Tag Archives: COVID-19

Financial Daily Dose 8.3.2020 | Top Story: Microsoft in Talks to Acquire ByteDance’s U.S. TikTok Operations

BY: Michael D. Reif | August 3, 2020

Following recent histrionics from the White House, ByteDance, “the Chinese internet giant that owns TikTok, has offered to sell all of the popular video app’s American operations as a way to save the business from being banned” by the administration. Microsoft is one of several notable suitors for the site, though its precise path forward … Continue reading

Financial Daily Dose 7.31.2020 | Top Story: Amazon a Juggernaut?

BY: Juvian Hernandez | July 31, 2020

Amazon a juggernaut? Quarterly sales and profit prove how indispensable tech giants have become to our society. In the midst of a pandemic, Big Tech mostly shows gains. – WSJ Market Snapshot: S&P 500 Index increased 0.3% as of 8:23 a.m. London time; Bloomberg Dollar Spot Index declined 0.3%; 10-year Treasuries fell one basis point to … Continue reading

Financial Daily Dose 7.30.2020 | Top Story: Fed Recommits to Covid Relief Efforts as US GDP Craters

BY: Michael D. Reif | July 30, 2020

As expected, the Fed left rates unchanged at near zero as the Open Market Committee broke on Wednesday but managed to buoy stocks by pledging to “keep supporting the United States economy as the pandemic continues to depress economic growth and sideline millions of workers” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace … Continue reading

Financial Daily Dose 7.16.2020 | Top Story: Crypto Scheme Hacks Big-name Twitter Users

BY: Michael D. Reif | July 16, 2020

A Twitter-based crypto scam managed to hack some high-profile accounts yesterday. VERY high profile – MarketWatch and NYTimes and WSJ and Bloomberg and Law360 In a surprise ruling, the European Court of Justice—the EU’s top court—has struck down the popular Privacy Shield tool, which more than 5000 companies use “to transfer data from the EU … Continue reading

Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

BY: Michael D. Reif | July 15, 2020

The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are collectively stockpiling “$28 billion to cover losses as consumers and businesses start to default on their loans” – WSJ and Bloomberg and NYTimes Automakers … Continue reading

Financial Daily Dose 7.13.2020 | Top Story: OPEC Weighs Expanded Oil Production Just Months After Agreeing on Cuts

BY: Michael D. Reif | July 13, 2020

OPEC and its oil-producing allies (in Russia and elsewhere) are reportedly working on a plan to ease cuts on oil production they agreed upon in April “amid signs that demand is returning to normal levels following coronavirus-related lockdowns” and internal pressure from the Saudis – WSJ and Bloomberg and NYTimes Disney World’s back open, even … Continue reading

Financial Daily Dose 7.10.2020 | Top Story: Gilead Reports Strong Remdesivir Results

BY: Juvian Hernandez | July 10, 2020

Gilead Sciences Inc. reports that its remdesivir virus treatment has been positively correlated with a 62% reduction in death risks compared with the standard of care in an initial analysis. The results still need to be confirmed by other clinical trials. Bloomberg Market Snapshot: The S&P 500 Index fell 0.5%; The Bloomberg Dollar Spot Index fell … Continue reading

Financial Daily Dose 7.6.2020 | Top Story: Uber to Acquire Food Delivery Rival Postmates for $2.65 Billion

BY: Michael D. Reif | July 6, 2020

Uber has reportedly finalized a deal to acquire Postmates for $2.65 billion in an all-stock deal, a  venture aimed at taking on DoorDash and other food delivery rivals – Bloomberg and NYTimes and MarketWatch and HuffPost Unable to right the ship that’s been traversing choppy waters for years, German lender Commerzbank’s CEO and Board Chair … Continue reading

Financial Daily Dose 6.29.2020 | Top Story: Fracking Giant Chesapeake Energy Files for Ch. 11 Protection

BY: Michael D. Reif | June 29, 2020

Fracking pioneer Chesapeake Energy has filed for bankruptcy, “unable to overcome a mountain of debt that became unsustainable after a decade of stubbornly low gas prices.” The company grew wildly in the early 2000s under co-founder and former CEO Aubrey McClendon, but it also amassed $20 billion in debt before McClendon was pushed out in … Continue reading

Financial Daily Dose 6.26.2020 | Top Story: Federal Reserve Limits Bank Payouts and Suspends Share Buybacks

BY: Juvian Hernandez | June 26, 2020

The Federal Reserve has “temporarily restricted shareholder payouts by the biggest banks,” preventing stock buybacks and barring increases in dividend payments in the third quarter. NYTimes and Bloomberg Market Snapshot: S&P 500 fell 1.7% to 3,030.13; Dow Jones Industrial Average decreased 2.1% to 25,199.81; Nasdaq Composite Index declines 1.6% to 9,851.85; Bloomberg Dollar Spot Index climbed 0.4% to … Continue reading