Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs.
Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close.
The firm said COVID-19 continues to accelerate the trend towards video streaming services.
Goldman Sachs said Netflix is a prime beneficiary of that trend.
Dwayne "The Rock" Johnson gave an update on his Netflix film "Red Notice." CNN reports that his production company will resume shooting the film in a "quarantined bubble" next month. Johnson's team, Seven Bucks Production, and Netflix are working together to provide a "quarantined bubble" for the filmmakers and crew. Johnson made the announcement on Saturday in a message and video posted on his Instagram account.
Reuters / Shannon Stapleton David Solomon, CEO of Goldman Sachs, says the US economy still has jobs to shed. The comments come after May unemployment figures showed a slight uptick in employment after mass layoffs due to the coronavirus. "All businesses are learning and seeing ways where there are efficiencies," he said, speaking of companies broadly and not just banks.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Warren Buffett's investment in Apple has tripled in value to north of $100 billion. Buffett's Berkshire Hathaway spent about $35 billion to build the 5.7% stake in Apple The 10% rise in Apple's stock price on Friday boosted its value to about $104 billion. Business Insider reports that Berkshire's Apple position is now worth more than four times its second-largest holding, Bank of America. Industry analysts call Buffett's investment into Apple "one of the best investments ever."
Shares of Apple have surged as much as 5% to an intraday high of $446.55 per share on Monday. That continues a post-earnings rally for the tech company. The surge pushed Apple's market capitalization to $1.92 trillion. If Apple gains another 5%, it will become the first company to hit a $2 trillion market value. Business Insider reports that Apple has had quite the year, gaining more than 48% even amid the coronavirus crisis.
Business Insider reports that Apple is trying to negotiate cheap rent for some of its retail locations in the UK. In some of its 38 stores across the UK, Apple is asking for a 50% rent reduction. It also wants a temporary rent-free period. Apple generated $58.3 billion in revenue in the second quarter of this year. Per the Times, Apple posted UK sales of $1.8 billion for 2019, and $8 million in taxes to the UK.
The British government has procured "millions" of two separate coronavirus tests. These tests can detect not only coronavirus but other viruses common in autumn, winter, and spring. Millions of new rapid coronavirus tests will provide on-the-spot results in under 90 minutes. This will help break chains of transmission quickly, according to reports at CNN. The department has said that the tests "will hugely increase testing capacity ahead of winter.
Gwinnett County Public Schools is the largest school district in Georgia, reports HuffPost. Some 260 of their employees have either tested positive or been exposed to COVID-19. Those people will be quarantined ahead of the start of the fall semester next week. The district intends to offer all-digital classes with both prerecorded and live components. However, staff members were still required to come to work and began preplanning activities in-person.