Month: April 2020

Western Digital hard drives are shown for sale at an Office Depot Inc store in Encinitas, California. Mike Blake | Reuters Check out the companies making headlines after the bell. Amazon — The e-commerce giant’s stock tumbled 5% in extended trading after the company posted its first-quarter financial results. The company reported first-quarter earnings of
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Detroit’s post-Chapter 9 climb from speculative-grade rating territory faces a bigger hurdle due to the expected fiscal toll from the COVID-19 pandemic, S&P Global Ratings warned. S&P on Thursday revised its outlook to negative from stable on the BB-minus issuer credit rating and 2018 unlimited tax-general obligation bonds. The rating is three rungs away from
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Elon Musk, CEO of Tesla and SpaceX. Peter Parks | AFP | Getty Images Elon Musk is having issues with conference calls lately. Thursday afternoon, the SpaceX CEO unexpectedly spoke up during a NASA conference call on Thursday, after the agency’s Administrator Jim Bridenstine was asked about Musk’s recent comments on the coronavirus pandemic. On Wednesday
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Illinois headed into the COVID-19 pandemic in weaker overall fiscal shape than the previous year as tax revenue fell short of offsetting the state’s obligations. The state’s net position of governmental activities for fiscal year 2019 eroded by $4 billion, pushing the deficit up to a negative $193.1 billion from $189.1 billion, according to the
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The municipal secondary was steady according to AAA benchmarks but several trades pointed to dislocations on several high-grade names. Market participants indicated the dislocations were likely attributable to month-end accounting issues. The primary saw two deals from California, a San Diego water deal and a City and County of San Francisco GO offerings, both priced
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The cryptocurrency market might have had a horrid time over the past few weeks, but things have changed this week. Much of the reversal in fortunes is possibly tied to the upcoming Bitcoin halvening event. Why the Sudden Jump? The world’s biggest cryptocurrency by market cap has been in the doldrums due to the coronavirus-induced
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More than 3.8m Americans filed new claims for jobless benefits last week, bringing the six-week total since the start of the lockdowns to curb the coronavirus pandemic to more than 30m. The number of initial unemployment claims fell from 4.4m the previous week, the US labour department said on Thursday, against expectations of 3.5m. But
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The coronavirus pandemic changed the course of the bankruptcy proceedings for a failing non-profit hospital chain. In March, California Gov. Gavin Newsom was looking for properties to create 50,000 new hospital beds to cover anticipated shortfalls of treatment space for COVID-19 patients. California’s state government is leasing Verity Health’s shuttered St. Vincent Hospital in Los
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The Municipal Securities Rulemaking Board’s proposal to reserve two seats for municipal advisors is drawing protest from the broker-dealer community as the MSRB looks to how to reconfigure a possibly shrinking board of directors. In a Wednesday comment letter, the Securities Industry and Financial Markets Association said reserving two seats gives MAs too much representation
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Phynart Studio Prior to the Covid-19 pandemic, an astounding 53% of the American population felt anxious about personal finances. Undoubtedly, that percentage has grown significantly, with more than 26 million Americans becoming unemployed since then. The statistics are alarming, but it is not time to panic — it’s time to plan. Although many financial plans
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The Metropolitan Transportation Authority could tap the Federal Reserve’s new liquidity program indirectly through New York State to help cope with its massive financial hit from COVID-19, its chief financial officer said. “We’re having discussions with the state,” Robert Foran told reporters on Wednesday. “Right now we cannot go to the program, that’s the Municipal
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Individuals and businesses earn income—money for providing goods or services or by investing capital in assets like individual retirement accounts (IRAs). Other sources of income include pensions or Social Security. This income may be used to fund day-to-day expenditures and necessities or to spend on things people want rather than need. Income can be divided
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House Ways and Means Committee Chairman Richard Neal, D-Mass., reaffirmed Wednesday his support for reinstating Build America Bonds and expanding the use of private activity bonds as part of a larger package of emergency aid to state and local governments.Bloomberg News House Ways and Means Committee Chairman Richard Neal reaffirmed Wednesday his support for reinstating
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