As if a savage market hasn’t inflicted enough damage on retirement accounts held by millions of American workers, many are suffering from an additional body blow: companies hammered by the coronavirus are cutting contributions to employees’ 401(k) plans in a desperate bid to save cash.Hotel giant Marriottwhich began the year with some 174,000 workers, started delaying matching contributions earlier this year, saying it would put off payments until September. Now, other companies are announcing similar moves. The reports that Amtrak, travel tech firm Sabre Corp.and at least two national...…As if a savage market hasn’t inflicted enough damage on retirement accounts held by millions of American workers, many are suffering from an additional body blow: companies hammered by the coronavirus are cutting contributions to employees’ 401(k) plans in a desperate bid to save cash.Hotel giant Marriottwhich began the year with some 174,000 workers, started delaying matching contributions earlier this year, saying it would put off payments until September. Now, other companies are announcing similar moves. The reports that Amtrak, travel tech firm Sabre Corp.and at least two national...WW…

This summer has been eventful for ByteDance, the owner of the rapidly growing social network TikTok.First, the Indian government banned the application from distribution in the country, due to concerns that the Chinese government might access user data. Then a number of U.S. companies warned employees to remove TikTok from their work phones. Most recently, President Trump threatened to ban TikTok in the U.S.Into this maelstrom has stepped Satya Nadella, the CEO of Microsoft, with an offer to purchase the U.S. business of TikTok. Nadella has earned a reputation as a savvy operator. He has...…This summer has been eventful for ByteDance, the owner of the rapidly growing social network TikTok.First, the Indian government banned the application from distribution in the country, due to concerns that the Chinese government might access user data. Then a number of U.S. companies warned employees to remove TikTok from their work phones. Most recently, President Trump threatened to ban TikTok in the U.S.Into this maelstrom has stepped Satya Nadella, the CEO of Microsoft, with an offer to purchase the U.S. business of TikTok. Nadella has earned a reputation as a savvy operator. He has...WW…

It is hard to go an hour without seeing another headline related to Robinhood cross the screen, as the investing world has been captivated by the motley crew of investors that call the Reddit stock and option trading community r/wallstreetbets home.What piqued my interest was Hertzattempting to raise money by selling equity (later quashed by the Securities and Exchange Commission) after filing for bankruptcy, with the sole goal of selling worthless equity to Robinhooders.As a chartered financial analyst with over a decade of capital markets experience, this raised two specific questions in...…It is hard to go an hour without seeing another headline related to Robinhood cross the screen, as the investing world has been captivated by the motley crew of investors that call the Reddit stock and option trading community r/wallstreetbets home.What piqued my interest was Hertzattempting to raise money by selling equity (later quashed by the Securities and Exchange Commission) after filing for bankruptcy, with the sole goal of selling worthless equity to Robinhooders.As a chartered financial analyst with over a decade of capital markets experience, this raised two specific questions in...WW…

Shares of Rackspace Technology Inc.plunged 22% on their first day of trading Wednesday. Four years after it went private, Rackspace pricing of its initial public offering: 33.5 million shares of common stock at $21 per share. But investors turned up their noses, leaving the stock at $16.39 at the close of trading. "We're in the middle of a tectonic shift to multicloud technology," company Chief Executive Kevin Jones told MarketWatch in a Zoom interview early Wednesday. "It is the right place, right time for our transformation. We used to compete with hyper-scalers in cloud like...…Shares of Rackspace Technology Inc.plunged 22% on their first day of trading Wednesday. Four years after it went private, Rackspace pricing of its initial public offering: 33.5 million shares of common stock at $21 per share. But investors turned up their noses, leaving the stock at $16.39 at the close of trading. "We're in the middle of a tectonic shift to multicloud technology," company Chief Executive Kevin Jones told MarketWatch in a Zoom interview early Wednesday. "It is the right place, right time for our transformation. We used to compete with hyper-scalers in cloud like...WW…

