‘This surprisingly high level of bullishness supports our own view that we haven’t yet seen investor capitulation, echoing what we’ve seen in other data sets,’ writes RBC’s head of U.S. equity strategy Lori Calvasina. …read more […]
(Bloomberg) — Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.Borrowers who lost income from the coronavirus — already a skyrocketing number, with a record 10 million new jobless claims — can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But it’s not a payment holiday. Eventually, they’ll have to make it all up.As many as 30% of …read more […]
(Bloomberg) — Muddy Waters Capital’s CEO Carson Block finally bested fellow short seller Andrew Left of Citron Research when Luckin Coffee Inc. disclosed Thursday that its board is investigating reports that senior executives and employees fabricated transactions — sending its stock plunging. In late January, Block and Left engaged in a heated battle on Twitter over the Chinese coffee shop chain.Luckin shares collapsed as much as 81%, the most intraday since its IPO last May.Back on Jan. 31, Block tweeted that it had a short on Luckin after receiving what it called a “credible,” unattributed 89-page report that alleged accounting …read more […]
The electric carmaker said Model Y production started in January and deliveries began in March, significantly ahead of schedule. Tesla last month suspended production at its Fremont, California, assembly plant under pressure from local authorities to curb the spread of the virus. …read more […]
Tesla reported first quarter 2020 delivery results. …read more […]
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.
U.S. stocks rose on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut oil output drove gains, helping to offset the shocking jump in Americans filing for jobless claims due to coronavirus-led lockdowns.
The U.S. recession is here. How long it will last will depend on the course of a viral pandemic that could still kill hundreds of thousands of Americans, and has most of the country under lockdowns aimed at slowing the infection’s spread.
U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear.
The U.S. Air Force has recommended the release of up to $924 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, according to a memo seen by Reuters and a source familiar with the situation.
The coronavirus pandemic may have erased around $64 billion of value from Warren Buffett’s equity portfolio at Berkshire Hathaway Inc , setting up the conglomerate for one of the largest quarterly losses ever by an American company.
Coronavirus travel fears have temporarily shuttered many hotels around the world. But when those doors reopen, the trend of rampant hotel brand expansion seen in recent years may take on a different look. With the rise of alternative accommodation competitors like Airbnb, hotel companies began to add brands that appealed to different price points as […] …read more […]
The U.S. Air Force has recommended the release of up to $924 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, according to a memo seen by Reuters and a source familiar with the situation. The recommendation, which was sent to Air Force contracting officials, is aimed at maintaining the financial health of suppliers to the Department of Defense, and will free up funding for numerous contractors, not just Boeing. Boeing’s financial situation has become increasingly precarious as economic fallout from the coronavirus has frozen key lending markets and …read more […]
U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike production in a battle for market share. One thing, however, has become clear: as oil prices in the past three months made some of their biggest gyrations in history, taking action will prove a severe, if not impossible, test for OPEC+, the informal grouping that had propped up crude prices for three years until their agreement collapsed in March. …read more […]
U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike production in a battle for market share. One thing, however, has become clear: as oil prices in the past three months made some of their biggest gyrations in history, taking action will prove a severe, if not impossible, test for OPEC+, the informal grouping that had propped up crude prices for three years until their agreement collapsed in March. …read more […]
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