Dow Jones Today, Stocks Retreat; A $113 Billion Coronavirus Hit To Airlines? Vipshop, Zoom Video Rally - Investor's Business Daily

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1. Dow Jones Today, Stocks Retreat; A $113 Billion Coronavirus Hit To Airlines? Vipshop, Zoom Video Rally  Investor's Business Daily
2. Dow set to tumble 600 points as coronavirus roller coaster continues  CNN
3. Dow tanks 800 points, continuing a wild week on Wall Street  CNBC
4. Dow closes nearly 1,200 points higher as Biden Super Tuesday victories boost health care stocks  msnNOW
5. U.S. Index Futures Drop With Investors Weighing Virus Threat  Investing.com
6. View Full Coverage on Google News

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2020-03-05 14:45:00Z
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Stock market news live: Stock futures drop after California declares state of emergency over coronavirus - Yahoo Finance

Contracts on the S&P 500, Dow and Nasdaq were each off by more than 1% each in early trading, indicating equities would give back some gains after Wednesday’s surge. A still-escalating coronavirus outbreak continued to fuel investor concerns.

Take our quick poll: Do you think the stock market has bottomed?

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8:30 a.m. ET: Initial jobless claims fall slightly less than expected for week ended Feb. 29

Weekly unemployment claims fell slightly less than expected to a seasonally adjusted 216,000 for the week ended February 29. Consensus economists had expected new jobless claims to decline by 4,000 to 215,000.

Continuing unemployment claims, however, rose less than expected for the week ended February 22. These increased to 1.729 million, from the prior week’s downwardly revised 1.722 million. Consensus economists had expected continuing jobless claims to rise to 1.738 million.

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7:41 a.m. ET: Stock futures sink after California declares state of emergency over coronavirus

U.S. stock futures sank Thursday morning on the heels of a massive rally for stocks during Wednesday’s session, as volatility extended for risk assets.

The overnight dip came as California declared a state of emergency over the coronavirus outbreak, following the announcement of the state’s first confirmed death as a result of the disease. As of Thursday, California had the largest number of cases in the U.S. at more than 50, followed by Washington state with about 44 confirmed cases and 10 deaths.

Overseas, the spread of the coronavirus has continued to broaden, with Switzerland reporting its first death from the disease and concentrated countries of Italy and South Korea continuing to report more cases. Italy has closed schools until March 15, with the death toll in the country topping 100 among more than 3,000 cases, according to the European Center for Disease Prevention and Control.

Here were the main moves during the pre-market session, as of 7:41 a.m. ET:

• S&P 500 futures (ES=F): 3,059.75, down 55 points or -1.77%

• Dow futures (YM=F): 26,521.00, down 444 points or -1.65%

• Nasdaq futures (NQ=F): 8,741.5, down 155 points or -1.74%

• Crude oil (CL=F): $46.93 per barrel, up $0.15 or 0.32%

• Gold (GC=F): $1,653.10 per ounce, up $10.10 or 0.61%

• 10-year Treasury (^TNX): yielding 0.958%, down 3.4 bps

NEW YORK, NY - MARCH 04: Traders work the floor of the New York Stock Exchange (NYSE) on March 4, 2020 in New York City. The news of Democratic presidential candidate, former Vice President Joe Biden's delegate lead after the Super Tuesday primaries helped the market rebound and close at over 1,100 points. (Photo by David Dee Delgado/Getty Images)

—

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Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay

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2020-03-05 13:39:00Z
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UK airline Flybe collapses as coronavirus crisis deals the final blow - CNN

Flybe told customers that it has grounded all flights as it enters administration, adding that its business in the United Kingdom had "ceased trading with immediate effect."

"If you are due to fly with Flybe, please DO NOT TRAVEL TO THE AIRPORT unless you have arranged an alternative flight with another airline," the company told customers in a statement Thursday. "Please note that Flybe is unfortunately not able to arrange alternative flights for passengers."

The Exeter-based budget carrier was founded in 1979 and at one point was Europe's largest independent regional airline, carrying 8 million passengers a year and operating more than 200 routes.

The airline had been struggling for a while. The UK government announced in January that it was talking to the company about its finances and exploring options for a rescue, adding that Flybe's management and shareholders were setting the airline "on a recovery path."

But Flybe's financial challenges had been "compounded by the outbreak of coronavirus which in the last few days has resulted in a significant impact on demand," the airline said in a statement widely reported by UK media.

The entire global airline industry has been tipped into crisis by the outbreak, which began in China and has now spread to every continent except Antarctica. Collapsing demand for travel has caused airlines to make savage cuts to their flight schedules, ground planes and ask staff to take unpaid leave to manage the loss of business.

