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| Stock Offering Plan from Hertz Suspended | Stock Offering Plan from Hertz Suspended |
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| This briefing is no longer updating. The latest developments can be found here. | This briefing is no longer updating. The latest developments can be found here. |
| Small-business owners won’t have to pay back their federal pandemic relief loans even if they don’t rehire all of the workers they laid off, the Trump administration affirmed, effectively eliminating a rule that many borrowers had feared would leave them stuck with a large debt. | Small-business owners won’t have to pay back their federal pandemic relief loans even if they don’t rehire all of the workers they laid off, the Trump administration affirmed, effectively eliminating a rule that many borrowers had feared would leave them stuck with a large debt. |
| The Treasury Department and the Small Business Administration, the program’s manager, released new loan forgiveness forms on Wednesday with a “safe harbor” option. Borrowers can simply affirm they were unable to operate “at the same level of business activity” they had before the crisis because of government requirements or safety guidance, including social distancing rules. | The Treasury Department and the Small Business Administration, the program’s manager, released new loan forgiveness forms on Wednesday with a “safe harbor” option. Borrowers can simply affirm they were unable to operate “at the same level of business activity” they had before the crisis because of government requirements or safety guidance, including social distancing rules. |
| Those borrowers can have their loans fully forgiven if they meet the program’s other rules, including a requirement that they spend at least 60 percent of their aid money on payroll. The change follows a new law that loosened many terms of the Paycheck Protection Program loans. | Those borrowers can have their loans fully forgiven if they meet the program’s other rules, including a requirement that they spend at least 60 percent of their aid money on payroll. The change follows a new law that loosened many terms of the Paycheck Protection Program loans. |
| For some leery borrowers, the recent changes were a major turnaround. George Evageliou, the founder of Urban Homecraft, a custom woodworking company in Brooklyn, had left his $192,000 loan untouched because he feared he would not be able to spend it in compliance with the program’s rules. | For some leery borrowers, the recent changes were a major turnaround. George Evageliou, the founder of Urban Homecraft, a custom woodworking company in Brooklyn, had left his $192,000 loan untouched because he feared he would not be able to spend it in compliance with the program’s rules. |
| But the changes — in particular an expansion giving borrowers 24 weeks to spend their aid money — gave him time to safely restart operations and recall his laid-off employees. His staff began returning to work last week. | But the changes — in particular an expansion giving borrowers 24 weeks to spend their aid money — gave him time to safely restart operations and recall his laid-off employees. His staff began returning to work last week. |
| “We’re feeling pretty good about our decision to sit tight and let the law change,” Mr. Evageliou said. “We’re just so grateful for the help this grant will give us.” | “We’re feeling pretty good about our decision to sit tight and let the law change,” Mr. Evageliou said. “We’re just so grateful for the help this grant will give us.” |
| Hertz raised eyebrows last week when it asked for, and received, a bankruptcy judge’s permission to sell stock. It was an unusual move. Shareholders usually get wiped out during bankruptcy proceedings. | Hertz raised eyebrows last week when it asked for, and received, a bankruptcy judge’s permission to sell stock. It was an unusual move. Shareholders usually get wiped out during bankruptcy proceedings. |
| On Wednesday, Hertz reversed course on its plan to sell $500 million in shares, saying it had suspended further sale of its stock “pending further understanding of the nature and timing” of a review by the Securities and Exchange Commission. | On Wednesday, Hertz reversed course on its plan to sell $500 million in shares, saying it had suspended further sale of its stock “pending further understanding of the nature and timing” of a review by the Securities and Exchange Commission. |
| Earlier in the day, Jay Clayton, the agency’s chairman, said on CNBC: “We have let the company know that we have comments on their disclosure,” and added: “In most cases, when you let a company know that the S.E.C. has comments on their disclosure, they do not go forward until those comments are resolved.” | Earlier in the day, Jay Clayton, the agency’s chairman, said on CNBC: “We have let the company know that we have comments on their disclosure,” and added: “In most cases, when you let a company know that the S.E.C. has comments on their disclosure, they do not go forward until those comments are resolved.” |
| It all seemed an unsurprising turn of events. In a prospectus on Monday, the company had warned that buying its stock was a risky move, and that investors who did should be prepared to end up losing money. | It all seemed an unsurprising turn of events. In a prospectus on Monday, the company had warned that buying its stock was a risky move, and that investors who did should be prepared to end up losing money. |
| The S.E.C. declined to expand on Mr. Clayton’s statement, and Hertz did not respond to repeated requests for comment. | The S.E.C. declined to expand on Mr. Clayton’s statement, and Hertz did not respond to repeated requests for comment. |
