Financial Daily Dose 4.3.2020 | Top Story: The U.S. Jobs Report Will Be Ugly . . . .

Robins Kaplan LLP

Robins Kaplan LLP

The U.S. Jobs Report Will Be Ugly: The March jobs report will likely show the worst numbers in the “post-World War II era,” and “it is playing out in a matter of weeks,” not years. One study suggests the U.S. has lost 27.9 million jobs and will have a 16% unemployment rate – WSJ and Bloomberg

The Skinny: Stock markets continue to fall; the jobs report will be issued today at 8:30 AM (ET); oil’s price increased, but remains volatile; 10-year U.S. Treasury notes fell to 0.604%; bond yields fall as prices rise – WSJ and Bloomberg

The oil market is in major flux with Trumps recent tweets stating that the world’s biggest oil producers would agree to significantly reduce output. Prices jumped yesterday, but they are nowhere near stable – WSJ and Bloomberg

Apple Inc. has stated that its stores will remain closed until early May – Bloomberg

Tesla Inc., like many other companies, remains in a state of limbo as its factories remain closed due to social distancing protocols. Oddly, the company has not publicly discussed the pandemic’s likely impact on sales in the last three quarters of 2020. Its stock price rose over 13% after releasing strong first-quarter numbers – WSJ

SoftBank Group Corp. “terminated its offer to pay up to $3 billion for shares” in WeWork. WeWork stated it will be “evaluat[ing] all of its legal options, including litigation.” – WSJ and Bloomberg

Governments in Asia, Europe, and North America continue to expand their use of cellphone data to track citizens. This will help authorities predict future outbreaks, but could compromise citizen’s privacy for years to come – WSJ

Google has volunteered some of its data to the government – WSJ

“Layoffs and furloughs” in the legal market are becoming more common; Loeb & Loeb LLP has temporarily made pay cuts to grapple “with the economic fallout of the coronavirus pandemic.” – Law360

Spotify and two companies owned by rapper Eminem will battle over whether the music streaming company pretended to have a license to several of the rapper’s songs even though it doesn’t have the rights to do so. The Tennessee federal judge  presiding over the case ruled that the case will remain in Tennessee, denying Spotify’s motion to dismiss or transfer the case to New York – Law360

Big pharma bad boy “Martin Shkreli and his former company Retrophin Inc.” continue to fight off Spring Pharmaceuticals’ antitrust suit. Plaintiffs were afforded leave to amend their complaint for lack of standing, Retrophin’s brief asserts that Spring is “nothing more than a legal vehicle created to pursue this litigation.” – Law360

Video-conference “bombing” is the new fad. For a crash course on avoiding video-conference mishaps, check this out – WSJ

We’re off next week for what passes as a spring break these days. Stay safe and healthy, and we’ll see you back here on the 13th.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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