Bank of America Corp’s consumer division has hired 1,700 people in critical support roles so far this month, a spokesman said on Friday, as the industry faces a surge in customer service demand due to concerns about the coronavirus outbreak.
Boeing Co will cancel CEO pay, suspend its dividend and extend a pause on share buybacks, the U.S. planemaker said on Friday, as companies eager for government aid to curb fallout from the coronavirus face pressure to cut payouts to investors.
Wells Fargo & Co said on Friday it is suspending residential property foreclosure sales, evictions and involuntary automobile repossessions due to the coronavirus outbreak.
Boeing Co will cancel CEO pay, suspend its dividend and extend a pause on share buybacks, the U.S. planemaker said on Friday, as companies eager for government aid to curb fallout from the coronavirus face pressure to cut payouts to investors. Boeing’s decision echoes similar measures taken by the largest U.S. airlines in an effort to win over taxpayer support for their requests for stimulus packages, as the fast-spreading virus virtually erases air travel demand and hits the global economy. Boeing has said it wants at least $60 billion in U.S. government loan guarantees for itself and …read more […]
U.S. airlines called on Friday for a government stimulus package meant to help them weather the coronavirus crisis by providing payroll protections, warning that around 750,000 jobs depend on the airline industry.
Groups representing major automakers and suppliers asked U.S. lawmakers on Friday to consider new tax relief and delay the start of a new trade deal as auto sales decline as a result of the coronavirus pandemic.
The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50 years.
United Airlines Holdings Inc. (NASDAQ: UAL) executives and union leaders late Friday warned furloughs will begin soon unless the federal government enacts an emergency aid package for the airline industry and urged workers to tell their representatives to support the measure.Meanwhile, Delta Air Lines said it projects a $10 billion reduction in revenue for the second quarter, down 80% from the same period last year.In a regulatory filing, Atlanta-based Delta said it has secured a $2.6 billion loan from JPMorgan Chase & Co. (NYSE: JPM), and has already drawn $2.3 billion of it. It has also borrowed $3 billion under …read more […]
Today I want to accomplish three things…
Again put in perspective just how crazy the volatility has been in the stock market over the past couple of weeks
Explain why I think the worst of the volatility may be close to ending
Provide my best guess as to when I think we could see the stock market bottom and then turn back higher.
We will get through this as investors. The key is to stay calm and think rationally.
Many Investors Are Going Through This for the First Time
I never expected to say this, but as an investor, I feel lucky to have gone through …read more […]
(Bloomberg) — Occidental Petroleum Corp. started reaching out to debt and equity investors about how to ease its $39 billion debt load after collasping oil prices cast doubt on plans to raise cash via asset sales.The oil giant hosted calls this week about ways to meet upcoming maturities, with participants that included investors who typically buy lower-rated debt, said people familiar with the matter. The talks, which were held after Occidental’s downgrade to junk this week, also covered plans to cut spending and conserve cash, said the people, who asked not to be named because the talks were private.Occidental management …read more […]
(Bloomberg) — The biggest utility bankruptcy in U.S. history is drawing to a close after PG&E Corp. reached a deal with California Governor Gavin Newsom over the company’s restructuring plan.As part of the agreement, the embattled utility will overhaul its board and state regulators will gain increased oversight of the company, according to a bankruptcy court filing Friday. If PG&E fails to get its Chapter 11 plan confirmed by June 30 and exit by year end, it will appoint a “chief transition officer” and begin a process to sell the company, according to the agreement.“This is the end of business …read more […]
I’d like to share with you a little casino trick I like to do – and relate it to the current status of the airline sector.
You see, whenever I’m at a craps table, I look for what I call “the mush.”
That’s the guy who will get the dice, roll once or twice and then immediately lose all his chips – only to come back five minutes later with more chips… and then do exactly the same thing.
Over and over again…
So when you find the mush, you structure your bets that allow you to profit when the mush loses. In craps-talk, …read more […]
The escalating coronavirus crisis prompted New York and California to sharply restrict movement within those states, with the Trump administration moving to support consumers and businesses as the economic fallout deepens. …read more […]
U.S. President Donald Trump on Friday took Boeing Co and some airlines to task for buying back shares with the cash boost from a 2018 tax break, vowing to ensure that companies benefiting from coronavirus stimulus won’t follow suit. By reducing the number of outstanding shares, a company can boost its stock price, and it is one way corporations add value for shareholders. Earlier this week, Trump said he did not like share buybacks, when asked by reporters if they would be permitted by a stimulus package being hashed out in Congress to help the American economy …read more […]
COVID-19’s wave of infections has numbed the global economy, combined with OPEC and non-OPEC nations failing to reach agreement on oil-production limits, has created a massive oil glut …read more […]
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