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Trading Ideas

Exxon Disrupts Shale Ambitions to Shrink Spending by 30%

(Bloomberg) — Exxon Mobil Corp. is targeting its premier shale assets for deep cuts as it slashes worldwide spending to a four-year low and delays major projects to adapt amid the worst oil-price rout in decades.Exxon will reduce this year’s spending by 30% to $23 billion, the Irving, Texas-based company said in a statement on Tuesday. It will be the second-largest budget cut in the company’s modern history, overshadowed only by 2016, when crude markets last collapsed.The largest share of the reductions will occur in the Permian Basin of West Texas and New Mexico, where Exxon will cut back on …read more […]

Newsmakers

CytoDyn (OTC: CYDY) Collaborating with U.K.’s Department of Health to ProvideEmergency Access to Leronlimab for Severe and Critically Ill COVID-19 Patients

CEO Nader Pourhassan will appear on FOX Business Network on April 7 at 11:00 am PT to provide an update on the Company’s two COVID-19 clinical trials and 15 patients on EIND VANCOUVER, Washington, Apr […]

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Trading Ideas

Gilead Generates Street Skepticism Ahead of Covid-19 Results

(Bloomberg) — Results from a study of Gilead Sciences Inc.’s experimental Covid-19 medicine are top-of-mind for Wall Street as cases surpass 1.35 million and deaths approach 76,000.With a potential vaccine more than a year away, Gilead’s antiviral remdesivir offers one of the nearest-term hopes for a treatment in the pandemic that’s sweeping across the globe and putting many countries, including most of the U.S., on lockdown. Results from late-stage studies out of China are expected this month with results from U.S. trials following in May.After the company’s valuation surged more than $20 billion from late January to early March, some …read more […]

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Trading Ideas

Carnival Shares Get Some Relief After Saudi Fund Buys Stake

Carnival Corp.’s (CCL) shares climbed 21% after Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in coronavirus-hit Carnival Corp.PIF made the offering for Carnival’s 43.5 million shares worth about $369.3 million on March 26, according to the SEC filing. The investment makes PIF the second-largest investor in the world’s biggest cruise line.Since the start of the year, Carnival has seen its shares lose more than three-quarters of their value as the coronavirus pandemic has forced cruise ship companies to halt operations and suspend cruises.Wall Street analysts take a cautious stance on Carnival …read more […]

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Business News

Futures surge on early signs of coronavirus slowdown in hot spots

U.S. stock index futures bounced for a second straight day on Tuesday as risk appetite returned on tentative signs the coronavirus outbreak was starting to plateau in hard-hit U.S. states. All three major indexes rallied more than 7% on Monday after the governors of New York and New Jersey said their states, hot spots of the COVID-19 disease, were showing early signs of a “flattening” of the outbreak.

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