Financial Daily Dose 2.26.2020 | Top Story: CDC Warning About COVID-19 in the US Sends Stocks Tumbling Again

Robins Kaplan LLP

Robins Kaplan LLP

A stark warning from the Centers for Disease Control that Americans should prepare for a COVID-19 outbreak sent stocks tumbling again on Tuesday, with the S&P 500 closing down 3% (and firmly in the red for the year) by the closing bell – NYTimes and WSJ and Bloomberg and MarketWatch

Disney CEO Bob Iger made the surprising announcement that he’ll be stepping down from that role (though will remain on as executive chair through December 31, 2021). Former Disney Parks chair Bob Chapek will assume the top role at the Mouse – NYTimes and WSJ and Bloomberg and MarketWatch

Salesforce co-CEO Keith Block is stepping down “just 18 months after taking the job, ending for now a brief experiment with dual CEOs that leaves Marc Benioff solely in charge of the business-software provider” he co-founded – WSJ and Bloomberg and MarketWatch

New NLRB joint-employment regs announced this week will make it “harder to challenge companies over their labor practices, potentially affecting the rights of millions of workers.” The provisions dial back responsibility of franchisors for alleged violations of labor laws by their franchisees and also apply to “workers employed through contractors like staffing agencies or cleaning services” – NYTimes and Law360 and Marketplace

Amazon has launched a pilot cashierless supermarket (“Amazon Go Grocery”) in Seattle in an effort to “serve as a showcase for its technology as it seeks to sell” its walk-in/walk-out system to other businesses – WSJ

Georgia federal judge Thomas Thrash has preliminarily approved deals worth $149 and $33 million to resolve a securities class action by investors and a derivative shareholder action, respectively, over Equifax’s massive 2017 data breach – Law360

Panasonic is calling it quits on a partnership with Tesla that saw the Japanese company making solar panels at a factory in Buffalo, NY. Tesla has promised to keep the factory, which opened in April 2018, running in Panasonic’s absence – WSJ

Quite the hotel battle a-brewin’ in LA, with the Peninsula Beverly Hills accusing a former general manager from the Waldorf Astoria Beverly Hills of acting as a mole for 14 months and stealing more than 45,000 emails and other docs in an effort to attract well-heeled international guests – WSJ

A Times sledding article complete with pictorial of some of my state’s best? You betcha – NYTimes

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