(Bloomberg) -- California Resources Corp. is seriously considering bankruptcy after the troubled oil and gas company’s efforts to rework its debt out of court fell short amid a crash in energy prices, according to people with knowledge of the matter.Management is exploring alternatives to address its nearly $5 billion of debt after the Los Angeles-based company pulled a proposed bond exchange due to poor market conditions, said the people, who weren’t authorized to comment publicly. California Resources’ debt starts maturing next year, and about $74 million of interest is due in June.“We have significant operating flexibility and are focusing on controlling what we can control, including reducing our capital program and operating costs,” the company said Friday in a statement. “We will continue to consider all options with our advisors as we work through this unprecedented downturn and do not intend to provide updates on on-going discussions.”The company’s shares plummeted as...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
After a rapid rebound this week, the stock market took a break, dipping several percent for the bulk of Friday's session. Let's look at a few top stock trades for Monday. Top Stock Trades for Tomorrow No. 1: Alphabet (GOOG, GOOGL)Source: Chart courtesy of StockCharts.comAlphabet (NASDAQ:GOOGL, NASDAQ:GOOG) has been climbing back from the depths, along with the rest of the market.A few weeks ago, I pointed out long-term support near $1,000. The stock basically hit that level on Monday, bottoming at $1,008. In any regard, shares are now trending higher, as uptrend support (blue line) guides GOOGL upward.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFor now, $1,140 to $1,150 is acting as a ceiling to the stock, stymieing its advances. From here, one of two things will eventually happen. Either Google will break out over resistance or uptrend support will fail. * 9 of the Best Food Stocks to...
(Bloomberg) -- Italy and Spain suffered their deadliest days yet from the coronavirus outbreak. The government in Madrid warned citizens that the situation will get worse.Italy reported 969 deaths in 24 hours, and Spain 769. Italy now has 86,498 total cases, roughly the same number as the U.S. and more than China, where the disease’s first outbreak occurred. A slowdown in new cases in Italy was the one silver lining.Both countries are in almost complete lockdown, with their governments counting on limited social interactions to help contain the spread of the disease. Spanish Prime Minister Pedro Sanchez convened an emergency cabinet meeting to try to chart a way out of the crisis rapidly engulfing the nation.“We may be entering a phase of stabilization, but we haven’t reached the peak yet,” Health Minister Salvador Illa said at a news conference in Madrid.With Italy and Spain now reporting the most deaths worldwide, Europe’s...
