A woman wearing a protective face mask to prevent contracting the coronavirus enters a subway station in Milan, Italy, March 4, 2020. Guglielmo Mangiapane | Reuters First quarter U.S. earnings estimates have been declining since coronavirus concerns became known toward the end of January, but Europe — now the cutting edge of the coronavirus epidemic
Month: March 2020
V-shape? U-shape? L-shape? Wall Street strategists are engaged in a fight over whether the coroanvirus outbreak is a one-quarter hit to earnings and the economy or whether it is a multi-quarter phenomenon. The multi-quarter phenomenon appears to be winning. But there are signs of hope. One story that has gone out the window in the
Traders work the floor of the New York Stock Exchange (NYSE) on March 5, 2020 in New York City. Coronavirus fears have whipsawed markets recently, with the Dow Jones Industrial Average ending today down more than 950 points, or nearly 3.6 percent. (Photo by David Dee Delgado/Getty Images) David Dee Delgado | Getty Images It
The Royal Caribbean cruise ship ‘Explorer of the Sea’. Getty Images Help for airlines. Help for cruise ship operators. And shale operators. Vague talk of payroll tax cuts that would last through the end of the year. Stocks are moving on hopes of fiscal stimulus in the absence of market-moving coronavirus news. Take Royal Caribbean,
Traders work on the floor of the New York Stock Exchange during the opening bell on March 10, 2020 in New York. Timothy A. Clary | AFP | Getty Images We have touched an intraday 20% decline in the S&P 500 that many associate with bear market territory. We also hit a bear market on
A man in a surgical mask walks by the New York Stock Exchange (NYSE) after more cases of coronavirus were confirmed in New York City, New York, U.S., March 10, 2020. Andrew Kelly | Reuters What would happen if the New York Stock Exchange floor is forced to closed? For decades, the NYSE has had
Health professionals stand at the entrance to the floor of the New York Stock Exchange to check the temperature of everyone entering on March 16, 2020 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images The country may be prepared to shut its schools, concerts, sporting events, shops, and even
Call it part of the grand blame game: Markets are down big, so it must be someone’s fault. Exchange traded funds. High-frequency traders. Short sellers. In Europe, they have already figured out whose fault it is: Short sellers! In the past week, several European countries, including Italy, Spain, France, Belgium and Greece–have banned short selling
Traders, some in medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to
The double-barreled approach of a $1 trillion proposed fiscal stimulus program and Federal Reserve policy could help soften the blow of an economic recession and head off a potential financial crisis. The White House is seeking a stimulus package worth between $850 billion and $1 trillion that could result in emergency funds for individuals and
This photo taken on January 11, 2018 shows a woman walking past Marriott signage in Hangzhou in China’s Zhejiang province. – | AFP | Getty Images Check out the companies making headlines in midday trading. MGM Resorts, Marriott — Shares of casinos and hotels were in a tailspin as the industry took a massive hit
The Fed is throwing all of its fire power at markets, and yet interest rates continue to rise, a troubling sign when the economy looks set to slow down dramatically. Markets continue to swing violently with the Dow losing another 6.2% Wednesday; oil plunging 24%, and copper down about 7%. The credit markets continue to
Bloomberg | Bloomberg | Getty Images Check out the companies making headlines after the bell. Williams-Sonoma — The home goods retailer’s stock was up 2% in extended trading after the company posted a double beat on earnings and revenue in the fourth quarter. Williams-Sonoma reported earnings of $2.13 per share excluding some items on revenue of
Mostly just Macy’s workers pace the main floor, around the beauty department, on March 17. Source: Lauren Thomas, CNBC Thursday’s spike in weekly jobless claims signals just the start of a crush of layoffs that could more than double the unemployment rate. Unemployment claims filed with the states last week jumped to 281,000 from 211,000 the
Jerome Powell, chairman of the U.S. Federal Reserve, pauses while speaking during a news conference in Washington, D.C., on Tuesday, March 3, 2020. Andrew Harrer | Bloomberg | Getty Images Just like consumers started a run on toilet paper, companies and institutions all over the world have created a shortage of dollars, as some players
Tesla vehicles stand outside of a Brooklyn showroom and service center on August 27, 2018 in New York City. Spencer Platt | Getty Images Check out the companies making headlines after the bell. Crowdstrike — The cybersecurity company’s stock soared 19% in extended trading after the company posted fourth-quarter revenue that exceeded analysts’ expectations. Crowdstrike
Traders work on the floor of the New York Stock Exchange (NYSE) on March 09, 2020 in New York City. Spencer Platt | Getty Images For a market rocked by big volatile moves lower, Friday’s expiration of stock futures and options could add even more wild swings. But the quadruple witching expiration, as it is
“Theater Closed” signs are posted in front of the AMC Montebello, as the US chain of AMC movie theaters closes for 6 to 12 weeks, On March 17, 2020 in Montebello, California, as the coronavirus (covid-19) epidemic leads to restaurant and school closures and workers working from home in an effort to encourage social distancing.
