The president and CEO of Dallas-based Ashford Hospitality Trust is stepping down after the company received pushback over the $30 million it received from the paycheck protection program, part of the $2 trillion coronavirus relief fund passed in March. Tens of thousands of small businesses are still waiting to receive funds. Companies like Shake Shack […]...
Easily one of the most contentious contrarian opportunities in the markets is Chinese electric vehicle maker Nio (NYSE:NIO). Though the company's narrative has been driven by speculation that it could eventually unseat established leaders like Tesla (NASDAQ:TSLA), Nio stock over the long term has been disappointing. Over the last two years, NIO has declined due to pressures in China's automotive market and the U.S.-China trade war. Now, the impact of the novel coronavirus threatens trading sentiment.Source: Carrie Fereday / Shutterstock.com At first glance, the bearish argument against Nio stock seems the most reasonable. While it's true that China was the first nation to suffer from the Covid-19 pandemic, and therefore, the first to recover from it, that hasn't meant its economy is back to 100%. As the New York Times points out, manufacturing has returned. However, it also needs its consumers to return.It's a simple equation: no demand equates to no...
(Bloomberg Opinion) -- So what do we call Elon Musk’s latest? Funding unsecured?That was enough to send Tesla Inc.’s stock plunging by as much as 13% on Friday, a cool $18 billion or so. One imagines those analysts who gushed about the peanut-sized profits announced all of two days ago are racing to update their models. In a way, the CEO’s tweet does a service, emphasizing once again that Tesla’s stock price is an emotional, not financial, construct.It’s also a kick in the teeth for investors. In February, Tesla sold $2.3 billion of new shares at $767 apiece. When Musk put thumb to touchscreen on Friday, the “too high” stock was trading at about $761. I guess the assumed discount rate must have changed or something in the intervening two months or so. It should have, obviously, given the Covid-19 pandemic piling more risk onto Tesla’s already less-than-utility-like model. Indeed, much as Musk’s “funding secured”...
Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world's top oil producer and a net exporter for the first time in decades. Exxon and Chevron have been sidelining Permian drilling equipment since the market started crashing in March....
Facebook's shares were down 1.3% at $202.00 in afternoon trading. The media industry's measurement watchdog has warned Facebook it could be denied accreditation due to deficiencies in how it reports on the effectiveness of advertising on its products, according to the report. The company failed to address advertiser concerns arising from a 2019 audit, concerning how Facebook measures and reports data about video advertisements, the Journal reported, citing a notice from the Media Rating Council (MRC)....
