What's News: Business & Finance -- WSJ

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (May 8, 2020).

Nearly 33.5 million U.S. workers have filed for unemployment benefits since closures were put in place to fight the pandemic, showing a wave of layoffs that likely pushed April job losses to record levels.

Neiman Marcus filed for chapter 11 in Texas, becoming the latest large retailer to seek a court restructuring during the pandemic.

The Nasdaq gained 1.4%, returning to positive territory for the year. The S&P 500 and Dow rose 1.2% and 0.9%, respectively.

Uber's CEO mapped a revised path to profitability after pandemic-hit ridership resulted in a larger first-quarter loss.

UnitedHealth will offer customers about $1.5 billion of discounts and other assistance, including credits toward premiums.

Malone's Liberty Global agreed to combine its U.K. telecom business with that of Spain's Telefónica.

Google parent Alphabet abandoned plans to develop a "smart city" in a Toronto neighborhood.

Mall owner Brookfield plans to devote $5 billion to shoring up retailers hit by the coronavirus pandemic.

ViacomCBS's revenue fell in the first quarter, but its streaming business grew and results beat expectations.

Raytheon plans to cut $2 billion in costs immediately, suspend buybacks and furlough workers in its commercial aviation business.

(END) Dow Jones Newswires

May 08, 2020 02:47 ET (06:47 GMT)

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