Merck & Co Inc said on Tuesday it expects the coronavirus pandemic to reduce 2020 sales by more than $2 billion, and the U.S. drugmaker lowered its profit forecast as a big drop in doctors’ office visits during the outbreak will take a hefty toll, sending its shares down more than 3%.
The S&P 500 and Dow Jones indexes rose on Tuesday after a string of upbeat quarterly reports took the edge off a plunge in consumer confidence, with investors turning hopeful of a pickup in business activity as economies slowly reopen.
PepsiCo warned on Tuesday surging demand for Lays and Doritos would only partially offset a hit to business in the second quarter from coronavirus lockdowns that have shuttered restaurants, theaters and sports venues key for its soda sales.
“A question that probably some of you are thinking of … which I find to be very interesting. So, supposedly we hit the body with a tremendous, whether it’s ultraviolet or just very powerful light… inside the body … Sounds interesting, right? … It sounds interesting to me.” President Trump caught a lot of flak last week for — so the story goes — urging patients infected with the novel coronavirus SARS-CoV-19 to “drink bleach” in order to “disinfect” themselves from the inside out. Sadly, the President then proceeded to mix his advice with some less-than-coherent musings about “injections” and …read more […]
Let’s talk about the popular Sysco Corporation (NYSE:SYY). The company’s shares saw a significant share price rise of… …read more […]
The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.
Wall Street’s main indexes pared gains in early trading on Tuesday, as data showed U.S. consumer confidence tumbled in April as coronavirus-driven lockdowns sharply disrupted economic activity and left millions of Americans unemployed.
(Bloomberg) — Xerox Holdings Corp., which last month dropped a hostile takeover bid for larger rival HP Inc., withdrew its annual revenue forecast, signaling uncertainty over how high a toll the economic slowdown from the Covid-19 pandemic will take on the copy-machine maker.Revenue reached $1.9 billion over the first quarter, a 14% drop from a year earlier, the Norwalk, Connecticut-based company said Tuesday in a statement. Pretax losses came in at $5 million. Xerox said in January it expected to generate adjusted profit of as much as $3.70 a share on revenue of $8.63 billion in fiscal 2020.Xerox is reporting …read more […]
(Bloomberg) — Analysts covering Amazon.com Inc. are still bullish on the stock, but technicals just sent a cautious signal.The company is rated “buy” by 51 analysts tracked by Bloomberg, with just four “holds” and one “sell” rating. The stock’s Monday closing price of $2,376 leaves 6% upside to the consensus target price, even with optimism recently growing.That optimism cuts against the “outside down day” the online retail giant just had on Monday. As Miller Tabak + Co. Chief Market Strategist Matt Maley explained in a note, that’s because it traded higher than Friday’s highs and lower than Friday’s lows, and …read more […]
3M is out with its first-quarter earnings report with sales of its global N95 masks in focus. Yahoo Finance’s Emily McCormick breaks down the report and future outlook for the manufacturer. …read more […]
U.S. stock markets jumped at the open on Tuesday on another round of upbeat quarterly earnings reports, even as investors braced for a likely slide in consumer confidence data later in the day.
(Bloomberg) — Harley-Davidson Inc. shares climbed after the struggling motorcycle maker’s new acting chief executive officer laid out plans to cut costs and complexity and focus on its strengths.The stock rose as much as 17% after the unveiling of a strategy dubbed “The Rewire,” which Morgan Stanley analyst Adam Jonas said could make Harley one of few manufacturers to grow profits in the coming yearsKey Insights“It is clear to us that HOG will be less adventurous in terms of trying its hand at segments and markets where the brand faces extremely low chances of success with high up-front costs and …read more […]
Investors already know how the coronavirus outbreak has hurt Ford Motor Co’s bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations.
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