| Hertz filed for Chapter 11 bankruptcy protection from its creditors last month. The company, which started with a fleet of a dozen Ford Model T’s a century ago, had piled up $17 billion in debt and was unable to pay its lenders after the coronavirus pandemic grounded business travelers and tourists. A sharp drop in used car prices has also decreased the value of its fleet. | Hertz filed for Chapter 11 bankruptcy protection from its creditors last month. The company, which started with a fleet of a dozen Ford Model T’s a century ago, had piled up $17 billion in debt and was unable to pay its lenders after the coronavirus pandemic grounded business travelers and tourists. A sharp drop in used car prices has also decreased the value of its fleet. |
| Target said on Wednesday that it would raise its hourly minimum wage for workers by $2 to $15 starting July 5. It will also offer a one-time “recognition bonus” of $200 to hourly employees in its stores and distribution centers at the end of July. | Target said on Wednesday that it would raise its hourly minimum wage for workers by $2 to $15 starting July 5. It will also offer a one-time “recognition bonus” of $200 to hourly employees in its stores and distribution centers at the end of July. |
| Target, which said in 2017 that it would raise its starting wage to $15 by the end of 2020, had already temporarily increased pay to that amount in March because of the pandemic. The increase, which was scheduled to run through July 4, will now be permanent. The additional pay will affect 275,000 employees at its stores and distribution centers, the company said. Target has nearly 1,900 stores and 41 distribution centers and more than 350,000 employees. | Target, which said in 2017 that it would raise its starting wage to $15 by the end of 2020, had already temporarily increased pay to that amount in March because of the pandemic. The increase, which was scheduled to run through July 4, will now be permanent. The additional pay will affect 275,000 employees at its stores and distribution centers, the company said. Target has nearly 1,900 stores and 41 distribution centers and more than 350,000 employees. |
| The retailer also said that, as part of its response to the pandemic, it would offer free virtual doctor visits to workers via the CirrusMD app through the end of the year, and continue extending the option for a 30-day paid leave to employees who are 65 and older, pregnant or have an underlying medical condition. It will also continue to offer free backup care to workers through the end of August. | The retailer also said that, as part of its response to the pandemic, it would offer free virtual doctor visits to workers via the CirrusMD app through the end of the year, and continue extending the option for a 30-day paid leave to employees who are 65 and older, pregnant or have an underlying medical condition. It will also continue to offer free backup care to workers through the end of August. |
| The announcement comes as retailers, particularly discount chains and groceries, have come under pressure to compensate low-wage employees for working during the pandemic and putting themselves at risk of contracting the virus. Target, which is based in Minneapolis, said that it would invest nearly $1 billion more this year than it did in 2019 in the “well-being, health and safety of team members.” | The announcement comes as retailers, particularly discount chains and groceries, have come under pressure to compensate low-wage employees for working during the pandemic and putting themselves at risk of contracting the virus. Target, which is based in Minneapolis, said that it would invest nearly $1 billion more this year than it did in 2019 in the “well-being, health and safety of team members.” |
| Economic lockdowns meant to contain the coronavirus pandemic have come with unusual side effects, from aggressive rats to the dawn of pouch cocktails. Add this to the list: America’s banks are running out of coins. | Economic lockdowns meant to contain the coronavirus pandemic have come with unusual side effects, from aggressive rats to the dawn of pouch cocktails. Add this to the list: America’s banks are running out of coins. |
| “What’s happened is that with the partial closure of the economy, the flow of coins through the economy, it has gotten all — it’s kind of stopped,” Jerome H. Powell, the chair of the Federal Reserve, told lawmakers while testifying on Capitol Hill on Wednesday, noting that places where people exchange their quarters and pennies for cash and stores have closed, disrupting the normal flow. | “What’s happened is that with the partial closure of the economy, the flow of coins through the economy, it has gotten all — it’s kind of stopped,” Jerome H. Powell, the chair of the Federal Reserve, told lawmakers while testifying on Capitol Hill on Wednesday, noting that places where people exchange their quarters and pennies for cash and stores have closed, disrupting the normal flow. |
| “We’ve been aware of it, we’re working with the Mint to increase supply, we’re working with the reserve banks to get the supply to where it needs to be,” he said. | “We’ve been aware of it, we’re working with the Mint to increase supply, we’re working with the reserve banks to get the supply to where it needs to be,” he said. |
| Mr. Powell was responding to questions from Rep. John Rose, Republican of Tennessee, who said a bank in his district had reported that the Fed had notified them that they would receive only a “small portion” of their weekly coinage order. | Mr. Powell was responding to questions from Rep. John Rose, Republican of Tennessee, who said a bank in his district had reported that the Fed had notified them that they would receive only a “small portion” of their weekly coinage order. |
