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CNBC BusinessMay 28, 2020
Nordstrom sales fall 40%, but retailer says it has 'sufficient liquidity' to weather pandemic
Nordstrom's net sales fell 40% during the first quarter, the company said Thursday, but the department store chain is confident it remains in a strong financial position to work through the coronavirus pandemic, unlike some of its peers.

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Yahoo BusinessMay 28, 2020
U.S. Stocks End Rally With China Tensions Rising: Markets Wrap
(Bloomberg) -- U.S. stocks erased gains and ended lower after President Donald Trump said he'd hold a press conference Friday to discuss China, potentially stoking tensions between the world's two largest economies.The S&P 500 lost an advance of more than 1% on Trump's announcement, with investors speculating the U.S. will take action against China that could destabilize the global economy, although the precise agenda was unclear. Traders have warily been watching an escalation between Washington and Beijing even as stocks surged for the past two days. Chinese lawmakers earlier approved a proposal for new national-security legislation in Hong Kong, a move Trump's economic adviser called a "huge mistake.""The market's going to trade on headlines. Could he come out and say something that might spook markets temporarily? Sure, but you know what's more important than that? The fact that the Fed's going to stand there with their safety-net," David Spika, president of GuideStone Capital Management, said by phone.Stocks fell for the first time in four days falling short of the longest rally of the pandemic era. Small caps that had been surging tumbled 2.5%, while bank and energy shares -- darlings of the latest rotation -- fell at least 1.6%. Tech also slipped, with Twitter losing almost 5% after Trump turned his ire on the company, threatening to loosen legal protections for social-media platforms.Earlier gains came as data showed the economic damage from the coronavirus pandemic was less severe than anticip

MarketWatchMay 28, 2020
NewsWatch: Dow books a 150-point loss after President Trump says he will hold Friday news conference on China
Stocks close lower Thursday, skidding into negative territory in the final hour of trade, after President Donald Trump said he would hold a news conference on China on Friday, rattling investors who had been enjoying a rally on optimism about an economic recovery from the coronavirus pandemic.

RELATED ARTICLES
Market Snapshot: Dow books a 150-point loss after President Trump says he will hold Friday news conference on China (MarketWatch)

Reuters BusinessMay 28, 2020
Nissan plans big cuts to go small after first loss in 11 years
Nissan Motor Co outlined a new plan on Thursday to become a smaller, more efficient carmaker after the coronavirus pandemic exacerbated a slide in profitability that culminated in its first annual loss in 11 years.

MarketWatch MarketPulseMay 28, 2020
J.C. Penney to reopen 150 more stores in 27 states on Thursday
J.C. Penney Co. Inc. will reopen an additional 150 stores across 27 states on Thursday, bringing the total number of stores back in operation after a temporary closure due to the coronavirus pandemic to 304. The bankrupt department store retailer plans to have 500 stores open by June 3. J.C. Penney is taking precautions to prevent the spread of COVID-19, including staggered work shifts for associates and enhanced cleaning procedures. There are special shopping hours, Wednesday and Friday from 11 a.m. to noon, for senior citizens and others who are at-risk or have underlying health concerns. J.C. Penney filed for bankruptcy protection on May 15. Shares have lost 80% of their value over the past year while the S&P 500 index has gained 8.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessMay 28, 2020
Cuomo Expands Mask Order; Moscow Raises Death Toll: Virus Update
(Bloomberg) -- South Korea reported its biggest spike in new coronavirus cases in almost two months, raising concern about a second wave of infections. Small clusters also emerged in several locations in Japan in its first week since the emergency was lifted.U.S. states' jobless rolls shrank for the first time during the pandemic in a sign people are starting to return to work. President Donald Trump issued a tweet acknowledging the "very sad milestone" after 100,000 Americans died of Covid-19, the most in the world.Cases continued to soar in Brazil, and the U.K.'s tracing program was hit by technical problems on the day of its launch.Roche's immune suppressor Actemra will be paired with Gilead's antiviral remdesivir in a late-stage trial of a drug combination, while GlaxoSmithKline said it will produce 1 billion doses of a vaccine adjuvant -- a booster that can help any brand of shot -- to support immunization against the pandemic.Key Developments:Virus Tracker: Cases top 5.7 million; deaths over 356,000Why New York suffered when other cities were sparedLatin America now accounts for 40% of daily virus deathsA radical plan and $2.6 trillion bring Europe back from abyssDisney's Florida theme parks expected to reopen in JulyHow can I get it? The evidence on transmission: QuickTakeSubscribe to a daily update on the virus from Bloomberg's Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week's top stories from QuickTake, click here.Cuomo Expan

Yahoo BusinessMay 28, 2020
Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities
Billionaire hedge fund manager Bill Ackman said that his Pershing Square Capital Management Ltd. has exited investments in Warren Buffett's Berkshire Hathaway, the Blackstone Group Inc. (BX) and Park Hotels & Resorts (PK).Pershing Square's stock holding in Berkshire was valued at about $1 billion as of the end of March. Ackman divested the Blackstone position as shares have soared about 57% over the past two months, erasing all of their losses from earlier this year.Despite strong stock market volatility triggered by the coronavirus pandemic, Pershing's portfolio this year returned 27% on its investments as of May 26.Speaking on an investor conference call, Ackman said that Pershing Square has about 85% to 98% of its assets invested in its funds and is holding cash positions of between 15% and 20%."We think it's a very different environment than when we made the investment in Berkshire a year ago", said partner Ryan Israel, who oversaw Pershing's Berkshire investment, on the investor call. "We continue to think Berkshire will be a strong investment over the longer term, but we also think the current environment means there may be more than typical opportunities for us to see very high-returning investments and we wanted to make sure we have enough cash."At the beginning of the year, Ackman moved to protect the firm's stock portfolio against coronavirus-related panic selling in markets by buying credit default swaps. Pershing Square yielded a stellar $2.6 bil
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