If you thought the collapse in oil prices this week was bad, next month could be “fundamentally worse,” with prices falling to -$100 a barrel, says one energy strategist. …read more […]
Domino’s Pizza withdraws longterm guidance amid coronavirus uncertainty …read more […]
(Bloomberg) — Credit Suisse Group AG was stung by the collapse of Luckin Coffee Inc. in China following an accounting scandal, which led to a five-fold increase in Asian loan-loss provisions.The Swiss bank set aside 97 million Swiss francs ($100 million) for soured loans, primarily related to three cases, the largest of which was Luckin Coffee, according to a person familiar with the matter. The bank only referred to a “Chinese food and beverage company” in its earnings statement Thursday.Credit Suisse led the initial public offering for Luckin in New York last year and is among the biggest creditors on …read more […]
Top news and what to watch in the markets on Thursday, April 23, 2020. …read more […]
AT&T (T) has released soft results for the first quarter of 2020, but nonetheless reassured investors that it has sufficient free cash flow to support its dividend payout. Shares fell 2% in Wednesday’s trading, bringing T’s year-to-date loss to 25%.Most notably, revenue declined 4.6% year-over-year, 2% worse than expected, mostly due to lower growth at WarnerMedia and Latin America. The company also posted EBITDA 1.7% below consensus, and EPS of $0.84 a penny below.Meanwhile capex of $4.97B came in 2.8% above consensus, while FCF of $3.90B was 24% below. However, AT&T did add 163,000 postpaid phone subscribers, doubling from 80,000 …read more […]
Shares in biopharma Immunomedics (IMMU) soared 29% in Wednesday’s after-market trading following an early FDA approval for Trodelvy (sacituzumab govitecan) in triple-negative breast cancer. The drug is approved for patients who have already received two other lines of therapy for metastatic disease.The decision had been expected on the PDUFA date of June 2nd, so the announcement took investors and analysts by surprise.Previously, in January 2019, IMMU received a CRL (complete response letter) from the FDA on its first filing attempt seeking accelerated approval for the drug.“The issues related to approvability in the CRL were exclusively focused on Chemistry, Manufacturing and …read more […]
(Bloomberg) — Some of the world’s largest companies have advised against the use of Zoom Video Communications Inc.’s conferencing app, fueling a growing backlash against a service that shot to prominence during the Covid-19 pandemic.Daimler AG, Ericsson SA, NXP Semiconductors NV and Bank of America Corp. are among a wave of companies forbidding or warning employees against using Zoom because of concerns about its security, according to people familiar with their operations. They join corporations like Tesla Inc. and government agencies from Taiwan to Singapore that have banned the app’s use. India has deemed Zoom an unsafe platform and initiated …read more […]
(Bloomberg) — President Donald Trump signed an order Wednesday temporarily curbing immigration to limit competition for jobs as the U.S. moves toward reopening the economy.China reported no deaths from the coronavirus for an eighth straight day. South Korea said it will prepare for a second wave of virus infections. The country’s economy suffered its worst contraction since the global financial crisis.Singapore said it’s bracing for a sharper economic contraction this year.New York reported the fewest daily fatalities since early April. Governor Andrew Cuomo said he plans to work with Connecticut and New Jersey to build a “tracing army” to track …read more […]
Trump said he’d be halting immigration to help American jobs amid coronavirus, but an economist says there is no economic evidence to support this. …read more […]
If you recall…
As soon as the coronavirus news was getting started in late February, my very first reaction was to buy Clorox (NYSE: CLX).
I’ve been pretty outspoken about this Clorox play, so I’m sure you’ve heard me beat this drum before.
However, here’s what you may not have realized…
After Clorox, my second reaction was to move into Pfizer (NYSE: PFE).
In fact, Karim agreed with me, which is why Pfizer was part of Karim’s wish list of names to buy on the dip.
And right now, I’m here to tell you that Pfizer remains a top play to continue accumulating. Why?
Let me detail …read more […]
(Bloomberg) — First, it was just one plant shutting down. But now, it’s at least seven major U.S. meat facilities that have seen halts in the space of just a few weeks, and all those voices assuring Americans that supplies would be fine now sound like a chorus of concern over shortages.Tyson Foods Inc. early on Wednesday said it was idling its largest pork plant, which is based in Iowa. Less than 10 hours later, the company said it was shuttering another pork facility in Indiana. That adds to a string of other closures.Currently, about 18% of hog-slaughtering capacity is …read more […]
Assessing the safety of a company’s dividend during these times is difficult. Many companies have withdrawn guidance, as it is nearly impossible to know how a business’s customers will respond over the next six to 12 months.
However, there are some instances when determining the prospects of a company’s dividend is not terribly hard. That’s the case with Prospect Capital (Nasdaq: PSEC), which is likely facing a dividend cut in the next 12 months.
Prospect Capital is a business development company (BDC). It mostly lends money to a wide variety of businesses, though it will occasionally take an equity position.
Its portfolio includes…
An …read more […]
In a complaint filed in Chicago federal court, ALAFCO Aviation Lease and Finance Co accused Boeing of breach of contract for keeping the payments despite being unable to deliver the planes or provide a revised delivery schedule. ALAFCO said it canceled its order on March 6 after Boeing failed to deliver nine aircraft on time. It said Boeing has resisted its claim that the problems amounted to a “non-excusable delay” that would justify repayment. …read more […]
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
