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In this publication (co-sponsored by Zurich), you'll find FMI's top-ten articles of the past decade. Most of these topics are still relevant in today's E&C business environment and cover a broad range of industry issues.

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(Bloomberg) -- Wall Street’s biggest firms are divided on where markets are heading to next.While most risk assets are well off their mid-March lows, when uncertainty about the global impact of the coronavirus outbreak was at its peak, there is little consensus on what is to follow. At the core of the debate is the long-term effectiveness of the massive stimulus from central banks and governments.When $8 Trillion in Global Fiscal Stimulus Still Isn’t EnoughCitigroup Inc., for one, doesn’t get the “puzzling” rise in stocks.“Extensive policy response, led by ample liquidity provided by central banks, likely contributed to the move in the markets,” economists including Igor Cesarec and Catherine Mann wrote in a note Thursday. “However, since it is not clear that markets can be propped up indefinitely, caution is warranted. Risk assets could be fragile once the cold, hard economic reality hits again.”On the other hand, JPMorgan Chase & Co. sees the stock market advance as justified -- and one which can continue.“While the collapse in economic activity is historic, so too is the global policy response to cushion the impact and support a recovery,” strategists led by Marko Kolanovic wrote in a note Thursday. “We expect risky assets to continue to recover as economies reopen and given the unprecedented policy support, though we expect a moderation in the pace of gains.”Read about JPMorgan’s call in late March that markets were probably past the worst.The MSCI AC World Index has climbed about 25% since March 23 as investor sentiment warmed toward a slew of worldwide policy measures to offset the economic impact of the pandemic. The global gauge had fallen as much as 34% from its February high, when concerns about the virus reached a peak.Looking ForwardGoldman Sachs Group Inc. and Morgan Stanley largely see gains remaining intact, with caveats.Goldman attributes the market rise to a stabilization in virus infection rates and an improvement in measures of funding and liquidity stress. The firm has already said that equities price in macroeconomic performance over a two-year time horizon and investors may look past huge economic damage.“Markets will continue to look through bad news about the depth of the economic downturn if they can continue to hold on to their view that a sizable chunk of the recent damage will be reversed by the end of next year,” strategists including Zach Pandl wrote in a note Tuesday.And Morgan Stanley is also comfortable with the disparity between asset price performance and fundamentals, noting that markets tend to lead the economy and care more about rate of changes than absolute levels.“Divergences between the market and economy are common at economic extremes,” wrote strategists including Andrew Sheets in a note Thursday. “Rate of change is key – a ‘U’ shaped recovery is fine, a ‘W’ is not.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

European airlines are beginning to see faint glimmers of economic sunlight and preparing to come out of their coronavirus hibernation.Deutsche Lufthansa AG (OTCMKTS:DLAKY) on Friday said group airlines Lufthansa, Eurowings and SWISS will collectively reactivate 80 aircraft for June, doubling the operational fleet size to serve a total of 106 destinations. IAG Group this week said it plans to ramp up passenger service in July on the expectation that travel restrictions will ease and more people will start flying again. Both airlines have shrunk flight operations to less than 10% of their pre-crisis level as the pandemic caused the travel market to collapse.Most of the Lufthansa Group aircraft currently in service today are flying cargo or rescue missions for governments and travel operators to bring home tourists and other travelers stranded abroad by coronavirus travel bans. Lufthansa operates a dedicated fleet of freighters and is using many passenger planes for dedicated cargo operations too.With the outbreak past its crest in Europe, Lufthansa said it will gradually expand its flight schedule each month as Germany and other European countries loosen travel restrictions and open borders "We sense a great desire and longing among people to travel again. Hotels and restaurants are slowly opening, and visits to friends and family are in some cases being allowed again. With all due caution, we are now making it possible for people to catch up and experience what they had to do without for a long time. It goes without saying that the safety and health of our guests and employees are of the highest priority," said Harry Hohmeister, the head of commercial passenger airlines at Deutsche Lufthansa AG, in a statement.Starting in June, Group airlines will again fly to leisure destinations in Mallorca, Spain; the German island of Sylt; Rostock, Germany; and Crete, Greece. The June flight schedule will be published within a week.The company cautioned travelers to prepare for longer wait