(Bloomberg) -- AT&T Inc. posted a 4.5% drop in revenue from a year ago and withdrew its forecast of 2% revenue growth for the year, saying it can’t provide a financial forecast for 2020 due to the coronavirus pandemic.The Covid-19 crisis hurt earnings by 5 cents a share in the first quarter and knocked $600 million off of revenue due to lower ad sales from canceled sports events like the NCAA men’s basketball tournament. But the U.S. stay-at-home orders, which started in mid-March, did help improve some of AT&T’s slumping consumer businesses.Homebound customers craving videoconferencing and cellular connections helped boost broadband and wireless numbers. AT&T added a total of 27,000 wireless subscribers, exceeding analysts’ prediction for a loss of 132,000. That number includes a loss of tablet customers, offset by 163,000 new mobile-phone customers. And demand for fiber broadband connections surged 34% as more people sought faster home internet access.AT&T shares...
Delta Air Lines posted a $607 million loss in the first quarter as the COVID-19 crisis forced the airline to cut up to 85% of its scheduled flights....
Macy’s, Inc. (M) is reportedly seeking to raise as much as $5 billion in debt as it is struggling with depressed retail sales after government restrictions to contain the coronavirus pandemic forced the closure of all of the department chain’s stores.According to the debt plan, the department chain will to use its inventory as collateral to raise $3 billion and real estate assets to raise $1 billion to $2 billion, CNBC reported.All of the department chain's 775 stores have been closed since March 18. Macy’s had also announced that it is suspending its quarterly dividend, drawing down on its credit line, freezing both hiring and spending, stopping capital spending, reducing receipts, and cancelling some orders and extending payment terms.This month, Macy’s said that its CFO and Executive Vice President Paula Price will leave the company adding more uncertainty as to how the department chain will navigate its cost-cutting plan and saving measures...
Here's a roundup of top developments in the biotech space over the last 24 hours.Scaling The Peaks (Biotech Stocks Hitting 52-week Highs April 21) * Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) * Arcturus Therapeutics Ltd (NASDAQ: ARCT) * Arvinas Inc (NASDAQ: ARVN) * Exelixis, Inc. (NASDAQ: EXEL) * GenMark Diagnostics, Inc (NASDAQ: GNMK) * Keros Therapeutics Inc (NASDAQ: KROS) * Kiniksa Pharmaceuticals Ltd (NASDAQ: KNSA) * Moderna Inc (NASDAQ: MRNA) * OraSure Technologies, Inc. (NASDAQ: OSUR) * Repro-Med Systems, Inc. (NASDAQ: KRMD) * Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX)Down In The Dumps (Biotech Stocks Hitting 52-week Lows April 21) * Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC)(announced pricing of $20 million common stock offering) * Nabriva Therapeutics PLC - ADR (NASDAQ: NBRV) * Viveve Medical Inc (NASDAQ: VIVE)Stocks In Focus Novartis' Cell Therapy Gets Regenerative Medicine Advanced Therapy Designation For Follicular Lymphoma Novartis AG (NYSE: NVS) said the FDA granted Regenerative Medicine Advanced Therapy designation...
Stock futures rose Wednesday morning, recovering some losses after a sell-off in risk assets a day earlier sent the S&P 500 to its largest one-day drop since April 1....
