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Reuters BusinessFeb 26, 2020
Futures look for direction after four-day selloff
U.S. stock index futures were mixed on Wednesday after the Dow and the S&P 500 indexes suffered their sharpest four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Reuters BusinessFeb 26, 2020
Disney shares down 2% after 'surprise' CEO change
Shares of Walt Disney Co fell 2% on Wednesday after the media giant's surprise move to replace top boss Bob Iger raised questions on Wall Street if his successor Bob Chapek had sufficient experience in the entertainment business.

Reuters BusinessFeb 26, 2020
Oil slides for fourth day as pandemic fears deepen
Crude prices slid for a fourth day on Wednesday as Asia and oil producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.

MarketWatch MarketPulseFeb 26, 2020
Revolve shares sink 17% after inventory troubles pressure sales
Revolve Group Inc. shares sank 17.7% in Wednesday premarket trading after the e-commerce apparel business reported a sales miss and gave weak guidance. Net income totaled $8.4 million, or 12 cents per share, up from $7.7 million, or 11 cents per share, last year. Sales of $147.6 million were up from $127.7 million the previous year. The FactSet consensus was for EPS of 11 cents and sales of $152 million. Revolve said inventory issues put pressure on results. "We slowed the receipt of new inventory in the fourth quarter, which we believe impacted conversion and revenue growth," said Michael Karanikolas, Revolve's co-chief executive on the Tuesday after-hours earnings call, according to the FactSet transcript. "[A]s we work through the existing inventory, the slightly higher levels of markdowns we experienced in the second half of 2019 are likely to continue into the first half of 2020." Revolve expects 2020 sales of $679 million to $703 million, below the FactSet guidance of $706.9 million. "With management noting lighter sales and inventory issues, we believe too much internal faith in Revolve's algorithm may be preventing management from taking deep enough discounts to clear slow-moving inventory," wrote Simeon Siegel, analyst at BMO Capital Markets. "And holding old inventory too long may well have driven the decision to reduce the receipts of new product, which could ultimately turn away new customers." BMO rates Revolve stock market perform with a $15 price target. Revolve stock has gained 12.3% over the last three months while the S&P 500 index has slipped 0.4% for the period.

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.



Reuters BusinessFeb 26, 2020
World shares slump for fifth day, bets grow on rate cuts to counter damage
World stocks tumbled for the fifth straight day on Wednesday, while safe-haven gold rose back towards seven-year highs after health authorities warned of a possible coronavirus pandemic and markets stepped up bets on interest rate cuts.

Google Business NewsFeb 26, 2020
Dow's Slump, Coronavirus Warnings, Bob Iger, Salesforce, Tesla - 5 Things You Must Know Wednesday - TheStreet
Dow's Slump, Coronavirus Warnings, Bob Iger, Salesforce, Tesla - 5 Things You Must Know Wednesday  TheStreetBob Iger to step down as Disney CEO, effective immediately  CNBCDisney's CEO Bob Iger to step down, effective immediately  Fox BusinessDisney's Big Secret Is Finally Out  Bloomberg"It Costs How Much?!" Disney World Price Increases You Need to Know About  Inside the Magic

Reuters BusinessFeb 26, 2020
European Commission says too early to assess coronavirus impact on EU economy
It is still too early to assess the impact of the coronavirus outbreak on the European Union economy, the bloc's economics commissioner Paolo Gentiloni said on Wednesday, adding that the bloc's fiscal rules allow for more spending in emergencies.

Reuters BusinessFeb 26, 2020
BlackRock Vice Chairman and co-founder Barbara Novick to step down
BlackRock Inc's vice chairman and co-founder, Barbara Novick, will step down from her day-to-day duties at the asset manager, according to an internal memo seen by Reuters.

Reuters BusinessFeb 25, 2020
Salesforce co-CEO Keith Block steps down, Marc Benioff to be sole chief
Salesforce.com Inc said on Tuesday Keith Block has stepped down as co-chief executive officer, making Marc Benioff the sole CEO of the business software company, sending its shares down nearly 3% in extended trading.

Google Business NewsFeb 25, 2020
Who is Bob Chapek, Disney's new CEO? - CNN
Who is Bob Chapek, Disney's new CEO?  CNNBob Iger to step down as Disney CEO, effective immediately  CNBCDisney's CEO Bob Iger to step down, effective immediately  Fox BusinessDisney's Big Secret Is Finally Out  BloombergDisney CEO Bob Iger steps down in surprise announcement  Yahoo Finance

Reuters BusinessFeb 25, 2020
In first public results, Branson's Virgin Galactic posts $73 million quarterly loss
Billionaire Richard Branson's space tourism company, Virgin Galactic Holdings Inc , said on Tuesday its fourth-quarter net loss widened to $73 million from a year-ago loss of $46 million as it reported its first results as a publicly traded company.
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