Financial Daily Dose 10.29.2020 | Top Story: Stocks Lose Most Since June as Renewed Covid Fears Set In

Robins Kaplan LLP

Robins Kaplan LLP

Wall Street had another come-to-Jesus day over the troubling recent Covid trends, as surging cases throughout the U.S. and across Europe drove markets to their worst performance since June – NYTimes and WSJ and Bloomberg and MarketWatch

Diving oil prices (thanks to a bad-for-producers mix of Covid concerns and increasing supply) didn’t help the cause – NYTimes and Bloomberg

A recap of an at-times contentious morning of Senate committee hearings with Twitter’s Jack Dorsey, Facebook’s Mark Zuckerberg, and Google’s Sundar Pichai on Wednesday with “the partisan divide on full display” this time around – NYTimes and WSJ and Bloomberg and Mashable and Law360

Boeing has announced that it will cut more jobs—some 11,000 this time around—and “review jetliner production rates” in an effort to manage expenses as the pandemic continues to severely disrupt global air travel – WSJ and Marketplace

Perhaps spurred by the news yesterday of the EU’s official approval of their troubled merger, luxury goods giants Tiffany&Co. and LVMH are nearing an agreement that would “cut the price” of Tiffany’s sale to the French conglomerate and “end a dispute between the companies” that would “seal one of the luxury world’s largest deals” – NYTimes and WSJ and Bloomberg and MarketWatch

PayPal has announced “plans to invest more than $50 million in eight Black- and Latino-led venture capital firms as part of a $530 million initiative to combat systemic racism and policy brutality” – NYTimes

The Ninth Circuit has refused an FTC request to “reconsider its decision earlier this year to throw out a government antitrust case against Qualcomm Inc.” – WSJ

A group of ad companies and publishers have “filed a complaint against Apple Inc. with France’s competition authority, arguing that privacy changes the smartphone maker plans to roll out”—including requiring apps to get opt-in permission from users to amass their advertising identifiers—“are anticompetitive” – WSJ

Ohhhh boy.  A creepy kids hot take, just in time for Halloween. All in for this one – NYTimes

Stay safe.

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Robins Kaplan LLP

Robins Kaplan LLP on:

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