American Airlines, Walt Disney, Amazon.com: Stocks That Defined the Week
October 02 2020 - 8:01PM
Dow Jones News
By Derek Hall
American Airlines Group Inc.
The future of more than 32,000 airline workers is up in the air.
American Airlines Group Inc. and United Airlines Holdings Inc. said
they would move forward with that many job cuts after lawmakers
failed to reach an agreement on a coronavirus-aid package. They
said they would bring workers back if a deal could be reached
shortly. Airlines received $25 billion in earlier government aid
and say more is needed to offset deep declines in travel. American
Airlines shares rose 2.4% Thursday.
Walt Disney Co.
The Magic Kingdom hasn't yet found the right spell for the
coronavirus. Walt Disney Co. said Tuesday that it would lay off
about 28,000 domestic theme-park employees who have been on
furlough since April. In announcing the layoffs Tuesday, Disney
said the impact of the pandemic had been exacerbated in California
by the state's "unwillingness to lift restrictions that would allow
Disneyland to reopen" -- another example of the ongoing tension
between governments trying to curb the spread of coronavirus and
businesses struggling to pay the bills amid operating restrictions.
Disney shares fell 1.1% Wednesday.
Uber Technologies Inc.
London travelers will soon be able to Uber once again. A London
court found Monday that Uber Technologies Inc. was now "fit and
proper" to operate in the U.K. capital, despite some continued
breaches. The company said in a statement that it had been granted
an 18-month license that made it subject to a bevy of new
conditions. The ruling is the latest development in Uber's ongoing
struggle to build trust with regulators after the company regularly
tested the regulatory and legal envelope of countries while under
the leadership of its co-founder and former chief executive Travis
Kalanick. Uber shares rose 3.2% Monday.
JPMorgan Chase & Co.
The nation's largest bank by assets is paying a hefty price for
"spoofing." JPMorgan Chase & Co. agreed to pay $920 million and
admit misconduct tied to claims its traders "spoofed" to manipulate
the price of Treasury securities, one of the largest and most
liquid trading markets in the world. Spoofers enter and quickly
cancel large orders in an effort to deceive others about supply and
demand. The settlement resolves investigations by the Commodity
Futures Trading Commission, the Justice Department and the
Securities and Exchange Commission. Prosecutors and regulators
began cracking down on spoofing in 2014, and financial institutions
have paid more than $1 billion in fines tied to civil and criminal
spoofing probes. JPMorgan shares fell 0.8% Tuesday.
NextEra Energy Inc.
NextEra Energy Inc. wants to plug into Duke Energy in what would
be the largest utility deal ever. Duke rebuffed NextEra's approach,
but the largest public utility company in the U.S. is still
interested in pursuing a takeover, according to people familiar
with the matter. If successful, it would be a $60 billion-plus
combination of two Southern utilities and the biggest merger so far
this year. But in order to pull it off, NextEra would have to
overcome any resistance from Duke and its executives, and any
agreed deal would have to pass muster with an array of government
officials in a highly regulated industry. NextEra shares fell 2%
Wednesday.
Palantir Technologies Inc.
Palantir Technologies Inc. gained fame as a spy-software and
analytics machine, but its debut in the red-hot IPO market was
mired by technical issues. Palantir and Asana Inc. made history by
both completing direct listings on the same day, something the New
York Stock Exchange had never dealt with before. Technical issues
with Morgan Stanley software prevented some existing Palantir
investors from unloading shares for much of the afternoon,
according to people familiar with the matter. Palantir shares
closed 5% below their opening price.
Amazon.com Inc.
Amazon.com Inc. became the first major U.S. employer to disclose
Covid-19 infection data when the company announced on Thursday that
more than 19,000 of its workers have tested positive for the virus.
Amazon employs more than 1.3 million workers in the U.S. and has
tested thousands of employees since March. The company said the
number of positive cases is below what it expected, and Amazon has
touted its safety protocols. Early in the pandemic, the company
faced criticism from employees about its response to the virus and
lack of transparency. Amazon shares fell 3% Friday.
(END) Dow Jones Newswires
October 02, 2020 20:46 ET (00:46 GMT)
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