Uber and Grubhub are in talks to join forces, “aiming to create one giant player in food delivery as more people turn toward those services in the coronavirus pandemic.” Uber reportedly approached Grubhub with a potential takeover offer that, after a counter from Grubhub, would value the deal around $6.1 billion – NYTimes and WSJ and Bloomberg and MarketWatch
The news drew swift criticism from “officials in Washington and other major U.S. cities” concerned about “pandemic profiteering” – Bloomberg and MarketWatch
The SEC and Morgan Stanley have reached a deal to resolve accusations that the Wall Street giant “loaded extra fees onto accounts of customers who were expecting to pay only a flat rate for its investment advice” between 2012 and 2017. MS will pay a rather paltry $5 million to put the matter behind it – NYTimes and Law360
Stocks dove on Tuesday after a decent start to the day, though no “single, clear catalyst” [beyond, say, the global pandemic and 20% US unemployment] appeared responsible for the roughly 2% drop among the three major indices – WSJ and Bloomberg
Luckin Coffee, the Chinese coffee chain and Starbucks rival, has axed CEO and co-founder Jenny Quain “amid a deepening internal investigation into the company’s fabricated sales, suggesting she played a role in a scheme to inflate its revenue” – WSJ
More in the “what next” file, with the Times worrying about what Manhattan’s future holds if working from home becomes a post-lockdown way of life for major NYC-based companies – NYTimes
And you thought social media was making YOU sick—Facebook is shelling out $52 million to settle a lawsuit with its “content moderators who developed PTSD while working for the social-media giant” – MarketWatch and HuffPost
The Street will be listening intently for anything new from Chair Powell and his Fed colleagues as they take to the web this morning for a virtual event with the Peterson Institute for International Economics. Most think Powell will do his best to avoid making news, though he may explicitly “push back on adopting negative rates” – Bloomberg and WSJ
Shifting demand from consumers, livestock producers, and ethanol refiners is pushing U.S. farmers to push farmers who had favored corn in recent years because of the trade war with China to switch back to soybean production – WSJ
The Journal’s reporting that some of America’s biggest advertisers—from GM to Pepsi to General Mills—are likely to “walk back spending commitments they made to broadcast and cable networks” under built-in options to reduce future spending under “upfront” deals they sign in advance of each year’s fall TV season – WSJ
Insert hilariously on-point “Hamilton” lyric here. Disney’s going all in on Lin-Manuel & company’s baby in an effort to add content to its Disney+ streaming platform. The Mouse snapped up distribution rights to the filmed stage version of the musical earlier this year for $75 million, but it originally planned to release the movie in October 2021. Covid’s changed all of that, and we can expect it streaming in just 2 months – WSJ and MarketWatch
