AXDX earnings call for the period ending March 31, 2020.

Accelerate Diagnostics, Inc. (NASDAQ: AXDX), today announced preliminary financial results for the quarter and year ending December 31, 2019. Highlights for the fourth quarter and full-year 2019 are presented below.

Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks that hit 52-week highs April 15.) * Bio-Rad Laboratories, Inc. Class B Common Stock (NYSE: BIO) * Calithera Biosciences Inc (NASDAQ: CALA) (provided an update on the impact of COVID-19 on its ongoing clinical trials) * Eli Lilly And Co (NYSE: LLY) * Keros Therapeutics Inc (NASDAQ: KROS) (went public April 8) * Masimo Corporation (NASDAQ: MASI) * Moderna Inc (NASDAQ: MRNA (analysts hiked price targets for the shares following the company's Virtual Vaccines Day) * Pluristem Therapeutics Inc. (NASDAQ: PSTI) * Regeneron Pharmaceuticals Inc (NASDAQ: REGN)Down In The Dumps (Biotech stocks that hit 52-week lows April 15.) * Akorn, Inc. (NASDAQ: AKRX) * AxoGen, Inc Common Stock (NASDAQ: AXGN) * TherapeuticsMD Inc (NASDAQ: TXMD) * Vaccinex Inc (NASDAQ: VCNX) * Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Stocks In Focus UroGen's Kidney Cancer Drug Gets FDA Approval Urogen Pharma Ltd (NASDAQ: URGN) said the FDA granted expedited approval for its Jelmyto for pyelocaliceal solution, indicated to treat adults with low-grade upper tract urothelial cancer. The company said the approval was granted based on positive results from a Phase 3 Olympus trial that demonstrated Jelmyto's effectiveness in this rare and difficult-to-treat cancer.Jelmyto consists of mitomycin, an established chemotherapy and sterile hydrogel, using Urogen's proprietary sustained release RTGel technology.The stock was trading more than 14% higher at $24 in Thursday's premarket session. Accelerate Diagnostics Pre-Announces In-Line Q1 Revenue Accelerate Diagnostics Inc (NASDAQ: AXDX) said it expects first-quarter net sales of $2.3 million, higher than $1.8 million in the year-ago period and in line with the consensus estimate.Citing the uncertainty surrounding the duration of the COVID-19 pandemic, the company withdrew its guidance.The stock rallied 7.89% to $9.02 in after-hours trading.Vanda To Study Impact Of Human Genetic Variations On Coronavirus Infection, Progression Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) announced the initiation of the CALYPSO program to study the role that human genetic variations play in SARS-CoV-2 infection and disease progression. The company said it will collaborate with the University of Washington School of Medicine and its Virology Lab on a pharmacogenetics study in COVID-19 patients."The study will focus on the sequencing of the genome of individual patients, as well as the COVID-19 virus, and the identification of genetic factors that correlate with disease progression and outcomes," according to Vanda. Separately, Vanda said it has enrolled the first patient in its ODYSSEY trial at Lenox Hill Hospital in New York City with Northwell Health's research arm. The ODYSSEY trial is a Phase 3 study investigating the efficacy and safety of tradipitant, a neurokinin-1 receptor antagonist, in the treatment of neurogenic inflammation of the lung secondary to SARS-CoV-2 infection.The stock was trading 8.45% higher at $11.30 in Thursday's premarket session. See also: The Week Ahead In Biotech: Urogen FDA Decision, Amarin, J&J Earnings And More COVID-19 Updates Vir Presents Positive Data For Hepatitis B Virus Drug Vir Biotechnology Inc (NASDAQ: VIR) announced additional interim data from the ongoing Phase 2 study and results from the Phase 1 trial in healthy volunteers of VIR-2218, an investigational small interfering ribonucleic acid that mediates RNA interference for the treatment of chronic hepatitis B virus infection.The company said interim results from the Phase 2 study showed VIR-2218 resulted in a significant dose-dependent and durable reduction in hepatitis B surface antigen through week 24 in patients who received two doses ranging from 20 mg to 200 mg.Vir had licensed the investigational asset from Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY). Vir said it will initiate combination trials of VIR-2218 with a shortened course of pegylated interferon, with dosing likely to begin in the second half of 2020.Vir shares were trading 0.79% higher at $29.50 in the premarket session. Co-Diagnostics Says COVID-19 Tests Validated For Use With Saliva Samples Co-Diagnostics Inc (NASDAQ: CODX) said OralDNA Labs, a CLIA-certified laboratory, recently validated a COVID-19 PCR test based on the its patented CoPrimer technology for use with saline oral rinse samples, and has notified the FDA of their intent to use the validated test in their CAP accredited high-complexity laboratory.The stock was adding 7.16% to $10.18 in premarket trading. Soligenix Licenses COVID-19 Vaccine Adjuvant From Boston Scientific