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Olay To Debut ‘Her Future Is STEM-sational’ Float In Macy’s Thanksgiving Day Parade

Procter & Gamble’s skincare brand Olay will debut its first float in the 94th Annual Macy’s Thanksgiving Day Parade to be held on November 26 this year.

To highlight the low representation of women in the STEM or science, technology, engineering, and math jobs, Olay said that its Thanksgiving Day Parade float will feature a ‘Women in STEM’ theme.

Olay expects its “Her Future is STEM-sational” float will motivate millions of girls and women to “Face the STEM” gap and enter the male-dominated STEM jobs. Currently, women make up only 24 percent of jobs in the core STEM fields.

“As we continue our mission to face the STEM gap, we saw the Macy’s Thanksgiving Day Parade as another great, large scale opportunity to spread the message that women can face anything, and that we are here to support them in doing so,” said Chris Heiert, Senior Vice President of Olay.

Olay said its ten-year brand mission is to #SolveTheSTEMGap. Last year, Olay announced its brand mission to make space for women in STEM during the Super Bowl, so that the message would reach as many consumers as possible.

In September this year, Olay had announced a ten-year commitment to double the number of women in STEM, and triple the number of multicultural women in STEM professions.

Olay’s “Her Future is STEM-sational” float will feature visual representations of the core STEM fields. A women clad in a space-themed bomber jacket will be the star of its float.

A double helix will skate around the perimeter of the female astronaut’s galactic float, where a helmet will be positioned as an approval for Olay’s ‘#MakeSpaceForWomen’ campaign.

The float will also feature a robotic arm to acknowledge the field of engineering. Mathematical symbols and computer codes will climb across one half of the float, while a circuit tree next to the astronaut will represent technology.

Olay is the first-ever skincare brand to debut a float in the Macy’s Thanksgiving Day Parade.

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This Week’s Healthcare IPOs

In the healthcare sector, 17 companies have made their debut on the NASDAQ so far this month.

Let’s take a look at the U.S. healthcare IPOs scheduled for the week.

1. Biodesix Inc

Boulder, Colorado-based Biodesix is a revenue-generating diagnostic company with a focus in lung disease.

Founded in 2005, the company plans to list its stock on the Nasdaq Global Select Market under the symbol “BDSX” on October 28, 2020.

About 4.17 million shares of the company’s common stock will be sold in the offering, with the price expected to be between $17.00 and $19.00 per share. The underwriters have an option for 30 days to purchase up to 625 thousand additional shares.

Underwriters of the IPO:

Morgan Stanley & Co. LLC and William Blair & Company, L.L.C., Canaccord Genuity LLC, BTIG, LLC

Collaborations:

Biodesix has multi-program strategic collaborations with third-party suppliers, including contract manufacturers and single source suppliers. The company entered into nonexclusive license and supply agreement with Bio-Rad in August 2019 for GeneStrat tests and COVID-19 diagnostic and antibody testing program.

Financial numbers:

Biodesix generates revenue from diagnostic testing and providing services for biopharmaceutical companies.

For the six month ended June 30, 2020, the company’s net loss widened to $17.97 million or $68.85 per share from $14.6 million or $64.88 per share in the comparable period last year.

Revenue for the period declined to $9.34 million from $12.34 million a year ago.

For the third quarter ended September 30, 2020, the company expects revenue to be in a range of $8.7 million to $9.2 million, versus $3.9 million in the same period last year. The company anticipates COVID-19 diagnostic testing revenue of $5.3 million to $5.6 million for the quarter.

2. Galecto Inc.

Galecto Inc., founded in 2011, is a clinical-stage biotechnology company developing therapeutics for fibrosis and fibrotic related diseases. Fibrosis is the development of abnormal fibrous connective tissue in response to injury, damage or dysfunctional gene regulation.

The Copenhagen, Denmark-based company plans to list its stock on the Nasdaq Global Select Market under the ticker symbol “GLTO” on October 29, 2020.

The company has offered to sell 5.67 million shares in the offering – with the initial public offering price expected to be between $14.00 and $16.00 per share. The underwriters have a 30-day option period to purchase up to 850 thousand additional shares.

Underwriters of the IPO:

BofA Securities, Inc., SVB Leerink LLC, Credit Suisse Securities (USA) LLC, Kempen & Co U.S.A, Inc.

