Financial News
Harley-Davidson CEO steps down, stock gains in late tradingExternal Link

The chief executive of Harley-Davidson Inc. stepped down by mutual agreement with the company Friday afternoon, the motorcycle manufacturer announced, and shares rose 5% in late trading. Matthew Levatich relinquished his titles of president and CEO as well as his seat on the board, and board member Jochen Zeitz was named acting president and CEO of the company. Zeitz was also named chairman of the board, and will retain that title after a new CEO is named; Michael Cave, who had been acting as chairman, will take on the title of presiding director. "The board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson," Zeitz said in Friday's announcement. "Matt was instrumental in defining the More Roads to Harley-Davidson accelerated plan for growth, and we will look to new leadership to recharge our business." Harley's revenue has declined year-over-year in the past five quarters in a row, and 11 of the past 14, as the company has struggled to appeal to younger customers. The stock has struggled, declining 17.9% in the past year as the S&P 500 index has gained 7%, but shot 5% higher in after-hours trading Friday following the announcement.

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Fri, 28 Feb 2020 23:22:02 GMT
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Investor who took Virgin Galactic public raising nearly $1 billion in two new IPOsExternal Link

Chamath Palihapitiya, who used a previous blank-check initial public offering to place Virgin Galactic Holdings Inc. on the public markets, has filed for two more such funds that seek to raise $900 million in total. Filings with the Securities and Exchange Commission on Friday afternoon show an attempt to raise $300 million for Social Capital Hedosophia Holdings Corp. II and $600 million for Social Capital Hedosophia Holdings Corp. III. The first Social Capital Hedosophia blank-check IPO raised $600 million in 2017 and sat dormant for more than 20 months before announcing a deal with Virgin Galactic. The space-travel company began trading in October and has more than doubled in price since, closing Friday at $24.60 for a market capitalization of $4.8 billion.

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Fri, 28 Feb 2020 23:05:02 GMT
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Stocks record worst week since financial crisis as coronavirus concerns heat upExternal Link

U.S. stocks capped the week with another session of painful losses on Friday amid worries around the COVID-19 outbreak's potential to upend the global economy. Stocks trimmed Friday's losses by the closing bell with the Nasdaq turning positive. The S&P 500 was down 0.8% to end around 2,955. The Dow Jones Industrial Average retreated 358 points, or 1.4%, to finish near 25,409, based on preliminary numbers. The Nasdaq Composite was up less than 0.1% at 8,567. But for the week, the S&P 500 was down 11.5%, the Nasdaq fell 10.5%, and the Dow tumbled 12.4%. For the month, the S&P fell 8.4%, Dow fell 10%, and the Nasdaq dropped 6.4%. Federal Reserve Chairman Jerome Powell issued a statement saying the U.S. central bank would act as appropriate and monitor the coronavirus impact, an announcement that raised expectations for monetary easing later this year. The 10-year Treasury note yield set a record closing low of 1.127% on Friday.

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Fri, 28 Feb 2020 21:08:10 GMT
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Stock market pares deep losses but 10-year Treasury carves out fresh lows at 1.13% as Fed issues unexpected statement External Link

U.S. stock markets Friday afternoon were trading sharply lower but of their ugliest levels after Fed Chairman Jerome Powell delivered an unexpected statement to help assuage worries about the central bank's response to a viral outbreak that originated in Wuhan, China last year. Powell said that the Fed will "act appropriately," and noted that COVID-19, the deadly infectious disease, poses an "evolving" risk. The Dow Jones Industrial Average was down 625 points, or 2.1%, at 25,159, the S&P 500 index declined 1.8% at 2,923, while the Nasdaq Composite Index was trading 1.2% lower at 8,468. All three benchmarks had been trading with more severe losses earlier Friday, including the Nasdaq, which had been down 3.5%. All three benchmarks simultaneously fell into correction territory on Thursday, defined as a drop of 10% from a recent peak, but not more than 20%, and the equity gauges are on track for their worst weekly declines since the 2008 financial crisis. The 10-year Treasury note was at 1.13%, reflecting continued worries about the impact of the virus to global economies and supply chains. Bond prices rise as yields fall. Powell in his statement emphasized that the fundamentals of the U.S. economy remain strong.

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Fri, 28 Feb 2020 19:56:34 GMT
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Oil futures tally a second monthly loss External Link

Oil futures fell sharply on Friday, to suffer their second month of losses as concerns over energy demand on the heels of the spread of COVID-19 continued to plague the market. Traders also weighed the potential outcomes for the gathering of the Organization of the Petroleum Exporting Countries and their allies on March 5 and 6. April West Texas Intermediate oil fell $2.33, or about 5%, to settle at $44.76 barrel on the New York Mercantile Exchange. The front-month contract fell over 16% for the week and tallied a monthly decline of more than 13%, according to FactSet data.

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Fri, 28 Feb 2020 19:49:47 GMT
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