(Bloomberg) -- Oil retreated toward $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, raising fresh concerns about excess supply.Futures dropped 1.9% in New York, erasing almost all of the gains from the previous session. The American Petroleum Institute reported that stockpiles expanded by 8.42 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday, it would be the largest build since the end of April.Oil is still recovering from the virus-driven demand crash that pushed crude below zero in April as supply cuts trim oversupply and an easing of restrictions boosts consumption. While lockdowns have been relaxed in parts of the U.S., there are concerns that higher prices may encourage some producers to pump more, adding further pressure to a global glut.Along with official crude stockpile data on Wednesday, investors will turn their focus to the...
Royal Dutch Shell PLC is ready to start negotiating with potential clients the sale of future solar power on Brazil's free energy market from its first farms due to start operating in 2023, Shell's solar business development manager for Latin America said. In a telephone interview on Monday, Maria Gabriela da Rocha said the startup date would depend on the negotiations and was part of Shell's strategy to move into renewable energy, betting on industries' increasingly wanting to sign long-term clean energy contracts....
Nvidia’s (NVDA) recent market trouncing performance has rested on several key drivers. Namely, the outstanding growth of its data center segment, which over the last few quarters has been closing the gap on Nvidia’s biggest revenue generator, gaming, and a “friendly” macro environment which has played to the GPU leader’s strengths.However, Nvidia has fingers in many pies, and is banking on several secular trends which are expected to ramp up in the 2020s. Along with making waves in the AI sector, the company is one of the leading players in the rising autonomous vehicle category.For Needham analyst Rajvindra Gill, the investment firm’s recent Annual Automotive Technology Day was an opportunity to get closer acquainted with Nvidia’s “comprehensive end-to-end solution for all levels of ADAS/AV.”The 5-star analyst was not disappointed, and said, “We believe that one of NVDA’s key differentiators in automotive is that its NVIDIA DRIVE is the industry’s only end-to-end platform...
When it comes to Gilead Sciences (GILD), recent focus has landed squarely on its potential COVID-19 treatment, remdesivir, but now, it’s grabbing headlines for an entirely different reason.On Sunday, Bloomberg reported in an unconfirmed article that AstraZeneca (AZN) informally approached Gilead to discuss the possibility of a merger. It should be noted that currently, formal talks are not ongoing.Writing for RBC Capital, 5-star analyst Brian Abrahams tells clients that the market caps of GILD and AZN, which land at $96.6 billion and $138 billion, respectively, could make the transaction “one of the largest in recent memory.” He added, “Recall in February, we had cited an acquisition as one possible outcome, and at the time had viewed a 25-30% premium to the $68 stock price at that time as the minimum necessary to acquire the company; with recent stock/sector appreciation and improving strategy and diversification, we believe GILD would be unlikely to...
(Bloomberg) -- Apple Inc. told staff at its main Silicon Valley headquarters that the first phase of a plan to return to the office will begin on June 15, but stressed that most employees won’t go back for several months at least.Phase 1 will be “very limited” and workers will only be allowed in the office on certain days depending on their job, the Cupertino, California-based company wrote in a recent memo to staff. More details will be shared later this month, it added.Apple also reiterated in the memo that it is limiting how many people are allowed in buildings and other work area simultaneously, implementing social distancing, taking temperatures and requiring employees at the office to pass a daily health check. It also “strongly encouraged” staff to take on-site or at-home Covid-19 tests provided by the company before returning.Masks will be required at all times across Apple’s Silicon Valley offices,...
The world’s biggest oil companies are scrambling to make new discoveries in a race to increase their reserves, and they could be about to find it in one of the most underexplored basins in the world...
