Diamonds and Dogs
Oil rebounding 10%. Devon Energy (DVN) is up 13% after cutting its 2020 capital spending plan by $500 million, or 28%, while also saying their financial position is "exceptionally strong" with low leverage, 80 percent of its estimated oil production in 2020 protected at an average floor price of nearly $45 WTI. Devon entered the year with $1.8 billion in cash and an untapped, $3 billion credit facility. Devon said it had no outstanding debt maturities occurring until the end of 2025.
Harley-Davidson (HOG) is down 10% after suspending its production at two of its manufacturing plants in Wisconsin and in York, Pennsylvania, after an employee at its Menomonee Falls operation tested positive for the coronavirus. The Milwaukee-based motorcycle manufacturer announced Wednesday evening that it was shutting down production at the Menomonee Falls powertrain operations plant, its plant in Tomahawk and its York vehicle operations plant. The closure appears to only impact its U.S. operations and the company did not say how many employees were impacted.