Marathon Petroleum warns of loss, up to $7.8 billion hit on oil rout

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FILE PHOTO: Cars drive past the Marathon Petroleum refinery in Carson, California, U.S., December 5, 2019. REUTERS/Mike Blake

HOUSTON (Reuters) – Marathon Petroleum Corp (MPC.N), the largest U.S. oil refiner, warned on Wednesday of a first-quarter loss on a roughly $7.8 billion write-down from a sharp fall in fuel demand.

Stay-at-home orders designed to contain the coronavirus pandemic have decimated travel and forced businesses to shut down, cutting worldwide demand for oil by a third, or about 30 million barrels a day. In the United States, gasoline demand has dropped by half.

Other top oil refiners including Exxon

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Hedge fund Glenview off 30% as coronavirus weighs on portfolio

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BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in.

FILE PHOTO: Larry Robbins, Founder, CEO and Portfolio Manager for Glenview Capital Management, LLC speaks during the 2019 Sohn Investment Conference in New York City, U.S., May 6, 2019. REUTERS/Brendan McDermid

The $6.7 billion firm, which invests heavily in healthcare stocks, said this week that its Glenview Capital Partners fund tumbled 19.5% in March, leaving it down

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J&J, Sanofi, Regeneron, La-Z-Boy, Apple & more

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

Johnson & Johnson (JNJ) – The company announced it has identified a lead COVID-19 vaccine candidate, and plans to begin phase 1 clinical trials by September at the latest. Its intention is to have the first batches of vaccine available for emergency use by January.

Cal-Maine Foods (CALM) – The nation’s largest egg producer reported quarterly earnings of 28 cents per share, 10 cents a share above estimates, Revenue also beat forecasts and Cal-Maine said it is not seeing any supply chain disruptions as a result of the

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Texas coronavirus outbreak ‘going to take a little while’ to eliminate, Gov. Abbott says

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Texas has not yet “conquered” the coronavirus and it’s “going to take a little while” to eliminate, although the state has made some strides, Gov. Greg Abbott told CNBC on Friday. 

“We are turning the situation in the state of Texas. It’s just going to take a little while, but we’re going to be fine,” he said on CNBC’s “Squawk Box.” 

Abbott said that one of the challenges Texas faced as it reopened was that people thought the coronavirus had been “completely defeated” and that the state wouldn’t experience the widespread infections first reported in New York earlier this year. 

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