The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.
Wall Street’s main indexes pared gains in early trading on Tuesday, as data showed U.S. consumer confidence tumbled in April as coronavirus-driven lockdowns sharply disrupted economic activity and left millions of Americans unemployed.
(Bloomberg) — Xerox Holdings Corp., which last month dropped a hostile takeover bid for larger rival HP Inc., withdrew its annual revenue forecast, signaling uncertainty over how high a toll the economic slowdown from the Covid-19 pandemic will take on the copy-machine maker.Revenue reached $1.9 billion over the first quarter, a 14% drop from a year earlier, the Norwalk, Connecticut-based company said Tuesday in a statement. Pretax losses came in at $5 million. Xerox said in January it expected to generate adjusted profit of as much as $3.70 a share on revenue of $8.63 billion in fiscal 2020.Xerox is reporting …read more […]
(Bloomberg) — Analysts covering Amazon.com Inc. are still bullish on the stock, but technicals just sent a cautious signal.The company is rated “buy” by 51 analysts tracked by Bloomberg, with just four “holds” and one “sell” rating. The stock’s Monday closing price of $2,376 leaves 6% upside to the consensus target price, even with optimism recently growing.That optimism cuts against the “outside down day” the online retail giant just had on Monday. As Miller Tabak + Co. Chief Market Strategist Matt Maley explained in a note, that’s because it traded higher than Friday’s highs and lower than Friday’s lows, and …read more […]
3M is out with its first-quarter earnings report with sales of its global N95 masks in focus. Yahoo Finance’s Emily McCormick breaks down the report and future outlook for the manufacturer. …read more […]
U.S. stock markets jumped at the open on Tuesday on another round of upbeat quarterly earnings reports, even as investors braced for a likely slide in consumer confidence data later in the day.
(Bloomberg) — Harley-Davidson Inc. shares climbed after the struggling motorcycle maker’s new acting chief executive officer laid out plans to cut costs and complexity and focus on its strengths.The stock rose as much as 17% after the unveiling of a strategy dubbed “The Rewire,” which Morgan Stanley analyst Adam Jonas said could make Harley one of few manufacturers to grow profits in the coming yearsKey Insights“It is clear to us that HOG will be less adventurous in terms of trying its hand at segments and markets where the brand faces extremely low chances of success with high up-front costs and …read more […]
Investors already know how the coronavirus outbreak has hurt Ford Motor Co’s bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations.
Southwest Airlines Co on Tuesday posted a $94 million quarterly net loss, its first in nine years, and warned of drastic revenue drops ahead as it sought to raise another $2.6 billion to help weather the coronavirus pandemic.
The investment adage that the market hates uncertainty is oft cited and arguably playing out since the coronavirus and a coordinated national effort to stem the spread by keeping as many people quarantined at home as possible. In many respects, earnings and dividend visibility are near historic lows.It’s fortunate then that the stock market is holding up well in the midst of this record uncertainty. The million dollar question is just when business gets back to normal. There are certainly fears that a second wave will spread throughout the U.S. come this fall, but according to one estimate, that too …read more […]
The U.S. goods trade deficit widened in March amid a collapse in exports of motor vehicles and parts, but overall imports continued to decline likely as the novel coronavirus outbreak disrupted the flow of goods.
World stocks jetted to their highest in almost six weeks on Tuesday as plans to ease coronavirus lockdowns in a number of major economies helped offset more chaos in oil markets and warning of mounting bad credit at HSBC and Santander.
The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.
Matador Resources (NYSE:MTDR) shareholders are no doubt pleased to see that the share price has bounced 91% in the… …read more […]
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