Streaming was about the only thing working for Walt Disney Co. amid a pandemic that has all but paralyzed its theme parks, live productions and cruise line, so Disney is going to rely on that direct-to-consumers pipeline even more.Disneyreported a depressing financial performance Tuesday that included a quarterly loss of nearly $5 billion due to COVID-19 and long-term depreciation of its European linear television channels. The only segment in the media empire to grow amid the pandemic included Disney+, the company’s streaming service that launched late last year and has already grown to...…Streaming was about the only thing working for Walt Disney Co. amid a pandemic that has all but paralyzed its theme parks, live productions and cruise line, so Disney is going to rely on that direct-to-consumers pipeline even more.Disneyreported a depressing financial performance Tuesday that included a quarterly loss of nearly $5 billion due to COVID-19 and long-term depreciation of its European linear television channels. The only segment in the media empire to grow amid the pandemic included Disney+, the company’s streaming service that launched late last year and has already grown to...WW…

WASHINGTON (AP) — The Trump administration is awarding more than $35 million in Justice Department grants to organizations that provide safe housing for survivors of human trafficking.The grants are being announced Tuesday at a White House event attended by Attorney General William Barr, presidential adviser Ivanka Trump, other administration officials, survivors of human trafficking and organizations that serve them.The $35 million in Housing Assistance Grants for Victims of Human Trafficking is being provided by the Office for Victims of Crime within the Justice Department’s Office of...…WASHINGTON (AP) — The Trump administration is awarding more than $35 million in Justice Department grants to organizations that provide safe housing for survivors of human trafficking.The grants are being announced Tuesday at a White House event attended by Attorney General William Barr, presidential adviser Ivanka Trump, other administration officials, survivors of human trafficking and organizations that serve them.The $35 million in Housing Assistance Grants for Victims of Human Trafficking is being provided by the Office for Victims of Crime within the Justice Department’s Office of...WW…

Shares of Eastman Kodak Co.were down 24% in afternoon trading Monday, putting them on track for a third straight double-digit percentage decline, after the digital printing and film company, which is getting into the pharmaceutical-ingredients business, disclosed that holders of convertible notes were exercising their right to convert those notes into common stock. The stock has now dropped 50% since skyrocketing sixteenfold in three days to $33.20 on July 29, after the Trump administration announced on July 28 that as part of a Defense Production Act directive to loosen the reliance on...…Shares of Eastman Kodak Co.were down 24% in afternoon trading Monday, putting them on track for a third straight double-digit percentage decline, after the digital printing and film company, which is getting into the pharmaceutical-ingredients business, disclosed that holders of convertible notes were exercising their right to convert those notes into common stock. The stock has now dropped 50% since skyrocketing sixteenfold in three days to $33.20 on July 29, after the Trump administration announced on July 28 that as part of a Defense Production Act directive to loosen the reliance on...WW…

Amid a pandemic that has killed more than 649,000 worldwide, health experts are urging people to stay home and/or limit travel and maintain social distancing. But for many people, doing so means jeopardizing their income.To that end, groups advocating payments to help people make ends meet and provide support to improve their long-term economic health say the COVID-19 pandemic has increased momentum.“People have a clear sense of why people are on the brink due to a situation that’s not anyone’s fault,” said Ioana Marinescu, a University of Pennsylvania economics professor who has studied...…Amid a pandemic that has killed more than 649,000 worldwide, health experts are urging people to stay home and/or limit travel and maintain social distancing. But for many people, doing so means jeopardizing their income.To that end, groups advocating payments to help people make ends meet and provide support to improve their long-term economic health say the COVID-19 pandemic has increased momentum.“People have a clear sense of why people are on the brink due to a situation that’s not anyone’s fault,” said Ioana Marinescu, a University of Pennsylvania economics professor who has studied...WW…

Walt Disney Co.plans to sell access to its long delayed "Mulan" live-action movie through Disney+ for $29.99, a new approach to that streaming service, and will launch a new international streaming offering under the Star brand. After the stock languished in after-hours trading following the release of third-quarter earnings, shares jumped to gains of nearly 5% after the twin announcements. Chief Executive Bob Chapek announced the new approaches in a conference call Tuesday afternoon related to Disney's fiscal third-quarter earnings report, which . Disney+ has been used as a subscription...…Walt Disney Co.plans to sell access to its long delayed "Mulan" live-action movie through Disney+ for $29.99, a new approach to that streaming service, and will launch a new international streaming offering under the Star brand. After the stock languished in after-hours trading following the release of third-quarter earnings, shares jumped to gains of nearly 5% after the twin announcements. Chief Executive Bob Chapek announced the new approaches in a conference call Tuesday afternoon related to Disney's fiscal third-quarter earnings report, which . Disney+ has been used as a subscription...WW…