Pipeline:

The company’s lead product candidate, GB0139, is an inhaled inhibitor of galectin-3, currently in Phase IIb trial, for the treatment of idiopathic pulmonary fibrosis (IPF).

The next is GB1211, a selective oral galectin-3 inhibitor for the treatment of fibrosis related to non-alcoholic steatohepatitis, or NASH, has completed a Phase 1 trial in 78 healthy volunteers. The company plans to further expand its GB1211 development into other related indications, including cancer.

GB2064 is a selective oral inhibitor of LOXL2 for the treatment of myelofibrosis, which also completed its Phase 1 clinical trial in 78 healthy volunteers.

Near-term Catalysts:

— Topline results from phase 2b trial of GB0139 in 450 IPF patients are expected in 2022.

— A phase IIa clinical trial of GB1211 in fibrosis related to NASH in 72 patients is expected to be initiated in early 2021.

— A phase 2 clinical trial with GB2064 for the treatment of myelofibrosis is expected to be initiated in early 2021.

3. Inhibikase Therapeutics

Atlanta, Georgia-based Inhibikase Therapeutics is a clinical stage pharmaceutical company biotech developing therapeutics kinase inhibitors for Parkinson’s disease and related disorders.

The company, which was founded in 2008, plans to go public on the Nasdaq Global Market, under the symbol “IKT” on October 30, 2020.

Inhibikase Therapeutics has offered to sell 2.27 million shares in the IPO, priced between $10 and $12 per share. The underwriters have an option for 45 days to purchase 340,909 additional shares.

Underwriters of the IPO:

ThinkEquity, a division of Fordham Financial Management, Inc., Paulson Investment Company, LLC

Pipeline:

–The lead candidate is IkT-148009 for the treatment of newly diagnosed Parkinson’s disease (PD) patients, patients early in the course of PD, and PD patients with GI complication and related disorders.

A phase I trial of IkT-148009 for the treatment of Parkinson’s disease was initiated in 2019, with the dosing expected to commence shortly after the conclusion of the IPO.

IkT-001Pro for the treatment of Chronic Myelogenous Leukemia. An IND seeking FDA clearance to initiate clinical development for IkT-001Pro is expected to be submitted in the first quarter of 2021.

The company also has a couple of compounds in the research phase namely IkT-148x for the treatment of Dementia with Lewy Body and for Multiple System Atrophy, and IkT-1457 for the treatment of Progressive Multifocal Leukoencephalopathy.

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Los Angeles County Issues Coronavirus Rules For Holiday Parties, Family Gatherings And Sports Celebrations, Citing High Risk Of Transmission: “It’s Simply Not Safe”

On the same day Los Angeles County recorded its 300,000th coronavirus case and its 7,000th COVID-19 death, County Health Officer Muntu Davis issued a health advisory for private gatherings and public celebrations.

Citing the high risk of COVID-19 infection at such events given the increasing rate of COVID-19 community transmission, Davis said that “it is critical that we all take action to slow the spread” as we close in on Halloween, Thanksgiving and the winter holidays.

“There have been too many instances of people unknowingly spreading the virus at these types of gatherings, which, sadly, has led to new infections, serious illness and death,” continued Davis.

Since early October, Los Angeles County’s average number of daily cases has increased from around 940 per day to almost 1,200 per day. Additionally, said an L.A. Public Health Department statement, recent contact tracing interviews over the course of 3 weeks showed that 55% of the people who knew of a possible exposure had attended an event or gathering where 2 or more people were sick.

Related Story

Los Angeles County Coronavirus Update: L.A. Passes 300,000 COVID Infections As Daily Case Number Increases Again

As a consequence, cautioned Davis, Angelenos should “not participating in public celebrations of any kind.” If they do, the health department issued protocols that must be adhered to (see below).

L.A. Public Health Director Barbara Ferrer said that the recent spike in cases is the result of “decisions we collectively made two to three weeks ago. And the actions we’re taking today will influence whether we’re able to continue our recovery journey, or we stall or even take steps backward. We do need to slow the transmission to allow for economic recovery.”

Ferrer warned that gatherings of people from different households in close proximity are a major cause of disease spread. She has noted in recent weeks that younger residents are the primary drivers of new cases. And on Monday, she suggested that the recent start of college and pro football, the NBA playoffs and the Major League Baseball post-season may be playing a role in the daily case increases over the past month.

