Business News
Honda posts 13% drop in annual operating profit
Honda Motor Co on Tuesday posted an 13% decline in annual operating profit as the coronavirus pandemic started to take its toll on global car demand.
Month: May 2020
Trading Ideas
Tencent Will Have a High Bar to Leap Over This Earnings Season
(Bloomberg) — Expectations are running high for Tencent Holdings Ltd. when it reports earnings Wednesday after optimism over its video game business helped push the stock to a two-year peak.The trading volume of call options, which are bets on gains in the share price, jumped to nearly 120,000 on Monday, more than three times the 20-day average. A measure of bearish wagers relative to bullish ones is at the lowest in more than a year. The 6.3% implied move by the stock on Thursday morning would be the biggest since August 2015.Tencent is expected to report an 18% increase in …read more […]
Business News
Thyssenkrupp second-quarter loss widens as coronavirus impact starts to show
Thyssenkrupp on Tuesday said its second-quarter net loss more than quintupled as the coronavirus pandemic hit all business lines at the struggling steel-to-submarines conglomerate.
Business News
Stocks falter as anxiety grows over second coronavirus wave
Asian shares tumbled on Tuesday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.
Business News
Toyota expects annual operating profit to drop 80% as virus saps car sales
Toyota Motor Corp said on Tuesday it expects to post its lowest annual operating profit in nine years as the automaker grapples with the impact of the novel coronavirus, which has sapped global demand for cars.
Business News
Tencent Music misses quarterly revenue estimates, signals better second quarter
China’s Tencent Music Entertainment narrowly missed market estimates for quarterly revenue on Monday as the COVID-19 crisis hurt the company’s social entertainment services business, sending its shares down 4.5% in extended trade overnight.
Business News
Toyota expects annual profit to hit nine-year low as coronavirus saps car sales
Toyota Motor Corp said on Tuesday it expected to post its lowest annual operating profit in 9 years as the Japanese automaker grapples with the impact of the coronavirus, which has sapped global demand for cars.
Business News
Hyatt to lay off 1,300 employees as pandemic cripples travel
Hyatt Hotels Corp said late Monday it would lay off 1,300 people globally as it tries to cope with the coronavirus crisis, which has virtually halted global travel by keeping people indoors.
Trading Ideas
United to notify flyers about full flights after social media backlash
The new policy — which will last through June 30 and will also be applied at the gate if more than 70% of passengers have checked in — follows a photograph of what appeared to be a packed United flight on Saturday on social media. United said 85% of its flights are less than half full, but given a drastically reduced flying schedule in the midst of the coronavirus pandemic, “there are a small number of flights where our customers are finding planes fuller than they expect.” …read more […]
Trading Ideas
Shut casinos hit Caesars as COVID-19 puts gambling industry in survival mode
The gambling industry, which counts on air travel and large groups of people in close proximity, is one of the hardest hit from the restrictions imposed to check the health crisis. “Our first-quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year-over-year labor costs in March,” Chief Executive Officer Tony Rodio said in a statement. Caesars said almost all its casinos worldwide have been closed since March 17 and warned of an estimated daily cash burn of $9.3 million. …read more […]
Business News
Asian stocks stumble on fears of second coronavirus wave, oil up
Asian shares skidded on Tuesday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.
Business News
Tim Hortons China says Tencent has invested, did not disclose amount
Tim Hortons China said Tuesday it received an investment from Chinese tech giant Tencent, as the Canadian coffee brewer seeks to expand in the Chinese market.
Business News
Hyatt to restructure and lay off 1,300 employees
Hyatt Hotels Corp said late Monday it would restructure roles and lay off employees across its operations worldwide, which would impact about 1,300 staff, amid a virtual halt in global travel to curb the spread of the coronavirus pandemic.
Trading Ideas
Oil prices climb as Saudi Arabia pledges further production cut
Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand. Brent crude futures climbed to a high of $30.11 a barrel and were up 0.8%, or 24 cents, at $29.87 at 0206 GMT, reversing some of the previous session’s losses. U.S. West Texas Intermediate (WTI) crude futures were up 1.6%, or 38 cents, at $24.52 after touching a high of $24.77. …read more […]
Business News
Logitech sales rise nearly 14% as work from home boosts demand
Logitech International reported a 13.6% rise in fourth-quarter sales on Tuesday, as more people used its products while working from home due to the coronavirus crisis.