KFC licensee Yum China said it could report an operating loss in the first quarter and take a significant hit to sales and productivity due to a coronavirus outbreak in China, after it was forced to shut nearly a third of its stores.
Korean Air Lines said on Thursday it will sell a property in downtown Seoul and one of its non-core business units in line with its goal of improving financial stability.
Drugmakers racing to find a vaccine or effective treatment for the deadly new coronavirus in China cautioned that they have a long way to go.
Oil futures rose for a second day on Thursday as investors took optimism around unconfirmed reports of possible medical advances to combat the coronavirus outbreak in China as a sign fuel demand could rebound in the world’s biggest oil importer.
(Bloomberg) — Citigroup Inc. strategists are warning about a sense of euphoria and “substantive” complacency in financial markets, when the impact of the coronavirus is not yet clear.“Pretty much every client we talk to wants to buy the dip, and that is not comforting,” wrote Tobias Levkovich, chief U.S. equity strategist, in a note Wednesday. “While there may be some good news on a potential slowing of the outbreak’s spread outside of the Hubei province, we are reticent to think that the impact is behind us now.”Global equities have rebounded strongly this week, with U.S. stocks surging to fresh records, …read more […]
Asian stocks edged up on Thursday, a day after U.S. S&P 500 hit a record peak following encouraging economic data, while investors keep a wary eye on the impact of the coronavirus outbreak.
The Trump administration is ramping up pressure against Venezuelan President Nicolas Maduro’s government, and energy companies with ties to it, from Russia’s Rosneft to U.S.-based Chevron Corp , should “tread cautiously,” a senior administration official said on Wednesday.
(Bloomberg) — Biotechnology and drug-research services firm PPD Inc. raised $1.62 billion in the biggest U.S. initial public offering so far this year.The company sold 60 million shares Wednesday for $27 each after marketing them $24 to $27. PPD is valued in the IPO at $9.16 billion based on the outstanding shares listed in its filings.Business-to-business firms such as PPD have tended to fare better in their IPOs and afterward than consumer-focused companies, including the herd of so-called unicorns that have gone public in the past year. The two most prominent of those once-private startups with valuations of $1 billion …read more […]
Brazil’s development bank BNDES sold on Wednesday $5.2 billion in common shares it owned in state-controlled oil company Petroleo Brasileiro SA , two people with knowledge of the matter said.
(Bloomberg) — Peloton Interactive Inc., the maker of internet-connected exercise equipment, said on Wednesday that sales in the current quarter would be lower than analysts’ estimates. That news overshadowed the company’s strong holiday earnings and optimistic sales projections for 2020, sending its stock tanking after-hours.New York-based Peloton said revenue in its fiscal third quarter would be $470 million to $480 million, missing the average projection of $494 million. The shares were down about 9% in extended trading.Peloton’s stock has had a rocky few months since its initial public offering in September. The company floundered in the months following its IPO, …read more […]
(Bloomberg) — Twilio Inc. gave a forecast for full-year results that fell far short of analysts’ estimates, reflecting the software maker’s rising costs in its efforts to expand.The company expects to report a loss, excluding some costs, of 20 cents to 14 cents a share in 2020. Analysts, on average, projected profit of 24 cents, according to data compiled by Bloomberg. Annual sales will be as much as $1.49 billion, San Francisco-based Twilio said Wednesday in a statement, representing a significant decline in the company’s revenue growth rate.Twilio Chief Executive Officer Jeff Lawson has assembled a broad set of cloud-based …read more […]
Investors also may have been disappointed by misses on sales for 4th quarter and blockbuster drug Keytruda Continue reading… …read more […]
Qualcomm supplies “modem” chips, also sometimes called baseband processors, that connect mobile phones to wireless data networks. Qualcomm has been trying to persuade phone makers to buy its radio frequency chips, together with its own modem chips, rather than selecting parts from separate vendors and integrating them. …read more […]
The Federal Reserve is looking at a broad range of issues around digital payments and currencies, including policy, design and legal considerations around potentially issuing its own digital currency, Governor Lael Brainard said on Wednesday.
Qualcomm Inc raised concerns around the threat to the mobile phone industry’s supply chain from the coronavirus outbreak in China, dragging down shares.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
