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Yahoo Business
Apr 03, 2020

OPEC Pushes for Others to Join a Global Output Cut; Oil Rallies
(Bloomberg) -- The OPEC coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices.A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. OPEC , an alliance led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday and wants other nations to join talks as soon as possible.The 10 million figure was first touted by President Donald Trump on Thursday, who called for a coordinated production cut. He made no indication whether the U.S. would take part. For Saudi Arabia, it's essential that producers including the Americans join in.Trump is meeting oil executives later on Friday.There are enormous obstacles to any deal. Russia was quick to deny on Thursday that any agreement had been reached. Even if an accord can be struck, a cut of 10 million barrels would barely dent the glut of oil that has been created by the economic fallout of the coronavirus pandemic. Traders estimate the lost demand could be as high as 35 million barrels.Oil JumpsBrent crude, which jumped more than 40% on Thursday after Trump's announcement before paring gains, rose 11% on Friday. It's still down 50% this year as the virus fight grounds planes and shutters huge swaths of the global economy.In some corners of the market, physical prices have gone negative and some producers are expected to start suspending output as there's not enough space to store the ex

Yahoo Business
Apr 03, 2020

Incoming economic data may be ‘garbage': Morning Brief
Top news and what to watch in the markets on Friday, April 3, 2020.

Yahoo Business
Apr 03, 2020

Luckin Coffee Scandal Deals New Blow to Corporate China
(Bloomberg) -- The fallout from Luckin Coffee Inc.'s accounting scandal is spreading far beyond the high-flying Starbucks challenger, with renewed concerns about Chinese corporate governance dragging down stocks across industries and threatening to bring a halt to the country's overseas initial public offerings.The Xiamen-based company's announcement that its chief operating officer and some underlings may have fabricated billions of yuan in sales cast doubt on what was supposed to be one of China's fastest-growing companies. Luckin Coffee shares plunged as much as 81% in U.S. trading and CAR Inc., a rental company founded by Luckin Coffee's chairman, sank 54% in Hong Kong. Popular short-selling targets including Anta Sports Products Ltd. also slumped.Doubts over financial reporting have for years dogged Chinese stocks listed in the U.S. and Hong Kong, two exchanges frequently picked by company founders to raise new funds. And while China just recently changed regulation to punish instances of financial fraud onshore, the penalties remain negligible. Just last year, one of China's largest listed drug makers said it overstated cash holdings by more than $4.3 billion."After the Luckin incident, investors will be more careful when investing in Chinese companies that have a short founding history and rely on huge leverage to expand," said Jackson Wong, Hong Kong-based asset management director for Amber Hill Capital Ltd.Luckin's revelation is likely to put at least a temporary freeze on new U.S. listings by Chinese com

Yahoo Business
Apr 03, 2020

Tesla Deliveries Beat Analysts' Estimates, Sparking Stock Rally
(Bloomberg) -- Tesla Inc.'s early-year deliveries fell less than expected from record levels reached late last year, winning support from investors who pushed the shares 14% higher ahead of Friday's open.Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total beat analysts' average estimate for about 78,100. The carmaker's stock was priced at $516.21 in premarket trading, up from a close of $454.47 in New York."I'm shocked they did so well," Gene Munster, managing partner of venture capital firm Loup Ventures, said by phone. "I don't know how they did it. They had every excuse in the world to put out a bad number."Musk, 48, tried to salvage as much business as possible last month by introducing "touchless" deliveries at a time when authorities around the globe are urging would-be car buyers to shelter in place. While Tesla managed to deliver more vehicles than the year-ago quarter, the improvement was small considering the company added a new product -- the Model Y -- and opened an assembly plant in China.Tesla didn't give an update on whether it still expects to deliver at least 500,000 vehicles this year.Analysts anticipate Tesla will sustain a significant blow along with all other automakers from the spread of the viral illness known as Covid-19. With a global recession increasingly likely, consumers are expected to be less interested in making big-ticket purchases like new vehicles even once they're able to leave their h

Yahoo Business
Apr 03, 2020

China probing alleged fraud at Luckin Coffee, banks review IPO work
China's securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc, and sources said some of the banks involved in the Chinese chain's successful U.S. IPO last year were reviewing their work in the listing. Shares of Luckin, which competes in China with Starbucks Corp, sank as much as 81% on Thursday in New York after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. It said it has suspended COO Jian Liu and employees reporting to him following initial recommendations from a special committee that was appointed to investigate issues in its financial statements for the fiscal year ended Dec. 31, 2019.

Yahoo Business
Apr 03, 2020

Trump Faces Bitterly Divided Oil Producers in Bid to Save Shale
(Bloomberg) -- In Saudi Arabia, there is one oil company, the state-run behemoth Saudi Aramco. This makes for a fairly simple process to set policy goals when the country negotiates output quotas with rivals.In the U.S., there are more than 6,000 oil drillers -- everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like Exxon Mobil Corp.That would seem to make formulating a coherent U.S. negotiating stance next to impossible. And yet, President Donald Trump appears to be intent on seeking to broker a dramatic cut in output along with Saudi Arabia and Russia to prop up plunging prices.The president's triumphant tweet Thursday that Saudi Arabia and Russia are open to substantial production cuts quickly gave way to fears in some quarters that the U.S. and other non-OPEC producers would have to join them in slashing output to achieve the goal of giving severely depressed prices a boost.And Trump will likely face a bitterly divided oil industry when he meets with energy executives Friday to discuss the perilous state of world crude markets and the threat to U.S. shale fields.Oil soared as much as 35% after the presidential tweet, then pared gains after Saudi Arabia and Russia didn't confirm they had agreed to any cuts. The Saudis called for an urgent meeting of the OPEC alliance -- which includes Russia -- to reach a "fair deal" that would restore balance in the markets, state-run Saudi Press Agency reported.To satisfy Saudi Arabia's insistence that all share the

Yahoo Business
Apr 03, 2020

U.S. Stock Futures Fall With Relief Rally Fading on Pandemic Fears
(Bloomberg) -- U.S. stock index futures fell, erasing part of Thursday's rally, as global coronavirus infections continued to increase.S&P 500 Index futures expiring in June slid 0.9% as of 9:30 a.m. in London, after gaining 2.8% on Thursday. Contracts dropped 0.9% on the Nasdaq 100 Index and fell 1.1% on the Dow Jones Industrial Average. Global coronavirus infections surpassed 1 million, a milestone reached just four months after the first cases surfaced in China.In Europe, the Stoxx 600 Index was down 0.5%, weighed down by insurers and telecom shares. The euro-area economy is in a slump of unprecedented scale, with IHS Markit saying Friday its monthly measure of services and manufacturing points to an annualized economic contraction of about 10%."Sentiment in the market is still very fearful," said Dan Russo, chief market strategist at Chaikin Analytics. "The longer it takes to flatten the curve, the more prolonged the negative economic impact is likely to be, the longer it takes for businesses to get up and running again. Our base case remains that we are likely to retest the lows from last Monday."The underlying S&P 500 advanced 2.3% on Thursday, climbing for the first time in three days, with Chevron Corp and Exxon Mobil Corp. among the top gainers, after President Donald Trump said Russia and Saudi Arabia would cut production. Oil prices slid back below $25 a barrel after a record surge as doubts crept in about the deal.Consumer discretionary stocks weighed on the benchmark after jobl

Yahoo Business
Apr 03, 2020

Virus ‘Death Ship' Finally Docks. But Not Everyone Allowed Off
Yahoo Finance's Alexis Christoforous and Brian Sozzi discuss China's investigation into Luckin Coffee's alleged fake sales.

Yahoo Business
Apr 03, 2020

RPT-Novartis, Incyte join repurposing wave to give Jakavi a trial run in COVID-19
Ron Johnson, who is the former CEO of J.C. Penney and architect of Apple's retail stores, gives his take on the future of department stores during coronavirus.

Yahoo Business
Apr 03, 2020

Saudis Face Pricing Dilemma as Oil War Enters Second Month
(Bloomberg) -- Vanishing demand and alternative grades at never-seen-before prices are fueling expectations that Saudi Aramco will need to price its crude at aggressively low levels this month to stay in the game.The world's biggest oil exporter is due to announce its official selling prices for May shipments this Sunday. It comes a month after the kingdom discounted April supplies by the most in at least 20 years as it embarked on a price war with Russia that sent oil markets into a tailspin.See also: Aramco Set to Price Oil at Deepest Discount in Decades: SurveyWhere to pitch prices will be a tricky balancing act for Saudi Arabia. Set them too high and customers will buy as little as their term contracts allow against a backdrop of weak demand and rapidly filling storage tanks. If they're too low, however, the self-inflicted pain of the price war could become intolerable.Asian refiners are being spoiled for choice due a flood of cheap crude from the U.S. and Russia. Varieties such as West Texas Intermediate, Mars and Urals are being offered and sold at sharp discounts, according to six officials and traders from processors across the region. The relative strength of Middle East's Dubai benchmark versus London's Brent isn't doing Gulf sellers any favors.For buyers in China, for example, Mars was sold at discounts of $8 a barrel or more against London's Brent futures on a delivered basis. That's likely to be lower than Saudi's Arab Light crude after the addition of freight and other costs, should Aramco reduce

Yahoo Business
Apr 03, 2020

As oil sinks, some companies float idea of 'zero clause' in trades
After the worst quarter for oil prices in history, some oil producers have begun to include protection in their contracts to avoid being forced to pay buyers for the oil they pump if prices slide below $0 a barrel. Crude prices in key physical markets - including the United States, Canada, Mexico and Europe - have fallen through $10 a barrel, far below comparable futures prices, as demand slumps and storage fills. Oil prices have been hammered by the collapse in demand after the coronavirus outbreak and the sudden end of an OPEC-led supply reduction pact.

