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Showing posts from March, 2020

Argentina to continue talks with creditors after missing deadline -economy minister

BUENOS AIRES -- Argentina will continue talks this week and next with creditors over restructuring its $83 billion in foreign debt, Economy Minister Martin Guzman said at a press conference on Tuesday, after Argentina missed the March 31 deadline it had set previously. Read More from Financial Post https://ift.tt/3bEyTUh
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CannTrust To Be Delisted From NYSE And TSE

Canadian cannabis company CannTrust Holdings Inc. (NYSE: CTST) (TSE:TRST) has acceded to creditor protection under CCAA.Trading of CannTrust has been stopped on the Toronto Stock Exchange and in New York. The company is expected to be delisted from both exchanges as a result of filing the for creditor protection.CannTrust stated that this decision was taken in order to preserve the companies best interest."While today's news was a foregone conclusion, in my view, it is a stark reminder of how this industry and its actors are beholden to higher standards than most consumer product categories," Matt Markiewicz, Managing Director of Innovation Shares, which is behind the Cannabis ETF (NYSE: THCX), told Benzinga. "There should be no gray area when compliance is involved and CannTrust, along with its investors, have now paid a heavy price for violating Health Canada's rules."See Also: How Legalizing Cannabis Could Ease Government Shortfalls Once Coronavirus Pande...
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U.S. plans to lease space to energy companies to store oil in emergency reserve

NEW YORK/WASHINGTON -- The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump's directive to fill the facility to capacity, two industry sources said. Read More from Financial Post https://ift.tt/2JqvAnI
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Everything you need to know about furloughs—and what they mean for workers during coronavirus

Subscribe to Outbreak , a free daily newsletter roundup of stories on the coronavirus pandemic—and its impact on global business. Monday brought more bad news for American workers, as companies continue to lay off workers to cope with the economic damage of the coronavirus outbreak and the related lockdown. This time, Macy’s made the biggest headlines with the news that it will be furloughing the majority of its 130,000 employees . The department store giant—which also owns and operates Bloomingdale’s and Bluemercury—said that despite continuing to sell items online, it has “lost the majority of our sales” since closing all of its stores on March 18. But Macy’s is far from alone. Gap Inc. also announced that it would be furloughing most of its retail workers in the U.S. and Canada on Monday—“pausing pay but continuing to offer applicable benefits until stores are able to reopen,” the company said in a press release. And dozens of companies as diverse as Marriott, General Electric...
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Edgewater Announces Delay in Filing Under CSA Instrument Governing Relief under COVID-19 Duress

OTTAWA -- Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF) has announced that due to circumstances created by the COVID – 19 pandemic it will not be filing its Financial Statements for the Three and Nine Months ended January 31, 2020 by the scheduled due date of March 31, 2020 (as required by section 4.4(b) of National Instrument 51-102), nor will the Management Discussion and Analysis covering the same period be filed by it scheduled due date (as required by section 5.1(2) of National Instrument 51-102). Read More from Financial Post https://ift.tt/2JpshwW
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Challenging Times Ahead for Boeing Stock; 5-Star Analyst Slashes Price Target

It has been a rollercoaster month for investors of beleaguered airline Boeing (BA). To recap: the stock dropped during the first three weeks of March all the way down to $95 per share, an amazing loss of 66%. However, last week’s relief rally saw the share price reclaiming 70% of its value. Will the volatility continue? Possibly, as there are currently a wide variable of unknowns concerning the A&D giant’s future.Nevertheless, Credit Suisse’s Robert Spingarn slashed his price target on Boeing shares to $187 (from $367), which still implies about 23% upside from current levels. Despite the profit potential, the analyst can't quite see his way clear to actually recommending "buying" BA stock, assigning the shares only a "neutral" rating. (To watch Spingarn’s track record, click here)Questions have been raised concerning Boeing’s financial health, following a request for $60 billion in federal aid to assist its ailing ecosystem. Last week’s developments, along ...
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Shell drops out of major U.S. LNG project, Energy Transfer delays decision

Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP, delaying its final decision on whether to go ahead with the project to next year. Read More from Financial Post https://ift.tt/341uJ6n
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Brazil’s Bolsonaro urges no more coronavirus quarantine, says jobs being lost

BRASILIA/RIO DE JANEIRO -- Brazil's President Jair Bolsonaro said on Monday that there can be no more quarantine measures imposed on the country than those already in place to combat coronavirus because jobs are being destroyed and the poor are suffering disproportionately. Read More from Financial Post https://ift.tt/2UOH2yL
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China’s coronavirus propaganda has shifted dramatically, report finds

