The NY Times and Business Insider report that Uber is holding acquisition talks with food delivery startup Postmates. Earlier this year Uber was reported to be holding acquisition talks with Grubhub. But those talks reportedly fell through. In mid-June Grubhub announced it was merging with Just Eat. Postmates is smaller than Grubhub, and would be more amenable to a take-over.
Just Eat Takeaway, a food-delivery service based in Europe, bought Grubhub. According to Gizmodo, while sales have spiked, operation costs have also been high. The acquisition of Grubhub makes it the largest digital food delivery service operator outside of China. Stories analyzing the deal pointed out a European deal was less likely to get blocked by antitrust regulators. Before Just Eat Takeaway acquired Grubhub, Uber wanted to also buy the food-delivery service.
US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases. JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend. Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
U.S. stocks rose Friday as a positive analysis on Gilead Sciences Inc's antiviral drug to treat COVID-19 helped to soothe investor worries over a record rise in coronavirus cases in the United States. Fred Katayama reports.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
American billionaire Marc Benioff went on CNBC to discuss how coronavirus is effecting the economy. Benioff said that if everyone in the US wore a mask, the coronavirus crisis would be over in the country in three weeks. "We would not have anymore coronavirus because there would be no more spread, but people do not want to wear masks," he told "Mad Money" host Jim Cramer. Business Insider reports that Benioff didn't provide any specific evidence for the three week claim.
The Trump Administration is pushing to reopen schools in the fall of 2020. Business Insider reports the US is dealing with record spike in cases of the novel coronavirus. Education Secretary Betsy Devos on Sunday doubled down on the Trump administration's position. "There is going to be the exception to the rule. But the rule should be that kids go back to school this fall." Children are at low risk of serious illness and death from COVID-19.
President Donald Trump said "99%" of coronavirus cases in the US are "totally harmless." Dr. Anthony Fauci is the nation's top infectious-disease expert. Fauci said Trump's claim is "false." "I'm trying to figure out where the president got that number," Fauci said in a Financial Times interview published Friday. Business Insider reports that there is overwhelming evidence of COVID-19's effects contradicts Trump's statement.
Business Insider reports that Walgreens has halted its share buyback program. The pharmacy chain revealed it plans to cut 4,000 jobs after reporting worse-than-expected third-quarter figures. The drugstore giant lost $1.95 per share over the period. Thats $1.71 billion overall. The company's Boots UK division saw same-store sales nosedive 48% over the period. The reason? Walgreens says quarantine orders "compelled consumers to consolidate shopping into grocers.
Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs. Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close. The firm said COVID-19 continues to accelerate the trend towards video streaming services. Goldman Sachs said Netflix is a prime beneficiary of that trend.
Shake Shack has made a deal with GrubHub. The deal has boosted Shake Shack's stock price. Shake Shack traded as much as 3.6% higher in early trading Tuesday after beating earnings estimates. Business..