It was October 2019, just six months ago, but ancient history for tanker trades. Rates for very large crude carriers (VLCCs, tankers that carry 2 million barrels of crude oil) spiked to $200,000 per day. Tension in the Middle East was a key driver. The threat that military action with Iran could halt tanker transits via the Strait of Hormuz spurred fear that oil prices could skyrocket. This prompted shippers to pull bookings forward, boosting VLCC demand and rates.The world has turned upside down since then. Today, low crude prices are driving tanker rates above $200,000 per day. As the coronavirus cripples oil demand, an unprecedented wave of petroleum is going to sea, whether intentionally for storage or unintentionally because cargo owners can't find anywhere to unload. The more laden tankers on the water, the fewer available to bid on the next spot deal and the higher the spot rate.If oil prices bounce...
The novel coronavirus has been a roller coaster ride for social media giant Facebook (NASDAQ:FB). FB stock lost 33 percent of its value during the stock market's initial drop. But even after a month-long rally, the firm has lost nearly a fifth of its pre-coronavirus value.Source: Ink Drop / Shutterstock.com Like the rest of U.S. companies, Facebook will feel some pain as coronavirus weighs on the economy. But the social media giant is well-positioned to benefit from an influx of people confined to their homes.So of all the stocks to pick up at a discount right now, Facebook is one of the best choices.InvestorPlace - Stock Market News, Stock Advice & Trading Tips FB Stock Can Weather the StormFacebook was in a rock-solid financial position heading into this storm, so that makes it likely to be a winner once the dust settles. Most importantly, the firm has zero long-term debt. That...
University of Alabama at Birmingham School of Public Health Epidemiologist Suzanne Judd, Ph.D. joins Yahoo Finance’s Seana Smith to discuss the latest coronavirus developments, as a new CBS poll reveals 70% of people think curbing the spread of the coronavirus should be the top U.S. priority right now....
According to a report by the Financial Times, Gilead Science Inc’s experimental antiviral drug Remdesiver, which was being used to treat coronavirus, failed to improve the health of patients. Yahoo Finance’s Anjalee Khemlani joins The Final Round panel to break down the latest news about the coronavirus. ...
(Bloomberg) -- Gilead Sciences Inc. analysts offered a broad range of views on the inadvertently leaked abstract that indicated the company’s remdesivir failed to provide a benefit in a placebo-controlled trial in Chinese patients with severe Covid-19.Skeptical analysts included Baird’s Brian Skorney, who said the negative results “should be very sobering” given the lack of an improvement and argued that the result is “pretty close to a worst case scenario.” Others on Wall Street argued that investors should hold off on jumping to conclusions.“The bottom line is that stating the trial flopped appears overly aggressive and premature, particularly in light of Gilead’s comments,” Piper Sandler analyst Tyler Van Buren said in a note. Gilead shares tumbled 8.5% before erasing some of the losses as investors studied the leaked report.Mizuho analyst Salim Syed was quick to point out that there are “limitations” and negatives from the leaked results, though there are “no...
As a perishable goods fleet, Veritable Vegetable is conscious of not only protecting its drivers and employees during the COVID-19 pandemic, but also checking in on its clients and the growers they work with. ...
