The Hong Kong property developer said it had not intended to make material changes to Greene King's employees when it bought the company, but has now put over 95% of the pub chain's staff on furlough due to the coronavirus crisis. CK Asset, founded by Hong Kong's richest man Li Ka-Shing, bought Greene King for 4.6 billion pounds ($5.69 billion) last year. The changes are expected to be temporary and Greene King intends to end the furlough when appropriate, CK Asset said....
(Bloomberg Opinion) -- Investors in Avis Budget Group Inc. and Hertz Global Holdings Inc. are learning the hard way what happens when widespread government bailouts don’t quite reach every corner of the U.S. economy.No matter where you look, whether it’s their stock, bonds or the asset-backed securities linked to their fleets, these rental-car companies are clearly feeling the squeeze from the coronavirus pandemic and the economic standstill. Avis shares have tumbled 76% since Feb. 20, to about $12 from $50, while Hertz is down more than 80% to about $4. Those are steeper declines than even shares of the three largest U.S. airlines, which reached an accord with the Treasury Department on federal aid just last week.The chief executive officers of Avis, Hertz and Enterprise Holdings Inc. had no such luck. They sent a joint letter to the U.S. government in mid-March requesting that the rental-car industry be included in any economic stimulus package, hoping...
Norway's parliament voted through a new company restructuring law on Friday that could help save Norwegian Air and many other companies from potential bankruptcy as a result of the restrictions to stem the spread of COVID-19. The legislation replaces current regulation on debt negotiations and relaxes rules for converting debt into equity. The airline is seeking to convert debt to equity to qualify for state guarantees in a bid to survive the coronavirus crisis, which has grounded all but a handful of its nearly 160 aircraft....
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks hitting 52-week highs April 23.) * Arcturus Therapeutics Ltd (NASDAQ: ARCT) * Chembio Diagnostics Inc (NASDAQ: CEMI) * Cue Biopharma Inc (NASDAQ: CUE) * Eli Lilly And Co (NYSE: LLY) (reported strong Q1 results) * Exelixis, Inc. (NASDAQ: EXEL) * GenMark Diagnostics, Inc (NASDAQ: GNMK) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) * Immunomedics, Inc. (NASDAQ: IMMU) (announced FDA nod for its ADC to treat triple-negative breast cancer) * Incyte Corporation (NASDAQ: INCY) (announced publication of positive data for Jakafi in acute graft-versus-host disease) * Iovance Biotherapeutics Inc (NASDAQ: IOVA) * Johnson & Johnson (NYSE: JNJ) * Novo Nordisk A/S (NYSE: NVO) * OraSure Technologies, Inc. (NASDAQ: OSUR) * Pluristem Therapeutics Inc. (NASDAQ: PSTI) (announced advancement of its placental cells to modulate cytokine storm) * Quidel Corporation (NASDAQ: QDEL) (filed with the FDA...
With earnings coming out next week, should you buy Ford (NYSE:F)? The automaker has seen its share of trouble from the novel coronavirus. With its auto plants sitting idle, expect them to continue burning through cash until we get back to "normal," which doesn't bode well for F stock.Source: Vitaliy Karimov / Shutterstock.com Based on numbers recently released by the company, cash burn could be over $5 billion per month. The automaker has built up a solid cash position to ride things out. But, let's just say 2020 isn't going to be a great year financially.So, why buy F stock? Especially now, just before earnings? Despite the plethora of bad news, shares today could be "priced for disaster."InvestorPlace - Stock Market News, Stock Advice & Trading TipsIn other words, shares may have been oversold relative to actual risks. Sure, shares could go lower in the near-term. But one to two years...
