A man cleans the windows at his store on March 17, 2020 in the Brooklyn Borough of New York City. – The coronavirus outbreak has transformed the US virtually overnight from a place of boundless consumerism to one suddenly constrained by nesting and social distancing.The crisis tests all retailers, leading to temporary store closures at
Month: March 2020
Factory farming, better refrigeration and globalization have all transformed billions of people’s diets. From beef, chicken and fresh seafood to exotic fruits and vegetables flown in from around the world, we are now spoilt for choice when it comes deciding what to put on our plates. Many diets are now based around meat, while dairy
A shopper prepares to pay for items at a Kohl’s department store in Peru, Illinois, May 16, 2019. Daniel Acker | Bloomberg | Getty Images Kohl’s has withdrawn its earnings outlook for the current quarter and fiscal year, as it grapples with the hit it will take from the coronavirus pandemic. The department store chain will
Tesla vehicles stand outside of a Brooklyn showroom and service center on August 27, 2018 in New York City. Spencer Platt | Getty Images Check out the companies making headlines after the bell. Crowdstrike — The cybersecurity company’s stock soared 19% in extended trading after the company posted fourth-quarter revenue that exceeded analysts’ expectations. Crowdstrike
Billionaire entrepreneur Mark Cuban told CNBC on Wednesday that companies that get federal assistance in response to the coronavirus crisis should be prevented from buying back stock ever again. “No buybacks. Not now. Not a year from now. Not 20 years from now. Not ever,” Cuban said on “Squawk Box.” “Because effectively you’re spending taxpayer money to buyback
U.S. Senate Minority Leader Sen. Chuck Schumer (D-NY) speaks during a news conference at the U.S. Capitol March 17, 2020 in Washington, DC. Alex Wong Senate Democrats are proposing that the federal government cancel student loan payments throughout the coronavirus outbreak and forgive at least $10,000 of the debt for each borrower. The plan unveiled
Small businesses are switching up their models in a fight to survive during the coronavirus crisis — some in unexpected ways. Businesses including condom-makers, gin producers and food manufacturers are seeing consumers react in different ways as they self-isolate or reduce social contact. Small businesses generate 44% of U.S. economic activity, and around half of
Gov. Gavin Newsom at a news conference in Sacramento, Calif., Monday, Sept. 16, 2019. Rich Pedroncelli | AP California Governor Gavin Newsom on Thursday issued a statewide order for all residents to ‘stay at home’ amid a coronavirus outbreak. “We need to bend the curve in the state of California,” Governor Gavin Newsom said, as
Main Street may be more resilient than Wall Street during the coronavirus crisis. Former Office of Management and Budget director David Stockman warns the pandemic is exposing risky speculation and shaky market fundamentals. “Wall Street is toast,” he told CNBC’s “Trading Nation” on Thursday. “It’s going to end as a financial crisis because the illusion
US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020. Brendan Smialowski | AFP | Getty Images
If you have cash parked in a money market fund that invests in non-U.S. Treasury debt, the Federal Reserve says it’s got your back. Late Wednesday, the Fed announced a new program that will make loans to financial institutions that buy shares in “prime” money market mutual funds, whose investments include corporate bonds. It’s the
U.S. President Donald Trump speaks as Vice President Mike Pence looks on during a news briefing on the latest development of the coronavirus outbreak in the U.S. at the James Brady Press Briefing Room at the White House March 18, 2020 in Washington, DC. Alex Wong | Getty Images The COVID-19 pandemic is a matter
American Airlines‘ CEO Doug Parker has never seen anything like this, even after 9/11 when airlines were briefly shutdown following terrorist attacks using commercial airplanes. In fact, Parker says the economic fallout from the coronavirus pandemic is far worse for the industry than the crisis airlines faced after 9/11 when airplanes were briefly grounded and demand lagged for more
A take-out order from a Darden Restaurants Inc. Olive Garden. Daniel Acker | Bloomberg | Getty Images Darden Restaurants on Thursday reported quarterly earnings and revenue that topped analysts’ expectations. Shares of the company rose 5% in premarket trading. Darden also withdrew its fiscal 2020 outlook and suspended its quarterly dividend, citing the uncertainty it faces as states mandate
Traders work on the floor at the New York Stock Exchange October 31, 2019. Brendan McDermid | Reuters This is a live blog. Check back for updates. 8:49 am: Dow briefly wipes out gains since Trump’s inauguration With the coronavirus spreading economic mayhem across the globe, the Dow’s steep drop on Wednesday briefly pushed the
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said Thursday that whatever happens on the other side of the coronavirus crisis CEOs should not benefit more than their employees. The “Mad Money” host was lamenting the moral hazards of the 2008 financial crisis when companies got bailouts and chief executives got incentives as many
A person wears a face mask as a precaution against coronavirus in New York, on March 2, 2020. Tayfun Coskun | Anadolu Agency | Getty Images Walmart shares are emerging as a winner during the chaotic coronavirus crisis. The big box retailer, a classic defensive consumer staple stock, is benefiting from the millions of Americans
JGI/Jamie Grill You may have more time to pay your taxes, but you’re running out of time fund your IRA for 2019. The Treasury Department threw accountants and tax preparers for a loop this week when it announced it would give taxpayers until July 15 to pay taxes owed. Returns would still be due on
The new coronavirus can survive for several hours in air particles and last days on surfaces, according to a new federally funded study published in the New England Journal of Medicine. Researchers from the National Institutes of Health, Centers for Disease Control and Prevention, UCLA and Princeton University examined how long COVID-19 survives in the
US Federal Reserve Chair Jerome Powell speaks at a “Fed Listens” event in Washington, DC, on October 4, 2019. Eric Baradat | AFP | Getty Images The Federal Reserve took another page out of its 2008 crisis-era playbook late Wednesday evening, invoking its emergency authority to create a backstop for prime money market mutual funds.
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