Another 3.84 million Americans filed for unemployment benefits last week. The report comes on the heels of worse-than-expected GDP data for the first quarter. Allianz Chief Economic Adviser Mohamed El-Erian joins Yahoo Finance’s On The Move panel to weigh in on why he says there is more pain to come and how the U.S. can avoid the mistakes of the last recession....
(Bloomberg) -- David Einhorn, the president of hedge fund Greenlight Capital, questioned Tesla Inc.’s billing practices again in his latest repartee with the electric-car maker’s chief executive officer, Elon Musk.“I guess the offer of a factory tour was never serious,” Einhorn said in a tweet, referring to an invitation Musk extended last year for the long-time Tesla short seller to visit the company’s plants.Einhorn, who five months ago told Musk he was “beginning to wonder whether your accounts receivable exist,” said Tesla has in the past explained that the balance of money owed by its debtors was elevated by sales being highly concentrated at the end of each quarter. The investor questioned how that could have been the case at the end of March given the shutdown orders Musk, 48, excoriated on Wednesday.Tesla shares pared a gain of as much as 8.7% to trade up 3.7% as of 11:35 a.m. Thursday...
Exxon Mobil Corp (XOM) announced that it is maintaining its quarterly dividend even as the spread of the coronavirus pandemic curtails energy demand and pushes oil prices down.The U.S. oil producer’s Board of Directors declared a cash dividend of $0.87 cents per share on the common stock, payable on June 10 to shareholders of record of common stock at the close of business on May 13.Earlier this month, Exxon Mobil said it is slashing planned capital spending by 30% this year to combat the collapse in crude prices and to cope with expectations of a 20% to 30% short-term decline in global oil demand. Crude prices have tumbled as much as 60% this year.Meanwhile, Royal Dutch Shell (RDS.A) announced on Thursday that it is cutting its quarterly dividend to 16 cents per share from 47 cents and suspending share repurchases. The oil giant’s shares plunged 11% to $33.77 in midday U.S....
COVID-19 killed the bull market in stocks this year, but at least one stock hasn't been fazed by the virus. To the contrary, Gilead Sciences (GILD), maker of the Ebola drug-turned-coronavirus drug remdesivir, is enjoying its own private bull market, with its shares up 27% since the year began.On Wednesday, Gilead shared some of its good fortune with the rest of the stock market, too, as a pair of new remdesivir data releases helped spark a rally that sent the S&P 500 up 2.7%.So what did Gilead have to say today?Firstly, according to the company, a National Institute of Allergy and Infectious Diseases (NIAID) study now shows that remdesivir has "met its primary endpoint" and generated "positive data." Gilead then followed up this news with data from a Phase 3 "SIMPLE" trial it is conducting itself, which showed that "patients receiving a 10-day treatment course of remdesivir achieved similar improvement in...
Video conferencing software Zoom has admitted that it doesn’t have the 300 million daily users that it originally claimed. Yahoo Finance’s Alexis Christoforous, Brian Sozzi, and Dan Howley break down the details....
(Bloomberg) -- U.S. mortgage rates fell once again to the lowest on record.The average rate for a 30-year loan was 3.23%, down from 3.33% last week and the lowest in almost 50 years of data-keeping, Freddie Mac said in a statement Thursday. The previous record was 3.29%, reached in early March.The coronavirus outbreak has fueled chaos in the mortgage market. Rates had ticked slightly higher in recent weeks, in part because lenders were pricing mortgages defensively. They had more customers than they could handle with rates so low. Now, the slowdown in the economy has curbed demand for new loans while they work through the backlog.“This is a sign that the mortgage market is functioning better,” said Keith Gumbinger, vice president at HSH.com, a mortgage information website. “The backlog of refinancing is working its way through the pipeline. So lenders are feeling more comfortable passing low rates to the consumers.”The Federal...
