05May2020 Market Close: Averages Close Up For A Second Day

Exclusive: Lord & Taylor to liquidate its stores as soon as they reopen – sources

Venerable U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.

California sues Uber, Lyft over misclassifying drivers as contractors

California and three of its largest cities on Tuesday sued Uber Technologies Inc and Lyft Inc , accusing them of classifying their drivers improperly as independent contractors instead of employees, evading workplace protections and withholding worker benefits.

Airbnb to lay off 1,900 employees: sources

Home rental startup Airbnb Inc is planning to lay off 1,900 employees due to the impact of the coronavirus pandemic, two sources familiar with the matter told Reuters.

BMW cuts margin outlook for cars division, citing coronavirus woes

BMW on Tuesday lowered the outlook for the profitability of its automotive and motorcycles divisions, citing worse-than-expected demand which has been hit by measures to contain the coronavirus.

Lyft offers new cheaper rides with more waiting time

Lyft Inc said on Tuesday it would expand its program that provides cheaper rides to customers willing to wait longer for their pick-ups, at a time when curbs against the coronavirus outbreak have brought its affordable shared services to a halt.

Wall Street jumps as healthcare shares rise, lockdowns ease

Wall Street’s main indexes rallied on Tuesday as healthcare stocks jumped, oil prices surged and a number of countries and U.S. states eased coronavirus-induced restrictions in an attempt to revive their economies.

Delta caps aircraft seating capacity to ensure safety amid COVID-19

Delta Air Lines said on Tuesday it was putting a limit to seating capacity in its airplanes, as the U.S. carrier looks to provide a safe flying experience to customers amid the coronavirus crisis.

3M wins injunction against mask seller accused of price gouging

3M Co won an injunction from a federal judge against a New Jersey company it accused of illegally using its trademarks to sell 3M-branded N95 respirator masks at inflated prices to exploit the coronavirus pandemic.

Book a table for fast food? Burger King trials post-lockdown app in Italy

Burger King is trialling an app for ordering food and booking a table at its outlets in Italy, as it seeks to persuade locals it is safe to eat out again after more than two months of coronavirus lockdown.

“The Bull Market’s Over” – Largest US Teachers Retirement Fund CIO Warns “We’re Far From Out Of The Woods”

“The Bull Market’s Over” – Largest US Teachers Retirement Fund CIO Warns “We’re Far From Out Of The Woods”

“The bull market’s over” warns Chris Ailman, CIO of CalSTRS – the largest teachers retirement fund in the US, and the 11th largest public pension fund in the world – “and we’re in a bear market…”

“This market’s been highly concentrated in a handful of so-called ‘stay at home’ names… and we’re far from out of the woods.”

Airbnb To Lay Off 1,900 Employees As Tourism Industry Collapses

Airbnb To Lay Off 1,900 Employees As Tourism Industry Collapses Â

Update (1544ET): As per Protocol, here’s part of the email Airbnb CEO Officer Brian Chesky wrote to employees:

“We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill,” the email said. “Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019.”

“While we know Airbnb’s business will fully recover, the changes it will undergo are not temporary or short-lived,” he said. “Because of this, we need to make more fundamental changes to Airbnb by reducing the size of our workforce around a more focused business strategy.”Â

Knock, Knock. We’re From The Government & We Want Your Family’s Blood

Knock, Knock. We’re From The Government & We Want Your Family’s Blood

Authored by Adam Dick via The Ron Paul Institute for Peace & Prosperity,

Talk about creepy..

Junk Bond Leverage Hits Record High As “Fed Rewards The Worst Abusers”

Junk Bond Leverage Hits Record High As “Fed Rewards The Worst Abusers”

A quarter of issuers in the broad Russell 3000 index have reported their Q1 results so far, with an average Y/Y EPS drop of 12% (this figure is not materially different between large and small caps, with the former segment at -11% and the latter at -16%). In sectors, earnings were hit hard in energy, capital goods, autos, travel, financials, and healthcare providers. On the other side, earnings held in relatively well in staples, utilities, and real estate. Looking ahead, BofA expects earnings to contract 30% on the Y/Y scale in Q2, before beginning to recover gradually from there.

That’s about as far as any forecasts will go, as visibility for earnings growth a year from now is virtually nonexistent, however for some bizarre reason, bottom-up consensus numbers are showing a +15% growth for Q1 2021 Y/Y, and it’s unclear where this growth will come from. Like this website, BofA says that it “would take the other side of that view and assume a -15% drop in earnings in our models and base-case scenarios.”

Under such an assumption, US high yield total debt leverage is likely to reach 6.0x in a year from now, matching its 20-year highs last seen in early 2000s, and a 99th percentile on historical range.

Govt may be asked to justify its coronavirus bill after outbreak ends

Govt may be asked to justify its coronavirus bill after outbreak endsCIC has directed govt to maintain record of all public expenditure and disclose details of welfare measures.

Centre has no liability if Aarogya data leaks

Centre has no liability if Aarogya data leaksThe user “agrees that the Government will not be liable for ¦any unauthorized access to information.

Why Covid wallops some but spares others

Why Covid wallops some but spares othersIn Indonesia, thousands are believed to have died. Nearby, Malaysia has kept fatalities to about 100.

U.S. Consumer Debt Payments And Credit Buffers On The Eve Of COVID-19

from Liberty Street Economics

— this post authored by Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw

Today, the New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for 2020:Q1. Because consumer debt servicing statements are typically furnished to credit bureaus only once during every statement period, our snapshot of consumer credit reports as of March 31, 2020, is, in effect, largely a pre ‘COVID ’19 view of the consumer balance sheet.

1Q2020 Report on Household Debt and Credit: Report Shows Minimal Effect Of Coronavirus

from the New York Fed

The New York Fed’s Center for Microeconomic Data today released the Quarterly Report on Household Debt and Credit for the first quarter of 2020. It reveals that total household debt increased by $155 billion, or 1.1 percent, to reach $14.3 trillion in the first quarter of 2020. Mortgage balances rose by $156 billion, while nonhousing debt balances remained relatively flat. Credit card balances declined by a larger-than-expected degree, based on seasonal patterns, but it is too soon to confidently assess any connection between this decline and the coronavirus outbreak.

Sir Richard Branson’s Virgin Atlantic is latest airline to announce thousands of job cuts

Virgin Atlantic, which is 49% owned by U.S. airline Delta, is the latest to announce plans to cut thousands of jobs due to the impact of coronavirus.

Market Extra: Schwab’s plan to offer fractional shares starting in June is a shot across the bow at Robinhood, Stash.

Discount-brokerage giant Charles Schwab on Tuesday announced that it will offer trading in fractional shares of individual stocks as soon as June, delivering on a promise made by its founder back in October, while providing competition for micro-brokerages like Robinhood and Stash who have drawn an increasingly younger demographic.

The Moneyist: My son is staying with me, but my financially irresponsible ex-husband received the $500 stimulus check for our child. Is he right to keep it?

The combination of ethics, divorce agreements, the law and the IRS leads to a long and winding road filled with pot holes, sharp turns and speed bumps.