Amazon closed out the trading day yesterday as an official member of the $1 trillion club for the first time. Because Jeff really needed a win, folks. The company joins Microsoft, Alphabet, and Apple in that rarified “four-comma club” – Bloomberg and MarketWatch
NYSE owner Intercontinental Exchange has submitted a takeover offer for eBay Inc. “that could value the sprawling online marketplace at more than $30 billion.” This is the second time ICE has approached eBay with an offer, though the companies “aren’t currently in formal talks and there is no guarantee eBay would agree to a deal” – WSJ
Today’s installment on the business ramifications of the coronavirus: tourism—especially here in the States – NYTimes
Also, Streetwise on a coronavirus-affected negative yield curve can’t be trusted as a recession signal this time around – WSJ
Yes, yes. Under the strictest interpretation, the UK is officially out of the European Union. But with negotiations over a future trade deal between Britain and the bloc still in the earliest of stages, expect “months of bluster and bickering over how to refashion their economic and political ties.” Lovely – NYTimes
More solid news for Disney’s new streaming venture, Disney+, which has reported a new subscriber count of 26.5 million—an “astounding number for a service that is less than three months old.” The news helped Disney smooth over the troubling news ahead for its Shanghai and Hong Kong parks because of the coronavirus outbreak – NYTimes and WSJ
Struggling retailer Macy’s announced on Tuesday that it’s planning another round of store closings and job cuts affecting 125 stores and 2000 corporate and support employees over the next three years – NYTimes and WSJ and Bloomberg
Alphabet’s first-time release of financials for its YouTube arm this week revealed an “advertising and streaming juggernaut,” though one not quite “as large as many outsiders expected” – WSJ
Strong interest from lenders has juiced the amount Boeing’s seeking for a new loan to $13 billion as the planemaker looks for financial “flexibility as the fallout of the 737 Max crisis takes a toll on the company’s finances and once-solid credit rating.” The company originally announced a $10 billion goal but “received $14 billion of commitments as of last week” – Bloomberg
The Journal helps us understand what building out a 5G network without Huawei, the worldwide leader in the field, looks like. The White House, for one, is hoping that US companies like Microsoft, Dell, and AT&T (in conjunction with European-based Nokia and Ericsson) can help make up the difference in network architecture and infrastructure – WSJ
The Federal Reserve has banned Andrea Vella, another former Goldman Sachs executive, from the banking industry for his “alleged involvement in the billion-dollar 1Malaysia Development Bhd. Scandal” – Law360
Disaster-plagued California utility PG&E has scored court approval of its settlement with bondholders, a big win that ends the “threat of a rival chapter 11 plan” for the company. The company’s bond debt is overwhelmingly held by large investors like Elliott Mgmt and PIMCO, who got “improved treatment and the company’s agreement to pay $99 million worth of underwriting and professional fees” in exchange for dropping their competing plan – WSJ
Popeye’s—not just your go-to for dynamite chicken sandwiches anymore (because why not some fashion, too?) – WSJ
