Here are Wall Street’s favorite stock plays for an effective vaccine

first_img– Advertisement – – Advertisement – Traders work on the floor of the New York Stock Exchange on Nov. 4th. 2020.NYSE (This story is for CNBC Pro subscribers only).The stock market was roaring on Monday after Pfizer announced that its Covid-19 vaccine candidate appeared to be more than 90% effective in its phase-three trial, creating a rush of money into Wall Street’s favorite plays that stand to benefit from a vaccine that works.As several vaccine candidates worked their way through the regulatory process in recent months, Wall Street strategists and analysts put together lists and recommendations of the stocks most likely to bounce on positive vaccine news. Pfizer said Monday that it plans to apply for emergency use authorization for its vaccine by the end of the month. – Advertisement –last_img read more

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‘Trapped’ Dutch travel sector scheme assessing merger, switch to DC

first_imgThe €300m Dutch pension fund for the travel sector has said it was looking for a merger with a larger industry-wide scheme or a switch to defined contribution (DC) arrangements.Reiswerk Pensioenen made clear that continuing independently was not an option because of its funding position and its predominantly young membership. “The long duration as a consequence of our young population requires taking more investment risk,” said Frank Radstake, the scheme’s employer chairman. ”But the financial assessment framework (FTK) doesn’t allow us to do so because of our funding shortfall.”The pension fund was therefore “stuck in the FTK trap.” The small sector scheme has been in trouble since the introduction of a new and lower ultimate forward rate (UFR) in 2015, part of the discount mechanism for liabilities.Despite a defensive investment policy, including a 90% interest hedge, the scheme’s funding level has since plummeted from 125% in 2014 to 99.5%.In its annual report, Reiswerk Pensioenen said it was unable to hedge against the impact of the new UFR, which had caused a steep rise of its long-term liabilities.Radstake said the UFR was expected to drop further and that the current asset mix would not solve the pension fund’s financial problems.He indicated that the scheme’s small size – it has 9,000 active members – was another reason why it wasn’t deemed future-proof.Joining another sector scheme or switching to DC would both give Reiswerk the option to increase the risk profile of its investments.A merger would bring the added benefit of scale, but would also mean an instant rights cut for the scheme’s members.“However, in the long term the results will improve,” said Radstake.Based on its current position, the pension fund was headed for a rights discount in 2021 anyway, he noted.The social partners in the travel industry said they wanted to make a decision about the scheme’s future next summer.last_img read more

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F1: Hamilton Wins Fourth British Grand Prix

first_imgLewis Hamilton took a dominant victory yesterday in a hectic British Grand Prix to cut team-mate Nico Rosberg’s championship lead to four points.Hamilton led every lap of a race that started under the safety car in wet conditions but dried, to take his fourth career win at Silverstone.Rosberg in the other Mercedes was left to battle back to second past the Red Bull of the impressive Max Verstappen.Rosberg had a late scare with a gearbox problem that could yet cost him second.With five laps to go, Rosberg hit a problem which required him to reset systems in the car and then avoid seventh gear – shifting straight from sixth to eighth.He hung on in second place but may yet lose it as the team are under investigation for the detail of the help they gave him over the radio, which may have transgressed limitations on the amount of help drivers can be given by teams.Rosberg said: “It was a very critical problem because I was stuck in seventh gear and about to stop on track.” He said he was confident what he had been told was within the rules.Hamilton’s win sent the 135,000 fans packed into the famous old track into paroxysms of joy as they cheered Hamilton’s progress to the flag on the last lap.The world champion went over to celebrate with the fans at Club corner after parking his car up at the end of the race before soaking up their cheers on the podium.It was an intoxicating race, with action throughout the field, featuring wheel-to-wheel racing and a number of spins and off-track moments as drivers struggled on the tricky track surface.“I am so grateful,” said Hamilton. “We’ve got the best fans here, thank you so much. The good English weather came out. It was so tricky in those conditions. But that’s what I love about this race – something always happens.”Hamilton drove impressively throughout on a track made treacherous by a heavy downpour about 15 minutes before the start.The sun had come out before the race got under way, but the track was drenched and it was five laps before race director Charlie Whiting felt the conditions were safe enough to let the drivers off the leash.This triggered a series of pit stops on successive laps as drivers swapped ‘extreme’ wet tyres for intermediates.Hamilton pulled out three seconds on Rosberg in the first half-lap after the start as a bunch of midfield drivers pitted immediately and he, Rosberg and Verstappen then pitted after two laps.The Dutchman closed on Rosberg, catching him by lap 15, and he passed him with a superb move around the outside of the daunting Becketts swerves on lap 16.Verstappen held on to second despite making his pit stop for dry-weather ‘slick’ tyres a lap later than the Mercedes drivers, rejoining about five seconds ahead of Rosberg on lap 18.Both Hamilton and Verstappen were among a series of drivers who fell prey to a wet patch on the entry to the fast Abbey corner but were able to continue without damage to their positions.Rosberg inched closer and closer to Verstappen until he was on his tail by lap 30, with 22 still to go.But it took the German another eight laps to get close enough on the exit of the Becketts swerves to close up on Hangar Straight and sweep past the Red Bull around the outside of the fast Stowe corner.Verstappen may yet recover the place, depending on what the stewards decide.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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