American Airlines Group Inc. stated that it plans to pledge its loyalty program “as collateral for a $4.75 billion government loan as it seeks to shore up capital to manage through the coronavirus pandemic.” The company expects second quarter revenue to be down about 90%. – WSJ
Market Snapshot: S&P 500 gained 1.9%; Bloomberg Dollar Spot Index dipped 0.1%; yield on 10-year Treasuries gained two basis points to 0.69%; Bloomberg Commodity Index jumped 0.2%. – Bloomberg and WSJ and NYTimes
DoorDash Inc. is set to secure funding that would value the meal-delivery company at more than $15 billion pre-money. Both T. Rowe Price Group Inc. and Fidelity Investments are among the buyers. – WSJ and Bloomberg
US lawmakers are looking to invest billions in “America’s semiconductor industry over the next five to [ten] years.” The bipartisan effort reflects the American need to try and compete with China’s technological investments. – NYTimes
Google, Apple Inc., and Microsoft announce plans to promote “racial justice.” Microsoft stated that it won’t sell facial-recognition technology to U.S. police until there is a national law regulating its use, “echoing similar commitments from Amazon.com Inc. and [IBM] Corp. made this week.” – WSJ
Plenty Inc., a vertical agriculture company, will attempt to capitalize on people’s new interest in food safety. From planting through harvest, the company’s vegetables never touch human hands. They now look to leverage that capability for bigger profits. Plenty is not alone; many robotic food companies are trying to take advantage of the shift in consumer behavior. – Bloomberg
Google has sued Sonos Inc. for patent infringement related to wireless home speakers. The two companies have a history of collaboration, but things have turned a bit sour in the last six months. – Bloomberg
Gibson Dunn & Crutcher LLP now represent three protesters accusing the Trump administration of violating their First, Fourth, and fifth Amendment rights in D.C. federal court. The protesters were sprayed with tear gas and rubber bullets to clear space for a presidential photo-op. – Law360
In order to cuts costs, big firms are looking to shrink the amount of real estate they rent for their offices. Cravath Swaine & Moore LLP has already made plans to move to a smaller office in New York in the coming years. – Law360
European regulations on vehicle noise limits will cause sports car manufacturers like Automobili Lamborhini to rethink how they design their cars. The new regulations are set to go into effect in 2027, providing the manufacturers some time to cut back those dBs. – WSJ