Unit Soligenix, Inc. Common Stock (NASDAQ: SNGX) announced an agreement for exclusive worldwide licensing of CoVaccine HT, a novel vaccine adjuvant, from BTG Specialty Pharmaceuticals, a division of Boston Scientific Corporation (NYSE: BSX), for SARS-CoV-2.View more earnings on IBBThe stock was ripping higher by 60% to $2.24 in premarket trading. Eagle Pharma Submits IND For Coronavirus Treatment Candidate Eagle Pharmaceuticals Inc (NASDAQ: EGRX) said its Ryanodex for injectable suspension inhibited the growth of SARS-CoV-2 in lab tests. The company said it submitted an IND to the FDA for a Phase 2 clinical trial in partnership with Hackensack University Medical Center to evaluate the efficacy of Ryanodex in patients infected with the virus.Inovio Nets $6.9M In Funding To Initiate South Korean Clinical Trial Of Coronavirus Vaccine Candidate Inovio Pharmaceuticals Inc (NASDAQ: INO) has been granted $6.9 million in funding by the Coalition for Epidemic Preparedness Innovations to work with the International Vaccine Institute and the Korea National Institute of Health for a Phase 1/2 clinical trial of INOVIO's COVID-19 vaccine candidate INO-4800 in South Korea, according to the IVI. The organization said it will conduct the trial in South Korea.In premarket trading Thursday, Inovio shares were advancing 7.84% to $7.70.Ascendis' Growth Hormone Deficiency Drug Granted Orphan Drug Designation Ascendis Pharma A/S (NASDAQ: ASND) said the FDA has granted Orphan Drug Designation to its TransCon hGH as a treatment for growth hormone deficiency.AEterna Warned On Nasdaq Listing Standards, Has 180-Day Grace Period To Regain Compliance AEterna Zentaris Inc. (NASDAQ: AEZS) said it has received notice from Nasdaq indicating the company is not in compliance with the minimum $1-per-share bid price requirement, having closed below $1 per share for the prior 30 consecutive business days. The company said it has been provided a grace period of 180 calendar days through Oct. 5 to regain compliance.Novavax Coronavirus Vaccine To Enter Clinics In Australia Novavax, Inc.'s (NASDAQ: NVAX) Australian development partner Nucleus Network said it is due to commence Phase 1 testing of the former's NVX-CoV2372, a SARS-CoV-2 recombinant spike protein nanoparticle vaccine, at its Melbourne and Brisbane clinics in the coming weeks.In premarket trading Thursday, Novavax shares were adding 2.51% to $17.97. Offerings Calithera said it has priced its underwritten public offering of 5 million shares at $6.25 per share. The company expects to raise gross proceeds of $31.25 million from the offering. The offering is expected to close April 20.The stock was down 1.18% to $7.51 in the premarket session. Arcturus Therapeutics Ltd (NASDAQ: ARCT), which recently issued an update on its COVID-19 vaccine development program, said it intends to sell shares of its common stock in an underwritten public offering. All the shares are to be offered by the company.The company said it intends to use the net proceeds for working capital and general corporate purposes, including capex and R&D expenses related to the advancement of its LUNAR-OTC, LUNAR-COV19 and its other product candidates and clinical trial expenditures.The stock was down 3.06% at $17.45 in the premarket session. Athersys Inc (NASDAQ: ATHX) said it intends to offer $50 million of its common stock for sale in an underwritten public offering. The company said it will use the net proceeds for working capital and general corporate purposes, including funding its acute respiratory distress syndrome clinical program, which includes initiation of a Phase 2/3 pivotal study for COVID-19-induced ARDS patients, and its process development and manufacturing projects.The stock was down 25.81% at $2.30 in the premarket session. On The Radar Clinical Readouts Moleculin Biotech Inc (NASDAQ: MBRX) is hosting a web-based investor conference call at 4:30 p.m. ET Thursday to explain the significance of the recent discovery that the active compound in its WP1122 drug candidate, which it has licensed to WPD Pharmaceuticals Inc (OTC: WCOTF), has been shown to reduce replication of SARS-CoV-2 by 100%.Earnings Thursday Abbott Laboratories (NYSE: ABT) (before the market open)Intuitive Surgical, Inc. (NASDAQ: ISRG) (after the close)Related Link:Gilead Analysts Break Down Remdesivir Data Readout From Compassionate Use See more from Benzinga * 3 Frontrunners In COVID-19 Vaccine Development: What You Need To Know * The Daily Biotech Pulse: Applied DNA Ships Vaccine Constructs For Animal Testing, Herceptin Biosimilar Now Available In US * The Daily Biotech Pulse: Amarin Reports Strong Q1 Vascepa Sales, BeiGene Aces Late-Stage Lung Cancer Study, Glaxo, Sanofi Strike COVID-19 Vaccine Partnership(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Is Accelerate Diagnostics Inc (NASDAQ:AXDX) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds […]

