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Boeing's F-15EX with 'digital backbone' completes its first test flight

Igor Bonifacic
·Contributing Writer
·1 min read

This week, Boeing’s F-15EX fighter jet successfully completed its first-ever test flight. It might look like the F-15 planes the Air Force has been flying for decades, but in a lot of ways, it’s a more modern fighter jet. It features fly-by-wire flight controls, an all-digital cockpit powered by an ADCP-II mission computer, and most important to the Air Force, a “digital backbone” that will allow it to upgrade it with new technologies as needed. Boeing will deliver the first two F-15EX planes to the Air Force by the end of March.

The F-15EX will replace the Air Force’s aging F-15C and D aircraft, many of which have been in service for more than 35 years. With some of those planes becoming safety risks to their pilots, the Air Force needed to either retrofit them or replace them with new ones. The Defense Department considered buying additional F-35 jets, but with the entire cost of that program expected to hit $1.5 trillion, it instead decided on the F-15EX as the more budget-conscious option. The first lot of eight aircraft will cost $1.2 billion, with the entire run of 144 planes expected to cost no more than $23 billion.

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    This morning, Senate Majority Leader Chuck Schumer (D-NY), Sen. Elizabeth Warren (D-MA), Rep. Ayanna Pressley (D-MA), Rep. Alma Adams (D-NC), Rep. Ilhan Omar (D-MN), and Rep. Mondaire Jones (D-NY) held a press conference reintroducing a resolution that calls on President Biden to cancel up to $50,000 of federal student loan debt. “Canceling student loan debt is the single most effective executive action that President Biden can take to kick start this economy,” said Sen. Warren. The Higher Education Act of 1965 gives the president the authority to forgive student loan debt by issuing an executive order, and the Biden administration has signaled that they are open to the idea. “Canceling student loan debt is good for you whether you have student loan debt or not because it is good for our economy,” Warren continued. Roughly 45 million Americans currently carry about $1.7 trillion in student debt. The lawmakers emphasized that student debt cancellation wasn’t merely an economic stimulus, however, but a racial justice issue that would significantly close the racial wealth gap. “A disproportionate burden of student debt falls on people of color,” said Schumer. He called out predatory for-profit colleges that have been accused of targeting Black students in their marketing. Unsurprisingly, the loan default rate for for-profit college debt is higher than it is for public or private non-profit colleges. Rep. Pressley called the resolution a chance for Biden to “be bold and responsive to the movement that elected him.” “Let me be clear — the student debt crisis has always been a racial and economic justice issue,” she said. “But for too long, the narrative has excluded Black and Latinx communities and the ways in which this debt has exacerbated deeply entrenched racial and economic inequities in our nation. These disparities didn’t just magically occur. They are the consequences of generations of systemic racism, discrimination, and what I call policy violence that has systemically denied Black and Latinx families the opportunity to build wealth, forcing our families to take on greater rates of student debt for the chance at the same degree as our white counterparts.” “Take the 2008 financial crisis for example, when lawmakers bailed out Wall Street and abandoned Black and brown communities who lost everything,” she continued. “Many have yet to recover. So as we work to ensure an equitable recovery to the current crisis, we cannot afford to simply tinker around the edges.” Warren noted that, after 20 years of repayment, white students on average had just 5% of their student debt remaining. Black students, on the other hand, had around 95% still left unpaid. “Canceling student loan debt would