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Financial losses

American Express credit card

AmEx profits plunge as travel spending comes to a standstill

By: Ken Sweet
Source: The Associated Press
Date of Publication: October 23rd, 2020
American Express’ fourth-quarter profits dropped by 39%, the credit card giant said Friday, as the pandemic’s deep impacts on travel, entertainment and dining dramatically impacted the company’s results.
Southwest reports biggest ever quarterly loss on virus hit

Southwest reports biggest ever quarterly loss on virus hit

Source: Reuters
Date of Publication: October 22nd, 2020
Southwest Airlines Co LUV.N reported on Thursday a loss of more than $1 billion, its biggest ever, in the third quarter, while saying it would burn less cash in the months to come as leisure bookings show signs of recovery from this year's coronavirus-driven collapse.
Adidas plans to sell ailing Reebok business within months

Adidas plans to sell ailing Reebok business within months

Source: Reuters
Date of Publication: October 22nd, 2020
German sportswear company Adidas is planning to sell its Reebok division, Germany’s manager magazin reported on Thursday, as the group seeks to put an end to its ill-fated investment in the U.S.-focused brand.
U.S. airlines lay out COVID-19 damage and renew calls for aid

U.S. airlines lay out COVID-19 damage and renew calls for aid

By: Tracy Rucinski, Sanjana Shivdas
Source: Reuters
Date of Publication: October 22nd, 2020
American Airlines AAL.O and Southwest Airlines LUV.N signaled on Thursday that they would continue to hemorrhage cash into next year as revenues hover around a third of 2019's levels due to a collapse in demand from the coronavirus.
Regal Movie Chain Will Close All 536 U.S. Theaters On Thursday

Regal Movie Chain Will Close All 536 U.S. Theaters On Thursday

By: Bill Chappell
Source: NPR
Date of Publication: October 5th, 2020
More than 7,000 movie screens will be dark in the U.S. this weekend as the Regal theater chain said it will shut down all 536 locations on Thursday.
Wall Street to follow COVID-mired Europe lower

Wall Street to follow COVID-mired Europe lower

By: Hue Jones
Source: Reuters
Date of Publication: October 14th, 2020
Wall Street was set to follow a tumbling Europe lower on Thursday, as reassuring earnings from bank heavyweight Morgan Stanley were overshadowed by the failure of U.S. policymakers to agree a fiscal boost to counter fallout from COVID-19.
Carnival reports smaller-than-expected loss, says cruising still in demand

Carnival reports smaller-than-expected loss, says cruising still in demand

Source: Reuters
Date of Publication: October 8th, 2020
Carnival Corp CCL.N on Thursday reported a smaller-than-expected quarterly loss and said advanced bookings for next year were improving, indicating renewed demand for cruising.
Pandemic Pain Persists for Big Oil Companies - WSJ

Pandemic Pain Persists for Big Oil Companies

By: Christopher M. Matthews and Sarah McFarlane
Source: The Wall Street Journal
Date of Publication: October 1st, 2020
A tepid rebound in fossil fuel demand and longer-term concerns about renewable energy and electric vehicles are driving down company values.
Big U.S. banks to report profit plunge as pandemic recession takes hold

Big U.S. banks to report profit plunge as pandemic recession takes hold

By: David Henry
Source: Reuters
Date of Publication: October 1st, 2020
As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates.
Top U.S. airlines starting 32,000 furloughs as bailout hopes fade

Top U.S. airlines starting 32,000 furloughs as bailout hopes fade

By: Tracy Rucinski, David Shepardson
Source: Reuters
Date of Publication: September 30th, 2020
American Airlines and United Airlines, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington.