Month: October 2020

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Pioneer Natural Resources (PXD) is currently in discussions to buy Parsley Energy, reports the Wall Street Journal, which cites people familiar with the matter.According to the Wall Street Journal sources, the two shale producers are considering an all-stock deal that could be completed by the end of the month if the talks don’t fall apart.Both oil-and-gas companies have operations in the Permian Basin of Texas and New Mexico- and the deal would be the latest tie-up for a rapidly consolidating industry which has been hit by a drastic fall in oil prices.For instance, earlier this month, ConocoPhillips announced a massive …read more […]

(Bloomberg) — Gold was steady after signs of progress in U.S. stimulus talks aimed at reaching a deal ahead of the looming presidential election.Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are narrowing their differences on a stimulus deal, a Pelosi aide said Monday. Investors are weighing the chances of a resolution to stimulus talks before the Nov. 3 election. U.S. equity futures advanced and the dollar steadied as optimism about the package spurred risk appetite.Gold has held in a narrow range during October amid the fraught Washington talks, a contentious U.S. election season and uncertainty around the global economy’s …read more […]

Reckitt Benckiser reported on Tuesday a much bigger-than-expected rise in third-quarter sales and raised its full-year outlook, as the coronavirus pandemic lifts demand for its cleaning products. “While there is still more work to do, I’m pleased to say that RB today is in much better shape than it was a year ago,” Chief Executive Laxman Narasimhan, who has been in the role for a year, told reporters. Reckitt shares were up 2% at 0705 GMT in London. …read more […]

(Bloomberg) — U.S. futures edged higher after a weak session on Wall Street overnight as investors held out some hope of a deal on stimulus talks. Asian stocks were mixed and European shares looked set for declines.S&P 500 Index futures climbed after a spokesman for House Speaker Nancy Pelosi said differences were narrowing in talks. Shares slipped in Japan and Australia and fluctuated in China, Hong Kong and South Korea. The 10-year Treasury yield steadied around 0.77% and the dollar held losses versus major peers. The yen dipped and the offshore yuan traded around its strongest since July 2018.Earlier, the …read more […]

General Motors Company (NYSE: GM) is planning to announce major investments that will lead to an expansion in the production of electric vehicles at its plant at Spring Hill, Tennessee plant and elsewhere, Reuters reported Monday.What Happened: The investment announcements will come on Tuesday at a virtual event that commences at 11 a.m. ET, according to the automaker. The Mary Barra-led company plans to build its Cadillac Lyriq electric SUVs at the Tennessee plant, the Detroit News reported Monday, as per Reuters.The Lyriq is expected to be brought into production beginning late 2022 and the company could move manufacturing to …read more […]

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(Bloomberg) — Oil slid toward $40 a barrel in New York with OPEC+ warning of a precarious outlook for the market as a resurgent virus hits consumption.Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman called on the group to be proactive in the face of uncertain demand as an OPEC+ committee gathered to assess the state of the market. While the panel didn’t discuss if they should press on with plans to taper output cuts, they can change course if needed. Meanwhile, more U.S. stimulus remained elusive as time draws short to reach an agreement on a bill that could …read more […]

China is minting new billionaires at a record pace despite an economy bruised by the coronavirus pandemic, thanks to booming share prices and a spate of new stock listings, according to a list released on Tuesday. The Hurun China Rich List 2020 also highlights China’s accelerated shift away from traditional sectors like manufacturing and real estate, towards e-commerce, fintech and other new economy industries. Jack Ma, founder of Alibaba , retained the top spot for the third year in a row, with his personal wealth jumping 45% to $58.8 billion partly due to the impending mega-listing of fintech …read more […]

The National Highway Traffic Safety Administration and Tesla Inc (NASDAQ: TSLA) have issued a recall for the latter’s Model Y vehicles over inoperative trailer brake lights.What Happened: A software error prevents the trailer brake lights from functioning, according to an NHTSA statement — earlier noticed by Electrek.The NHTSA said that the recall is applicable to certain 2020 Model Y vehicles that are equipped with a global rear lamp and tow package configuration.Tesla has issued a firmware update over-the-air to remedy the error, according to the federal agency. Why It Matters: There are at least 2,567 vehicles affected, as per the …read more […]

General Motors Co is expected to announce on Tuesday significant investments to expand production of electric vehicles at a factory in Spring Hill, Tennessee and potentially other sites. GM said in a statement Monday that it planned to make a “major U.S. manufacturing investment announcement” on Tuesday. The Detroit News reported that the automaker planned to begin building the Cadillac Lyriq electric SUV at its Spring Hill, Tenn. plant. …read more […]

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(Bloomberg) — Intel Corp. agreed to sell its Nand memory unit to South Korea’s SK Hynix Inc. for about $9 billion, a deal that allows the U.S. chipmaker to concentrate on its main business while shoring up the Asian company’s position in a booming market.The chipmaker will pay 10.3 trillion won for the Intel unit, which makes flash memory components for computers and other devices. The acquisition, which will take place in stages through 2025, includes Intel’s solid-state drive, Nand flash and wafer businesses, as well as a production facility in the northeastern Chinese city of Dalian.The deal should shore …read more […]

The maker of computer keyboards and mice also raised its full-year forecast, saying it now expects annual sales to increase between 35% and 40% in constant currencies and non-GAAP operating income of between $700 million and $725 million. “The growth trends that drive our business have accelerated as society adjusts to its new reality,” said Chief Executive Officer Bracken Darrell in a statement. Net income rose to $266.9 million from $73 million a year earlier. …read more […]

After charging off the starting line and posting huge market gains in 2020, recent events have put a halt to DraftKings’s (DKNG) spectacular debut as a publicly traded company.A recent share dilution, reports of new coronavirus infections in the NFL and in college football and this week’s lockup expiration (i.e. the end of the period when early investors and insiders are not allowed to sell shares into the market) – have all played their part in the stock declining by 30% since early October’s highs.But it has not all been bad news. Last week DraftKings announced it had inked a …read more […]