“We have all seen the pictures of sports fans rooting for their teams where they’re shouting in the middle of a large crowd, and almost no one is wearing a face covering. This is the perfect setting for transmitting the virus,” Ferrer said.

Asked to expand on the issue, Ferrer said gatherings of sports fans could be “contributing the most” to the recent case increases. Fans are still prevented in the county from attending sporting events in person, but many still flock to restaurants or other establishments to watch games on TV.

The case increases “do correspond with gatherings happening more frequently as people come together with non-household members to watch games,” she said. “And it wasn’t just the Lakers or the Clippers. It’s not just basketball. We now have football games that are happening and of course we’ve had the Dodgers in post-season for quite a few weeks already.

“The downside of this is during a pandemic [is that] some of the things we’ve done in the past just don’t make sense,” observed Ferrer. “Gathering in large crowds to watch games indoors, people aren’t wearing their face coverings, people are yelling a lot. That’s just not sensible. Even gathering outdoors at dining areas and watching games with hundreds of people and celebrating by jumping up and down with no masks on, hugging perfect strangers, again with a lot of shouting and cheering. It’s so easy to spread this virus.”

Ferrer also issued an early warning for people to celebrate Halloween safely on Saturday. She urged residents to modify their actions to the pandemic — using Zoom gatherings, holding at-home scavenger hunts or taking advantage of drive-through Halloween displays. She again discouraged door-to-door trick-or-treating, although the tradition isn’t being outright banned by the county’s health order.

She stressed that Halloween parties or other large gatherings are prohibited under the order.

“This pandemic has forced so many to sacrifice so much this year, and we recognize the frustration and disappointment with the holiday restrictions,” she said. “For now though, it’s simply not safe to celebrate holidays the way we usually do. Being close to others who are not in our household carries with it a lot of risk for transmitting COVID-19 this year.”

To prevent future spread of COVID-19, Davis reminded Angelenos that it is best to celebrate at home with your household. However, if you are going to host or attend a private gathering, it must adhere to the following protocols:

-Held outdoors with physical distancing between households

-Limited to 3 households, including the host and all guests

-Cloth face coverings being worn when not eating or drinking

-Food served in single-serve disposable containers

-Last for two hours or less

City News Service contributed to this report.

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JM Smucker to Sell Crisco to B&G Foods for $550 Million

JM Smucker Co. agreed to sell its Crisco shortening business to B&G Foods Inc. for $550 million in cash.

The deal includes manufacturing and warehouse facilities in Cincinnati in addition to Crisco-branded products, JM Smucker said in a statement. Crisco generated about $270 million in revenue in the fiscal year through April 30, the company said.

B&G Chief Executive Officer Kenneth G. Romanzi said “Crisco is an excellent complement to our existing portfolio of brands, including our Clabber Girl and other baking powder brands.” The deal fits with B&G’s “strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples,” he said in a statement.

The acquisition will be funded with cash on hand and loans under an existing credit facility, B&G said.

B&G jumped 5.4% to $29.41 after the close of regular trading in New York. JM Smucker advanced less than 1% to $115.50.

JM Smucker CEO Mark Smucker said Crisco is “an iconic brand” but didn’t fit with the company’s strategic priorities of pet food, coffee and snacking.

Goldman Sachs Group Inc. served as JM Smucker’s financial adviser.

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The best coffee makers

  • Drip coffee makers come in different forms, from basic brewers to those that can be programmed to your specific brew preferences.  
  • Our top pick is the Cuisinart's Coffee Plus 12-Cup Programmable Coffeemaker because it takes care of your coffee and the rest of your breakfast with its built-in hot water dispenser.

If you're the type who blearily wanders around the kitchen until you've had your first cup of coffee, you need a good coffee maker.

You can probably live with a basic model that just has an on/off switch, but there are many with helpful features such as scheduling, a built-in grinder, or the capability of creating specialty drinks.

The picks in our guide brew at least 10 cups of coffee and have some sort of display for programming. Here are the best coffee makers after hours of research and personal testing.

Here are the best coffee makers:

  • Best overall: Cuisinart Coffee Plus 12-Cup Programmable Coffeemaker (CHW-12)
  • Best with water filtration: Mr. Coffee Optimal Brew 10-Cup Thermal Coffeemaker (BVMC-PSTX95)
  • Best with a built-in grinder: Krups Grind and Brew 10-Cup Coffee Maker (KM785D50)
  • Best on a budget: Black+Decker Programmable Coffee Maker
  • Best for specialty drinks: Ninja Hot and Cold Brewed System

Prices and links are current as of 10/26/2020. We are researching new models to consider for a future update, but we stand by these models as our current recommendations.

