Year: 2020

(Bloomberg) — Bank of America Corp.’s profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by the pandemic’s economic fallout.Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the U.S. economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010, as Bank of America joined its biggest rivals in predicting pain to come that contrasts with stock market optimism for a quick economic rebound.Calling it “the most tumultuous period since the …read more […]

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Tesla Inc.’s (TSLA) vehicle registrations in California almost halved in the second quarter of the year, Reuters reported, citing data from Cross-Sell, a marketing research firm that collates title and registration data.Shares were trading down 5.4% at $1,463 in Thursday’s pre-market trading. The data showed registrations in California, a bellwether market for the electric-car maker, plunged almost 48% from a year earlier to 9,774 vehicles in the three months ended June 2020.During the reported period between April and June, most parts of the U.S. were under government-imposed stay-at-home orders to slow the spread of the coronavirus outbreak, which impacted production …read more […]

David Rubenstein, the co-founder of the Carlyle Group and host of “Leadership Live,” discusses the current scope of the U.S. stock market and employment. …read more […]

While not a mind-blowing move, it is good to see that the Truist Financial Corporation (NYSE:TFC) share price has… …read more […]

We’re going deep this morning.
We’ve got something on our mind.
You may be thinking it too.
The head of The New York Times opinion section, Bari Weiss, tossed in the towel this week. She admitted defeat. She said it would take more courage than she’s got to continue taking the lashing she’s gotten over the last three years.
“Twitter is not on the masthead of The New York Times,” she said on her way out the door. “But Twitter has become its ultimate editor.”
Now, we don’t know the facts of this case. We won’t pretend we’ve heard from all sides.
For all we know, …read more […]

(Bloomberg) — Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today.As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive presidential nominee—Buffett’s recent deal to buy Dominion Energy Inc.’s natural gas assets is a stark sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight.The deal is “a bet that the future doesn’t come as fast as some people think,” said Jim Shanahan, an analyst who covers Buffett’s Berkshire Hathaway Inc. at Edward Jones. “I think they want to be bigger in …read more […]

(Bloomberg Opinion) — The Covid-19 pandemic may have hurt the economy, but for technology stocks it feels like 1999 again. The Nasdaq Composite Index just reached a record high having rebounded about 50% from its low of the year in March. The stock market is not the economy, but it does feels strange for stocks to be soaring in the middle of a deep recession.The difference is timescale: stock prices represent revenue and earnings very far out into the future, not today. If plans for new technology are sound, the outlook can still look bright even though the present seems …read more […]

David Rubenstein, the co-founder of the Carlyle Group and host of “Leadership Live,” joins “Influencers with Andy Serwer” to discuss whether the stock market can keep climbing, who will win the presidential election, and why private equity gets a bad rap. …read more […]

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Alibaba Group Holding Ltd’s subsidiary UC Web is slashing staff in India after a ban on 59 Chinese-origin mobile apps that includes UC Web’s browser and two other products, according to staff and a company letter seen by Reuters. India last month outlawed the apps following a skirmish between Indian and Chinese forces on a disputed stretch of Himalayan border in which 20 Indian soldiers were killed. It said the apps threatened India’s sovereignty and security and its tech minister described the ban as a “digital strike”. …read more […]

Shares in AstraZeneca (AZN) spiked almost 5% in after-market trading amid a report that early-stage human trial data on the drugmaker’s coronavirus vaccine candidate will be disclosed on July 20.The stock rose to $60.60 in Wednesday’s extended trading after earlier jumping 7%. Data results from the Phase 1 trial of the potential coronavirus vaccine, also known as AZD1222, which AstraZeneca is developing with Oxford University, are slated to be published on Monday, according to the Lancet medical journal.The data is expected to demonstrate whether the potential vaccine is safe and whether or not it triggers an immune response. Earlier this …read more […]

(Bloomberg) — The rally in Chinese shares is unraveling almost as quickly as it began, with losses accelerating Thursday after state media criticized one of the country’s most popular stocks.The CSI 300 Index closed 4.8% lower, its biggest loss since markets reopened in February following the Lunar New Year break. Crowd favorite Kweichow Moutai Co. slumped 7.9%, wiping out a record $25 billion in value and dragging down an index of consumer shares by the most since 2018. The ChiNext Index, which had earlier this week turned hotter than any benchmark in the world, fell as much as 6.2%.This month’s …read more […]

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(Bloomberg) — Oil retreated from a four-month high after the OPEC+ alliance confirmed it would start tapering output cuts from next month.Futures in New York dropped below $41 a barrel after jumping 2.3% on Wednesday. Saudi Arabia and Russia said the producer bloc would proceed with its plan to add more supply next month and were confident that it wouldn’t hurt oil’s rally. The tapering will be partially offset by reduced production from some countries that didn’t meet their targets in previous months.Crude was supported by official data showing U.S. oil inventories fell by 7.5 million barrels last week, the …read more […]