Shares of FedEx Corp. surged 5.0% and of United Parcel Service Inc. rallied 4.2% in premarket trading Wednesday, after The Wall Street Journal reported that Amazon.com Inc. was halting a delivery service known as Amazon Shipping that directly competes with the package delivery services. J.P. Morgan analyst Brian Ossenbeck kept his ratings at neutral for both FedEx and UPS, but said he expects the stocks to react "favorably" to the WSJ report. "The news reads slightly more positive for FedEx considering it no longer ships for Amazon and was viewed as at risk for direct competition," Ossenbeck wrote in a note to clients. "However, we expect UPS will also benefit on news its largest customer has suspended a competing service for non-Amazon volumes, but we expect Amazon will continue to insource its own deliveries over time." The WSJ report out late Tuesday, which cited people familiar with the matter, said Amazon was suspending the Amazon Shipping service, which was available in only a handful of cities, because it needed its people and capacity to handle a surge in its own customers' orders. Shares of FedEx have lost 23.3% year to date through Tuesday and of UPS have declined 20.6%, while Amazon's stock has gained 8.9% and the Dow Jones Industrial Average has declined 20.6%.
Retailers and food manufacturers are reducing the number of promotions even as customers snap up even more groceries amid the COVID-19 outbreak
‘People just need to be careful and skeptical.’
Jack Dorsey, co-founder of Twitter Inc. and founder of Square Inc. and chiefg executive of both, said late Tuesday he was donating more than a quarter of his wealth for COVID-19 relief efforts. Dorsey, on his Twitter feed, said he was moving $1 billion of his Square shares, or about 28% of his net worth, to Start Small LLC for pandemic relief. Dorsey said "after we disarm this pandemic," the foundation will focus on girl's health and education, and universal basic income, with fund flows to be tracked in a Google docs spreadsheet. Square shares have fallen nearly 20% year-to-date, while the tech-heavy Nasdaq Composite Index has declined 12%.
Tesla Inc. will cut salaries and furlough non-essential workers at its U.S. facilities until they are able to reopen amid the coronavirus pandemic, the tech news site Protocol reported Tuesday night. According to an internal email obtained by Protocol, furloughs will begin Monday, with the goal of ending May 4 if factories reopen then as scheduled. Salaried employees will see temporary 10% pay cuts, while directors' pay will be cut 20% and executives at the level of vice president and above will see 30% cuts, Protocol reported. Tesla announced in late March that it would temporarily shut its Fremont auto factory and Buffalo, N.Y., solar-panel factory to limit the spread of COVID-19, and last week sharply scaled back operations at its Nevada gigafactory. The Buffalo plant may soon reopen to manufacture ventilator components.
New York Gov. Andrew Cuomo said the state suffered its biggest one-day death toll from the coronavirus pandemic in the last 24 hours, as 799 people...
Alphabet Inc.'s Google is offering a 60-day free trial of Stadia, its streaming videogame venture. "Video games can be a valuable way to socialize...
NMC Health , the Middle Eastern hospital operator that was a FTSE 100 component, on Wednesday said it will be unable to oppose a filing by one of i...
Caterpillar Inc. said Wednesday that it has decided to maintain its quarterly dividend of $1.03 a share, with the next dividend payable May 20 to ...
Savvy investing pros stay calm because they know to expect the unexpected, writes Elaine Scoggins.
Financial planners say the following actions can help make your money last.
Sen. Bernie Sanders of Vermont is dropping out of the Democratic presidential race, according to multiple published reports on Wednesday. Sanders revealed his decision to exit in a conference call with staff, said a CNBC r...
The Federal Reserve announced Wednesday that it was temporarily lifting Wells Fargo's asset cap so that the bank can provide loans to small busines...
There are cards that take advantage of those with bad credit. Watch out for these red flags.
|30 yr fixed Jumbo||3.91%|
|30 yr fixed||3.77%|
|15 yr fixed||3.26%|
|10 yr fixed||3.36%|
|30 yr fixed refi||3.87%|
|15 yr fixed refi||3.37%|
|5/1 ARM refi||3.62%|
|$30K Home Equity Loan||5.24%|
|$50K Home Equity Loan||3.74%|
|$75K Home Equity Loan||3.74%|
|$100K Home Equity Loan||4.12%|
|5 yr CD||0.89%|
|2 yr CD||0.72%|
|1 yr CD||0.67%|
|MMA Savings Jumbo||0.42%|
Nearly a third of U.S. apartment renters didn’t pay any of their April rent during the first week of the month, according to new data to be released Wednesday by the National Multifamily Housing Council and a consortium of...
Softbank Group Corp. responded Tuesday to WeWork parent We Co.'s lawsuit, saying it plans to "vigorously defend" the suit as nothing in the filing...
WeWork parent The We Co. said Tuesday it has filed a lawsuit against SoftBank Group Corp. , alleging SoftBank breached obligations when it failed t...