Oil rallies 10% after Trump says he expects Saudi-Russia feud to end

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A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.

Dado Galdieri | Bloomberg | Getty Images

Oil prices rallied on Thursday after President Donald Trump talked up the possibility of Saudi Arabia and Russia ending a price war that contributed to crude’s massive plunge.

West Texas Intermediate futures surged by $2.11, or 10.4%, to $22.42 per barrel. International benchmark Brent jumped 10.4%, or $2.58, to $27.32 per barrel.

“Worldwide, the oil industry has been ravaged,” Trump told reporters Wednesday evening. “It’s very bad for Russia, it’s very bad

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CarMax, Walgreens, Disney, Zoom & more

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Take a look at some of the biggest movers in the premarket:

CarMax (KMX) – The auto retailer reported quarterly earnings of $1.30 per share, 17 cents a share above estimates. Revenue also beat forecasts. CarMax said it has seen demand progressively deteriorate amid the spread of the coronavirus.

Walgreens (WBA) – The drugstore chain came in 5 cents a share ahead of estimates, with quarterly profit of $1.52 per share. Revenue also came in above Wall Street projections, however the company said the financial impact of COVID-19 outbreak is still uncertain.

Stanley Black & Decker (SWK) – The toolmaker

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Dow futures up 300, waiting for jobless claims, oil jumps 10%

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7:46 am: Walgreens earnings top estimates, boosted by stock up trend from coronavirus

Walgreens Boots Alliance beat Wall Street earnings expectations Thursday, sending shares up about 3% in early trading. The drugstore chain reported earnings per share of $1.52, topping the $1.46 per share expected by analysts, according to Refinitiv. Revenue was $35.82 billion for the quarter, compared to the $35.27 billion forecast. Walgreens said it was on track with its 2020 forecast to have roughly flat growth before the coronavirus pandemic. — Fitzgerald 

7:35 am: Energy stocks pop as oil prices rise

Alongside the jump in oil prices, energy

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For some Chinese businesses, no going back to pre-coronavirus ways

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This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province.

STR | AFP | China

As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good. 

The official resumption of work rate has crept steadily higher since early February, when more than half the country extended a Lunar New Year holiday by at least a week in an effort to limit the spread of the disease known officially as COVID-19.

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