General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Boeing Co said on Wednesday it would cut its workforce by about 10% and further reduce 787 Dreamliner production after reporting a loss for the second straight quarter as the coronavirus pandemic hits global travel demand.
AirAsia Group , one of Europe’s top five corporate export customers, will stop taking deliveries of Airbus jets this year and review its remaining orders as the coronavirus crisis heaps pressure on the Malaysian carrier.
Gilead Sciences (GILD) has reported that it is aware of positive data emerging from the critical National Institute of Allergy and Infectious Diseases’ (NIAID) study of remdesivir for the treatment of COVID-19.“We understand that the trial has met its primary endpoint and that NIAID will provide detailed information at an upcoming briefing” the company said in a press release on April 29. Trading in the stock was briefly halted, before shares surged 9% in Wednesday’s pre-market trading.The randomized, controlled NIAID trial “has all the necessary scientific standards that are really going to help us define if this drug works or …read more […]
U.S. stock index futures jumped on Wednesday after Gilead Sciences said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history.
(Bloomberg) — Gilead Sciences Inc. said data from a U.S. study of its drug remdesivir showed the medication had met the primary endpoint in a trial of its effectiveness in treating Covid-19.The company said in a statement that it is aware of positive data emerging from the National Institute of Allergy and Infectious Diseases’ study of remdesivir for treating the disease caused by the novel coronavirus.Gilead shares were halted, but the news appeared to lift the entire U.S. stock market, with futures linked to major U.S. indexes jumping after the company’s statement was issued.The U.S.-run trial looked at whether patients …read more […]
Anthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans.
When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing.
U.S. stock index futures rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy.
General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Next said it had sold property, suspended share buybacks and dividends and delivered higher cost savings to shore up its finances and get the British clothing retailer, whose quarterly sales plunged 41%, through the coronavirus crisis.
Warren Buffett, chairman and CEO of Berkshire Hathaway, has been a consistent voice of optimism on the U.S. economy and American innovation. …read more […]
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic. “We have begun taking action to lower our number of employees by roughly 10% through a combination of voluntary layoffs, natural turnover and involuntary layoffs as necessary,” Calhoun said in an email seen by Reuters. Boeing will need to make “even deeper reductions in areas that are most exposed to the condition of our commercial customers — more than 15% across …read more […]
Boeing Co CEO Dave Calhoun told employees on Wednesday that the largest U.S. planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic.
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