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Showing posts from May, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Abercrombie & Fitch, Dollar General, Amazon & more

Peter Schacknow 5-6 minutes - Source: CNBC Take a look at some of the biggest movers in the premarket: Abercrombie & Fitch (ANF) – The apparel retailer lost $3.29 per share for its latest quarter, wider than the loss of $1.39 per share anticipated by analysts. Revenue was also below forecasts, with sales impacted by pandemic-related closures. Dollar General (DG) – The discount retailer reported quarterly profit of $2.56 per share, compared to a consensus estimate of $1.74 a share. Revenue exceeded forecasts as well, and a same-store sales jump of 21.7% was well above the 8.7% FactSet estimate. Dollar General said the pandemic had a significant positive impact on sales, and that it expects to exceed prior forecasts. Dollar Tree (DLTR) – Dollar Tree earned $1.04 per share for its latest quarter, beating the 85 cents a share consensus estimate. Revenue also beat forecasts, with the discount retailer’s overall same-store sales r

US Market | Futures Indicator Update: Dow futures edge higher after blue-chip index rallies back above 25,000

Fred Imbert,Thomas Franck 3-4 minutes - Source: CNBC Futures contracts tied to the major U.S. market indexes edged higher early Thursday as investors looked to add to Wall Street’s robust gains so far this week. Dow Jones Industrial Average futures  were up 118 points, or 0.5%. S&P 500 futures gained 0.1% while Nasdaq 100 futures dipped 0.4%. Gains were kept in check after China’s National People’s Congress approved a national security bill for Hong Kong. The bill will bypass Hong Kong’s legislature, raising concerns over the longevity of Hong Kong’s “one party, two systems” principle, which allows additional freedoms mainland China does not have. The market moves Thursday promised to add to sharp rallies in the major stock indexes so far this week. The Nasdaq Composite , S&P 500 and Dow all extended week-to-date gains during Wednesday’s regular trading session and finished the day up 0.77%, 1.48% and 2.2% respectively.

Analysis | The Cybersecurity 202: Twitter’s action gives Trump a new enemy in the mail voting fight

By Joseph Marks 15-19 minutes - Source: The Washington Post with Tonya Riley T he Cybersecurity 202 will publish only Tuesday, Wednesday and Thursday this week.   President Trump’s assault on Twitter after the site fact-checked two of his tweets about voting by mail is opening up a new front in the battle over pandemic-era elections. Republicans who hesitated to join the president in attacking voting by mail directly are far more eager to slam a major tech company they view as trying to silence a prominent conservative voice. Now the White House is using the fact check to push an executive order, which Trump may sign today, to roll back the legal immunity tech companies enjoy for content posted on their sites, as Tony Romm and Josh Dawsey report . “ Big Tech is doing everything in their very considerable power to CENSOR in advance of the 2020 Election ,” Trump tweeted . “If that happens, we no longer have our freedom. I will neve

Analysis | The Finance 202: The Fed has bracing news for anyone expecting a sharp economic rebound

By Tory Newmyer 18-23 minutes - Source: The Washington Post with Brent D. Griffiths The Federal Reserve just tossed a glass of cold water in the face of anyone predicting a swift economic recovery. The ongoing crisis brought on by the pandemic shutdowns has caused “steep" job losses, with activity “falling sharply” across the map, the central bank’s latest survey of economic conditions on the ground finds. And business owners report their outlook for the recovery remains “highly uncertain” and most are pessimistic about the trajectory of the rebound, according to the Fed’s new beige book, which collects anecdotal information from a wide swath of business owners around the country. A pedestrian wearing a protective mask walks passed closed businesses the Chinatown neighborhood of New York on Wednesday. (Nina Westervelt/Bloomberg) The report, covering six weeks of activity through May 18, offers a snapshot of an econo

News | Politics | China: What it means for investors if Hong Kong loses its special status with the U.S.

Weizhen Tan 5-6 minutes - Source: CNBC Riot police patrol the streets at the Central district of Hong Kong during demonstrations against the new proposed national security law. Ivan Abreu | Barcroft Media | Getty Images Hong Kong’s special status with the U.S. now appears to be under threat, as U.S.-China tensions ramped up after Beijing proposed a new security law for the Chinese special administrative region. On Wednesday, U.S. Secretary of State Mike Pompeo told Congress that Hong Kong was no longer highly independent from China. He pointed to  Beijing’s law that would effectively bypass Hong Kong’s legislature  — which has been approved on Thursday — reigniting concerns over the city’s diminishing freedoms. “No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” Pompeo said in a statement. A U.S. law, passed last year, requires that Hong Kong re

News | Politics | China: China approves controversial national security bill for Hong Kong

Yen Nee Lee 3-4 minutes - Source: CNBC Red flags fly in front of the Great Hall of the People as the third session of the 13th National People’s Congress (NPC) opens on May 22, 2020 in Beijing, China. Du Yang | China News Service | Getty Images China’s National People’s Congress, the country’s parliament, on Thursday approved the proposal to impose a new national security law for Hong Kong — paving the way for the legislation to be finalized and implemented in the city. The NPC voted 2,878 to 1 in favor of the bill, which will pave the way for its Standing Committee — a smaller decision-making body — to proceed to working out details of the legislation to be implemented in Hong Kong. Six abstained from the vote. Ahead of that decision, protests in Hong Kong reignited. Large crowds in the Chinese territory were out in force after the legislation was first proposed last Friday at the start of the annual parliamentary meet

News | Business | Airlines: EasyJet plans thousands of job cuts

4-5 minutes - Source: BBC Image copyright TF-Images EasyJet is to cut up to 30% of its workforce as it struggles to cope with the collapse in demand for air travel caused by the coronavirus pandemic. The airline did not say exactly how many jobs would go, but it employed 15,000 people at the start of 2020. Pilots' union Balpa reacted angrily, describing the move as an "ill-considered knee-jerk reaction". EasyJet, which has big operations at Gatwick and Luton airports, confirmed it would restart flights on 15 June. However, it said that levels of market demand seen in 2019 were not likely to be reached again until 2023. It added that in the coming days, it would launch an employee consultation process on the planned job cuts. It grounded its entire fleet in March as global t

News | World | China: China's parliament backs Hong Kong security bill

4-5 minutes - BBC Image copyright EPA China's parliament has backed a new security law for Hong Kong which would make it a crime to undermine Beijing's authority in the territory. The bill - which now passes to China's senior leadership - has caused deep concern among those who say it could end Hong Kong's unique status. It could also see China installing its own security agencies in the region for the first time. The move has already sparked a new wave of anti-mainland protest. Clashes broke out again on Wednesday, as Hong Kong's parliament debated a different proposed law, which would make it a crime to disrespect the Chinese national anthem. Hundreds of people were arrested. Security remains high on Thursday, as the debate in the Legisla

News | England | Coronavirus: Virus test and trace system kicks off

8-9 minutes - Source: BBC Image copyright Getty Images A team of 25,000 contact tracers are making their first phone calls to track down people who will be told to self-isolate under the new test and trace scheme in England. Tracers will text, email or call people who test positive with coronavirus and ask who they have had contact with. Any of those contacts deemed at risk of infection will be told to isolate for 14 days, even if they are not sick. Scotland is launching its own system, as it is expected to ease its lockdown. The aim of England's NHS Test and Trace system is to lift national lockdown restrictions and move towards more localised, targeted measures. The team will start by contacting the 2,013 people who tested positive for the virus on Wednesd