| “His institution will likely run out of coins by Friday,” he said, and after some research, he found that many banks were having similar problems. “I know we don’t want to wake up to headlines in the near future, such as: ‘Banks out of money.’” | “His institution will likely run out of coins by Friday,” he said, and after some research, he found that many banks were having similar problems. “I know we don’t want to wake up to headlines in the near future, such as: ‘Banks out of money.’” |
| The Fed said in a June 15 notice that coin circulation has been disrupted by the pandemic, and the U.S. Mint’s production of coin also decreased because of measures put in place to protect its employees. Bank coin orders have increased as states reopen, causing the coin inventory — which the Mint prints but the Fed manages — to dip below normal levels. | The Fed said in a June 15 notice that coin circulation has been disrupted by the pandemic, and the U.S. Mint’s production of coin also decreased because of measures put in place to protect its employees. Bank coin orders have increased as states reopen, causing the coin inventory — which the Mint prints but the Fed manages — to dip below normal levels. |
| “It’s something we’ve been working on,” Mr. Powell said. “We believe it’s just temporary.” | “It’s something we’ve been working on,” Mr. Powell said. “We believe it’s just temporary.” |
| For now, the Fed’s regional banks are allocating pennies, nickels, dimes and quarters to banks “as a temporary measure,” the Fed said in its notice, based on historical order volume and other factors. | For now, the Fed’s regional banks are allocating pennies, nickels, dimes and quarters to banks “as a temporary measure,” the Fed said in its notice, based on historical order volume and other factors. |
| Online for-profit colleges have seen an opportunity to increase enrollment during the coronavirus pandemic. Their flexible programs may be newly attractive to unemployed workers, to those seeking to change careers, or to college students whose campuses are closed. | Online for-profit colleges have seen an opportunity to increase enrollment during the coronavirus pandemic. Their flexible programs may be newly attractive to unemployed workers, to those seeking to change careers, or to college students whose campuses are closed. |
| But few of the largest for-profit colleges operating primarily online have track records to justify their optimistic advertising pitches, Sarah Butrymowicz and Meredith Kolodner of The Hechinger Report, a nonprofit newsroom, report in an article for The New York Times. Some have put students deep in debt while posting dismal graduation rates amid a history of investigations by state and federal agencies, including many that have led to substantial financial settlements. | But few of the largest for-profit colleges operating primarily online have track records to justify their optimistic advertising pitches, Sarah Butrymowicz and Meredith Kolodner of The Hechinger Report, a nonprofit newsroom, report in an article for The New York Times. Some have put students deep in debt while posting dismal graduation rates amid a history of investigations by state and federal agencies, including many that have led to substantial financial settlements. |
| Eileen Connor, the legal director at the Project on Predatory Student Lending at Harvard Law School, said she was worried by the prospect of a resurgence for such schools. “In times of economic downturn, that’s when the for-profit colleges start to thrive,” she said. | Eileen Connor, the legal director at the Project on Predatory Student Lending at Harvard Law School, said she was worried by the prospect of a resurgence for such schools. “In times of economic downturn, that’s when the for-profit colleges start to thrive,” she said. |
| Many companies have emphasized the quality of the education they provide. “We’re going to continue to focus on maintaining the highest possible academic quality figuring that that’s really the best way to sort of position yourself vis-à-vis any kinds of regulatory or legislative initiatives,” Karl McDonnell, the chief executive of Strategic Education, told investors in March. | Many companies have emphasized the quality of the education they provide. “We’re going to continue to focus on maintaining the highest possible academic quality figuring that that’s really the best way to sort of position yourself vis-à-vis any kinds of regulatory or legislative initiatives,” Karl McDonnell, the chief executive of Strategic Education, told investors in March. |
| Amid fears that Chinese firms will exploit the pandemic to buy European companies at bargain prices, the European Commission unveiled proposals on Wednesday intended to prevent foreign investors from using government subsidies to outbid competitors. The measures were clearly aimed at China, which is often accused of providing financial support to key industries. | Amid fears that Chinese firms will exploit the pandemic to buy European companies at bargain prices, the European Commission unveiled proposals on Wednesday intended to prevent foreign investors from using government subsidies to outbid competitors. The measures were clearly aimed at China, which is often accused of providing financial support to key industries. |