The best overall

The Cuisinart Coffee Plus 12-Cup Programmable Coffeemaker not only makes coffee, but its built-in hot water system also lets you make tea, oatmeal, and more.

The Cuisinart programmable coffeemaker comes with its own hot water system so it can brew coffee and get your favorite tea or snack ready at the same time with hot water on demand. The hot water is ready almost instantly, so all you need to do is press the lever down to dispense it. The hot water system is controlled via a power button and can be used even if you don't want coffee, or if you're already done brewing a cup.

The are also plenty of features you need, and none you don't. If your day can't start before you've had coffee, you'll appreciate this machine's 24-hour programmability so you can have a cup ready and waiting for you each morning. The machine also automatically turns on and shuts off so you'll never have to worry about it running after you've left the house.

You'll find low, medium, and high carafe temperature control settings for optimal results. When it's time for cleaning, just use the self-cleaning function. The machine comes with one charcoal water filter and a gold-tone filter to eliminate any impurities that can impact the taste of your coffee or other beverages.

If you placed a too-small cup under the spout and see that the coffee's just about to spill, the Brew Pause feature lets you remove the cup or carafe without making a mess.

This particular model brews up to 12 cups and has a one-to-four cup setting. A slightly smaller 10-cup model is also available. However, most models this size actually brew cups that are closer to five or six ounces, rather than the full eight ounces, according to Consumer Reports.

Pros: Separate hot water system, 24-hour programmability, carafe temperature control

Cons: Doesn't have a backlit display, awkwardly placed water fill container, not the quietest machine

The best with water filtration

From its high brew temperature to delay-brew and auto-pause features, the Mr. Coffee Optimal Brew 10-Cup Thermal Coffeemaker is a solid value.

If you're looking for overall value in a programmable coffee maker, consider this Mr. Coffee model. For starters, it's equipped with many features you'd expect on a higher-end coffee maker, such as the delay brew function and an auto-pause feature that lets you grab a cup of coffee before brewing is finished. The machine automatically shuts off after two hours, which is a big plus if you're the forgetful type.

A built-in water filtration system helps to remove up to 97% of chlorine, which is a huge plus if you find that your tap water doesn't taste great. The filter ensures that any mineral or elemental tastes don't make their way into your coffee.

If you can't get to your coffee right away or you want it to stay warm, you'll appreciate the double-walled stainless steel carafe. Unlike some models in this price range that come with a glass carafe, the extra insulation in this thermal carafe maintains a warm, but not scalding, temperature. Not only does this keep your coffee from tasting burnt, but you also won't have to rely on a warming plate or a microwave to get your coffee back to a drinkable temperature.

Whether you like your coffee strong or mild, the brewing temperature also plays a role. This machine brews up to 205 degrees Fahrenheit. According to the National Coffee Association, the ideal water brewing temperature is between 195 and 205 degrees Fahrenheit, with 205 being the optimal temperature. Anything less than 195 to improper extraction, while temperatures more than 212 will cause the water to boil and burn the coffee. 

Pros: Delay brew feature, greatly reduces chlorine taste from water, high brewing temperature, stainless steel carafe keeps drink warm

Cons: Plastic construction cheapens the appearance, produces a fair amount of steam when brewing, doesn't have a permanent filter

The best with a built-in grinder

Not only is the Krups Grind and Brew 10-Cup Coffee Maker fully programmable, but you can grind your coffee at the same time for an even fresher brew.

The highlight of the Krups Grind and Brew 10-Cup Coffee Maker is its built-in grinder. Whether you're a bit short on space or you simply prefer the convenience, having a built-in grinder lets you grind beans and then brew all within one machine.

The conical burr grinder has five settings, so you can choose between coarse and fine grounds, and anywhere in-between. A good quality burr grinder cuts beans into evenly sized particles, as opposed to powder or chunks. You can adjust the settings on this machine according to the type of bean you're using as well as your desired drink.