Yahoo Business
Apr 03, 2020

Edited Transcript of INO earnings conference call or presentation 12-Mar-20 8:30pm GMT
Lawmakers are calling for airlines to refund customers for coronavirus-related cancellations. Atmosphere Research Travel Industry Analyst and President Henry Harteveldt joins Yahoo Finance's Zack Guzman to discuss.

Yahoo Business
Apr 03, 2020

Investors Wake Up and Smell the Luckin Coffee
Refi loan demand has been as voracious as the big cats on "Tiger King," a report shows.

Yahoo Business
Apr 03, 2020

Oil, shares slip as investors doubtful over Saudi-Russia deal
Oil prices shed some of their massive gains on Friday taking stocks in Asia lower, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. U.S. West Texas Intermediate (WTI) crude lost $1.18, or 4.7%, to $24.14 a barrel, having surged a record 24.7% on Thursday.

Yahoo Business
Apr 03, 2020

Oil, shares slip on doubts over Saudi-Russia deal
Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasuries yield near their lowest in three weeks. U.S. West Texas Intermediate (WTI) crude lost $1.14, or 4.5% to $24.18 a barrel in early Asian trade after having surged a record 24.7% on Thursday.

Yahoo Business
Apr 03, 2020

European stocks sink as pandemic hits business, oil prices grind higher
European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day's gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasury yields near their lowest in three weeks. With over a million people infected worldwide, there were more signs the pandemic would take a massive toll on economic growth.

Yahoo Business
Apr 02, 2020

Tesla Is 'Crushing The Auto Industry', Munster Says, As Company Posts Q1 Delivery Figures
Loup Ventures Managing Partner Gene Munster on Thursday said Tesla Inc. (NASDAQ: TSLA) "is crushing the auto industry," generating significantly higher demand than its competitors.What Happened Tesla earlier in the day reported 88,400 deliveries and 102,672 total production in the first quarter this year, beating analyst estimates.Munster noted that Tesla's delivery numbers are up 40% year-on-year in the first quarter, at a time when the overall United States auto industry numbers are down 29%."Tesla is winning because they have a product that is measurably better than both gas and electric competitors," the former research analyst said.What's Next The electric vehicles maker didn't update its guidance for the deliveries for the entire financial year 2020, over the previous one of 500,000 deliveries. It also didn't give an estimate of its expectations for the second quarter.Loup Ventures would give their estimate for the second quarter when there's better clarity surrounding the novel coronavirus (COVID-19) pandemic.Munster reiterated his earlier stance that during the pandemic, Tesla's performance relative to other automakers matters more than its performance on absolute terms.According to him, Tesla will continue to beat other automaker delivery results by 15% to 25% in the rest of the three quarters this year, even as things get more difficult for the overall industry.If the pandemic's impact is eased by October, Tesla will see a "dramatic bounce back" in

Yahoo Business
Apr 02, 2020

Trump says 3M 'will have a big price to pay' over face masks
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks. At a White House briefing on the coronavirus pandemic earlier on Thursday, Trump announced he had signed a Defense Production Act order for 3M to produce face masks.

Yahoo Business
Apr 02, 2020

China's Biggest Car Rental Firm Sinks 72% on Luckin Connection
(Bloomberg) -- Trading in shares of China's biggest car-rental company was suspended in Hong Kong after they tumbled as much as 72% amid concern over the firm's ties with Luckin Coffee Inc., which is facing an accounting probe.Car Inc. last traded at HK$1.96, a slump of 54%, before the halt at 10:14 a.m. local time. Volume was more than 70 times greater than the 30-day average with less than an hour of trading. The firm's dollar bond due 2021 plummeted 31 cents to 44.8 cents on the dollar, the most ever, according to Bloomberg-compiled pricing.The company was founded by Lu Zhengyao, the chairman of Luckin Coffee, which sank Thursday after saying its board is investigating reports that senior executives and employees fabricated transactions."Car Inc. investors are deeply concerned about the credibility of its financial reports," said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai Co. "Now that Luckin has such a big integrity issue, people are worried that chairman Lu may have planted similar culture in Car Inc. The selling of its shares is a vote of mistrust on management."Wang Tao, a Car Inc. spokesman, declined to comment.Luckin, a Chinese coffee chain, plunged as much as 81% in U.S. trading on Thursday. The company, a key competitor to Starbucks Corp. in China, said Chief Operating Officer Jian Liu and employees reporting to him engaged in misconduct. Liu and others have been suspended and investors shouldn't rely on previous financial statements for the nine months ended Sept. 30, t

Yahoo Business
Apr 02, 2020

Oil's Trump Bump Fades as Doubts Rise Over Proposed Output Deal
(Bloomberg) -- Oil slid back below $25 a barrel following a record surge as doubts crept in over U.S. President Donald Trump's claim he had brokered a deal that would see deep supply cuts from Saudi Arabia and Russia.Futures dropped as much as 7.1% after surging almost 25% in New York on Thursday after Trump tweeted that he expected the two leading producers to slash output by 10 million barrels or more. However, the Kremlin later said that President Vladimir Putin had not spoken to his Saudi counterpart and hasn't agreed to reduce production. Citigroup Inc. and Goldman Sachs Group Inc. said any supply deal would be too little, too late as demand craters.See also: Trump's Push for Huge Deal to Cut Oil Supply Draws DisbeliefWhile futures spiked, the outlook for the physical market remains bleak as discounts for some grades of physically delivered oil across the U.S. and Canada widened. Heavy Louisiana Sweet crude lost $1.75 a barrel relative to West Texas Intermediate to a record $10.50 discount.Oil has whipsawed this week after plunging to an 18-year low on Monday. While Trump tweeted that he had spoken to Saudi Crown Prince Mohammed bin Salman, who had in turn spoken with Russian president, a person familiar with the situation said the U.S. president's goal is purely aspirational and will ultimately hinge on whether Riyadh and Moscow can reach a deal.After Trump's request, Saudi Arabia said it had called a meeting of the OPEC alliance that includes Russia to discuss a "fair agreement," signaling it would

Yahoo Business
Apr 02, 2020

Equities Take a Stroll Through Wonderland, Awaiting "Herd Immunity."
I'm not so much a bear as a realist and not buying into the notion that this is a temporary dip followed by a huge rebound. Voluminous job losses and bankruptcies could lead to permanent wealth deviation.

Yahoo Business
Apr 02, 2020

Boeing Sees Thousands of Workers Exiting Amid Travel Market Rout
(Bloomberg) -- Boeing Co. expects several thousand workers to retire or accept a buyout offer as the planemaker races to shrink its operations amid a historic unraveling of global travel from the coronavirus pandemic, said a person familiar with the company's plans.The manufacturer will start by offering the exit package in the U.S., while selectively hiring for critical programs such as defense and space, said the person, who asked not to be named because the discussions are confidential. Boeing is also weighing a production cut for wide-body jets as demand falls, although no changes have been made as yet, the person said.Chief Executive Officer Dave Calhoun is walking a fine line by downsizing at a time when Boeing is considering whether to tap billions of dollars in federal aid to bolster cash reserves. Layoffs would give the planemaker more control over how it lowers the cost of its 161,000-strong workforce, but at the risk of stirring up a backlash from its critics in Washington."They need to cut costs with payroll, but they need to maximize leverage with headcount," aviation consultant Richard Aboulafia said of the tug-of-war between Boeing's cost-cutting news and its political interests. "My biggest concern is that when you have an announcement like this, it's often the experienced engineers and designers who leave."$60 Billion BailoutVoluntary buyouts keep the government-assistance option viable, should Calhoun ultimately choose to pursue it. He has blanched at the potential strings a

Yahoo Business
Apr 02, 2020

Oil futures pare record gains as doubts creep in on Trump's Saudi-Russia output deal
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. U.S. West Texas Intermediate (WTI) crude futures fell 5.2%, or $1.32, to $23.98 a barrel, after having surged 24.7% on Thursday. Trump told reporters at the White House late on Thursday he had made no offer to cut U.S. output.

