Month: March 2020

(Bloomberg) — U.S. stock futures erased losses after President Donald Trump promised “very substantial relief” for the economy as the coronavirus spreads.Contracts on the S&P 500 gained 1.5% as of 8:17 a.m. in Tokyo, erasing earlier losses as Trump said he’s considering payroll-tax cuts. The White House virus task force is holding a press conference in Washington.Futures had dropped as much as 1.9%, bringing the plunge since a February record past almost 20%. Dow Jones Industrial Average contracts also briefly fell more than 20% from the all-time high.“We certainly expect an economic slowdown but so much of where the global …read more […]

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With every day passing, and the headlines getting further hogged by worrisome developments regarding the spread of the coronavirus, the need for a treatment or vaccine becomes more acute.The market has recognized the need, too. While the bloodbath across all the major indexes continues, apart from a few outliers, the biotech companies searching for solutions are among the only names to have experienced any upward movement recently. Which brings us to small-cap biotech firm CytoDyn Inc. (CYDY).Yesterday, CytoDyn reported it had filed an Investigational New Drug (IND) application to launch a Phase 2 trial in the U.S. with leronlimab (PRO …read more […]

Contracts on the S&P 500, Dow and Nasdaq kicked off the overnight session sharply lower, suggesting the equity market carnage from Monday was set to continue. …read more […]

(Bloomberg) — Stitch Fix Inc. plunged almost 40% in extended trading after the clothing-subscription company cut its full-year sales and profit forecast on lower order values, rising costs and the potential impact of coronavirus.The company said fiscal 2020 net revenue will be $1.8 billion to $1.84 billion, from a previous projection of $1.9 billion to $1.93 billion, and below analysts’ estimates of $1.92 billion. Annual adjusted earnings before interest, taxes, depreciation and amortization will be zero to $10 million, the company said, from an earlier estimate of $18 million to $32 million.For the current quarter ending in April, sales will …read more […]

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(Bloomberg) — America’s shale producers already had a profitability problem. It just got a lot worse.At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price, according to data compiled by Rystad Energy, an Oslo-based consultancy.Wells drilled by Exxon Mobil Corp., Occidental Petroleum Corp. Chevron Corp. and Crownquest Operating LLC in the Permian Basin, which stretches across West Texas and southeastern New Mexico, can turn profits at $31 a barrel, Rystad’s data …read more […]

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White House economic adviser Larry Kudlow has some terrible financial advice to explain. …read more […]