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As the trading session gets underway, stocks are pointing to yet another session of data and earnings for direction....
(Bloomberg) -- Oil in New York eased from a four-month high on signs of a surprise gain in U.S. crude stockpiles, raising fresh concerns about supply as many regions struggled to get the pandemic under control.The American Petroleum Institute reported crude inventories rose by 7.54 million barrels last week, according to people familiar with the figures, which would be the biggest increase since May if confirmed by government data on Wednesday. Meanwhile, President Donald Trump warned that the coronavirus outbreak in the U.S. will probably worsen before improving.Oil surged Tuesday after European Union leaders agreed on a giant stimulus package to pull their economies out of the worst recession in memory, while signs that the first virus vaccine may be approved this year added to positive sentiment. The price rally had stalled recently and crude was stuck in a tight range near $40 a barrel as investors weighed surging coronavirus cases...
(Bloomberg) -- For the first time since the West’s five energy supermajors were created in the early 2000s, all of them are set to post a quarterly loss.Once a money-making machine, Big Oil is now relying on ever-increasing amounts of debt, raising the pressure on highly prized dividends. BP Plc may cut its payout for the first time since the Deepwater Horizon disaster a decade ago.The sheer scale of global oil demand destruction — some 30 million barrels a day, or a third of regular usage, in April — sent energy markets into a second-quarter tailspin, from which they’ve only recently started to recover. Worst-in-a-generation oil prices combined with OPEC production cuts, collapsing refining margins and millions of barrels of unsold crude mean no facet of Big Oil’s business has emerged unscathed.“There really hasn’t been anywhere to hide, even in the integrated model,” said Noah Barrett, a Denver-based energy analyst at Janus Henderson,which manages...
Tesla Inc. (NASDAQ: TSLA) Chief Executive Officer Elon Musk announced Tuesday that the automaker is changing the alloy for making its upcoming Cybertruck all-electric pickup vehicle.What Happened The Space Exploration Company or SpaceX's Starship rocket will see a similar change, according to Musk. "We're rapidly changing alloy constituents [and] forming methods, so traditional names like 304L will become more of an approximation," the billionaire entrepreneur said in a tweet.> Yes> > -- Elon Musk (@elonmusk) July 21, 2020Tesla and SpaceX are working together to create new materials, Electrek reported.In 2016, Musk had hired former Apple Inc. (NASDAQ: AAPL) alloy expert Charles Kuehmann to head research into materials engineering at the two companies. Why It Matters At the time of Cybertruck's unveiling last year, Tesla said the Cybertruck's exoskeleton would be made from an Ultra-Hard 30X Cold-Rolled stainless-steel structural skin similar to Tesla armor glass, Electrek noted. Musk had claimed then that...
(Bloomberg) -- A plan by President Xi Jinping hatched in late 2018 to liberalize China’s constrained stock market and prevent home-grown tech firms from flocking to New York is turning out to be a prescient move.The reforms took shape in the form of a new, relatively small venue in Shanghai, called the Star board, which started trading exactly a year ago. The goal was mild in scale compared with other major stock markets, but radical by China’s standards: Minimize red tape and relax tight controls on what kind of companies could list, and how much their shares could move. More than 130 companies have raised a combined $30 billion from the board over the 12 months.While the board went quiet after an explosive first few weeks, high-profile candidates including Jack Ma’s Ant Group and China’s top chipmaker are putting it back in the spotlight. Officials have also said that the same...
Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it had reached agreement with Airbus SE to delay the delivery of A350s and A321neos and was in advanced talks with Boeing Co about deferring its 777-9 orders. "This deferral of deliveries is expected to produce cash savings to the Cathay Pacific Group in the short to medium term," it said in a prospectus for its HK$11.7 billion ($1.51 billion) rights issue lodged with the Hong Kong Stock Exchange. An Airbus spokesman said his company did not comment on delivery schedules for individual airlines....
Snap has focused on helping advertisers increase sales directly from its ads, which boosted revenue growth even as many brands have been cutting marketing budgets due to the pandemic. Snap has positioned itself as a safe ad platform focused on friendly interactions, as more than 1,000 companies have paused ads on larger rival Facebook Inc due to concerns about hate speech. "The growing focus on brand safety and privacy across the entire industry places us in a unique position of strength as we have invested in these areas from the beginning of our business," Snap Chief Executive Evan Spiegel said during an earnings call with analysts....