The International Air Transport Authority warned Thursday that airlines stand to lose $113 billion in sales if the coronavirus continues to spread around the world. Just two weeks ago, IATA had been expecting lost sales in the range of $30 billion.

Rafael Schvartzman, the regional vice president for IATA, said the collapse of Flybe demonstrated the urgent need for governments to support airlines.

"This development is proof that urgent action is required across Europe to protect air connectivity during a period of almost unprecedented crisis," he said in a statement.

A UK government spokesperson said in a statement that "Flybe's financial difficulties were longstanding and well documented and pre-date the outbreak of Covid-19," referring to the official name for the disease.

The government said it is working with the industry to minimize disruption to Flybe routes, "including by looking urgently at how routes not already covered by other airlines can be re-established."

Authorities are also asking other airlines to offer passengers reduced fares, and is requesting that train and bus companies accept Flybe tickets as payment.

"Very sad that @flybe has gone out of business after serving passengers for four decades," Grant Shapps, the British Secretary of State for Transport, tweeted Thursday. "Government staff will be on hand at UK airports ready to assist."

The UK Department for Transportation, meanwhile, said it would help Flybe staff members look for new jobs "as soon as possible."

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2020-03-05 13:03:00Z
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Airlines could lose up to $113 billion in passenger revenue due to coronavirus, IATA says - CNBC

El Al Israel Airlines departure counter is pictured empty after it cancelled flights to Italy at Ben Gurion International Airport, near Tel Aviv, on February 27, 2020.

Jack Guez | AFP | Getty Images

Airlines could lose $63 billion to $113 billion in revenue for passenger traffic globally in 2020, depending on how the coronavirus spreads, International Air Transport Association (IATA) said on Thursday.

The last time the industry faced a revenue shock of this magnitude was in 2009 during the global financial crisis, IATA Chief Economist Brian Pearce said at a media briefing in Singapore.

The $63 billion figure is for a scenario where the disease is contained in current markets with over 100 cases as of March 2, following a v-shaped recovery, IATA said.

The $113 billion estimate is for a scenario with a broader spreading of the disease.

This fall would translate to 11%-19% of worldwide passenger revenue loss.

IATA on Feb. 20 estimated the outbreak would cost carriers $29.3 billion in revenue, if the outbreak was largely confined to markets associated with China.

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2020-03-05 09:38:00Z
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UK airline Flybe collapses as coronavirus crisis deals the final blow - CNN

Flybe told customers that it has grounded all flights as it enters administration, adding that its business in the United Kingdom had "ceased trading with immediate effect."

"If you are due to fly with Flybe, please DO NOT TRAVEL TO THE AIRPORT unless you have arranged an alternative flight with another airline," the company told customers in a statement Thursday. "Please note that Flybe is unfortunately not able to arrange alternative flights for passengers."

The Exeter-based budget carrier was founded in 1979 and at one point was Europe's largest independent regional airline, carrying eight million passengers a year and operating more than 200 routes.

The airline had been struggling for a while. The UK government announced in January that it was talking to the company about its finances and exploring options for a rescue, adding that Flybe's management and shareholders were setting the airline "on a recovery path."

But Flybe's financial challenges had been "compounded by the outbreak of coronavirus which in the last few days has resulted in a significant impact on demand," the airline said in a statement widely reported by UK media.

The entire global airline industry has been tipped into crisis by the outbreak, which began in China and has now spread to every continent except Antarctica. Collapsing demand for travel has caused airlines to make savage cuts to their flight schedules, ground planes and ask staff to take unpaid leave to manage the loss of business.

The International Air Transport Authority said last month that outbreak will likely cost airlines tens of billions of dollars and reduce global traffic by 4.7%, marking the first overall decline in demand since the global financial crisis.

"Flybe's financial difficulties were longstanding and well documented and pre-date the outbreak of Covid-19," a government spokesperson said in a statement, referring to the official name for the disease.

The government says it is working with the industry to minimize disruption to Flybe routes, "including by looking urgently at how routes not already covered by other airlines can be re-established."

Authorities are also asking other airlines to offer passengers reduced fares, and is requesting that train and bus companies accept Flybe tickets as payment.

"Very sad that @flybe has gone out of business after serving passengers for four decades," Grant Shapps, the British Secretary of State for Transport, tweeted Thursday. "Government staff will be on hand at UK airports ready to assist."

The UK Department for Transportation, meanwhile, said it would help Flybe staff members look for new jobs "as soon as possible."

