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NEW YORK (Reuters) - Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc (JCP.N) out of bankruptcy should the U.S. department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday. J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the ...


AP News | Equities.com |

For weeks, critics said Wall Street’s big rally made no sense when the economy seemed set for only more despair. On Friday, it got a bit of validation. The S&P 500 jumped another 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed. Employers added 2.5 million workers to their payrolls, when economists were expecting them instead to slash another 8 million jobs. While economists cautioned that it’s just one month of data and that many risks still loom on the long road to a full recovery, the report gives some credence to the optimism that’s been building among stock investors that the economy can climb out of its current hole faster than forecast. That hope has been a big reason for the S&P 500’s rally of more than 40% since late March. The S&P 500 is now down just 5.7% from its record set in February after being down nearly 34% earlier this year when recession worries were peaking.


Reuters | Equities.com |

PARIS (Reuters) - Airbus is ready to sue airlines that refuse to honor contracts to take aircraft, its chief executive was quoted on Friday as saying, raising the stakes in a stand-off between some manufacturers and airlines over the coronavirus crisis. The warning came as Airbus prepared to unveil what industry sources expected to be another weak month of delivery data. Planemakers and lessors have received multiple requests from airlines to delay deliveries due to the slump in...


Reuters | Equities.com |

(Reuters) - U.S. drugmaker AbbVie Inc said on Friday it would develop an antibody therapy to prevent and treat COVID-19 in partnership with three organizations including the Netherlands’ Utrecht University. AbbVie joins other drugmakers in the race to develop a treatment for COVID-19, the respiratory illness caused by the new coronavirus that has no approved treatment. Biotech company Harbour BioMed and Erasmus Medical Center are the other partners and the collaboration will aim to develop a...


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SAN FRANCISCO (Reuters) - Facebook Inc will start labeling Russian, Chinese and other state-controlled media organizations, and later this summer will block any ads from such outlets that target U.S. users, it said on Thursday.The world’s biggest social network will apply the label to Russia’s Sputnik, Iran’s Press TV and China’s Xinhua News, according to a partial list Facebook provided. The company will apply the label to about 200 pages at the outset.Facebook will not lab...


Reuters | Equities.com |

(Reuters) - Canadian plane and train maker Bombardier Inc said on Friday it would cut 2,500 jobs, or about 11% of the workforce at its aviation unit, as the coronavirus pandemic’s crushing impact on the air industry adds to its long list of problems. The aviation industry has been among the worst hit by the pandemic, which has dented travel demand and forced several aircraft manufacturers, including planemakers Boeing Co and Airbus SE, to cut production as customers defer deliveries. “We a...


AP News | Equities.com |

Global markets rose Friday and Wall Street futures as investors awaited the U.S. jobs report for May, which is expected to show another surge in unemployment in the world’s largest economy.Germany’s DAX gained 1.7% to 12,643 and the CAC 40 in Paris added 1.9% to 5,108. Britain’s FTSE 100 rose 1.3% to 6,421. Futures for the Dow were up 1.3% while those for the S&P 500 were 0.8% higher.Economists expect the Labor Department’s monthly jobs report for May to show employers slashed 8.5...


AP News | Equities.com |

Wall Street paused on Thursday, and the S&P 500 fell for the first time in five days as stocks that had held steadiest through this year’s feverish swings gave back some of their gains. The S&P 500 lost 10.52 points, or 0.3%, to 3,112.35 after being on track earlier in the day for its longest winning streak since December. The Dow Jones Industrial Average rose 11.93 points, or less than 0.1%, to 26,281.82, and the Nasdaq composite fell 67.10, or 0.7%, to 9,615.81. A report showed that the number of U.S. workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market’s expectations. But economists saw pockets of disappointment after the total number of people getting benefits rose slightly. That number had dropped the prior week, which had raised hopes that some companies were rehiring workers. Many professional investors have been arguing that the stock market’s rally, which had reached nearly 40% since late March, was overdone and that a pullback was likely coming. Stocks began surging following massive aid for the economy from Washington. More recently, they’ve climbed on optimism that the recession created by the reaction to the coronavirus outbreak could end relatively quickly as states and countries lift lockdown restrictions.


Reuters | Equities.com |

(Reuters) - Inovio Pharmaceuticals Inc said on Thursday it plans to begin human trials of its potential COVID-19 vaccine in South Korea later in June, with support from Seoul-headquartered partner, non-profit organization International Vaccine Institute. The company said the two-stage trial would assess the safety and effectiveness of the vaccine in 40 healthy adults, and later expand to enroll an additional 120 people. Inovio, among the several companies looking to develop a vaccine t...


Reuters | Equities.com |

(Reuters) - Investors eyeing a turnaround in the U.S. economy are piling into U.S. bank stocks even as some caution that positive stress test results and an abatement of loan losses will be needed to sustain a rally in the battered sector.The S&P 500 bank index .SPXBK has kicked off June with an 8% advance so far, following a two-day rally of 15% last week. Banks are sensitive to consumer and business spending ...



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