As news of a coronavirus outbreak in China’s Wuhan province began to appear in Western news outlets in January, the country’s state-run media initially struck a tone of reassurance and transparency with hashtags like #wuhancoronavirus and #wuhanpneumonia. By February, such messaging had disappeared. According to a new report by interent security firm Recorded Future, Chinese authorities have directed two abrupt shifts in the English language media it produces. The first shift skirted facts about the disease’s spread and origins in favor of social media posts that praised the response of the government and President Xi Jinping. Then, starting in late February, such posts took on a more aggressive tone, accusing the West of xenophobia and casting doubts on the virus’s origins. The shift in message can be seen in the social media posts below, provided by Recorded Future. The first is in early January and the second is on February 29: COVID-19 'may not originate in China' C...
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What Is Alpha Pro Tech's (NYSEMKT:APT) P/E Ratio After Its Share Price Tanked?

Of late the Alpha Pro Tech (NYSEMKT:APT) share price has softened like an ice cream in the sun, melting a full 47... from Yahoo Finance https://ift.tt/2WPxUwn
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Trump backs off plan to reopen businesses by mid-April amid coronavirus warnings

WASHINGTON/ LOS ANGELES -- President Donald Trump on Sunday extended his stay-at-home guidelines until the end of April, dropping a hotly criticized plan to get the economy up and running by mid-April after a top medical adviser said more than 100,000 Americans could die from the coronavirus outbreak. Read More from Financial Post https://ift.tt/2wKnljy
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Oil Plummets to 17-Year Low as Broken Market Drowns in Crude

(Bloomberg) -- Crude dropped to its lowest in 17 years as virus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and an unmanageable surplus.Futures in London fell as much as 7.6% to their lowest since November 2002 while also slumping in New York to trade below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of coronavirus restrictions eroding demand while Saudi Arabia and Russia dig in their heels over a damaging war for market share.The kingdom said on Friday that it hadn’t had any contact with Moscow about output cuts or enlarging the OPEC+ alliance of producers. Russia also doubled down, with Deputy Energy Minister Pavel Sorokin saying oil at $25 a barrel is unpleasant, but not a catastrophe for Moscow.“Demand concerns are critical but well known, what really took the market down were the signals we got from Saudi Arabia and Russia that they intend to continue their current path,” s...
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Asia shares under threat as futures fall early

Asian share markets looked set for a rocky start on Monday as U.S. stock futures took an early spill amid fears the global shutdown for the coronavirus could last for months, doing untold harm to economies. Rodrigo Catril, a senior FX strategist at NAB, said the main question for markets was whether all the stimulus would be enough to help the global economy withstand the shock. "To answer this question, one needs to know the magnitude of the containment measures and for how long they will be implemented," he added. from Yahoo Finance https://ift.tt/33TXxxH
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Stocks poised to extend losses Monday as coronavirus deaths could reach 200,000

Stocks were poised to extend losses Monday as the coronavirus pandemic deepened over the weekend, with the U.S. death toll escalating. from Yahoo Finance https://ift.tt/3att4Jd
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BP Stock Doesn’t Deserve Any of Your Investing Capital

Both the supply and demand sides of the equation spell trouble for Big Oil today. Holders of BP (NYSE:BP) stock have suffered staggering losses amid the energy-sector rout. Some audacious traders might wonder if this is the time to grab some cheap shares and hope for the best.Source: FotograFFF / Shutterstock.com That's an ill-advised strategy.Russia and Saudi Arabia are embroiled in a vicious oil-price war. The coronavirus from China is pummeling demand. There's little hope for a swift recovery in BP stock, and the prospect of a dividend cut only makes the future look bleaker. Yet, even while BP should be cutting costs, the company's new chief executive is proposing a major vision shift that could cost the company billions.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Big Plans, Few DetailsBernard Looney, who has only been BP's chief executive since February, has already made the headlines with an ambitious plan. It's probably the boldest clean...
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Refiners Are Having To Pay To Produce Gasoline

As the challenges continue to mount for the oil industry, plummeting gasoline demand is wreaking havoc on refining margins from Yahoo Finance https://ift.tt/39k72r6
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Coronavirus live: Worldwide Covid-19 toll passes 30K

Coronavirus live: Worldwide Covid-19 toll passes 30KMore than 30,000 people have died worldwide in the coronavirus pandemic, two-thirds of them in Europe. In total, 30,003 lives have been lost with 21,334 of those in Europe where Italy has the highest number of fatalities with 10,023 deaths, followed by Spain with 5,690. from Economic Times https://ift.tt/3atlOwS
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China’s $30 Trillion Market Promise Beckons Global Wealth Firms

