Southwest Airlines Co on Thursday warned its first-quarter operating revenue would take a hit of up to $300 million from the coronavirus outbreak, prompting it to cut its quarterly revenue outlook.
OPEC agreed on Thursday to cut output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices amid an outbreak of coronavirus but made it conditional on Russia joining in, two OPEC sources said.
HP Inc on Thursday rejected Xerox Holdings Corp’s raised takeover bid of about $35 billion, saying that the offer still undervalued the personal computer maker.
(Bloomberg) — HP Inc. said it has rejected an unsolicited takeover offer from Xerox Holdings Corp. and has asked shareholders not to tender their shares.The $34 billion offer “meaningfully undervalues HP and disproportionately benefits Xerox shareholders,” the Palo Alto, California-based company said in a statement on Thursday. Xerox’s “urgency” in launching the offer shows its “desperation to acquire HP to address its continued business decline.”Xerox has pitched HP investors on a cash-and-stock offer worth $24 a share. For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares. The offer is set to expire April 21, …read more […]
Southwest Airlines Co said on Thursday it expects a hit of $200 million to $300 million to its first-quarter operating revenue from a fall in customer demand and an increase in trip cancellations due to the coronavirus outbreak.
Oil rose on Thursday after major producers agreed on deeper output cuts to bolster prices as worries intensify over the fast-spreading coronavirus outbreak and its impact on the global economy and crude consumption.
Britain “stands ready” to support regional airports after the collapse of airline Flybe on Thursday, Kelly Tolhurst, a junior minister with responsibility for aviation, told parliament.
(Bloomberg) — IRB Brasil Resseguros SA, the re-insurer taking flak from Berkshire Hathaway Inc. after allegedly making false claims Warren Buffett’s holding company owned a stake, said both its top executives resigned.The exit of Chief Executive Officer Jose Carlos Cardoso and Chief Financial Officer Fernando Passos marks the latest twist in a month-long drama that captivated Latin American investment circles and wiped out $5.3 billion in IRB market value.Short seller Squadra Investments triggered the first leg of a 58% stock plunge on Feb. 2 when it released a 150-page report disclosing a bearish position and questioning IRB’s profit figures. IRB …read more […]
(Bloomberg) — Global markets in turmoil. Central banks rushing to arrest panic. But in China, the country most affected by the virus outbreak, it’s boom time for traders.A gauge of stocks in Shanghai and Shenzhen has jumped 14% in just over a month to close at a two-year high on Thursday. One exchange-traded fund focused on 5G amassed $2 billion in days as investors clamored to chase a rally in tech shares. Seeking to maximize returns, punters have driven stock leverage and daily turnover past 1 trillion yuan ($142 billion), both near four-year highs. Government bonds have surged too, with …read more […]
(Bloomberg) — Seven & i Holdings Co. has scrapped plans to acquire Marathon Petroleum Corp.’s Speedway gas stations for $22 billion, according to people familiar with the matter, ending a deal that would have been among the world’s biggest this year.The outbreak of the novel coronavirus was one of the factors that impacted negotiations in the exclusive phase, said one of the people, who asked not to be identified as the information is private. Seven & i decided not to proceed with the transaction on concerns over valuations, the person said.On Feb. 20, shares of Seven & i slumped in …read more […]
Top news and what to watch in the markets on Thursday, March 5, 2020. …read more […]
Oil fell on Thursday as worries intensified over the fast-spreading coronavirus outbreak and OPEC ministers met in Vienna to seek Russian backing for deeper output cuts to bolster prices.
ProSiebenSat.1 Media has staked a $500 million bet on romance by buying dating U.S. app developer Meet Group Inc , but the deal proved to be a turn-off for investors who sent the German broadcaster’s shares down 10% to a decade low.
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