 | | | | Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as it prepared for losses driven primarily by its credit card business, and analysts raised worries that there is more pain to come as the economic outlook darkens. | | | | | | Harley-Davidson Inc said on Wednesday it had temporarily laid off most of its global production employees and implemented salary cuts in a bid to lower costs as the coronavirus pandemic has hurt its business. | | | | | | Apple Inc on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company's smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy. | | | | | | By Marc Jones, Karin Strohecker, Tom Arnold and Cassandra Garrison | | | | | | Lyft Inc on Wednesday said it has launched a new on-demand delivery service to provide essential goods, including groceries, meals and medical supplies, to people in need during the coronavirus crisis. | | | | | | Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic. | | | | | | U.S. stocks fell on Wednesday as dismal economic and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak. | | | | | | A federal judge said Tesla Inc must face a lawsuit claiming it misled shareholders when Chief Executive Elon Musk tweeted in August 2018 that he was considering taking the electric car company private. | | | | | | Some investors are wary about buying into a recent stock market rally. Even with hopes for a quick reopening of the economy, they want more evidence that the United States will not restart, only to have to fall back under another coronavirus lockdown soon. | | | | | | A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns. | | | | | |
