Facebook cancels developer conference as tech companies respond to virus
Facebook Inc said on Thursday it would cancel its annual developer conference due to fears over the coronavirus, as growing concerns about the economic impact of the global outbreak drove Wall Street to tumble for a sixth straight day.
Beyond Meat posts profit miss, dragged by investment, marketing costs; shares fall
Beyond Meat Inc on Thursday missed quarterly earnings expectations due to higher costs, and said Executive Chairman Seth Goldman would give up his executive status, while remaining chair of the board, sending shares down 10% in after-hours trade.
Mexico’s state-run Pemex posts steep 2019 loss in blow to president’s revival plan
Petroleos Mexicanos posted a $18.3 billion net loss for 2019 on Thursday, nearly doubling the previous year’s loss and dealing a major blow to the Mexican president’s quest to revive the heavily-indebted state oil company.
Mylan warns of possible drug shortages, financial hit due to coronavirus
Drugmaker Mylan NV said on Thursday it expects the coronavirus outbreak to impact its financial results and warned of drug shortages in case of continued spread of the virus, sending shares of the company down 3.6%.
Europe looking for positive signal from U.S. on trade: EU lawmaker
The European Union hopes to de-escalate trade tensions with the United States but wants Washington to lower steel tariffs or make another goodwill gesture after a series of concessions by Brussels in recent years, a top EU lawmaker said Thursday.
Fed seen cutting rates amid virus threat, low inflation
The Federal Reserve may need to move aggressively to cut borrowing costs to cushion the economy from the effects of the rapid spread of the new coronavirus, which sent global stocks tumbling this week.
SEC orders Wells Fargo pay $35 million for recommendations of high-risk products
The U.S. Securities and Exchange Commission said on Thursday it ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending high-risk products.
Investors ditch market risk as stocks fall into correction
Fears of a sustained global economic impact as the coronavirus rapidly spreads beyond China have sent investors scrambling to find safety less than 10 days after the U.S. stock market set record highs.
Bed Bath & Beyond to cut about 500 jobs; expects about $26 million charge
Bed Bath & Beyond Inc would cut about 500 jobs, including management positions, as part of a restructuring program to turn around its business, the home-furnishing retailer said on Thursday.
U.S. SEC orders Wells Fargo pay $35 million for recommendations of high-risk products
The U.S. Securities and Exchange Commission said on Thursday it had ordered Wells Fargo & Co to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending high-risk products.
