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MarketWatch MarketPulseJun 03, 2020
AMC Entertainment warns of first-quarter loss as theaters remain closed during coronavirus pandemic
AMC Entertainment Holdings Inc. said Wednesday it expects its first-quarter net loss to range from $2.117 billion to $2.417 billion, as it books an impairment charge on estimated long lived assets and goodwill of $1.8 00 billion to $2.100 billion. The company had a net loss of $130.2 million for the three months ended March 31, 2019. The cinema chain has taken a hit during the coronavirus pandemic as its theaters have been closed and are expected to reopen with reduced capacity to allow for social distancing. The company is expecting an adjusted loss of $224.5 million, wider than the adjusted loss of $101.8 million posted a year ago. It expects revenue of about $941.5 million, down from $1.200 billion a year ago. The company will report first-quarter earnings after market close on June 9. AMC had a cash balance of $718.3 million as of April 30, including borrowings. It had net cash from operating activities, investing activities and financing activities of a negative $184.0 million, a negative $87.4 million and a negative $312.4, respectively, compared with $1.4 million, a negative $98.5 million and a negative $33.9 million a year ago. Adjusted free cash flow for the first quarter came to a negative $220 million and free cash flow was a negative $275.7 million. Shares fell 2.5% premarket and are down 23% in the year to date, while the S&P 500 has fallen 5%.

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Reuters Company NewsJun 03, 2020
CEE MARKETS-Stocks rise, currencies stable on economic hope
Central European stocks rose on Wednesday and currencies held on to their gains as the lifting of lockdown measures and hopes of more economic stimulus measures fueled global market optimism. The economic crisis caused by the coronavirus pandemic had hammered currencies in the region, but a new risk-on mood has helped them to recoup a significant part of their losses. Most CEE currencies were stable. The forint eased 0.14% on the

Reuters BusinessJun 03, 2020
TUI strikes compensation deal with Boeing, delays 737 MAX deliveries
Europe's biggest travel company, TUI Group , said it has struck a deal with Boeing for compensation and deferred deliveries of the grounded 737 MAX jet, boosting its finances as it seeks to survive the coronavirus pandemic.

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UPDATE 1-TUI strikes compensation deal with Boeing, delays 737 MAX deliveries (Reuters Company News)

Yahoo BusinessJun 03, 2020
Zoom Lifts Full-Year Sales Guidance As Quarterly Revenue Balloons 169%
Popular video-conferencing company Zoom Video Communications (ZM) far outpaced sales expectations in the first quarter as millions of users flocked to use its technology to host business and social meetings during the coronavirus pandemic.First-quarter revenue surged 169% to $328.2 million year-on-year, beating analysts' estimates of $202.7 million. Zoom now has about 265,400 customers with more than 10 employees, up about 354% from the same quarter last fiscal year."The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom," said Zoom founder and CEO Eric S. Yuan. "Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives. We also supported an unprecedented number of free participants, including over 100,000 K-12 schools."Commenting on the earnings, five-star analyst Ittai Kidron at Oppenheimer, said that while Zoom reported "exceptional" results, "its gross margin significantly contracted (-1,480bps QoQ and -1,149bps YoY) due to high levels of free meeting minutes (K-12 schools) and increased public cloud hosting costs". Indeed, cost of revenue in the first quarter skyrocketed 330% to $103.7 million year-on-year.Shares rose 1.9% to close at $208.08 ahead of the earnings release on Tuesday and dropped 1.7% in after-market trading.Looking ahead, the company raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905 million to $915 million. This compares w

MarketWatch MarketPulseJun 03, 2020
Canada Goose shares rise after earnings beat expectations
Shares of Canada Goose Holdings Inc. rose 3.8% in Wednesday premarket trading after the outerwear company reported fiscal fourth-quarter earnings that beat expectations. Net income for the period ending March 29 totaled C$7.9 million, or 2 cents per share, after C$6.0 million, or 8 cents per share, last year. Sales totaled C$140.9 million, down from C$156.2 million last year. The FactSet consensus was for a loss per share of 13 cents and sales of C$126.5 million. The first quarter is typically the smallest of the year, the company said. In response to the coronavirus, Canada Goose has reduced first-quarter cash expenses by C$90 million through a number of measures including executive salary reductions of 20%, with Chief Executive Dani Reiss foregoing his salary, and reduced investment in retail and manufacturing. As of June 1, Canada Goose had cash-on-hand of C$119.7 million and C$239.4 million remaining in its revolving credit facility. In the first seven weeks of the fiscal first quarter, 15 of the company's 20 stores were closed. Stores are open in Hong Kong, Montreal and Paris. Canada Goose is not providing guidance at this time due to the pandemic. The stock has slumped 40.4% for the year to date while the S&P 500 index is down 4.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Wall Street Journal US BusinessJun 03, 2020
How Many U.S. Workers Have Lost Jobs During Coronavirus Pandemic? There Are Several Ways to Count
Friday's U.S. jobs report from the Labor Department is expected to show U.S. employers shed nearly 30 million positions from payrolls this spring as a result of the coronavirus pandemic and related shutdowns—but that is just one of several varying estimates of job destruction.

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Employers May Benefit from State-Run Work-Share Programs During Pandemic (SHRM HR News)
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