times at airport security checkpoints as authorities impose stricter hygiene regulations. And catering services on board will also remain restricted until further notice.Earlier this week, Lufthansa Group began requiring all passengers to wear face masks to help protect passengers and crew members from infection.Meanwhile, the parent company disclosed this week that it is negotiating with the German government for an emergency financial aid package worth 9 billion euros ($9.7 billion) to help fund operations and payroll until revenues pick up in a meaningful way.Germany privatized Lufthansa in the late 1990s.The relief package would include a secured loan and a non-voting equity stake of up to 25% for the government. Lufthansa would also be required to suspend future dividend payments as part of the deal.Lufthansa officials have warned the company may file for bankruptcy without stabilization aid. An issue under debate is the government's request for two board seats, which could give the government a say in how many workers to retain or other policies.Most of Lufthansa's workers are on leave and receiving aid under a government safety-net program.The International Air Transport Association has said governments need to do more to help airlines get through the worst crisis in aviation history because of the enormous number of jobs involved and because air travel is critical to reviving the global economy.Photo: Lufthansa AirlinesSee more from Benzinga * BLS Report: Six Years Of Trucking Sector Job Gains Have Disappeared * USA Truck Sees Green Shoots Amid Uncertainty; Shares Surge * California Targets Two Trading Companies Over Fuel Prices, But Diesel Isn't Part Of The Lawsuit(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) -- Kingsoft Cloud Holdings Ltd. rose 40% in the first major trading debut by a Chinese company since the accounting scandal at Luckin Coffee Inc.The affiliate of Hong Kong-listed Kingsoft Corp. raised $510 million in its initial public offering, pricing its shares at the midpoint of a $16 to $18 targeted range. The shares closed at $23.84 in New York trading Friday, giving the company a market value of $4.77 billion.The Beijing-based cloud computing service company, which had marketed 25 million shares, increased the sale to 30 million American depositary shares.The IPO is the biggest by a Chinese company in the U.S. this year, according to data compiled by Bloomberg. It’s a tricky time for Chinese companies listing in the U.S. after the poster child of Chinese startups, Luckin, was accused of accounting fraud. Luckin’s shares had fallen 74% from its IPO price last year when trading of its stock was suspended in April.Read: Luckin Coffee Scandal Deals Blow to China Inc.’s Reputation“Given the context regarding China ADR, it’s actually good for quality companies,” Henry He, Kingsoft Cloud’s chief financial officer, said in an interview Friday evening in Hong Kong. “The capital has to be deployed and quality long-only investors will pay more attention to quality companies like us.”Tense MomentFinancial performance of Kingsoft Cloud has been consolidated with its Hong Kong-listed parent since its inception and there are publicly available track records for investors to analyze, he added.Its IPO comes at a tense moment for the U.S.-China relationship, after President Donald Trump and Chinese state media have exchanged heated criticisms regarding the origin of coronavirus responsible for the pandemic that has killed more than 269,000 and brought much of the world’s economy to a standstill.China Liberal Education Holdings Ltd., a Beijing-based educational company, fell 18% in its U.S. trading debut Friday after raising $8 million in its IPO. A third company that went public Friday, Ayala Pharmaceuticals Inc., rose 0.2% after its $55 million offering.Kingsoft Cloud is the third-biggest cloud services provider in China by revenue with a market share of 5.4%, according to its filings with the U.S. Securities and Exchange Commission. Last year, it lost $160 million on revenue of $568 million. Its chairman, Lei Jun, was a co-founder of smartphone-maker Xiaomi Corp., which will own about a 14% stake in the company after the offering, according to the filings.The offering was led by JPMorgan Chase & Co., UBS Group AG, Credit Suisse Group AG and China International Capital Corp. The company’s shares are trading on the Nasdaq Global Select market under the symbol KC.(Updates with closing share price in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The following is a brief roundup of the latest scientific studies on the novel coronavirus and efforts to find treatments and vaccines for COVID-19, the illness caused by the virus. A new antibody test is highly accurate at determining whether people have been infected with the novel coronavirus, according to a study published on Friday in The Journal of Clinical Microbiology. Researchers at the University of Washington School of Medicine found the test, manufactured by Abbott Laboratories, had a specificity rate of 99.9% and a sensitivity rate of 100%, suggesting little chance of incorrectly diagnosing a healthy person as having been infected and virtually no chance of a false negative readout.

