Macy’s warns of up to $1 billion quarterly loss due to lockdowns
Macy’s Inc said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus.
Best Buy revenue, profit beat estimates as online sales surge
Best Buy Co Inc’s quarterly revenue and profit topped analysts’ estimates on Thursday due to a surge in online sales of electronics needed for consumers to work from home.
Trump to visit Ford plant in battleground state Michigan amid tensions with governor
U.S. President Donald Trump travels to the political swing state of Michigan on Thursday to visit a Ford plant amid tension with the state’s Democratic governor and differences over the speed at which the country is reopening from its COVID-19 shutdown…
U.S. leveraged loan defaults at six-year high as coronavirus hits businesses
The monthly tally of defaults in the U.S. leveraged loan market has hit a six-year high, data from Fitch Ratings showed, as companies are either missing payments or filing for bankruptcy because of the fallout from the coronavirus pandemic.
Gap rushes in more robots to warehouses to solve virus disruption
U.S. apparel chain Gap Inc is speeding up its rollout of warehouse robots for assembling online orders so it can limit human contact during the coronavirus pandemic, the company told Reuters.
Futures retreat as trade tensions add to pandemic woes
U.S. stock index futures fell on Thursday as growing trade tensions with China added to worries about the pace of a recovery from a coronavirus-fueled economic slump even with several countries easing lockdowns.
Traders Beware: U.S. taps new tools to find fraud in volatile commodities market
When the U.S. Department of Justice charged a handful of JP Morgan Chase & Co traders in 2018 and 2019 with alleged commodities futures manipulation, it wasn’t the first time the government had probed the bank’s metals trading activities.
While U.S. economy slides, heartland auto dealers cry out for more trucks
Jerry Bill is worried the novel coronavirus could hurt business at the Des Moines auto dealership he runs, but not because of a shortage of buyers for the big Ram pickups on his lot.
In SoftBank slides, tofu, a goose and unicorns underpin sales pitch
A chastened Masayoshi Son summed up SoftBank Group Corp’s record $13 billion operating loss on stage this week with a striking image: unicorns tumbling into the “valley of the coronavirus”.
Shares lose footing, oil marches on
Equity markets slipped on Thursday on concerns about the long-term impact of the new coronavirus and simmering U.S.-China tensions, though those worries couldn’t stop oil prices from marching to a 2-1/2 month high.
