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COVID-19

Reuters | Equities.com |

General Electric Co on Tuesday warned of more job cuts at its aviation unit, citing a lengthy recovery for the airline industry from the impact of the coronavirus crisis.

The job cuts are the latest setback for the aviation sector, with the industry’s woes expected to last into 2021 even as U.S. regulators ended a 20-month grounding of Boeing Co’s MAX 737 jets and COVID-19 vaccine developers reported positive data.

“As we continue to closely monitor market conditions, we are examining a range of options to appropriately scale our business to match the realities of the global airline industry recovery from the severe impacts of COVID-19,” the company said in a statement.


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Best Buy Co Inc held back from issuing a holiday-quarter forecast on Tuesday, saying it was unsure if a sales boom fueled by demand for remote-work computer equipment was sustainable as the COVID-19 pandemic rages on in the United States.

Shares of the consumer electronic retailer, which has been one of the few retail winners in the health crisis, fell 2.6% before the bell, even as it beat third-quarter sales and profit estimates.

“It is very difficult for us to predict how sustainable these trends will be due to the significant uncertainty related to the various impacts of the pandemic,” Chief Financial Officer Matt Bilunas said.


AP News | Equities.com |

State and local officials nationwide are imposing new coronavirus restrictions and pleading with the public in an increasingly desperate attempt to stop the explosive spread of the disease as many Americans resist calls to limit gatherings and travel heading into the holidays.

Nevada Gov. Steve Sisolak tightened restrictions on casinos, restaurants and private gatherings beginning Tuesday. In California, where most counties are under a curfew, Los Angeles County officials will prohibit in-person dining for at least three weeks, and a judge on Monday denied a request to temporarily restore indoor service at restaurants and gyms in San Diego County. Nebraska Gov. Pete Ricketts warned that he could impose tighter social-distancing restrictions before Thanksgiving if hospitalizations continue to rise.


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Shares of Japan’s ANA Holdings Inc on Tuesday sank as much as 4.2% after sources said the country’s biggest airline plans to raise about 200 billion yen ($1.9 billion) by selling new shares to bolster its balance sheet.

ANA Holdings will hold its first share sale since 2012, Reuters reported on Saturday, citing two sources who declined to be identified because the information was not public.

Airlines around the globe are struggling to ride out a pandemic that has cast a dark shadow across the global travel industry. Although Japan hasn’t been hit as hard as the United States and Europe, its travel industry is suffering.


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U.S. passenger railroad Amtrak said on Monday it lost $801.1 million in the year ending Sept. 30 as revenue and passenger traffic fell sharply because of the coronavirus pandemic.

Amtrak is seeking nearly $2.9 billion in additional government assistance this year to avert more job and service cuts after winning a $1 billion U.S. bailout in April.


AP News | Equities.com |

More encouraging news on the development of coronavirus vaccines and treatments helped power stocks higher on Wall Street Monday, as the market clawed back most of its losses from last week.

The S&P 500 index rose 0.6%, led by banks, energy and industrial companies, sectors that have been beaten down during the pandemic. Health care and technology stocks, which traders have bid up sharply this year, closed lower. Treasury yields mostly rose, another sign of optimism among investors.


Reuters | Equities.com |

Pharmaceutical company AstraZeneca said Monday that late-stage trials showed its coronavirus vaccine was up to 90% effective, giving public health officials hope they may soon have access to a vaccine that is cheaper and easier to distribute than some of its rivals.

The results are based on interim analysis of trials in the U.K. and Brazil of a vaccine developed by Oxford University and manufactured by AstraZeneca. No hospitalizations or severe cases of COVID-19 were reported in those receiving the vaccine.


Reuters | Equities.com |

U.S. healthcare workers and others recommended for the nation’s first COVID-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top official of the government’s vaccine development effort said on Sunday.

Some 70% of the U.S. population of 330 million would need to be inoculated to achieve “herd” immunity from the virus, a goal the country could achieve by May, according to Dr. Moncef Slaoui, chief scientific adviser for “Operation Warp Speed.”


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The U.S. Centers for Disease Control and Prevention (CDC) said on Saturday it recommended that all people avoid cruise ship travel as the risk of COVID-19 on liners is very high.

The CDC advised passengers who decide to go on a cruise should get tested 3-5 days after their trip and stay home for 7 days after travel, even if they test negative.

Last month, the agency issued a framework for a phased resumption of cruise ship operations after a no-sail or...


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Britain could give regulatory approval to Pfizer-BioNTech’s COVID-19 vaccine this week, even before the United States authorizes it, the Telegraph news site reported on Sunday.

Citing government sources, it said British regulators were about to start a formal appraisal of the vaccine, made by Pfizer Inc and BioNTech SE, and that the National Health Service had been told to be ready to administer it by Dec. 1.

The U.S. Food and Drug Administration said on Friday that it would meet on Dec. 10 to discuss whether to authorize the vaccine.