Markets face more violent swings in the coming week as investors watch out for a rising number of coronavirus cases and new data that could show how the virus is slamming the U.S. economy. The past week was brutal for stock investors with the Dow Jones Industrial Average posting a 17.3% decline, its worst week since
MoneyGram (NASDAQ:MGI) has received over US$11 million in the last six months from Ripple in what was described as “Ripple market development fees.” A partnership between the money remittance company and the crypto services firm was first announced back in June when Ripple agreed to provide MoneyGram with US$50 million in order to support its
Tesla (NASDAQ:TSLA) CEO Elon Musk has voiced his support for Dogecoin (DOGE) just a month after offering skeptical remarks regarding the largest cryptocurrency, Bitcoin (BTC). Musk Publicly Endorses Dogecoin Musk, who is a huge fan of DOGE, declared his endorsement for the altcoin on March 3 through a tweet. However, his initial tweet was not
The world of crypto has developed at a breakneck pace over the past few years, and in a new development, cryptocurrency firm BitGo has announced the launch of its own crypto lending service. In recent times, the crypto lending industry has grown at a decent pace, but there is still room for a lot of
Newly released documents relating to Telegram’s 2018 ICO have revealed some big-name backers, including Russian oil tycoon Roman Abramovich and former Minister of Open Government Affairs Mikhail Abyzov. The publication of the documents highlighting some of the big-money backers in Telegram’s planned blockchain, Telegram Open Network (TON), is just the latest development in the US
Controversy continues to surround Ripple’s XRP token, and the company’s incentivizing of partners to start using its cross-border payment solution has flooded the crypto’s market supply. However, despite all this uncertainty surrounding XRP, one analyst thinks that the cryptocurrency is bound for a huge upswing. Ripple Paid Moneygram to Use Its Cross-Border Remittance Service Over
Ethereum (ETH) price has continued to fall after a dreadful weekend, which saw the price drop to around $198, wiping out last week’s gains. The cryptocurrency is currently trading slightly above the $200 support level and faces a nervy week in which it could drop as low as $170. Ethereum Drops to $200 as Crypto
As the growing economic impacts of the coronavirus roll through the nation, some of the nation’s largest mortgage lenders are already getting calls from borrowers, concerned they won’t be able to make their monthly payments. Both government and independent regulators for the mortgage industry are now working on plans to deter another foreclosure crisis. While
SoftBank founder Masayoshi Son (L) and WeWork founder Adam Neumann. Getty Images SoftBank may be walking away from part of its bailout of WeWork by not completing its $3 billion tender offer for the office space startup, according to people familiar with matter. SoftBank had planned a $3 billion tender offer for WeWork shares, which
A For Sale sign is seen in front of a home in Miami, Florida. Joe Raedle | Getty Images As Americans sit at home watching the value of their retirement funds crater, it is no surprise the spring housing market is about to crater as well. Home sales could fall by 35% annually this spring,
An ‘Open House’ sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images The spring housing market was on its way to becoming the strongest in over a decade, but it will likely turn sharply lower, as the economy shuts down in
Wealthy New Yorkers fleeing the city are driving up the prices of rentals in the Hamptons and Hudson Valley, with rates more than tripling for some properties. As New York City considers “shelter in place” rules and the number of coronavirus cases skyrockets, New Yorkers who can afford it are decamping to more rural locales.