Delta Air Lines posted a $607 million loss in the first quarter as the COVID-19 crisis forced the airline to cut up to 85% of its scheduled flights. …read more […]
Advertising sales, which was severely hit due to the postponement of live sports such as March Madness, and lower wireless equipment sales led to a $600 million decline in revenue, AT&T reported. In the first three months of the year, AT&T added 163,000 net new monthly phone subscribers, beating the average Wall Street estimate of 90,700. AT&T was able to earn more customers despite shutting down more than 40% of its retail stores. …read more […]
(Bloomberg) — U.S. equity futures advanced with European stocks on Wednesday as investors weathered continued volatility in energy markets and perused earnings reports that weren’t uniformly negative. Oil pared a decline, while gold jumped.S&P 500 Index contracts climbed after the gauge closed down more than 3% a day earlier, when investors shrugged off progress of a fresh relief package to counter the economic hit from the coronavirus. The Stoxx Europe 600 Index advanced in the wake of Tuesday’s slump, with all 19 sectors in the green including energy shares.Brent crude pared most of a tumble that reached 17% earlier, while …read more […]
Top news and what to watch in the markets on Wednesday, April 22, 2020. …read more […]
(Bloomberg) — Huawei Technologies Co. is emerging as the runaway winner in China’s $170 billion effort to build out its fifth-generation wireless networks, part of a concerted effort by Beijing to seize the lead in a key technology from the U.S. while rebooting a virus-stricken economy.Since the beginning of the year, Huawei has secured 28.4 billion yuan ($4 billion) worth of 5G equipment orders from the country’s largest carrier, China Mobile Ltd., beating out competitors like Ericsson AB and ZTE Corp. to win more than half of the 5G contracts awarded by the operator during the period, according to an …read more […]
EU antitrust regulators have resumed their investigation into Boeing’s bid to buy the jetmaking arm of Embraer , with a decision due by Aug. 7, a European Commission filing showed on Wednesday. The EU competition enforcer in October last year expressed concerns about the $4.2 billion deal, saying it would remove Embraer as the third largest global competitor in the highly concentrated commercial aircraft industry, especially in single-aisle commercial planes. Embraer’s commercial unit builds jetliners in the 70- to 150-seat segment and competes with the Canadian-designed A220 programme recently acquired by Europe’s Airbus . …read more […]
(Bloomberg) — Facebook Inc. will invest $5.7 billion in the digital assets controlled by India’s richest man, the U.S. social-networking giant’s biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market.The U.S. company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, Reliance Industries Ltd. said in a statement Wednesday. Separately, Facebook said the deal would bring together JioMart, an ecommerce venture of Mukesh Ambani and its WhatsApp platform to enable people to connect with businesses.Shares of Reliance Industries jumped as much as 12% on Wednesday in Mumbai, …read more […]
United Airlines (UAL) has announced an underwritten public offering of 39.25 million shares of its common stock in a bid to raise around $1 billion,as it seeks to further boost liquidity in these challenging times. The offering will be priced at $26.50 per share.The company has also granted to the underwriters a 30-day option to purchase up to 3,925,000 additional shares. According to the statement, the proceeds from the offering will be used for general corporate purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on April 24, 2020.UAL stock, which dropped 1.7% in after-hours …read more […]
(Bloomberg) — Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.Brent futures for June delivery lost 12% to trade near $17 a barrel while New York’s West Texas Intermediate fell 4% having lost almost half its value on Tuesday. Prices continue to crash amid fears the massive glut that sent May WTI to as low as minus $40.32 a barrel on Monday is only going to get worse.With global demand crushed by coronavirus lockdowns, concerns that …read more […]
Roche’s diagnostic business has moved out of the shadows of its main medicines unit during the coronavirus epidemic, as the Swiss drugmaker confirmed its 2020 sales and profit outlook amid rising demand for its new COVID-19 tests. Basel-based Roche still expects full-year sales to grow in the low- to mid-single-digit percentage range, with core earnings per share growing broadly in line with sales at constant exchange rates, the company said on Wednesday. Group sales in the first-quarter rose 7% to 15.1 billion Swiss francs ($15.57 billion), with drugs business revenue up 7% and diagnostics rising 5% at constant …read more […]
(Bloomberg) — Ericsson AB said Europe risks falling further behind on fifth-generation networks as phone carriers postpone upgrades to the latest cellular technology due to coronavirus lockdowns.The pandemic is already making it harder for the communications equipment supplier to deliver its services, though this had only a limited effect on operating income and cashflow during the first quarter, the company said in a statement.Key InsightsEricsson and peers such as Nokia Oyj are seen as relatively insulated from the virus pandemic as demand for communication services is holding up with the shift to home working and schooling.However, the pandemic has led …read more […]
(Bloomberg) — U.S. stocks are likely to see new lows if VIX patterns from yesteryear hold sway, according to Bank of America Corp.The current bear-market rally most closely resembles what occurred in 2008, and suggests there’s limited further upside before a turn that drags the S&P 500 to fresh lows, strategists led by Benjamin Bowler wrote in a note Tuesday. They drew that conclusion by measuring from the peak of volatility in the three most recent major sell-offs and comparing those with the present one.Volatility markets are “underpricing the risk of a secondary market shock,” they wrote.If the S&P 500, …read more […]
The social media giant becomes a shareholder in cut-price Indian mobile internet company Reliance Jio. …read more […]
Revenue, which Snap earns mainly by selling advertising on the app, increased 44% from a year earlier to $462.47 million. Direct response advertising is now more than half of Snap’s total revenue. Small and medium-sized businesses have been hard-hit during the pandemic, but represent a smaller portion of Snap’s direct response ad business, which has helped protect revenue, said Jeremi Gorman, Snap’s chief business officer, on the earnings call. …read more […]
Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk – because whatever is left is spoken for by firms sending oil to the hub right now. Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars. …read more […]
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