Business & Finance News
PayPal Holdings Inc said it expects a strong recovery in payments volumes in the second quarter as social distancing drives more people to shop online, even as lockdowns start to ease, sending its shares up 8% in extended trading.
Peloton Interactive Inc raised its forecast for full-year revenue on Wednesday as “stay at home” orders led to a surge in sales of the company’s exercise bikes and fitness subscriptions, sending its shares up 5%.
T-Mobile US Inc added more monthly bill paying phone subscribers than expected in the first quarter, thanks to a surge in demand for cheaper phone services as people work from home amid lockdowns.
Lyft Inc on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April.
Exercise bike maker Peloton Interactive Inc raised its forecast for full-year revenue on Wednesday, as “stay at home” orders due to the COVID-19 pandemic encouraged more people to sign up for its fitness subscriptions.
The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak.
The U.S. Department of Commerce is close to signing off on a new rule that would allow U.S. companies to work with China’s Huawei Technologies on setting standards for next generation 5G networks, people familiar with the matter said.
Lyft Inc on Wednesday surprised investors with higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable as the U.S. coronavirus lockdown batters the economy.
Payment processor Paypal Holdings Inc reported an 87.4% slump in first-quarter profit on Wednesday, as consumers spent less due to the COVID-19 lockdowns and unemployment numbers surged.
The S&P 500 and the Dow fell on Wednesday after U.S. President Donald Trump cast doubt on a trade deal with China and data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak.
Fox Corp beat Wall Street estimates for third-quarter revenue on Wednesday, as the media company benefited from a rise in television viewership with people staying at home due to the coronavirus pandemic.
Big gains in small caps stocks are fueling hopes that a bounce in broader equity markets may stick, as investors ponder how quickly the U.S. economy can emerge from its coronavirus-fueled slowdown.
Oil prices slid and world equity markets seesawed on Wednesday as investor hopes for a pickup in business activity were dashed by downbeat economic data and a rise in U.S. crude stockpiles to three-year highs that highlighted low fuel demand.
The coronavirus pandemic brought the U.S. auto industry to its knees, but Americans’ love affair with beefy pickup trucks is helping the Detroit automakers get on the road to recovery.
The benchmark S&P 500 rose modestly on Wednesday, with gains in technology shares offsetting declines in financials and defensive groups as data showing U.S. private employers laid off 20 million workers in April underscored the economic fallout of the coronavirus outbreak.
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