Month: April 2020

Cloud-based commerce platform Shopify (SHOP) is suspending financial guidance, in light of the uncertainty related to Covid-19. However, Shopify did note that it anticipates Q1 revenue and adj. op. income in line or above guidance provided on February 12, thanks to strong sales momentum through January and February.“Shopify’s withdrawal of FY20 guidance suggests that near-term visibility is low, similar to other Internet stocks in our coverage” comments RBC Capital analyst Mark Mahaney.Nonetheless, he has retained his buy rating on the stock. “Long-term, however, we believe that Shopify will be a beneficiary as we expect this COVID disruption to lead to …read more […]

General Electric Co. (GE) has finalized the $21.4 billion sale of its biopharma business to Danaher Corp. (DHR).The sale to Danaher Corp gives GE net proceeds of $20 billion, after accounting for taxes, fees and factored receivable balances, GE said in a statement.“Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position,” GE Chairman and CEO H. Lawrence Culp, Jr. commented.The shares dropped 11% to $7.04 at the close of trading in New York on Wednesday. GE stock has declined over …read more […]

(Bloomberg) — Oil futures rose more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to a growing risk appetite across financial markets that’s propelling prices higher. Futures extended gains as Beijing instructed government agencies to start filling state stockpiles to take advantage of crude’s 60% crash this year. China’s move comes as the physical crude market shows deepening signs of strain as supply explodes and demand collapses.Dated Brent, the benchmark for two-thirds of the world’s physical oil supply, was assessed at $15.135 on Wednesday, the lowest level since at least 1999. Across …read more […]

(Bloomberg) — China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government’s reluctance to release information about their formation, size or use.Beijing has asked government agencies to quickly coordinate filling tanks and using financial tools like options to lock in current low prices, the people said, asking not to be …read more […]

(Bloomberg) — U.S. and European equity futures rose as investors showed tentative signs of edging back into riskier assets while continuing to assess the economic impact of efforts to contain the coronavirus. Oil surged after China unveiled plans to boost its reserves.Stocks in Asia were mixed, with declines in Japan and Australia, and gains in South Korea. Hong Kong fluctuated and Chinese equities edged higher. Futures on the S&P 500 advanced following another session of steep declines. Oil jumped about 7% with the world’s biggest importer taking advantage of a 60% plunge this year to add to stockpiles. Treasuries were …read more […]

U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia. Trump also said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a “few days” – lowering production and bringing prices back up. …read more […]