As far as built-in grinders go, this one stands out for its versatility. Many espresso drinkers find they can get the grind down to a fine powder that works well enough for homemade espressos. Or you can grind your beans a bit more coarsely for best use in this machine. Either way, the grinding process takes less than a minute. However, cleaning the storage container can be a bit of a chore. Using a smaller brush can help reach into tight spaces for easier cleaning.

If you're looking for user-friendly features to help make your mornings easier, you'll appreciate the straightforward controls on the Krups Grind and Brew. For starters, you can push a button to select anywhere from two to 10 cups. An auto-on feature allows you to program the machine to start at a time that's most convenient for you. After you put the beans in the grinder and add water, the machine automatically takes the correct amount of beans to grind depending on how many cups you want and the strength you choose.

Pros: Built-in burr grinder, auto-start function, three brew strength settings

Cons: Grounds can get stuck on the container walls, carafe lid prone to opening when pouring, can get loud when grinding coffee

The best on a budget

The Black+Decker Programmable Coffee Maker is a budget-friendly machine with a large capacity, digital control panel, and plenty of features for the price.

It's not the fanciest coffee maker around, but the Black+Decker Programmable Coffee Maker gets the job done. There's a lot to appreciate for such an affordable price, from the 12-cup capacity to a water window that lets you keep track of the amount.

The coffee maker stands 13.3 inches high and 8.4 inches wide, making it a good choice if you're looking for a compact coffee maker for your home, office, or both. You'll also find a digital control panel with soft-touch buttons. It's easy to program the machine to make coffee ahead of time thanks to its 24-hour programming functionality.

This programmable coffee maker puts out 975 watts of brewing power. In comparison, you'll need roughly 1,000 watts to get water to boil in five minutes. But since the machine doesn't need to boil water to make coffee, it will produce a cup in just a few minutes. Many owners find that this coffee maker also maintains an ideal temperature before and after brewing, even when the carafe is on the warming plate.

If you simply can't wait for the brewing cycle to finish, you can grab a cup before it's done thanks to the brew-pause function. And as long as the glass carafe is properly positioned underneath the basket, you shouldn't experience any dripping or leaking.

A handful of reviews suggest using a bit less ground coffee than usual for this coffee maker. If you use too much, grounds may make their way into the coffee pot.

Pros: Small footprint, the brew-pause feature makes it easy to sneak a cup, removable filter basket

Cons: Can be tough to see the water level, can't remove carafe lid for cleaning, warming plate surface may peel over time

The best for specialty drinks

The Ninja Hot and Cold Brewed System brews your favorite hot and cold coffee and tea, and it comes with a built-in milk frother and tea brewing basket.

With a coffee maker or espresso machine, you're only able to make just that — coffee or espresso. But if you're looking for a multitasker than can make several types of coffee and tea, and at different temperatures, try the Ninja Hot and Cold Brewed System.

It has a built-in frother and a tea brew basket, which you can use for loose leaf and bagged tea. There's a menu with options for hot or iced drinks, along with different drink varieties like rich (similar to espresso, but not quite) or cold brew coffee, or green or oolong tea.

Programming the machine may take a few minutes longer than expected, but the extended menu and sizing options ensure you get the drink you want when you want it. A delay brew option lets you make your favorite hot beverage in advance.

When the beverage is done, it's automatically kept warm via the hot plate. However, you can adjust the plate to a warm setting instead to ensure your drink doesn't get too hot.

Pros: Pull-out tray accommodates smaller mugs, makes specialty coffee and tea, one-touch technology

Cons: Stainless steel smudges easily, doesn't have an espresso setting, doesn't produce the hottest coffee

What to look for in a coffee maker

Aside from programmability, size, and price, certain features can help make the decision easier.

If the flavor is crucial, you'll want to consider the brewing temperature. In general, coffee makers that reach a range of 195 to 205 degrees Fahrenheit deliver the most precise results. Some machines come with a warming plate to keep your beverages hot after brewing, which is particularly helpful if you're not going to be drinking your coffee right away, or you want the remaining coffee to stay warm.

Impurities in the water you use to brew, such as chlorine, could also impact the taste of the coffee; machines with carbon block filters work particularly well. However, they generally don't make a noticeable difference if your water tastes good to begin with.

Check out our other great coffee guides

  • The best espresso machines
  • The best french presses
  • The best stovetop espresso machines
  • The best pour-over coffee gear
  • The best cold brew coffee makers

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Disclosure: This post is brought to you by the Insider Reviews team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at [email protected]

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Industrials lead market sell-off, but these stocks could be about to bounce back

Industrials were the second-worst-performing sector on Monday, sliding more than 2%.