help close the Black-white wealth gap by 28 points,” she continued, saying that the wealth gap between whites and Latinx people would narrow by a similar amount. Over 50 House members are currently cosponsoring this resolution, showing the growing momentum behind student debt cancellation. “This is the moment of reckoning, and the president must heed our calls,” said Pressley. Rep. Adams called the issue one of economic relief and financial freedom for Black and brown communities. “I’m a former college professor of 40 years,” she said. “And I know how young people struggle to pay this debt. President Biden now has the opportunity to build a stronger foundation of social and economic mobility for all, so we can live the true words of the late W.E.B. Du Bois, who said that of all of the civil rights, which the world has struggled and fought for 500 years, the right to learn is undoubtedly the most fundamental.” Rep. Omar spoke of the millions who can’t afford the essentials right now during the pandemic. “The last thing people should be worried about is student debt,” she said. “We know that student debt is not the result of bad decisions or behavior. It is the result of a broken system that tells the students to get an education or go to college in order to have a stable life, but then does not provide the resources to afford that education.” “I always say that America does not suffer from scarcity — we suffer from greed,” she said. Rep. Jones noted, crucially, that the enormous student debt burden Americans suffer from is “due in part to the fact that wages have remained stagnant for decades, even as the cost of a college education has skyrocketed.” In recent months, calls to raise the federal minimum wage to at least $15 per hour have gained momentum, and Biden has taken steps toward raising it to $15 per hour for federal employees. Currently, the federal minimum wage remains at $7.25 per hour, established back in 2009. Though lawmakers say they have spoken with Biden at length on the matter, there isn’t yet a firm timeline on when debt cancellation could happen — whether in a few weeks or a few months. Currently, federal student loan payments are paused and interest rates are at 0% until September 2021. “The American people are strongly behind us on this issue — overwhelmingly,” said Schumer. He expressed confidence that continued pressure from both constituents and politicians would result in an executive order to cancel student debt. The resolution would cost around $650 billion, according to Warren. Though it would cancel $50,000 of federal student debt for most people, it doesn’t apply to everyone, only those who make under $125,000 a year. Some believe that the measure should go even further, canceling all student debt regardless of income. In 2019, Omar introduced a bill calling for the full forgiveness of both federal and private student loans. Biden has previously floated the idea of canceling $10,000 of student debt as soon as he took office. That has not happened yet. Omar, who has student loan debt herself, mentioned that the problem doesn’t just affect young Americans. “The fastest-growing number of people who are currently carrying student debt are over 50 — and that is also hindering their ability to plan for retirement,” she said. Warren agreed, saying, “Social security checks are supposed to be the bare minimum that people have to live on in their retirement years. And there’s very little that you can garnish a social security check for, but right now there are over 100,000 Americans whose social security checks are garnished to pay student loan debt.” Student debt is also notoriously difficult to discharge even in bankruptcy, due to an exemption in personal bankruptcy law passed in the 1970s. “We are not going to let up until we accomplish it,” Schumer vowed. “The people deserve nothing less,” said Pressley. Like what you see? How about some more R29 goodness, right here?Why Are People Upset About Canceling Student Debt?Real People On Having Student Debt During COVID-19Biden Is Making Sweeping Changes To Minimum Wage

