Is Oil Going Back Under $40?
In recent weeks the oil market has seen negative sentiment drive prices lower based on expectations of heightened output (some of which have been realized) from recent problem areas including Canada, Nigeria and Libya while refining margins have collapsed and Brexit has added to macro/demand concerns. Over the last two months speculators have trimmed net length by 32 percent in NYMEX WTI and reduced net length in ICE Brent by 21 percent. During WTI’s rally from $26.05 to $51.67 many traders assumed that a gasoline demand boom and falling non-OPEC+Russia production would accelerate a clearing of the global crude supply overhang and lead to higher prices. Instead, traders are looking at a more negative macro picture, a global glut of gasoline is weighing on the entire complex and fear of another move into the $30s is gaining momentum. • In our view, however, a protracted move […]
In July 2015 Jeremy Hunt said: “Around 6,000 people lose their lives every year because we do not have a proper seven-day service in hospitals….” and by February 2016 this had increased to “11,000 excess deaths because we do not staff our hospitals properly at weekends”. These categorical claims that weekend staffing was responsible for increased weekend death rates were widely criticised at the time, particularly by the people who had done the actual research. Recent studies have confirmed higher death rates at weekends, but these showed no relationship to weekend staffing levels.
“We have, today, put down a marker by imposing record fines for a serious infringement,” Margrethe Vestager, the European Union’s competition commissioner, said in a statement. “For 14 years, they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted.”
Canada’s premiers agreed in March, along with Prime Minister Justin Trudeau, to have their governments develop an emissions reduction plan and present it by October. The plan would be preceded by study of “carbon pricing mechanisms adapted to each province’s and territory’s specific circumstances,” which premiers interpreted broadly to include things such as carbon capture and storage.
Netflix losing $6 billion in market value after results, again
Netflix Inc.'s NFLX, -13.13% stock plunge, which is on course to be the second-biggest one-day price decline in its history, has wiped away nearly $6 billion in market value. The stock tumbled $13.96, or 14%, toward the lowest close since Feb. 8, after video streaming service reported second-quarter results late Monday. With about 428.3 million shares outstanding, according to FactSet, the selloff is shaving $5.98 billion from Netflix's market cap. Co-founder and Chief Executive Reed Hastings, who owned 6.16 million shares as of July 1, according to FactSet, could be losing about $86 million. The stock's tumble currently ranks second to the $14.06 loss it suffered on April 19, 2016--it lost about $6 billion in market cap on that day--after the company reported first-quarter results. Netflix's stock went public in May 2002.
Netflix, Inc.
NASDAQ: NFLX - Jul 19, 7:59 PM EDT
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Netflix Inc. may have learned to take price hikes slowly after a previous debacle, but a more cautious approach has not kept the company from feeling the wrath of consumers who simply do not want to pay more for its streaming service.
Netflix NFLX, -13.13% revealed Monday that it added slightly less than 1.7 million new subscribers in the second quarter on a net basis, after projecting that membership would grow by 2.5 million. The shortfall included just 160,000 additions in the United States, the lowest quarterly total since Netflix began reporting those figures in 2012, and 1.52 million overseas, the smallest international growth since the second quarter of 2014.
With streaming services becoming more ubiquitous and an ambitious international expansion still in its infancy, Netflix’s sudden decline — just last quarter, the company added four times as many new members — seems shocking on its face, and investors sent shares tumbling more than 13% in late trading as a reaction. However, the reason is obvious and has been expected in some circles: Higher monthly subscription costs for customers are causing cancellations.
85.84USD12.97 (13.13%)
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