Alex Piré, Head of Client Portfolio Management for Seeyond, joins Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Heidi Chung to discuss how the markets are faring amid the coronavirus outbreak. …read more […]
Vienna Airport launched a savings programme equivalent to a quarter of annual revenue on Friday in response to the travel falloff caused by coronavirus and said state aid will ensure it remains liquid to the end of the year.
Investors will be hunting for companies that can rein in costs, preserve cash and avoid amassing big inventories during the coronavirus crisis as Europe Inc. prepares to report the steepest profit fall since the 2008 global financial meltdown.
Many U.S. airlines are cancelling between 60% and 80% of their flights, and under federal law passengers on those flights are entitled to full refunds, Senators Ed Markey, Elizabeth Warren and Richard Blumenthal said in a statement. “However, many airlines have been obfuscating this right by offering travel vouchers as the default option, requiring passengers to take burdensome steps to request refunds instead,” they said. …read more […]
ConocoPhillips on Thursday announced the biggest drop so far, saying it would slash oil output by 200,000 boepd from earlier forecasts. Along with Chevron , which slashed its Permian output by 20% or 125,000 bpd, and Occidental Petroleum , which reduced 2020 output by 85,000 boepd, the three companies account for 410,000 boepd of the reductions announced by U.S. and Canadian companies. …read more […]
Shares of Gilead Sciences Inc rose 10% in early trading on Friday after a report that patients with COVID-19 treated with the company’s experimental drug, remdesivir, in a clinical trial showed rapid recovery in fever and respiratory symptoms.
Oil prices were mixed on Friday as China’s worst quarterly economic contraction on record offset President Donald Trump’s plans to revive the U.S. economy.
There are currently no approved treatments or vaccines for the coronavirus, which has infected 2.14 million globally, according to a Reuters tally, and remdesivir is one of the treatments that has captured investor’s attention. Gilead said the totality of the data from the trial needed to be analyzed, and expects to report results from a study in severe COVID-19 patients at the end of the month, and data from other trials in May. The report said the University of Chicago Medicine Hospital was seeing rapid recoveries in fever and respiratory symptoms in patients with severe COVID-19 in a …read more […]
(Bloomberg) — Apple Inc. could see the number of iPhones sold slump by more than a third in the second quarter of the year, Goldman Sachs estimates, downgrading its recommendation on the stock to sell from neutral.Unit sales for iPhones are set to drop by 36% year-on-year in the second quarter as the economy takes a hit from the pandemic, before recovering to just a 2% decline by the fourth quarter of this year, analysts including Rod Hall wrote in a note. Weakness for average selling prices is also likely to linger, he said. Hall cut his price target on …read more […]
Volkswagen Group said sales of its cars dropped by 23% on the year to 2 million cars in the January to March period but was hopeful on Friday that the Chinese market would recover soon as it moves out of the coronavirus crisis.
The Trump administration is seeking to ease a severe cash crunch in the drilling industry by raising loan limits available under a coronavirus stimulus package and by barring lenders from discriminating against drillers, according to Energy Secretary Dan Brouillette.
Some U.S. life insurers are deciding not to gamble on older Americans during the coronavirus crisis by temporarily suspending applications from certain age groups or imposing tougher requirements.
Some analysts have cautioned investors to curb their enthusiasm over Gilead’s coronavirus treatment, and the potential for it to be effective on a broader scale. …read more […]
After almost 4 weeks of bullish trading, investors are growing used to the idea that we’re in a true rally. Yes, markets are still down from their February peak; yes, the coronavirus epidemic is still going strong; and yes, the lockdowns in place to combat the virus’ spread are still wreaking havoc on the economy – but for now, at least, the stock markets are trending up.On Wall Street, Chris Harvey, Wells Fargo’s head of equity strategy, sees opportunities in current market conditions. “Destruction in stock prices has really uncovered a significant amount of value,” Harvey says, although he does …read more […]
Wall Street was set to jump at the open on Friday following President Donald Trump’s new guidelines to re-open the economy and on a report of a drug to potentially treat COVID-19, while Boeing headed higher on plans to resume production.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
