrials sector at Technavio.

The increasing demand from the commercial segment will be a significant factor in driving the growth of the robotic lawn mower market. Technological innovations have enabled market vendors to overcome challenges, such as low productivity, limited battery life, and the need for frequent maintenance of robotic lawn mowers. The adjustable shock absorbers components present in robotic lawn mowers adjust according to the slope and allow it to perform lawn mowing activity in

Read More

Upgrading to iPhone 12 causes issues for UK NHS COVID-19 app users

Users of the UK’s NHS COVID-19 contact tracing app have run into problems when trying to upgrade to the iPhone 12 or iPhone 12 Pro, with the app not prompting users to turn on Exposure Notifications after transferring it from the old device.

A number of iPhone 12 users in England and Wales who upgraded to the just-released models from an older iPhone have encountered error messages when they try to open the official NHS COVID-19 app. Users who perform an automated installation of in-use apps from their old iPhone to the new unit, such as via an iCloud Backup, may encounter errors when trying to run the app after the transfer takes place.

An error is displayed advising to users the app couldn’t be run due to a “restriction in your settings” or that another app is using the same technology and is stopping it from working,

Read More

iPhone 12 launch causes NHS Covid-19 app confusion

iPhone 12 Pro
iPhone 12 Pro

Some owners of the iPhone 12 and iPhone 12 Pro handsets have reported being shown an error message when trying to use the NHS Covid-19 app.

Apple’s devices – which were released on Friday – can in fact run England and Wales’ contact-tracing software.

But the issue arises if apps are transferred from an older iPhone via an iCloud Backup data transfer, which is common practice.

This can easily be addressed by making a change within the Settings menu.

Users should:

  • select the Notifications listing

  • then tap on Exposure Notifications

  • then turn on the Allow Notifications option

When users install the app from scratch, they are prompted to give the required permission.

But in what appears to be an oversight, when Apple transfers apps over it does not ask owners to enable the permission and it is not obvious that it needs to be done.

As a

Read More

ComEd STEM Home Labs Provides Virtual STEM Programming for 100 Students During COVID-19 Pandemic

CHICAGO, Oct. 23, 2020 /PRNewswire/ — To safely bring STEM education to students during the COVID-19 pandemic, ComEd is launching ComEd STEM Home Labs, its first-ever virtual program to provide Chicagoland students with STEM engagement at home. ComEd engineers developed the program in collaboration with university professor and STEM influencer Dr. Kate Biberdorf. The series kicks off on Saturday, Oct. 24, for 100 students, ages 13-17, from across Chicago-area communities.

Continuing ComEd’s longstanding investment in STEM engagement for Chicago-area youth, this new program inspires students to advance their confidence, knowledge and career paths in STEM through hands-on experiments in a year where many extracurricular programs are on hold. By exciting young women and students of color about careers in science, technology, engineering and math, ComEd STEM Home Labs will encourage them to pursue jobs in STEM.

“Women, African Americans and Latinos remain underrepresented in STEM

Read More

CAD Software Market Procurement Intelligence Report with COVID-19 Impact Analysis

The CAD Software market will register an incremental spend of about USD 4 billion, growing at a CAGR of 8.45% during the five-year forecast period. A targeted strategic approach to CAD Software sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Download free sample pages

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201022006090/en/

SpendEdge has announced the release of its Global CAD Software Market Procurement Intelligence Report (Graphic: Business Wire)

Key benefits to buy this report:

  • What are the market dynamics?

  • What are the key market trends?

  • What are the category growth drivers?

  • What are the constraints on category growth?

  • Who are the suppliers in this market?

  • What are the demand-supply shifts?

  • What are the major category requirements?

  • What are the procurement best practices in this market?

Information on Latest Trends and Supply

Read More

Covid-19 Drives Amazon’s Rise Among World’s Top Brands

Amazon
AMZN
saw the largest increase in value among the world’s 100 best global brands this year. The rise of 60% took the e-commerce leader above the $200 billion barrier according to consultancy Interbrand. Apple
AAPL
held onto the top position, boosting its brand value by 38% to $323 billion.

Interbrand’s highly-anticipated Top 100 Best Global Brands have grown by 9% pushing up their total brand value over the $2.3 trillion mark. Strong names have become stronger thanks to a Covid-19 effect which has helped to reinforce the dominance of big tech in 2020. Not only do they hold the top five positions—Apple, Amazon, Microsoft
MSFT
, Google
GOOG
and Samsung—but technology and tech-platform brands now represent 48% of the total table value, versus only 17% in 2010.

The league table (see the interactive listing here)

Read More