Morgan Stanley posted a 32% fall in quarterly profit on Thursday as the coronavirus pandemic stalled dealmaking and warned that the crisis would continue to weigh on its operations in the coming months.
Europe led world stock markets back to higher ground on Thursday as tentative moves to reopen parts of the some of its larger coronavirus-hit economies and a bounce in oil offset some truly dismal global economic data.
Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
U.S. stocks index futures jumped on Thursday after weekly U.S. jobless claims fell to 5.2 million last week from an upwardly revised 6.62 million the week before.
Airbus said on Thursday it had received multiple requests from customers to defer deliveries after travel demand collapsed due to the coronavirus epidemic.
Abbott has launched three coronavirus tests in the United States, including an on-site diagnostic kit that can deliver results within minutes and heralded as a game changer by President Donald Trump. Sales at the company’s nutrition products division rose 6.3% to $1.90 billion, benefiting from increased demand for children’s products in late March as U.S. states began to impose shelter-in-place restrictions to curb the spread of the virus. …read more […]
Once upon a time, Chesapeake Energy (CHK) was a rising star of the energy world, snapping up assets and blazing a trail towards a fracking future, in which it would supply oil markets around the world.Sea changes in the prices of oil and natural gas, however, combined with a too-aggressive acquisition spree and the debt loads that came with it have all but destroyed Chesapeake Energy’s equity value. Over the past five years, the stock has tumbled from a split-adjusted high of more than $3,300 a share, to just $16.38 per share as of Wednesday’s close — vaporizing 99.5% of …read more […]
U.S. stock index futures edged higher on Thursday, as hopes President Donald Trump would ease strict stay-at-home restrictions lifted the mood even as investors braced for another staggering jobless claims figure.
Abbott Laboratories beat quarterly profit estimates on Thursday as stay-at-home orders prompted customers to stockpile its nutrition products but the company suspended its full-year forecast due to the coronavirus-fueled uncertainty.
EasyJet can survive a nine-month shutdown thanks to its measures to contend with the coronavirus crisis and is planning for a slow recovery, the British airline said on Thursday.
The United States opposes creation of liquidity through issuance of the International Monetary Fund’s Special Drawing Rights (SDRs) as part of the response to the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin said on Thursday.
The results capped first-quarter earnings from big U.S. banks, marked by significant declines in profit and billions in provisions to cover for a wave of expected loan defaults due to a global economic slowdown triggered by the pandemic. Morgan Stanley’s wealth management unit, which contributes roughly half of its total revenue, fell 8% to $4.04 billion, as it bore the brunt of the ongoing turmoil in financial markets. …read more […]
Bank of America Corp. (BAC) saw its profit plunge 48% in the first three months of the year as the U.S. investment bank set aside a $3.6 billion provision for potential losses in anticipation of a deteriorating economic outlook.First-quarter pre-tax income fell to $4.5 billion, or 40 cents a share from the year-ago period. Credit loss provisions in the quarter increased to $4.8 billion from $1 billion a year ago, fueled by a $3.6 billion reserve buffer to cover for potential losses as a result of the economic impact induced by the coronavirus pandemic. Revenue slid to $22.8 million from …read more […]
(Bloomberg) — Barrick Gold Corp., the world’s second-largest producer of the metal, reported the lowest quarterly production since the third quarter of 2018 but still thinks it will make its annual guidance.“These results positioned Barrick well to achieve its guidance for the year despite the impact of the global Covid-19 pandemic and the resultant lockdowns,” Barrick Chief Executive Officer Mark Bristow said Thursday in a statement.Key InsightsIn February, Barrick forecast production this year will range from 4.8 million to 5.2 million ounces.Preliminary first-quarter gold production is 1.25 million ounces of gold, Barrick said. First-quarter all-in sustaining costs for gold are …read more […]
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