Advertising sales, which was severely hit due to the postponement of live sports such as March Madness, and lower wireless equipment sales led to a $600 million decline in revenue, AT&T reported. In the first three months of the year, AT&T added 163,000 net new monthly phone subscribers, beating the average Wall Street estimate of 90,700. AT&T was able to earn more customers despite shutting down more than 40% of its retail stores....
(Bloomberg) -- Shopify Inc.’s C$38 billion ($27 billion) stock-market gain since the beginning of the year has some analysts calling a time out.The e-commerce services provider has surged 61% to a market value of C$97 billion. That briefly catapulted it ahead of Toronto-Dominion Bank on Monday to become the second-most valuable company on Canada’s benchmark S&P/TSX Composite index, though it fell back to No. 3 on Tuesday as global markets slumped.“It’s tough to make money at the valuation Shopify is trading at,” said Jefferies analyst Samad Samana, one of the most bearish analysts on the stock. Risk-reward is not attractive and it’s hard to recommend a buy, he said. He has a hold call on the stock and a price target at $400, below estimate consensus and well off $585, its current price in New York.Brian Peterson, an analyst at Raymond James, noted the stock is trading at about 39 times...
Euro zone government debt will surge this year on the coronavirus pandemic, but while another debt crisis is unlikely, large differences in indebtedness as countries emerge from the downturn could seriously test their unity. The International Monetary Fund (IMF) expects debt in the 19 countries sharing the euro to jump by more than 13% of GDP to 97% this year as Europe-wide lockdowns cause an unprecedented 7.5% euro zone recession. Interest on bonds of already highly indebted Italy, Spain, Greece or Portugal is up by only 40-50 bps - kept in check by massive European Central Bank bond buying....
