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Reuters Company NewsMar 31, 2020
UPDATE 2-Smartphone maker Xiaomi says China sales already close to full recovery
* Xiaomi says sales in China rebounding strongly after coronavirus

MarketWatch MarketPulseMar 31, 2020
Dollar Tree withdraws guidance amid coronavirus-related uncertainty heading into peak Easter shopping season
Dollar Tree Inc. said Tuesday that it is withdrawing its fiscal first-quarter and full-year outlook as the discount retailer heads into peak Easter shopping season beneath a cloud of uncertainty. Shares tumbled 3.6% in Tuesday premarket trading. Same-store sales trends soared through March 29, with the namesake chain up 7.1% and Family Dollar up 14.4%. However trends have "moderated," the company said, with same-store sales at Family Dollar up 8.8% for the seven days ending March 29 and Dollar Tree down 19.4% for the period. Food and household consumable sales remain strong, however the company's ability to restock items in high demand, weaker-than-expected sales in discretionary categories and the impact of the coronavirus on the Easter selling season raise questions. There were also higher first-quarter costs associated with pay and benefits, and other measures tied to the pandemic response. And there are concerns about gross margins due to the merchandise mix. As of March 30, Dollar Tree has $1.9 billion in cash and investments, including $750 million drawn down from its $1.25 billion revolving credit line. The company plans to pay $250 million due in April. All remodels and installations have been halted until April 27. The company doesn't expect to repurchase shares in the near-term. It is scheduled to report fiscal first-quarter earnings on May 28. Dollar Tree stock is down 15.1% for the year to date while the S&P 500 index has sunk 18.7% for the period.

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MarketWatch MarketPulseMar 31, 2020
Hilton Grand Vacations suspends U.S. sales operations, closes resorts and taps revolver
Hilton Grand Vacations INc. said Tuesday it is suspending its U.S. sales operations due to the growing number of travel restrictions and stay-at-home policies being implemented across the country during the coronavirus pandemic. The Orlando, Fla.-based company said it has closed some resorts and is temporarily pausing reservations at its U.S., Europe and Barbados resorts through the end of April. Sales in Japan and South Korea remain open on a limited basis and customer service team members are available for customers who want to change or cancel travel. "While the level of disruption to the travel industry is unprecedented, we remain confident in our ability to manage through this difficult period," Chief Executive Mark Wang said in a statmeent. "Approximately 40% of 2019 segment EBITDA was derived from recurring fees in our Finance and Club & Resort segments. Through the end of March, we have collected approximately 90% of our member fees for fiscal 2020, which fund all of the operational costs of our resorts." The company has a leverage ratio of 1.59 times and had just over $1 billion in liquidity at end-February. In March, the company drew down the remainder of its revolving credit facility. Shares were not active premarket, but have fallen 53% in the year to date, while the S&P 500 has fallen 19%.

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MarketWatch MarketPulseMar 31, 2020
Supercuts parent Regis to close all company-owned salons, furlough a 'substantial majority' of employees
Hair salon operator Regis Corp. said Tuesday it has temporarily closed all of its company-owned sales for at least two weeks, citing continuing uncertainties around the COVID-19 pandemic. The company, which salon brands include Supercuts, Cost Cutters and SmartStyle, also said it was furloughing a "substantial majority" of its workforce, representing about 485 employees across its corporate office, field support and distribution centers, starting on April 5 and lasting at least 30 days. Regis said it will pay a portion of benefits premiums during thie period. In addition, the company said it was cutting the chief executive's wage by 60%, and wages of vice presidents and above by 30% and the wages of all other employees who will be working full time by 20%. "Given the still uncertain duration and severity associated with the COVID-19 pandemic we have taken additional, aggressive steps to preserve the financial integrity of our company and to protect the safety of our employees and customers," said CEO Hugh Sawyer. The stock, which was still inactive in premarket trading, has lost 64.6% over the past three months, while the S&P 500 has declined 18.7%.

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Yahoo BusinessMar 31, 2020
Shell Sees Oil Sales Volume, Margins Stable in First Quarter
(Bloomberg) -- Royal Dutch Shell Plc said it doesn't expect the coronavirus to have a significant effect on overall demand for its oil products in the first quarter.While the company warned that the pandemic was creating major uncertainties around oil prices and boosting volatility, it experienced a "relatively minor" impact in the first two months of the year and expects sales volumes and margins for the quarter to be relatively unscathed."Marketing margins in the first quarter are expected to remain strong, as the impact on demand from COVID-19 is not expected to be significant at the Shell group level," the company said in a statement.Oil-products sales volumes are seen at 6 million to 7 million barrels a day for the period, compared with 6.5 million barrels a day reported a year earlier. First-quarter upstream oil and gas production is estimated at 2.65 million to 2.72 million barrels of oil equivalent a day, with margins affected by the "weak environment," Shell said.Shell's trading update shows that the impact of the coronavirus on oil demand only really accelerated in March, meaning the first quarter will probably be "materially better" than subsequent earnings periods this year, RBC Capital Markets said in a note.The company's B shares rose as much as 5% to 1325.2 pence as of 8:14 a.m. in London.Survival MeasuresMajor oil companies have already taken big steps to adapt to the massive economic impact of the deadly pandemic. Shell canceled the next tranche of its share buyback program, cut capital expendi

MarketWatch MarketPulseMar 31, 2020
Amarin's stock plummets on heavy volume after court rules in favor of makers of generic Vascepa
Shares of Amarin Corp. PLC took a 69% dive on heavy volume in premarket trading Tuesday, after drug maker announced a disappointing court ruling in its patent litigation against two generic companies regarding Vascepa, its Food and Drug Administration-approved treatment of cardiovascular disease. Trading volume ballooned to over 10 million shares ahead of the open, which is already more than the full-day average of 9.6 million shares. Amarin said late Monday that the U.S. Distric Court for the Distric of Nevada ruled in favor of the generic companies. "Amarin strongly disagrees with the ruling and will vigorously pursue all available remedies, including an appeal of the Court's decision and a preliminary injunction pending appeal to, if an ANDA is approved by FDA, prevent launch of generic versions of VASCEPA in the United States," said Cief Executive John Thero. Stifel Nicolaus analyst Derek Archila reiterated his hold rating but slashed his stock price target to $8 from $24, saying he believes the court ruling will be difficult to overturn on appeal. "The negative IP ruling is a serious blow for [Amarin], and we would not be buying shares here given the uncertainty the decision has created around the future of Vascepa sales and, more importantly, [Amarin's] near-to-medium term cash runway," Arichila wrote in a note to clients. Through Monday, Amarin's stock had declined 36.7% over the past three months while the S&P 500 had lost 18.7%.

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CNBC BusinessMar 30, 2020
Kohl's will furlough about 85,000 employees, Macy's furloughs majority as retailers cope with significant sales losses
Kohl's said about 85,000 employees will be furloughed, and both retailers said their CEOs will not be compensated during the crisis.

Kohl's will join Macy's in furloughing workers as department store sales dry up (MarketWatch Breaking News)
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