What's News: Business & Finance -- WSJ
May 08 2020 - 3:02AM
Dow Jones News
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (May 8, 2020).
Nearly 33.5 million U.S. workers have filed for unemployment
benefits since closures were put in place to fight the pandemic,
showing a wave of layoffs that likely pushed April job losses to
record levels.
Neiman Marcus filed for chapter 11 in Texas, becoming the latest
large retailer to seek a court restructuring during the
pandemic.
The Nasdaq gained 1.4%, returning to positive territory for the
year. The S&P 500 and Dow rose 1.2% and 0.9%, respectively.
Uber's CEO mapped a revised path to profitability after
pandemic-hit ridership resulted in a larger first-quarter loss.
UnitedHealth will offer customers about $1.5 billion of
discounts and other assistance, including credits toward
premiums.
Malone's Liberty Global agreed to combine its U.K. telecom
business with that of Spain's Telefónica.
Google parent Alphabet abandoned plans to develop a "smart city"
in a Toronto neighborhood.
Mall owner Brookfield plans to devote $5 billion to shoring up
retailers hit by the coronavirus pandemic.
ViacomCBS's revenue fell in the first quarter, but its streaming
business grew and results beat expectations.
Raytheon plans to cut $2 billion in costs immediately, suspend
buybacks and furlough workers in its commercial aviation
business.
(END) Dow Jones Newswires
May 08, 2020 02:47 ET (06:47 GMT)
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