Financial Daily Dose 3.4.2020 | Top Story: Stocks Rebound

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Stocks rebounded with the S&P 500 making gains for the second time in three days and 10-year Treasury yields fell below 1%; analyst suggest the market upswing was caused, in part, by the Democratic primary results showing more support for the establishment candidate, please discuss. – Bloomberg and WSJ

The Bloomberg Galaxy Crypto Index lost 18% over the last two weeks. The index tracks major crypto currencies. The loss is attributed to a myriad of factors, the most important being a number of crypto-related scandals, the least important being Warren Buffet’s pronouncement that digital assets lack value. – Bloomberg

General Electric Co. forecasts the coronavirus to impact its first-quarter free-cash flow by $300 million. The Chief Executive, Larry Culp, explained to investors, “What we don’t know outweighs what we do know at this time.” GE still expects to generate positive cash flow between $2-4 billion over the year.  – WSJ and Bloomberg

Doctor groups, hospitals, and health insurers recommend contacting their offices and facilities by phone before coming in person. This type of remote care is helpful to regulate the capacity of hospitals and lessen the potential of an outbreak at medical facilities. – WSJ

Fiat Chrysler Automobiles NV stated that its U.S. sales chief, Reid Bigland, is leaving the company. You may recall that Mr. Bigland filed a lawsuit against his employer last year, since dismissed, alleging retaliation for his cooperation in a federal investigation regarding Fiat Chrysler’s reporting of sales. – WSJ

Artificial Intelligence is the new horizon and some of the most promising startups are “U.S.-based companies working in . . . health care, retail and transportation.” One study found that of the top 100 AI startups, about 65 of them were based in the U.S. According to the Brookings Institution, the life sciences and computer industries are most likely to first taste the impact of AI. – Bloomberg

Coronavirus could impact BigLaw’s hiring and retention rates. Experts predict that if the coronavirus causes an economic downturn, there will still be demand for attorneys working in litigation, bankruptcy, and restructuring. However, demand for transactional associates will likely stall and could drop over the next year depending on the outbreak’s severity. – Law360

Even third-party businesses hired to help firms conduct discovery are not immune from ransomware attacks, just ask Epiq Global. The company was hit by a ransomware attack last weekend, causing it to temporarily stop services in order to address the issue. – Law360

Two blank-check companies filed for initial public offerings on Monday. One of the companies is focused on acquiring cannabis-related business, while the other will focus on “significant growth prospects.” The IPOs totaled more than $350 million. These IPOs represent an overall increase in black-check offerings. – Law360

On the sadder side of crypto, rapper T.I. dodged a class action brought against him for allegedly tricking investors into buying now-worthless digital tokens. The plaintiffs alleged, inter alia, securities fraud and negligent misrepresentation. The claims were dismissed for failure to link the rapper’s actions and the jurisdiction of Georgia. – Law360

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