Yahoo Business
Apr 02, 2020

Auto Macro Weakness Spells Uncertainty for BlackBerry Stock
Volatility is king right now, as investors of security software specialist BlackBerry can attest (BB). The Canadian company has enjoyed a wild ride recently, although ostensibly in the wrong direction. The stock is down by 45% year-to-date.Over a third of that was actually shed in today's session. The stock is now firmly in penny stock territory, a far cry from the days when Blackberry phones were all the rage and the share price peaked at $147.55 - all the way back in June 2008. Since then the business has completely changed and BlackBerry now generates almost all its revenue from software and services sales.So, why the latest drop, you ask? Simple: BlackBerry disappointed with its latest quarterly statement. Having recently bounced off a new multi-year low, investors were hoping the F4Q20 results could seal a turnaround in fortunes, but it appears the print has had the opposite effect.So where is the problem? BlackBerry missed on the top line. Despite a year-over-year increase of 13.2%, the company reported revenue of $291 million, lower than the Street's call by $5.29 million.The company did beat on EPS, which came in at $0.09, ahead of the forecast for $0.04. BlackBerry also recorded higher than expected licensing revenue of $108 million, but there was further disappointment from the IoT business. With sales of $127 million, the section underperformed, primarily due to BTS (blackberry technology solutions). The segment has been hit hard by the slowdown in the auto industry supply chain due to the

Yahoo Business
Apr 02, 2020

Oil Drifts Lower After Record Jump Amid Doubts Over Output Deal
(Bloomberg) -- Oil slipped below $25 a barrel following a record surge as doubts crept in over U.S. President Donald Trump's claim he had brokered a deal that would see deep supply cuts from Saudi Arabia and Russia.Futures advanced almost 25% in New York on Thursday after Trump tweeted that he expected the two leading producers to slash output by 10 million barrels or more. However, the Kremlin later said that President Vladimir Putin had not spoken to his Saudi counterpart and hasn't agreed to reduce production. Citigroup Inc. said any deal was too little, too late.See also: Trump's Push for Huge Deal to Cut Oil Supply Draws DisbeliefWhile futures spiked, the outlook for the physical market remains bleak as discounts for some grades of physically delivered oil across the U.S. and Canada widened. Heavy Louisiana Sweet crude lost $1.75 a barrel relative to West Texas Intermediate to a record $10.50 discount.Oil has whipsawed this week after slumping to an 18-year low on Monday. While Trump tweeted that he had spoken to Saudi Crown Prince Mohammed bin Salman, who had in turn spoken with Russian president, a person familiar with the situation said the U.S. President's goal is purely aspirational and will ultimately hinge on whether Riyadh and Moscow can reach a deal.After Trump's request, Saudi Arabia said it had called a meeting of the OPEC alliance that includes Russia to discuss a "fair agreement," signaling it would only cut output if others do so. Even if producers do decide on a cut, global demand is co

Yahoo Business
Apr 02, 2020

Amazon (AMZN) Stock Is One of the Best Investments to Make, Says 5-Star Analyst
With a core online retail business encompassing grocery to consumer electronics and everything in between, and an exemplary logistics infrastructure with the ability to meet consumers' requirements for theses stay-at-home times, online giant Amazon (AMZN) is well set up to weather the COVID-19 storm. The market has reflected this notion, too, and amazon stock has held up relatively well, year-to-date in the green.But there is an additional growth driver not mentioned quite as often. Aegis Capital's Victor Anthony believes Amazon Web Services' (AWS) growth is the reason why the company "is one of the best investments for the next five years."The 5-star analyst maintains a Buy rating on Amazon shares along with a $2,525 price target, which implies nearly 30% upside from current levels. (To watch Anthony's track record, click here)The data speaks for itself, says Anthony. According to cloud costs managing company Vangal, AWS should see revenue grow between 37% and 39% in 1Q20 compared to 34% in 4Q19. Anthony notes how cloud companies are the beneficiaries of "increased in-home entertainment services, business communications, and more healthcare and government utilization." Amazon's "footprint and set of services" are what sets the company apart.Furthermore, Amazon has "three key competitive advantages," Anthony noted. "(1) the number of people trained and certified on AWS is more than GCP and Azure combined; (2) their product suite span a set of products that companies can use easil

Yahoo Business
Apr 02, 2020

Mark Cuban on $349 billion in small-business loans: 'It is literally the best stimulus bill ever for small businesses'
'[If] you are an entrepreneur, if you're a small business operator, you need to be cognizant and you need to apply ASAP,' Mark Cuban says.

Yahoo Business
Apr 02, 2020

United Airlines President No Longer Counting on Quick ‘Snap Back'
United Airlines is losing more than $100 million in revenue per day and making plans to reduce payroll expenses and permanently retire some older mainline and 50-seat regional aircraft if air travel demand does not return later this year, President Scott Kirby told employees Thursday in a town hall meeting. "While we all think that […]

Yahoo Business
Apr 02, 2020

HSBC Refugees May Find a Stable Home in China
(Bloomberg Opinion) -- China's banks may be about to assume the mantle of the ultimate widows-and-orphans home for Hong Kong's small investors.For decades, HSBC Holdings Plc has held that status — a reliable provider of investor income that even carried on paying dividends through the global financial crisis in 2008-2009. Hong Kong's biggest bank hadn't missed a payout in Bloomberg-compiled data going back to 1986. That changed Wednesday when London-headquartered HSBC scrapped its interim dividend in response to a request from the Bank of England. The lender's stock plunged 9.5% in Hong Kong, the most in more than a decade.It's difficult to overstate the importance of HSBC to individual investors in the city where it was founded more than 150 years ago. The stock is unusually widely held. Institutions own just 61.5% of the shares, compared with 94% for Standard Chartered Plc, HSBC's London-based and Hong Kong-listed rival. Standard Chartered also cancelled its dividend along with other British banks after the BOE called on them to conserve cash amid the coronavirus pandemic.HSBC's dependable payouts have also been a lure for institutional investors. Shenzhen-based Ping An Insurance Group Co., the bank's second-largest shareholder, cited the dividend as an attraction for taking its 7% stake. Mainland Chinese investors will also be feeling the pain: As much as 8.2% of HSBC's Hong Kong-listed stock sits with investors who bought via trading pipes that connect the city's exchange with counterparts in Shanghai and Shenzhen. That's risen from a

Yahoo Business
Apr 02, 2020

Trump Eyeing a Global Oil Output Cut of 10 Million Barrels a Day
(Bloomberg) -- President Donald Trump is trying to get the world to cut oil production by 10 million barrels a day in an effort to end a market-share war that sent crude prices plunging to the lowest levels in two decades.Earlier on Thursday, Trump shocked markets by tweeting that he expected Russia and Saudi Arabia alone to cut about 10 million barrels -- or roughly a tenth of global petroleum, sending oil prices soaring. A person familiar with the discussion later said that Trump, after a call with Saudi Arabia Crown Prince Mohammed bin Salman, was hoping to get other oil market participants to contribute to that cut, too. A second person familiar with the situation said Trump's goal is purely aspirational and will ultimately hinge on whether Saudi Arabia and Russia can reach a deal.Any across-the-board reduction of this size will face serious challenges. Saudi Arabia hasn't voiced outright support for the move and instead called for an "urgent meeting" of the world's oil producers to discuss a "fair agreement." The response signals the country will only cut output if others do so and raises the question of whether the Trump administration is willing to cap America's own production to reach a global accord.Russia's response was arguably harsher. In his tweet, Trump said he had spoken to MBS, who had in turn spoken with Russian President Vladimir Putin. But a Kremlin spokesman, Dmitry Peskov, said the conversation hadn't happened and confirmed that no production cut had been agreed to with the Saudis.

Yahoo Business
Apr 02, 2020

American Airlines slashes flights but has no plans to halt U.S. service
American Airlines Co said on Thursday it is cutting additional flights this summer as travel demand has drastically shrunk amid the coronavirus pandemic. Vasu Raja, American Airlines' senior vice president of Network Strategy, told Reuters that the airline is cutting between 70% and 75% of flights in April and about 80% of flights in May. For this month and May it is cutting nearly 90% of its international flights. Raja said domestic demand will remain weak into May, citing of the lack of bookings.

Yahoo Business
Apr 02, 2020

Stock Market Has Entered a 25-35year Crisis Cycle Re-evaluation Event
Today, we're going to show you what the longer-term Adaptive Fibonacci Price Modeling system is suggesting for the S&P; and NASDAQ.

