Trading Ideas
Coronavirus-driven sell-off puts Fedspeak in focus
A recap of all Fedspeak from this week’s wild market sell-off, spurred by Coronavirus fears. …read more […]
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Business News
Fasten your seat belts, U.S. Congress sets hearing on air travel
The airline industry could run into turbulence on Capitol Hill next week as a U.S. Congressional panel tackles passenger complaints about unpleasant airline experiences, holding a hearing that will include budget airline Spirit Airlines Inc and passenger advocates.
Trading Ideas
Gold Joins the Virus Sell-Off With Its Biggest Slide Since 2013
(Bloomberg) — It is an odd moment for gold to be tumbling. One of the oldest and most-trusted safe havens in times of crises, gold typically rallies amid nasty stock sell-offs like the one that has gripped the world this week.So its plunge Friday — it fell as much as 5%, the most in almost seven years — caught many traders flat-footed and scrambling for explanations as to what had just happened. The most often heard of them: Gold investors don’t want to sell but are forced to cover the losses in other asset classes.“It’s bloodshed,” Commerzbank AG analyst Carsten …read more […]
Trading Ideas
Harley-Davidson CEO to leave struggling motorcycle maker
Harley-Davidson CEO Matthew Levatich is leaving the struggling motorcycle maker. The Milwaukee company announced Friday that Levatich will leave his post and seat on Harley’s board of directors. Board member Jochen Zeitz will become acting president and CEO while a board search committee is formed and Harley hires an outside search firm to fill the job. …read more […]
Business News
Goldman’s asset management unit ups positions in hotel, cruise line stocks
Goldman Sachs Group Inc’s asset management unit has added to positions in travel stocks, including hotels and cruise lines, as well as Live Nation Entertainment Inc and Japanese cosmetics company Shiseido Co Ltd, executives said Friday.
Business News
Sanofi to pay $11.9 million to resolve U.S. drug charity kickback probe
Sanofi SA has agreed to pay $11.85 million to resolve U.S. allegations that it used a charity that helps cover Medicare patients’ out-of-pocket drug costs as a means to pay them kickbacks to use a high-priced multiple sclerosis drug.
Business News
Harley-Davidson CEO Matthew Levatich steps down
Harley-Davidson Inc said on Friday Matthew Levatich has stepped down as chief executive officer and the motorcycle maker named Jochen Zeitz as the interim CEO.
Trading Ideas
Harley-Davidson CEO Matthew Levatich steps down
“The board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson,” Zeitz said. Harley has, for years, failed to increase sales in the United States, its top market, which accounts for more than half of its motorcycles sold. Harley’s bike sales in the United States last year were the lowest in at least 16 years. …read more […]
Business News
Citron’s Andrew Left closes Wayfair short bet after long wait
This week’s sharp stock sell-off helped activist short-seller Andrew Left profitably close a long-held bet against online retailer Wayfair on Friday.
Business News
Wall Street Weekahead: Main Street leans toward Sanders, but Wall Street says Trump
Vermont Senator Bernie Sanders may be surging in the polls ahead of Super Tuesday, but some on Wall Street have made their own conclusions on what November will bring: four more years of President Donald Trump.
Trading Ideas
Virus Rout Pushes U.S. Energy Explorers to Brink of Distress
(Bloomberg) — The bloodbath in the global markets is taking the bonds of some struggling U.S. oil and gas explorers to highly distressed levels as their stock slump accelerates.The coronavirus scare that’s sending markets worldwide on a collective nosedive is adding to growing investor animosity toward a sector that has burned borrowed cash, while failing to deliver on returns.Drillers’ fall from grace has worsened as shareholders increasingly demand they shift their focus to generating cash flow, instead of increasing production at any costs. Now, as bonds collapse, they face the double whammy of upset investors on both sides of capital …read more […]
Business News
Central banks may mount a coronavirus rescue. It may not be enough
Cratering markets are pushing global central banks to the point they all warned against and worried about, of an evolving global economic shock hitting at a time when their capacity to respond in force is in doubt even as investors hound them for action.
Business News
Factbox: Global central bankers on coronavirus, possibility of rate cuts
With the rapid global spread of the new coronavirus and the U.S. stock market suffering its worst week since the Great Recession, central bankers around the world are under rising pressure to reduce borrowing costs to create a cushion against economic harm. So far they have largely resisted. Following are some of their recent remarks:
Business News
Sanofi to pay $11.9 million to resolve U.S. drug kickback probe
Sanofi SA has agreed to pay nearly $11.9 million to resolve allegations that it used a charity that helps Medicare patients cover out-of-pocket drug costs as a way to pay kickbacks aimed at encouraging the use of a high-priced multiple sclerosis drug.
Business News
S&P 500 drops for seventh day, posts biggest weekly fall since 2008 crisis
The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could lead to a recession, although stocks cut losses at the end of the day’s session.