So, what’s going on in the stock markets? Are they completely haywire? Since February 19, when the bull market ended, the Dow Jones has fallen 36.6% and then gained back, in uneven steps, some 28% from the trough. Movements have been similar in the S&P 500 and the NASDAQ. For the last few weeks, both the S&P and Dow have been holding fairly steady – the S&P near 2,850 and the Dow near 23,950.Yet, there are more questions raised than answers. Are we in a true rally, or will the slide resume? What will happen when people return to work; will the economy pop back up again, or are we in a new recession? And if a recession, how bad will it get? The answer to that last may be worse than anticipated: The number of Americans filing for unemployment benefits because of the coronavirus has soared past 30 million.Corporate earnings...
As the government continues to provide stimulus amid the coronavirus pandemic, overall debt continues to rise. James Grant, Grant’s Interest Rate Observer, joins Yahoo Finance's Alexis Christoforous and Brian Sozzi to discuss that and more. ...
Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) shares crashed 22.4% on Tuesday after the company said it now has "serious doubt" it can navigate the coronavirus (COVID-19) shutdown and avoid bankruptcy. Norwegian is now down 80.2% overall in 2020 and has been a home run trade for short sellers.Norwegian said it endured a $2 billion first-quarter loss and said it did not have enough liquidity to last another 12 months without a major cash infusion. On Wednesday, Norweigan announced it secured more than $2 billion in additional liquidity via a series of capital market transactions.Tuesday's Norwegian news also dragged down shares of its cruise line peers Carnival Corp (NYSE: CCL) and Royal Caribbean Cruises Ltd (NYSE: RCL) as investors contemplated the future of the industry. Cruise line short sellers profited more than $279 million collectively on Tuesday, according to S3 Partners analyst Ihor Dusaniwsky.Sinking Cruise Stocks Of the three cruise stocks,...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
(Bloomberg) -- A Pacific island nation that’s been demanding a bigger share of its mineral wealth from global resources companies has forced Barrick Gold Corp. to do what a pandemic could not -- cut its 2020 production guidance.Less than a month after saying its output was secure, the world’s second-largest gold miner said it expects to produce 4.6 million to 5 million ounces of gold this year, lowering its range by 200,000 ounces, after running into conflict with the government of Papua New Guinea.In April, the Toronto-based miner said it would challenge a decision by the PNG government to deny it the right to keep operating the Porgera gold mine, which accounted for about 5% of Barrick’s gold production last year.“We put it on care and maintenance,” Chief Executive Officer Mark Bristow said by phone Wednesday following the release of the company’s first-quarter earnings statement. “We were forced to do that...
