Wall Street rallies on coronavirus optimism: April 8, 2020

By CNN Business

Updated 6:38 a.m. ET, April 9, 2020
4 Posts
Sort byDropdown arrow
7:18 a.m. ET, April 8, 2020

Panera pivots to groceries

From CNN Business' Jordan Valinsky

Panera Bread is expanding into groceries in an attempt to recoup some losses following the temporary closures of its cafe dining rooms.

Customers can get delivered or pick up a variety of items, including bagels, bread, gallons of milk, yogurt and fresh produce such as apples and avocados. Its regular menu of soups, salads and sandwiches remain available.

Panera is privately held by JAB Holdings, so the damage that the coronavirus pandemic is doing isn't publicly known. However, CEO Niren Chaudhary said in interview with CNBC that its business has recently fallen by 50%.

In a release, Chaudhary said that Panera Grocery can help customers provide "better access to essential items that are increasingly harder to come by."

6:43 a.m. ET, April 8, 2020

TJMaxx owner is furloughing a majority of 286,000 employees

From CNN Business' Jordan Valinsky

TJX (TJX), which owns discount retailers TJMaxx and Marshalls, is furloughing a "majority of store and distribution center" employees, according to a regulatory filing. The company has around 286,000 employees.

The company will pay workers for this week before they enter furlough on April 11. Its stores have been closed since mid-March because of the coronavirus pandemic.

The closures is "expected to have an adverse impact on its results of operations, financial position and liquidity," TJX warned.

6:31 a.m. ET, April 8, 2020

Tesla furloughs staff and slashes salaries

From CNN Business' Sherisse Pham and Peter Valdes-Dapena

Tesla (TSLA) is telling staff to brace for pay cuts and furloughs as the Covid-19 pandemic disrupts operations and cripples demand.

Starting next Monday, US employees at the electric car company who hold director and vice president-level roles and above will see pay reductions of 20% to 30%, and "everyone else" will receive a pay cut of 10%, according to an internal email obtained by CNN Business.

The reductions are expected to be in place until the end of June. Pay rises and equity grants will also be put on hold.

Non-US employees will also face similar reductions, according to the email.

Read more here.

6:41 a.m. ET, April 8, 2020

Global stocks and US futures are mixed on coronavirus caution

Global stocks and US futures are mixed on Wednesday as economic damage from the coronavirus pandemic continued to mount.

Across Asia:

  • Hong Kong's Hang Seng Index (HSIfell 1.2%
  • China's Shanghai Composite (SHCOMPdropped 0.2%
  • Japan's Nikkei (N225) bucked the trend, finishing with a gain of over 2%

In Europe:

  • France CAC 40 (CAC40shed 1.8% in early trading
  • Germany's DAX (DAXlost 1%
  • The FTSE 100 (UKXdropped 1.6% in London.

Following Tuesday's declines, US stock futures are slightly higher as of 6:15 am ET:

  • Dow (INDU) is up 28 points
  • S&P 500 (SPX) increased 0.2%
  • Nasdaq Composite (COMP) futures are up more than 0.2%