| Updated June 24, 2020 | |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| In a report, the European Union’s executive branch outlined legislation that would compel foreign investors to disclose whether they receive state support. European officials could also investigate companies suspected of receiving subsidies and impose conditions on subsidized investors or block them altogether. | In a report, the European Union’s executive branch outlined legislation that would compel foreign investors to disclose whether they receive state support. European officials could also investigate companies suspected of receiving subsidies and impose conditions on subsidized investors or block them altogether. |
| There isn’t yet much evidence that Chinese companies are on a buying spree in Europe; Chinese investment in Europe has been declining steeply. But analysts say that Chinese investors, often backed by the government, still covet European companies as a source of technological expertise, access to international markets and political leverage. | There isn’t yet much evidence that Chinese companies are on a buying spree in Europe; Chinese investment in Europe has been declining steeply. But analysts say that Chinese investors, often backed by the government, still covet European companies as a source of technological expertise, access to international markets and political leverage. |
| “The worry is not the volume of investment,” said Agatha Kratz, a specialist in Europe-China relations at Rhodium Group, a research organization. “The worry is about one or two or three acquisitions that could affect European competitiveness.” | “The worry is not the volume of investment,” said Agatha Kratz, a specialist in Europe-China relations at Rhodium Group, a research organization. “The worry is about one or two or three acquisitions that could affect European competitiveness.” |
| A growing number of start-ups have moved quickly to go public as the initial shock of the coronavirus pandemic has worn off. The stock market, which plummeted when the outbreak swept the United States, has rallied strongly in recent weeks. Since its nadir in late March, the S&P 500 index has climbed 40 percent. | A growing number of start-ups have moved quickly to go public as the initial shock of the coronavirus pandemic has worn off. The stock market, which plummeted when the outbreak swept the United States, has rallied strongly in recent weeks. Since its nadir in late March, the S&P 500 index has climbed 40 percent. |
| As the market has bounced back, several companies have gone public, including SelectQuote, an online insurance provider; ZoomInfo, a sales software data provider; Warner Music Group, a record label; and Vroom, a start-up that sells used vehicles online. And more initial public offerings are on the way. | As the market has bounced back, several companies have gone public, including SelectQuote, an online insurance provider; ZoomInfo, a sales software data provider; Warner Music Group, a record label; and Vroom, a start-up that sells used vehicles online. And more initial public offerings are on the way. |
| Some of the biggest Silicon Valley start-ups are also taking steps toward an I.P.O. Airbnb, the home rental start-up valued at $31 billion, said it had not ruled out going public this year. Palantir, a digital surveillance company valued at $20 billion, is preparing to file for an I.P.O. in the coming weeks, said a person briefed on the start-up’s plans, who declined to be identified because the talks were private. | Some of the biggest Silicon Valley start-ups are also taking steps toward an I.P.O. Airbnb, the home rental start-up valued at $31 billion, said it had not ruled out going public this year. Palantir, a digital surveillance company valued at $20 billion, is preparing to file for an I.P.O. in the coming weeks, said a person briefed on the start-up’s plans, who declined to be identified because the talks were private. |
| “The window is open,” said Previn Waas, a partner focused on I.P.O.s at the accounting firm Deloitte. “Everyone has figured out that a virtual I.P.O. is possible. There’s an appetite for companies to go public.” | “The window is open,” said Previn Waas, a partner focused on I.P.O.s at the accounting firm Deloitte. “Everyone has figured out that a virtual I.P.O. is possible. There’s an appetite for companies to go public.” |
| Stocks fell on Wednesday, giving up an early gain as investors regrouped after days of turbulent trading fueled by a cascade of news about the coronavirus and its impact on the global economy. | Stocks fell on Wednesday, giving up an early gain as investors regrouped after days of turbulent trading fueled by a cascade of news about the coronavirus and its impact on the global economy. |
| The S&P 500 fell less than half a percent, retreating after three days of back-to-back gains that had lifted the index by 4 percent. | The S&P 500 fell less than half a percent, retreating after three days of back-to-back gains that had lifted the index by 4 percent. |
| Oil prices also fell, and oil companies were among the worst performers in the market. Cruise ship operators, which have become prone to large price swings as sentiment in the market shifts, also fell sharply. Late on Tuesday, Norwegian Cruise Line had said it would extend a shutdown of its operations until September. Its shares fell more than 8 percent. | Oil prices also fell, and oil companies were among the worst performers in the market. Cruise ship operators, which have become prone to large price swings as sentiment in the market shifts, also fell sharply. Late on Tuesday, Norwegian Cruise Line had said it would extend a shutdown of its operations until September. Its shares fell more than 8 percent. |
