Year: 2020

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 […]

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 […]

(Bloomberg) — The Federal Reserve said a facility designed to purchase eligible corporate debt from investors will launch on May 12, bringing a key part of the U.S. central bank’s emergency coronavirus lending program online following weeks of anticipation.The so-called Secondary Market Corporate Credit Facility will begin purchases of eligible exchange-traded funds invested in corporate debt on Tuesday, the New York Fed said Monday on its website. It was first announced in March and has played an important role in keeping financial markets relatively calm since then.Another facility designed to buy debt directly from issuers — the Primary Market Corporate …read more […]

Asian equities and oil prices were set to slip on Tuesday amid growing investor 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. The central Chinese city of Wuhan reported five new confirmed cases on Monday, casting doubts over efforts to lower coronavirus-related restrictions across the country as businesses restart and individuals went back to work. Hong Kong’s Hang Seng index futures were down 0.68% while Japan’s Nikkei 225 futures were off 0.1%. …read more […]

Logitech, which makes webcams, keyboards, mouses as well as video conferencing devices and software, said its fourth-quarter sales rose to $709.2 million, compared with $624.3 million a year ago. Non-GAAP operating income rose 23.3% to $79 million in the quarter that ended in March. For the full year, the company reported a rise of 6.7% in sales, meeting its FY20 outlook for a mid to high single digit percentage rise, while its annual non-GAAP operating income, at $387 million, beat its FY20 target range of $365 million-$375 million. …read more […]

(Bloomberg) — SkyBridge Capital, the investment firm founded by Anthony Scaramucci, is turning to some of the biggest names in the hedge fund industry to boost returns after its portfolio lost almost a quarter of its value this year.The firm is investing $100 million each in Ray Dalio’s Bridgewater Associates and Howard Marks’s Oaktree Capital Group, according to a letter sent to clients on Monday. The fund-of-funds will allocate an additional $90 million to Dan Loeb’s Third Point. Scaramucci said all three performed well in the last financial crisis and in other periods of market dislocation.“We believe our investors will …read more […]

A few companies are already giving the public a glimpse of life after stringent coronavirus restrictions wind down in earnest. …read more […]

Has Elon Musk worn out his welcome in California at last? …read more […]

All eyes will be on the U.S. economy Tuesday when the Bureau of Labor Statistics releases CPI inflation data for April. …read more […]