American Airlines Holdings Inc intends to apply for up to $12 billion in government aid, ensuring no involuntary layoffs or pay cuts in the next six months, executives said in a memo to employees on Monday. American is eligible for about $6 billion in payroll grants and $6 billion in loans under a stimulus package meant to help airlines and other businesses weather a downturn from the coronavirus. Between the government funds and its own cash position, American will be able to fly "through even the worst of potential future scenarios," Chief Executive Doug Parker and President Robert Isom said in the memo....
As grocery outlets and retailers across the country ramp up employment to keep up with demand during the coronavirus outbreak, they’re also facing growing backlash from workers who say their lives are being put at risk. ...
(Bloomberg) -- Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash.Pioneer Natural Resources Co. and Parsley Energy Inc. asked the three-member Texas Railroad Commission on Monday to call an emergency virtual meeting no later than April 13 and issue an order setting the “reasonable market demand for oil from Texas” for May, according a five-page letter shared with Bloomberg News. Ryan Sitton, one of the commissioners, said earlier on Monday that the regulating body would discuss curbing oil output at its next meeting.“We need dramatic government action, because we know the operators cannot uniformly talk together,” Matt Gallagher, chief executive officer at Austin, Texas-based Parsley, said in an interview. The pair of shale explorers believe a 20% cut to the state’s production would be most helpful for the industry, Gallagher said. Pioneer is led...
At present, it seems everything is moving at an accelerated speed. Whether concerning the daily escalation of coronavirus cases, the programs being put into place to combat the economic effect, or the global race to find a vaccine/treatment to halt the pandemic.If you’re a watcher of the comings and goings on Wall Street, then you can add the speed at which companies are currently reevaluated to the list, too. Which brings us to Roku (ROKU).The present situation has caused a rethink at investment firm Wedbush on its model for the streaming player. The updated outlook is a subtle one, but includes an important shift in tone – the lowering of estimates due to a “coming recession.”Wedbush's Michael Pachter lowered estimates for Roku’s ARPU (average revenue per user) from 30% to 21% year-over-year growth in Q1, while for Q2 the figure is bought down from 40% to 26%. Year-over-year growth for FY20...
The official count of the number of people with coronavirus, or COVID-19, is likely to grossly underestimate the actual stats, according to a public health expert....
Yahoo Finance's Seana Smith and Anjalee Khemlani discuss Johnson & Johnson starting human trials for the coronavirus vaccine by September and the FDA approving emergency use of the malaria pill for COVID-19 treatment....
