- Over the weekend, 285 more people in Alberta tested positive for COVID-19: 177 on Friday, 86 on Saturday and 96 on Sunday.
- On Monday, Alberta Health posted numbers for the three days that totalled 359 cases.
- But Dr. Deena Hinshaw, Alberta’s chief medical officer of health, said later the Friday case numbers include 74 that were actually included in the database from dates before Aug. 14. She said more information on the numbers will be provided on Tuesday.
- Three more people have died: a man in his 60s in the South Zone, a man in his 60s in Calgary, and a man in his 80s from the North Zone.
- There are 1,132 active cases in the province. There are 300 active cases in Calgary and 593 in Edmonton.
- A McDonald’s restaurant temporarily closed on Saturday after an employee reported they had tested positive for COVID-19. The restaurant at 8235 Bowridge Crescent N.W. reopened Sunday morning after a “thorough cleaning and sanitization by a certified third party.”
- The Calgary Stampeders and their Edmonton counterparts will have to wait until next year to resume their rivalry. The CFL has cancelled the 2020 season after its request for financial help from the federal government was turned down.
- Three new outbreaks were declared by the province on Friday, including at a Cargill processing facility in Calgary.
- An Alberta high school teacher is worried about how health officials will monitor the spread of COVID-19 once students are back in school, after his family had to wait more than a week to hear from a contact tracer after testing positive.
- Rescue crews are busy this year as more Albertans seek to explore the province, some of whom are unprepared to do so.
- Learn about where you need to wear a mask around the province.
What you need to know today in Alberta:
Going back to class in a pandemic will be tough, there are so many questions. CBC News has your questions answered in this FAQ: What you need to know about COVID-19 and the return to school in Alberta.
An outbreak of COVID-19 has been declared at Cargill’s “case ready” facility in northeast Calgary. It’s a “further processing” facility that provides retail meat products for supermarkets across Western Canada.
Two other outbreaks were also declared by the province on Friday: five cases are now linked to the Fledglings Educare Centre in Calgary, and 13 cases are linked to a private gathering.
Labour market watchers say the pandemic is going to have long-term repercussions on hiring trends even after the pandemic is over as the labour market overflows with people ready to start working again.
Some Edmonton furniture companies say they are seeing an uptick in business with people staying close to home during the pandemic.
Alberta’s search and rescue crews have been busy this summer as residents have sought to escape isolation and explore the province. That’s leading search and rescue crews to urge Albertans to be prepared before going exploring.
CBC News has curated a list of towns and cities in the province, outlining their policies on masks. We’ll try to keep it updated regularly.
Here’s a regional breakdown of active cases across the province as of Monday.
- Edmonton zone: 593 active cases, up 96 from Thursday.
- Calgary zone: 300 active cases, up 5 from Thursday.
- North zone: 102 active cases, down 1 from Thursday.
- Central zone: 85 active cases, up 4 from Thursday.
- South zone: 42 active cases, down 3 from Thursday.
- Unknown: 10 active cases, up 5 from Thursday.
What you need to know today in Canada:
As of 5 a.m. ET on Monday, Canada had 122,087 confirmed and presumptive coronavirus cases. Provinces and territories listed 108,484 of those as recovered or resolved. A CBC News tally of deaths based on provincial reports, regional health information and CBC’s reporting stood at 9,064.
A deepening rift between Prime Minister Justin Trudeau and his finance minister about coronavirus spending is also fuelled by disagreements over the scope and scale of proposed green initiatives, three sources familiar with the matter said. Trudeau and Finance Minister Bill Morneau are scheduled to meet on Monday in a bid to sort out their differences.
Parents and experts across Canada are voicing their concern about “neglected” school ventilation systems across the country. With temperatures set to dip this fall, opening windows may not always be an option.
The pandemic threatens to wipe out decades of progress for working mothers, experts warn. A report last month from RBC Economics called the hit on women’s employment “unprecedented,” with 1.5 million women in Canada losing their jobs in the first two months of the pandemic.
A doctor accused of being at the centre of the COVID-19 outbreak in New Brunswick’s Campbellton region in May that claimed two lives, infected dozens and forced that northern part of the province back into the orange phase of recovery is facing a charge under the provincial Emergency Measures Act.
The CFL cancelled its season Monday due to the COVID-19 pandemic, meaning the Grey Cup won’t be presented for the first time since 1919. The decision comes after the CFL was unable to secure financial assistance from the federal government.
