On its first day of trading, Airbnb shares closed up nearly 113% to $144.71 apiece, giving the lodging platform a market capitalization of nearly $100 billion. Airbnb began trading on the Nasdaq today under the ticker ABNB. The company, which raised $3.5 billion in its IPO, set the price of its…
BP Says the Era of Oil-Demand Growth Is Over
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more. Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on Monday. Even…
Chinese city goes into lockdown along Russian border
A city of 70,000 on the Chinese side of the border with Russia went into lockdown this morning to try to contain the spread of novel coronavirus, according to state broadcaster CCTV. The city of Suifenhe’s government said all residents will be confined to their homes, while estate gates and…
China’s central bank injected liquidity
China’s central bank injected liquidity into the financial system via open-market operations for the first time since Feb. 17, ending the longest hiatus since December 2018. It also cut interest rates on the loans. The People’s Bank of China will inject 50 billion yuan ($7.1 billion) into the banking system…
Michael Bloomberg dropped out of the 2020 race
Michael Bloomberg dropped out of the 2020 race on Wednesday after a poor showing on Super Tuesday and issued a statement endorsing former Vice President Joe Biden. Bloomberg is the former mayor of New York and spent more than $500 million of his own money in the race to become…
Investors sold riskier assets and rushed to traditionally safer bets
Investors sold riskier assets and rushed to traditionally safer bets such as gold and U.S. Treasuries after countries including Iran, Italy and South Korea reported a rise in virus cases over the weekend even as China eased curbs with no new cases reported in Beijing and other cities. The benchmark…
SEC vs Tesla
The Securities and Exchange Commission appears to be keeping a close eye on Tesla Inc.’s accounting after a very public battle with its chief executive. The SEC has previously had run-ins with Tesla TSLA, +0.72% Chief Executive Elon Musk, but those fights have largely focused on Musk’s extracurricular activities, namely…
Buckle (BKE) came out with quarterly earnings of $0.53 per share
Buckle (BKE) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 12.77%. A quarter ago,…
Volatility can grow very unexpectedly
Volatility can grow very unexpectedly. For too long, the market is not allowed to fall. This was already happening in the middle of the session yesterday. Doubts about the trade deal persist. https://www.reuters.com/article/us-usa-trade-china-timing/phase-one-u-s-china-trade-deal-may-not-be-completed-this-year-trade-sources-idUSKBN1XU2C7
Oil drops on concern over U.S.-China trade war
Oil prices fell more than 1% on Monday amid concerns over the prospects of a trade deal between the United States and China, while worries about oversupply also weighed on the market. Brent crude was down 69 cents, or 1.1%, at $61.82 by 0730 GMT. The contract rose 1.3% last…