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10:19 a.m. Jan. 5, 2021 - By Ciara Linnane
January will be worst month for U.S. pandemic so far with post-holiday travel cases seen surging U.S. sets fresh record for hospitalizations and Los Angeles County says a COVID-19 patient is dying every 15 minuteshe number of global cases of the coronavirus-borne illness COVID-19 edged toward 86 million on Tuesday and the U.S. set yet another record for hospitalizations, as experts warned that January will likely be the worst month of the pandemic so far due to a surge in new infections after holiday travel.
10:48 a.m. Nov. 6, 2020 - By Tomi Kilgore
Haverty Furniture to pay special dividend of $2 a shareHaverty Furniture Companies Inc. said Friday it will pay a special cash dividend of $2.00 a share. The stock was down 1.9% in afternoon trading, but was down 2.9% prior to a trading halt for news. The home furnishings retailer said the special dividend, as well as the regular quarterly dividend of 20 cents a share, will be payable on Dec. 9 to shareholders of business on Nov. 23. "Our board of directors authorized several steps taken earlier this year to ensure our liquidity due to the uncertainty facing the economy. Our operating results since reopening our stores in May have been very good," said Chief Executive Clarence Smith. "The board's decision today to pay a special dividend, provides returns to Haverty's stockholders, maintains a safeguard against potential headwinds, and preserves capital for potential opportunities." Based on current stock prices, the stock's regular dividend yield is 3.11%, compared with the implied yield for the SPDR S&P Retail ETF of 1.14% and the implied yield for the S&P 500 of 1.63%. Haverty's stock has rallied 27.6% year to date, while the S&P 500 has gained 8.5%.
9:28 a.m. Sept. 24, 2020 - By Ed Yardeni
Why the U.S. economy will soon recover and get back to the good old days of 2019 Ed Yardeni: ‘Almost everyone in the U.S. last year was doing better than ever’ Ed Yardeni: ‘Almost everyone in the U.S. last year was doing better than ever.’
2:03 a.m. Sept. 4, 2020 - By Ciara Linnane
Coronavirus update: Global tally climbs above 26 million, U.S. above 6.1 million, amid concerns CDC will rush out a vaccineThe global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 26 million on Thursday, while in the U.S. there were growing concerns that President Donald Trump’s administration will attempt to rush out a vaccine ahead of the November presidential election.
4:47 a.m. Sept. 1, 2020 - By Ciara Linnane
Steelcase announces permanent job cuts and restoration of pay to salaried workers, executives and boardSteelcase Inc. , a maker of furniture settings and interior architectural products, said Tuesday it is cutting jobs permanently, while restoring pay to its salaried workers, executives and board members. The Grand Rapids, Michigan-based company said it will cut 300 jobs, or about 8% of its salaried workforce in the Americas, and cut about 160 hourly employees with early retirements. Another 65 salaried employees have volunteered for part-time roles or temporary layoffs for up to six months. Most salaried workers will have full base pay restored, the company said. "Making these types of permanent reductions to our cost structure is something we hoped to avoid, but they became necessary as demand levels in the Americas have continued to reflect the impact of the COVID-19 pandemic," Chief Executive Jim Keane said in a statement. The company is expecting restored pay to cost about $20 million a quarter, partially offset by cost savings of about $10 million. The company expects to book restructuring charges of about $30 million in the second and third quarters. Shares fell 1.2% premarket and are down about 48% in the year to date, while the S&P 500 has gained 8%.
7:47 a.m. Aug. 14, 2020 - By Tomi Kilgore
Here are all the Stein Mart stores having liquidation sales All 279 of Stein Mart’s U.S. stores across 30 states are closing in wake of bankruptcy filing, and they selling merchandise and fixtures at ‘deeply discounted’ prices A day after Stein Mart filed for bankruptcy, saying it expects to close “a significant portion, if not all” of its stores, it was announced that all 279 U.S. stores across 30 states were closing through “Going-Out-of-Business” sales.
2:45 a.m. June 15, 2020 - By Ciara Linnane
Azek IPO: 5 things to know about the maker of decking, patio and other outdoor products Azek is loss-making and highly leveraged, with $1.2 billion of debt, as it seeks to go public during a pandemicAzek Co shares soared more than 22% in their trading debut Friday, as the U.S. IPO market continues to look resilient during the pandemic.
3:14 a.m. June 2, 2020 - By Tomi Kilgore
Flexsteel sets rare stock buyback plan even as it slashes dividend, extends salary cuts Furniture maker could repurchase 7% of its outstanding shares as it tries to stabilize prices ahead of Russell ReconstitutionFlexsteel Industries Inc. announced Monday a stock repurchase program worth about 7% of its market capitalization, even as the residential furniture maker slashed its dividend and extended executive salary cuts as it looked to preserve cash amid the financial and business concerns created by the COVID-19 pandemic.
2:15 p.m. May 27, 2020 - By Ciara Linnane
Coronavirus update: Global death toll climbs above 353,000; U.S. deaths surpass 100,000 Domino’s Pizza and Papa John’s enjoy strong sales bump, while Ralph Lauren’s sales falter with stores closedThe number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.
1:07 p.m. May 26, 2020 - By Jon Swartz
Google plans to begin reopening of some offices on July 6Sundar Pichai, chief executive of Google parent Alphabet Inc. , is penciling in July 6 as the date to reopen offices for employees who choose to return, according to a note he sent employees Tuesday. The initial wave would make use of roughly 10% of building capacity, with a goal of 30% capacity by September. Those who wish to remain working from home can expense up to $1,000 for equipment and furniture, Pichai told employees in a note Tuesday. "Assuming external conditions allow, we'll start to open more buildings in more cities," a Google spokesperson said, quoting from Pichai's to employees. "This will give Googlers who need to come back to the office - or, capacity permitting, who want to come back - the opportunity to return on a limited, rotating basis (think: one day every couple of weeks, so roughly 10 percent building occupancy)." Shares of the search-engine giant are up 6% this year. The broader S&P 500 index is down 7.4% in 2020.
3:45 a.m. May 26, 2020 - By Tomi Kilgore
Steelcase recalls most of furloughed manufacturing workersSteelcase Inc. said Tuesday it was recalling most of its manufacturing employees that were furloughed, as government restrictions related to the COVID-19 pandemic have begun to ease. The maker of furniture settings and interior architectural products said all of its manufacturing and distribution locations are currently open, and many showrooms are beginning to reopen. Steelcase said it was easing the reductions in pay and work hours for employees that were implemented in March and April. The company said revenue for the March-April period fell 39% from a year ago, with March revenue down 21% and April revenue down 60%. The FactSet consensus for fiscal first-quarter revenue, which runs through May, of $546 million implies a 34% decline. The stock, which was still inactive in premarket trading, has tumbled 43.7% year to date, while the S&P 500 has lost 8.5%.
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