Investors awaited Thursday’s initial unemployment claims report and considered the historic levels of volatility in crude oil prices this week, which at least temporarily stabilized. …read more […]
Xilinx Inc on Wednesday forecast first-quarter revenue below estimates and refrained from providing an annual outlook, citing the uncertainty caused by the coronavirus outbreak. The pandemic has ripped through the semiconductor industry, with lockdown orders interrupting operations and supply chains, even though many plants were eventually allowed to remain open. Xilinx shares, which closed 5% higher on Wednesday, shed most of those gains in extended trading.
On April 8, I wrote that WTI crude was headed to $5 per barrel. At the time, it was trading at $25.09 per barrel.
But that turned out to be a conservative estimate…
Now it’s trading around $14.50 per barrel – which is still a stark recovery from the negative $37 it hit just days ago.
COVID-19 has put a massive drag on crude demand. And that’s in the face of far too much supply.
Throw in that global crude storage is near its maximum and – voila! – you have a recipe for crude’s epic collapse.
A World of Hurt for U.S. Producers
Oil prices …read more […]
The European Commission will next month present a set of rules for the safe reopening of air travel when coronavirus lockdowns end, including social distancing in airports and planes, while some U.S. airlines are taking their own protective measures.
Bill Baruch, President of Blue Line Futures, joined Yahoo Finance’s Jen Rogers, Myles Udland, Melody Hahm, and Dan Roberts to discuss the state of oil after this week’s historic crash. …read more […]
Oklahoma’s energy regulator said oil producers can close wells without losing their leases, the first victory for struggling U.S. companies seeking relief from states following the market crash.
Xilinx Inc on Wednesday forecast first-quarter revenue below estimates and refrained from providing an annual outlook, citing the uncertainty caused by the coronavirus outbreak.
U.S. railroad operator CSX Corp on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns because of the COVID-19 pandemic weigh on the U.S. economy.
U.S. railroad operator CSX Corp on Wednesday withdrew its financial forecasts and said it was evaluating future spending as business shutdowns because of the COVID-19 pandemic weigh on the U.S. economy. …read more […]
We may be “entering a new bull market,” says a top Oppenheimer strategist. …read more […]
The U.S. House of Representatives expects to pass a nearly $500 billion coronavirus relief bill on Thursday but will put off any decision on changing its voting rules during the pandemic, avoiding a potential partisan fight.
Casino operator Las Vegas Sands Corp reported a loss for the first quarter compared to a year-ago profit, as the coronavirus-induced lockdown kept people away from gaming tables.
“The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business,” Chief Executive Officer Sheldon Adelson said in a statement. Net loss attributable to Las Vegas Sands was $1 million in the quarter ended March 31, compared to a profit of $582 million a year ago. …read more […]
Kinder Morgan also took a non-cash impairment charge of $950 million in the first quarter related to certain oil and gas producing assets in its CO2 unit. “Sharp declines in both commodity prices and refined product demand in the wake of the COVID-19 pandemic clearly affected our business and will continue to do so in the near term,” Kinder Morgan President Kim Dang said. The Houston-based company, which has pipelines as well as storage terminals, reported a net loss attributable of $306 million or 14 cents per share, in the first quarter ended March 31, compared to a …read more […]
The impact of the global pandemic on social media has been more nuanced than on other sectors. On the one hand, engagement has increased on platforms on account of the shelter in place measures. But the uptick in engagement has been offset by reduced flow from the platforms’ main revenue source – advertising. Ad budgets have been slashed amid the economic uncertainty. But if any company can withstand the impact, argues Wedbush analyst Michael Pachter, it is the king of social media Facebook (FB).Yet, ahead of the release of Facebook’s anticipated quarterly statement next Wednesday, the analyst concedes the drop …read more […]
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