Yahoo Business
Apr 02, 2020

Asian Stocks Set to Open Higher; Oil Holds Surge: Markets Wrap
(Bloomberg) -- Asian stocks looked poised to open higher following a volatile session in the U.S., with oil producers well supported after President Donald Trump said Russia and Saudi Arabia would cut production.The S&P 500 closed up 2.3% with energy shares the best performers, while consumer discretionary stocks lagged after jobless claims doubled from last week to 6.6 million. Futures in Japan and Australia climbed and U.S. contracts opened little changed in Asia. Treasuries retreated amid a slew of corporate supply. West Texas crude remained around $25 a barrel after surging 22% on Thursday, though the advance was pared as officials from both sides watered down expectations. The dollar pushed higher and yen and euro fell.With the coronavirus now infecting 1 million people and lockdowns for many economies around the world expected to go on for longer, economic data are showing the severity of the impact. Nearly 10 million people in the U.S. have lost their jobs in the past two weeks, more than were lost during the whole 2008-09 recession."We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths," Stephen Dover, head of equities at Franklin Templeton, said on Bloomberg TV. "We are going to continue to have very wide volatility until we can get over this uncertainty."These are the main moves in markets:StocksFutures on the S&P 500 were little changed as of 7:09 a.m. in Tokyo. The gauge ose 2.3% on Thursday.Futures on Japan's Ni

Yahoo Business
Apr 02, 2020

Stock market news live updates: Stock futures open little changed after Thursday rally
Stock futures kicked off the overnight session roughly flat Thursday as market participants considered mounting signals of labor market devastation amid the still-escalating coronavirus pandemic.

Yahoo Business
Apr 02, 2020

What This Decision by American Airlines Says About How Fast Demand Will Recover
In the past five years, U.S. airlines have boosted profits by adding extra summer flights to Europe, capitalizing on consumers' near insatiable desire to travel abroad in June, July, and August. But on Thursday American Airlines admitted the great summer European cash grab will not return in 2020. American announced a slew of global cuts […]

Yahoo Business
Apr 02, 2020

Homeowner Alert: Mortgage Rates Are Near a Record Low Again
Rates have dropped this week and are giving homeowners new opportunities to save.

Yahoo Business
Apr 02, 2020

Zoom Grapples With Security Flaws That Sour Users on App
Rates have dropped this week and are giving homeowners new opportunities to save.

Yahoo Business
Apr 02, 2020

The Only Logical End To The Oil War
By breaking the oil war down with game theory, we can see that the rational opti

Yahoo Business
Apr 02, 2020

Chewy reports strong start to 2020 amid COVID-19 outbreak
The deadly and rapidly spreading COVID-19 outbreak has been wreaking havoc on companies around the world. Nevertheless, some companies — including online pet product retailer Chewy — have emerged as winners amid the chaos.

Yahoo Business
Apr 02, 2020

Auto sales drop amid COVID-19 crisis
Yahoo Finance's Rick Newman breaks down how bad the auto industry has been hit since the coronavirus outbreak.

Yahoo Business
Apr 02, 2020

Stock investors are 'surprisingly' bullish, and that's a problem: RBC
'This surprisingly high level of bullishness supports our own view that we haven't yet seen investor capitulation, echoing what we've seen in other data sets,' writes RBC's head of U.S. equity strategy Lori Calvasina.

Yahoo Business
Apr 02, 2020

Mortgage Defaults Could Pile Up at Pace That Dwarfs 2008
(Bloomberg) -- Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.Borrowers who lost income from the coronavirus -- already a skyrocketing number, with a record 10 million new jobless claims -- can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But it's not a payment holiday. Eventually, they'll have to make it all up.As many as 30% of Americans with home loans - about 15 million households -- could stop paying if the U.S. economy remains closed through the summer or beyond, according to an estimate by Mark Zandi, chief economist for Moody's Analytics."This is an unprecedented event," said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. "The great financial crisis happened over a number of years. This is happening in a matter of months -- a matter of weeks."Meanwhile, lenders are operating in the dark, with no way of predicting the scope or duration of the pandemic or the damage it will wreak on the economy. If the virus recedes soon and the economy roars back to life, then the plan will help borrowers get back on track quickly. The greater the fallout, the harder and more expensive it will be to stave off repossessions.‘Press Pause'"Nobody has any sense of how long this might last," said Andrew Jakabovics, a former Departme

Yahoo Business
Apr 02, 2020

Muddy Waters Wins Twitter War With Citron Over Luckin
(Bloomberg) -- Muddy Waters Capital's CEO Carson Block finally bested fellow short seller Andrew Left of Citron Research when Luckin Coffee Inc. disclosed Thursday that its board is investigating reports that senior executives and employees fabricated transactions -- sending its stock plunging. In late January, Block and Left engaged in a heated battle on Twitter over the Chinese coffee shop chain.Luckin shares collapsed as much as 81%, the most intraday since its IPO last May.Back on Jan. 31, Block tweeted that it had a short on Luckin after receiving what it called a "credible," unattributed 89-page report that alleged accounting issues with the chain, and a broken business model. Less than two hours later, Left defended the coffee chain in a tweet of its own, saying the findings didn't mesh with recent data indicating that Luckin's business is "on fire" in China."There was a piece of research circulated by an anonymous third party and Muddy Waters ran with it, more power to him," Left wrote Thursday in an email to Bloomberg News. "I saw the shareholders of the company and did some research and questioned the accuracy of the anonymous info. It turned out to be correct. Kudos to those who stuck with it."Block reiterated Thursday that short sellers are needed in the market. Luckin short interest is about 35% of its free float, according to S3 Partners."Luckin shows exactly why we need short sellers in the market," Block said in a statement emailed to Bloomberg. "We believed this report was credible when we read it, and th

Yahoo Business
Apr 02, 2020

Tesla sees strong Model Y production, deliveries; shares rise
The electric carmaker said Model Y production started in January and deliveries began in March, significantly ahead of schedule. Tesla last month suspended production at its Fremont, California, assembly plant under pressure from local authorities to curb the spread of the virus.

Yahoo Business
Apr 02, 2020

Tesla delivers 88,400 vehicles in Q1, rising over last year
Tesla reported first quarter 2020 delivery results.

Yahoo Business
Apr 02, 2020

Trump's Push for Huge Deal to Cut Oil Supply Draws Disbelief
(Bloomberg) -- With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.After the president's social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. -- the world's three biggest producers -- are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.It's unclear whether it's feasible -- or even legal -- for such a coalition to come together. Or indeed whether it would be enough to tame the tsunami of unwanted crude now bearing down on world markets, which could be two to three times bigger than the cut touted by Trump."It's too little, too late," said Ed Morse, head of commodities research at Citigroup Inc. "Cuts are required immediately, and unless they happen, the price is going to go down significantly and force them to happen."There's no doubt that the industry could benefit from some intervention. With global oil demand slashed roughly a third by the coronavirus pandemic, a gusher of surplus crude threatens to overwhelm the world's storage tanks in a matter of months. The meltdown is exacerbated by the dispute between Moscow and Riyadh, prompting the Gulf kingdom to push unprecedented volumes of crude at customers in a tussle for market share.Texas Two-StepTrump's claim that the two belligerents are ready to end their pri

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Apr 02, 2020

Stock market news live: Stocks end higher after crude oil posts its biggest one-day jump on record
Stocks rose Thursday as investors shook off earlier concerns after the U.S. Labor Department's report on weekly unemployment insurance claims far exceeded expectations.

Yahoo Business
Apr 02, 2020

Shuffled Not Shaken Out: How Hotel Giants Will Handle All Those Brands Post-Coronavirus
Coronavirus travel fears have temporarily shuttered many hotels around the world. But when those doors reopen, the trend of rampant hotel brand expansion seen in recent years may take on a different look. With the rise of alternative accommodation competitors like Airbnb, hotel companies began to add brands that appealed to different price points as […]

Yahoo Business
Apr 02, 2020

U.S. Air Force recommends paying Boeing up to $924 million: sources
The U.S. Air Force has recommended the release of up to $924 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, according to a memo seen by Reuters and a source familiar with the situation. The recommendation, which was sent to Air Force contracting officials, is aimed at maintaining the financial health of suppliers to the Department of Defense, and will free up funding for numerous contractors, not just Boeing. Boeing's financial situation has become increasingly precarious as economic fallout from the coronavirus has frozen key lending markets and cut off demand for Boeing's commercial aircraft.

Yahoo Business
Apr 02, 2020

U.S. Air Force to release $882 million to Boeing: official
The U.S. Air Force will release $882 million in payments to Boeing that were held back due to flaws in the KC-46 air refueling tanker, a Pentagon official said on Thursday. The release of the payment to Boeing is part of a broader recommendation sent to Air Force contracting officials, according to a memo seen by Reuters, aimed at maintaining the financial health of suppliers to the Department of Defense. Will Roper, the Air Force's chief buyer, told reporters the initiative will free up billions of dollars in funding for numerous contractors, not just Boeing.

