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Keeping Amazon workers healthy and products moving could cost an additional $4bn or more in the next quarter, the company warned, wiping out any gain from a jump in sales as the coronavirus pandemic puts stresses on its vast network. The ecommerce company reported record first-quarter net sales of $75.5bn, better than Wall Street had
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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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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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The Zacks Earnings ESP (Expected Surprise Prediction) Filter lets you search for stocks with the highest probability of positively surprising (or negatively surprising, if that’s what you’re looking for). This proprietary metric has proven to predict earnings surprises with a 70% accuracy. And when the ESP is used with Zacks Rank #1 Strong Buys, #2
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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 Federal Reserve said Wednesday it would keep its benchmark interest rate near zero in response to the economic shock from the coronavirus crisis. “The most significant responsibility of the Fed now is to make sure that credit markets continue to function,” said Greg McBride, chief financial analyst at Bankrate.com. “Without functioning credit markets, there will be no economic
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The US economy shrank in the first quarter by its fastest rate since the 2008 financial crisis, ending the longest expansion on record as lockdowns aimed at curbing the coronavirus pandemic choked off economic activity. Gross domestic product, or the value of all goods and services produced by the economy, shrank at an 4.8 per cent
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General Electric reported Wednesday a steep declines in first-quarter revenue and earnings as the industrial giant took a hit amid the coronavirus pandemic.  The company posted a total revenue of $20.524 billion, which represents a year-over-year decline of 8%. GE Industrial profits fell 46% year over year to $1.096 billion from $2.017 billion. On an
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President Donald Trump plans to order meat-processing plants to remain open, as concerns mount about the food supply chain after the closure of a number of big facilities because of coronavirus outbreaks. Speaking to reporters on Tuesday afternoon, Mr Trump said his team was drafting an order that he would sign “over the next hour
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US oil prices fell sharply in volatile trading on Tuesday as concerns over storage capacity prompted fears the American crude benchmark could again plummet into negative territory. The West Texas Intermediate contract for June delivery fell 20 per cent to a low of $10.07 a barrel in early London trading, before regaining some of that
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Jeffrey Gundlach speaking at the Sohn conference in New York on May 4, 2016. David A. Grogan | CNBC Billionaire hedge fund manager Jeffrey Gundlach said a popular exchange-traded fund is incredibly overvalued given some of the Federal Reserve’s actions to support the economy during coronavirus pandemic. “The LQD looks to be about the most
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The Trump administration’s small business bailout programme hit another hurdle on Monday when the computer system processing loan applications crashed after being overwhelmed with demand on the day the fund reopened. Bankers from the biggest and smallest US lenders said they encountered delays and outages as they tried to log on to the system approving
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The Trump administration is talking up the chance of a summer rebound in the US as a clutch of state governors take steps to reopen their economies to stem catastrophic job losses caused by coronavirus lockdowns. US Treasury secretary Steven Mnuchin said the economy was going to “really bounce back” in summer, citing efforts to
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