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Tech companies, including many chip makers, have been one of the main beneficiaries during the coronavirus pandemic amid increased internet usage due to the remote working and online education trend as well as the accelerated transition to cloud solutions. However, at the same time, the semiconductor industry was also hurt by supply-chain disruptions due to the COVID-19 outbreak.Last month, the Semiconductor Industry Association reported that July global semiconductors sales grew 4.9% Y/Y and 2.1% M/M to $35.2 billion. The association feels that the semiconductor market remained largely resistant to global macroeconomic headwinds through the first 7 months of 2020, but substantial market uncertainty remains for the rest of the year.We will now use the TipRanks’ Stock Comparison tool to line up Micron and Intel alongside each other to see what the near-term holds for these chip makers.Micron Technology (MU)Micron is considered as one of the prominent names in the semiconductor industry....
Shares of Oasis Petroleum are down another 14% in Thursday's pre-market trading after plunging 31.6% yesterday, as the company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. As part of the the bankruptcy proceedings, Oasis is working on a plan with creditors to reduce its debt by $1.8 billion and strengthen its balance sheet. The energy company expects to emerge from bankruptcy in November, subject to court approval.Oasis (OAS) said that it “has received a commitment for $450 million in debtor-in-possession financing from its existing lenders,” which is expected to provide sufficient liquidity to maintain operations. The company will have about $340 million of borrowings under its credit facility.The company said “In light of a volatile market environment that drove a severe downturn in oil and gas prices, as well as the unprecedented impact of the COVID-19 pandemic, Oasis Petroleum engaged with its lenders and an...
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The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago hastened by the coronavirus pandemic. Arabtec Holding PJSC made the announcement after emails circulated Wednesday among developers suggesting the firm's end had come. Despite trying to claw its way out of the chaos left by Dubai's 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses....
