Billionaire investor Mark Cuban on CNBC's "Closing Bell" Wednesday said he isn't hopeful that the recent market rally signals the impact of novel coronavirus (COVID-19) pandemic on markets has bottomed out.What Happened According to the "Shark Tank" star, it could just be a matter of investors buying the rumor and selling the news."I think people are naturally optimistic right now in terms of the market," Cuban told CNBC. "I just don't think they are really factoring in what we are going to see on the other side."The NBA Dallas Mavericks owner said that while he is "hopeful" for the long-term, the market could see another coronavirus-caused slump in the short-term.Cuban added that he hadn't purchased any stocks in the last two weeks, and instead, he is "trying to get more cash."As for his stock bets, he continues to hold Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. (NASDAQ: AMZN)."If I'm wrong and...
(Bloomberg) -- European stocks pared their gains alongside U.S. equity futures on Thursday as investors mulled estimates of how soon economies can reboot when the coronavirus outbreak eases. Oil rose after Russia signaled it’s ready to make production cuts.Declines in telecoms and media shares helped trim an earlier advance by the Stoxx Europe 600 Index. American index contracts fluctuated a day after the S&P 500 closed over 3% higher into bull-market territory. Most Asian stocks saw a modest rise, though Japanese shares retreated. For many markets it is the last trading day of the week before the Easter break.Treasuries rose. European government bonds were mixed after ECB President Christine Lagarde urged governments to resolve differences in a new round of talks on Thursday to revive their economies. Oil futures climbed as the OPEC+ coalition and Group of 20 oil ministers gather in two key video conferences this week to consider production...
(Bloomberg) -- The next step for some U.S. refineries that have already cut way back may be a full stop.Marathon Petroleum Corp. plans to idle its Gallup, New Mexico, refinery next week, according to a person familiar with the matter. It’s the first U.S. facility to shut as the coronavirus pandemic empties skies of passenger planes and the roads of cars.It’s not likely to be the last. Major U.S. refiners, including Marathon, Valero Energy Corp. and Phillips 66, have lowered rates at their facilities to be at or near minimum levels as storage tanks fill up with fuel they can’t sell. While that “minimum” level differs from company to company, and in fact from plant to plant, it’s seen typically somewhere around 60% to 65% of capacity. Below that, many facilities need to be idled.“If after cutting rates to a minimum, refiners are still unable to move their products, they are...
