Coronavirus announcement from CDC causes stock market to drop another 3{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} today

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More consumers ordering food to go, challenging fast casual brands like Cosi

Cosi, a fast casual restaurant chain, filed for its second bankruptcy with plans to cut costs and shift its focus to catering under recent pressure from changing consumer dining habits.

The Boston-based restaurant chain filed for Chapter 11 bankruptcy in Wilmington, Del., with assets and liabilities between $10 and $50 million, according to court documents. The filing comes after Cosi commenced a restructuring of its operations by closing 30 of its stores in December and increased its emphasis on catering, according to a company statement. It previously sought creditor protection in 2016.

Cosi offers soup, sandwich, and salad combinations for consumers who are on the go or looking for fast options to dine. The filing comes as the restaurant industry faces a reckoning of high debt levels and over-saturation in the market. NPC International, the world’s biggest operator of Pizza Hut restaurants, is said to be … Read More

As coronavirus ravages the stock market, here are the biggest losers (and a few surprising winners)

The markets succumbed to a bout of sickness as new coronavirus concerns pulled the Dow down over 3.5{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} on Monday; the S&P 500 followed suit with a 3.4{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} drop.

Apple, UnitedHealth Group, Carnival Group, and American Airlines were among the stocks dragging markets down, all shedding at least 4{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}.

News of still more confirmed COVID-19 coronavirus cases—in countries like Italy, where there are now over 200 cases compared to three on Friday, and South Korea—are only fueling investor fears as the virus shows no signs of dissipating.

Europe kicked off the selloff early, with Italy’s primary stock market, the FTSE MIB, down over 4{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} in the early hours, the pan-European Stoxx 600 down over 3{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}, Germany’s DAX down over 3{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}, with the U.K.’s FTSE 100 off 3{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}.

Meanwhile by midday in the U.S. the Dow had plunged more than 1,000 points. For Randy Frederick, the vice president of trading … Read More

HP’s latest weapon for backing off Xerox: A $15 billion stock buyback

HP Inc.’s new plan to thwart copy machine specialist Xerox’s hostile plans to buy the company involves returning more than $15 billion to HP shareholders over the next three years.

The personal computer and printing giant detailed its new capital return program on Monday under the backdrop of the company’s fiscal first quarter earnings for 2020. As part of the capital return program, HP plans $15 billion in share buybacks, up $10 billion from the $5 billion share repurchase authorization program the company announced in fall. 

HP shares were up 5.8{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $23.38 in after-hours trading, indicating that investors were pleased with the revised share buyback plans.

The announcement comes amid a challenging time for HP, which is attempting to fend off a potential acquisition from Xerox, while simultaneously dealing with a shrinking printing and PC market. Sales in HP’s latest quarter declined nearly 1{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7} to $14.62 billion, which … Read More