Oil prices rose on Thursday after hopes of a truce between Saudi Arabia and Russia to cut oil output. Yahoo Finance's Jared Blikre breaks down the latest market action....
(Bloomberg) -- President Donald Trump said that he had brokered a deal that would have Saudi Arabia and Russia dramatically ratchet down their oil production, sending prices surging. But the claim was met with immediate skepticism.Trump, who had been working the phones over the past two days after oil prices plunged to a near 20-year low, said on Twitter that he expected Saudi Arabia and Russia to cut output by as much as 15 million barrels. Trump didn’t say the cut would be per day, but markets interpreted the tweet as such.Immediately following Trump’s tweet, Saudi Arabia said it had called an “urgent meeting” of the OPEC+ alliance that includes Russia, as well as other unnamed nations, to discuss a “fair agreement,” signaling it would only cut output if others do so.One person familiar with the Trump administration’s discussions with the Saudis said there was widespread internal confusion about what the...
Lawmakers are calling for airlines to refund customers for coronavirus-related cancellations. Atmosphere Research Travel Industry Analyst and President Henry Harteveldt joins Yahoo Finance’s Zack Guzman to discuss....
The company said retail sales in the United States dropped after March 21, before which consumers were stockpiling items in preparation for a lockdown. Meanwhile, retail sales at its UK business has plummeted 65% in the last 10 days. Walgreens executives said the situation was temporary as they fielded several questions from analysts on a conference call....
The demand environment for optical equipment suppliers is improving, and Infinera Corp. (NASDAQ: INFN) has an impressive product pipeline, according to Piper Sandler.The Infinera Analyst Troy Jensen upgraded Infinera from Neutral to Overweight and with a $8.50 price target. The Infinera Thesis Work-at-home initiatives during the coronavirus pandemic are putting excessive stress on carrier and data center networks, resulting in rising demand for optical equipment suppliers, Jensen said in the Thursday upgrade note. (See his track record here.)Supply constraints are now being alleviated, as China is reaching near full production capacity, the analyst said. Although production concerns are emerging from countries like Malaysia and Thailand, these are "less of a concern versus China," he said. The 600G Groove platform, which was launched last year, has been gaining momentum and is likely to ramp through 2020, Jensen said.Infinera has a healthy pipeline of new technologies that "should help sustain their momentum" in...