Self-assessment and supports:
Alberta Health Services has an online self-assessment tool that you can use to determine if you have symptoms of COVID-19, but testing is open to anyone, even without symptoms.
The province says Albertans who have returned to Canada from other countries must self-isolate. Unless your situation is critical and requires a call to 911, Albertans are advised to call Health Link at 811 before visiting a physician, hospital or other health-care facility.
If you have symptoms, even mild, you are to self-isolate for at least 10 days from the onset of symptoms, until the symptoms have disappeared.
The province also operates a confidential mental health support line at 1-877-303-2642 and addiction help line at 1-866-332-2322, both available 24 hours a day.
Online resources are available for advice on handling stressful situations and ways to talk with children.
There is a 24-hour family violence information line at 310-1818 to get anonymous help in more than 170 languages, and Alberta’s One Line for Sexual Violence is available at 1-866-403-8000, from 9 a.m. to 9 p.m.
Shopify fires 2 employees for stealing customer data from up to 200 merchants – CBC.ca
Shopify says it has terminated two “rogue” employees who were involved in a scheme to steal customer information from some of the company’s merchants.
The Ottawa-based technology company says fewer than 200 merchants were included in the breach, but that an unknown number of customers of those merchants may have had their information stolen.
The information stolen includes basic things such as names and email addresses, as well as data about what products they purchased, but did not include financial information such as credit card or banking details.
“We immediately terminated these individuals’ access to our Shopify network and referred the incident to law enforcement,” the company said.
“We are currently working with the FBI and other international agencies in their investigation of these criminal acts. While we do not have evidence of the data being utilized, we are in the early stages of the investigation and will be updating affected merchants as relevant.”
The company stressed that the breach was not the result of some sort of technical vulnerability, and that the vast majority of the company’s one million merchants and the customers who shop from them online were not affected. Any affected merchants have been notified.
“We don’t take these events lightly at Shopify,” the company said. “We have zero tolerance for platform abuse and will take action to preserve the confidence of our community and the integrity of our product.”
Shares in the company fell 1.6 per cent on Tuesday in extended trading on a down day for markets overall.
The company’s shares have more than doubled in value this year, as the company is one of numerous tech names whose business has boomed during the pandemic because of higher demand for online services.
Huawei Has Sufficient Inventory of Communications Equipment – Yahoo Finance
In the investing game, it’s not only about what you buy; it’s about when you buy it. One of the most common pieces of advice thrown around the Street, “buy low” is touted as a tried-and-true tactic.Sure, the strategy seems simple. Stock prices naturally fluctuate on the basis of several factors like earnings results and the macro environment, amongst others, with investors trying to time the market and determine when stocks have hit a bottom. In practice, however, executing on this strategy is no easy task.On top of this, given the volatility that has ruled the markets over the last few weeks, how are investors supposed to gauge when a name is flirting with a bottom? That’s where the Wall Street pros come in.These expert stock pickers have identified three compelling tickers whose current share prices land close to their 52-week lows. Noting that each is set to take back off on an upward trajectory, the analysts see an attractive entry point. Using TipRanks’ database, we found out that the analyst consensus has rated all three a Strong Buy, with major upside potential also on tap.Progenity (PROG)Offering clear and actionable genetic results, Progenity specializes in providing testing services. The company started trading on Nasdaq in June and saw its shares tumbling 44% since then. With shares changing hands for $8.11, several members of the Street recommend pulling the trigger before it heats up.Piper Sandler analyst Steven Mah points out that even against the backdrop of COVID-19, PROG managed to deliver with its Q2 2020 performance. “We are encouraged by the recovery in late Q2 2020 with 75,000 accessioned tests (~79,000 in Q1 2020), driven by noninvasive prenatal testing (NIPT) and carrier screening,” the analyst noted. Expounding on this, Mah stated, “Progenity did not provide guidance, but June test volumes of ~28,000 were strong (Q1 2020 monthly average was ~26,000) which we believe showcases the durability of its reproductive tests and the success that Progenity has in co-marketing and attaching carrier screening to the more essential NIPT. Of note, despite the pandemic disruptions, Progenity was able to maintain its leading pre-COVID test turnaround times.”Additionally, health insurer Aetna is temporarily