| Markets have been on a wild ride as investors have reckoned with the notion that the economic recovery will not be as quick as they had hoped. | Markets have been on a wild ride as investors have reckoned with the notion that the economic recovery will not be as quick as they had hoped. |
| The S&P 500 plunged last week amid concerns about the rising number of coronavirus infections in states like Florida and Texas. A fresh outbreak in Beijing has also raised questions about China’s efforts to contain the outbreak. | The S&P 500 plunged last week amid concerns about the rising number of coronavirus infections in states like Florida and Texas. A fresh outbreak in Beijing has also raised questions about China’s efforts to contain the outbreak. |
| At the same time, investors were optimistic over efforts by governments to address the economic damage, and data showing that things are getting better. The latest data point came on Tuesday, when stocks were buoyed by a report showing retail sales in the United States jumped 18 percent in May, a stronger-than-expected bounce. | At the same time, investors were optimistic over efforts by governments to address the economic damage, and data showing that things are getting better. The latest data point came on Tuesday, when stocks were buoyed by a report showing retail sales in the United States jumped 18 percent in May, a stronger-than-expected bounce. |
| As restaurants around the country look to reopen during the coronavirus pandemic, outdoor seating is becoming a survival option, and local governments are helping by cutting red tape. | As restaurants around the country look to reopen during the coronavirus pandemic, outdoor seating is becoming a survival option, and local governments are helping by cutting red tape. |
| With the spread of the coronavirus still a danger, many states are requiring that restaurants reduce their capacity to 25 to 50 percent of normal operations to ensure there is at least six feet between tables. Some, like New Jersey, are prohibiting indoor dining altogether for the time being. | With the spread of the coronavirus still a danger, many states are requiring that restaurants reduce their capacity to 25 to 50 percent of normal operations to ensure there is at least six feet between tables. Some, like New Jersey, are prohibiting indoor dining altogether for the time being. |
| However, local officials are trying to give at least some of that capacity back by allowing eating establishments to expand onto patios and parking lots, and even city sidewalks and streets. And they are reducing or waiving fees and quickly approving plans that previously may have taken months to process. | However, local officials are trying to give at least some of that capacity back by allowing eating establishments to expand onto patios and parking lots, and even city sidewalks and streets. And they are reducing or waiving fees and quickly approving plans that previously may have taken months to process. |
| The effort appears to be paying off. OpenTable, a provider of online restaurant reservations, has counted a tenfold increase in outdoor seating this spring compared with a year ago. | The effort appears to be paying off. OpenTable, a provider of online restaurant reservations, has counted a tenfold increase in outdoor seating this spring compared with a year ago. |
| Red Robin Gourmet Burgers, the casual dining chain that closed 35 restaurants and cut executive pay 20 percent in an effort to mitigate the effect of the coronavirus pandemic, said on Wednesday that it had raised $30 million through a stock offering. The company, based in Greenwood Village, Colo., said it planned to use the money for general purposes, including paying down debt. First-quarter revenue fell 25 percent to $306 million from the same period a year earlier, the company reported last week. | Red Robin Gourmet Burgers, the casual dining chain that closed 35 restaurants and cut executive pay 20 percent in an effort to mitigate the effect of the coronavirus pandemic, said on Wednesday that it had raised $30 million through a stock offering. The company, based in Greenwood Village, Colo., said it planned to use the money for general purposes, including paying down debt. First-quarter revenue fell 25 percent to $306 million from the same period a year earlier, the company reported last week. |
| J.C. Penney, the 118-year-old department store chain that filed for bankruptcy last month, started store-closing sales at 136 locations on Wednesday. The company, which said earlier this month that it would shut 154 stores, said online that “a handful of previously announced store closing locations remain on hold pending further review.” J.C. Penney, which listed the liquidating stores online, previously said the closing sales would take 10 to 16 weeks to complete. | J.C. Penney, the 118-year-old department store chain that filed for bankruptcy last month, started store-closing sales at 136 locations on Wednesday. The company, which said earlier this month that it would shut 154 stores, said online that “a handful of previously announced store closing locations remain on hold pending further review.” J.C. Penney, which listed the liquidating stores online, previously said the closing sales would take 10 to 16 weeks to complete. |
| Reporting was contributed by Jeff Sommer, Stacy Cowley, Jeanna Smialek, Sapna Maheshwari, Brooks Barnes, Sarah Butrymowicz, Meredith Kolodner, Erin Griffith, Jack Ewing, Mohammed Hadi, Stacy Cowley, Jane Margolies and Kevin Granville. | Reporting was contributed by Jeff Sommer, Stacy Cowley, Jeanna Smialek, Sapna Maheshwari, Brooks Barnes, Sarah Butrymowicz, Meredith Kolodner, Erin Griffith, Jack Ewing, Mohammed Hadi, Stacy Cowley, Jane Margolies and Kevin Granville. |