Beyond Meat has announced it will offer its Beyond Burger in more than 1,700 Denny’s locations across the U.S. and Canada. Yahoo Finance’s Alexis Christoforous and Brian Sozzi discuss on The First Trade.
My study of past bear markets revealed a number of themes, each of which points to the March low being broken in coming weeks or months. While the market's rally since its March 23 low has been explosive, it's not unprecedented. Since the Dow Jones Industrial Average (DJIA) was created in the late 1800s, there have been 38 other occasions where it rallied just as much (or more) in just as short a period — and all of them occurred during the Great Depression.
The last time U.S. exchanges closed for a holiday seems like ages ago. It was Feb. 17, Presidents Day, a federal holiday. Then, the coronavirus hadn't scratched the Dow Jones Industrial Average and other U.S. benchmark indexes, which were still roaring to record highs.
When markets were in freefall under the pressure of coronavirus last month, Gregory Perdon was tempted to fall back on a tried-and-tested maxim that has assured investors a healthy profit for the past decade. “Every portfolio manager is mindful of the mantra to 'buy the dip',” said the co-chief investment officer at London-based private bank Arbuthnot Latham. “Initially, I thought this would be a V-shaped recovery,” he said — a speedy return to health for the global economy and the capital markets after a short spell of distress triggered at the end of February by virus outbreaks and lockdowns in Europe.
Long term, I'm hopeful; short term, I'm uncertain,” he told the business channel. The disease, which was first identified in Wuhan, China, in December and has infected nearly 1.5 million people worldwide, has forced the shutdown of personal and business activity, including the NBA, in an attempt to curb the spread of the contagion. Cuban's comments came as S&P 500 index (SPX) technically entered a bull market, having now risen 20% from the recent low put in on March 23.
In late February, Bill Ackman began worrying about the approaching coronavirus pandemic. Instead, working from his study at home, Mr Ackman made a series of trades designed to “hedge” Pershing Square's portfolio, that is, to protect it in the event of a market sell-off. Within a month, the trade had reaped $2.6bn of profits, captivating the hedge fund world and thrusting one of its most controversial stars back into the limelight.
Fundstrat Global Advisors Managing Partner & Head of Research Tom Lee of joins Yahoo Finance's Zack Guzman to discuss the market outlook as coronavirus cases in the U.S. surpass 450,000.
Investors have a golden opportunity to grow their “buying power” by scooping up high-quality companies. That's according to Dev Kantesaria, who founded hedge fund company Valley Forge Capital Management in 2007. The best protection in a downdraft like this is to own the highest-quality businesses on the planet,” he said in an interview.
With the S&P 500 surging more than 10% for the week ending April 9 to wrap up its best weekly gain since 1974, investors might be giving more credence to the belief that the worst of the stock market rout is over. If history is any indication, according to Fundstrat Global Advisors Managing Partner Tom Lee, stocks could be setting up for an even more “fierce recovery.” Looking at the last 10 such occurrences stretching back over the past two centuries, Lee points out striking symmetries between the time to recover losses and how quickly stocks moved from top to bottom.
The NBA Dallas Mavericks owner said that while he is "hopeful" for the long-term, the market could see another coronavirus-caused slump in the short-term. As for his stock bets, he continues to hold Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. (NASDAQ: AMZN). "If I'm wrong and the market keeps on going up, my core holdings, Netflix and Amazon, are going to continue to do well," the Broadcast.com founder said at the CNBC show.
For now, OPEC+ has agreed to cut oil production by 10 million bpd in May and June, then slow cuts to 8 million bpd for the rest of 2020, and to 6 million bpd for all of 2021 and through April 30, 2022, according to a statement from OPEC. The baseline for the cuts is oil production as of October 2018, except for Saudi Arabia and Russia, which both have a baseline of 11 million bpd. But OPEC+ has realized its own cuts aren't enough, with Saudi Arabia and Russia looking for support outside the group.
Denver-based Whiting Petroleum Corp. (NYSE: WLL) brought the first major exploration and production bankruptcy of the latest down cycle to Houston. The oil and gas industry is contending with twin pressures from both the supply side and demand side of the industry, and while analysts think there are likely many more bankruptcies to come this year, Whiting marks the front of the pack. Whiting is bringing $7.64 billion in assets and $3.61 billion in debt to the Southern District of Texas Bankruptcy Court, according to the bankruptcy filing.
Executive Summary: Three weeks ago I predicted that the U.S. death toll from COVID-19 would reach 20,000 by April 15th. In this article I will tell you what you should expect next. Article: I saw this coronavirus pandemic coming back in February.
The deal by the group of nations known as OPEC+, which dwarfs previous interventions and has been encouraged by U.S. President Donald Trump, is also aimed at ending the price war between Riyadh and Moscow that helped pushed oil down to the lowest in almost two decades. The deal is conditional on the consent of Mexico, which was the only participant not to agree to the proposal, OPEC said in a statement released after more than nine hours of talks via video link Thursday. Saudi Arabia and Russia, the biggest producers in the group, would each take output down to about 8.5 million a day, with all members agreeing to cut supply by 23%, one delegate said.
