The shares of Norwegian Air plummeted on Tuesday, and have now eroded almost their entire value from a 2015 peak, as the airline's survival depends on creditors accepting a rescue plan proposed last week. It was the first time they had traded since the airline outlined its rescue plan on April 8, which would convert $4.3 billion of debt into equity, and raise some new equity - wiping out much of the remaining value of the company's current shares....
The shares of Norwegian Air plunged by more than 60% on Tuesday as they resumed trade after the airline proposed a financial rescue package on April 8 that would significantly dilute existing equity. Special observation is used under circumstances that may make the valuation of a security particularly uncertain, according to the market operator's guidelines....
Streaming platform Roku (ROKU) has now updated its Q1:20 guidance, revealing that in late Q1 the “shelter at home” regulation resulted in an acceleration in account growth and an increase in viewing. Shares in ROKU rose 4.4% in Monday’s trading, while the S&P 500 dropped 1%.Specifically, Roku estimates Q1 Active Accounts at 39.8 million (up 37% year-over-year vs. 36% in Q4) implying roughly 3 million net additions, with Q1 streaming hours at 13.2 billion (up 49% Y/Y vs. 60% in Q1).The company also withdrew its FY20 guidance on April 13, citing broader business and macro uncertainties arising from the COVID-19.“We believe that the strength in Active Accounts and Streaming Hours is consistent with the broader industry trends in growing engagement and streaming hours (NFLX, SPOT, DIS) during the COVID Crisis” comments RBC Capital analyst Mark Mahaney.On the news he marginally lowered his ROKU price target to $139 from $142, citing the withdrawal...
(Bloomberg) -- Gold extended a rally to hit the highest level in more than seven years on concern that the coronavirus pandemic will have a devastating effect on the global economy, hammering corporate earnings while supercharging demand for havens.Bullion has soared as the outbreak tipped economies into recession and spurred central banks to launch huge stimulus. Since getting caught up in a wave of forced selling last month as equities sank, gold has staged a powerful recovery. That means futures are now nearing $1,800 an ounce after trading in the $1,400s less than four weeks ago. Spreads over spot prices remain wide.“What’s happening here is that the Fed is expanding its balance sheet and every other central bank in the world is doing the same,” Hans Goetti, founder and chief executive officer of HG Research, told Bloomberg TV. “What you’re looking at is massive currency debasement in the long term. That’s...
Disney (DIS) signed a new credit agreement with Citibank for as much as $5 billion on April 10, according to a filing made with the Securities and Exchange Commission. The proceeds may be used for general corporate purposes, says the filing.The interest rate for borrowings under the agreement is based on the company’s public debt rating, and ranges between 0.875% and 1.500% for Eurocurrency Rate borrowings and 0.000% and 0.500% for Base Rate borrowings.Disney also has the option to extend the maturity for an additional 364-day period from its April 9, 2021 maturity date, subject to lenders’ consent.According to the filing, the Credit Agreement is substantially similar to the company’s existing 364-Day Credit Agreement entered into on March 6, 2020, other than applicable interest rate spreads as described above and commitment fees.Overall analysts are cautiously optimistic on DIS’s outlook. TipRanks reveals that the stock shows a Moderate Buy consensus, with analysts impressed by the quick uptake...
(Bloomberg) -- U.S. stock index futures gained as countries across the globe weighed when it would be safe to ease restrictions set in place to help contain the spread of coronavirus.Contracts on the S&P 500 gained 1.6% as of 6:51 a.m. in London, after declining 0.7% on Monday. Futures advanced 1.7% on the Nasdaq 100 Index and climbed 1.6% on the Dow Jones Industrial Average. President Donald Trump declared he has “total” authority to order states to relax social distancing to combat the coronavirus outbreak and reopen their economies.U.S. stock futures got a boost during Asian trading hours after data showed China’s exports in yuan terms fell less than expected in March and Xinhua News Agency reported that two companies got approval to begin human clinical tests for coronavirus vaccines.”We are seeing the reactions toward news of vaccines going into clinical trials by China’s state media Xinhua coupled with the trade...