Q4 2019 Accelerate Diagnostics Inc Earnings Call

It’s another day on the stock market roller coaster, with the S&P 500 starting off the second-quarter in the negative.If you don’t think that you can correctly call the bottom in a deep bear market, don’t worry. So far, that crystal ball hasn’t been invented. But if you can get a clear snapshot of current conditions, you may be able to set up a profitable trading strategy no matter what the broader market is doing.This all just brings us back to the question: how do you find investment-grade stocks in a volatile market? There isn’t one sure answer; plenty of investment strategies can steer you toward profits. But there is one possibility that might make investing easier – just follow the insiders.Insiders – the corporate officers, board members, and others ‘in the know’ – don’t just manage the companies, they know the details. Legally, they are not supposed to trade that knowledge, or to blatantly trade on it, and disclosure rules by government regulators help to keep the insiders honest. Their honest stock transactions, however, can be highly informative. These are the people with the deepest knowledge of particular stocks. So, when they buy or sell, especially in bulk, take note!TipRanks has the tools to help you do just that. The Insiders’ Hot Stocks page shows which stocks top insiders are most active on, for both purchases and sales. You can sort insider trades by a variety of filters, including trading strategy. We’ve done some of the legwork for you, and pulled up three stocks with recent informative buy-side transactions. Here are the results.Prosperity Bancshares (PB)We’ll start in the financial sector, with a mid-cap bank holding company. Prosperity Bancshares is the owner/operator of Prosperity Bank, a regional bank with 285 branches in Texas and Oklahoma. Prosperity ended 2019 on a high note, with strong Q4 results after concluding a merger with Legacy Texas Financial Group, a move that gave the bank an additional 42 branches in the northeastern part of the state.The insider sentiment on PB is strongly positive, as three company officers have used the stock’s low price to pick up large blocks of shares in recent days. The two largest purchases came from David Zalman, Senior Chairman and CEO, who laid down $650,000 for some 15,000 shares, and from H. E. Timanus, Chairman, who paid $215,000 for 5,000 shares. These two purchases are part of a larger run of insider buys, that have totaled almost $4.2 million over the past three months.In addition to holding a solid financial position, Prosperity also pays out a reliable dividend. The company has a 17-year history of maintaining the payments, and has raised the quarterly payout three times in the past three years. The current dividend, at 46 cents quarterly, annualizes to $1.84 and gives a yield of 3.73%. This compares favorably to the 2% yield average among S&P listed companies.Covering this stock for Wedbush, analyst Peter Winter likes what he sees and upgrades his stance on the shares from Neutral to Buy. Supporting his view, Winter writes, “PB is a flight to quality bank in times of stress and we believe its acquisition of Legacy Texas will be more accretive than originally projected, offsetting potential margin pressures from the precipitous drop in rates and potentially much weaker economy. PB has consistently maintained some of the best credit metrics in banking through many economic cycles.”Winter gives PB a $74 price target, suggesting an upside of 61%. (To watch Winter’s track record, click here)Also upbeat here is SunTrust Robinson analyst Jennifer Demba. She particularly likes the bank’s long history of strong credit and smart acquisitions: “PB has proven itself to be a credit safe-haven over the past 20 years… we think PB should be an outsized beneficiary of a more challenging fundamental environment for the banks given it is a proven, experienced and disciplined bank acquirer.” Demba’s reiterated a Buy rating on PB shares, which is backed by $76 price target -- a bullish 65% upside potential. (To watch Demba’s track record, click here)All in all, Prosperity gets a Moderate Buy rating from the analyst consensus, as it has 4 Buys and 4 Holds in its most recent reviews. Shares are selling for just $46.09, and the average price target of $74.50 indicates an upside potential of 62% for the coming 12 months. (See Prosperity stock analysis on TipRanks.)GMS, Inc. (GMS)The next stock on our list is from the construction industry, which had been doing well in 2019 only to face a serious hit during the coronavirus lockdowns. Long-term, however, that hit may just provide investors with a low-cost point of entry now for companies like GMS.This company, whose initials stand for Gypsum