The daily business briefing: February 5, 2020
Japan quarantines a cruise ship over coronavirus concerns, Macy's says it's closing 125 stores, and more
- 1. Japan quarantines cruise ship over coronavirus concerns
- 2. Macy's announces closure of 125 stores
- 3. Ford shares fall sharply after disappointing earnings report
- 4. U.S. stocks continue to bounce back after coronavirus-fueled plunge
- 5. Disney reports better-than-expected earnings as Disney+ gains subscribers
1. Japan quarantines cruise ship over coronavirus concerns
Japan has quarantined a cruise ship with 3,711 people on board after a man was diagnosed with coronavirus after leaving the vessel in Hong Kong, Japanese authorities said Wednesday. Health Minister Katsunobu Kato said the people on the ship could be quarantined for up to 14 days under Japanese law pending tests on 273 people who showed symptoms of the virus, or had contact with the infected man. About 3,600 people on another cruise ship were undergoing screening in Hong Kong after three passengers were diagnosed with the rapidly spreading virus. Hong Kong announced Wednesday that it would quarantine people arriving from mainland China for up to 14 days, after thousands of Hong Kong hospital workers went on strike calling for closing the border with mainland China, where the outbreak is concentrated.
The Associated Press The Washington Post
2. Macy's announces closure of 125 stores
Macy's plans to shutter 125 of its stores over the next three years, and cut about 2,000 corporate jobs. Thirty of the stores are set to close in 2020, adding to more than 100 store closings since 2015. The company said it would get out of weak shopping malls, rather than focus on opening smaller stores in strip centers. "Our goal is to reclaim and revitalize what a department store should be," Macy's CEO Jeff Gennette told The Wall Street Journal. "Department stores are still vital if they are done right. There is viability to having many categories and brands under one roof." About 400 Macy's stores will remain open. Competition is fierce in the retail world, with Macy's going up against online rivals like Amazon and discount stores like Marshalls.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Ford shares fall sharply after disappointing earnings report
Ford shares plunged by 11 percent in after-hours trading on Tuesday after the automaker reported disappointing quarterly earnings. Ford said it lost $1.7 billion, or 42 cents a share, deepening a loss of 3 cents a share in the same period last year. Adjusting for one-time items, Ford gained 12 cents a share on $39.7 billion in revenue. Analysts had expected the figure to come in at 17 cents a share on sales of $39.6 billion. "Financially, the company's 2019 performance was short of our original expectations, mostly because our operational execution — which we usually do very well — wasn't nearly good enough," Chief Executive Jim Hackett said in a statement. "We recognize, take accountability for, and have made changes because of this."
4. U.S. stocks continue to bounce back after coronavirus-fueled plunge
U.S. stock index futures surged early Wednesday, continuing the market's rebound from a selloff last week that was fueled by concerns about economic fallout from China's coronavirus outbreak. Futures for the Dow Jones Industrial Average were up by as much as 300 points or 1 percent several hours before the opening bell. Futures for the S&P 500 and the Nasdaq also gained as much as 1 percent. Global markets remained focused on developments in the effort to contain the virus as the number of cases rose to nearly 25,000 in China, with more than 490 deaths. The Dow gained 1.4 percent on Tuesday. The S&P 500 and the Nasdaq rose by 1.5 percent and 2.1 percent, respectively.
5. Disney reports better-than-expected earnings as Disney+ gains subscribers
Disney on Tuesday reported quarterly earnings that beat Wall Street's expectations. Earnings came in at $1.53 per share, compared to the $1.44 per share forecast by analysts surveyed by Refinitiv. The entertainment giant said its new Disney+ streaming video service had increased its subscribers to 26.5 million in the quarter, up from 10 million when it launched Nov. 12. CEO Bob Iger said the number had since increased even more, to 28.6 million. The company warned that it would have to keep its Shanghai Disneyland and Hong Kong Disneyland theme parks closed for at least two months due to concerns about China's coronavirus outbreak, resulting in a possible $175 million loss in the upcoming quarter.
CNBC The Orange County Register
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'A new era of hurricanes'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
How Britain's demographic is changing
A 50-year record population increase was fuelled by greater migration
By Richard Windsor, The Week UK Published
-
The story of Japanese jeweller Tasaki
The Blend A revival in the use of pearls in fashion and jewellery design places heritage brand Tasaki centre stage
By Felix Bischof Published
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
A brief history of third parties in the US
In Depth Though none of America's third parties have won a presidential election, they have nonetheless had a large impact on the country's politics
By Joel Mathis, The Week US Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published
-
Modern royal scandals from around the world
The Explainer From Spain to the UAE, royal families have often been besieged by negative events
By Justin Klawans, The Week US Published