Year: 2020

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Is anything going to get in the way of the stock market’s rally? Even as the U.S. is expected to report a serious quarterly drop in GDP and unemployment rates remain at elevated levels, the market’s leap forward hasn’t been derailed, with the S&P 500 up 45% since hitting a low point on March 23.At the same time, the rate of new COVID-19 cases is climbing at a record-breaking pace, making it clear that the virus will be with us for some time. Given this alarming disconnect, it has become even more challenging to predict where the market might be …read more […]

(Bloomberg) — After securing more than $20 billion in investment from the likes of Google and Facebook Inc., Indian billionaire Mukesh Ambani laid out a vision for his digital venture as he seeks to build a homegrown technology titan that could rival global giants.Outlining plans for Jio Platforms Ltd. at the annual shareholders meeting of his conglomerate Reliance Industries Ltd. on Wednesday, Asia’s richest man talked mostly technology. He unveiled a slew of services, including a fifth-generation wireless network as early as next year and a mega video-streaming platform that will bring Netflix, Disney+ Hotstar, Amazon Prime and dozens of …read more […]

(Bloomberg) — Goldman Sachs Group Inc. made the most of a historic market rebound in the second quarter as the Federal Reserve’s stimulus efforts handed a bonanza to Wall Street trading desks.Revenue from trading stocks and bonds surged 93%, surpassing what analysts had expected by about $2.5 billion and mirroring similar gains reported Tuesday by JPMorgan Chase & Co. and Citigroup Inc. The bank also raked in record fees from helping companies raise cash needed to weather the coronavirus pandemic.“The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to …read more […]

(Bloomberg) — A hedge fund manager who returned 47% this year by betting on gold and Treasuries says the next decade is going to be marked by inflation that central banks are powerless to control.Diego Parrilla, who heads the $450 million Quadriga Igneo fund, says unprecedented monetary stimulus is fueling asset bubbles and corporate debt addiction — rendering interest-rate hikes impossible without an economic crash. In the ensuing market mania, the manager whose portfolio is loaded up with cross-asset hedges says gold could rise to $3,000 to $5,000 an ounce in the next three to five years, up from the …read more […]

On this episode of Yahoo Finance Presents, Secretary Ben Carson joined Yahoo Finance’s Sibile Marcellus to discuss the state of affairs in America, including the current coronavirus pandemic, Bank of America’s statement regarding the Housing and Urban Development’s disparate impact rule, President Trump and Dr. Fauci, as well as racial inequality. …read more […]

American Airlines employees were bracing for furlough warnings this week, people familiar with the matter said on Monday, while United Airlines has already sent warnings to 36,000 workers, or about 45% of staff. According to labor rules, airlines must give employees 60 days’ notice of potential furloughs. Any furloughs would be the first in the low-cost airline’s history. …read more […]

(Bloomberg) — It took 200 million pounds ($250 million) of Richard Branson’s own money to secure the rescue of his Virgin Atlantic Airways Ltd.The outlay marks the latest example of the industry’s enduring capacity to shrink fortunes, although the British billionaire may not be surprised, having once said: “If you want to be a millionaire, start with a billion dollars and launch a new airline.”The airline business has long proved irresistible to a cohort of larger-than-life tycoons. From AirAsia Group Bhd’s Tony Fernandes to JetBlue Airways Corp. founder David Neeleman, some of the world’s most celebrated entrepreneurs have built fortunes …read more […]

Healthcare giant UnitedHealth (UNH) has reported its second quarter earning results with Q2 Non-GAAP EPS of $7.12 beating Street estimates by $1.88. Similarly GAAP EPS of $6.91 easily topped consensus expectations by $1.73.However revenue of $62.14B fell short of estimates by $1.4B, despite rising 2.5% year-over-year, as growth in serving public-sector and senior programs was partially offset by commercial enrollment declines.According to UNH earnings were substantially higher than anticipated due primarily to the unprecedented, temporary deferral of care in the company’s risk-based businesses. UNH expects these results will be offset in the quarters ahead by the assistance measures already taken, …read more […]

Warren Buffett keeps falling.
His reign has come to an end. The kings of tech have taken his place.
Gone are the days when getting rich meant buying and selling real things. In a world of funny money, numbers lose their value.
A zero doesn’t mean much when the folks in charge can print another one, flap it in the breeze and clip it to the end of their growing string of numbers.
They’ll print 2 trillion for that… 500 billion for that… Only the peons in Washington deal with millions these days.
Money – it turns out – has value only when it’s used …read more […]

(Bloomberg) — Travel and leisure stocks climbed ahead of the opening bell on Wednesday after early data from a Moderna Inc. coronavirus vaccine trial raised hopes for a return to normalcy.Airlines, cruise ship operators and hotels were among the biggest premarket gainers after results published late Tuesday showed the vaccine produced antibodies in all patients tested in the initial safety trial. American Airlines Group Inc., Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings, United Airlines Holdings Inc. and Carnival Corp. rose more than 6%.Other notable gainers included casino companies MGM Resorts International and Wynn Resorts Ltd. Restaurants, movie theater and …read more […]

A look at the shareholders of Spirit Airlines, Inc. (NYSE:SAVE) can tell us which group is most powerful. Large… …read more […]

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Top news and what to watch in the markets on Wednesday, July 15, 2020. …read more […]

(Bloomberg) — Oil rose near its highest level since March as U.S. crude inventories looked set for a large drop and OPEC+ sought extra output cuts from laggards.Futures in New York traded near $41 a barrel, extending Tuesday’s gains. The American Petroleum Institute reported that inventories fell by 8.32 million barrels last week — the biggest drawdown since December if confirmed by official figures on Wednesday. Meanwhile, OPEC+ is seeking compensatory curbs in the next two months from members that overshot quotas, delegates said.Crude has traded in a tight range around $40 a barrel in July as lower supply and …read more […]