Glow Wellness | Getty Images Gyms in China‘s capital city of Beijing were forced to close again over the weekend, adding pressure to an industry that’s already seen the collapse of thousands of fitness businesses nationwide. The coronavirus, which emerged late last year in the Chinese city of Wuhan, has swept across the country and only started
Finance
A moment of truth is coming for the world’s biggest technology companies. They are starting to report first quarter results as the coronavirus shutdowns slam into the markets. But tech analyst Gene Munster expects a couple of widely held names to weather the storm and emerge as big winners: Apple and Tesla. “Investors will have
In the course of my 36-year career, I’ve covered five crashes in the price of oil. In two cases OPEC, OPEC + or some group of oil producers flooded the markets with crude oil to gain competitive advantage over rival countries. In two other cases, financial market shocks crushed the price of crude and in
Smucker’s Fruit & Honey brand fruit spread Daniel Acker | Bloomberg | Getty Images Check out the companies making headlines after the bell. IBM — The technology company’s stock fell 3% in extended trading after IBM reported first-quarter financial results. The company reported revenue of $17.57 billion while analysts polled by Refinitiv expected $17.62 billion.
If you’re a long-term investor, Federated Hermes’ Phil Orlando sees potential for record gains. But if you’re looking for upside this year, you may want to hunker down some more. “The economic and corporate earnings news for the next month or two is going to be dreadful,” the firm’s chief equity market strategist told CNBC’s “Trading
Check out the companies making headlines midday Monday: Boeing — Boeing shares fell more than 3% after the China Development Bank Financial Leasing Co. canceled the purchase of 29 Boeing 737 Max jets. Boeing has lost more than half of its value this year amid the coronavirus pandemic. United Airlines — Shares of United Airlines
Paul Meeks is reworking his investment strategy due to coronavirus risks. The long-time tech investor recently parted ways with two of his top picks: Mastercard and Visa. “They do require to get a lot of swipe fees, a lot of face-to-face transactions in places like hotels, bars and restaurants and I just don’t see that happening,” the
A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. Lucas Jackson | Reuters U.S. stock futures opened lower on Sunday night as investors weigh the latest news on the coronavirus front along with another decline in crude prices.
Take a look at some of the biggest movers in the premarket: Procter & Gamble (PG) – The consumer products giant earned $1.17 per share for its latest quarter, beating consensus estimates by 4 cents a share. Revenue came in below analysts’ projections. Organic sales were up 6% during the quarter thanks in large part
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. Brendan McDermid | Reuters 8:12 am: Trump lays out three-stage reopening of the country President Donald Trump has issued a three-stage process for the economy to reopen slowly as the coronavirus recovery process begins. In an 18-page
Lyft driver Steven Smith uses a sanitizing wipe to disinfect his vehicle as he waits to get a call from a passenger in San Francisco, Calif. on Thursday, March 19, 2020. Smith and other Lyft drivers have seen a decline in ridership amidst the Bay Area’s shelter-in-place in response to the global outbreak of the
New York Federal Reserve President John Williams said that he sees some aspects of the economy coming back online but doubts growth will get back to normal through 2020. Williams spoke Friday with Steve Liesman on CNBC’s “Squawk Box.” Areas such as construction should be the first to come back, he said, echoing comments from
James Bullard David A. Grogan | CNBC St. Louis Federal Reserve President James Bullard proposed what he sees as the best economic solution to the coronavirus crisis: Pay full costs for any firm that comes up with a test for the virus that can assure the public that it’s safe to resume activity. Doing so,
Pedestrians pass a JPMorgan Chase & Co. bank branch near the New York Stock Exchange in 2018. Bloomberg | Bloomberg | Getty Images JPMorgan Chase says it has closed more small business relief loans than any other bank, but it still has a huge mountain of applications from business owners who are now in limbo.
Charlie Munger Lacy O’Toole | CNBC Speculation about what Berkshire Hathaway‘s Warren Buffett is doing during this crisis is a common topic among investors these days, with most expecting the “Oracle of Omaha” to make a classic value purchase during this tumultuous time or a rescue cash infusion to a struggling company he likes over the
An Uber Eats food delivery courier closes a bag with an order during a lockdown, imposed to prevent the spread of coronavirus disease (COVID-19), in central Kiev, Ukraine April 2, 2020. Valentyn Ogirenko | Reuters Check out the companies making headlines after the bell. Gilead Sciences — The pharmaceutical company’s stock surged 13% in extended trading
Investor Peter Boockvar anticipates another 20% pullback could hit the market. The Bleakley Advisory Group chief investment officer told CNBC’s “Trading Nation” on Thursday that the coronavirus’ economic fallout is trapping the S&P 500 in a trading range. “A lot of the bad news that we’re seeing now in terms of the numbers were priced
Morgan Stanley CEO James Gorman sees the coronavirus-induced global recession lasting for the entirety of this year and 2021. When asked about how a potential economic recovery expected in the second half of this year would take shape, Gorman said that while he hopes it will be a sharp “V” recovery, in reality it will
Earnings season may look ugly, but Crossmark’s Global Investments’ Victoria Fernandez isn’t getting discouraged. She believes there are opportunities in the coronavirus battered market. “We’ve seen some already. If you look at some of the health care names — UnitedHealth gave a good report,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Wednesday.
A pilot walks by United Airlines planes as they sit parked at gates at San Francisco International Airport on April 12, 2020 in San Francisco, California. Justin Sullivan | Getty Images Check out the companies making headlines after the bell. Bed Bath & Beyond — The home goods retailer’s stock soared 12% in extended trading