As some auto insurance companies start giving refunds and credits to commuters stuck at home during the coronavirus outbreak, there's an easy way drivers with other carriers can catch the same break — just pick up the phone and ask. ***On Thursday, State Farm, the country's largest auto insurer, said it was giving policyholders an approximate 25% credit on premiums paid between March 20 and May 31; the credit from the country's largest auto insurer will be returning $2 billion to policy holders on 40 million vehicles. The list includes Allstate and Liberty Mutual, which are issuing 15% refunds on premiums, according to announcements earlier this week.
Postponed federal tax payment deadlines Individual taxpayers can defer until July 15 federal income tax payments that would otherwise be due on April 15. This relief covers any remaining amount owed with your 2019 Form 1040 and any estimated 2020 tax payment that would otherwise be due on April 15 Ditto for federal income tax payments that would otherwise by due on April 15 for C corporations, trusts, and estates that use the calendar year for tax purposes. Individuals who owe federal gift tax and generation-skipping transfer tax (GSTT) for the 2019 tax year can defer payments of those taxes that would otherwise be due on April 15.
During a question-and-answer session on social-media platform Reddit, the founder of hedge fund Bridgewater Associates underscored a point that he's made in the past, but one that has more resonance as the infectious disease that was first identified in Wuhan, China in December wreaks havoc on global economies and forces central banks and governments to unfurl an array of unprecedented fiscal and monetary stimulus efforts. This money printing and government borrowing, Dalio, argued in a July article on LinkedIn, has sowed the seeds for coming inflation, a major shift from the persistently low inflation that has marked the past two decades.
's (BRKA) sold a substantial amount of (BK) stock. Subsidiaries of Berkshire Hathaway (ticker: (BRKA)) sold a total of 869,103 (BK) shares (BK) on April 7 and 8 for $30.9 million. According to a form Buffett's company filed with the Securities and Exchange Commission, Berkshire Hathaway now has overall ownership of 88.1 million shares of the bank.
With shares now trading at just $0.17, the reverse split is intended to increase the per share trading price to satisfy the $1 minimum bid price requirement for continued listing on the NYSE. As a result of the reverse stock split, every 50 to 200 (as determined by the company's board) shares of CHK's common stock will automatically combine into one share, and the number of shares of common stock outstanding will be accordingly reduced. If approved by shareholders, the split will become effective at 5PM April 14, 2020, with trading of the split-shares resuming under the existing trading symbol “CHK” on April 15, 2020.
It's a scenario that could be detrimental to anyone's finances, especially if they're nearing retirement. At least 1.2 million people age 55 and older were unemployed in March, up from just about 1 million in February, according to seasonally adjusted figures from the Bureau of Labor Statistics. The unemployment rate, which is the number of people in the workforce divided by the number of those who are unemployed, for this demographic was 3.3, up from 2.6 the month before.
Oil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an accord for a collective cut in output of 10 million barrels per day, before asking other nations for a further 5 million bpd of cuts. The United States has encouraged global cooperation to bolster an oil market that collapsed as the coronavirus pandemic accelerated in March and producers resorted to a price war after failing to agree on how to prop up prices. Oil prices tumbled on Thursday despite OPEC+ nearing agreement as the lockdowns ordered across the world sucked life out of the global economy, and traders reckoned that even a combined reduction of 15 million bpd would be too little to stabilise the market.
Pfizer stock jumped Thursday after the pharma giant identified a potential coronavirus treatment and inked a deal with BioNTech for a vaccine. Early studies show the experimental coronavirus treatment, an antiviral drug, could prevent the SARS-CoV-2 virus from replicating. That would stop Covid-19 from taking hold.
Oil prices briefly traded higher on Thursday after OPEC+ members, including Russia and Saudi Arabia, reached a preliminary deal to cut oil output. The deal is to cut oil production by 10 million barrels per day for two months beginning May 1, according to Amenda Bakr, deputy bureau chief at Energy Intel. The oil producers would then cut production by 8 million barrels per day from July to December and 6 million barrels per day for the period of January 2021 to April 2022.
The Nasdaq, which had halted Luckin trading with a “news pending” alert, has now changed that status to “additional information requested.” Luckin last week disclosed an internal investigation into alleged misconduct by Chief Operating Officer Jian Liu, saying his team may have fabricated sales that could represent a significant portion of the company's revenue last year. This has sparked the worst crisis in confidence for Chinese companies listed in the U.S. since a decade ago.
If only the California Public Employees Retirement System had stuck with the plan. Instead, Calpers, as the fund is known, removed one of its two hedges against a bear market just weeks before the viral outbreak sent stocks reeling, according to people familiar with its decision. The fund had incurred hundreds of millions of dollars in premium-like costs for those investments.