Yahoo Business
Apr 02, 2020

Trump's Saudi-Russia Oil Gambit Faces Resistance at Home
(Bloomberg) -- President Donald Trump's triumphant tweet that Saudi Arabia and Russia are open to substantial cuts to oil production may come with a big catch: the U.S. and other non-OPEC producers would have to join them.Saudi Arabia's desire for the world to share the burden means Trump would have to unify a fractious and discordant group of U.S. companies and states that haven't faced output restrictions in nearly half a century, including about 6,000 shale drillers.Trump is scheduled to speak with the leaders of the U.S. industry on Friday in what could be a contentious meeting. The American Petroleum Institute, which is dominated by larger producers, wants the government to stay out of the domestic market and focus on diplomatic efforts. Some independent producers in Texas are in favor of output curbs because, in part, they're running out of storage. Others, such as Trump confidante Harold Hamm, want the U.S. to sanction the Saudis with anti-dumping tariffs.Oil soared as much as 35% after Trump's comments, but pared gains after Saudi Arabia and Russia didn't confirm they had agreed to the cuts. The Middle East kingdom called for an urgent meeting of the OPEC producer alliance to reach a "fair deal" that would restore balance in oil markets, state-run Saudi Press Agency reported.Ryan Sitton, the Texas oil regulator who first proposed the idea of America joining with the Saudis and Russians to reduce output, said it's "short-sighted" to knock back the idea right off the bat. "Let's have a conversation and figure

Yahoo Business
Apr 02, 2020

Demand for Roche's COVID-19 Tests Exceeding Capacity; 5-Star Analyst Says ‘Buy'
As the worldwide coronavirus case count has risen towards 1 million, and as several people who have no known ties to existing cases have started to chart symptoms, the need for a reliable, mass-produced diagnostic test has become urgent.On March 12, Roche (RHHBY) received approval for its SARS-CoV2 test (PCR) that runs on the COBAS platform. The test has a fast turn-around time of 3.5 hours but there is limited supply. At the moment Roche can supply 3.5 million tests per month.Deutsche Bank's Richard Parkes argues disruption to Roche's routine diagnostic sales are offset by strong demand for COVID-19 tests. The demand for kits has exceeded capacity, with Roche able to produce 900,000 tests per week. Without providing specific pricing details, the company has confirmed that it is distributing its COVID-19 test at a price "modestly below its standard assay pricing structure."Accordingly, the 5-star analyst reiterated a Buy rating on Roche shares, along with a CHF 350 price target, which implies about 10% upside from current levels. (To watch Parkes' track record, click here)"We believe this could represent a monthly revenue opportunity of ~$100m-200m, equal to 2-3% of Group sales on an annualized basis," Parkes said.The development of a serology test to identify previously exposed infections with ongoing immunity is also currently in accelerated mode, but there is no timeline attached. Roche has warned that due to the "implications for informing healthcare policy" and allowing ind

Yahoo Business
Apr 02, 2020

Oil crash poses severe test for OPEC after Moscow, Riyadh miscalculate
U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike production in a battle for market share. One thing, however, has become clear: as oil prices in the past three months made some of their biggest gyrations in history, taking action will prove a severe, if not impossible, test for OPEC , the informal grouping that had propped up crude prices for three years until their agreement collapsed in March.

Yahoo Business
Apr 02, 2020

Coronavirus pandemic to trigger 'another selling wave' in the stock market soon: expert
Is it time to fade this short-term rally in the markets? Yes, this pro tells Yahoo Finance in large part because of the unpredictable nature of the coronavirus.

Yahoo Business
Apr 02, 2020

Oil surges on hopes for Saudi-Russia truce
Oil prices rose on Thursday after hopes of a truce between Saudi Arabia and Russia to cut oil output. Yahoo Finance's Jared Blikre breaks down the latest market action.

Yahoo Business
Apr 02, 2020

Zoom Grapples With Security Flaws That Sour Some Users on App
U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. A senior U.S. administration official familiar with the matter said Trump would not formally ask U.S. oil companies to contribute to the production cuts, a move forbidden by U.S. antitrust legislation.

Yahoo Business
Apr 02, 2020

Trump's Disputed Claim of Saudi, Russia Oil Cuts Jolts Markets
(Bloomberg) -- President Donald Trump said that he had brokered a deal that would have Saudi Arabia and Russia dramatically ratchet down their oil production, sending prices surging. But the claim was met with immediate skepticism.Trump, who had been working the phones over the past two days after oil prices plunged to a near 20-year low, said on Twitter that he expected Saudi Arabia and Russia to cut output by as much as 15 million barrels. Trump didn't say the cut would be per day, but markets interpreted the tweet as such.Immediately following Trump's tweet, Saudi Arabia said it had called an "urgent meeting" of the OPEC alliance that includes Russia, as well as other unnamed nations, to discuss a "fair agreement," signaling it would only cut output if others do so.One person familiar with the Trump administration's discussions with the Saudis said there was widespread internal confusion about what the president meant by his tweet and that the figures he posted may not be reliable. Conflicting messages from the administration -- the president has said he likes low gas prices, while Secretary of State Michael Pompeo and others have urged the Saudis to cut production -- have undermined the U.S. government's leverage, the person said, asking not to be identified because of the sensitivity of the matter.In his tweet Wednesday, Trump described a Saudi-Russia deal to cut crude output as "good (GREAT) news for everyone!"Trump also said he had spoken to Saudi Prince Mohamme

Yahoo Business
Apr 02, 2020

Lawmakers call on airlines to refund customers as coronavirus cancellations rise
Lawmakers are calling for airlines to refund customers for coronavirus-related cancellations. Atmosphere Research Travel Industry Analyst and President Henry Harteveldt joins Yahoo Finance's Zack Guzman to discuss.

Yahoo Business
Apr 02, 2020

Walgreens shares fall as coronavirus pandemic hits store sales
The company said retail sales in the United States dropped after March 21, before which consumers were stockpiling items in preparation for a lockdown. Meanwhile, retail sales at its UK business has plummeted 65% in the last 10 days. Walgreens executives said the situation was temporary as they fielded several questions from analysts on a conference call.

Yahoo Business
Apr 02, 2020

GE to furlough 50% of U.S. engine assembly, component manufacturing ops staff
The furloughs will be in addition to the about 2,600 U.S. job cuts announced last month by GE's aviation unit, which makes engines for Boeing Co and Airbus SE aircraft. "Due to the unprecedented impact of COVID-19 on the commercial aviation industry, GE aviation is implementing a temporary reduction...for up to four weeks," a company spokesperson said in a statement.

Yahoo Business
Apr 02, 2020

Infinera Benefits From Increasing Optical Demand, Piper Sandler Says In Upgrade
The demand environment for optical equipment suppliers is improving, and Infinera Corp. (NASDAQ: INFN) has an impressive product pipeline, according to Piper Sandler.The Infinera Analyst Troy Jensen upgraded Infinera from Neutral to Overweight and with a $8.50 price target. The Infinera Thesis Work-at-home initiatives during the coronavirus pandemic are putting excessive stress on carrier and data center networks, resulting in rising demand for optical equipment suppliers, Jensen said in the Thursday upgrade note. (See his track record here.)Supply constraints are now being alleviated, as China is reaching near full production capacity, the analyst said. Although production concerns are emerging from countries like Malaysia and Thailand, these are "less of a concern versus China," he said. The 600G Groove platform, which was launched last year, has been gaining momentum and is likely to ramp through 2020, Jensen said.Infinera has a healthy pipeline of new technologies that "should help sustain their momentum" in the second half of 2020 and through 2021, the analyst said. These tailwinds, coupled with the recent selloff in the company's shares, create "a compelling risk/reward scenario,he said. INFN Price Action Infinera shares were trading 5.87% higher at $5.05 at the time of publication Thursday. Related Links:Benzinga's Top Upgrades, Downgrades For April 2, 202092 Biggest Movers From YesterdayLatest Ratings for INFN DateFirmActionFromTo Apr 2020Piper SandlerUpgradesN

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Apr 02, 2020

Jim Chanos Talks Latest Major Short Win And How To Find New Opportunities
Kynikos Associates founder Jim Chanos was a guest on CNBC to share some of his "favorite" short positions and to discuss his most recent major win in Luckin Coffee Inc (NASDAQ: LK)Avoid Chinese Stocks 'Like The Plague'Investors need to simply avoid Chinese stocks "like the plague," Chanos said. Investors were once again "burned" in a Chinese company with unrealistic metrics and "all kinds of odd transactions with affiliates." In Luckin's case, the China-based company has an offshore entity in the Cayman Islands.Chanos said he was short Luckin's stock on the recommendation of fellow short seller Muddy Waters and covered the short position prior to Thursday's market open."Luckin's a great example of -- when people talk about banning short selling or restricting short selling. This stock was being talked about by the fundamental short sellers in the community in January and February as a fraud," Chanos said. "It's one of the things that short-sellers do: They're the real-time financial detectives."See Also: Luckin Coffee Crashes After Company Admits COO 'Fabricated Transactions'Don't Short 'Virus Stocks'Chanos has a list of "30 names" that shouldn't be shorted in the current environment, most of which fall into the "virus stocks" categories. These are companies that are outperforming amid the coronavirus pandemic and would otherwise not necessarily be showing large-scale growth.Some of the names on his list not to short includes Zoom Video Communications Inc (NASDAQ: ZM), Peloton Interactive Inc (NA

Yahoo Business
Apr 02, 2020

‘You can see parallels between Joe and our current president': 'Tiger King' Director
Yahoo Finance's Editor-In-Chief Andy Serwer sat down with Eric Goode, Director of the popular Netflix docuseries ‘Tiger King' to discuss the comparisons between Joe Exotic and President Trump.