Sometimes they approach with a smile. Other times, it’s with the rage of angels.About four months ago, Terence Fitzgerald, and his two sons, who are 5 and 3 years old, were on a weekend bike ride in his neighborhood, a quiet suburb in Southern California with picturesque houses situated amid generous lawns.“My oldest loves nature and stopped all of a sudden,” Fitzgerald said. “It forced us all to hit the brakes because he was leading us on our little adventure. He saw a cardinal and wanted to show me. The bird sat on a branch on the edge of someone’s property.”It was one of those occasions...…Sometimes they approach with a smile. Other times, it’s with the rage of angels.About four months ago, Terence Fitzgerald, and his two sons, who are 5 and 3 years old, were on a weekend bike ride in his neighborhood, a quiet suburb in Southern California with picturesque houses situated amid generous lawns.“My oldest loves nature and stopped all of a sudden,” Fitzgerald said. “It forced us all to hit the brakes because he was leading us on our little adventure. He saw a cardinal and wanted to show me. The bird sat on a branch on the edge of someone’s property.”It was one of those occasions...WW…

NEW YORK — A New York City prosecutor fighting to get President Donald Trump’s tax returns told a judge Monday he was justified in demanding them because of public reports of “extensive and protracted criminal conduct at the Trump Organization.”Manhattan District Attorney District Attorney Cyrus R. Vance, Jr. is seeking eight years of the Republican president’s personal and corporate tax records, but has disclosed little about what prompted him to request the records, other than part of the investigation related to payoffs to two women to keep them quiet about alleged affairs with Trump.In...…NEW YORK — A New York City prosecutor fighting to get President Donald Trump’s tax returns told a judge Monday he was justified in demanding them because of public reports of “extensive and protracted criminal conduct at the Trump Organization.”Manhattan District Attorney District Attorney Cyrus R. Vance, Jr. is seeking eight years of the Republican president’s personal and corporate tax records, but has disclosed little about what prompted him to request the records, other than part of the investigation related to payoffs to two women to keep them quiet about alleged affairs with Trump.In...WW…

WASHINGTON — President Donald Trump claimed Monday that he has the authority to issue an executive order on mail-in ballots, whose increasing use, he argues, could increase election fraud and uncertainty, though it is is unclear what he could do to curtail the practice.“I have the right to do it,” Trump told reporters at a White House press conference. “We haven’t gotten there yet, we’ll see what happens.”Trump added that Republicans are planning to file suit as soon as Tuesday to try to block Nevada’s expansion of mail-in voting.Nearly all election procedures are governed on a...…WASHINGTON — President Donald Trump claimed Monday that he has the authority to issue an executive order on mail-in ballots, whose increasing use, he argues, could increase election fraud and uncertainty, though it is is unclear what he could do to curtail the practice.“I have the right to do it,” Trump told reporters at a White House press conference. “We haven’t gotten there yet, we’ll see what happens.”Trump added that Republicans are planning to file suit as soon as Tuesday to try to block Nevada’s expansion of mail-in voting.Nearly all election procedures are governed on a...WW…

President Donald Trump on Monday suggested the U.S. government should get part of the proceeds of any sale of Chinese-owned video-sharing app TikTok, as he also signed an executive order that aims to prevent federal agencies from replacing U.S. workers with overseas staff.Trump recounted a Sunday conversation with Microsoft Corp.CEO Satya Nadella about the American software giant’s interest in acquiring TikTok from Beijing-based ByteDance Ltd., two days after surprising Wall Street and his own White House by in the U.S.“I did say that, ‘If you buy it … a very substantial portion of that...…President Donald Trump on Monday suggested the U.S. government should get part of the proceeds of any sale of Chinese-owned video-sharing app TikTok, as he also signed an executive order that aims to prevent federal agencies from replacing U.S. workers with overseas staff.Trump recounted a Sunday conversation with Microsoft Corp.CEO Satya Nadella about the American software giant’s interest in acquiring TikTok from Beijing-based ByteDance Ltd., two days after surprising Wall Street and his own White House by in the U.S.“I did say that, ‘If you buy it … a very substantial portion of that...WW…