This comes ahead of earnings reports from heavyweights Caterpillar and 3M out Tuesday.

The group has managed to gain over the past month, though, as hopes of infrastructure spending after the U.S. election rose. The XLI industrials ETF is up 3% in a month.

The election could lift the entire industrials space no matter who wins, predicts Michael Bapis, managing director of Vios Advisors at Rockefeller Capital.

"I think the irony here is we're in one of the most contentious elections in U.S. history and if there's one thing that both candidates agree on it's the infrastructure spend. I think not only is the U.S. far behind other developed countries with this, just take Penn Station for example here in New York, but it'll also help fundamentals in the country to help the markets grow. You'll see small- and midsize businesses gain in the construction industry," Bapis told CNBC's "Trading Nation" on Monday.

Ari Wald, head of technical analysis at Oppenheimer, also sees the industrials outperforming.

"Industrials broadly … have been a big part of this new leadership we've seen in the market since the March bear market low. … If you were to kind of screen for stocks that were the poorest performers through the bear market into the March bottom and have subsequently become leadership, you see a lot of industrial stocks on there — probably less so the brand name industrial stocks, more a lot of mid-caps in there. But we do like capital goods," Wald said during the same "Trading Nation" segment.

One name in particular stands out to Bapis.

"We think there's going to be a flight to safety and companies like Caterpillar will be beneficiaries of this. They have done a massive and aggressive stock buyback, and they're also … sitting in a company that the dividend yields 2.5%. In this interest rate environment to have a staple like Caterpillar with that kind of a dividend yield, and being a beneficiary of economic growth and infrastructure spend, I think they're going to come out on top, especially if both candidates actually do spend on infrastructure," said Bapis.

Caterpillar, reporting on Tuesday morning, is expected to post quarterly earnings of $1.17 a share, according to FactSet estimates. That would mark a sharp drop from $2.66 a share a year earlier.

Wald, meanwhile, is looking to a major trucking stock.

"Old Dominion … [is] consolidating between its September high and its 100-day moving average. Bullish trends suggest you get the breakout to the upside," said Wald.

Old Dominion, which also reports Tuesday, is set to report profit of $1.52 a share in its September-ended quarter, up from $1.37 a year earlier.

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Disclosure: Bapis and Vios Advisors hold Caterpillar shares.

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Nobel Prize-winning economist Robert Shiller says low investor confidence and high prices are raising the risk of a market crash, and cautions investors not to be overweight stocks

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  • Rober Shiller said in a New York Times op-ed that the coronavirus and upcoming election have caused investors to fear a stock market crash more than they have in years. 
  • The Nobel Prize-winning economist said several of his stock market confidence indexes are demonstrating a low level of investor confidence. At the same time, stock prices are trading at “very high levels.” 
  • “That volatile combination doesn’t mean that a crash will occur, but it suggests that the risk of one is relatively high,” Shiller said. 
  • A rise in COVID-19 cases or a chaotic election could trigger a “change in mass psychology” and bring on a market crash, he concluded.
  • Visit Business Insider’s homepage for more stories.

Economist Robert Shiller said the coronavirus crisis and upcoming election have driven investor fears of a major stock market crash to the highest levels in many years.

Yet, while investor confidence in the market is low, stock prices are trading at very high levels, he wrote in an op-ed in The New York Times. 

“That volatile combination doesn’t mean that a crash will occur, but it suggests that the risk of one is relatively high. This is a time to be careful,” the Yale economist warned investors.

Shiller has developed several stock market confidence indexes over his decades-long career. He said many of them are demonstrating that investors are more nervous than ever about the stock market.

For example, his Crash Confidence Index, which tracks how many investors say the probability of a catastrophic stock market crash in the US in the next six months is less than 10 percent, was at a record low in August. Just 13% of investors surveyed had that level of confidence in the market. In September, the reading was still extremely low. 

Read more: ‘The road to financial implosion’: A notorious market bear says the Fed has set the stage for a 67% stock plunge – and warns of zero-to-negative returns over the next 12 years

“In short, an overwhelming majority of investors said there was a greater probability of an imminent crash-really, a remarkable indicator that people are quite worried,” said Shiller.