Yahoo Business
Apr 02, 2020

Coronavirus could wipe out department stores: former Apple store chief
Ron Johnson, who is the former CEO of J.C. Penney and architect of Apple's retail stores, gives his take on the future of department stores during coronavirus.

Yahoo Business
Apr 02, 2020

The U.S. economy is entering the 'deepest recession on record'
Bank of America economists expect the coronavirus-related recession will be the deepest on record.

Yahoo Business
Apr 02, 2020

How to Invest in a Bear Market According to Behavioral Economists
(Bloomberg) -- Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.Borrowers who lost income from the coronavirus -- already a skyrocketing number, with a record 10 million new jobless claims -- can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But it's not a payment holiday. Eventually, they'll have to make it all up.As many as 30% of Americans with home loans - about 15 million households -- could stop paying if the U.S. economy remains closed through the summer or beyond, according to an estimate by Mark Zandi, chief economist for Moody's Analytics."This is an unprecedented event," said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. "The great financial crisis happened over a number of years. This is happening in a matter of months -- a matter of weeks."Meanwhile, lenders are operating in the dark, with no way of predicting the scope or duration of the pandemic or the damage it will wreak on the economy. If the virus recedes soon and the economy roars back to life, then the plan will help borrowers get back on track quickly. The greater the fallout, the harder and more expensive it will be to stave off repossessions.‘Press Pause'"Nobody has any sense of how long this might last," said Andrew Jakabovics, a former Departme

Yahoo Business
Apr 02, 2020

'We are the last service to be turned off' amid the coronavirus: RingCentral CEO
RingCentral founder Vlad Shmunis details a big uptick in business as people work from home during the coronavirus in an interview with Yahoo Finance.

Yahoo Business
Apr 02, 2020

7 Upgraded Stocks to Buy in April
Stock futures kicked off the overnight session roughly flat Thursday as market participants considered mounting signals of labor market devastation amid the still-escalating coronavirus pandemic.

Yahoo Business
Apr 02, 2020

Stock market news live: Stocks rebound, oil surges even after new jobless claims surge to record high
Stocks rose Thursday as investors shook off earlier concerns after the U.S. Labor Department's report on weekly unemployment insurance claims far exceeded expectations.

Yahoo Business
Apr 02, 2020

Coronavirus job losses hit these states hardest
Unlike last week, more populous states like California and New York saw some of the largest increases in unemployment claims.

Yahoo Business
Apr 02, 2020

Zoom Video's Meteoric Rise Complicated by Privacy Concerns
(Bloomberg) -- Zoom Video Communications has been one of the few stand-outs in the current market, with shares doubling and usage surging during the coronavirus pandemic, but now the company's high profile has raised concerns about user privacy and security.The teleconferencing company has become a favorite business tool as more employees work remotely, but concerns over privacy could complicate that popularity and expose it to new risks. For example, Zoom was recently sued by one user who claimed it is illegally disclosing personal information, and on Wednesday, Reuters reported that SpaceX had banned its employees from using Zoom due to privacy concerns.The issue prompted a blog post from Oded Gal, Zoom's chief product officer, who wrote that "in light of recent interest in our encryption practices, we want to start by apologizing for the confusion we have caused by incorrectly suggesting that Zoom meetings were capable of using end-to-end encryption.""While we never intended to deceive any of our customers, we recognize that there is a discrepancy between the commonly accepted definition of end-to-end encryption and how we were using it," the post read.Shares of Zoom fell 8.4% on Thursday in its fourth straight decline. The stock has slumped about 17% over the four-day decline, though it remains up about 85% thus far this year.Sen. Richard Blumenthal of Connecticut recently said he was considering legislation to ensure that video conferencing services provide sufficient protection, while New York's att

Yahoo Business
Apr 02, 2020

Aurora Cannabis (ACB): A Real Lift or a Dead Cat Bounce?
In mid-March, Aurora Cannabis (ACB) hit a 52-week low of $0.60 per share, with some commentators believing it hadn't hit bottom yet. While it appears a bottom is in, the question going forward is whether or not the company can hold on to some of its recent gains.After hitting its bottom, a little over a week later the company soared to over $1.13 per share, pulling back to $0.85 per share as I write.In this article we'll look at whether or not the company will be able to sustain or increase these gains, and what it would take to do so.The key factor in the near termWithout a doubt the key to short-term growth for Aurora is recreational sales in Canada. If it is able to do well there, it will surprise the market to the upside and give its share price another boost that would have a good chance to hold if there are no negative surprises in its next earnings report.If Aurora is able to match last quarter's recreational pot revenue, it should exceed it by at least several million because of the inclusion of derivative sales in this quarter; that means higher revenue, margins and earnings from those sales. Another element would be if it is able to attract new customers to derivatives, which would represent a significant increase in its performance if the new customers represent meaningful numbers in the reporting period.Add to that the gradual increase in retail outlets to sell in, and it points to a possible solid win in this quarter. The caveat will be if it is in fact able to at least sell as much recreational pot as it did

Yahoo Business
Apr 02, 2020

3 Reasons to Invest In Real Estate During a Recession
In mid-March, Aurora Cannabis (ACB) hit a 52-week low of $0.60 per share, with some commentators believing it hadn't hit bottom yet. While it appears a bottom is in, the question going forward is whether or not the company can hold on to some of its recent gains.After hitting its bottom, a little over a week later the company soared to over $1.13 per share, pulling back to $0.85 per share as I write.In this article we'll look at whether or not the company will be able to sustain or increase these gains, and what it would take to do so.The key factor in the near termWithout a doubt the key to short-term growth for Aurora is recreational sales in Canada. If it is able to do well there, it will surprise the market to the upside and give its share price another boost that would have a good chance to hold if there are no negative surprises in its next earnings report.If Aurora is able to match last quarter's recreational pot revenue, it should exceed it by at least several million because of the inclusion of derivative sales in this quarter; that means higher revenue, margins and earnings from those sales. Another element would be if it is able to attract new customers to derivatives, which would represent a significant increase in its performance if the new customers represent meaningful numbers in the reporting period.Add to that the gradual increase in retail outlets to sell in, and it points to a possible solid win in this quarter. The caveat will be if it is in fact able to at least sell as much recreational pot as it did

Yahoo Business
Apr 02, 2020

Oil majors rush to raise billions in debt as crude prices sink
The world's top oil and gas companies are rushing to raise tens of billion of dollars in debt to help them weather one of the worst downturns in the sector's history while faced with high fixed costs and looming dividend payments. Royal Dutch Shell , BP , France's Total , Norway's Equinor and Austria's OMV have all tapped bond markets this week, raising more than $10 billion according to Reuters calculations. Oil prices sank 65% in the first three months of the year to lows of $22 a barrel as strict movement restrictions imposed around the world to limit the spread of the coronavirus led to a collapse in demand for transportation fuels, while a fight for market share between top producers Saudi Arabia and Russia accelerated price falls.

Yahoo Business
Apr 02, 2020

Boeing to Offer Voluntary Layoffs to Contain Coronavirus Damage
Boeing Co (BA) on Thursday announced the rollout of a voluntary layoff plan for employees as the embattled global aerospace industry is facing a long lasting impact from the coronavirus pandemic.Under the terms of the plan, eligible employees who want to leave the company will be offered pay and benefits packages, Boeing chief executive officer Dave Calhoun said in a memo to more than of its 153,000 employees. Details of the plan are expected to be disclosed over the coming three to four weeks. The move aims to stave off additional workforce actions, Calhoun explained."We're in uncharted waters. We're taking actions based on what we know today," Calhoun said. "It will take time for the aerospace industry to recover from the crisis."Read More: Boeing to Halt Production at Washington State Factory Amid Coronavirus RiskThe consensus of Wall Street analysts view the stock as a Moderate Buy based on 13 Holds, 6 Buys and 1 Sell. Boeing shares have been hit hard from the beginning of the year as its stock plunged more than 60%. (See Boeing's stock analysis on TipRanks) The $211.15 average price target foresees a 64% recovery potential for Boeing shares in the next 12 months. At the same time, Boeing said it will recruit in certain areas to ensure current and future customer commitments are met. The U.S. plane maker will also continue to operate commercial, defense and space, and services programs, it said."We're also doing everything we can ... That means continuing to deliver for our commercial and s

