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GE sticks to 2020 targets, says coronavirus to hit cashflow by up to $500 million

Chief Executive Officer Larry Culp, who is restructuring GE after a series of failures, in January forecast its first-quarter free cash flow at a negative $2 billion, largely due to the grounding of Boeing Co’s 737 MAX for which it makes engines. At that point the company said it would recover to generate between $2 billion to $4 billion in positive cashflow this year, and an adjusted profit of 50 cents to 60 cents per share. Analysts have estimated this year’s cashflow at a positive $2.77 billion. …read more […]

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Bayer's top seed faces U.S. soybean challenge from Corteva

CHICAGO/WINNIPEG, Manitoba (Reuters) – Bayer AG’s takeover of Monsanto has been beset by problems, and now a decades-long dominance of the $4 billion U.S. soybean seed market is under threat from rival Corteva Inc. Bayer told Reuters it expects plantings of its genetically modified Xtend soybean seeds to flatline this year for the first time, after three years of strong growth since their launch with an accompanying weed-killer. Meanwhile Corteva , formed last year from the agricultural units of Dow Chemical and DuPont, expects its Enlist E3 seed to make up 20% of the U.S. crop in …read more […]

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Huawei to build French factory regardless of 5G decision, executive says

Huawei will build a factory in France regardless of the government’s decision on whether to use its equipment in a new 5G network, an executive at the Chinese telecoms giant said. The world’s biggest telecom equipment maker said last week that it planned to build a manufacturing plant in France to ease worldwide concerns stoked by U.S. charges that Beijing could use Huawei’s equipment for spying. Europe has become a major battleground in this and France’s cybersecurity agency is screening 5G equipment, including from Huawei, for deployment in its new network. …read more […]

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OPEC working on Russia to join big oil cut amid coronavirus

Saudi Arabia and other OPEC members will seek to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices which have tumbled by a fifth this year because of the coronavirus outbreak. A technical panel of several representatives from OPEC states, Russia and other producers recommended on Tuesday cutting output by as much as an extra 1 million barrels per day (bpd) during the second quarter only. Russia has so far signalled it might be willing to agree to extending existing cuts, which expire in March, but might find it difficult …read more […]

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Investor Stroll eyes sharing Formula One tech with Aston Martin road cars

Canadian billionaire Lawrence Stroll, who is investing in carmaker Aston Martin, sees the opportunity to share Formula One technology with the firm’s range of road cars, he said on Wednesday. “I feel Aston has really missed having a mid-engine programme, having that DNA in their racing, in their blood and now with the opportunity of returning to a works Formula One team for 2021 to be able to share technology from our Formula One team with our road car projects,” he said. “I think this is the final cherry on the cake that Aston Martin really needed to …read more […]

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Day of Reckoning Nears for Intu After It Pulls Share Sale

(Bloomberg) — Intu Properties Plc has abandoned a plan to raise as much as 1.5 billion pounds ($1.9 billion) of new equity it needs to stave off lenders, throwing the indebted mall landlord’s future into doubt.The company said it’s now exploring alternative capital structures and further asset sales, after receiving “several expressions of interest during the process.” The shares fell the most on record.Uncertainty in the equity and real estate markets kept a number of potential investors on the sidelines, the London-based company said in a statement Wednesday. The value of Intu’s malls and stores plunged by 2 billion pounds …read more […]

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U.S. Stock Futures Rise With Biden Results Adding to Upswing

(Bloomberg) — U.S. stock index futures rose, retracing about half of the previous day’s tumble, after Joe Biden’s surprise comeback in the race for the Democratic nomination became the latest development to whip up swings in extremely volatile markets.S&P 500 Index futures expiring in March rose 1.1% as of 1:52 p.m. in Tokyo, erasing a loss of as much as 0.7%, after Biden scored wins in eight states, while Bernie Sanders won the biggest prize of the Super Tuesday primaries with a victory in California. Futures on the Nasdaq 100 Index and those on the Dow Jones Industrial Average both …read more […]

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Hedge Funds Have Never Been This Bullish On Alibaba Group (BABA)

Coronavirus is probably the 1 concern in investors’ minds right now. It should be. We estimate that COVID-19 will kill around 5 million people worldwide and there is a 3.3% probability that Donald Trump will die from the new coronavirus (read the details.). In these volatile markets we scrutinize hedge fund filings to get a […] …read more […]