Another one of Shiller’s indices, the Valuation Confidence Index, is also at a record low, demonstrating that a large number of investors think the market is too highly priced. The economist also said the CAPE ratio, which he helped develop, suggests that the market looks similarly valued to periods right before the Great Depression and the early-2000s dot-com bubble burst. 

But Shiller said that the low confidence readings and high stock prices won’t cause a market crash on their own. “Another dynamic would need to be in effect,” he added.

Read more: BANK OF AMERICA: Buy these 11 under-owned stocks ahead of their earnings reports because they’re the most likely candidates to beat expectations in the weeks ahead

A further increase in coronavirus cases, or a chaotic election, could “shake people up,” he said. Also, any further similarities between the market now and the market before previous crashes could create a “psychological sense of the risk,” added Shiller.

“The decision to invest in the stock market is for some people a bit of an adventure,” Shiller said. “The market may be vulnerable to a change in mass psychology, one that might dampen this sense of adventure and bring on a crash.” 

The economist told investors to diversify in asset classes and not be overexposed to US stocks to brace for the period ahead.

“No one knows the future, but given the lack of investor confidence amid a pandemic and political polarization, there is a chance that a negative, self-fulfilling prophecy will flourish,” said Shiller.

Read more: ‘I’m basically going to be long growth’: Billionaire investor Chamath Palihapitiya has hauled in a 997% return since 2011. He details the 5 sectors shaping his long-term investment playbook.

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Energy stocks plummet amid oil sell-off driven by threats of boosted production

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  • Energy stocks fell on Monday after supply-and-demand concerns for oil sent the commodity lower.
  • Libya’s National Oil Corporation said it would boost its oil production to 1 million barrels per day from 500,000 barrels per day by next month.
  • Meanwhile, surging COVID-19 cases around the globe, combined with partial lockdowns in some European countries, have continued to weigh on demand for oil as travel remains depressed.
  • Watch oil trade live here.

Energy stocks moved lower in Monday trades after supply-and-demand concerns for oil sent the commodity considerably lower.

West Texas Intermediate crude fell as much as 3.9%, to $38.28 per barrel, while Brent crude, oil’s international benchmark, fell 3.6%, to $40.25 per barrel, at intraday lows.

Chevron, Exxon Mobil, and ConocoPhillips traded lower by 2%, 3%, and 6% in Monday trades, respectively.

The swift decline in oil and oil-related stocks stemmed from a boost in production from Libya after warring factions within the country that led to the shutdown of oil fields announced a truce.

On Friday, the National Oil Corporation of Libya said it would double its production to 1 million barrels per day from today’s rate of 500,000 barrels per day by next month.

The oil production increase from Libya may put a dent in OPEC+’s plans to limit supply in hopes of boosting oil prices. If oil prices continue to deteriorate, OPEC may be forced to continue production at its current rate, if not higher, to make up for the shortfall in prices.

Also hurting oil prices is the swift rise in COVID-19 cases around the globe, and related partial lockdowns across Europe. The third wave of COVID-19 is set to put a dent in oil demand recovery as travel softens. 

Read more: BANK OF AMERICA: Buy these 11 under-owned stocks ahead of their earnings reports because they’re the most likely candidates to beat expectations in the weeks ahead

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Ming Cho Lee Dies: Broadway’s Tony-Winning Scenic Designer, Mentor To Generations Was 90

Ming Cho Lee, an innovative and influential scenic designer whose career of more than 60 years included unforgettable creations for Broadway, Off Broadway, regional theater, opera and dance, died Oct. 24. He was 90.

A cornerstone of the Yale School of Drama for 48 years beginning in 1969, Lee taught and mentored generations of students who would take their own places on Broadway. According to the school, Lee taught and mentored more than 300 designers by the time he retired in 2017.

Clint Ramos, a Tony-winning costume and set designer, remembered Lee by noting, “Because you were — we are.”

Jeremy O. Harris, author of Broadway’s Slave Play, tweeted about Lee, “one of the great gifts of my 3 years at Yale was watching you do Saturday crits at a full 88 years of age. Even after seeing 100s of thousands of design ideas in your life you treated these new ones with passion and reverence for the form.”

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Director Kenny Leon wrote, “Thank you thank you thank you Ming Cho Lee -an amazing Teacher, designer, and Artist – May you rest in Power. Love and respect.”

