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Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain's negotiations with its creditors fail, three people familiar with the matter said on Friday. J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwindling sales. Sycamore is weighing acquiring J.C. Penney outright or making an investment in the troubled retailer, the sources said....
It’s a mixed start to the day for the majors. A Bitcoin move through to $9,700 levels would deliver support to the pack....
Jun.05 -- AFL-CIO President Richard Trumka discusses the George Floyd protests, police unions and unemployment. He speaks with Bloomberg's David Westin on "Bloomberg: Balance of Power."...
Chipmaker Micron (MU) is banking on the upcoming 5G trend. As 5G networks ramp up around the globe, the semi-conductor player is expected to provide many of the components needed to achieve 5G’s promise; faster data processing, lower latency and expanded storage capacity.However, the catalyst hasn’t borne fruit yet. Micron has lagged behind its peer group this year, unable to fully recover from the COVID slump. Micron’s share price is still roughly flat year-to-date compared to the SOXX’s 9% uptick. But a recent pre-earnings announcement that sales for the quarter (FQ3) were stronger than expected along with the company anticipating revenue growth in F4Q has changed the narrative somewhat.Or has it? According to Deutsche bank analyst Sidney Ho, investors are concerned that a “weak demand environment could shorten the upcycle of the memory industry,” and the revised figures have left some investors puzzled by Micron’s confidence.But the analyst argues Micron’s recent estimate...
(Bloomberg) -- OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry.After a week of cajoling by Saudi Arabia and Russia, the cartel’s members were ready to prolong almost 10 million barrels a day of output curbs to the end of July, instead of easing them as previously planned.The imminent extension, coupled with a surprisingly good U.S. jobs report, sent crude 5% higher to $42 a barrel on Friday afternoon in London, more than double the price in April.That’s eased pressure on the budgets of oil-rich nations and revived the fortunes of energy companies from Exxon Mobil Corp. to shale drillers such as Parsley Energy Inc.Trump himself hailed the recovery on Friday and thanked the cartel’s leaders for making it possible.“Just a month ago. We had a disaster with respect to energy....
