Business News
Luxury carmaker Bentley to cut about 1,000 jobs in UK amid virus outbreak: BBC
Luxury carmaker Bentley is cutting about 1,000 jobs in the United Kingdom amid the ongoing coronavirus outbreak, the BBC reported late on Thursday.
Month: June 2020
Trading Ideas
3 Under-The-Radar Cannabis Stocks Ready to Bounce
The cannabis sector generally took a step back after Canopy Growth (CGC) reported a disastrous quarter last week. The Canadian cannabis giant set the sector back after cannabis was generally seen in a positive light coming out of the economic shutdown due to the coronavirus. While the U.S. cannabis space is poised for a strong 2H of the year, the sector wasn’t completely unscathed during the coronavirus shutdown. A few states such as Massachusetts and Nevada closed stores during the virus outbreak hitting revenues hard in those states.While some of the large multi-state operators (MSOs) have rallied near pre-virus …read more […]
Business News
Pompeo calls Nasdaq’s strict rules a model to guard against fraudulent Chinese companies
U.S. Secretary of State Mike Pompeo on Thursday warned American investors against ‘fraudulent’ accounting practices of China-based companies and said the Nasdaq’s recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.
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Airlines, Hertz Add $8.6 Billion in Value on Expanded Schedule
(Bloomberg) — U.S. airlines and rental car stocks added $8.6 billion in market value Thursday after American Airlines Group Inc. said it plans to boost flights by 74% next month, suggesting that the worst of the pandemic-led travel standstill has passed.American surged 41% — adding $2.1 billion to its own market value — after saying its July schedule would see about 4,000 flights on its busiest days, up from about 2,300 flights now. Rival airlines, as well as rental car operators Hertz Global and Avis Budget Group, also rose as the expanded schedule echoed indications from peers that passenger demand …read more […]
Business News
Broadcom’s revenue forecast disappoints on weakness in chip business
Broadcom Inc on Thursday forecast current-quarter revenue, the midpoint of which was slightly below analysts’ estimates as its chip business took a hit from supply chain disruptions caused by the novel coronavirus.
Business News
Luxury carmaker Bentley to cut about 1,000 jobs in UK: BBC
Luxury carmaker Bentley is cutting about 1,000 jobs in the United Kingdom amid the ongoing coronavirus outbreak, the BBC reported on Thursday.
Business News
Bernard Madoff fails to win compassionate release from prison
A federal judge on Thursday rejected Bernard Madoff’s request to be released early from prison because he was dying of kidney failure, saying the swindler has never fully accepted responsibility for his massive, decades-long Ponzi scheme.
Business News
Slack withdraws billings forecast on COVID-19 uncertainty
Slack Technologies Inc on Thursday withdrew its forecast for 2021 billings citing uncertainty driven by the COVID-19 pandemic, sending shares down 16% after market hours.
Business News
Gap reports huge first-quarter loss on coronavirus-led store closures
Gap Inc on Thursday reported a whopping first-quarter loss of $932 million as the apparel retailer wrote down the value of some assets due to coronavirus-driven store closures, sending its shares down about 5% after the bell.
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Wall St. pro says the current rally reminds him of March 2009
As the S&P 500 (^GSPC) hovers around 40% from its March 23rd low, one veteran strategist is reminded of the massive rally that took place when the markets were emerging from the financial crisis 11 years ago. …read more […]
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Broadcom's revenue forecast disappoints on weakness in chip business
Chief Executive Officer Hock Tan, however, said the outlook for its chip business reflects a surge in demand from cloud, telecom and enterprise customers. The company reported better-than-expected growth in quarterly revenue, supported by higher demand for chips used in data centers, which are ramping up as more people opt to work from home in the face of the coronavirus crisis. …read more […]
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American and United Diverge on Summer Recovery Expectations
The three major U.S. global airlines usually report similar demand weakness and strengths, but during the Covid-19 pandemic, American Airlines and United Airlines have taken divergent paths. Between May 24 and May 29, American carried an average of 110,330 daily passengers, a number low by historical standards, but robust compared to what some other airlines […] …read more […]
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Slack tops Q1 revenue estimates, withdraws guidance for FY21 calculated billing
Slack Technologies released its first quarter earnings report after hours on Thursday, beating on its top line. The company saw an added 12,000 net new paid customers and 90,000 net new organizations, but withdrew its guidance for the fiscal year of 2021 for calculated billing. Yahoo Finance’s Myles Udland breaks down the company’s results. …read more […]
Business News
S&P 500 closes down, snapping four-day rally
The S&P 500 lost ground on Thursday as investors took profits in advance of Friday’s jobs report, ending a four-day rally driven by rising economic sentiment.
Business News
American Airlines announces 14 officer departures, memos show
American Airlines Group Inc told employees on Thursday that 14 officers will be as leaving the company as part of leadership changes in which another five officer positions will not be filled, according to memos seen by Reuters.