Financial Daily Dose 5.7.2020 | Top Story: Markets Prepping for Brutal April Jobs Report

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Tomorrow’s jobs report is going to be a doozy. Here’s what you need to know in advance of the “terrible” expected figures – NYTimes and Marketplace and Bloomberg and WSJ and MarketWatch

Sure, the Christmas commercial was an epic failure.  But all it took was a pandemic and global lockdown for Peloton to bounce right back.  Just like they drew it up – NYTimes and Bloomberg and MarketWatch

A smattering of lawsuits from around the country are kicking off what looks to be a bigger surge of virus-induced price-gouging actions  – NYTimes

The White House is hoping to make a new round of tax cuts a centerpiece of the next COVID-19 stimulus package. Not everyone’s on board – NYTimes

A new Fed rule aimed at softening the financial impact of the pandemic on banks and small businesses alike will “allow lenders issuing COVID-19-related relief to small business to access two government liquidity programs[–the PPP and the Money Market Mutual Fund Liquidity Facility—]without adverse impacts on their liquidity coverage ratios” – Law360

Which is great for the banks and at least initially for the businesses (assuming the money’s flowing), but the Times warns that companies counting on those loans being converted to grants may be in for a rude awakening thanks to “the government’s strict and shifting terms” – NYTimes

A day after Uber and Lyft were hit with a California lawsuit over alleged violation of the state’s new gig-worker law, the companies reported workforce cuts and losses respectively – WSJ

Gap and its stable of brands (including Old Navy and Banana Republic) have targeted “responsibly aggressive”—a rather interesting contradiction in terms—as their reopening mantra, and that’ll take the form of 800 North American stores reopening by the end of May – NYTimes

MGM Resorts has warned some of its 63,000 furloughed workers that they could be facing permanent layoffs “starting Aug. 31 amid a murky outlook for the closed U.S. casino industry” – WSJ

Facebook’s cryptocurrency venture, Libra, has a new CEO. HSBC’s chief legal officer, Stuart Levey, is planning to leave the bank this summer to assume the top job for Libra – WSJ and Law360

How’s this for some Zoom backlash. Wunderlich Securities Inc. is asking a federal judge to “vacate an $11.4 million award allegedly handed down with threadbare justification by a FINRA panel that didn’t appear to be paying attention during the arbitration’s final hearing held on Zoom” – Law360

PE firm KKR reported a $1.28 billion Q1 loss, “as the coronavirus pandemic shook markets and forced it to mark down its investments” – WSJ

Not sure I’d be down for a heavy dose of Iceman if it weren’t coming from the capable hand of Taffy Brodesser-Akner. But it is, so I am, and now you can too – NYTimes

Stay safe,
MDR

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