Douglas Boneparth, Bone Fide Wealth President, joined Yahoo Finance's Jen Rogers, Myles Udland, Dan Roberts, and Melody Hahm to discuss the best approach to retirement planning during the coronavirus pandemic.

It’s no secret, a large number of high-profile companies have taken a serious beating since the pandemic’s onset. Possibly none more well-known than Disney (DIS). COVID-19 has necessitated theme park closures, a halt of live film production, and a delayed movie release schedule – all resulting in last week’s crushing F2Q20 report.Yet, Northland analyst Bernie McTernan argues that there are several reasons to remain positive on the House of Mouse.Glimmers of hope were provided during the earnings call, as Disney announced it will reopen its Shanghai theme park next week on May 11. McTernan assumes that domestically, Disney’s parks will open in September. Nevertheless, the forced enclosures are set to impact the balance sheet for a while, and McTernan forecasts it will take “at least two years for Disney to generate the revenue/segment operating income they could have in FY'20.”Disney has also taken emergency measures to preserve cash flow through the pandemic. The company has suspended the dividend, reduced capex and furloughed employees. Although drastic, in an environment which is likely resulting in negative FCF, McTernan believes the measures should “provide a margin of safety.”“Importantly,” McTernan added, “We believe these levers can be switched back on when the operating environment begins to normalize.”But there is another recent positive development for investors to consider. When Disney announced in April that the launch of its new streaming service Disney+ had exceeded expectations and already boasted 50 million global subscribers, the numbers took the Street by surprise. McTernan believes there’s more to come.“We estimate Disney+ will reach 65M global subscribers by the end of September '20E and attain profitability in FY'23E, a year earlier than originally guided… As cord cutting grows, Disney+ is the reason to own the stock,” McTernan opined.To this end, McTernan keeps a Buy rating on Disney, along with a $130 price target, which implies nearly 20% upside from current levels. (To watch McTernan’s track record, click here)And what abut the rest of the Street? Based on 11 Buy ratings, 10 Holds and 1 Sell, Disney has a Moderate Buy consensus rating. With an average price target of $120.35, the analysts expect upside of nearly 12% over the coming months. (See Disney stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * RBC: 2 Strong Value Stocks to Buy Now * Look Beyond 2Q, General Motors Will Outperform the Sector, Says Analyst * Investor James Richman Bets GE Stock Is Set to Experience Almost 100% Rally  * Coronavirus Vaccine Could Add Massive Value to This Small-Cap Stock, Says Analyst

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Above: A Hydrogen Powered Truck from Nikola Corporation, Which Is Merging with VectoIQ Acquisition Corp. By John Jannarone Since the coronavirus crisis drove the market to multiyear lows, the flow of initial public offerings has ground to a veritable halt. That is, except, for special purpose acquisition companies, or SPACs. Some $2.7 billion has been […]

When tickets for the May 11 reopening of Shanghai Disneyland went on sale, they sold out within minutes. Park officials said they are taking "a deliberate approach”, such as requiring physical distancing and sharply reducing capacity. Jen Rogers, Myles Udland and Akiko Fujita discuss what the reopening of the first major theme park says about consumer demand post-coronavirus.

