 | | | | Sporting goods retailer Modell's Sporting Goods filed for Chapter 11 protection in the U.S. bankruptcy court in New Jersey on Wednesday, citing a challenging retail environment. | | | | | | Wall Street stocks plunged on Wednesday, with the Dow confirming a bear market for the first time since the financial crisis after the World Health Organization called the coronavirus outbreak a pandemic. | | | | | | Retailer Best Buy Co Inc said on Wednesday Executive Chairman Hubert Joly would step down and will not stand for re-election at the shareholder meeting on June 11. | | | | | | Leading U.S. bank executives in a meeting with President Donald Trump at the White House said banks are strongly capitalized and prepared to help small businesses and American consumers weather the coronavirus outbreak. | | | | | | Boeing Co is freezing new hiring and overtime except in certain critical areas to preserve cash, the U.S. planemaker's CEO said on Wednesday, as the coronavirus outbreak compounds the fallout from a year-old grounding of its money-spinning 737 MAX. | | | | | | Trump administration officials have postponed for a second time a critical meeting originally set for Wednesday to discuss potential new U.S. restrictions on sales of technology to Huawei and China, people familiar with the matter said. | | | | | | Private equity firm Blackstone Group Inc is asking companies it controls to draw down their credit lines to avoid liquidity crunch, a Bloomberg reporter tweeted on Wednesday, citing people familiar with the matter. | | | | | | U.S. passenger railroad Amtrak said on Wednesday that bookings had plunged 50% since the coronavirus outbreak and that it now expected significant service reductions and losses of hundreds of millions of dollars. | | | | | | California and other states which had fought a merger of Sprint Corp and T-Mobile US Inc over concerns about higher prices for consumers and less innovation have agreed to end their opposition. | | | | | | Oil prices fell 4% on Wednesday, sinking into the close of trading with renewed weakness in the stock market after the World Health Organization said the global coronavirus outbreak is now a pandemic, and as major oil producers announced plans to escalate the burgeoning price war. | | | | | | Top oil exporter Saudi Arabia said on Wednesday it would launch a program to boost production capacity for the first time in more than a decade, signaling to Russia and other rivals it was ready for a long battle over production levels and market share. | | | | | |
