An employee assembles an excavator at the Caterpillar Inc. manufacturing facility in Victoria, Texas. Callaghan O’Hare | Bloomberg | Getty Images Check out the companies making headlines midday Monday: Caterpillar — Shares of the manufacturing company dropped more than 8% after Bank of America downgraded the stock to underperform from neutral. The bank said in
Finance
Take a look at some of the biggest movers in the premarket: Caterpillar (CAT) – The heavy equipment maker’s stock was downgraded to “underperform” from “neutral” at Bank of America Securities, which points to a severe capital spending downturn in key Caterpillar markets. Dunkin’ Brands (DNKN) – Credit Suisse gave the restaurant chain’s stock a
Silhouette of Permian Basin pumpjacks taken at dusk, north of Midland, Texas, U.S. in late 2019. Richard Eden | via Getty Images Oil prices moved lower in overnight trading after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that
Nobel-prize winning economist Robert Shiller warns a pandemic of fear could tip the economy into an undeserved depression. Shiller, an expert in how our emotions drive financial decisions, finds the sheer volume of chatter surrounding depression risks due to the coronavirus could severely hurt the economy. “This isn’t the same story as the Great Depression.
The Wall Street Bull, located in the financial district of New York City. Mike Roy | MCT | Tribune News Service | Getty Images The stock market’s rapid plunge into a bear market this year has been nearly matched by a blistering rally off its lows. Through Thursday’s close, the S&P 500 has rallied nearly
Getty Images At some point, the biggest American companies are going to tell their employees it’s time to leave home and return to work. That decision will be fraught with risk without widespread testing for the COVID-19 virus. For some industries, such as Wall Street banks, ubiquitous testing is essential to bringing back their workforce
JetBlue planes at a gate at John F. Kennedy International Airport in New York. Mark Kauzlarich | Bloomberg | Getty Images Goldman Sachs is taking another step into the world of retail banking with an installment loan product that’s launching with JetBlue Airways. The bank quietly released a website for something called MarcusPay this week, allowing users to
Deliveroo CEO Will Shu. Aurelien Morissard | IP3 | Getty Images CEOs from 12 of the U.K.’s top tech companies have written to the government urging for emergency business relief measures to be extended to start-ups. In a joint letter to Britain’s Finance Minister Rishi Sunak, the start-up bosses warned that loan schemes implemented to
A United Airlines plane sits parked at a gate at San Francisco International Airport on March 06, 2020 in San Francisco, California. Justin Sullivan | Getty Images Check out the companies making headlines after the bell. United Airlines — Shares of the airline rose 3% after the market closed. Treasury Secretary Steven Mnuchin said Thursday that
Federal Reserve Chairman Jerome Powell said Thursday that the economic rebound following the coronavirus-induced shutdown “can be robust” despite the sharp downturn. In the meantime, he said the central bank is committed to doing whatever it can to support the flow of cash to businesses and households both through a plethora of financing programs and