Tipsheet: Fortune 500: WM #1, Amazon #2 | Kroger Still Thankful | Lowe’s Helps ‘American Idol’
Moderna’s COVID-19 vaccine shows promise in early study, shares soar at Reuters. “Moderna said on Monday its experimental COVID-19 vaccine showed promise in a small early-stage trial, with the vaccine producing virus-neutralizing antibodies similar to that found in recovered patients, sending shares soaring 25%.” Read more
Homebuilder sentiment bounces back in May, after record plunge in April at CNBC. “Confidence in the market for single-family, newly built homes rose 7 points to 37 in May, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Anything above 50 is considered positive, so sentiment remains in negative territory.” Read more
U.S. mulls paying companies, tax breaks to pull supply chains from China at Reuters. “But given longstanding concerns about the government setting “industrial policy”, the notion of subsidizing industry directly is polarizing, even among Trump’s top advisers. Outright subsidies are a non-starter, said one of the two administrative sources. “Internally some are questioning why we should be providing funds to companies that have left in recent years.” Read more
Grubhub Isn’t Biting at Uber’s Takeover Offer Yet at The Street. “Grubhub CEO Matt Maloney spoke to Uber CEO Dara Khosrowshahi Sunday and indicated that Uber’s latest offer of 1.9 of its shares for each Grubhub share was too low, the Journal said. Khosrowshahi said he might be able to increase the offer to 1.925 Uber shares, but that is still well below the price Grubhub had been seeking, according to the Journal.” Read more | WSJ subs.
JC Penney has two months to get support for a plan for its future — or it will have to sell itself at CNBC. “According to documents filed with the court, if the company does not have the support of two-thirds of its bankruptcy lenders for a business plan by July 15, or binding commitments from third parties to finance those plans by August 15, it must “immediately cease pursuing the plan” and instead pursue a sale of its assets.” Read more
…Bankrupted JC Penney plans to spin its properties into separate real estate company at CNBC. Read more
2020 Fortune 500 (Walmart #1, Amazon #2, CVS #5, Costco #14, Walgreens #19) List
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Outdoor furniture sales grow as customers prepare for a summer at home at CNBC. “We’re also seeing small, little outdoor cafe sets that people can put on their balcony if they’re in a small New York apartment or something like that,” (Overstock) said. The company has been selling large numbers of higher-priced items like hot tubs and above-ground pools, as well as children’s items like trampolines and playground sets.” Read more
Apple details its plan to safely reopen retail stores – 25 more US stores will open this week at The Verge. Read more
Kroger backs down, will hand out more ‘Thank You’ pay to frontline supermarket workers by Alexander Coolidge at Cincinnati Enquirer/USA Today. “The one-time Thank You Pay, which will be $400 for qualified full-time associates and $200 for qualified part-time associates, will be paid out in two installments on May 30 and June 18, Kroger said.” Read more
Nadler calls Amazon letter to Judiciary Committee ‘unacceptable’ at The Verge. “Members of Congress have threatened to subpoena Bezos, an idea that Rep. David Cicilline (D-RI), chairman of the antitrust subcommittee repeated in a tweet on Friday.” Read more
Coronavirus Brings Beer Drinkers Back to Bud Light at Wall Street Journal. “Sales of mainstream beers like Bud Light and Coors Light in U.S. retail stores fell 3.1% in 2019. Since coronavirus pantry-loading began in early March, sales in that category have jumped 10.7% from the same period a year ago…” WSJ subs.
Lowe’s Helps ‘American Idol’ Finalists Build Stages at Home at Broadcast + Cable. “Disney has a long-standing relationship with Lowe’s, and we’re thrilled to have the brand join ‘American Idol’ at a historic moment, as the iconic show pulls off its first-ever remote finale,” said Andrew Messina, senior VP, Disney Advertising Sales.” Read more
Tipsheet Extra
Michael Jordan’s first Air Jordans sell for $560,000
HBR: We work harder when we know someone’s watching
Copper masks are the latest craze
EPA proposes extending deadline for selling wood heaters with high smoke output
Plant-based meat sales in the US are up 264 percent since March
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