extending coverage of average-risk NIPT until year-end as a result of the pandemic, with the American College of Obstetricians and Gynecologists (ACOG) also expected to endorse average-risk in the future given its clinical utility, in Mah’s opinion.Reflecting another positive, the fourth generation NIPT (single-molecule counting assay) test was able to measure fetal fraction, a key milestone according to Mah, and will continue to be developed into 2021. As the technology could potentially be applied to DNA, RNA, epigenetic markers and proteins for additional clinical applications such as oncology, the analyst is looking forward to the completion of the preeclampsia verification in Q4 2020 and a possible 2H21 launch. “We believe preeclampsia (~2.3 billion serviceable market) is a major differentiator for Progenity, allowing them to cross-sell across the full-continuum of reproductive testing,” the analyst added.If that wasn’t enough, PROG signed its first GI Precision Medicine partnership agreement with a top-20 Pharma company in August. The Oral Biotherapeutic Delivery System (OBDS), an ingestible drug and device combination designed to precisely deliver biologics systemically through a needle-free liquid jet injection into the submucosal tissues of the small intestine, is set to be utilized as part of the collaboration. Mah commented, “We believe Progenity can sign additional Pharma deals and look forward to the newsflow coming out on this front.”To sum it all up, Mah said, “We believe Progenity shares are undervalued given the robust recovery in the core testing business and multiple upcoming growth catalysts.”To this end, Mah rates PROG an Overweight (i.e. Buy) along with a $17 price target. Should his thesis play out, a twelve-month gain of 105% could potentially be in the cards. (To watch Mah’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 4, in fact, have been issued in the last three months. Therefore, the message is clear: PROG is a Strong Buy. Given the $13.33 average price target, shares could climb 60% higher in the next year. (See PROG stock analysis on TipRanks)Tactile Systems Technology (TCMD)Developing at-home therapy devices, Tactile Systems Technology wants to provide new treatments for lymphedema, which occurs when the lymphatic system is impaired, disrupting normal transport of fluid within the body, and chronic venous insufficiency. Down 52% year-to-date, its $32.67 share price lands close to its $29.47 52-week low. Thus, with business trends improving, the Street is pounding the table.Writing for Canaccord, analyst Cecilia Furlong acknowledges that the pandemic has hampered the company, with COVID-19 weighing on both volumes and sales. In the second half of March, volumes were down 50% compared to the first half of the month, and TCMD’s patient volumes in April and May remained challenged. That being said, trends started to improve at the end of May.“Going forward, given the vast majority of TCMD’s clinician customers practice in outpatient or office-based settings, we remain positive on TCMD’s ability to demonstrate better insulation against COVID impacts and likely experience a greater bounce-back relative to overall med-tech volume trends, with TCMD further benefitting from its expanding using of technology to remotely engage with clinicians and support patients,” Furlong explained.The analyst added, “Furthermore, recent trends among some providers to prescribe Flexitouch (an advanced intermittent pneumatic compression device to self-manage lymphedema and nonhealing venous leg ulcers) earlier along the therapy process, as a means to reduce in-person contact, could provide upside near term, as well as potentially transition to a longer-term tailwind.”On top of this, Furlong is also optimistic about new CEO Dan Reuvers and the reprioritization of the company’s investment and market development efforts. TCMD will shift focus away from its acquired Airwear product line, with it redirecting investments toward its Flexitouch and Entre (a pneumatic compression device used to assist in the home management of chronic swelling and venous ulcers associated with lymphedema and chronic venous insufficiency) products.“Given significant under-penetration in the lymphedema/phlebolymphedema market targeted by Flexitouch alongside the large patient population with limited treatment options today targeted by the firm’s Head & Neck platform, we view the combination of education and clinical data as key to further developing and penetrating these markets… Going forward, we expect management to continue to compile a broad base of clinical data to support reimbursement and drive broad adoption,” Furlong commented.All of this prompted Furlong to keep a Buy rating and $62 price target on the stock. This target conveys her confidence in TCMD’s ability to soar 90% in the next year. (To watch Furlong’s track record, click here)In general, other analysts are on the same page. With 3 Buy ratings and 1 Hold, the word on the Street is that TCMD is a Strong Buy. The $62.33 average price target brings the upside potential to 91%. (See TCMD stock analysis on TipRanks)uniQure N.V. (QURE)Last but not least we have uniQure, which delivers curative gene therapies that could potentially