Articles by admin

China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns. While China – the world’s second-largest oil consumer – is the outlier for now, easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020, industry executives said. “The brisk resumption of Chinese oil demand, 90% of pre-COVID levels by the end of April and moving higher, is …read more […]

Shares in Glu Mobile (GLUU) pulled back 3% in after-hours trading on Tuesday after the company announced that it intends to offer $100 million of its common stock in an underwritten public offering.In addition, Glu expects to grant the underwriters a 30-day option to purchase up to an additional $15 million of its common stock. All of the shares are being offered by Glu.Glu intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include potential acquisitions and strategic transactions.Goldman Sachs & Co. LLC, Morgan Stanley and UBS Investment Bank are …read more […]

(Bloomberg) — Tiffany & Co. plunged after Women’s Wear Daily reported LVMH’s deal to buy the luxury jewelry company is uncertain as the U.S. economy faces widespread upheaval.LVMH board members arranged to meet on Tuesday to discuss the proposed deal, WWD reported, citing unidentified individuals. Board members are concerned about the Covid-19 pandemic that has disrupted the U.S. economy and growing unrest over police violence, WWD said. They also expressed concern about Tiffany’s ability to cover its debt covenants at the end of the transaction.Tiffany’s representatives didn’t immediately respond to a request for comment from Bloomberg. LVMH declined to comment. …read more […]

Popular video-conferencing company Zoom Video Communications (ZM) far outpaced sales expectations in the first quarter as millions of users flocked to use its technology to host business and social meetings during the coronavirus pandemic.First-quarter revenue surged 169% to $328.2 million year-on-year, beating analysts’ estimates of $202.7 million. Zoom now has about 265,400 customers with more than 10 employees, up about 354% from the same quarter last fiscal year.“The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom,” said Zoom founder and CEO Eric S. Yuan. “Use cases have grown rapidly as people integrated Zoom into …read more […]

Shares in Microchip Technology (MCHP) surged 7.4% after-hours on Tuesday, after the company boosted its guidance for net sales and earnings for the 2021 fiscal first quarter as Covid-19 disruptions ease.Microchip now expects consolidated net sales for the June quarter to be $1.247 billion – $1.326 billion, or between flat and down 6% sequentially. That’s versus prior guidance of $1.194 billion – $1.3 billion (down between 2% and 10%).GAAP earnings per share is now expected to be between $0.25 and $0.39 and non-GAAP earnings per share is expected to be between $1.35 and $1.53. The original guidance for GAAP earnings …read more […]

(Bloomberg) — Deutsche Lufthansa AG signaled the start of a company-wide revamp spanning job cuts to asset disposals to help repay its 9 billion-euro ($10 billion) bailout from the German government.Europe’s biggest airline will slash employee expenses and look at spinning off non-core units in an effort to reduce costs and bolster cash flow as the coronavirus crisis depresses revenue, it said in a statement Wednesday. The group had a 2.1 billion-euro net loss in the first quarter.“In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this,” Chief Executive Officer Carsten …read more […]

(Bloomberg) — It’s the rise of the robots: Japan’s second-largest company is now a maker of industrial automation systems, highlighting the rising importance of a less visible sector to a nation long associated with consumer-facing brands.Keyence Corp., a maker of machine vision systems and sensors for factories, has jumped 19% this year to become Japan’s second-largest company by market value. At a valuation of over 11 trillion yen ($100 billion), it has overtaken telecommunications giants SoftBank Group Corp., and NTT Docomo Inc., which have jostled for the honor to sit behind Toyota Motor Corp. over most of the past decade.Keyence …read more […]