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New York Fed Says It Will Begin Buying ETFs in ‘Early May’

May 4, 2020 admin Comments Off on New York Fed Says It Will Begin Buying ETFs in ‘Early May’

(Bloomberg) — The U.S. central bank expects to begin purchasing shares of eligible exchange-traded funds as part of its emergency lending programs in early May, according to the Federal Reserve Bank of New York.Lending through the Fed’s so-called secondary market corporate credit facility and primary market corporate credit facility via purchases of corporate bonds will begin soon thereafter, the New York Fed announced Monday on its website.“Additional details on timing will be made available as those dates approach,” it said.The credit facilities are backed by the more than $2 trillion economic relief package passed by Congress in March, to help …read more […]

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JPMorgan’s Bullish Stance on Gilead Sciences (GILD) Stock Comes to an End

May 4, 2020 admin Comments Off on JPMorgan’s Bullish Stance on Gilead Sciences (GILD) Stock Comes to an End

If ever an example was needed of the old axiom “buy the rumor, sell the news,” then Gilead Sciences (GILD) could be used as its poster boy.Following a surge which saw the healthcare giant’s share price appreciate by 30% in 2020, the stock was sold off in Friday’s session, dropping nearly 4% following the release of the company’s earnings results. The sell off was triggered by a slew of downgrades from the Street.So, was Gilead’s Q1 earnings that bad? Nope, the company posted beats on both top and bottom line. Revenue of $5.55 billion indicated a 5.1% year-over-year increase and …read more […]

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Avis Budget Group Slides 7% Amid $400 Million Debt Offering

May 4, 2020 admin Comments Off on Avis Budget Group Slides 7% Amid $400 Million Debt Offering

Shares in Avis Budget Group (CAR) dropped 7% in pre-market U.S. trading after the rental car company announced plans to raise $400 million in debt in a private offering.The stock plunged 7% to $12.94 in pre-market U.S. trading on Monday.Avis Budget Group said its wholly-owned subsidiaries, Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., will offer $400 million in aggregate principal amount of senior secured notes due 2025 in a private sale.The notes will be guaranteed by Avis Budget Group and certain of its U.S. subsidiaries, the company said. It intends to use the net proceeds from the …read more […]

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Tyson Sinks With Virus Pushing Up Costs, Cutting Volumes

May 4, 2020 admin Comments Off on Tyson Sinks With Virus Pushing Up Costs, Cutting Volumes

(Bloomberg) — Tyson Foods Inc. shares fell after the top U.S. meat supplier said unprecedented disruptions are reducing its output and pushing up costs, with the outlook so murky it couldn’t offer financial guidance for the year.U.S. plant shutdowns and slowdowns in the past month are set to continue, resulting in higher operating costs and lower volume for the rest of fiscal 2020, Tyson said in a statement on second-quarter earnings, which missed estimates. While the pandemic has meant higher retail sales volume, that hasn’t been enough to offset food-service losses. “Due to the uncertainty of the COVID-19 impacts to …read more […]

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Nuclear is Getting Hammered by Green Power and the Pandemic

May 4, 2020 admin Comments Off on Nuclear is Getting Hammered by Green Power and the Pandemic

(Bloomberg) — Generating power without harmful carbon emissions has never been more urgent, yet one of the biggest sources of clean power is struggling to turn a profit.The nuclear industry has been vying for a role as the perfect partner to the surging, but intermittent, renewables sector for years, citing its role as a stable source of emissions-free power. Nations around the world have set tough targets to reduce greenhouse gases with the help of clean energy to meet commitments set out in the 2015 Paris Agreement.Record output from wind and solar is more frequently creating an oversupply that can …read more […]

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Airline shares tank after Warren Buffett reveals he dumped airline stocks

May 4, 2020 admin Comments Off on Airline shares tank after Warren Buffett reveals he dumped airline stocks

‘I wouldn’t normally talk about it, but I think it requires an explanation, and it requires an explanation that means we were not disappointed at all in the businesses that were being run and the management, but we did come to a different opinion on it,’ Buffett said on Saturday. …read more […]

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Disney, hit hard by coronavirus, to face Wall Street questions on impact on company

May 4, 2020 admin Comments Off on Disney, hit hard by coronavirus, to face Wall Street questions on impact on company

Walt Disney Co’s acquisitions spree that included swallowing much of Rupert Murdoch’s 21st Century Fox last year, and a reputation for operational excellence, turned the company into the world’s most powerful entertainment machine. With sports leagues dormant, Disney’s ESPN cable channel has resorted to showing reruns of old games and fringe programming like stone-skipping competitions. “Disney has a bull’s eye on its back like no other media company,” Bank of America Merrill Lynch analyst Jessica Reif Ehrlich said in an interview. …read more […]