Management and Supply, is a provider of wallboard, dropped ceiling systems, steel framing, and other interior construction materials. GMS is a major supplier for homebuilders and contractors in the US, and boasts a market cap of $661 million.Turning to the insider activity, we find that company Director Ronald Ross has made two large purchases, totaling 189,800 shares. His purchases cost a combined $2.5 million. Also making an informative buy was David Smith, another director of the company. He spent $36,270 to pick up 3,000 shares, in another move made last week. These purchases indicate a high level of confidence in the company, by company officers.The insiders’ confidence is shared by two Wall Street analysts who reviewed this stock in early March. SunTrust Robinson analyst Keith Hughes maintained his Buy rating, and backed it with a $33 price target that suggests a 135% upside potential. (To watch Hughes’ track record, click here)In his comments, Hughes noted some positive points from the earnings release: “GMS reported a ~90 bps increase in gross profit margin due to price/cost dynamics, mix and synergies. Good wallboard volume helped mix but was aided by a higher percentage of commercial work.” He added, at his own bottom line, “We look for GMS to continue to increase its market share, both organically and through acquisitions.”Trey Grooms, from Stephens, also puts a Buy rating on the stock, saying, “Looking forward, mgmt. see signs of stabilization in Canada. Commercial activity was robust and the outlook has improved since last quarter. Residential remains promising and GMS' focus on Other Products should support top-line growth... with guidance that appears achievable, an improved end-market outlook with opportunity for price inflation, and a current valuation below the historic range…” Grooms gives GMS a $30 price target, implying an upside of 113%. (To watch Grooms’ track record, click here)Overall, the Moderate Buy analyst consensus rating on GMS is supported by 3 Buys and 2 Holds set in recent weeks. The stock is priced at a discount, $14.06, and the $26 average price target suggests a potential upside of 85%. (See GMS’ stock analysis on TipRanks)Accelerate Diagnostics (AXDX)Our final stock on the list is from the medical tech sector. Accelerate develops diagnostic systems for healthcare providers on the global market, for the identification and treatment of bacterial infections. In short, AXDX offers new technology for medical labs, allowing them to speed up the testing process and get results to clinicians and patients faster, promoting better medical outcomes.Looking at the insider purchases, we find that Jack Schuler, member of the Board of Directors and a 10% owner in the company, made two informative purchases in recent days, totaling 322,900 shares. Schuler spent $2.17 million on that purchase, a clear sign of confidence.Writing on this stock for Piper Sandler, 5-star analyst William Quirk sees plenty of room for optimism. He gives AXDX a Buy rating, with a $16 price target implying a 109% upside. To watch Quirk’s track record, click here)In his comments supporting his stance, Quirk wrote, “Accelerate is utilizing clinical data from customers in the selling process to demonstrate cost savings and decreased length of stay. Accelerate also developed an ROI tool to help customers realize the incentives of Pheno. Management was upbeat about both of these tools and said the additional data points have been key for closing deals.”William Blair analyst Brian Weinstein, also rated 5-stars, sees the COVID-19 pandemic as a long-term net positive for the company. He writes, “…as the dust settles on the pandemic, the company believes this could create additional buy-in from key stakeholders, including hospital executives and government agencies, with respect to how they view and promote rapid diagnostics.” Weinstein gives AXDX a Buy rating, but declines to set a specific price target. (To watch Weinstein’s track record, click here)Net net, this stock is selling for a modest $8.69 right now, and the average price target of $16 suggests room for an impressive 84% share appreciation. (See Accelerate Diagnostics’ stock analysis at TipRanks)To find good ideas for biotech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Tables of the top insider purchases and sales filed with the SEC on 4/27/20, based on dollar value.Dollar values often do not equate with significance when it comes to insider trades.Proprietary Insider Company Ratings are relayed to clarify significance.

Accelerate Diagnostics (AXDX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

The company's preliminary first quarter results saw gains, but executives are wary of what's next due to coronavirus uncertainty.