Digging into the details of why this precious metal is likely to continue climbing, even from hereGold is going to $1,790 (that's from UBS) …Gold is going to $1,900 (from TD Securities) …InvestorPlace - Stock Market News, Stock Advice & Trading TipsGold is going to $3,000 (from Bank of America) …Though the price-targets vary, nearly all the big-bank analysts agree on one thing today …Gold is headed higher.Now, a skeptical investor might say "wait, oil prices have plummeted. Consumers have been locked inside not spending money. Even when we re-open the economy, it will be a staged comeback, which means half-speed. All of that is deflationary. And isn't deflation bad for gold prices?"To that, another investor might say, "deflation? The Fed just threw $6 trillion in new dollars at the economy! We're about to suffer hyperinflation so these gold price targets are way too low!"Both investors have a point.Today, let's discuss this and more. But I'll offer you the takeaway ahead of time …It's very likely gold is headed higher -- potentially much higher (though don't expect it to be in a straight line).In today's Digest, we'll look at why this is from three perspectives: 1) what's here now, 2) what's coming tomorrow, and 3) what we hope never comes.Let's jump in … ***What's here nowFriends, let's give a warm welcome to negative real interest rates.To make sure we're all on the same page, there's a difference between a stated (nominal) interest rate and an interest rate after adjusting for inflation.For example, if you're getting 4% interest in a savings account, yet inflation is at 2.5%, then the "real" interest rate is just 1.5%.Real interest rates reflect the actual purchasing power of your dollars -- and at the end of the day, this is really what matters.Take the 1970s …In that decade, we saw nominal interest rates climb to nearly 20%.A saver's dream, right?No.Inflation was so high that real interest rates reflected a much bleaker picture about the average investor's purchasing power.The chart below shows real interest rates in the 1970s mostly remaining below 2%, and even going negative.Source: World Bank ***Today, the combination of near-zero interest rates plus inflation means we're in a negative-real-interest rate environmentBelow, you'll see the 10-Year Treasury, adjusted for inflation. Its real interest rate is -0.43 as I write.Negative real interest rates steal wealth from people who are savers. That's because people with money in a low-yield bank account, or perhaps in a low-yield bond, are actually losing money in terms of their purchasing power after adjusting for inflation.So, why would people invest in these wealth-destroying assets?Well, many wouldn't -- which is why a huge rotation tends to happen in this type of environment … from these wealth-eroding assets … into gold, which pushes up gold's price.See for yourself …Below, you'll find the 10-Year Treasury Inflation-Index (in blue) alongside the price of gold (in orange) over the last decade. You can see a clear, inverse correlation.As real rates drop, gold climbs. As real rates climb, gold falls.On Tuesday, Federal Reserve Bank of Chicago President Charles Evans said he "doesn't think there will be reason to raise rates anytime soon."From Evans:We just came through a long expansion, although we are in a much different environment right now, I think interest rates will remain low for a quite a long time.Translation -- negative real interest rates are here for the foreseeable future.Advantage, gold. ***Let's now turn to "what's coming tomorrow"So, here's where we get into a discussion about inflation versus deflation.We're officially in a recession.Last week, we learned that the U.S. economy contracted 4.8% in Q1. This was the first negative GDP reading since the 1.1% decline in the first quarter of 2014. It's also the largest decline since the recession in 2008 when GDP dropped 8.4%.So, what's the relationship between a recession and deflation?In a recession people lose jobs. Without jobs, there's far less spending on Main Street.There's also fear of the future. So, even those people with jobs tend to spend less. After all, they're worried they may lose their own jobs, or simply be ill-prepared for whatever economic pain lies beyond the horizon.This decrease in consumer spending pushes down the price of all types of goods. Desperate sellers have to lower prices in an attempt to lure shoppers back into a store.I just saw this with friends here in Los Angeles who own a wine shop. As lockdowns hobbled their business, they responded by offering a "25% off" campaign on wine purchases over $100 to try to bring customers out of the woodwork.This sets up a dynamic wherein you can buy the same products today for fewer dollars than they cost yesterday.This is deflation … and it's likely right around the corner.(For everyone in the inflation camp, hold onto that -- we'll circle back shortly.) ***At face value, this deflationary-dynamic would seem bad for goldAfter all, a dollar that can buy more "stuff" can also buy more gold. That's basically the same thing as gold becoming cheaper.But it's not a black-and-white dynamic.Take our most recent deflationary period around the 2008/2009 financial crisis. Economists suggest we were in a deflationary environment from December 2007 through June 2009.Below, you'll see the S&P 500 and the price of gold during that period. Gold ended 24% higher, while stocks fell 36% (over 50% at their lowest point).But if there was deflation, why didn't gold's price end lower?Because the turmoil in the economy was resulting in fear … and when investors are fearful, they often turn to gold.Remember, gold produces no cash-flows to help us value it. It doesn't generate profits we can measure.So, when it comes time to value gold (put a price on it) what drives its demand turns out to be … emotions.And what we usually find is that deflationary periods coincide with some sort of economic turmoil that produces fear, which pushes investors toward gold. ***Plus, keep in mind, even if gold's nominal price falls during a deflationary period, gold can still make investors wealthierHow? Simple -- gold's purchasing power increases.If I told you that the price of your gold was going to fall $100 an ounce, yet that same gold you own would be able to buy you, say, a much nicer car than before, would you really care about the $100 price drop? I suspect not.What matters is what that gold could get you in terms of other goods or services -- not some