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Finimize

April 2, 2020

Laughing Stocks

Investors’ optimistic start to the year seems like a long time ago now. Global stocks fell 20% last quarter, losing around $20 trillion in value in what was their worst run since 2008. US government bonds, on the other hand, had one of their best quarters as investors clamored for their relative safety.

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The Fly

April 2, 2020

Immunomedics Slide Pinned on FDA Facility Inspection Report

Immunomedics said recently that it was on target to obtain FDA approval for sacituzumab govitecan. While Cowen analyst Phil Nadeau remains confident the ASCENT trial will succeed and that sacituzumab will become standard of care in triple-negative breast cancer.

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Edison

April 2, 2020

UK Sparks: Hays plans £200m equity raise

Recruitment group Hays has announced an equity placing, targeting gross proceeds of around £200m. It hopes this funding will provide additional liquidity buffer and allow the group to pursue organic growth opportunities with new and existing blue-chip clients once the markets stabilise. At end-March 2020, its net cash position was £35m versus £13.2m at end-December 2019. The company has committed borrowing facilities of £210m, of which around £165m is currently undrawn.

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Finimize

April 1, 2020

The Immune System

In a recent report, investment banking giant Goldman Sachs picked a handful of stocks that should vaccinate investors against the coronavirus pandemic – and even some that could help them come out stronger.

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Edison

April 1, 2020

UK Sparks: Banks Scrap Dividends After Pressure From PRA

Britain’s largest banks HSBC Holdings, Barclays, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered have scrapped dividend payments after pressure from the Bank of England’s Prudential Regulation Authority to preserve capital. The banks have agreed to cancel remaining payouts for 2019, not pay any other dividends this year and suspend any share buyback programmes. Barclays chairman Nigel Higgins says: “These are difficult decisions, not least in terms of the immediate impact they will have on shareholders. The bank has a strong capital base, but we think it is right and prudent, for the many businesses and people that we support, to take these steps now.”

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Finimize

March 31, 2020

That Awkward Moment

As if it wasn’t mortifying enough that EasyJet had to ground its entire coronavirus-anchored fleet on Monday: the UK airline’s biggest shareholder now wants it to back out of an almost $6 billion deal too.

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Edison

March 31, 2020

UK Sparks: Oil Price Slump To Cost Shell Up To $800m

Oil major Royal Dutch Shell has warned of after-tax impairment charges of between $400-800m in the first quarter of this year, due to changes in the oil price. The company says each $10 movement in the price of a barrel of Brent crude hurts it by about $6bn a year. It says the coronavirus is causing “significant uncertainty” with regards to prices and demand for oil, gas and related products. In addition, “recent global developments and uncertainty in oil supply” have caused “further volatility” in commodity markets.

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Edison

March 30, 2020

UK Sparks: EasyJet Grounds Entire Fleet

Low-coat airline easyJet has grounded its entire fleet of aircraft, due to the “unprecedented travel restrictions” and national lockdowns imposed in response to the coronavirus crisis. Cabin crews will be furloughed for two months from April 1 on 80% of their average pay under the Government’s job retention scheme. The group will continue to work with the Government to rescue Britons stranded abroad, having already returned home 45,000 customers on more than 650 rescue flights. It says there is no certainty as to when scheduled flights will resume.

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Edison

March 27, 2020

UK Sparks: Royal Mail Hit By Coronavirus

Royal Mail says its UK parcels, international and letters business is likely to be “materially loss-making” in 2020-21, while profitability will be “significantly reduced” at its GLS logistics operations. It says advertising mail has been “significantly impacted” by the coronavirus crisis over the last two weeks as marketing campaigns have been delayed or cancelled. It also anticipates that restrictions on individuals and businesses will have a “negative impact” on unsorted and stamped mail. The company says it will now take longer than expected to achieve the targets laid out in its “Journey 2024” business transformation plan. It is reviewing the plan, will not pay a final dividend for 2019-20 and is suspending guidance for 2020-21 and beyond.

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The Fly

March 26, 2020

Fly Intel: Pre-market Movers

Ford (F) trending lower after credit rating cut to junk status by S&P. Check out this morning’s top movers from around Wall Street, compiled by The Fly.

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