This interview is the first in a series of conversations MarketWatch will conduct with some of the leading voices in the U.S. on the COVID-19 pandemicOn Jan. 20, just nine days after Chinese health authorities published the DNA sequence for a new coronavirus that had sickened dozens of people in China, Dr. Michael Osterholm, an epidemiologist at the University of Minnesota, wrote in an : “I’m certain this will cause our next pandemic.”The next day the Centers for Disease Control and Prevention confirmed the of someone infected with what became known as COVID-19. Since then, as outbreaks...…This interview is the first in a series of conversations MarketWatch will conduct with some of the leading voices in the U.S. on the COVID-19 pandemicOn Jan. 20, just nine days after Chinese health authorities published the DNA sequence for a new coronavirus that had sickened dozens of people in China, Dr. Michael Osterholm, an epidemiologist at the University of Minnesota, wrote in an : “I’m certain this will cause our next pandemic.”The next day the Centers for Disease Control and Prevention confirmed the of someone infected with what became known as COVID-19. Since then, as outbreaks...WW…

Amazon.com Inc. has won approval from the Federal Communications Commission to build a $10 billion satellite-internet network that would rival SpaceX’s Starlink network., the FCC authorized Amazon’s request to construct a network of more than 3,200 satellites in low Earth orbit. Amazon told the FCC it intends to launch the satellites in five phases and at three different altitudes, with the service becoming operational once the first wave of 578 satellites is in orbit.The network, known as Project Kuiper, is intended to beam high-speed internet service to “unserved and underserved...…Amazon.com Inc. has won approval from the Federal Communications Commission to build a $10 billion satellite-internet network that would rival SpaceX’s Starlink network., the FCC authorized Amazon’s request to construct a network of more than 3,200 satellites in low Earth orbit. Amazon told the FCC it intends to launch the satellites in five phases and at three different altitudes, with the service becoming operational once the first wave of 578 satellites is in orbit.The network, known as Project Kuiper, is intended to beam high-speed internet service to “unserved and underserved...WW…

Republican leaders are making added and health-care providers a key plank of their $1 trillion proposal for another coronavirus relief bill.Now it’s a question of whether that shield turns into a stumbling block during negotiations with Democrats.The Republicans’ HEALS Act would authorize a new round of , 70% wage replacement in supplemental , and a liability shield that would let consumers and employees successfully sue for coronavirus exposure only if they can prove “gross negligence” or “willful misconduct.”When it comes to COVID-19-exposure lawsuits, the proposed shield raises the...…Republican leaders are making added and health-care providers a key plank of their $1 trillion proposal for another coronavirus relief bill.Now it’s a question of whether that shield turns into a stumbling block during negotiations with Democrats.The Republicans’ HEALS Act would authorize a new round of , 70% wage replacement in supplemental , and a liability shield that would let consumers and employees successfully sue for coronavirus exposure only if they can prove “gross negligence” or “willful misconduct.”When it comes to COVID-19-exposure lawsuits, the proposed shield raises the...WW…

Just days ahead of her 79th birthday, Martha Stewart’s still got it, apparently.Last week, the media megastar who spent five months behind bars posted this saucy Instagram pic because “I just thought I looked great coming out of the pool.”Her followers, of which she has almost 1 million, agreed.The top comment from Whitney Robinson, editor-in-chief of ELLE Deco, pretty much summed up the response. “Omg martha!!!!!! Va va voom!!!!” he wrote.Stewart would deny it if she could, but, alas, she cannot. In fact, in , she agreed that her post was “definitely a thirst trap.”What’s a “thirst trap?”...…Just days ahead of her 79th birthday, Martha Stewart’s still got it, apparently.Last week, the media megastar who spent five months behind bars posted this saucy Instagram pic because “I just thought I looked great coming out of the pool.”Her followers, of which she has almost 1 million, agreed.The top comment from Whitney Robinson, editor-in-chief of ELLE Deco, pretty much summed up the response. “Omg martha!!!!!! Va va voom!!!!” he wrote.Stewart would deny it if she could, but, alas, she cannot. In fact, in , she agreed that her post was “definitely a thirst trap.”What’s a “thirst trap?”...WW…

