Business News
Kraft-Heinz extends factory worker bonuses in pandemic
Kraft Heinz will extend for two weeks a $100 per week stipend for factory workers producing its packaged foods during the COVID-19 pandemic, the company said on Wednesday.
Year: 2020
Trading Ideas
Sycamore Seeks to Scrap Victoria’s Secret Deal; L Brands Plunges
(Bloomberg) — Sycamore Partners moved to terminate its purchase of a controlling stake in lingerie brand Victoria’s Secret from L Brands Inc., saying the retailer can’t blame the coronavirus outbreak for violating terms of the agreement.The private equity firm said moves such as failing to pay rent and furloughing thousands of workers amid widespread retail disruption sparked by the outbreak have reduced the company’s value. “That these actions were taken as a result of or in response to the Covid-19 pandemic is no defense,” according to the complaint in the Delaware Chancery Court.If the deal is canceled, it will be …read more […]
Trading Ideas
Were Hedge Funds Right About Micron Technology, Inc. (MU)?
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] …read more […]
Business News
U.S. auto sales begin recovery from March coronavirus drop: J.D. Power analysts
Auto retail sales in the United States are beginning to recover from a massive slump in March due to the outbreak of the coronavirus and nationwide stay-at-home orders, according to analysts at research firm J.D. Power on Wednesday.
Business News
Brent crude rebounds from 1999 lows, U.S. oil up more than 25% in wild trade
Brent crude oil rebounded from two days of losses and U.S. futures surged on Wednesday, bolstered by tentative discussions of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some anticipated.
Trading Ideas
The Boeing Company (BA): Were Hedge Funds Right About This Stock?
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] …read more […]
Trading Ideas
Trump's anger toward Harvard highlights dysfunction amid coronavirus response
Harvard is set to receive nearly $9 million from the federal government, and President Donald Trump is angry. But the allocation was actually determined by Congress — and the school denies even receiving any stimulus money. …read more […]
Business News
Oil exec and Trump ally Hamm seeks U.S. probe of oil price crash
The founder of Continental Resources Inc , an ally of U.S. President Donald Trump, is pressing the U.S. commodity markets regulator and the exchange to probe whether market manipulation or system failure was behind this week’s unprecedented plunge in U.S. crude futures.
Business News
Google says state-backed hackers increasing coronavirus phishing attacks
Security experts at Alphabet Inc’s Google have identified more than a dozen government-backed hacking groups using the COVID-19 pandemic as cover for phishing and malware attempts.
Business News
Facebook bets on India with $5.7 billion Reliance deal
Facebook is set to spend $5.7 billion to buy a 9.99% stake in Reliance Industries’ digital arm, as it looks to roll out services for India’s grocers and small businesses by capitalizing on WhatsApp’s extensive reach in the country.
Business News
Fox’s Rupert, Lachlan Murdoch to forgo salary due to hit from coronavirus
Fox Corp Chairman Rupert Murdoch and Chief Executive Officer Lachlan Murdoch will forgo their salaries in response to the coronavirus crisis, according to an internal memo sent to employees on Wednesday.
Business News
Facebook invests $5.7 billion in Reliance unit, plans digital services for Indian grocers
Facebook will spend $5.7 billion to take just under 10% of Reliance Industries’ digital unit, seeking to roll out services for India’s grocers and other small businesses by capitalising upon WhatsApp’s extensive reach within the country.
Business News
Wall Street rises as Congress prepares more stimulus, oil prices bounce
Wall Street’s main indexes surged on Wednesday as oil prices recovered some ground and Congress looked on course to seal nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.
Trading Ideas
Were Hedge Funds Right About Bank of America Corporation (BAC)?
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] …read more […]
Trading Ideas
These four states are set to reopen businesses this week, governors ignore Trump’s reopening guidelines
Georgia, South Carolina, Tennessee, and Alaska are set to reopen businesses this week, as long as they follow distancing and sanitary guidelines. Yahoo Finance’s Rick Newman discusses. …read more […]