  • GameStop Unraveling Quickens as Redditors Pivot to Biotech

    (Bloomberg) -- GameStop Corp. shares tumbled for a third day in four as retail traders flocked to other corners of the stock market such as small drug developers.The video-game retailer extended losses to 36% and was trading a couple dollars above this week’s low of $57.02 at 2 p.m. in New York. Trading volume picked up after a slow start, with 47 million shares exchanged, which was about one-third lower than the volume seen over the past two weeks.Meanwhile, demand shrunk for companies such as headphone maker Koss Corp. and apparel retailer Express Inc., which had also skyrocketed over recent weeks.The volatility in GameStop’s shares have resulted in market value swings of over $30 billion for the company this year and Wednesday’s session showed selling pressures were ramping. But the euphoria surrounding the stock, which was born in day-trader chat rooms, seems to be turning now to groups of smaller names, such as drug developers.Retail traders using Reddit to communicate about their bullish bets and outlooks have helped fuel rallies in Anavex Life Sciences Corp., Cassava Sciences Inc., and Annovis Bio Inc.The gains show that Reddit is continuing to “play a major role in trading action” for single stocks, wrote Jared Holz, a Jefferies health-care equity strategist.A trio of biotechs chasing after Alzheimer’s cures added more than $1 billion into their market value on Thursday after Cassava reported results from a small study in 100 patients earlier this week.Reddit and Twitter users extolled upon the virtues of biotechs chasing after new medicines for Alzheimer’s as well as Covid-19 and cancer, though new drugs in development face long odds on making it to the market.Read more: Three Biotech Stocks Surge on Alzheimer’s Drug OptimismOther companies favored by retail investors, including Naked Brand Group Limited and Sundial Growers Inc. erased gains. The retailer and cannabis firm Sundial reversed rallies to drop about 2% each.Short interest as a percentage of GameStop’s free float slipped again to 51% from a peak last month above 140%, according to data from S3 Partners. That plunge in short interest could signal the squeeze has played out, according Amy Kong, chief investment officer of Barrett Asset Management.“It is also important to consider market psychology,” she said. “If one sees the stock plunge the way it did over the past two days, it may prompt investors to sell ‘before it’s too late.”’GameStop shares are down 82% this week and have lost momentum even after news of a trio of executive hires, including the appointment of a chief technology officer.While the executive additions are “all great hires on paper” it’s hard to attribute recent share movement to anything in particular, Wedbush Securities analyst Michael Pachter said in an email. The analyst, who rates the shares at neutral, said he looks forward to hearing details about the company’s strategy.GameStop grabbed headlines this month after a coordinated effort by retail investors to squeeze short sellers caused the stock to surge multiple times. It has lost more than 85% of those gains in recent days, but despite that has still added about $2.8 billion in value this year.(Updates with share movements throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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    Let’s talk about risk and the big picture. It’s an appropriate time, as the big risk – presented by the COVID-19 pandemic – is finally receding thanks to the ongoing vaccination program. COVID is leaving behind an economy that was forced into shutdown one year ago while in the midst of a great expansion, boosted by the deregulation policies. While the new Biden Administration is busy reversing many Trump policies, at least for now the economy is rebounding. And this brings us to risk. A time of economic growth and rebound is a forgiving time to move toward risk investments, as general economic growth tends to lift everything. Two strategists from JPMorgan have recently chimed in, promoting the view that the market’s fundamentals are still sound, and that small- to mid-cap sector is going to keep rising. First, on the general conditions, quant strategist Dubravko Lakos-Bujas wrote, “Although the recent technical selloff and short squeeze is receiving a lot of attention, we believe the positive macro setup, improving fundamentals and COVID-19 outlook, strength of the US consumer, as well as the reflation theme remain the bigger forces at play. Not only should this drive further equity upside, but it remains favorable for continued rotation into economic reopening…” Building on this, Eduardo Lecubarr, chief of the Small/Mid-Cap Strategy team, sees opportunity for investors now, especially in the smaller value stocks. “We stick to our view that 2021 will be a stockpicker’s paradise with big money-making opportunities if you are willing to go against the grain… Many macro indicators did fall in January but SMid-Caps and equities in general continued to edge higher,” Lecubarr noted. And if you are prone to look at high-risk, small- to mid-cap stocks, you’ll find yourself drawn to penny stocks. The risk involved with these plays scares off the faint hearted as very real problems like weak fundamentals or overwhelming headwinds could be masked by the low share prices. So, how should investors approach a potential penny stock investment? By