Perhaps with the exception of some gaming equities, Carnival (NYSE:CCL) and other cruise line operators are among the epicenters of coronavirus market capitalization destruction with CCL stock proving as much with a first-quarter loss of 74.19%.Source: Ruth Peterkin / Shutterstock.com Due to COVID-19 pandemic, Carnival packed a lot of bad news into the first three months of 2020, a theme that did relent on March 31. To cap what was a tumultuous quarter, Carnival said it's selling $1.25 billion worth of equity - diluting existing investors in the process - selling $4.75 billion worth of private debt and suspending its dividend so if you think the 15.19% yield CCL stock closed the quarter was tempting, don't take the bait.Carnival is taking those steps of capital conservation and raising because unlike airlines, casino operators and other U.S.-based big businesses that want to participate in the Treasury Department's $454 billion coronavirus loan program,...
The shutdown of non-essential businesses across the United States has created an unexpected and sudden deterioration in the economy. Yet, given what we know about the severity of the novel coronavirus, the world must do anything to stop its spread. And the service industry is getting decimated, along with the tourism and hospitality industry. Restaurant stocks are trading at steep discounts as a result.Companies that support teleworking may continue working. But industries that require a face-to-face interaction will see a drop in business for now.The U.S. government approved a monstrously large stimulus package, partly to help consumers pay the rent and buy necessities. The government increased spending while the Federal Reserve eased rates to increase liquidity.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut Laura Gonzalez, an associate professor of finance at California State University's Long Beach campus, said that "the production of processed food may not be sustained within...
The U.S. economy sheds jobs for the first time in a decade and the unemployment rate rose to 4.4% in March as the coronavirus pandemic escalates. Yahoo Finance’s Jessica Smith joins the On The Move panel to discuss the latest.
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After reaching $230, Alibaba (NYSE:BABA) stock quickly dropped to $176 on fears of the coronavirus from China. But during the past week or so, things have been looking much better for Alibaba. Note that the shares have since bounced back to $189, putting its market capitalization at roughly $500 billion.Source: Kevin Chen Photography / Shutterstock.com It seems likely that China has not been forthcoming with its infection and death rates. But it does look like the government has been able to flatten the curve of coronavirus patients because of the draconian actions it took in the country's Hubei province.The result is that China's massive economy is starting to come back online. Its manufacturing purchasing managers index spiked to 52 in March, up from 35.7 in February. It is also notable that companies like Nike (NYSE:NKE), Starbucks (NASDAQ:SBUX) and Apple (NASDAQ:AAPL) have been reopening their stores in China.InvestorPlace - Stock Market News,...
Yahoo Finance’s Akiko Fujita sat down with Best Western CEO David Kong to discuss how the coronavirus has impacted the hotel industry and will shape it in the future....