Accelerate Diagnostics, Inc. (NASDAQ: AXDX), today announced financial results for the quarter ending March 31, 2020 and provided a business update regarding the impact of the ongoing COVID-19 pandemic on the Company's operations.

TUCSON, Ariz. (AP) — Accelerate Diagnostics Inc. (AXDX) on Thursday reported a loss of $21.3 million in its first quarter.

Accelerate Diagnostics (AXDX) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.

Longtime CEO Lawrence Mehren has said he intends to retire at the end of January 2020 but will continue in a transitional part-time role for two years.

Insider buying decreased last week. Notable Insider Buys: Halliburton Company, Accelerate Diagnostics, Inc., AT&T Inc., Groupon, Inc., Morgan Stanley. Notable Insider Sells: Tallgrass Energy, LP, Uber Technologies, Inc., salesforce.com, inc., …

Q1 2020 Accelerate Diagnostics Inc Earnings Call

Before we begin, it is important to share that information presented during this call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include projections, statements about our future and those that are not historical facts. All forward-looking statements that are made during this conference call are subject to risks, uncertainties and other factors that could cause our actual results to differ materially.

There's been a major selloff in Accelerate Diagnostics, Inc. (NASDAQ:AXDX) shares in the week since it released its...

Tables of the top insider purchases and sales filed with the SEC on 4/24/20, based on dollar value.Dollar values often do not equate with significance when it comes to insider trades.Proprietary Insider Company Ratings are relayed to clarify significance.

Accelerate Diagnostics, Inc. (NASDAQ: AXDX) announced today that the company is scheduled to present at the 38th Annual J.P. Morgan Healthcare Conference in San Francisco on January 15, 2020, at 11:30 a.m. Pacific Time.

Accelerate Diagnostics: 1Q Earnings Snapshot

Q1 2020 Accelerate Diagnostics Inc Earnings Call

Picking the right stocks in this market environment has become increasingly important. Following insider purchases can help investors to outperform the market significantly. Each week, I provide two lists of insider purchases based on purchase value a…

Accelerate Diagnostics, Inc. announced today that management will host a conference call on Thursday, February 27, 2020 at 4:30 p.m. Eastern Time to review 2019 fourth quarter and full-year financial results.

Accelerate Diagnostics (AXDX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

TUCSON, Ariz., May 7, 2020 /PRNewswire/ -- Accelerate Diagnostics, Inc. (NASDAQ: AXDX), today announced financial results for the quarter ending March 31, 2020 and provided a business update regarding the impact of the ongoing COVID-19 pandemic on the Company…

Accelerate Diagnostics (AXDX) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Accelerate Diagnostics, Inc. (NASDAQ: AXDX), today announced preliminary financial results for the quarter ending March 31, 2020 and provided a business update regarding the impact of the ongoing COVID-19 pandemic on the Company's operations. The Company also announced that it will report full results for the quarter ending March 31, 2020 after the market close on Thursday, May 7, 2020.

Accelerate Diagnostics, Inc. (NASDAQ:AXDX) and BioCheck, Inc., a privately-held San Francisco-based company focused on in vitro diagnostics, today announced that they have entered into a commercial supply and collaboration agreement. Under the agreement, Accelerate Diagnostics will distribute the BioCheck MS-FAST, a fully-automated chemiluminescence immunoassay analyzer, along with BioCheck's SARS-CoV-2 tests for the detection of IgG and IgM antibodies. The agreement covers North America, Europe and the Middle East.

