Crude oil futures fell in electronic trading on Sunday evening, with U.S. futures touching levels not seen since November 2001, extending last week’s weakness on the back of sliding demand because of the COVID-19 pandemic that has killed more than 164,000 people worldwide.
(Bloomberg) — Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store crude.Futures in New York dropped as much as 5.5% to the lowest since November 2001, following a 20% slump last week. China reported its first economic contraction in decades on Friday, a sign of how bad things could get in Europe and North America, which have yet to emerge from virus lockdown.Near-term prices …read more […]
Stock futures opened lower Sunday evening, taking a pause after the end of last week’s steep advances. …read more […]
Crude oil futures fell on Sunday evening in CME Group trading, continuing last week’s weakness on the back of sliding demand due to the COVID-19 disease that has killed more than 159,000 worldwide.
The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency. OPEC, in conjunction with allies, agreed to cut production by 9.7 million bpd beginning in May to stem a growing supply glut as stay-at-home orders and business furloughs sap fuel demand. The front-month May futures contract was down 4%, or 76 cents, to $17.50 a barrel as of 6:23 p.m. EDT (2223 GMT). …read more […]
(Bloomberg) — U.S. equity futures retreated in early trading Monday as investors looked toward a busy week for corporate earnings amid signs of an easing in the global coronavirus spread. Asian contracts were mixed.S&P 500 futures were down about 0.5%, after the gauge closed almost 3% higher Friday. Japanese and Hong Kong contracts dipped, while those in Australia were little changed. The dollar and Treasury futures were steady as New York Governor Andrew Cuomo said the state may be past the high point of coronavirus deaths, as cases and fatalities slowed. Fewer daily deaths were also reported in Italy, Spain …read more […]
(Bloomberg) — While most commodities are getting hammered by the coronavirus crisis, uranium prices are skyrocketing.The radioactive metal used in nuclear fuel has climbed 31% this year, making it the world’s best-performing major commodity. The gains have been spurred by mine shutdowns that have wiped out more than a third of annual global output at a time when demand from power plants has remained relatively stable.“This is a bit of a one-two punch in uranium’s favor,” said Nick Piquard, a portfolio manager at Horizons ETFs. “Not only has Covid-19 likely not impacted nuclear power demand very much, but it is …read more […]
Facebook Inc is planning to launch a gaming mobile app on Monday focused mainly on live game streaming in a bid to take on Amazon.com Inc’s Twitch, Google’s YouTube and Microsoft Corp’s Mixer services, the New York Times reported on Sunday.
This weekend’s Barron’s cover story examines the revolution in telehealth and virtual medicine.Other featured articles ponder how well businesses will snap back from the crisis and discuss companies that are boosting dividends instead of cutting them.Also, the prospects for a Detroit automaker, UTC spin-offs, overlooked stay-at-home picks and more.Cover story “Coronavirus Ushered in Medicine’s Digital Revolution” by Daren Fonda points out that the pandemic lockdown has accelerated adoption of telehealth and virtual medicine and that revenue potential for Teladoc Health Inc (NYSE: TDOC) and others is vast.Jack Hough’s “Ford’s CEO Says Its Cars Will Be Built to Kill Viruses” shows …read more […]
Shale oil and natural gas company Chesapeake Energy Corporation (CHK) announced that it has suspended dividend payments on each series of its outstanding convertible preferred stock with immediate effect.The dividend suspension comes just days after the debt-laden shale producer’s shareholders on Monday voted in favor of a reverse stock split at a ratio 1:200, a move aimed at boosting its share price to stave off a delisting that could trigger calls for some immediate debt repayment. The move was initiated after Chesapeake shares plunged 81% this year to as low as 16 cents.“Suspension of the dividend does not constitute an …read more […]
The week kicked off with shares of Aurora Cannabis Inc. (NYSE: ACB) plummeting after the Canada-based company announced Monday that it would renew its at-the-market offering of up to $350 million in stock and complete a board-approved 1-for-12 reverse stock split.The main objective of the latter move was to drive the share price above $1, which is a requirement to remain listed on the New York Stock Exchange. The reverse stock split is scheduled for May 11.Cantor Fitzgerald maintained an Overweight rating on Aurora, but lowered the price target from CA$3.80 ($2.71) to CA$2.75 ($1.96). Canopy Growth Corporation (TSX: WEED) …read more […]
Wynn Resorts Chief Executive Officer Matt Maddox on Sunday called on the Nevada governor to begin to reopen the Las Vegas Strip in mid- to late May with extensive safety measures in place, assuming the state is in line with certain benchmarks around the spread of the coronavirus.
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