President Donald Trump said that the U.S. will “get our energy business back,” as he met with oil executives from at least seven companies amid the ongoing collapse in oil prices.
President Donald Trump said that the U.S. will “get our energy business back,” as he met with oil executives from at least seven companies amid the ongoing collapse in oil prices.
“We’ll work this out and we’ll get our energy business back. I’m with you 1,000%. It’s a great business, it’s a very vital business,” he said. Trump added that he’s “looking very seriously” at an infrastructure package.
The meeting included CEOs from Exxon, Chevron, Occidental Petroleum, Devon Energy, Phillips 66, Energy Transfer Partners and Continental Resources founder Harold Hamm.
U.S. West Texas Intermediate crude jumped nearly 12% on Friday after OPEC said it would hold a virtual meeting on Monday to discuss oil policy, while Russian President Vladimir Putin said a production cut of 10 million barrels per day is possible if global players participate, according to a report from Reuters.
Stocks extended gains Monday as investors geared up for another week of closely monitoring developments around the global coronavirus outbreak and policymakers’ responses to the pandemic.
Over the weekend, coronavirus cases rose in major centers around the world but at an at least temporarily slower pace than in recent weeks.
The state of New York, which leads the nation with about 130,000 positive cases, on Monday reported 599 new coronavirus deaths, or about level with the 594 reported on Sunday. But Governor Andrew Cuomo in a Monday press briefing reiterated that even if the pandemic in the state was beginning to plateau, it was “plateauing at a very high level, and there is tremendous stress on the health-care system,” he said.
Elsewhere, Italy reported the slowest rise of new deaths in two weeks on Sunday. France and Spain – two other European centers for the virus – also reported a deceleration in new deaths.
While the slowing increases in case counts serve as a positive development, many analysts remain cautious and have still not ruled out further volatility in the near-term.
“Until the virus shows a decline in its trajectory and rolls over, a semblance of normalcy will likely remain out of reach,” John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, wrote in a note Monday. “The ultimate extent of the damage to the economy and the corporate sector will be hard to determine in the near term and will likely vary greatly within segments of the economy and sectors of the markets.”
“For now the markets will likely remain hostage to news on how long it will take to ‘get back to business’ and ‘the good life,’” he added. “We’d expect markets to continue trading on a combination of fear, technical factors and wistful hope with fundamentals clouded by the uncertainty weaved by the insidious virus.”
Official government guidance around controlling the spread of the coronavirus continues to be dynamic in the U.S., with the Centers for Disease Control and Prevention on Friday adding a recommendation for Americans to wear cloth face coverings when leaving their homes.
And U.S. leaders’ rhetoric around the outbreak is still dire, with many Americans in states across the country preparing to remain under stay-in-place orders for at least the coming weeks.
On Sunday, U.S. Surgeon General Vice Admiral Jerome Adams told Fox News on Sunday that this coming week “is going to be the hardest and the saddest week of most Americans’ lives, quite frankly,” adding that it will be “our Pearl Harbor moment.” He also noted in the interview, however, that Americans could “change the trajectory of this epidemic” by following social distancing guidelines.
And for equity markets, visibility as to the duration and extent of the outbreak would be a welcomed respite. Stocks ended last week lower as volatility returned to equity markets following the prior week’s advances, as rapidly deteriorating economic data began to reflect the impact of the coronavirus outbreak. The March jobs report – which collected data just through about the 12th of the month – already showed U.S. employers cut 701,000 non-farm payrolls, before widespread social distancing measures had even gone into effect.
With this in mind, Thursday’s initial jobless claims report will again be a closely watched print, with consensus economists expecting to see 5 million new unemployment claims filed for the week ended April 4. The prior week, jobless claims skyrocketed to a record 6.648 million.
The vulnerabilities affect 9% of SAP’s 440,000 customers, the Walldorf, Germany-based company said Monday in a statement. It plans to fix the problems in the second quarter to meet contractually agreed or statutory security standards. There are no known breaches or security incidents that have resulted from the shortcomings, which affect products from companies that SAP acquired, including SuccessFactors Inc., Concur Technologies Inc. and Callidus Software Inc.
Beyond Meat (NASDAQ:BYND), the leading maker of plant-based meat substitutes, reported strong first-quarter 2020 results after the market closed on Tuesday.
Shares of the widely followed stock, which became publicly traded in May 2019, are up a whopping 18.9% at 11:56 a.m. EDT on Wednesday.
We can attribute the stock's surge to revenue and earnings crushing Wall Street consensus estimates. Moreover, the company also posted a surprise profit, which surely delighted investors.
Here's how the quarter worked out for Beyond Meat and its investors.
But Wall Street wasn't happy with Pinterest's user growth, CNBC reported, which was up 6% year-over-year in the U.S., compared with 8% in the fourth quarter. Overall, Pinterest's growth of 26% was the same annualized growth rate it saw in the fourth quarter -- in other words, flat. This was unexpected, given Pinterest's claims of pandemic-related record usage in March and the gains other social platforms have seen, including Facebook and Snapchat.
