Contracts on the S&P 500, Dow and Nasdaq kicked off the overnight session sharply lower, suggesting the equity market carnage from Monday was set to continue. …read more […]
(Bloomberg) — Stitch Fix Inc. plunged almost 40% in extended trading after the clothing-subscription company cut its full-year sales and profit forecast on lower order values, rising costs and the potential impact of coronavirus.The company said fiscal 2020 net revenue will be $1.8 billion to $1.84 billion, from a previous projection of $1.9 billion to $1.93 billion, and below analysts’ estimates of $1.92 billion. Annual adjusted earnings before interest, taxes, depreciation and amortization will be zero to $10 million, the company said, from an earlier estimate of $18 million to $32 million.For the current quarter ending in April, sales will …read more […]
Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.
The United States on Monday accused “state actors” of trying to manipulate global oil markets, saying their actions contributed to a big drop in oil prices and adding that American energy suppliers were well placed to withstand the volatility.
(Bloomberg) — America’s shale producers already had a profitability problem. It just got a lot worse.At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price, according to data compiled by Rystad Energy, an Oslo-based consultancy.Wells drilled by Exxon Mobil Corp., Occidental Petroleum Corp. Chevron Corp. and Crownquest Operating LLC in the Permian Basin, which stretches across West Texas and southeastern New Mexico, can turn profits at $31 a barrel, Rystad’s data …read more […]
White House economic adviser Larry Kudlow has some terrible financial advice to explain. …read more […]
The U.S. Consumer Financial Protection Bureau (CFPB) said on Monday it charged Fifth Third Bank, National Association, for creating fake client deposit and credit-card accounts and transferring clients’ funds to those accounts without consent, citing an abuse of fair lending and savings laws.
While no U.S. airlines have requested a bailout to date, the head of Hawaiian Airline said on Monday that it was difficult to predict what would happen in the weeks and months ahead for the industry as travelers cancel flights amid coronavirus uncertainty.
An oil price plunge means the world’s top energy companies will have to review promises to return billions to investors, either by slowing down share buybacks or reintroducing non-cash dividends, analysts said on Monday.
VANCOUVER, Washington, Mar 09, 2020 — Coronavirus Can Quickly Progress to Severe Pneumonia and Even Death Due to Immune Hyperactivity Including Acute Respiratory Distress Syndrome (ARDS); CytoDyn’s Trial Focuses on Patients Who Develop Mild-To-Moderate Respiratory […]
A U.S. regulatory body on Monday said it would temporarily waive some of its rules in order to allow thousands of traders to operate from home as the coronavirus spreads in New York.
In the wake of one of history’s largest oil price declines in a single day, Rystad Energy’s analysis shows that US drilled but uncompleted wells (DUCs) will be the first assets to be threatened by the newly formed low price environment …read more […]
Fears about the rapidly spreading coronavirus and its impact on the global economy, which deepened on Monday with the collapse of oil prices, have evaporated over $5 trillion of the S&P 500’s market value in recent weeks.
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