face-value number.This suggests an important takeaway -- as long the prices of consumer goods are falling more than the price of gold, then gold's purchasing power is actually increasing … even though, at face value, the dollar-price of gold may be falling too.But we're getting a little theoretical here, so let's move on. The broader point is that "deflation tomorrow" doesn't automatically mean bad news for gold. In fact, the fear surrounding deflationary events is usually great for gold.Now, let's turn toward our last perspective on this, which is something none of us want to see … ***"What we hope never comes"Let's start by discussing why this $6 trillion of new dollars from the Fed doesn't mean inflation tomorrow.A question for anyone reading this who believes hyperinflation is at our doorstep …Back around 2008/2009, due to the financial crisis, the U.S. printed trillions of new dollars, as you can see below …Yet, this avalanche of new money didn't result in significant, sustained inflation as many feared.Why?Short answer -- because the Fed's new dollars boosted the monetary base but not the money supply.To put it simply, even though the Fed created trillions of new dollars (the monetary base), most of it remained parked in the banks, shoring up destroyed balance sheets (which meant it didn't increase the money supply).In fact, only a fraction of it actually made its way into the U.S. economy. This prevented inflation. ***Even though the Fed just fired a "bazooka of liquidity" at the Coronavirus, these dollars aren't going to flood the economy with excess currency eitherWhy?Because the "velocity of money" is dropping precipitously.The velocity of money is basically a measure of how many times a dollar is used to purchase goods or services within a stated time period.So, why is it dropping?It's complicated, but in large part, the answer is massive debt plus fear.In a recession, or a deflationary environment, people either hold onto their money out of fear (which prevents it from circulating in the economy), or they pay down debts (which means those dollars aren't being used in a productive way that grows the economy).So, today, money -- even trillions in newly created money -- is not flying around our economy. Instead, it's being saved or used to shore up the destroyed personal balance sheets of millions of Americans.Plus, even if someone wanted to put money to work, the banks are tightening their lending. Two days ago, Bloomberg reported on how lenders have been tightening standards and terms on commercial and industrial loans of all sizes. Meanwhile, banks have been tightening standards on loans to households.Basically, money is not flowing smoothly around our economy. There's weak velocity of money.Unfortunately, you can't have significant inflation unless there's at least stable velocity of money.And that brings us to this chart from the St. Louis Fed showing today's velocity of money.Does the below look stable to you?This is why inflation isn't our immediate concern.But that doesn't mean it's not a concern… ***Why gold is mandatory to own in preparation for a "worst case" situationThe debt on the U.S. balance sheet just exploded.Now, our government has run up egregious debts for a long time. Why is today any different?Because it's coming at the same time that our economy has been crippled. So, when we compare our nation's productivity to our debts, it paints a frightening picture.As of last month, the U.S. debt-to-GDP number passed 100% (104% as of April). In other words, we owe more than we produce.So, we have the Fed bailing out everything (increasing our national debt) at the same time our economy is shrinking (decreasing our GDP).Put them together, and it means our debt-to-GDP ratio is going to keep climbing. I've read some experts suggest we'll hit 120%, even 130%.In related bad news, the Committee for a Responsible Federal Budget recently forecasted that public debt load will likely remain well above 100% until at least 2025.Okay, so what?Well, again, this is why we won't face inflation tomorrow. All these new dollars that are being created will simply be swallowed up by massive, unproductive debt payments … as opposed to being used in productive assets that would build out our economy, while speeding up the velocity of money.In other words, there's a huge difference between massive government debt that goes to putting food on citizens' tables and keeping the lights on, versus massive government debt that supports a thriving economic buildout. ***But let's jump to the scariest response to "so what?" -- it's what we must avoidIf our economic situation gets worse … if Coronavirus keeps coming back, depressing economic activity … if people continue to require bailout money … basically, when we've borrowed so much relative to our national productivity that other nations question our good faith and we have trouble funding the needs of the nation … we could see pressure to change the Federal Reserve Act to allow the Fed to fund the Treasury directly.In other words, that truly would be our government paying down its debts with phantom dollars.And that's when we'd set ourselves on the path of the Germany in the 1920s or Zimbabwe in the late 2000s … which would mean God-help-you if you don't own some gold.Now, while I don't believe that's going to happen, we'd be foolish to believe it couldn't happen. Case in point, just weeks ago, The Bank of England agreed to temporarily lend its government money directly.From Reuters:Thursday's announcement allows the government to borrow billions of pounds direct from its overdraft with the BoE rather than always immediately needing to go to financial markets which could face further coronavirus-related disruption …From EPB Macro Research:Given the relatively small scale of this facility, the GBP (the British Pound) did not collapse … Still, it does start an uncomfortable precedent of direct money printing, an action not currently permitted by the Federal Reserve.To be clear -- I am not predicting we'll see this in the U.S. anytime in the near future.I believe we'll claw our way out of this hardship without resorting to such measures. But today's discussion wouldn't be complete unless we mentioned it.Bottom line, "what's here now" is good for gold … "what's coming tomorrow" is most likely good for gold … and "what we hope never comes" would be monumental for gold.Please go buy some.Have a good evening,Jeff RemsburgThe post Go Buy Gold appeared first on InvestorPlace.

