Business News

Buy shares of this mask supplier to survive the selloff: analysts

As the deadly coronavirus sweeps the globe and slams businesses across multiple industries, one company could dodge the selloff. Best known as the maker of Scotch tape and Post-It notes, 3M also happens to be one of the largest producers of N95 respirators, the type of mask that more efficiently protects people against the virus…

Big European companies ban business travel as coronavirus outbreak escalates

Big European companies have started to ban or restrict business travel for hundreds of thousands of employees as the coronavirus outbreak accelerates. Nestlé, the world’s largest food company, said it has asked all 291,000 of its employees not to travel internationally for business until the middle of March. “Domestic travel should be replaced by alternative…

Drug companies race to test coronavirus vaccines

Gilead Sciences stock was up slightly on Thursday, even as the Dow plunged into correction status. The reason? The biotech company is moving closer to finding a potential treatment for the deadly coronavirus. It plans to start administering its remdesivir drug to patients next month. Shares of Gilead Sciences have risen more than 10% in…

Anheuser-Busch CEO forgoes bonus as the brewer gets clobbered

It’s been a difficult year for the seller of Corona, Budweiser and Stella Artois — and 2020 doesn’t look much better. The company’s sales grew tepidly last year. Costs are up. And coronavirus has killed demand for alcoholic drinks in China. “Our performance in 2019 was below our expectations, and we are not satisfied with…

Coronavirus could cost Trump the election, Goldman Sachs warns

A market meltdown. Surging recession fears. And a sudden spotlight on America’s health care system. Goldman Sachs is warning Wall Street that the coronavirus could cost President Donald Trump the election. The potential political fallout from the coronavirus adds yet more uncertainty for investors trying to assess the impact of the fast-moving epidemic. “If the…

Shark Tank host loses $400,000 in a scam

“Shark Tank” judge Barbara Corcoran lost nearly $400,000 in an elaborate email scam that tricked her staff. Corcoran said someone acting as her assistant sent an invoice to her bookkeeper earlier this week for a renovation payment. She told People that she had “no reason to be suspicious” about the email because she invests in…

UK-EU trade talks start Monday. Britain is already threatening to walk away

Britain has threatened to walk away from trade negotiations with the European Union if sufficient progress hasn’t been made by June, raising the stakes just days before the country begins crucial talks with its largest export market. Negotiators will sit down Monday for the first round of discussions on a trade deal between the United…

Dow falls 1,191 points — the most in history

US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The S&P 500 posted its worst day since August 18, 2011, and the three main indexes fell into correction territory. Stocks are on track for their worst week since the financial crisis. The Dow dropped 1,191 points, or 4.4% in its worst…

Goldman Sachs: American companies will have zero profit growth this year

This was supposed to be the year that the bottom line of Corporate America rebounded after lackluster profit reports for most of 2019. But the coronavirus outbreak is threatening to end the earnings recovery before it even begins. Goldman Sachs warned in a report Thursday that it now thinks US companies “will generate no earnings…

In the face of negative headlines, TurboTax is having a great start to 2020

A nasty round of negative headlines hasn’t scared off TurboTax’s customers. The company is poised to snap up an even larger number of tax filers who use software to prepare their returns than last year, a recent survey by Guggenheim Securities found. About 39% of respondents who plan to prepare their taxes digitally said they…

JCPenney is closing six more stores

The tough times continue for JCPenney. The department store chain announced plans Thursday to close six additional stores as sales and profit continue to decline. The company did not share specifics about its store closings, saying it would give more detailed outlook of its real estate plans when it meets with analysts on April 7.…

The FTSE 100 is in correction territory. Others indexes aren’t far behind

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Global stocks have entered their sixth straight trading day in the red as investors worry that the coronavirus outbreak is fast becoming a pandemic — with Britain’s FTSE 100 flirting with a…

US companies say the coronavirus outbreak could cut China revenues by 50%

Some US companies are bracing for the revenue they make in China to be cut in half if the novel coronavirus outbreak extends into the summer. Nearly half of US companies in China expect revenue from the country to fall this year if businesses can’t return to normal before the end of April, according to…

Struggling cannabis retailer Medmen wants to fix things by keeping it simple

To survive, MedMen Enterprises plans to simplify. The popular, yet troubled, cannabis dispensary chain wants to get out of the business of growing and producing cannabis so it can focus on its retail stores. “While vertical integration has been a big focus for the industry, our growing belief is that cannabis is evolving like every…

Dunkin’s latest release is quite simply a bag of bacon

While other fast food chains are rushing to launch meatless and plant-based options, Dunkin’ went in the opposite direction and released the ultimate snack for meat lovers. Starting today, Snackin’ Bacon will be available at Dunkin’ restaurants nationwide. What’s that, you wonder? It’s just like it sounds: Eight half-strips of bacon wrapped up in a…

Oil and energy stocks are getting crushed by coronavirus fears

The spread of the coronavirus around the world is sending shockwaves through an oil market ill-prepared for a serious blow to energy demand. Oil prices plunged deeper into a bear market Wednesday, reflecting fears about the economic repercussions of the rapidly-spreading health crisis. Economists are warning the coronavirus could spark a severe economic slowdown or…