Asian shares were poised to drop on Wednesday and bonds soared, after an emergency rate cut from the U.S. Federal Reserve was unable to quell investor fears over the coronavirus’s widening fallout.
SoftBank Group Corp Chief Executive Masayoshi Son held his first “pre-IPO summit” for the Japanese conglomerate’s portfolio companies on Tuesday, introducing them to Wall Street investors who could be backing their stock market debuts.
The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort U.S. financial markets roiled by worries about a deeper, lasting slowdown.
(Bloomberg) — Hewlett Packard Enterprise Co. reported sales that fell short of Wall Street estimates, signaling weaker corporate demand for servers amid macroeconomic concerns and the ongoing shift to cloud computing.Fiscal first-quarter sales declined 8% to $6.95 billion, the San Jose, California-based company said Tuesday in a statement. It marked the fifth consecutive quarter of year-over-year sales declines. Analysts, on average, expected $7.21 billion, according to data compiled by Bloomberg.Profit, excluding some items, was 44 cents a share, matching analysts’ projections. The company also maintained its fiscal 2020 outlook for adjusted profit at $1.78 to $1.94 a share.HPE Chief Executive …read more […]
Wall Street stepped up preparations to deal with the impact of the coronavirus on Tuesday, testing backup plans and asking employees to work from home, as a New Yorker tested positive for the virus, bringing the prospect of the spread of the infection closer to home.
Nordstrom Inc forecast a 2020 profit largely below market expectations on Tuesday, after the upscale apparel retailer missed estimates for fourth-quarter revenue, sending its shares down nearly 8% in after-market trading.
Impossible Foods on Tuesday announced an average 15% cut in prices of its vegan products sold to U.S. distributors as the plant-based meat maker tries to make its patties more affordable to compete better with beef.
(Bloomberg) — Mike Wirth didn’t beat around the bush Tuesday: Chevron Corp. won’t go carbon neutral anytime soon.Wirth, chief executive officer of the second-largest U.S. oil company, called the goals set by many European rivals “aspirational.” Instead, he said, Chevron will take a more realistic path for a major producer of fossil fuels with “concrete actions” to reduce carbon emissions within its own operations.“We’ve not set long-term targets that we’re not exactly sure how we will get to,” Wirth said in an interview with Bloomberg TV. “Our approach has been, get on the path, start taking actions, set short-term accountability …read more […]
Hewlett Packard Enterprise on Tuesday cut its free cash flow forecast for the year citing supply constraints due to the coronavirus outbreak, and reported a lower-than-expected quarterly revenue.
HPE now expects 2020 free cash flow between $1.6 billion and $1.8 billion, down from its prior outlook of $1.9 billion to $2.1 billion. “The health issue is causing disruption to both supply and demand, and while we cannot quantify the real impact at this time, we’re monitoring the situation closely and are working with our suppliers to minimize potential impact,” Chief Financial Officer Tarek Robbiati said on a post earnings call with analysts. …read more […]
In the blink of an eye, Aphria (APHA) dipped to the lows $3s. The Canadian cannabis company remains the prime investable stock in the sector with the best combination of facilities, revenues and cash on the balance sheet. Despite all the positives, the stock is down nearly 70% from the highs this time last year providing the chance that investors shouldn’t pass up.Low InventoryPossibly the best part of the Aphria story was the company not wildly build facilities in 2019. In the process, the company didn’t build up a large inventory before the Canadian cannabis market was fully ready for …read more […]
Billionaire hedge fund investor William Ackman on Tuesday said he has moved to protect the firm’s $6.6 billion portfolio, which includes restaurant chain and hotel stocks, as the spread of the coronavirus has sparked prolonged panic selling in markets.
Comcast Corp’s NBCUniversal said on Tuesday it had sold more than $1.25 billion in national advertising for the Tokyo Olympics, a new record for any broadcaster for the games.
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 (see the details). So, how do we invest in this environment? We watch corporate insiders […] …read more […]
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