J.C. Penney's survival hinges on urgent sale negotiations

NEW YORK (Reuters) – The survival of J.C. Penney Co Inc hangs on whether the department store chain can reach a complex deal within days to sell itself to an alliance of retail mavens and distressed-debt investors.  The 118-year-old retailer blew through a Friday deadline from lenders to sort through bids that would take the company out of bankruptcy proceedings […]

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U.S. companies leap over low profit hurdle in coronavirus-hit quarter

NEW YORK (Reuters) – A record high percentage of U.S. companies are beating analysts’ forecasts this earnings season, giving investors a glimmer of hope in what is still expected to be the slowest profit period since the financial crisis. More than halfway through second-quarter earnings, 82.1% of companies reporting have surpassed profit expectations, which would be the highest in the […]

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Siemens Healthineers to acquire Varian for $16.4 billion

BERLIN (Reuters) – German health group Siemens Healthineers (SHLG.DE) said on Sunday it would acquire Varian Medical Systems Inc (VAR.N) in a deal that values the U.S. maker of devices and software for cancer treatments at $16.4 billion. Under the agreed transaction, Siemens Healthineers will acquire all shares in Varian for $177.50 each in cash, representing a 24% premium to […]

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LATAM Airlines to fire 'at least' 2,700 workers in Brazil

BRASILIA (Reuters) – LATAM Airlines (LTM.SN) will fire “at least” 2,700 workers in Brazil, including pilots, its Brazilian arm said on Saturday, as the bankrupt carrier struggles to cut costs and cope with an industry collapse due to the COVID-19 pandemic. In a statement, LATAM Brasil said it opened a voluntary redundancy process on Friday which will run through Aug. […]

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Megacap earnings lift Nasdaq but fiscal uncertainty weighs

NEW YORK (Reuters) – The Nasdaq rose on Friday, lifted by strong earnings from some of the largest U.S. companies, but gains were curbed and the Dow and S&P lost ground as uncertainty about the government’s next round of coronavirus aid exacerbated economic worries. Apple shares surged to reach a high of $413.33 and were last up 7.36% at $413.09 […]

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Investors raise cash as U.S. recovery wobbles; options strategies profit

NEW YORK (Reuters) – Investors are preparing their portfolios for a potentially rocky patch in U.S. stocks, worried that a dramatic rebound in equities may stall amid dimming economic data and rising political uncertainty. Most money managers are wary of cutting equity exposure too drastically in a market that has rallied more than 40% since late March and stands near […]

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U.S. consumer spending rises for second straight month, income drops further

WASHINGTON (Reuters) – U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. […]

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Office Space: Australia builds skyscrapers for a workforce stuck at home

SYDNEY (Reuters) – It was billed by the government as a kickstart to the coronavirus-stricken economy of Australia’s biggest city: a new tech hub in a forest of skyscrapers built over 24 hectares (59 acres) of railyards in downtown Sydney. But with offices largely empty as workers stay home, the project may flood the city with commercial floorspace, putting more […]

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