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Reuters US stocks closed mixed on Thursday as investors mulled weekly unemployment claims, rebounding oil prices, and a bleak report on a potential coronavirus vaccine. Jobless claims hit 4.4 million in the week ended April 18, declining from previous periods but pushing the metric's five-week total above 26 million. WTI crude soared as much as 33%, to $18.26 a barrel, after President Donald Trump tweeted that the US would "shoot down and destroy" Iranian gunboats if they harassed American ships. The drugmaker Gilead slipped 9% at intraday lows after a mistakenly posted report on its in-development coronavirus treatment revealed the drugg didn't help afflicted patients. Watch major indexes update live here. US closed mixed on Thursday as markets mulled the latest economic data detailing the coronavirus pandemic's economic fallout. Jobless claims made in the week ended April 18 reached 4.4 million. It marked a decrease from previous weeks but brought the metric's five-week total to more than 26 million. The latest claims reading is nearly six times the peak weekly level seen during the Great Recession. "This is another terrible week for layoffs." James McCann, senior global economist at Aberdeen Standard Investments said. "The scale of joblessness in the US
Wikimedia Commons Stephen Moore, a member of President Trump's economic task force, jokingly suggested space suits as a way for people to avoid coronavirus infections. "Why don't we just put everybody in a space outfit or something like that?" he said to the New York Times in a Q&A interview published Tuesday. "No. Seriously, I mean — I know we don't have space outfits," Moore added. Moore has emerged in the spotlight as a staunch proponent of lifting stay-at-home restriction and restart the American economy. Visit Business Insider's homepage for more stories. Conservative economist and Trump economic task force member Stephen Moore had a tongue-in-cheek idea for people seeking to ward off the coronavirus as the economy is gradually allowed to reopen. Space outfits for all. "I was thinking this morning, and this is just kind of a thought experiment because I was thinking about this — why don't we just put everybody in a space outfit or something like that?" he jokingly told the New York Times in a Q&A interview published Tuesday. "No. Seriously, I mean — I know we don't have space outfits," Moore added before laughing. "I mean, just thinking out loud ... maybe this is
(RTTNews) - The Switzerland stock market ended flat on Thursday as worries about the impact of the coronavirus pandemic on its economy weighed on sentiment and prompted investors to stay cautious. The Swiss government said the country's Gross Domestic Product will fall at the sharpest pace in decades this year. After edging up slightly in early trades, the market tumbled and stayed weak till the penultimate hour. Finally, despite staying higher for sometime, it pared gains and ended slightly weak. The benchmark SMI ended down 5.08 points, or 0.05%, at 9,625.48, after scaling a low of 9,529.99 and a high of 9,701.60 intraday. Switzerland's federal budget deficit could jump to around 6% of national output this year due to impact of the coronavirus crisis, the country's finance minister Maurer said on Wednesday. Small Swiss businesses should not worry that the government might raise rates on around 17 billion Swiss francs worth of 0% coronavirus emergency relief loans granted so far, Maurer said. Investors also noted that the Swiss National Bank reported a loss of 38.2 billion Swiss francs for the first quarter as the value of its foreign currency holdings tumbled due to the coronavirus crisis. Credit Suisse ended stronger
AP Images Global investment strategists at Credit Suisse recently advised clients to buy any dip in US stocks this year, as they an economic forecast coming in 2021. They provided five reasons why adding to stock exposure on any signs of weakness will pay off in the long run. The firm's strategists told clients in a note that they see the S&P 500 settling at 2,700 at the end of this year, and rising to 3,100 next year. The index was trading around 2,800 on Wednesday. Visit BI Prime for more markets and investing coverage. Credit Suisse's global equity strategists just issued fresh guidance to stock investors: The near-term doesn't look great, but the next year looks promising. That long-term bullishness informs the firm's recommendation to buy stock-market dips when given the opportunity. It may take a while for solid gains to materialize, but Credit Suisse says such a strategy will pay off for patient investors. "We would be buying into weakness and expect end-21 market levels to be much higher," the team led by strategist Andrew Garthwaite told clients in a Wednesday report, referring to the end of 2021. The strategists see the S&P 500 falling to 2,700 at
Matt Cardy / Stringer / Getty Images Amazon told sellers in Canada this week that it would temporarily stop shipping and receiving bulky products that require more than two people to carry — or that weigh between 49 lbs and 99 lbs. The move is to reduce close contact among warehouse employees and to "protect the well-being and safety of our employees," Amazon said in the note to sellers. The new rules only apply to warehouses in the Canadian and European regions, as the US warehouses have special equipment that allow shipment of those products without close contact, Amazon's spokesperson said. The change comes at a time when Amazon warehouse workers are calling for safer work conditions, staging walkouts across multiple facilities across the country. For sellers, it's another restriction they have to deal with, coming a month after Amazon said it would stop accepting non-essential products at its warehouses, a policy that started loosening last week. Visit Business Insider's homepage for more stories. Amazon has stopped shipping and receiving heavy products that require more than two people to move in and out of its warehouses in the Canadian and European markets, as it looks to reduce close contact among