(Bloomberg) -- China’s trillion dollar asset-management market opens wider this week, forcing BlackRock Inc., Vanguard Group Inc. and other global firms to make a strategic decision: Go it alone or work with an entrenched local partner.While the further liberalization of the investment banking and money management industries in China has been overshadowed by the coronavirus crisis, wealth firms are nonetheless laying out plans to tap a market poised to reach $30 trillion in assets by 2023, according to consultant Oliver Wyman.Starting April 1, they can apply for licenses to set up wholly-owned mutual fund management firms for the first time. Vanguard and BlackRock are among firms going that route, people familiar have said. Other options include boosting ownership of existing joint venture partnerships to 100%, as JPMorgan Chase & Co. plans to do, people familiar have said.“With so many license options and changing policies, one of the biggest questions all foreign players face is ...
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Exxon’s Safe Dividend Makes XOM Stock a Bargain Right Now

Exxon (NYSE:XOM) pays $3.48 per share in dividends to its shareholders. Will the dividend be cut? So far, not. So the dividend yield for XOM stock is 9.8%. This is a rare bargain.Source: Harry Green / Shutterstock.com Exxon has made no statement that it is cutting the dividend since the coronavirus pandemic ramped up. In fact, since the price of oil fell out of bed in the past two months, it has not indicated any such cut.It has been almost two months since Jan. 29 when Exxon last declared a $0.87 per share dividend. Moreover, this is the fourth quarterly dividend for XOM stock at this rate.InvestorPlace - Stock Market News, Stock Advice & Trading TipsExxon usually increases its quarterly dividend by the fifth quarter. The next quarterly dividend is not likely to be declared until late April or early May. * 10 Stocks to Buy That Will Benefit From Coronavirus Mayhem So if Exxon was going to signal a dividend cut it will happen within the next month or so. So far no bad news. Exxon C...
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3 Reasons F Stock Can Bounce Back From an Economic Downturn

There were some announcements by Ford (NYSE:F) last week that, combined with other tailwinds, helped spark a 15% in F stock Wednesday.Source: Proxima Studio / Shutterstock.com First, the company said it will be doing its part to ensure that hospitals have the medical equipment they need to fight the coronavirus pandemic.The company is working with General Electric (NYSE:GE) subsidiary GE Healthcare to produce hospital ventilators that can be mass-produced. Ford also plans to begin manufacturing full-face shields for hospital workers and first responders. The company plans to produce up to 100,000 protective shields per week.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAnd the sentiment toward F stock rose even higher after lawmakers reached a tentative agreement on the $2 trillion economic stimulus package. This was good news for the automaker and gave investors some much-needed relief. * 10 Stocks to Buy That Will Benefit From Coronavirus Mayhem The COVID-19 crisi...
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Benzinga's Bulls And Bears Of The Week: Boeing, Netflix, Nike, Target And More

* Benzinga has examined the prospects for many investor favorite stocks over the past week. * Bullish calls included a beleaguered aerospace giant, video streaming leader and a top retailer. * Bearish calls included a big bank and a leading electric vehicle maker.Despite a rough close on Friday, we saw a bear market rally last week, with the Dow Jones industrials ending more than 16% higher, the Nasdaq up over 9% and S&P 500 in between. Agreement on an economic stimulus package prompted the optimism, but the COVID-19 pandemic continued to dominate the headlines and among other things was responsible for record jobless claims last week.As usual, Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are some of this past week's most bullish and bearish posts that are worth another look.Bulls In Shanthi Rexaline's "Boeing Analyst Turns Bullish After Deep Sell-Off," see why a key analyst found something to like about Boei...
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Hedge Funds Aren’t Crazy About Yamana Gold Inc. (AUY) Anymore

We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […] from Yahoo Finance https://ift.tt/39omRwQ
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FDA greenlights COVID-19 point-of-care test

The U.S. Food and Drug Administration approved a portable swab test which can provide results for the coronavirus in less than 15 minutes. from Yahoo Finance https://ift.tt/3bvhZaH
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As U.S. virus cases exceed 100,000, doctors decry scarcity of drugs and equipment

NEW YORK -- Doctors and nurses on the front lines of the U.S. coronavirus crisis pleaded on Friday for more protective gear and equipment to treat waves of patients expected to overwhelm hospitals as the number of known U.S. infections surpassed 100,000, with more than 1,600 dead. Read More from Financial Post https://ift.tt/3arg72v
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Mexico’s automakers want to delay USMCA rules, cite coronavirus, lack of time

MEXICO CITY -- Groups representing Mexico's automakers and car parts suppliers are lobbying for regional content rules in the new North American trade agreement to be implemented in 2021 instead of on June 1 this year as scheduled, according to an industry letter seen by Reuters. Read More from Financial Post https://ift.tt/2WN9X9c
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