Marathon Petroleum Corp , the largest U.S. oil refiner, warned on Wednesday of a first-quarter loss on a roughly $7.8 billion write-down from a sharp fall in fuel demand.
Trump said he’d be halting immigration to help American jobs amid coronavirus, but an economist says there is no economic evidence to support this. …read more […]
U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that companies that received coronavirus rescue money intended for small businesses could be investigated if it appears they did not really need the money.
U.S. pipeline operator Kinder Morgan Inc on Wednesday reported a smaller-than-expected quarterly profit and cut its adjusted core earnings forecast for the year, following a coronavirus-induced decline in fuel demand and a crash in crude prices.
German luxury carmaker Daimler AG on Wednesday reported preliminary first-quarter earnings before interest and tax that slumped 78% to 617 million euros, following disruptions caused by the coronavirus pandemic.
An increasing number of U.S. companies are selling bonds to repay lines of credit they drew down at the height of the coronavirus-induced market turmoil, an indication that the cash crunch facing much of Corporate America may be easing, according to Bank of America analysts.
If you recall…
As soon as the coronavirus news was getting started in late February, my very first reaction was to buy Clorox (NYSE: CLX).
I’ve been pretty outspoken about this Clorox play, so I’m sure you’ve heard me beat this drum before.
However, here’s what you may not have realized…
After Clorox, my second reaction was to move into Pfizer (NYSE: PFE).
In fact, Karim agreed with me, which is why Pfizer was part of Karim’s wish list of names to buy on the dip.
And right now, I’m here to tell you that Pfizer remains a top play to continue accumulating. Why?
Let me detail …read more […]
(Bloomberg) — First, it was just one plant shutting down. But now, it’s at least seven major U.S. meat facilities that have seen halts in the space of just a few weeks, and all those voices assuring Americans that supplies would be fine now sound like a chorus of concern over shortages.Tyson Foods Inc. early on Wednesday said it was idling its largest pork plant, which is based in Iowa. Less than 10 hours later, the company said it was shuttering another pork facility in Indiana. That adds to a string of other closures.Currently, about 18% of hog-slaughtering capacity is …read more […]
The head of Boeing’s 737 program has been tapped to oversee the planemaker’s commercial programs as the company works to win approval to return the 737 MAX to service, which has been grounded for 13 months.
Assessing the safety of a company’s dividend during these times is difficult. Many companies have withdrawn guidance, as it is nearly impossible to know how a business’s customers will respond over the next six to 12 months.
However, there are some instances when determining the prospects of a company’s dividend is not terribly hard. That’s the case with Prospect Capital (Nasdaq: PSEC), which is likely facing a dividend cut in the next 12 months.
Prospect Capital is a business development company (BDC). It mostly lends money to a wide variety of businesses, though it will occasionally take an equity position.
Its portfolio includes…
An …read more […]
Boeing Co was sued for $336 million on Wednesday by a Kuwaiti leasing company that accused it of wrongly refusing to return advance payments on a now-canceled order for 40 of its troubled 737 MAX planes.
In a complaint filed in Chicago federal court, ALAFCO Aviation Lease and Finance Co accused Boeing of breach of contract for keeping the payments despite being unable to deliver the planes or provide a revised delivery schedule. ALAFCO said it canceled its order on March 6 after Boeing failed to deliver nine aircraft on time. It said Boeing has resisted its claim that the problems amounted to a “non-excusable delay” that would justify repayment. …read more […]
Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak.
International air passenger traffic could drop by as many as 1.2 billion travelers, or two-thirds, by September 2020, as the coronavirus pandemic weighs on demand, the United Nations aviation agency said on Wednesday in a statement, citing projections.
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