Nutanix NTNX recently reported preliminary third-quarter fiscal 2020 results, ended Apr 30, reflecting the impacts of the coronavirus pandemic. The company anticipates third-quarter fiscal 2020 revenues to be $312-$317 million or grow 8-10% year over year. The Zacks Consensus Estimate for revenues in the fiscal third quarter stands at $308.8 million, indicating 7.37% year-over-year growth. https://finance.yahoo.com/news/nutanix-ntnx-updates-q3-view-150803030.html
nvestors were clearly pleased that the company's performance had held up well in spite of the pandemic. But Nutanix nonetheless withdrew its guidance for the year and its business model targets for calendar 2020 due to the uncertainty around COVID-19's impact on customers and end markets. However, the company said it has thus far seen steady demand for its hybrid cloud solutions
Shares of Avis Budget Group (NASDAQ:CAR) and Hertz Global Holdings (NYSE:HTZ), well-known vehicle rental companies, and the nation's largest auto retailer AutoNation (NYSE:AN) declined 10% early Wednesday after concerns that plunging used car prices could be exacerbated by a possible Hertz bankruptcy -- a development that would send ripple effects across the auto industry.
As you can see in the graph above, Avis and Hertz have been decimated by the COVID-19 coronavirus pandemic and the economic and travel restrictions it brought. In fact, Avis expects April and May to post a crippling 80% decline in revenues, which is one reason the company tapped the junk bond market for $500 million to help weather the COVID-19-driven economic downturn. Making matters worse for Hertz was a report that used car wholesale prices plunged 11.4% in April, and as the value of Hertz's fleet declines, the company is forced to make up the difference, with lenders that financed its fleet, in cash -- a scenario that has investors questioning if Hertz can make such a payment. In Hertz's first-quarter filing, management made it clear how dire the situation is: "As such, management has concluded that there is substantial doubt regarding the company's ability to continue as a going concern within one year from the issuance date of this quarterly report on form 10-Q,".
Hertz was given a lifeline by lenders and has until May 22, 2020 to develop a financing strategy appropriate for the current economic scenario, giving investors a moment to contemplate what a bankruptcy would do to the broader industry. It's a complicated situation for all involved. Carl Icahn holds a 39% equity stake in the company and could infuse the business with cash to stay afloat, but if the company doesn't recover and a bankruptcy takes place, equity holders' claims are behind creditors', making it a risky move for Icahn. A potential Hertz bankruptcy could also flood an already suffering used car market with several hundred thousand vehicles, which would send prices even lower and add supply that might take years to return to normal levels. That's a development that would hurt new car sales, which would negatively impact manufacturers as well as new-vehicle dealerships such as AutoNation, if consumers have a compelling and far cheaper used car substitute. It would be painful to used car dealerships as their transaction prices and inventory/asset values fall. Lower used car prices will send a ripple effect many didn't see coming.
..CarMax, Inc. (KMX) AutoZone, Inc. (AZO) Advance Auto Parts, Inc. (AAP) Asbury Automotive Group, Inc. (ABG) O'Reilly Automotive, Inc. (ORLY)
7:27 am: Powell says ‘there’s a lot more’ the Fed can do to help Even after the Federal Reserve has unloaded an unprecedented level of help for markets and the economy, Chairman Jerome Powell said there are still more weapons available.
Moderna’s closely watched early-stage human trial for a coronavirus vaccine produced Covid-19 antibodies in all 45 participants, the biotech company announced Monday, sending the company’s shares surging more than 26%.
The vaccine also produced neutralizing antibodies against Covid-19 in at least eight participants, the company said. Experts have said neutralizing antibodies appear to be important in acquiring protection.
Four participants were assigned to receive a 25 microgram dose, while the other four received 100 micrograms. Levels of neutralizing antibodies were at or above levels seen in blood samples, the company said. Data on neutralizing antibodies for the other participants were not yet available, Moderna said.
Asian ADRs Move Sharply Lower in Friday Trading American depositary receipts of Asian stocks were trading lower Friday, with the BNY Mellon Asia 50 ADR Index down by 2.18%.
In North Asia, the gainers were led by consumer lending firm Hexindai Inc. (HX) , which was up by 6.4%, followed by automotive e-commerce platform TuanChe Limited (TC) at 4.4%, and mobile app developer Cheetah Mobile Inc. (CMCM), which rose 3.8%.
The decliners in North Asia were led by coffee shop chain Luckin Coffee Inc. (LK) , which fell another 24%. Brand e-commerce solutions company Baozun Inc. (BZUN) dropped 9.1%.
In South Asia, the gainers were led by pharmaceutical company Dr. Reddy's Laboratories Limited (RDY) , which rose 1.2%. IT company Infosys Limited (INFY) and telecommunications operator PLDT Inc. (PHI) , were up 1.2% and 0.8%, respectively.
ICICI Bank Limited (IBN) and automaker Tata Motors Limited (TTM) led the decliners in South Asia, falling 3.4% and 3.6% respectively. They were followed by business process services provider WNS Holdings (WNS) and mining company Vedanta Limited (VEDL) , which lost 3.4% and 2.5%.
The U.S. economy’s contraction in the second quarter was the worst on record. Economic output fell at its fastest pace on record last spring as the coronavirus pandemic forced businesses across the United States to close their doors and kept millions of Americans shut in their homes for weeks.
Gross domestic product — the broadest measure of goods and services produced — fell 9.5 percent in the second quarter of the year, the Commerce Department said Thursday. On an annualized basis, the standard way of reporting quarterly economic data, G.D.P. fell at a rate of 32.9 percent, or 32.9% annual pace in the second quarter.
The collapse was unprecedented in its speed and breathtaking in its severity. The only possible comparisons in modern American history came during the Great Depression and the demobilization after World War II, both of which occurred before the advent of modern economic statistics.
Unlike past recessions, this one was a result of a conscious decision to suspend economic activity to slow the spread of the virus. Congress pumped trillions of dollars into the economy to sustain households and businesses, limit long-term damage and allow for a rapid rebound.
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