Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic.
U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
Lyft Inc on Wednesday said it has launched a new on-demand delivery service to provide essential goods, including groceries, meals and medical supplies, to people in need during the coronavirus crisis.
A federal judge said Tesla Inc must face a lawsuit claiming it misled shareholders when Chief Executive Elon Musk tweeted in August 2018 that he was considering taking the electric car company private.
U.S. District Judge Edward Chen ruled on Wednesday that shareholders could try to prove Musk’s tweet was the “proximate cause” of volatility in Tesla’s stock price, causing billions of dollars of alleged losses that prompted the lawsuit. It was later established that he had not lined up funding, and Musk backed down from the going-private offer. …read more […]
Some investors are wary about buying into a recent stock market rally. Even with hopes for a quick reopening of the economy, they want more evidence that the United States will not restart, only to have to fall back under another coronavirus lockdown soon.
(Bloomberg) — J.C. Penney Co. is skipping an interest payment, putting the struggling retailer on the path toward a potential default on its debt.The department store chain said it’s not paying $12 million due today on its 6.375% senior notes due 2036. Instead, it’s invoking a 30-day grace period, which keeps the missed payment from becoming a formal event of default, and evaluating strategic alternatives.The company’s management is considering bankruptcy in addition to negotiating with creditors, Reuters reported Tuesday. J.C. Penney tapped the restructuring consulting firm AlixPartners LLP for advice on how to ease its $4 billion debt load amid …read more […]
Federated Hermes Client Portfolio Manager Jordan Stuart joins Yahoo Finance’s Seana Smith to discuss the impact COVID-19 has been having on the economy, as consumer and manufacturing reports for March were worse than expected. …read more […]
The coronavirus pandemic is taking no prisoners, and investors will get another pulse on the deteriorating labor market when the U.S. Labor Department releases weekly jobless claims Thursday morning. …read more […]
A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns.
Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world’s poorest countries through the end of the year, a move quickly matched by a group of hundreds of private creditors.
Harley-Davidson Inc said on Wednesday it had temporarily laid off most of its global production employees and implemented salary cuts in a bid to lower costs as the coronavirus pandemic has hurt its business.
(Bloomberg) — The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. demand for Canadian crude, leaving pipelines struggling to stay full. After more than a year of rationing space, Enbridge Inc. announced it had additional space on its Mainline pipeline system for both heavy and light crude in April. TC Energy Corp. also issued a call for crude on its Keystone pipeline running …read more […]
A trade group says homeowners are jumping on rates that have dropped to a new low. …read more […]
Numerous major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said.
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