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced the availability of Quantix™ Recon, a lightweight, rapidly deployable, fully-automated reconnaissance solution that delivers high resolution, georeferenced terrain, vegetation and infrastructure imagery, providing ground forces with on-demand actionable intelligence. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200423005185/en/ AeroVironment’s new Quantix™ Recon, a fully-automated reconnaissance unmanned aircraft system. (Photo: Business Wire) With its unique hybrid VTOL design, Quantix Recon combines the vertical takeoff and landing advantages of a multirotor drone with the range, speed and efficiency of a fixed-wing unmanned aircraft. Featuring fully-automated flight operation, Quantix Recon surveys up to 1.6 square kilometers (0.6 square miles), or 20 linear kilometers (12.4 miles) per 45-minute single battery flight. Multiple automated reconnaissance mode options allow users to choose between line (route), area and waypoint targeted data capture. Collected aerial imagery data is compatible with a wide range of available geographic information system (GIS) analytical tools to facilitate further analysis. "AeroVironment’s Quantix Recon is a low-cost reconnaissance solution that can be in the air within minutes, capturing high-resolution georeferenced imagery of hard to access areas or dynamically changing environments.” said Rick Pedigo, vice president
SEATTLE, April 23, 2020 /PRNewswire/ -- Expedia Group, Inc. (NASDAQ: EXPE) announced today that it is raising approximately $3.2 billion of new capital, consisting of a $1.2 billion private placement of perpetual preferred stock and approximately $2 billion in new debt financing.  These efforts are part of a comprehensive strategy to enhance Expedia Group's financial flexibility and strengthen its liquidity position.  Investment funds managed by affiliates of Apollo Global Management, Inc. and Silver Lake, two of the world's leading alternative asset investors, are providing the equity investment.  David Sambur, Co-Lead Partner of Apollo's private equity business, and Greg Mondre, Co-CEO and Managing Partner of Silver Lake, will join the Expedia Group Board of Directors upon the closing of the fund raising transactions, which is expected on May 5, 2020. "Between the significant steps Expedia Group continues to take to simplify the business, the talented leaders I have gotten to know over the last several months, and this new funding, we are in better position to continue to rise to the current challenge and come out even stronger than before – we understand the financial challenges ahead and we will continue to prudently address those needs," said Peter Kern, Vice Chairman,
(RTTNews) - The Hershey Company (HSY) has decided to withdraw fiscal 2020 guidance. The company's previously issued net sales and earnings guidance did not anticipate a significant impact from COVID-19. The company reaffirmed its long-term financial objectives of net sales growth in the range of 2% to 4% and an increase in earnings per share of 6% to 8%. For the first quarter, adjusted earnings per share was $1.63, an increase of 2.5%. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.71, for the quarter. Analysts' estimates typically exclude special items. First quarter consolidated net sales were $2.04 billion, an increase of 1.0%. Organic, constant currency net sales increased 0.5%, for the quarter. Analysts expected revenue of $2.08 billion for the quarter. The company believes it has sufficient liquidity to satisfy cash needs, as supported by access to bank lines of credit and an unsecured revolving credit facility.
(RTTNews) - Below are the earnings highlights for Patterson UTI-Energy (PTEN): -Earnings: -$434.72 million in Q1 vs. -$28.61 million in the same period last year. -EPS: -$2.28 in Q1 vs. -$0.14 in the same period last year. -Excluding items, Patterson UTI-Energy reported adjusted earnings of -$85.49 million or -$0.45 per share for the period. -Analysts projected -$0.47 per share -Revenue: $445.93 million in Q1 vs. $704.17 million in the same period last year.
TOKYO, April 23, 2020 /PRNewswire/ -- On April 23, Tan Mujiang's Flagship Store in Japan opened at 1-2KAI, KICHIJIYOUJIGOTOUBIRU, 1-1-1 HONCHIYOU, KICHIJIYOUJI, MUSASHINOSHI, Japan.The company now has 7 flagship stores in locations including theUSA, Singapore, Canada, Malaysia, Germany and Japan. Tan Mujiang is the sole listed company in wooden comb industry. It has created more than 40 processes to improve its traditional Chinese handcrafts made from natural materials with beautiful shapes, smooth lines, exquisite textures and rich colors. These handcrafts perfectly integrate traditional culture and modern fashion. Since December 2013, Tan Mujiang has received more than 80 patents, providing supplies to more than 1,200 shops in Mainland China, 3 in Hong Kong and 1 in Taiwan. The goal is to popularize the brand by operating franchise locations around the world, providing people the best hand-made wooden combs and brushes. Tan Mujiang has set up a national general franchising model. The company hopes to expand with more additional franchisees. Tan Mujiang provides self-developing space and comprehensive support including market research, location selection, opening preparation guidance, personnel training, store decoration, marketing demonstration and post-sales service, to ensure the scheduled opening and normal operation as well as the profitability of the store. Website: www.ctansusa.comTel: +86-511-87186978-8022Email:tmjhwxx@ctans.com View original content to download multimedia:https://www.prnewswire.com/news-releases/tan-mujiang-opens-another-oversea-flagship-store-in-japan-301045985.html SOURCE