Costco bucks dividend suspension trend with near 8% raise
Costco Wholesale Corp said on Wednesday it would raise its quarterly dividend by 7.7% to 70 cents per share, at a time when several major companies have suspended cash returns to shareholders to shore up liquidity.
Tesla, Musk must face shareholder lawsuit over going-private tweet
A federal judge said Tesla Inc and Chief Executive Elon Musk must face a lawsuit claiming they misled shareholders when Musk tweeted that he had secured funding to take his electric car company private in a $72 billion transaction.
Exclusive: Major U.S. airlines eyeing government loans after grants – sources
Several 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, as the industry braces for a slow recovery from the coro…
Auto supplier Magna preparing for North America return to work May 4: exec
Canadian auto supplier Magna International Inc is planning for a return to production in North America on May 4, with a subsequent gradual increase in output as the industry recovers from the shutdown caused by the coronavirus pandemic, a top executiv…
U.S. companies reeling from coronavirus fallout, Fed survey shows
U.S. companies have been battered by the fallout from the novel coronavirus outbreak, with economic activity plunging at an unprecedented speed over the past few weeks, a Federal Reserve report released on Wednesday showed.
North Korea hacking threatens U.S. and global financial system: U.S. officials
U.S. government officials warned on Wednesday about the threat of North Korean hackers, calling particular attention to banking and other financial services.
Oil sinks after record 19 million-barrel U.S. crude build
U.S. crude prices fell to an 18-year low and Brent lost more than 6% on Wednesday after the United States reported its biggest weekly inventory build on record, while global demand is expected to fall to quarter-century lows due to the coronavirus pand…
Wall Street falls on dour economic data, corporate earnings
U.S. stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
J.C. Penney skips interest payment amid bankruptcy fears
J.C. Penney Co Inc said on Wednesday it will not make a $12 million interest payment on its long-term corporate bonds, a day after Reuters reported the department store operator was considering filing for bankruptcy protection.
Citigroup profit tumbles 46% on expected credit card losses
Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as it prepared for losses driven primarily by its credit card business, and analysts raised worries that there is more pain to come as the economic outlook darkens.
