Share oil in trouble. The price war between Saudi Arabia and Russia is threatening the oil market with oversupply. Chevron has reduced both its capital expenditure and production forecast in the Permian basin by 20% and suspended its share buyback program. PHILLIPS 66 also lowered its spending forecast for the year.
Adaptation plan. Boeing has temporarily suspended its production activities in Washington State. The Puget Sound site near Seattle will cease production on March 25 for 15 days. The stock rebounded yesterday, thanks to a change in recommendation from Goldman Sachs. The stock has lost 70% since January 1.
AB Inbev gives up its objectives. Anheuser-Busch Inbev is abandoning its 2020 targets and hopes to close the transaction to sell its Australian division to Asahi in the second quarter.
Increased production for Actemra. Roche will strengthen its manufacturing capabilities to "maximize Actemra production wherever possible". The laboratory and certain third party companies are testing the intravenous treatment in adult patients severely affected by Covid-19-induced pneumonia.
Status quo. In its annual report, Nestlé does not really give any new information on the future of its 23.2% stake in L'Oréal. It only states that it is constantly monitoring the performance and strategic options offered by the French group.
In other news. Twitter, Axel Springer and ThyssenKrupp join the list of companies that are giving up their guidance. Wells Fargo is going to pay bonuses to its counter staff. Santander will postpone its dividend payment to next year to protect its cash flow. Honeywell is reportedly discussing a $5 billion line of credit with its banks. Next is closing all its stores in the UK. Mediaset owns nearly 200% of ProSiebenSat. Toyota and NTT will take cross-holdings in their joint project for the smart city. Unilever will guarantee the salaries of its employees during and set up credit lines for its suppliers and customers.