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Biopharma shares have outperformed the broader market year-to-date, giving rise to apprehension over whether a pullback is in the offing. An analyst at BofA Securities said Friday that now is the time to go from defensive to offensive in the sector, as quarantines are winding down in several parts of the globe.The Biopharma Analyst Analyst Geoff Meacham shortlisted Eli Lilly And Co (NYSE: LLY), Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX), Bristol-Myers Squibb Co (NYSE: BMY), BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) and Amgen, Inc. (NASDAQ: AMGN) as biopharma stocks where he would put his money to work.The analyst has the following ratings and price targets for the shares: * Lilly: Buy/$165 * Vertex: Buy/$300 * Bristol-Myers Squibb: Buy/raised the price target from $75 to $80 * BioMarin: Buy/lifted price target from $110 to $120 * Amgen: Buy/price target increased from $265 to $2755 Reasons For BofA's Bullish Disposition BofA is increasingly bullish on the biopharma group due to the following factors, Meacham said: * Expectations for robust revenue growth of 6% in the second half of 2020 compared to the first-half, which is double that of the S&P 500's revenue growth. * Reasonable price-earnings for the stocks in the sector. * Many value-creating events lined up for the second half. * Lower policy risk stemming from goodwill earned from the COVID-19 pipeline. * A consistently positive FDA backdrop.Q1 Earnings Get 'A' Grade All of the big biotechs and major pharma companies reported both revenue and adjusted EPS beats in the first quarter, with Lilly and Vertex even raising some parts of their 2020 guidance, Meacham said.Citing slower new starts and forex headwinds, Bristol-Myers Squibb and BioMarin lowered their 2020 revenue guidance, but maintained their EPS guidance, the analyst said. Meacham expressed surprise at Merck & Co., Inc. (NYSE: MRK) and Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) lowering their 2020 revenue and adjusted EPS guidance, given his belief that oncology or orphan diseases wouldn't be as sensitive to COVID-19 disruption.See also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates Lilly One of The Higher Quality Stocks In BofA's Coverage Lilly is a source of differentiated growth given its early product cycle and diversified base business, including diabetes, immunology and immunotoxicology and migraine, and an advancing late-stage pipeline of potentially best-in-class or first-in-class therapies, Meacham said.The analyst said he likes Lily's potential for additional earnings growth in 2020-2021 and views Lilly as one of the higher quality stocks in his coverage despite its higher valuation. The prospects for 2021 look attractive, with selpercatinib potentially launching in non-small cell lung cancer and thyroid cancer by year's end, and tirzepatide approval in 2021 representing a "step change" for the diabetes franchise, he said. Consensus For Vertex To Move Higher? Vertex has a richer -- though well-deserved -- valuation, due to its differentiated growth profile, Meacham said.Given that Vertex's commercial execution is largely unaffected by the COVID-19 pandemic, the analyst said investors will begin to look forward to 2021 sooner than for other companies with more commercial risk.BofA expects consensus estimates to continue to move higher, making Vertex's valuation even more attractive.Bristol-Myers Has Highly Differentiated Growth With an estimated 8% revenue growth and 19% EPS growth in 2021 compared to 5-6% and 12%, respectively, for peers, and with six new launches expected this year, 2020 is shaping up to be a very robust period for Bristol-Myers despite the ongoing COVID-19 headwinds, Meacham said. The analyst said the company's growth looks highly differentiated.An increasingly diversified product mix and beatable launch expectations position the company for meaningful upside to consolidated P&L, with improving synergies, he said. BioMarin's 'Game-Changing' Late-Stage Pipeline BioMarin's late-stage pipeline in valrox and vosoritide have improved its growth outlook, Meacham said.The analyst termed the company's late-stage pipeline as "game-changing." The second-half launch of Roctavian is the most important catalyst for the company this