U.S. package delivery company FedEx suspended its 2020 profit outlook on Tuesday, citing the “significant impact” of the coronavirus, and said it would cut costs due to the uncertainty wrought by the pandemic. Even so, the company reported quarterly revenue that beat market expectations as more businesses turned to its international express plane service to
Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing is seeking access to $60 billion in public and private liquidity for the U.S. aerospace industry. Boeing has already told the government it cannot meet its liquidity needs under current market conditions. Tesla (TSLA) – Tesla was ordered to halt production
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
Americans have begun to reconsider the cash they handle every day as coronavirus spreads. Some experts have said COVID-19 could latch onto currency the same way it is able to survive on other surfaces, such as doorknobs and handrails. Credit cards, on the other hand, may not be much better. Credit cards carry more types of bacteria than
CEOs across the globe are coming to terms with the reality that business will be anything but normal over the coming months as the impact of the coronavirus pandemic continues to escalate. But while revenues are set to suffer a short-term hit, the majority of leaders remain confident that their companies will be back on
The United Auto Workers union has asked the Big Three Detroit automakers to shut down production for two weeks to safeguard its members from the coronavirus outbreak. In a letter to union members, UAW President Rory Gamble said Ford, General Motors and Fiat Chrysler haven’t been willing to pause production. “They asked for 48 hours
Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app. The online-only bank, which currently has more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7
CNBC’s Jim Cramer said Tuesday that he would advise investors to sell troubled stocks on any market bounces rather than trying to find stocks to buy on market declines. “It’s really the opposite of buy the dips,” Cramer said “Squawk on the Street.” “I only think you sell lower quality.” Following Wall Street’s worst day
U.S. President Donald Trump speaks while flanked by Secretary of the Treasury Steven Mnuchin (R) during a briefing about the coronavirus in the press briefing room at the White House on March 17, 2020 in Washington, DC. Drew Angerer | Getty Images Taxpayers will get a three-month reprieve to pay the income taxes they owe
Adam Carver, 38, wears a mask to protect against coronavirus while on a nearly empty Delta flight from Seattle-Tacoma International Airport o JFK on March 15, 2020 near New York City. John Moore | Getty Images The Trump administration is seeking to “very quickly” pass an aid package for industries hurt by coronavirus, including airlines, Treasury
SoftBank founder Masayoshi Son (L) and WeWork founder Adam Neumann. Getty Images SoftBank may be walking away from part of its bailout of WeWork by not completing its $3 billion tender offer for the office space startup, according to people familiar with matter. SoftBank had planned a $3 billion tender offer for WeWork shares, which
Some of the hottest stocks of the last couple years have been hit especially hard in this coronavirus market collapse as investors shed all risk taking. Cult trend stocks of the bull market, such as cannabis and alternative meat, are plunging even more than the rest of the U.S. market. In fact, five of the
AndreyPopov | Getty Images Some good news – in the form of money – may be coming to Americans soon. On Tuesday, Treasury Secretary Steve Mnuchin said that the Trump administration plans to move “immediately” to send money to Americans as the coronavirus cripples the economy. “Americans need cash now,” Mnuchin said, indicating checks could
The race is on to develop an immunization against COVID-19. Dozens of companies and public labs around the world are working to develop a vaccine to prevent the spread of the flu-like virus. Over the last 48 hours, three biotech companies, in particular, have been thrust into the spotlight for their promise: BioNTech, CureVac and
The outside of Nordstrom’s men’s store in New York, which opened in April 2018. Source: Nordstrom Nordstrom is closing all of its stores temporarily to try to curb the spread of COVID-19. The retailer has also withdrawn its 2020 earnings outlook, due to the uncertainty of the situation. Nordstrom said it has experienced “a broad-based
Take a look at some of the biggest movers in the premarket: Regeneron Pharmaceuticals (REGN) – The biotech company said it aims to have a potential drug for COVID-19 ready for clinical trials by early summer, earlier than previously expected. The drug is designed to both treat and prevent COVID-19. Pfizer (PFE), BioNTech (BNTX) –
Darrell Gulin | Getty Images Morgan Stanley warned investors on Tuesday that the coronavirus pandemic is fundamentally disrupting the world’s economy. “Global recession in 2020 is now our base case,” Morgan Stanley chief economist Chetan Ahya wrote in a note. “With Covid-19 spreading in Europe and the US after hitting Asia, the disruptions and dislocations
For this year’s crop of high school seniors, their freshman college year is full of unknowns. Chief among them is where they will enroll and if they will even be able to afford it in the fall. For now, National College Decision Day is set for May 1, the deadline for high school seniors to
A container ship berthing at the port in Qingdao, in China’s eastern Shandong province. STR | AFP | Getty Images At first, U.S. retailers were most concerned about manufacturing facilities being disrupted by COVID-19 in China, where the virus originated. Now, in the midst of a global pandemic, this is a much bigger issue than
Traders and financial professionals work during the opening bell on the floor of the New York Stock Exchange (NYSE), May 14, 2019 in New York City. Drew Angerer | Getty Images Stock futures traded higher on early Tuesday morning after Wall Street suffered massive losses on Monday amid concerns over the economic blow from the coronavirus