Mar.18 -- A more than week-long slide in the municipal bond market is driving state and local debt to its largest loss since 1987. Bloomberg’s Taylor Riggs reports on this week’s “Muni Moment” on "Bloomberg Markets."
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.
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.
At times like this it must be a relief to have some of your retirement portfolio managed by Warren Buffett. Granted, Buffett and Berkshire Hathaway Vice Chairman Charlie Munger aren't the spring chickens they were during the dot-com crash or the global financial crisis, when they were spry youngsters in their 70s and early 80s. The company press office says Buffett is not planning to speak in public before May.
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.
Like the big cats on the Netflix sensation Tiger King, refinances are roaring — while mortgage rates slink back near their lowest levels in history. As homeowners grab low rates by the tail to cut their monthly house payments, mortgage refinances have rebounded, a trade group says. For every $100,000 borrowed through a 30-year mortgage in 2020, you pay about $60 a month less than you would with a loan that was taken out 2019 when rates were higher, LendingTree chief economist Tendayi Kapfidze said recently.
Brace for another selling wave in the markets, numerous veterans of Wall Street tell Yahoo Finance. So much for the “rebalancing rally” in stocks that has erupted this past week. Is the market going down 50% a la the dot com bubble?
There aren't a lot of investors who can say they warned clients about the coronavirus crisis and eventual 30% stock market collapse, but hedge fund founder Dan Niles is certainly one of them. In a February letter obtained by Yahoo Finance sent to clients of his long-short Satori Fund, Niles warned he was becoming “increasingly worried” that central bank accommodativeness was overshadowing the impact that COVID-19 would have on the global economy. After adjusting his position before the S&P 500 fell by more than 30%, his Satori Fund finished the first quarter in the green.
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.
Stock markets fell 4.4% yesterday, marking the third session in a row of losses. 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. It's in times like these that investors, when they buy, start looking that much harder at dividend stocks.
Oil prices rocketed Thursday, posting the largeset percent increase ever, after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output. But the initial surge cooled after Russia denied it had spoken with Saudi Arabia, the world's biggest exporter of crude. After Trump tweeted that Saudi and Russia could slash production by up to 15 million barrels, Brent hit $36.29 a barrel, up almost 46 percent, and West Texas Intermediate soared around 35 percent to $27.39.
Mortgage rates have taken a tumble this week and are back at historically low levels, offering homeowners fresh opportunities to slash their monthly expenses as they cope with the economic turmoil caused by the coronavirus. Americans who refinance into cheaper mortgage rates might save hundreds of dollars per month, various experts say. If you spot an attractive mortgage rate that could offer you substantial savings, lock that rate while you have the chance.
It seems President Trump is as deluded as ever with his grand statements -- perhaps not reckoning the sheer stroke of genius on the part of Saudi Arabia and Russia to actually corner the U.S. via crippling its shale oil industry. Oil prices are down 60% from the highs in February 2020 as price has been hit not only by around 25 million barrels per day of demand lost but also by the surge of around 3 mbpd, as Saudi Arabia finally gave up on being the lone player supporting this market to help U.S. shale and other players grab their lost market share. The oil market has been in perennial oversupply for the past two years, with only Saudi Arabia and Russia supporting the price by taking about 2 mbpd out of the market, helping the U.S. shale companies to keep pumping and raking in more revenue.
In late February, when the U.S. stock market was in the early stages of slipping on news of the coronavirus outbreak, House Speaker Nancy Pelosi's husband, Paul, began buying up tech stocks and stock options. Paul Pelosi, a businessman and investor, paid up to $3.3 million in total to buy (GOOGL) (ticker: GOOGL) and (MSFT) (MSFT) stock options, and (WORK) stock (WORK), an April 1 regulatory filing from Speaker Pelosi shows. All three stocks have been outperforming the broader market, as measured by the S&P 500 index, although only Slack stock sports a year-to-date gain.
Online trolls have been sneaking into web meetings and disrupting them with profanities and pornography for at least the better part of the last month. In a Wednesday blog post, Zoom said that it takes security concerns “extremely seriously” and is working to address them. In addition, a Zoom representative said in an email that the company is upset about reports of harassment on Zoom and has sought to educate users about protecting meetings.
America's largest exporter is offering pay and benefits packages to eligible employees who want to leave the company. The buyout plan comes three weeks after the company said it would freeze hiring and overtime pay except in critical areas to preserve cash. The coronavirus pandemic struck Boeing just as it was dealing with the crisis surrounding the grounding of its 737 MAX planes following fatal crashes.
U.S. stock investors are incredibly bullish right now, according to a new survey from RBC of 185 institutional investors conducted between March 25 and 31. Unfortunately, that could be a bad sign for those who think the market bottom is behind us. “I'm concerned that we have not seen the lows yet,” RBC's head of U.S. equity strategy Lori Calvasina said on Yahoo Finance's The Final Round.
As dozens of companies have cut or suspended dividends in recent weeks to preserve cash amid the uncertain impact of the coronavirus pandemic on the economy, the deteriorating payout picture has become a familiar refrain in this column. Barron's started with the S&P 500 Dividend Aristocrats, which have raised their dividends for at least 25 straight years, for ideas. The group has 64 members, and with the help of FactSet data, we whittled it down to eight that appear to have some bulwark to maintain their dividends, as the accompanying table shows.
a href="https://www.marketwatch.com/investing/stock/ftnt" (FTNT) 2.2% -16% -6% 52% 12/31/2019 Computer Communications IPG Photonics Corp.
Tesla (TSLA) said Thursday it delivered 88,400 vehicles during the first three months of the year, topping Bloomberg-compiled expectations and last year's figures but declining against the prior quarter as the global auto industry suffered a demand hit and manufacturing pause as the coronavirus pandemic escalated. Consensus analysts expected Tesla would deliver about 78,100 vehicles in the first quarter, according to data compiled by Bloomberg. The quarter marked the first in which Tesla began delivering its new Model Y cross-over vehicle and ramped production at its recently completed Shanghai Gigafactory.
Shares of Fate Therapeutics soared Thursday after the biotech company announced a deal with Johnson & Johnson to develop cancer treatments. In after-hours trading on the stock market today, Fate stock jumped 28.1%, near 27. During the regular session Thursday, shares advanced 4.3%, to 21.07.
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.
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.
So it will be really hard for department stores to come out of this. I think if I was in the meetings at Macy's and J.C. Penney I think what they would be talking about is not when do we reopen, it's how many stores do we reopen. It wouldn't be surprising if many of these department stores and others use this opportunity to massively reduce their footprints to get at a footprint they planned to be at five years from now because they won't be able to survive.
Kicking off the second quarter of 2020, all three of the major U.S. stock indexes dropped more than 4% yesterday in response to an update from the Trump administration. Late on March 31, the President stated the next two weeks will be “painful," with health officials predicting a significant spike in COVID-19-related deaths. As U.S. stock futures tick up on April 2, investors are worried the volatility is here to stay, and new economic data hasn't calmed these fears.
Luckin Coffee (LK) shares collapsed after the company suspended its COO Jian Liu and “several employees reporting to him” for misconduct related to “fabricated transactions.” “The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amount to around RMB2.2 billion,” the company said in a statement. “Certain costs and expenses were also substantially inflated by fabricated transactions during this period,” the company added.