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American Airlines moves ahead with 19,000 furloughs, but will recall workers if aid deal reached – CNBC

American Airlines will move ahead with plans to furlough 19,000 workers on Thursday after talks for a national coronavirus aid package failed in Washington, but…

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American Airlines will move ahead with plans to furlough 19,000 workers on Thursday after talks for a national coronavirus aid package failed in Washington, but the airline is prepared to reverse course if a deal is reached, its CEO Doug Parker said.
The terms of $25 billion in federal payroll support Congress passed for the ailing sector in March prohibit airlines from cutting jobs until Oct. 1. The aid was meant to help airlines cope with a sharp drop in bookings until there was a significant…

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Snap Stock Is Surging After Earnings. Here’s Why. – Barron’s

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Amid Covid-19 fears about softness in the advertising market, Snapchat parent
Snap
said that advertisers had begun to resume their spending on the platform, and in some cases increased spending. The result: Snap (ticker: SNAP) reported its second adjusted profit in the companys life as a public company, beating Wall Street sales expectations by over $100 million.Investors responded in the after-hours session, sending Snap stock surging 24% in premarket trading. If shares close Wednesdays session…

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PayPal Pledges to Bring Crypto to 26M Merchants, Confirming Market Entry – CoinDesk – CoinDesk

The New York Department of Financial Services license allows PayPal to offer cryptocurrency services through a partnership with Paxos.

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Crypto just got a shot at going mainstream in 2021. 

  • In a press release this morning, PayPal said buy, sell and hold features would be live within the next few weeks but some users, the features are already available.
  • PayPal’s implementation does not allow bitcoin or other tokens to be withdrawn. Once you buy or deposit, the service is your crypto bank until you sell.
  • Initially the service supports Bitcoin, Ethereum, Bitcoin Cash and Litecoin
  • This is a developing story, stay tuned for updates with…

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AutoNation reports ‘best quarter ever’ as Covid convinces people to buy their own cars, CEO says – CNBC

“I think this pandemic/shelter in place has shifted the American psyche in a long-term way,” AutoNation’s Mike Jackson told CNBC on Wednesday

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AutoNation CEO Mike Jackson told CNBC the coronavirus pandemic has significantly shifted American attitudes toward personal vehicles, leading to the company’s blowout earnings report Wednesday.
“Coming out of the lockdowns, they said, ‘So much for sharing everything. I’d really like to have my own space that I define,'” Jackson said on “Squawk Box.”
The country’s largest auto dealership chain posted third-quarter revenues of $5.4 billion, eclipsing Wall Street forecasts of $5.19 billion. The company’s…

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