transform the lives of patients. Even though shares have fallen 44% year-to-date to $40, not much higher than its 52-week low of $36.20, multiple analysts still have high hopes.Representing SVB Leerink, 5-star analyst Joseph Schwartz acknowledges that shares struggled after news broke of its collaboration and licensing agreement with CSL Behring for AMT-061, QURE’s gene therapy for Hemophilia B, he argues the “shareholder base turnover is likely now complete as investors and QURE shift focus to next-in-line AMT-130, its AAV5 gene therapy for Huntington’s Disease (HD).”Schwartz further added, “With the M&A premium now out of the stock, we see the QURE’s current level as an attractive buying opportunity for those investors interested in the company’s up and coming CNS gene therapies, internal manufacturing, and robust intellectual property and knowhow.”Looking more closely at the agreement with CSL Behring, QURE will be tasked with the completion of the pivotal Phase 3 HOPE-B trial as well as the manufacturing process validation and manufacturing supply of AMT-061.According to management, 26-week Factor IX (FIX) data from all 54 patients enrolled in the trial remains on track, and topline data from the pivotal trial is still slated to read out by YE20. It should be mentioned that in a Phase 2b dose-confirmation study, QURE reported 41% FIX activity out to one year. Additionally, Schwartz points out that with HOPE-B progressing as planned, QURE has continued its manufacturing process validation work ahead of the anticipated BLA/MAA submissions in the U.S. and EU in 2021.On top of this, as part of the deal, QURE is eligible to receive more than $2 billion including a $450 million upfront cash payment, $1.6 billion in regulatory and commercial milestones and double-digit royalties ranging up to the low-twenties percentage of net product sales.“With a strengthened cash position, QURE is well funded to rapidly advance CNS assets including AMT-130 (AAV5 gene therapy for Huntington’s Disease (HD)) and AMT-150 (AAV gene therapy for Spinocerebellar Ataxia Type 3/SCA3)…We continue to believe that as QURE’s CNS pipeline assets mature, the company could once again be an attractive partner to larger biopharma companies that have recently acquired many publicly traded gene therapy platforms with substantial manufacturing capabilities,” Schwartz noted.Everything that QURE has going for it convinced Schwartz to reiterate an Outperform (i.e. Buy) rating. Along with the call, he attached a $67 price target, suggesting 68% upside potential from current levels. (To watch Schwartz’s track record, click here)What does the rest of the Street have to say? 9 Buys and 3 Holds have been issued in the last three months, so the consensus rating is a Strong Buy. In addition, the $69.89 average price target indicates 75% upside potential. (See QURE stock analysis on TipRanks)To find good ideas for beaten-down stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Tesla’s Battery Day Letdown Risks $320 Billion Stock Gain – Yahoo Canada Finance
(Bloomberg) — Tesla Inc.’s highly anticipated “Battery Day” fell short of expectations that helped fuel its $320 billion surge in market value this year, with Elon Musk outlining grandiose goals that will take time to pull off.
The chief executive officer laid out a plan Tuesday to build a $25,000 car and cut battery costs in half over the next three years. Analysts said while the technology and manufacturing innovations outlined were impressive, Tesla’s valuation already reflected its ability to disrupt and that investors may be let down by the lack of surprises at the much-hyped event.
“With the Battery Day in the rearview, we think there is a lack of upcoming catalysts and are cautious about demand given the recessionary environment,” Robert W. Baird’s Ben Kallo wrote in a Wednesday report naming Tesla a bearish “fresh pick.”
That was echoed by Patrick Hummel, an analyst at UBS with a “neutral” rating on the stock, who said in a research note Tesla’s leadership in battery technology and costs is fully valued into the stock. “Given the high expectations into the event, we think the market will initially respond negatively to the relatively long timelines of the innovations and the lack of granularity,” he wrote.
Tesla shares fell 5.4% to $401.19 as of 9:50 a.m. in New York. The stock has soared about 400% this year.
Musk, 49, said Tesla wants to eventually produce 20 million cars a year. He described a series of innovations that include using dry-electrode technology and making the battery a structural element of the car. Those incremental and longer-term advances belied expectations for a blockbuster leap forward, which Musk himself played up in the weeks leading up to the event.
“The challenge with the stock is that everything they are talking about is three years away,” said Gene Munster, managing director of Loup Ventures. “I think traditional auto is in an even tighter spot, but Tesla investors want this tomorrow.”
Vertical-integration improvements — from making its own battery cells on a pilot line at its factory in Fremont, California, to owning rights to a lithium clay deposit in Nevada — are designed to allow Tesla to cut costs and offer a cheap car as soon as 2023.