SYDNEY--Australia's annual inflation turned negative for the first time in 22 years in the pandemic-hit second quarter as government childcare subsidies and lower oil prices fueled the biggest quarterly fall on record.The country's consumer price index fell by 1.9% over the three months to June 30, according to the official Australian Bureau of Statistics. Annual inflation fell to minus 0.3% from 2.2% three months earlier.The ABS said the government's move to make childcare free from April 6 as part of its response to the economic hit from the coronavirus was the biggest driver of...…SYDNEY--Australia's annual inflation turned negative for the first time in 22 years in the pandemic-hit second quarter as government childcare subsidies and lower oil prices fueled the biggest quarterly fall on record.The country's consumer price index fell by 1.9% over the three months to June 30, according to the official Australian Bureau of Statistics. Annual inflation fell to minus 0.3% from 2.2% three months earlier.The ABS said the government's move to make childcare free from April 6 as part of its response to the economic hit from the coronavirus was the biggest driver of...WW…

Uh-oh. Those of us who remember when ’80s music was new had better start bracing ourselves for those big-box-store greeter jobs earlier than we expected.It doesn’t take a genius to see that the jobs market is probably heading for a massive, rolling shakeout. And that means plenty of employers may be using the cover of COVID-19 to get rid of lots of expensive older workers.Age discrimination in the jobs market, which is supposedly illegal, goes up in recessions. Some employers take the opportunity to ax experienced workers who are paid a reasonable wage, and replace them with cheap,...…Uh-oh. Those of us who remember when ’80s music was new had better start bracing ourselves for those big-box-store greeter jobs earlier than we expected.It doesn’t take a genius to see that the jobs market is probably heading for a massive, rolling shakeout. And that means plenty of employers may be using the cover of COVID-19 to get rid of lots of expensive older workers.Age discrimination in the jobs market, which is supposedly illegal, goes up in recessions. Some employers take the opportunity to ax experienced workers who are paid a reasonable wage, and replace them with cheap,...WW…

The numbers: The number of Americans applying for jobless benefits rose for the second straight week, a sign economic growth could be stalling in late July. Claims had been on a steady decline after peaking in late March.Initial jobless claims rose by 12,000 to 1.434 million in the week ended July 25, the Labor Department said Thursday. Economists surveyed by MarketWatch had been looking for 1.51 million new claims. A new federal relief program for so-called “gig” workers like Uber drivers, totaled 829,607 last week.The number of people already collecting economic benefits, known as...…The numbers: The number of Americans applying for jobless benefits rose for the second straight week, a sign economic growth could be stalling in late July. Claims had been on a steady decline after peaking in late March.Initial jobless claims rose by 12,000 to 1.434 million in the week ended July 25, the Labor Department said Thursday. Economists surveyed by MarketWatch had been looking for 1.51 million new claims. A new federal relief program for so-called “gig” workers like Uber drivers, totaled 829,607 last week.The number of people already collecting economic benefits, known as...WW…

CHARLESTON, W.Va. — The U.S. Postal Service is considering closing post offices across the country, sparking concerns ahead of an anticipated surge of mail-in ballots in the 2020 elections, U.S. Sen Joe Manchin and a union leader said Wednesday.Manchin said he has received numerous reports from post offices and colleagues about service cuts or looming closures in West Virginia and elsewhere, prompting him to send a letter to Postmaster General Louis DeJoy asking for an explanation.The possible cutbacks come as DeJoy, a major donor to President Donald Trump who took control of the agency...…CHARLESTON, W.Va. — The U.S. Postal Service is considering closing post offices across the country, sparking concerns ahead of an anticipated surge of mail-in ballots in the 2020 elections, U.S. Sen Joe Manchin and a union leader said Wednesday.Manchin said he has received numerous reports from post offices and colleagues about service cuts or looming closures in West Virginia and elsewhere, prompting him to send a letter to Postmaster General Louis DeJoy asking for an explanation.The possible cutbacks come as DeJoy, a major donor to President Donald Trump who took control of the agency...WW…

