The Mexican unit of Japanese automaker Honda Motor Co said on Tuesday it would extend a suspenion of operations at its plants in the states of Guanajuato and Jalisco until April 30 due to the impact of the novel coronavirus outbreak.
Wall Street jumped on Tuesday as hopes that President Donald Trump could move to ease coronavirus-induced lockdowns overshadowed dismal quarterly earnings reports from JPMorgan and Wells Fargo.
(Bloomberg) — With the biggest U.S. banks facing an unprecedented economic standstill and new accounting rules, most analysts expected them to double what they set aside for bad loans a year ago.Those predictions weren’t nearly pessimistic enough.Both JPMorgan Chase & Co. and Wells Fargo & Co. posted their highest loan-loss provisions in a decade, setting aside more than $12 billion to cover defaults across the economy, but especially from credit-card borrowers and oil companies. Banks faced criticism in the last crisis for being slow to recognize the coming pain, and Tuesday’s results show they intend to avoid that this time.“This …read more […]
European counties like Australia and Italy reopened thousands of shops, sending more people back to work and realizing on COVID restrictions. Yahoo Finance’s Tom Belger breaks down the latest developments. …read more […]
Norwegian Air shares plummeted again on Tuesday, and are now trading down around 97% from their 2015 peak, with the airline’s survival depending on creditors accepting a rescue plan proposed last week.
Shares of Canadian cannabis company Aurora Cannabis (ACB) took another tumble on Monday. With its stock down 65% since the start of the year, and cash burn accelerating to an annualized pace of more than $600 million over the past year, patience seems to be draining out for investors.In a Form 6-K filing with the SEC, Aurora on Monday announced that after burning through much of the $400 million raised from “At-The-Market” (ATM) stock sales in 2019 (Aurora has about $205 million of that left), it is returning to the public markets with a new offering to sell stock and …read more […]
The U.S. Transportation Department on Tuesday awarded nearly $10 billion to U.S. airports struggling with a massive falloff in travel demand because of the coronavirus pandemic.
Saudi Aramco, the world’s largest oil producer, is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources.
Boeing Co on Tuesday reported another 75 cancellations for its 737 MAX jetliner in March, as the coronavirus crisis worsened disruptions from the grounding of its best-selling jet.
Yahoo Finance’s Brian Cheung breaks down how banks are faring over the coronavirus pandemic. …read more […]
Johnson & Johnson’s stock surged on Tuesday after the company released its earnings, surpassing wall street’s estimates amid the coronavirus. Johnson & Johnson CFO Joe Wolk joins Yahoo Finance’s On The Move to break down the latest earnings report and development of the company’s coronavirus vaccine. …read more […]
It hasn’t been the best quarter for Sirius XM Holdings Inc. (NASDAQ:SIRI) shareholders, since the share price has… …read more […]
Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside nearly $4 billion to cover potential losses on loans to consumers and small businesses hurting due to the coronavirus outbreak.
Amazon is challenging the Pentagon’s awarding of the $10 billion JEDI cloud contract to Microsoft, alleging Trump’s animus for Amazon caused Pentagon officials, “consciously or subconsciously,” to award the contract to Microsoft. …read more […]
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