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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%.

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.



Reuters Company NewsJun 03, 2020
UPDATE 2-Campbell Soup raises 2020 forecasts on strong sales in pandemic
Campbell Soup Co raised its full-year profit and sales forecast on Wednesday after beating expectations for third-quarter results as consumers stocked up on soup, pasta sauces and salsa while they stayed at home during the pandemic.

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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
Dunkin' stock rises as same-store sales show improvement over the past month
Shares of Dunkin' Brands Group Inc. rose 1.7% in premarket trading Wednesday after the coffee and ice cream seller provided a mid-quarter sales update, which showed improvement over the last month in its U.S. Dunkin' and Baskin-Robbins sales, helped by strength in drive-thru sales and a jump in midday sales. For the eight weeks ended May 23, same-store sales for open Dunkin' U.S. stores fell 23%, but improved to a decline of 15% for the week ended May 23 from a drop of 25% for the week ended April 25. The company said the improvement was driven by strong sales at drive-thru stores, double-digit percentage year-over-year same-store sales growth during the 11 a.m to 2 p.m. time period and increased sales through the Dunkin' app, delivery and curbside. For open Baskin-Robbins U.S. stores, quarter-to-date same-store sales fell 10.5%, with sales improving to flat for the week ended May 23 from down 10% for the week ended April 25. AS of May 23, about 650 of 9,637 Dunkin' U.S. stores were closed as a result of the COVID-19 pandemic. The stock has declined 4.4% over the past three months through Tuesday, while the S&P 500 has gained 2.6%.

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.



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Canada Goose shares rise after earnings beat expectations (MarketWatch MarketPulse)

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.

MarketWatch MarketPulseJun 03, 2020
Dow futures up 230 points after ADP jobs report shows a cooler-than-expected 2.76 million job losses in May
U.S. stock-index futures Wednesday morning added to solid gains after a private-sector labor-market report came in much cooler than expected. Data from Automatic Data Processing Inc. showed that 2.76 million jobs were lost in May, but that figure was far weaker than consensus expectations for a loss of jobs 8.663 million, compared with April's tally for a loss of 20.236 million. Futures for the Dow Jones Industrial Average were up 230 points, or 0.9%, at 25,930, those for the S&P 500 index were up 0.6% at 3,096, while Nasdaq-100 futures were gaining 0.4% at 9,685. The ADP data come ahead of U.S. unemployment figures in the nonfarm private sector that will disclosed on Friday, and will likely show that unemployment in the U.S. for May has approached 19% amid the COVID-19 pandemic.

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.



MarketWatchJun 03, 2020
Europe Markets: European stocks rise for third straight session, with investors cheered by China data
European stocks extended gains for a third day on Wednesday as investors looked past U.S. unrest to data indicating more economic strength as global pandemic lock downs unwind.

Google Business NewsJun 03, 2020
Zoom won't encrypt free calls because it wants to comply with law enforcement - The Next Web
Zoom won't encrypt free calls because it wants to comply with law enforcement  The Next WebZoom CEO confirms video calls by free users will not be encrypted to allow law enforcement easy access -  MSPoweruserFree Zoom meetings won't be getting this privacy feature any time soon  TechRadarZoom reveals the financial impact of the Covid-19 pandemic on its earnings  Siliconrepublic.comView Full Coverage on Google News

SHRM HR NewsJun 02, 2020
Employers May Benefit from State-Run Work-Share Programs During Pandemic
Employers are making difficult choices during the coronavirus pandemic, and even as businesses reopen, many are doing so at reduced capacity. As an alternative to job cuts, employers should consider participating in work-share programs run by the state.

NYTimes BusinessJun 02, 2020
Government's Coronavirus Relief Plan Leaves Out Major Employers
Programs to help businesses weather the pandemic largely omit some indebted companies, Harvard economists found.

Accounting TodayMay 20, 2020
Why CPA firms should leverage RPA during a pandemic
With the world going through a recession, stakeholders and investors of client companies will lean on accounting firms more than ever to maintain trust and confidence in their companies.
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