10:54 a.m. May 18, 2020
- By Ciara Linnane
Coronavirus update: Global case tally reaches 4.8 million; China’s Xi supports WHO-backed probe of origins of pandemic — once the crisis is over Tesla gets green light to reopen California plant, and investors await earnings from Walmart, Target and AlibabaThe number of cases of the coronavirus that causes COVID-19 rose to 4.8 million on Monday, as Chinese President Xi Jinping said China would support an international investigation of the origins of the pandemic led by the World Health Organization, as soon as the crisis has been brought under control.
4:28 a.m. May 18, 2020
- By Tonya Garcia
Children's Place issues sales warning, will reopen stores across 10 states on TuesdayChildren's Place Inc. said Monday that it sales for the first quarter fell 38% to $254 million, below the FactSet consensus of $303 million for the quarter. The children's apparel retail says digital demand surged 400% through May 16, and as of late April, the company has used 85% of its stores to fulfill orders. Children's Place is scheduled to announce first-quarter earnings on June 11. The company has $72 million in cash and equivalents, no long-term debt and $235 million outstanding on its $360 million revolving credit facility. The company will reopen stores across 10 states on Tuesday, including Idaho, Mississippi and both North and South Dakota. More than 40% of the company's stores are in states that have not been authorized for reopening. Stores that do reopen will take measures to prevent the spread of coronavirus including reduced store hours, partitions at checkout and temporary closures of restrooms, fitting rooms and water fountains. Children's Place stock was up 2.8% in Monday premarket trading, but has plunged nearly 71% over the last year. The S&P 500 index is up 0.2% for the past 12 months.
10:56 a.m. May 12, 2020
- By Ciara Linnane
Coronavirus update: U.S. death toll tops 81,000; Trump defends administration’s record in testy exchange with reporters Tesla defies county ban and reopens California car-making plant, and Boeing CEO says a major airline will be pushed into bankruptcy by pandemicThe U.S. death toll from the coronavirus that causes COVID-19 climbed above 81,000 on Tuesday, as President Donald Trump, defending his record on testing in the U.S., ended his White House news conference abruptly following an angry exchange with two reporters.