Yahoo Business
Apr 02, 2020

Trump Says Saudis, Russia Will Cut Output After Call With Prince
If Meghan Markle ever decided to pivot into music, her first video should be a nod to Taylor Swift's "Look What You Made Me Do." Except the Duchess' version would sign off with her new out of office message:"Many thanks for your email. The office of the Duke and Duchess of Sussex has now closed."But the former actress, now former-royal, has better things to do than indulge our pop culture fantasies. The January conversation with Queen Elizabeth II that led to the Sussex's shocking announcement that they are stepping away from their royal duties officially goes into effect today. So if you're trying to reach the Sussexes, you're already too late. Meghan and Harry will no longer have an office in Buckingham Palace and they recently let go of their London staff. Palace spokespeople and representatives will no longer act on behalf of the Duke and Duchess, and they can no longer rely on the British Crown to subsidize their private security detail. And as of February, they aren't allowed to go by "royal." The couple will also stop using the Sussex Royal name in their social media or future nonprofit endeavors.Let Meghan and Harry's recent automatic email response be a lesson on how to write a good out of office message and how to properly leave a job. Keep it short and sweet and avoid long-winded explanations. People emailing you don't need to know why you aren't responding, they only need to know not to expect a response. If you're transitioning out of a position, it might be wort

Yahoo Business
Apr 02, 2020

Trump touts 'great' Saudi-Russia oil deal to halt price rout, but details unclear
U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. A senior U.S. administration official familiar with the matter said Trump would not formally ask U.S. oil companies to contribute to the production cuts, a move forbidden by U.S. antitrust legislation.

Yahoo Business
Apr 02, 2020

Trump touts 'great' Saudi-Russia oil deal to halt price rout, details unclear
U.S President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how the cut would work were unclear. Trump said the two nations could cut output by 10 to 15 million barrels per day (bpd) - an unprecedented amount representing 10% to 15% of global supply, and one that would require the participation of nations outside of OPEC and its allies. A senior U.S. administration official familiar with the matter said Trump would not formally ask U.S. oil companies to contribute to the production cuts, a move forbidden by U.S. antitrust legislation.

Yahoo Business
Apr 02, 2020

Trump says he brokered deal with Saudi, Russia for huge oil cuts
U.S President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45%. Trump said he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, and now expected the two nations to cut output by 10 million barrels per day (bpd) - an unprecedented number representing 10% of global supply. Trump said cuts could amount to as much as 15 million bpd but didn't say whether the United States, the world's largest oil producer, would contribute to reductions, a move which is forbidden by U.S. antitrust legislation.

Yahoo Business
Apr 02, 2020

Luckin Coffee COO under investigation after fabricating sales, shares plummet 80%
Shares plummet 80% for China's coffee giant Luckin Coffee after an investigation found that the company's COO fabricated sales. Yahoo Finance's On The Move panel discusses.

Yahoo Business
Apr 02, 2020

Luckin, China's Starbucks Rival, Plunges on Accounting Probe
(Bloomberg) -- Luckin Coffee Inc., the fast-growing Chinese coffee chain, plunged as much as 81% on Thursday after the company said its board is investigating reports that senior executives and employees fabricated transactions.The company's announcement that Chief Operating Officer Jian Liu and employees reporting to him engaged in misconduct casts doubt on the foundations of the Chinese coffee chain's meteoric rise and its emergence as a key competitor to Starbucks Corp.The chain is aiming to reach 10,000 locations by the end of 2021 -- a goal that may now be unattainable. Thursday's share decline erased what had been a 54% gain since the company went public last year.Liu and others have been suspended and investors shouldn't rely on previous financial statements for the nine months ended Sept. 30, the company said. The transactions in question occurred last year and totaled about 2.2 billion yuan ($310 million), according to the filing.Keybanc Capital Markets analyst Eric Gonzalez said that earnings visibility may be limited "for the foreseeable future." In a note to clients, he added "it will take several years for management to repair its credibility."If true, the fabricated sales figure could represent a significant portion of the company's total revenue. Luckin, which has only reported financial data for the second and third quarter of last year after its May public offering, was seen reporting 5.15 billion yuan of revenue for the full year, according to the average of estimates compiled by Bloo

Yahoo Business
Apr 02, 2020

Boeing Weighs Wide-Body Jet Cuts, Plans Buyouts on ‘New Reality'
(Bloomberg) -- Boeing Co. is offering employee buyouts and weighing additional savings measures such as new output cuts, as the coronavirus pandemic threatens to depress aircraft sales for years.While the company has yet to alter production plans, it's taking a closer look at manufacturing rates for wide-body jets amid plunging demand, said a person familiar with the matter. Boeing was already planning to make fewer 787 Dreamliners this year, and is still assessing the rapidly changing market and public health issues as the outbreak guts travel demand and batters airlines."When the world emerges from the pandemic, the size of the commercial market and the types of products and services our customers want and need will likely be different," Chief Executive Officer David Calhoun said in a message to Boeing's 161,000 employees Thursday. "It's important we start adjusting to our new reality now."The move will preserve much-needed cash at Boeing, which along with European rival Airbus SE is facing a sharp contraction in the jetliner market. Airlines around the world have slashed schedules and parked aircraft. About 44% of planes are in storage, according to data provider Cirium. And with global virus cases approaching 1 million, there's no telling when carriers will return to normal schedules, much less start buying jets again."As painful as it is going to be, Boeing needs to reduce workers," said Nick Cunningham, an analyst at Agency Partners based in London, adding that salaries make up the biggest portio

Yahoo Business
Apr 02, 2020

Walgreens Beats Quarterly Earnings Bets as U.S. Pharmacy Sales Boom
U.S. drugstore chain operator Walgreens Boots Alliance Inc. (WBA) reported on Thursday second-quarter earnings above analysts' expectations as consumers stock up on over-the-counter medicine, prescriptions, cleaning and hygiene products.Walgreens said that the impact from the coronavirus pandemic began at the end of the second quarter and was not "material" to overall results. Looking ahead Walgreens cautioned that to date the company was not in a "position to accurately forecast the future impacts."In the second quarter ended Feb. 29, Walgreens net income fell to $946 million, or $1.07 per share, from $1.16 billion, or $1.24 per share, in the year earlier period. Walgreens posted adjusted EPS of $1.52,  beating the EPS of $1.46 analysts were expecting.Revenue grew to $35.82 billion, from $34.53 billion last year versus the $35.27 billion analysts expected. U.S. retail pharmacy sales rose 3.8% to $27.2 billion in the quarter from the same period a year ago.Wall Street analysts have a Hold consensus rating for the drugstore chain based on 5 Holds and 1 Sell. The $57.17 average price target implies a potential 40% gain in the shares should the target be met. (See Walgreens stock market analysis)In addition, Walgreens confirmed that the drugstore chain was on target to generate more than $1.8 billion in annual cost savings by fiscal 2022. Net cash provided by operating activities was $1.4 billion in the second quarter and free cash flow was $1.1 billion.Walgreens declared a quarterly divi

Yahoo Business
Apr 02, 2020

Trump says oil output cut could be as high as 15 million barrels a day
U.S. President Donald Trump on Thursday said he had spoken to Saudi crown prince Mohammed bin Salman and that he expects Saudi Arabia and Russia to cut oil output by as much as 15 million barrels per day, as the two countries signaled willingness for a deal. In a pair of tweets, Trump initially said the cut would be about 10 million barrels a day, before later raising the figure. Trump did not specify that the cuts referred to barrels per day, but that is the most common expression of supply and demand for oil.

Yahoo Business
Apr 02, 2020

Cuomo: Rapid tests could be a way to get people back to work
New York Governor Cuomo believes rapid tests could be the answer to get people back to work while still managing the coronavirus pandemic

Yahoo Business
Apr 02, 2020

Home Lenders Brace for Up to 15 Million U.S. Mortgage Defaults
(Bloomberg) -- Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.Borrowers who lost income from the coronavirus -- already a skyrocketing number, with a record 10 million new jobless claims -- can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But it's not a payment holiday. Eventually, they'll have to make it all up.As many as 30% of Americans with home loans - about 15 million households -- could stop paying if the U.S. economy remains closed through the summer or beyond, according to an estimate by Mark Zandi, chief economist for Moody's Analytics."This is an unprecedented event," said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. "The great financial crisis happened over a number of years. This is happening in a matter of months -- a matter of weeks."Meanwhile, lenders are operating in the dark, with no way of predicting the scope or duration of the pandemic or the damage it will wreak on the economy. If the virus recedes soon and the economy roars back to life, then the plan will help borrowers get back on track quickly. The greater the fallout, the harder and more expensive it will be to stave off repossessions.‘Press Pause'"Nobody has any sense of how long this might last," said Andrew Jakabovics, a for

Yahoo Business
Apr 02, 2020

Luckin Coffee shares fall 81% after board suspends COO for alleged 'fabricated transactions'
Luckin Coffee's board alleges the COO and others booked $310 million in fabricated transactions.