“This has always been our dream from the very beginning,” Musk said at the event showcasing Tesla’s battery technology. “In about three years from now, we are confident we can make a compelling $25,000 electric vehicle that is also fully autonomous.”
Halving Battery Costs
Musk, 49, is teasing prospects for a cheaper mystery model without ever having really delivered on the $35,000 price point he had long promised for the Model 3. Three years after Tesla started taking orders for the car in early 2016, the CEO announced plans to close most of Tesla’s stores as a cost-saving measure, allowing him to offer the car at that cost. He backtracked 10 days later, and the cheapest Model 3 available now is $37,990.
Making a truly mass-market electric car and boosting Tesla’s current annual production to 20 million cars will require vastly more batteries than are currently being produced from a handful of suppliers around the world. So Musk plans to expand global capacity by manufacturing battery cells in-house to supplement what it can buy.
“Today’s batteries can’t scale fast enough,” said Musk, who is driven in part by the need to find sustainable energy sources. “There’s a clear path to success but a ton of work to do.” Musk said the gasoline-powered internal-combustion engine will one day be obsolete.
Musk described an “incredible series of innovations with varying levels of difficulty,” said Venkat Viswanathan, a battery expert at Carnegie Mellon University. While battery-manufacturing advances are feasible and deliverable in the three-year time frame, Viswanathan thinks that chemistry developments will take a longer.
If the planned innovations pay off, vehicle range could increase 54%, cost could decrease 56% and investment in gigafactories could decline 69%, said Andrew Baglino, Tesla’s senior vice president for powertrain and energy engineering.
BloombergNEF estimates Tesla’s pack prices were $128/kWh in 2019. A 56% cost reduction would bring prices down to $56/kWh. In addition to the pilot line for battery-cell production in Fremont, and Musk said the company also will make cells at the factory that is under construction in Berlin.
Battery Cell ‘Leap’
Most global automakers have shied away from making their own battery cells, citing the high investment costs and their lack of expertise in an industry dominated mostly by Asian electronics manufactures such as Panasonic Corp. and LG Chem Ltd.
Musk said in a tweet Monday that Tesla will need to start producing its own battery cells to support its various products, even as it ramps up purchases from outside suppliers. He wrote that the company expects significant shortages of cells in 2022 and beyond unless it ramps up output of its own.
“I’m really surprised that they’re taking that leap themselves,” said Tony Posawatz, a consultant who led development of General Motors Co.’s plug-in hybrid Chevrolet Volt and now sits on the board of Lucid Motors Inc., a Tesla rival. “I think this is going to be a bit harder than what they think, and I don’t think we’ll see a lot of volume out of that for quite some time.”
Tesla’s most important and long-standing partner on batteries is Osaka-based Panasonic, but it also has smaller-scale agreements with Contemporary Amperex Technology Co., or CATL, in China’s Fujian province and South Korea’s LG Chem.
Read more: LG Chem, Panasonic Slide as Tesla Looks to Lower Battery Costs
The highly technical Battery Day presentation included several nuggets of news that were overshadowed by the talk of cathodes and electrolytes. One example: The “Plaid” version of the Model S sedan — with a range of 520 miles — is now available to order, though the vehicle isn’t expected to go on sales until late 2021.
Tuesday’s three-hour event began with the annual shareholder meeting, held outside to allow for social distancing. Shareholders sat in Tesla cars in a parking lot, beeping loudly instead of cheering as Musk spoke.
Investors voted to re-elect Musk and chairman Robyn Denholm to the board and voted against resolutions that would have required more transparency about human rights in the supply chain and the use of arbitration with employees. One shareholder resolution, which requires Tesla to adopt a simple majority vote, did pass.
Musk told shareholders he expects to see deliveries grow on the order of 30% to 40% this year, reaffirming Tesla’s forecast at a time when automakers are struggling to recover from the coronavirus pandemic. “While the rest of the industry has gone down, Tesla has gone up,” he said.
Tesla has said it anticipates delivering 500,000 vehicles in 2020, up about 36% from 2019. In July, the electric-car maker said achieving that goal would be “more difficult” due to a pandemic-related production shutdown early in the year. Global sales are projected to drop about 17% this year to 75 million from 90 million last year, according to research firm LMC Automotive.
(Updates with additional analyst comment in fourth paragraph and opening shares in fifth paragraph.)
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