year, with the product likely to accelerate the company's already above-average growth profile, he said. "We see BioMarin as one of the higher quality names in our coverage universe given its clean growth story and it remains our SMid cap top pick." Amgen Looks To New Product Growth To Compensate For Legacy Product Erosion The long-term outlook for Amgen's Otezla is improving given the recently announced Phase 3 data for mild-to-moderate psoriasis, Meacham said.The company rapidly refocused its story from legacy product erosion to new product growth with the acquisition of Otezla from the Bristol/Celgene deal, the analyst said. "Since then Amgen's growth profile has only improved, led by an expanded addressable market for Otezla, outperforming Amgen Biosimilars and Evenity franchises, aggressive formulary negotiation for Aimovig, and an exciting pipeline in AMG 510 and tezepelumab looking to contribute as soon as 2021." The Price Action The iShares NASDAQ Biotechnology Index (NASDAQ: IBB) was last seen trading up 1.25% to 128.76, adding to its 5.6% year-to-date gain. Related Link: The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Ayala IPO, Pluristem Starts Phase 2 Trial Of COVID Treatment, European Nod For Takeda * The Daily Biotech Pulse: FDA Approves Novartis Lung Cancer Drug, 2-Way Contest Emerging For Tetraphase Pharma, Dexcom To Join S&P 500 * The Daily Biotech Pulse: FDA Nod For AstraZeneca, AbbVie-Allergan Deal Clears Antitrust Hurdle(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Moody’s Analytics analyzed U.S. metro areas capabilities for a strong recovery post-coronavirus using two primary factors: population density and educational attainment.

Many U.S. airliners are "reasonably confident" that a return to 30% to 50% of pre-COVID-19 capacity by the end of 2020 is possible, Boeing Co (NYSE: BA) CEO David Calhoun said in a Fox Business interview Friday. A 'Crawl Back' For Airline Industry Investors expecting a swift return to 2019 traffic levels may be disappointed, as the industry will "slowly crawl back" to pre-crisis levels over a three-year period, Calhoun said.It will take another two years afterward for the industry to resume the growth curve seen over the past 20 years, the CEO said. The timeline could change based on different factors, including a quicker-than-expected development of a COVID-19 vaccine that results in a "more robust" recovery, he said.Boeing 737 MAX Update The pandemic is far from Boeing's only problem to deal with, as the two 737 MAX crashes set the company back two years, Calhoun said.The company continued to manufacture new MAX planes, and even if they are grounded today, the planes will ultimately "find their way into the market."Any near-term market share losses will be erased as the MAX undergoes a "catchup" phase, he said.Boeing's talks with the FAA regarding the certification process are "constructive" and "thorough," Calhoun said.The work-from-home and travel restrictions do add by default additional time to any eventual certification for the MAX to return to the skies, the CEO said. Boeing also expects to resume 737 MAX production this month after it was suspended in January, he said. The company has already announced its plans to build fewer planes moving forward to compensate for its existing inventory.Boeing's Bond Deal Boeing already suspended its dividend and will prioritize the payback of its new $25-billion bond issue until "we get back to the same kind of balance sheet" that existed prior to the MAX crashes, he said. After that, the company will plan on how to resume cash distributions to shareholders, Calhoun said -- but not until Boeing "significantly" pays down debt. Boeing shares were trading 3.27% higher at $132.86 at the time of publication Friday.Related Links:Boeing's Large Bond Deal Solves Liquidity Problem, Says Bullish Goldman SachsBoeing Analyst Turns Bullish After Deep Sell-OffSee more from Benzinga * Southwest Airlines CEO On 'Breathtaking' March Declines, Financial Plans * Boeing Shares Lose Altitude On New Coronavirus-Driven Concerns * Carly Fiorina Blasts Corporate Bailout Funding In T Coronavirus Relief Bill(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

What happened to my stimulus money? Many who receive government benefits and others continue to wonder in early May.