As states begin to reopen their economies, some experts are arguing that it won’t do much to alleviate the effects of the economic shock from the coronavirus. …read more […]
EasyJet founder Stelios Haji-Ioannou failed in his attempt to oust the airline’s top three bosses on Friday, giving it a brief respite in its battle for survival during the coronavirus pandemic.
China’s Alibaba Group Holding Ltd on Friday reported fourth-quarter revenue and profit that topped market expectations, as the COVID-19 lockdowns drove more people to shop online for essentials.
Oil fell 5% on Friday to around $34 a barrel as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.
Deere & Co on Friday forecast a sharp fall in full-year profit as farmers and ranchers struggle to bring their goods to market because of coronavirus-led restrictions, crushing demand for equipment like harvestors and tractors.
Telehealth companies enabling individuals to see physicians without stepping foot into a physical doctor’s office are having their moment, as the coronavirus pandemic confines individuals and would-be patients across the country largely to their homes. …read more […]
Foot Locker (FL) has reported disappointing first quarter results, causing shares to pullback 6% in Friday’s pre-market trading. First quarter non-GAAP EPS of -$0.67 missed Street estimates by $0.44 while GAAP EPS of -$0.93 fell short of expectations by $0.74.Notably revenue for the athletic retailer of $1.18B plunged 43% year-over-year and fell $130M below consensus estimates. The company’s gross margin rate decreased to 23% from 33.2% a year ago and the SG&A expense rate increased to 26.9% from 20% in the first quarter of 2019. Foot Locker cited Covid-19 related store closures as behind the significant decline in sales.“We have …read more […]
As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company’s core commerce business rising nearly 19% to 93.87 billion yuan ($13.16 billion) in the quarter. With China’s economy starting up again much ahead of major economies in Europe and the United States, the e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021. The company has been pushing into new businesses and technologies as online shopping space heats up with competition from smaller rival JD.com Inc and Pinduoduo Inc, which is popular with …read more […]
China’s Alibaba Group Holding Ltd reported a better-than-expected quarterly revenue on Friday, as the COVID-19 lockdowns drove more people to shop online for essentials.
With Facebook’s adoption of permanent remote work on Thursday, Chief Executive Mark Zuckerberg has untethered one of Silicon Valley’s biggest companies from the place that incubated it.
EasyJet said founder Stelios Haji-Ioannou had failed in his attempt to oust key management including the CEO, according to the initial results of a shareholder vote brought over the airline’s plan to buy new Airbus planes.
It has been anything but smooth sailing for the cruise industry. The COVID-19 pandemic and the widespread travel restrictions have caused sailings to be suspended, sending shares to record lows. To survive, cruise operators have gone into cash preservation mode, entering into liquidity enhancing credit agreements. Against this backdrop, investors are hardly lining up to pull the trigger on names within this area of the market. However, five-star analyst Benjamin Chaiken, of Credit Suisse, has a more optimistic view of the industry. He acknowledges that “COVID -19 may be the toughest challenge the industry has ever faced”, with it …read more […]
Deere & Co topped quarterly estimates for profit on Friday as demand for farm equipment fell less than feared and the company kept a tight lid on costs.
Europe’s car industry was put on alert for more job losses on Friday as a French minister warned Renault could disappear if it didn’t get help soon and a Japanese news report said partner Nissan was considering 20,000 layoffs, with many in Europe.
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