Stocks pointed to a second straight day of gains Tuesday after a rally the prior day sent the S&P 500 and Nasdaq to their highest levels since early March....
The largest U.S. drugmaker said it saw an increase in demand for its pneumonia vaccine Prevnar, some anti-infective products as well as certain sterile injectable products used in the treatment of severely sick COVID-19 patients. With a collaboration with Germany's BioNTech, Pfizer is among the many drugmakers in the race to develop a vaccine to end the COVID-19 pandemic....
Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Total operating revenue fell 17.8% to $4.2 billion. It sees operating revenue falling by 90-95% in both April and May, when it does not expect load factors to surpass 10%....
(Bloomberg) -- Xerox Holdings Corp., which last month dropped a hostile takeover bid for larger rival HP Inc., withdrew its annual revenue forecast, signaling uncertainty over how high a toll the economic slowdown from the Covid-19 pandemic will take on the copy-machine maker.Revenue reached $1.9 billion over the first quarter, a 14% drop from a year earlier, the Norwalk, Connecticut-based company said Tuesday in a statement. Pretax losses came in at $5 million.Xerox said in January it expected to generate adjusted profit of as much as $3.70 a share on revenue of $8.63 billion in fiscal 2020.Xerox is reporting results for the first time since calling off its effort to acquire HP because of the economic uncertainty caused by the virus. Now Chief Executive Officer John Visentin must shepherd the pioneer in photocopying technology through the downturn in the face of falling demand for printed documents and eight years of declining...
Investors already know how the coronavirus outbreak has hurt Ford Motor Co's bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations. Ford said on April 17 that the outbreak would result in an estimated first-quarter loss of about $2 billion. Last month, Ford moved to hoard cash on its balance sheet, drawing down $15.4 billion from two credit lines and suspending its dividend, in a move to bolster reserves to ride out damage to its business....
The Fed will announce its latest policy decision on Wednesday, but with rates already at near-zero, attention will likely shift to the central bank’s 9 liquidity facilities and its ballooning balance sheet....