taking a cue from the analyst community. These experts bring in-depth knowledge of the industries they cover and substantial experience to the table. Bearing this in mind, we used TipRanks’ database to find two compelling penny stocks, according to Wall Street analysts. Both tickers boast a Strong Buy consensus rating and could climb over 200% higher in the year ahead. CNS Pharmaceuticals (CNSP) We will start with CNS Pharmaceuticals, a biotechnology company with a focus on the treatment of glioblastomas, a class of aggressive tumors that attack the braid and spinal cord. These cancers, while rare, are almost always terminal, and CNS is working a new therapy designed to more effectively cross the blood-brain barrier to attack glioblastoma. Berubicin, CNS’s flagship drug candidate, is an anthracycline, a potent class of chemotherapy drugs derived from the Streptomyces bacteria strains, and used in the treatment of a wide variety of cancers. Berubicin is the first drug in this class to show promise against glioblastoma cancers. The drug candidate has completed its Phase 1 clinical trial, in which 44% of patients showed a clinical response. This number included one patient who showed a ‘Durable Complete Response,’ defined as a demonstrated lack of detectable cancer. Following the success of the Phase 1 study, CNS applied for, and received, FDA approval of its Investigational New Drug application. This gives the company the go-ahead to conduct a Phase 2 study on adult patients, an important next step in the development of the drug. CNS plans to start the mid-stage trial in 1Q21. Based on the potential of the company’s asset in glioblastoma, and with its share price at $2.22, several analysts believe that now is the time to buy. Among the bulls is Brookline’s 5-star analyst Kumaraguru Raja who takes a bullish stance on CNSP shares. “Until now, the inability of anthracyclines to cross the blood brain barrier prevented its use for treatment of brain cancers. Berubicin is the first anthracycline to cross the blood-brain barrier in adults and access brain tumors… Berubicin has promising clinical data in a Phase 1 trial in recurrent glioblastoma (rGBM) and has Orphan drug designation for treatment of malignant gliomas from the FDA. We model approval of Berubicin for treatment of recurrent glioblastoma in 2025 based on the Phase 2 data with 55% probability of success for approval. We model peak sales of $533 million in 2032,” Raja opined. “CNS pipeline also includes WP1244 (novel DNA binding agent) that is 500x more potent than daunorubicin in inhibiting tumor cell proliferation is expected to enter the clinic in 2021… In vivo testing in orthotopic models of brain cancer showed high uptake of WP1244 by brain and subsequent antitumor activity,” the analyst added. To this end, Raja rates CNSP a Buy, and his $10 price target implies room for a stunning 350% upside potential in the next 12 months. (To watch Raja’s track record, click here) What does the rest of the Street have to say? 3 Buys and 1 Hold add up to a Strong Buy consensus rating. Given the $8.33 average price target, shares could climb ~275% in the year ahead. (See CNSP stock analysis on TipRanks) aTyr Pharma (LIFE) The next stock we’re looking at, aTyr Pharma, has a focus on inflammatory disease. Its leading drug candidate, ATYR1923, is a Neuropilin-2 (NRP2) agonist, working through the receptor proteins expressed by the NRP2 gene. These pathways are important for cardiovascular development and disease, and play a role in the inflammatory lung disease pulmonary sarcoidosis. In December, the company reported that the drug candidate had completed enrollment of 36 patients in a Phase 1b/2a clinical trial, testing the drug in the treatment of pulmonary sarcoidosis. Results of the current study are expected in 3Q21, and will inform further trials of ATYR1923, including against other forms of inflammatory lung disease. On a more immediate note, in early January the company announced top-line results of another Phase 2 clinical involving ATRY1923 – this time in the treatment of patients hospitalized with severe respiratory complications from COVID-19. The results were positive, showing that a single dose of ATYR1923 (at 3 mg/kg) resulted in a 5.5-day median recovery time. Overall, of the patients dosed in this manner, 83% saw recovery in less than one week. Covering LIFE for Roth Capital, 5-star analyst Zegbeh Jallah noted, “We like the risk profile here, with two shots on goal, and updated data details from the COVID study is expected in the coming months. Also announced recently, is that data from aTyr's Pulmonary Sarcoidosis program, will be reported in 3Q21… the success of either of these studies could result in a doubling or more of the market cap as these opportunities appear to barely be accounted for by investors.” In line with his optimistic approach, Jallah gives LIFE shares a Buy rating and his $15 price target suggests an impressive 277% potential upside for the coming year. (To watch Jallah’s track record, click here) Other analysts are on the same page. With 2 additional Buy ratings, the word on the Street is that LIFE is a Strong Buy. On top of this, the average price target is $13.33, suggesting robust growth of ~236% from the current price of $3.97. (See LIFE stock analysis on TipRanks) To find good ideas for penny 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.

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