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MarketWatch MarketPulseApr 01, 2020
Calvin Klein maker PVH earnings damaged by COVID-19 pandemic
PVH Corp. shares rose more than 7% in the extended session Wednesday, after the company warned investors about the damaging effects of the COVID-19 pandemic on its businesses and beat earnings and revenue estimates. The apparel company reported a fourth-quarter net loss of $68.5 million, or 93 cents a share, compared with net income of $158.7 million, or $2.09 a share, in the year-ago period. Adjusted for items such as a non-cash loss on its Speedo acquisition, among other items, earnings were $1.88 a share versus $1.84 a year ago. The company said earnings per share were impacted negatively by 25 cents because of additional inventory reserves as a result of the onset of the coronavirus pandemic. Revenue rose to $2.6 billion from $2.48 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.72 a share on revenue of $2.47 billion. For the first quarter, analysts model adjusted earnings of $1.16 a share and sales of $1.94 billion. PVH said that it was not issuing guidance due to the COVID-19 pandemic and that its first quarter and full-year results will be hurt by the outbreak. PVH said it was halting stock buybacks, suspending its dividend beginning in the second quarter, reducing capital expenditures and eliminating discretionary spending; the apparel maker also said it was drawing down $750 million of its over $1 billion revolving credit facility. PVH stock has fallen 74% in the past year, with the S&P 500 index falling 9.9%.

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Yahoo BusinessApr 01, 2020
The Oil Market Crash Is Starting to Claim Victims Across America
(Bloomberg) -- The unprecedented collapse in global oil markets is wreaking havoc in all corners of the North American crude industry, pushing shale drillers, deepwater-equipment haulers and oil-sand miners to desperate measures.In the space of less than an hour on Wednesday, a former high-flying shale operator and an offshore transport company filed for bankruptcy. A short time later, a Texas shale driller was reported to be in talks with restructuring advisers, while a Canadian crude producer warned it may shut an oil-sands mine.The depredation is evident from the Rocky Mountains to the deep seas off Rio de Janeiro as debt-laden companies struggle to survive on ever-shrinking streams of cash. Even before the Covid-19 outbreak crushed energy demand and global stockpiles swelled, many operators were already fatally flawed entities teetering on the brink.The latest casualty is Whiting Petroleum Corp., a champion of what was once the premier U.S. shale field. The company filed for bankruptcy on Wednesday. Saddled with $3.6 billion in debt, Whiting is the most illustrious of the shale explorers thus far humbled by the worst oil rout in history.American crude has surrendered two-thirds of its value this year and just closed out its worst-ever quarterly performance. As many as 70% of the nation's 6,000 oil explorers eventually may go under, according to Mizuho Securites USA LLC analyst Paul Sankey, as the twin blows of Covid-19 and a Russia-Saudi price war destroy producers like Whiting.Far from th

CNBC EconomyApr 01, 2020
Mnuchin says he will ask Congress for more small business loan funding if $350 billion pool runs out
The $350 billion loan program aims to help small businesses cover payroll and benefits during the coronavirus pandemic.

Reuters BusinessApr 01, 2020
Kroger posts 30% jump in March comparable sales, borrows $1 billion
Kroger Co's comparable sales surged about 30% in March as consumers stockpiled due to the coronavirus pandemic, and the grocer said it had borrowed $1 billion to boost its cash reserve as it prepared for any fallout from the health crisis.
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