(Bloomberg) — Visitors to Byton Ltd.’s website are greeted with color-saturated images of shiny electric cars gliding along manicured streets. Those paying a visit to the automaker’s factory in Nanjing, eastern China may be less impressed. The plant is modern and huge, gleaming under the hot summer sun. But there’s total silence. Production has been … Read more
ConocoPhillips COP, -3.14% announced Monday that it is raising its quarterly dividend 7%, from 43 cents a share to 46 cents a share. The dividend will be payable Dec. 1 to stockholders of record on Oct. 28. The oil company also said Monday that it is buying Shell’s Permian basin position for $9.5 billion in … Read more
It’s business as usual for Microsoft (MSFT) in 2021, with the stock on an almost constant steady upward trajectory. Looking ahead, Tigress analyst Ivan Feinseth expects the good times to continue, claiming the “ongoing digital transformation, increasing cloud strength and new product introductions will continue to drive significant revenue and Economic Profit growth.” In fact, … Read more
(Bloomberg) — The late-afternoon bounce in U.S. stocks came amid a trading frenzy in the futures contracts. Most Read from Bloomberg More than 320,000 contracts changed hands in the 30 minutes through 4 p.m. in New York, almost three times as many as the average during comparable periods in the previous four hours, data compiled … Read more
(Bloomberg) — ConocoPhillips agreed to acquire Royal Dutch Shell Plc’s Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch. Most Read from Bloomberg The deal will give ConocoPhillips additional daily production in 2022 of about 200,000 barrels of oil equivalent, it said Monday in a statement. That … Read more
D.R. Horton Inc. signage stands in front of homes under construction at the Eastridge Woods development in Cottage Grove, Minnesota Daniel Acker/Bloomberg Text size D.R. Horton (ticker: DHI) lowered its quarterly sales guidance and Lennar (ticker: LEN) missed sales expectations for the third quarter. Supply constraints are to blame, and home builder stocks are falling. … Read more
U.S. crude oil futures slipped below $72/bbl on Friday but managed to close with a fourth straight weekly gain thanks in large part to the slow recovery in production following two hurricanes in the U.S. Gulf of Mexico. Oil markets have, however, kicked off the new week on a losing note, with WTI trading at … Read more
(Bloomberg) — China Evergrande Group slid deeper in equity and credit markets Tuesday, fueling concerns about broader contagion after S&P Global Ratings said the developer is on the brink of default. Most Read from Bloomberg The distressed developer’s shares in Hong Kong dropped as much as 7% after closing Monday at the lowest in about … Read more
Introduction There is a buzz in the gas market, the likes of which has not been seen for a number of years. In the space of a year, we have moved from an expectation of plentiful cheap supplies to a concern that shortages could emerge if we have a cold winter. The journey to this … Read more
(Bloomberg) — A selloff in stocks continued in Asia on Tuesday amid concern about China’s crackdown on the real-estate sector and the debt crisis at developer China Evergrande Group. Most Read from Bloomberg Japan slid after reopening following a holiday, while Australia and Hong Kong fluctuated. U.S. futures edged up, suggesting a degree of improvement … Read more