Articles by admin

The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have driven innovation that has helped shale and offshore wind companies by pioneering remote monitoring and control, and last year directly generated about 25% of global oil production. …read more […]

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Shares in Plug Power (PLUG) spiked 16% in Tuesday’s trading after the company announced that it has completed the acquisitions of United Hydrogen Group and Giner ELX. Shares continued to rise 2% in after-hours trading. The stock has now more than doubled year-to-date.According to PLUG, these acquisitions boost its position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel- and establishs a clear pathway to transition from low-carbon to zero-carbon hydrogen solutions.With the acquisitions now complete, fuel cell maker Plug Power also boosted its 2024 financial targets to $1.2 billion in revenue (from $1 billion), …read more […]

Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm’s accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun walked free one day after turning himself in on Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich court at 5 million euros ($5.65 million). Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard’s accounts and falsifying income. …read more […]

Former Wirecard CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm’s accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun walked free one day after turning himself in on Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich court at 5 million euros ($5.65 million). Although a warrant against the 50-year-old Austrian has been lifted, he remains under investigation by Munich prosecutors who suspect him of misrepresenting Wirecard’s accounts and falsifying income. …read more […]

(Bloomberg) — Oil was anchored near $40 a barrel after an industry report signaled another increase in U.S. crude stockpiles, and as the spread of the coronavirus continued to cloud the prospects for an economic recovery.Futures fluctuated in New York after settling at the highest level in more than three months on Monday. The American Petroleum Institute reported crude inventories climbed by 1.75 million barrels last week, according to people familiar, which would be a third weekly gain if confirmed by government data Wednesday. Meanwhile, Anthony Fauci, the top U.S. infectious-disease expert, told Congress he was seeing a “disturbing surge” …read more […]

Carnival Corp’s (CCL) credit rating was cut to non-investment grade or junk status at Standard & Poor’s (S&P) as the rating agency expects the cruise industry to grapple with an extended period of weak demand through at least 2021.S&P downgraded the cruise operator’s secured bonds to BB+ from BBB-, and its unsecured bonds to BB- from BBB-. The overall issuer credit rating was cut to BB- from BBB-. Shares dropped 2.2% to $17.61 in after-market trading on Tuesday.“We forecast that the company’s credit measures will remain very weak through 2021 and anticipate that its adjusted leverage may potentially exceed 10x …read more […]

(Bloomberg) — Global stocks and equity futures were mixed Wednesday as investors weighed their appetite for risk assets against a continuing acceleration in coronavirus cases across the American sun belt. The dollar remained under pressure.U.S. futures fluctuated, while European contracts retreated. Shares slipped in Tokyo but climbed in Seoul after Kim Jong Un suspended military actions against South Korea. Treasuries were little changed. New Zealand’s dollar reversed gains after the central bank said the balance of economic risks remained to the downside.On Tuesday, the S&P 500 closed well off its earlier 1.2% gain on reports that a surge in cases …read more […]

(Bloomberg) — GNC Holdings Inc. filed for bankruptcy protection with the aim of selling itself and closing stores after its latest effort to manage its debt load unraveled amid the coronavirus pandemic.The health and wellness company’s Chapter 11 petition filed in U.S. Bankruptcy Court in Delaware allows the retailer to keep operating while it pursues a dual-track process to restructure its balance sheet in a standalone plan or complete a sale, according to a statement.GNC entered into the process with support from a majority of its secured lenders and an affiliate of its largest shareholder, Harbin Pharmaceutical Group Holding Co., …read more […]

(Bloomberg) — Gold is on the cusp of challenging the hard-to-crack $1,800 an ounce mark, potentially opening the way for a move toward its record price, as a resurgence in coronavirus cases risks impeding the recovery of the global economy and fans demand for haven assets.Futures have rallied to within 1% of the level last seen at the end of 2011, the year bullion notched its all-time high, as newly diagnosed cases of Covid-19 and other indicators of the pandemic’s spread soared in hot spots across the U.S. This is driving city and state officials to consider slowing or reversing …read more […]

There’s no relief on the horizon yet for the beleaguered cruise line industry. On June 19, the Cruise Lines International Association (CLIA) announced all cruise operations will remain suspended until September 15.The announcement followed a disquieting quarterly report from struggling cruise line Carnival (CCL). In fiscal Q2, the world’s largest cruise operator lost $3.30 per share, more than double the Street’s $1.52 call. Revenue of $700 million also came in far below the $1.13 billion consensus estimate.For Deutsche Bank analyst Chris Woronka, the results are “of little consequence.” Cruise lines saw no action for virtually the whole quarter, and have …read more […]

Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out […] …read more […]