Oil Prices Shoot to $71 As Saudi Arabia Depot Attacked

Brent oil prices shoot to $71 after Saudi Arabia reported that Yemen’s Houthi rebels launched a series of attacks against the kingdom. Missiles hit Ras Tanura, Saudi Arabia’s world’s largest crude terminal, last Sunday. Output seemed unaffected after the missiles and drones were intercepted, although London futures jumped 2.6%.

News For The Day: ARK Investment Sees Bull Market Amid Sell-off

5 Stocks to Watch Out For Tuesday, March 9

GameStop Corp. ▲(GME 194.50 USD +56.76 (41.21%)) stocks are back up again, rising 41.21% during yesterday’s trading. The saga continues, and this time, activist board member Ryan Cohen will lead a committee to shape GameStop’s transition to e-commerce. 

McAfee Corp ▲(MCFE 23.87 USD +2.68 (12.65%)) stocks rallied more than 12% during Tuesday’s trading hours. The cybersecurity company announced it will sell its enterprise business for $4 billion to the Symphony Technology Group, a private equity firm. The deal is already set and is expected to close by the end of 2021, subject to regulatory clearance. 

United Airlines Holdings Inc ▲(UAL 54.06 USD +3.54 (7.01%), Southwest Airlines Co ▲(LUV 60.55 USD +3.63 (6.38%)), American Airlines Group Inc ▲(AAL 21.47 USD +1.02 (4.99%)) stocks went up yesterday in light of growing optimism about the near future. In addition, the Senate passed the $1.9 trillion American Rescue Plan that seeks to provide stimulus money to many Americans. This includes $14 billion for eligible airlines and $1 billion for contractors they can use as payroll support. In return, they can’t cut staff or reduce salaries. The bill also includes $8 billion as support for airports for makeovers to prevent the spread of Covid-19 in airports. Add the fact that the US is currently vaccinating 8 million Americans a day, and skies are clearing for airline travel to resume.

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