The torrent of major corporate earnings results continued Thursday, with McDonald’s, CNBC parent Comcast, Twitter, and Kraft Heinz among the many companies reporting before the opening bell on Wall Street. Sales and profits have taken a beating for most corporations in the first quarter of 2020 as the initial effects of the pandemic began to drastically
Month: April 2020
Workers board a Coach store on Michigan Avenue in Chicago, Illinois, U.S., on Friday, April 3, 2020. Christopher Dilts | Bloomberg | Getty Images Coach owner Tapestry reported Thursday a nearly 20% drop in quarterly sales, as the coronavirus pandemic forced 90% of its stores either shut or to operate on reduced hours during the period.
This is a live blog. Please check back for updates. 7:41 am: Facebook shares jump on ad revenue ‘stability’ Shares of the social media giant jumped more than 8% in the premarket after the company reported “stability” in its ad revenue after a decline in March. Facebook said its March ad revenues dropped sharply amid
In his 17-season NBA career, Scottie Pippen won six championships with the Chicago Bulls, brought home two Olympic gold medals and was an eight-time member of the NBA All-Defensive First Team. But before Pippen cemented himself as one of the greatest players of all time, he had to prove himself. Coming out of high school,
The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, April 26, 2020. Jeena Moon | Reuters As encouraging as the market comeback this month has been, Wall Street has little faith in it. A leveling out of
Esra Demir styles the hair of customer Ken Menendez at Salon Loft in Atlanta, Georgia on April 24, 2020. Governor Brian Kemp has eased restrictions allowing some businesses such as hair and nail salons to reopen today in the US state of Georgia after a four-week lockdown to stop the spread of the coronavirus. (Photo
Phynart Studio Prior to the Covid-19 pandemic, an astounding 53% of the American population felt anxious about personal finances. Undoubtedly, that percentage has grown significantly, with more than 26 million Americans becoming unemployed since then. The statistics are alarming, but it is not time to panic — it’s time to plan. Although many financial plans
It has become painfully clear, as unemployment surpasses 30 million and estimates find that the current quarter we’re in could see gross domestic product drop by over 30% – which would be the worst fall since before World War II – we’ve entered a deep recession. And with no vaccine available to free people from
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2.5 trillion relief package aimed at stemming the economic damage caused by the COVID-19 pandemic. The CARES Act contained a wide range of relief, from forgivable small business loans to enhanced unemployment benefits to a host of tax changes
Getty Some 3.8 million Americans filed for unemployment benefits in the week ending April 25, bringing the country’s total to more than 30 million in a little over a month. But the money they will receive from the government might not be enough to cover their full rent or mortgage payments. According to the National
Citizens stand in a queue to buy anti-aerosol masks and disposable medical masks at a sales booth in front of the Beuel town hall during the novel coronavirus crisis on April 29 2020 in Bonn, Germany. Andreas Rentz As countries across Europe start to lift their lockdowns, close attention is being paid to the so-called
Microsoft CEO Satya Nadella Tobias Schwarz | AFP | Getty Images Microsoft shares rose as much as 3% in extended trading on Wednesday after the company reported fiscal third-quarter sales growth of 15%, fueled by its cloud business. The company said in a statement that the coronavirus “had minimal net impact on the total company
The logo of DBS, Singapore’s largest bank. Roslan Rahman | AFP | Getty Images Southeast Asia’s largest bank, DBS, on Thursday said it set aside 1.09 billion Singapore dollars ($772.5 million) to cover potential losses from the coronavirus pandemic — which resulted in a 29% year-over-year fall in net profit in the first quarter. The Singaporean
In only a few months, the coronavirus pandemic has upended the daily lives of people around the world. For Americans, the economic impact of the virus has led to new categorizations of “essential” workers, a large-scale move to remote work and skyrocketing unemployment that is expected to continue increasing. With more than 26 million people filing
The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero in response to the economic shock from the coronavirus crisis. “The most significant responsibility of the Fed now is to make sure that credit markets continue to function,” said Greg McBride, chief financial analyst at Bankrate.com. “Without functioning credit markets, there will be no economic
Mortgage lenders are worried that high unemployment numbers will translate into mortgage defaults … [+] and late payments down the road. Getty The availability of mortgage credit in March plummeted to the lowest level in five years amid a deepening economic crisis making banks leery of more borrowers requesting delayed payments made possible by the
Dr. Anthony Fauci (L), director of the National Institute of Allergy and Infectious Diseases speaks as US President Donald Trump meets with Louisiana Governor John Bel Edwards(D-LA) in the Oval Office of the White House in Washington, DC on April 29, 2020. Mandel Ngan | AFP | Getty Images White House health advisor Dr. Anthony
Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company’s Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020. Qilai Shen | Bloomberg | Getty Images Tesla reported first-quarter earnings on Wednesday. Here’s how the company did: Earnings per share (EPS): $1.24 per share, ex-items Revenue: $5.99 billion Wall Street
Market researcher James Bianco warns April’s big run will collapse. His reason: Investors are too bullish. “I understand the market has been up a lot since the March low. But what I see in the market is a retracement rally that looks very similar to the first type of rallies that you get in protracted
Balancing the demands of office life and home life can be overwhelming for any working parent. But with women spending a disproportionate amount of time handling housework and childcare responsibilities, data from Pew Research Center shows that women are more likely than men to adjust their careers for family. As the coronavirus pandemic continues to
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