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2020-03-05 12:28:00Z
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Coronavirus: Amazon tells Seattle HQ staff not to come to office - Business Insider - Business Insider

• Amazon told employees at its Seattle headquarters to work from home if they can for the rest of the month amid the coronavirus outbreak.
• Amazon advised employees „who work in a role that can be done from home, do so starting now through the end of March.“
• The guidance came the same day that the company alerted staff that an employee in the area had tested positive for the virus, but Amazon said that individual had not come to work since they started feeling sick.
• Washington has become the state hit hardest by the coronavirus: The virus has killed 11 people in the US so far, 10 of which were in Washington. It has 39 cases of the virus.
• Visit Business Insider’s homepage for more stories.

Amazon told employees in Seattle to avoid coming into their offices for the rest of the month, as Washington state emerged as the area of the US hit hardest by the coronavirus.

It came the same day the company confirmed that an Amazon employee in the area had tested positive for the virus.

Amazon issued the work-from-home guidance in an internal email on Wednesday, seen by The Seattle Times and GeekWire.

It said that any employee based in Seattle or nearby Bellevue who can work from home should do so until the end of March – a period of almost four weeks.

The email acknowledged that not everyone can easily work from home, and advised employees to talk to their managers to work out if it was practical for them to do so.

The message said: „every team is different and not all work may be conducive to working from home, so please talk with your manager and your team to establish expectations on working remotely.“

Foto: Amazon boxes. Source: Reuters

The Guardian obtained a company internal memo earlier Wednesday that confirmed an employee had tested positive and said that any employees who worked physically near to that person had been notified.

That memo said that the employee went home sick on February 25, and had not returned to the company’s offices since.

It also said that the employee worked in an Amazon location called the Brazil Building, one of the more than 40 buildings that makes up the company’s Seattle headquarters.

It is separate from the building made up of three glass spheres that is the company’s most distinctive presence in the city.

Foto: The spheres at Amazon’s headquarters in Seattle, Washington. Source: Elaine Thompson/AP

Amazon’s guidance cited guidance from health officials in Washington state, the state hit hardest by the coronavirus.

The virus has killed 11 people in the US so far, 10 of which were in Washington. The state also has 39 cases, according to the Washington State Department of Health.

Washington has declared a state of emergency over the coronavirus, as has California, which has recorded one death.

This means the states can receive emergency federal funding to battle the coronavirus.

Worldwide it has killed almost 3,300 people, the vast majority in China.

Facebook and Microsoft have given similar guidance to their employees in the city.

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2020-03-05 09:18:49Z
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UK airline Flybe collapses as coronavirus crisis deals the final blow - CNN

Flybe told customers that it has grounded all flights as it enters administration, adding that its business in the United Kingdom had "ceased trading with immediate effect."

"If you are due to fly with Flybe, please DO NOT TRAVEL TO THE AIRPORT unless you have arranged an alternative flight with another airline," the company told customers in a statement Thursday. "Please note that Flybe is unfortunately not able to arrange alternative flights for passengers."

The Exeter-based budget carrier was founded in 1979 and at one point was Europe's largest independent regional airline, carrying eight million passengers a year and operating more than 200 routes.

The airline had been struggling for a while. The UK government announced in January that it was talking to the company about its finances and exploring options for a rescue, adding that Flybe's management and shareholders were setting the airline "on a recovery path."

But Flybe's financial challenges had been "compounded by the outbreak of coronavirus which in the last few days has resulted in a significant impact on demand," the airline said in a statement widely reported by UK media.

The entire global airline industry has been tipped into crisis by the outbreak, which began in China and has now spread to every continent except Antarctica. Collapsing demand for travel has caused airlines to make savage cuts to their flight schedules, ground planes and ask staff to take unpaid leave to manage the loss of business.

The International Air Transport Authority said last month that outbreak will likely cost airlines tens of billions of dollars and reduce global traffic by 4.7%, marking the first overall decline in demand since the global financial crisis.

"Flybe's financial difficulties were longstanding and well documented and pre-date the outbreak of Covid-19," a government spokesperson said in a statement, referring to the official name for the disease.

The government says it is working with the industry to minimize disruption to Flybe routes, "including by looking urgently at how routes not already covered by other airlines can be re-established."

Authorities are also asking other airlines to offer passengers reduced fares, and is requesting that train and bus companies accept Flybe tickets as payment.

"Very sad that @flybe has gone out of business after serving passengers for four decades," Grant Shapps, the British Secretary of State for Transport, tweeted Thursday. "Government staff will be on hand at UK airports ready to assist."

The UK Department for Transportation, meanwhile, said it would help Flybe staff members look for new jobs "as soon as possible."

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2020-03-05 08:29:00Z
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