(Bloomberg Opinion) -- In the pre-coronavirus days, the Los Angeles Lakers was one of the most valuable and profitable sports franchises on the planet. Forbes estimated last year that the team earned $147 million in 2018 and would fetch about $3.7 billion in a sale. A trust controlled by the children of the late Jerry Buss, a wealthy investor, owns a majority stake in the team. Other co-owners include Philip Anschutz, a billionaire with a broad portfolio of holdings in energy, real estate, media, entertainment and other industries; Edward Roski Jr., a successful commercial real estate developer; and Patrick Soon-Shiong, who owns the Los Angeles Times.The Lakers, as ESPN reported on Monday, received $4.6 million in bailout funds from the federal government as part of the $349 billion Paycheck Protection Program meant to backstop struggling small businesses sideswiped by Covid-19. The Lakers operation has fewer than 500 employees, which qualifies it as a small business under the government’s aid guidelines. But the Lakers hardly seem as immediately vulnerable, or without access to other resources, as, say, your corner grocer, baker, barber or dry cleaner. The Lakers, undoubtedly aware of a wave of recent disclosures about unlikely companies receiving PPP funds, told ESPN it returned the $4.6 million.The Lakers said it decided to disgorge the money after learning the entire $349 billion in federal aid was scooped up in two weeks, thereby leaving out tens of millions of other small businesses the team described as “most in need.” Indeed, only an insignificant percentage — 5% or less — of U.S. small businesses appear to have received funding from the problem-riddled program according to my own take on the data. And much of it, according to Bloomberg News, hasn’t even found its way to small businesses in regions most severely derailed by the coronavirus pandemic.Despite gaping holes in the program’s launch — or perhaps precisely because of them — the government had to approve a second, $380 billion round of funding last week. The doors opened to prospective small-business borrowers on the new round on Monday, and, like the first round, application and administrative problems erupted. Banks also took to social media to complain about all of the snafus they were encountering.The Treasury Department and the Small Business Administration have overseen the PPP program and haven’t provided enough public information about exactly which companies have received money and how they were screened. It bodes poorly for how effectively this new huge pool of funding will be deployed.“It is reckless for the Small Business Administration and Treasury Department to release a second round of funding before clarifying the major gaps and issues with the Paycheck Protection Program. The program still lacks clear terms for forgiveness, rules prohibiting banks from again prioritizing applications of larger clients, and guidance for new lenders to come online to the program,” the Main Street Alliance, an advocacy group for small businesses, said in a statement on Monday. “With funding likely to run out in 48 hours, it is ludicrous that Congress thinks it has done its job supporting small businesses.”Fortunately, a flow of valuable reporting in recent days has identified some questionable recipients of federal aid and offers a window into how haphazard and inequitable the PPP program already appears to be. Consider:NBC reported that its analysis of about 200 PPP recipients revealed at least a dozen examples of firms possibly leveraging relationships, gaming the program or overcoming problematic backgrounds to receive funding. That group includes Cinedigm Corp., an entertainment company controlled by a Chinese investment firm, and MiMedx Group, a skin-graft company repeatedly mired in law enforcement investigations. It also includes Hallador Energy, Crawford United and Flotek Industries, all of which have ties to the Trump administration and which collectively snared $18.3 million in PPP funds. (Hallador and Crawford didn’t respond to queries from NBC; Flotek said it didn’t take advantage of White House relationships to obtain funding.) The Associated Press reported that at least 94 PPP recipients were publicly traded companies with market values greater than $100 million. About a quarter of those companies had warned investors long before the coronavirus arrived that their fortunes had so soured that they might not be able to stay in business. The AP also said that its review “found examples of companies that had foreign owners and that were delisted from U.S. stock exchanges, or threatened with removal, because of their poor stock performance before the coronavirus hit. Other companies have had annual losses for years.” The Washington Post reported that AutoNation Inc., a national network of automobile dealers with 26,000 employees and a $3.2 billion market valuation, received $77 million in PPP funding. “AutoNation used separate tax identification numbers assigned to dozens of its more than 300 locations to apply for at least $266 million in funds for separate dealerships,” the Post reported. I’ve noted in an earlier column that a loophole in the $2.6 trillion federal bailout program would allow large chains and franchises that might not otherwise qualify as small businesses to apply for PPP aid on a store-by-store or location-by-location basis. The Wall Street Journal reported that dozens of publicly traded firms, including Accelerate Diagnostics Inc. and DMC Global Inc., received $500 million in PPP funds. The New York Times and Bloomberg News reported that a group of publicly traded luxury hotel companies controlled by lodging magnate and Trump donor Monty Bennett received more than $50 million in PPP aid. Bloomberg has also reported that IDT Corp., Universal Stainless and Lindblad Expeditions Holdings Inc. — all companies that have more than 500 employees — received nearly $27 million. (IDT said it’s returning the $10 million it received.) I wrote earlier about the complaints targeting Shake Shack Inc., Potbelly Corp. and Ruth’s Hospitality Group Inc. — all large restaurant chains — when they disclosed they had received PPP funding.All of this is just for starters. Much still seems to be amiss with the $729 billion avalanche of federal funds that have cascaded toward banks and small businesses, and we’ll undoubtedly learn of more problems now that we’ve entered the program’s second act. And we still don’t know whether federal aid it will have its desired effect: supporting workers left in the cold by the pandemic while also ensuring that the unprecedented crisis enveloping small businesses doesn’t become an apocalypse.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Timothy L. O'Brien is a senior columnist for Bloomberg Opinion.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.