AP News | |

Business did improve for McDonald’s throughout the second quarter as restrictions lifted across the globe, but the fast food giant faces a bumpy — and expensive — recovery.

McDonald’s President and CEO Chris Kempczinski said the coronavirus pandemic continues to cause uncertainty and depress consumer sentiment But he believes the April-June period will be the trough in the company’s performance.

“McDonald’s has learned to adjust our operations to this new environment...

Reuters | |

Amgen Inc on Tuesday reported second-quarter revenue rose 6% as higher sales of newer drugs, including recently-added psoriasis treatment Otezla, offset declining sales of older medicines.

The biotechnology company also posted much higher-than-expected adjusted profit, but acquisition-related costs pushed net earnings lower.

Amgen said sales of drugs such as osteoporosis treatment Prolia fell during the quarter as people, especially o...

Reuters | |

Starbucks Corp on Tuesday reported a smaller-than-expected drop in quarterly comparable store sales as more people used its drive-thru and delivery options to buy coffee and food during coronavirus-driven lockdowns.

The Seattle-based company, like many restaurants and coffee chains, took a big hit from government-imposed restrictions to check the spread of the pandemic, prompting it to rely more on i...

Equities Staff | |

Under Armour disclosed Monday that founder and Executive Chairman Kevin Plank and CFO David Bergman, Chief Financial Officer received Wells Notices from the Securities and Exchange Commission related to an investigation about the sportswear maker’s accounting and sales practices.

While a Wells Notice does not carry any specific accusations of legal violations, the SEC issues one as a warning of impending enforcement action, and it affords the recipient the opportunity to respond with ...

Reuters | |

The IATA cuts its coronavirus recovery forecast on Tuesday, saying it would take until 2024 - a year longer than previously expected - for passenger traffic to return to pre-crisis levels.

In an update on the pandemic’s crippling impact on air travel, the International Air Transport Association cited slow virus containment in the United States and developing countries, and a weaker outlook for corporate travel.

Lingering travel barriers and new restrictions in some markets are also weighing on nearer-term prospects, IATA said, cutting its 2020 passenger numbers forecast to a 55% decline - sharper than the 46% drop predicted in April.

Reuters | |

Pfizer Inc beat analysts’ estimates for second-quarter profit on Tuesday and raised its full-year earnings forecast, as demand for cancer drug Ibrance and blood thinner Eliquis offset lower uptake of other treatments in the COVID-19 pandemic.

The company said it had taken a roughly $500 million hit to sales due to a drop in visits to hospital or the doctor’s office globally due to the health crisis.

Pfizer raised its forecast for 2020 adjusted profit to between $2....

Reuters | |

Remington Arms Co on Monday filed for Chapter 11 bankruptcy protection for the second time in two years as the U.S. gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.

The gunmaker has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court for Northern District of Alabama, according to the court filing.

In the filing, the company listed its assets and liabilities both in the range of $100...

Reuters | |

Hasbro Inc missed analysts’ estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic led to shortages of the company’s board games.

Shares fell 6%, taking losses for the year to about 31% as the toymaker has struggled with store closures, movie and TV production delays that have hit its Entertainment One unit, and a drought of big-budget releases linked to its action figures.

A surge in...

Reuters | |

By Stephen Nellis and Munsif Vengattil

(Reuters) - Intel Corp’s Chief Engineering Officer Murthy Renduchintala is departing, part of a move in which a key technology unit will be separated into five teams, the chipmaker said on Monday.

Intel said it is reorganizing its technology, systems architecture and client group. Its new leaders will report directly to Chief Executive Officer Bob Swan.

Ann Kelleher, a 24-year Intel veteran, will lead development of 7-nanometer and 5-...

AP News | |

Google has decided that most of its 200,000 employees and contractors should work from home through next June, a sobering assessment of the pandemic’s potential staying power from the company providing the answers for the world’s most trusted internet search engine.

The remote-work order issued Monday by Google CEO Sundar Pichai also affects other companies owned by Google’s corporate parent, Alphabet Inc. It marks a...