Yahoo Business
Apr 02, 2020

Walgreens Slumps After Executives Flag Downturn in Sales
(Bloomberg) -- Walgreens Boots Alliance Inc. sank after executives said sales have started to decline at its drugstores as a result of the coronavirus pandemic, though the full impact on its business won't be known for months.U.S. consumers had raced early last month to stock up on drugs, cleaning supplies and toilet paper as they prepared to stay at home to avoid getting or spreading Covid-19. Now, that rush appears to be ebbing.In the first three weeks of March, Walgreens' comparable sales rose about 26%, Chief Financial Officer James Kehoe said on a call Thursday with Wall Street analysts, adding that health and grocery sales surged while discretionary categories like beauty slumped. However, sales began to fall in the last 10 days of March, declining at a mid-teens percentage rate."Obviously, if this trend continues for an extended period, it will quickly offset the sales uplift seen in the first 21 days of March," Kehoe said.Kehoe said the pharmacy business experienced similar trends, though less pronounced, with patients refilling prescriptions early.Shares fell 7% to $40.01 at 10:27 a.m. in New York. Since the beginning of 2020, the stock had declined 27% through the close of trading Wednesday.Earlier Thursday, Walgreens posted better-than-expected results for its second quarter but cautioned that the Covid-19 pandemic makes the future uncertain. The Deerfield, Illinois-based company said it would update its financial guidance in its next quarterly report. Previously, it had projected roughly fl

Yahoo Business
Apr 02, 2020

China, emerging markets may be on the leading edge of this rebound: strategist
Jeffrey Kleintop, Charles Schwab Chief Global Investment Strategist, joins Yahoo Finance's Alexis Christoforous, Brian Sozzi and Heidi Chung to discuss the coronavirus impact on the economy.

Yahoo Business
Apr 02, 2020

Elon Musk's SpaceX Bans Employee Use Of Zoom: Report
Tesla (NASDAQ: TSLA) CEO Elon Musk's rocket company SpaceX is banning employees from using video conferencing app Zoom Video Communications (NASDAQ: ZM), citing "significant privacy and security concerns," Reuters reported Wednesday. On Monday, the New York Times reported that the office of the New York Attorney General is probing Zoom's data privacy and security practices.In a letter to Zoom, the AG's office asked the telecommunications company what security measures it has taken in light of the increased traffic on its network, according to the Times.Zoom Video shares were down 10.44% at $122.70 at the time of publication Thursday. The stock has a 52-week high of $164.94 and a 52-week low of $59.94.Related Links:Zoom Shares Drop As New York Attorney General Looks Into Company's Privacy, Security PracticesZoom Video Falls Despite Q4 Earnings Beat, Strong GuidancePhoto courtesy of SpaceX. See more from Benzinga * Why Zoom Video's Stock Is Trading Higher Today * Why Zoom Video's Stock Is Trading Higher Today * Zoom Video Falls Despite Q4 Earnings Beat, Strong Guidance(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Yahoo Business
Apr 02, 2020

Besides coronavirus, vulnerable seniors face 2 other challenges
As if the health concerns from the coronavirus crisis weren't enough, advocates are warning that senior citizens also are facing a web of other worries as the global pandemic continues to worsen.

Yahoo Business
Apr 02, 2020

Southwest Airlines to apply for U.S. government aid as demand craters
Half of $50 billion in available aid for U.S. airlines is in the form of grants that would cover employee payroll through Sept. 30. The deadline to send applications to the U.S. Treasury department for the grants is Friday at 5:00pm ET. "We have a team focused on that as we speak," Kelly said.

Yahoo Business
Apr 02, 2020

U.S. Mortgage Rates Fall While Housing Market Grinds to a Halt
Market forces rained on the parade of Arconic Inc. (NYSE:ARNC) shareholders today, when the analysts downgraded their...

Yahoo Business
Apr 02, 2020

Wells Fargo: 2 Big 11% Dividend Stocks to Buy (And 1 to Avoid)
Stock markets fell 4.4% yesterday, marking the third session in a row of losses. The declines haven't erased the gains from last week's bullish trading, but they put a damper on investors' enthusiasm. There's a feeling of gloom; President Trump has said that the country and economy are in for a hard two weeks in the first half of April as the coronavirus epidemic peaks in the States, and he walked back his previously stated hope to see the country ‘get back to work' by mid-month. No one is certain what the near-term holds, except that times are bad.It's in times like these that investors, when they buy, start looking that much harder at dividend stocks. With share prices dropping, and interest rates cut to near zero, stock dividends are the surest form in asset returns available today - and those low share prices have brought down the initial cost of entry.Investment bank Wells Fargo has been following the markets, the bank's stock analysts are coming to the plain conclusion: get into dividends now. In a series of reports released in February and March, the firm's stock researchers outline several low-cost, high-return dividend stocks that investors need to consider - and also one that may be too risky to try. We've pulled the details from the TipRanks database, so let's find out what makes these stock moves so compelling.Oaktree Specialty Lending (OCSL)We'll start in the financial sector, appropriate when the financial world seems to be crumbling around us. But there is hope. Oaktree focuses on specialty finance, offe

Yahoo Business
Apr 02, 2020

Luckin, China's Starbucks Rival, Plunges 81% on Accounting Probe
(Bloomberg) -- Luckin Coffee Inc. plunged as much as 81% on Thursday after the company said its board is investigating reports that senior executives and employees fabricated transactions.The company's announcement that Chief Operating Officer Jian Liu and several employees reporting to him engaged in misconduct casts doubt on the foundations of the Chinese coffee chain's meteoric rise and its emergence as a key competitor to Starbucks Corp.Liu and others have been suspended and investors shouldn't rely on previous financial statements for the nine months ended Sept. 30, the company said. The transactions in question occurred last year and totaled about 2.2 billion yuan ($310 million), according to the filing."Certain costs and expenses were also substantially inflated by fabricated transactions during this period," Luckin said, while noting the special board committee investigating the matter hasn't independently verified the figure.The coffee chain, founded in 2017, operated about 4,500 stores by the end of 2019 in China, and has aimed to upset Starbucks' dominance of the Chinese market. Its goal had been to open 10,000 stores by the end of 2021.The shares plunged after Muddy Waters tweeted on Jan. 31 that the company had a short on the stock after it received what it called a "credible" unattributed 89-page report that alleged accounting issues with the chain and a broken business model. Luckin Coffee denied the allegations.That followed the company raising $778 million from a share sale and

Yahoo Business
Apr 02, 2020

What Is Wells Fargo's (NYSE:WFC) P/E Ratio After Its Share Price Tanked?
Unfortunately for some shareholders, the Wells Fargo (NYSE:WFC) share price has dived 34% in the last thirty days...

Yahoo Business
Apr 02, 2020

Revenue Downgrade: Here's What Analysts Forecast For Valero Energy Corporation (NYSE:VLO)
The latest analyst coverage could presage a bad day for Valero Energy Corporation (NYSE:VLO), with the analysts making...

Yahoo Business
Apr 02, 2020

3M Ramps up Mask Production, but Still Can't Meet Demand
Shares of Sysco Corporation (NYSE: SYY) were lower by around 13% Wednesday afternoon following a Tuesday New York Post report which suggested the food distributor giant temporarily stopped selling fresh meat and produce.Sysco's Memo To Customers Food wholesalers and distributors are scrambling to alter their business model to account for major losses at restaurants, hotels, schools and other large institutions, according to the Post.Sysco, the country's largest food distributor, told its non-supermarket customers in a memo that it will focus on frozen chicken, beef, seafood and vegetables "for the interim period."Sysco also said in its memo that it will no longer deliver products on Saturdays and no longer accept returns, the Post said.The company can no longer guarantee shipping dates, as it is looking to save on transportation costs by consolidating shipping routes, the report said. In addition, a company filing confirmed it fired and furloughed workers across sales, warehouse, transportation and functional support teams.'Less Pressure To Sell It Quickly'A Sysco customer told the Post it believes the food distributor is "afraid to bring in too much fresh food, because they don't know what the need will be."On the other hand, distributing frozen meats has its advantages, including cheaper costs compared to fresh, David Bishop, a partner at supermarket consultant Brick Meets Click, told the Post."There is also less pressure to sell it quickly and it protects Sysco and the customer from the product goi

Yahoo Business
Apr 02, 2020

Cramer Shares His Thoughts On Procter & Gamble, Virgin Galactic And More
Stock futures kicked off the overnight session roughly flat Thursday as market participants considered mounting signals of labor market devastation amid the still-escalating coronavirus pandemic.

Yahoo Business
Apr 02, 2020

How Does United Technologies's (NYSE:UTX) P/E Compare To Its Industry, After The Share Price Drop?
Unfortunately for some shareholders, the United Technologies (NYSE:UTX) share price has dived 31% in the last thirty...

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