Treasuries Show Moderate Move To The Upside

Treasuries showed a moderate move back to the upside during trading on Monday following the pullback seen late in the previous session.

Bond prices gave back some ground after an early advance but remained in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.8 basis points to 0.626 percent.

The strength among treasuries came as stocks on Wall Street moved mostly lower amid lingering concerns about the economic impact of the ongoing coronavirus pandemic.

An historic drop by the price of crude oil also increased the appeal of safe havens such as bonds, with a crude futures contract turning negative for the first time ever.

Crude for May delivery plummeted $55.90 to a negative $37.63 a barrel, while the more actively traded crude for June delivery plunged $4.60 to $20.43 a barrel.

Trading activity was somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

A report of existing home sales is scheduled to be released on Tuesday, although traders may pay closer attention to the latest news on the coronavirus front.

Crown Holdings Inc. Q1 adjusted earnings Beat Estimates

Crown Holdings Inc. (CCK) reported a profit for first quarter that dropped from the same period last year.

The company’s profit totaled $88 million, or $0.65 per share. This compares with $103 million, or $0.77 per share, in last year’s first quarter.

Excluding items, Crown Holdings Inc. reported adjusted earnings of $153 million or $1.13 per share for the period.

Analysts had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Revenue held steady at $2.76 billion

Crown Holdings Inc. earnings at a glance:

-Earnings (Q1): $153 Mln. vs. $141 Mln. last year.
-EPS (Q1): $1.13 vs. $1.05 last year.
-Analysts Estimate: $0.92
-Revenue (Q1): $2.76 Bln vs. $2.76 Bln last year.

Fox Closes Purchase Of Tubi In Day Of Streaming Deals

Fox Corp. said Monday it’s completed the acquisition of Tubi announced March 17 for $440 million.

The news comes the same day Comcast’s NBCUniversal announced the acquisition of streaming platform Vudu from Walmart by its Fandango movie ticketing division.

Fox Corp. paid for Tubi with cash it raised from the sale of its minority stake in Roku, buying itself a foothold in the free, ad-supported, DTC arena. It said the deal was a strategic move to “broaden and enhance direct-to-consumer digital reach and engagement.” Until Tubi, Fox had largely sat out the streaming dance that’s beckoned other major entertainment names from Disney to AT&T/WarnerMedia to Comcast.

Fox CEO Lachlan Murdoch said last month that Tubi brings Fox a sizable, younger-skewing user base that spends over 160 million hours per month watching content on the service. Tubi is available on more than 25 digital platforms in the U.S. with some 20,000 titles and 56,000 hours of film and episodic television programming from several hundred content partners.

Fox plans to continue to run Tubi as an independent service. It will evaluate opportunities to expand it by leveraging its own national and local news and sports programming. Tubi founder and CEO Farhad Massoudi will continue to lead the service, which launched in 2014.

University of Alberta students name popular plesiosaur ‘Dr. Deeno Hinshaw’

Alberta’s chief medical officer of health has been sent much praise and adoration as the province looks to its top doctor for guidance and information during the COVID-19 pandemic.

Dr. Deena Hinshaw has been the subject of artwork, t-shirts and has even sparked fashion movements.

1 new coronavirus case in Saskatchewan, total rises to 316

Health officials reported one new coronavirus case in northern Saskatchewan on Monday, raising the overall total in the province to 316.

Four people are currently in hospital — one in Regina and two in Saskatoon are receiving in-patient care. One person in Regina is in intensive care.

Coronavirus: Frontline workers should get federal ‘hazzard pay’ says New York governor

New York Governor Andrew Cuomo says frontline workers should be given federal “hazard pay” during the coronavirus outbreak.

Speaking at his daily press briefing, Governor Cuomo said healthcare staff and police officers were among workers who he thought should be given additional money by the US government.

He went on to praise cleaning staff and delivery drivers for their work during the COVID-19 pandemic.

Coronavirus: A&E consultant dies in hospital he worked at after contracting COVID-19

A “hugely respected” NHS emergency consultant has died in the hospital he worked at after contracting coronavirus.

Manjeet Singh Riyat was the first A&E consultant from the Sikh community in the country and died at Royal Derby hospital on Monday.

Gavin Boyle, chief executive of the hospital, said: “I want to pay tribute to Mr Manjeet Riyat, who has sadly passed away.

US STOCKS SNAPSHOT-Wall St slips as oil futures collapse

NEW YORK, April 20 (Reuters) – Wall Street stocks fell on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.

The Dow Jones Industrial Average fell 592.05 points, or 2.44%, to 23,650.44, the S&P 500 lost 51.4 points, or 1.79%, to 2,823.16 and the Nasdaq Composite dropped 89.41 points, or 1.03%, to 8,560.73. (Reporting by Noel Randewich Editing by Chris Reese)