Uber cut 3,000 more jobs and shut down 45 offices amid the coronavirus outbreak. Yahoo Finance’s Adam Shapiro breaks down the latest developments. …read more […]
(Bloomberg Markets) — When Carmen Reinhart and Kenneth Rogoff published their heavyweight history of financial crises in late 2009, the title was ironic. This Time Is Different: Eight Centuries of Financial Folly reminded readers that the catastrophic 2008-09 credit crisis was far from unique. The authors became the go-to experts on the history of government defaults, recessions, bank runs, currency sell-offs, and inflationary spikes. Everything seemed to be part of a predictable pattern.And yet a little more than a decade later, we’re experiencing what appears to be a one-of-a-kind crisis. The Covid-19 pandemic has catapulted the world into its deepest …read more […]
The Department of Justice is expected to file an antitrust lawsuit against Google for its digital advertising violations. Syracuse University College of Law Director Shubha Ghosh joins Yahoo Finance’s On The Move panel to discuss. …read more […]
Shares in Moderna Inc. (MRNA) shot up 21% after the biotech company reported “positive” interim clinical data for its experimental coronavirus vaccine.The stock soared 21% to $80.47 in early morning U.S. trading. The clinical stage biotech company said that the Phase 1 study of its novel coronavirus vaccine candidate (mRNA-1273) produced antibodies that would be able to “neutralize” the virus in patients. In addition, different doses of the vaccine given to patients resulted in an increase in immunogenicity, while also triggering an immune response in the body.“These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an …read more […]
Yahoo Finance’s Alexis Christoforous, Brian Sozzi, and Heidi Chung break down the market action for Under Armour. …read more […]
(Bloomberg) — Bank of America double-downgraded payments stock Square Inc. to underperform from buy on concern small and medium businesses like restaurants, retailers and salons will struggle to stay afloat once they’ve spent government Covid-19 crisis funds.“A significant number” of small and medium outfits may struggle to survive, especially if the U.S. economy only partially reopens and firms are limited to 25% to 50% occupancy, analyst Jason Kupferberg wrote in a note.“The extent of SMB churn is hard to quantify, and likely won’t be known for perhaps another 6 months, but we note that 75% of Square’s payment volume comes …read more […]
Stocks are moving higher Monday after Moderna announced that its vaccine trial produced COVID-19 antibodies in all participants. Meanwhile, Jerome Powell told CBS’s 60 minutes ‘we’re not out of ammunition by a long shot.’ However, James McDonald, Hercules Investments CEO, thinks otherwise, he joins Yahoo Finance to discuss. …read more […]
The Fed chief’s alarming coronavirus warning has sent mortgage rates even lower. …read more […]
(Bloomberg) — The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset.The justices, without comment on Monday, left intact a federal appeals court victory for a defunct Canadian gold mining company seeking to force the sale of Citgo’s parent company. The gold miner, Crystallex International Corp., is trying to collect a $1.4 billion arbitration award, most of which remains unpaid.The rebuff leaves Venezuela at risk of losing a much-needed source of revenue in Citgo. The country’s opposition leader, …read more […]
Yahoo Finance’s Brian Sozzi, Alexis Christoforous, and Brian Cheung recap Federal Reserve Chairman Jerome Powell’s recent remarks on the economy’s road to recovery. …read more […]
Hertz, backed by billionaire investor Carl Icahn, has suffered a “sudden and dramatic negative impact” on its business due to the coronavirus crisis, which has crushed demand for rental cars as people cancel travel and stay at home. Hertz, which operates the Hertz, Dollar and Thrifty rental brands, said Stone replaced Kathryn Marinello, who will remain with the company in a consulting position for up to one year. …read more […]
Celebrations may be in order for Service Properties Trust (NASDAQ:SVC) shareholders, with the analysts delivering a… …read more […]
The U.S. auto industry slowly returned to life on Monday, with some vehicle assembly plants reopening after the coronavirus lockdown while suppliers geared up to support a sector that employs nearly 1 million people. On a chilly and damp Monday morning, hundreds of workers at Fiat Chrysler Automobile’s (FCA) truck plant in Warren, Michigan began lining up before 4 a.m. to start the 5 a.m. shift. FCA reopened four U.S. assembly plants on Monday, including Warren Truck, on a single shift, as well as four parts plants. …read more […]
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