Lee’s numerous Broadway credits in the 1950s and ’60s include Happy Hunting, Look Homeward, Angel, The World of Suzie Wong, Whoop-Up, The Best Man, Slapstick Tragedy, and such memorable productions in the ’70s as All God’s Chillun Got Wings, for colored girls who have considered suicide / when the rainbow is enuf, and The Shadow Box.

But it was his design for 1983’s K2 for which he won a Tony Award, and delivered what is arguably his most renowned work: The giant, craggy, ice-covered mountain of the title, where two climbers find themselves stranded. In his New York Times review, critic Frank Rich wrote, “This scenic wonder is astounding. When the curtain rises at the Brooks Atkinson – very slowly, like a striptease – the audience seems to stop breathing…What faces us is an enormous wall of simulated ice ascending from beneath stage level clear up beyond the proscenium arch. …As designed by Ming Cho Lee and lighted with otherworldly mysteriousness by Allen Lee Hughes, this peak is a stage illusion that shoots past the clouds to arrive at the realm of pure sculpture.”

Lee, born Oct. 3, 1930 in Shanghai, was recruited by producer Joseph Papp in 1962 to serve as resident scenic designer for the New York Shakespeare Festival/Public Theater. He designed productions for 11 summer seasons at the Festival’s Delacorte Theater in Central Park, and, at the Public, the original Off Broadway production of the groundbreaking Hair in 1969.

Regional stage credits include productions for the Mark Taper Forum, Arena Stage, the Guthrie Theater, and the Actors Theatre of Louisville, among many others. He designed productions for the Metropolitan Opera, the New York City Opera, the Joffrey Ballet, the Lyric Opera of Chicago and the San Francisco Opera.

Lee was chair or co-chair of the Design Department at the Yale School of Drama for 43 of his 49 years teaching at the university. His many works were collected in the 2014 illustrated monograph Ming Cho Lee: A Life in Design by Arnold Aronson.

Lee was the recipient of the National Medal of Arts, the Mayor’s Award for Arts and Culture, the Tony Award for Lifetime Achievement, Outer Critic’s Circle and Drama Desk Awards, the TCG Theatre Practitioner Award, five honorary degrees and many other honors from the theater and Chinese communities.

He is survived by his wife of 62 years, Betsy, and their children.

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CVS To Hire 15,000 Employees To Prepare For Rise In Covid, Flu Cases

CVS Health Corp. is hiring 15,000 employees across the U.S. in the fourth quarter to better equip them to tackle the anticipated rise in COVID-19 and flu incidences during the fall and winter months.

This is in addition to the recruitment announced in March to fill 50,000 new full-time, part-time and temporary roles across the country in support of the company’s response to the pandemic.

The new hiring includes more than 10,000 full and part-time licensed pharmacy technicians at CVS Pharmacy locations, to be hired immediately, to boost support for patients and fellow pharmacy professionals. Many of the positions are temporary with the possibility of becoming permanent.

Additional on-site roles include pharmacists, nurses, nurse practitioners, physician assistants, member benefit case professionals, and distribution center employees.

CVS Health is also recruiting for several thousand work-from-home customer service representative positions across the country to support the CVS Caremark and CVS Specialty pharmacy businesses.

It is expected that there will be hundreds of openings in several markets, including Indianapolis, Kansas City, Knoxville, Mt. Prospect, Orlando, Pittsburgh, and San Antonio. These full-time opportunities will start at 30 hours per week and offer a flexible schedule for people seeking to quickly get back to work.

As part of the Pharmacy Technician Day on October 20, the company is also helping trained pharmacy technicians by enabling them to administer COVID-19 vaccinations under the supervision of an immunization-certified pharmacist.

The need for trained pharmacy technicians this year is estimated to be much greater given the presence of COVID-19 in communities.

These pharmacy technicians are also vital to administering COVID-19 tests at more than 4,000 drive-thru testing sites at select CVS Pharmacy locations across the country. In this role, they are critical in helping to curb the spread of the virus and expand access to care, particularly in underserved communities.

On Friday, the U.S. government had inked a public-private Pharmacy Partnership with CVS and Walgreens to provide and administer COVID-19 vaccines to protect vulnerable American residents of long-term care facilities (LTCF) nationwide with no out-of-pocket costs. These include skilled nursing facilities (SNF), nursing homes, assisted living facilities, residential care homes, and adult family homes.

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