Financial Daily Dose 5.18.2020 | Top Story: Uber Eliminates 3,700 Jobs

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Uber Technologies Inc. will eliminate 3,700 jobs. This equates to the company shedding a quarter of its workforce. Rumors are also circulating that Uber “is in talks to buy rival Grubhub Inc.” – WSJ

U.S. stocks rallied rising 2.5-3.5% across major indexes; 10-year Treasury bond yields ticked up to 0.696%; the S&P 500’s energy, real estate, industrials, materials and financials all rose at least 4%. – WSJ and Bloomberg and NYTimes

The race to a vaccine has started with many companies ramping up their potential for vaccine production. – WSJ

Moderna Inc.’s vaccine has showed some promising signs. – Bloomberg

FedEx Corp. and Microsoft Corp. team up to provide shipping to customers. The use of Microsoft’s cloud services and artificial intelligence will decrease inefficiencies in the global supply chain. – Bloomberg

Jack Ma, the co-founder of Alibaba Group Holding Ltd., will leave the SoftBank Group Corp. board after 13 years. SoftBank’s Vision Fund has lost $17.7 billion in the most recent fiscal year. – Bloomberg

J.C. Penney files for Chapter 11; the retailer agreed to a restructuring support agreement “that will see the company form a public real estate investment trust to hold its real property assets while the retail operations will stand alone as an operating company.” – Law360

M&A among hospitals will likely heat up in the coming months; the pandemic has lessened the amount of nonemergency procedures, “which generate much of the industry’s income.” – Law360

Imerys Talc America Inc. “has reached an agreement on a Chapter 11 plan calling for a going-concern asset sale to fund payouts for thousands of personal injury claims for talc exposure.” Should the plan be approved, Imerys Talc Italy will also file for Chapter 11 to participate in the trust. – Law360

On Friday, NASA announced the creation of the Artemis Accords, new set of standards on how to explore the moon. NASA hopes other countries will agree to the terms. – The Verge

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