The numbers: An economy badly battered by the coronavirus shrank at a record 32.9% annual pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history.The tidal wave of damage from the first global pandemic in a century was almost as bad as Wall Street expected. Analysts polled by MarketWatch had forecast a 35% decline in gross domestic product at an annual pace, the official scorecard of the U.S. economy.The economy began to recover in mid-May after a severe contraction at the beginning of the...…The numbers: An economy badly battered by the coronavirus shrank at a record 32.9% annual pace in the second quarter, underscoring just how big a hole the U.S. finds itself in as it labors to recover from the deepest recession in American history.The tidal wave of damage from the first global pandemic in a century was almost as bad as Wall Street expected. Analysts polled by MarketWatch had forecast a 35% decline in gross domestic product at an annual pace, the official scorecard of the U.S. economy.The economy began to recover in mid-May after a severe contraction at the beginning of the...WW…

Are you ready to wear a pair of safety goggles with your face mask?Dr. Anthony Fauci says that eye protection may be recommended at some point to help prevent spreading COVID-19.The infectious disease expert sat down for a remote Q&A with ABC News via its Instagram account on Wednesday — and his eyewear comments raised a lot of eyebrows on social media.Dr. Jennifer Ashton, the Disney-ownednews network’s chief medical correspondent, asked Fauci whether he could see shielding the eyes being recommended at some point. “You know, it might,” he said.“If you have goggles or an eye shield, you...…Are you ready to wear a pair of safety goggles with your face mask?Dr. Anthony Fauci says that eye protection may be recommended at some point to help prevent spreading COVID-19.The infectious disease expert sat down for a remote Q&A with ABC News via its Instagram account on Wednesday — and his eyewear comments raised a lot of eyebrows on social media.Dr. Jennifer Ashton, the Disney-ownednews network’s chief medical correspondent, asked Fauci whether he could see shielding the eyes being recommended at some point. “You know, it might,” he said.“If you have goggles or an eye shield, you...WW…

That’s Microsoft MSFT, 0.99% co-founder Bill Gates explaining to CNBC why Tesla TSLA, +2.01% boss Elon Musk should perhaps focus on his job and let the experts focus on theirs. Musk has courted controversy ever since the coronavirus first broke out across the U.S., having suggested deaths have been overcounted and lockdowns were unnecessary. He also called California’s approach to combatting coronavirus “fascist” and drew an F-bomb from a politician. Gates pointed out that facts travel slowly across social media compared with misinformation, which poses a challenge to Facebook FB, 1.08%...…That’s Microsoft MSFT, 0.99% co-founder Bill Gates explaining to CNBC why Tesla TSLA, +2.01% boss Elon Musk should perhaps focus on his job and let the experts focus on theirs. Musk has courted controversy ever since the coronavirus first broke out across the U.S., having suggested deaths have been overcounted and lockdowns were unnecessary. He also called California’s approach to combatting coronavirus “fascist” and drew an F-bomb from a politician. Gates pointed out that facts travel slowly across social media compared with misinformation, which poses a challenge to Facebook FB, 1.08%...WW…

The United States is facing a possible tsunami of evictions caused by the coronavirus pandemic.The CARES Act, which was signed into law in March, established a temporary moratorium on evictions for all rental units that were backed by some form of federally financing, including Fannie Maeand Freddie Macloans. That moratorium is scheduled to end on Saturday.The CARES Act moratorium protected some 12.3 million rental units nationwide, a estimated. And while many cities and states passed their own eviction moratoriums, many of those have either already expired or are set to end soon.“This is a...…The United States is facing a possible tsunami of evictions caused by the coronavirus pandemic.The CARES Act, which was signed into law in March, established a temporary moratorium on evictions for all rental units that were backed by some form of federally financing, including Fannie Maeand Freddie Macloans. That moratorium is scheduled to end on Saturday.The CARES Act moratorium protected some 12.3 million rental units nationwide, a estimated. And while many cities and states passed their own eviction moratoriums, many of those have either already expired or are set to end soon.“This is a...WW…