Bitcoin looks to be on the brink of a major breakout as it coils up just beneath the crucial $7,000 level of resistance. The test of $7,000 comes after a volatile trading session that saw Bitcoin surge from $6,600 to $7,300 before being met with a substantial sell-off. Bearish pressure eventually pushed price back below $6,800, although a bounce this morning has lifted it back into a bullish posture. If Bitcoin can close Friday's daily candle and Sunday's weekly candle above $7,150 it would confirm a bullish breakout, which would pave the way towards continuation to the upside. Potential targets begin to emerge at both $7,400 and $7,850 if a breakout is to come into fruition, while a rejection from...
HSBC chief executive Noel Quinn sent a letter to each of the bank's shareholders in Hong Kong on Friday to explain the lender's decision to cancel its dividend this week and reassure investors of its strong capital position.The unusual step of writing directly to the bank's shareholder base in the city came after a torrid three-day stretch that saw about US$15 billion shaved off the company's market capitalisation after the bank cancelled its final interim dividend for 2019 and said it would not pay a dividend for at least the first three quarters of the year.HSBC was one of seven banks and building societies based in the United Kingdom that agreed to cancel their dividends early on Wednesday and not to undertake any share buy-backs this year after a request from the Prudential Regulation Authority, a regulatory arm of the Bank of England.Calling it a "sensible precautionary step", the watchdog asked...
As the COVID-19 pandemic continues to affect our daily lives and the U.S. economy, investors are wondering if they should buy into shares of restaurant stocks in the second quarter. Year-to-date McDonald's (NYSE:MCD) stock is down about 18.2%.Source: 8th.creator / Shutterstock.com That decline compares to a 25% drop in the Consumer Discretionary Select Sector SPDR Fund (NYSEArca:XLY), which includes MCD as its third-largest holding at 7.39% of the portfolio, behind Amazon (NSADAQ:AMZN) at a whopping 24.1% and Home Depot (NYSE:HD) at 12% of the exchange-traded fund's assets.Despite the recent rapid decline, I expect the short-term volatility in MCD stock to continue. However, those investors with a two-to-three-year horizon may consider further dips as opportunity to buy into the shares.InvestorPlace - Stock Market News, Stock Advice & Trading Tips How the Pandemic is Affecting the Golden Arches GloballyMcDonald has more than 38,000 restaurants in over 100 countries. Its largest segment is the...
(Bloomberg) -- Tesla Inc.’s early-year deliveries fell less than expected from record levels reached late last year, winning support from investors who pushed the shares 14% higher ahead of Friday’s open.Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total beat analysts’ average estimate for about 78,100. The carmaker’s stock was priced at $516.21 in premarket trading, up from a close of $454.47 in New York.“I’m shocked they did so well,” Gene Munster, managing partner of venture capital firm Loup Ventures, said by phone. “I don’t know how they did it. They had every excuse in the world to put out a bad number.”Musk, 48, tried to salvage as much business as possible last month by introducing “touchless” deliveries at a time when authorities around the globe are urging would-be car buyers to shelter in place. While Tesla managed...
China's securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc and sources said some of the banks involved in the Chinese chain's successful U.S. IPO last year were reviewing their work in the listing. Shares of Luckin, which competes in China with Starbucks Corp , sank as much as 81% on Thursday in New York after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. The company said it had suspended COO Jian Liu and employees reporting to him following initial recommendations from a special committee that was appointed to investigate issues in its financial statements for the fiscal year ended Dec. 31, 2019....
China's securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc, and sources said some of the banks involved in the Chinese chain's successful U.S. IPO last year were reviewing their work in the listing. Shares of Luckin, which competes in China with Starbucks Corp, sank as much as 81% on Thursday in New York after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. It said it has suspended COO Jian Liu and employees reporting to him following initial recommendations from a special committee that was appointed to investigate issues in its financial statements for the fiscal year ended Dec. 31, 2019....
The generous U.S. unemployment benefits rolled out to blunt the economic harm caused by the coronavirus could have an unintended effect: it may actually be an incentive for companies to choose layoffs rather than keep staff on their books. The number of Americans filing for unemployment benefits last week shot up to more than 6 million, a record high, Labor Department data on Thursday showed. The CARES Act passed by Congress a week ago was designed to keep businesses and workers from economic freefall....
