Day in Review: Sept 9, 2020

A daily recap of major events and headlines affecting the market with individual investors in mind.

  • A second round of $1,200 stimulus payments was one of the few things President Donald Trump and both sides of Congress agreed on. But now that aid is getting pushed aside.
  • Mall owners Simon, Brookfield set to rescue J.C. Penney from bankruptcy in $800 million deal. The bankrupt department store chain J.C. Penney is expected to be rescued by its landlords, mall owners Simon and Brookfield.
  • Netflix isn’t a media company or a technology company — it’s an entertainment company, CEO Reed Hastings says. Investors have debated whether Netflix is a media or technology company for more than a decade. Now, Netflix CEO Reed Hastings gives an answer — it’s an entertainment company.
  • Cold weather brings new fears for struggling restaurant owners. Colder temperatures will usher in new concerns for struggling restaurant owners, from the end of outdoor dining to fears about the flu season. Even as indoor dining is allowed, there are caps on the number of diners.
  • Gov. Cuomo allows indoor dining at NYC restaurants to resume at 25% capacity Sept. 30
  • Covid-19 vaccine trial participant had serious neurological symptoms, but could be discharged today, AstraZeneca CEO says. The participant whotriggered a global shutdownof AstraZeneca’s Phase 3 Covid-19 vaccine trials was a woman in the United Kingdom who experienced neurological symptoms consistent with a rare but serious spinal inflammatory disorder called transverse myelitis.
  • Amazon is on a hiring spree amid widespread coronavirus layoffs and record unemployment. Amazon has already grown its global headcount 34% so far this year.
  • Peloton Cuts Prices Of Original Bike, Launches New Bike. Peloton, an at-home fitness company, has added new products to its lineup and also reduced the cost of its original exercise bike by 15 percent. The new products, a more expensive exercise bike and a lower-priced treadmill, are targeted at customers who are keen to work out from home during the coronavirus pandemic. Peloton has reduced the price of the original Peloton Bike by $350.
  • LVMH’s Tiffany U-Turn Shows a Weak Hand. The luxury group says an order from the French government forced it to back out of a $16 billion offer for the U.S. jeweler.
  • Job openings top expectations even as rate of hiring slows. Job openings rose 10% in July to a pandemic high though the rate of hiring saw a sharp slump, according to a Labor Department report Wednesday.

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