Talks between Bayer AG and plaintiff lawyers to settle claims that the German company’s glyphosate-based weedkillers cause cancer have been slowed by the coronavirus pandemic, Bayer’s Chief Executive told daily Handelsblatt.
SoftBank Group Corp said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis.
A filing has revealed that beleaguered airline American Airlines (AAL) has now accessed a total of $2.73 billion from three revolving credit facilities in order to cope with the coronavirus fallout. The company has now borrowed the full $450 million from an April 2016 facility, plus $750 million from a 2013 revolver and ~$1.53B from a 2014 revolving facility.At the same time, Stifel Nicolaus analyst Joseph DeNardi downgraded his rating on AAL stock from Hold to Sell. He has a $13 price target on the stock (22% upside potential). Shares have plunged 63% year-to-date, with a 31% drop in just …read more […]
Walt Disney Co’s Disney+ content will be available for the first time in the Middle East and North Africa on regional pay television and online streaming service provider OSN from April 9.
The dollar gave up some of its recent gains on Thursday after a 10% jump in oil prices boosted commodity-linked currencies, though uncertainties over the coronavirus pandemic kept the safe-haven greenback strong against other major currencies.
British Airways is in talks with its union about a plan to suspend around 32,000 staff in response to the coronavirus pandemic, a person familiar with the situation said.
Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Cloud-based commerce platform Shopify (SHOP) is suspending financial guidance, in light of the uncertainty related to Covid-19. However, Shopify did note that it anticipates Q1 revenue and adj. op. income in line or above guidance provided on February 12, thanks to strong sales momentum through January and February.“Shopify’s withdrawal of FY20 guidance suggests that near-term visibility is low, similar to other Internet stocks in our coverage” comments RBC Capital analyst Mark Mahaney.Nonetheless, he has retained his buy rating on the stock. “Long-term, however, we believe that Shopify will be a beneficiary as we expect this COVID disruption to lead to …read more […]
General Electric Co. (GE) has finalized the $21.4 billion sale of its biopharma business to Danaher Corp. (DHR).The sale to Danaher Corp gives GE net proceeds of $20 billion, after accounting for taxes, fees and factored receivable balances, GE said in a statement.“Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position,” GE Chairman and CEO H. Lawrence Culp, Jr. commented.The shares dropped 11% to $7.04 at the close of trading in New York on Wednesday. GE stock has declined over …read more […]
(Bloomberg) — Oil futures rose more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to a growing risk appetite across financial markets that’s propelling prices higher. Futures extended gains as Beijing instructed government agencies to start filling state stockpiles to take advantage of crude’s 60% crash this year. China’s move comes as the physical crude market shows deepening signs of strain as supply explodes and demand collapses.Dated Brent, the benchmark for two-thirds of the world’s physical oil supply, was assessed at $15.135 on Wednesday, the lowest level since at least 1999. Across …read more […]
(Bloomberg) — China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government’s reluctance to release information about their formation, size or use.Beijing has asked government agencies to quickly coordinate filling tanks and using financial tools like options to lock in current low prices, the people said, asking not to be …read more […]
(Bloomberg) — U.S. and European equity futures rose as investors showed tentative signs of edging back into riskier assets while continuing to assess the economic impact of efforts to contain the coronavirus. Oil surged after China unveiled plans to boost its reserves.Stocks in Asia were mixed, with declines in Japan and Australia, and gains in South Korea. Hong Kong fluctuated and Chinese equities edged higher. Futures on the S&P 500 advanced following another session of steep declines. Oil jumped about 7% with the world’s biggest importer taking advantage of a 60% plunge this year to add to stockpiles. Treasuries were …read more […]
SoftBank Group Corp said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, including ousted co-founder Adam Neumann, drawing threats of legal action from other board members.
Boeing Co is set to offer buyout and early retirement packages to employees, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic.
Asian share markets were pinned down on Thursday, haunted by the rising U.S. coronavirus death toll, and with investors braced for more signs of economic pain in the world’s largest economy ahead of another likely record week of jobless claims.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
