Gold Futures Settle Near 3-month Lows

Gold prices drifted down sharply on Wednesday as traders looked to liquidate positions, preferring to sit on cash, and to meet margin requirements due to falling equities, amid mounting worries about the economic impact of the coronavirus spread.

The dollar’s sharp uptick on safe-haven appeal weighed as well on the commodity.

The dollar index rose to 101.74 and was last seen at 101.54, up almost 2% from Tuesday’s close.

Gold futures for April ended down $47.90, or about 3.1%, at $1,477.90 an ounce, the lowest settlement in about three months.

On Tuesday, gold futures for April ended up $39.30, or 2.6%, at $1,525.80 an ounce, after plunging to a low of $1,465.60 an ounce early on in the session.

Silver futures for May ended down $0.723 at $11.772 an ounce, while Copper futures for May settled at $2.1510 per pound, down $0.1625 from previous close.

On Tuesday, European leaders agreed to close the European Union’s external borders for 30 days in a new effort to slow the spread of the coronavirus pandemic.

After the Federal Reserve’s sharp rate cuts and the launch of an emergency effort to enable big and reputed companies to access funding, the Trump administration on Tuesday pressed for an enactment of a $1 trillion stimulus package that could deliver $1,000 cheques to Americans within two weeks to buttress an economy hit by the virus outbreak.

Various other governments and central banks too have announced measures to help tide over the crisis plaguing the economies due to the Covid-19 spread.

Power Corporation of Canada Q4 adjusted earnings of C$0.74 per share

Power Corporation of Canada (POW.TO) revealed earnings for fourth quarter that declined from the same period last year.

The company’s earnings came in at C$179 million, or C$0.42 per share. This compares with C$229 million, or C$0.49 per share, in last year’s fourth quarter.

Excluding items, Power Corporation of Canada reported adjusted earnings of C$317 million or C$0.74 per share for the period.

Power Corporation of Canada earnings at a glance:

-Earnings (Q4): C$317 Mln. vs. C$283 Mln. last year.
-EPS (Q4): C$0.74 vs. C$0.60 last year.

Billie Jean King tries out tennis court in Upper West Side condo

Tennis legends Billie Jean King and her partner Ilana Kloss filmed an International Women’s Day segment for HBO on the court at Waterline Square.

Waterline Square — a new three-building residential development located between 59th and 61st streets and 11th and 12th avenues on the Upper West Side — has a sprawling amenity center with the first and only indoor regulation-size tennis court in a residential development in New York City.

Fox To Offer Local Broadcasts And Fox News To All Pay-TV Subscribers

Fox Corp. said it’s partnered with pay-TV distributors to offer unlimited access to Fox News and Fox television station broadcasts to people regardless of the specific packages they subscribe to.

Fox said it will also leverage its own distribution platforms to free stream Fox News Channel and the stations across an array of streaming options. Fox News will be available for free on FoxNews.com, the Fox News app, Fox.com, and the Fox Now app, Fox’s 29 owned and operated stations will be available for free on Fox.com and the Fox Now app.

“Our highest duty as a company is to provide the individuals and communities we serve with information and analysis to help educate and protect them during dangerous times,” said Fox CEO Lachlan Murdoch.

Last week Fox launched CoronavirusNOW.com, a free-to-site with breaking news, live stream updates, and interviews with health officials. It is partnering with the Ad Council and National Association of Broadcasters to air public service announcements about coronavirus across its platforms. Fox stations and Fox News are collaborating on a three-minute live report weekdays anchored by Bill Hemmer with national perspectives, facts and context on coronavirus.

Guess? Inc. Q4 adjusted earnings Beat Estimates

Guess? Inc. (GES) announced a profit for its fourth quarter that advanced from last year.

The company’s earnings totaled $79.60 million, or $1.18 per share. This compares with $23.23 million, or $0.28 per share, in last year’s fourth quarter.

Excluding items, Guess? Inc. reported adjusted earnings of $82.34 million or $1.22 per share for the period.

Analysts had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.6% to $842.25 million from $837.13 million last year.

Guess? Inc. earnings at a glance:

-Earnings (Q4): $82.34 Mln. vs. $58.24 Mln. last year.
-EPS (Q4): $1.22 vs. $0.70 last year.
-Analysts Estimate: $1.12
-Revenue (Q4): $842.25 Mln vs. $837.13 Mln last year.

Actors’ Equity Offers New Streaming Contracts To Keep Regional Theaters Operating During Coronavirus Outbreak

As the coronavirus knocks out regional theaters all across the country, Actors’ Equity is making new streaming media agreements available to select regional producers to capture and make performances available online for one-time viewing to ticket-buyers in areas where there are limits on public gatherings.

“These new streaming agreements help protect the economic security of Equity members with additional weekly salaries and health care contributions,” said Actors’ Equity executive director Mary McColl. “When theaters go dark, actors and stage managers face tremendous economic uncertainty. A streaming agreement can be a win for everyone, from the audience to the actors and stage managers.”

The American Conservatory Theater (ACT) in San Francisco and the Berkeley Repertory Theater are among the theaters that have already announced they will use Equity’s temporary new streaming agreements. Producers interested in exploring whether they qualify can contact their regional Equity business representative.

The new streaming agreements do not cover Broadway productions, all of which have been shuttered. The union’s contract with Broadway producers “already has media capture provisions in it,” said a spokesman for Actors’ Equity.