Ticker: Bed Bath & Beyond plans to reopen stores

The coronavirus continues to upend the normal ebb and flow of the economy:

Bed Bath & Beyond plans to reopen about 600 additional stores within three weeks and bring back 11,000 furloughed workers. The vast majority will be Bed Bath & Beyond locations, but it’s also opening dozens of its Christmas Tree Shop stores and Cost Plus World Market stores. Its buybuy BABY and Harmon Face Values stores have remained open to provide essential goods.

Pandemic hits earnings, but companies fared better than expected

The worst was expected this season and most Wall Street analysts believe the majority of companies at least dodged that. But 40% of all S&P 500 companies pulled all financial guidance for the year due to the chaos of a pandemic.

Deere CEO John May said the virus has created a lot of uncertainty and the company expects global sales of its agriculture equipment to fall between 10% and 15% this year, and for construction and forestry equipment to fall as much as 40%. The company on Friday reported that revenue fell 18%, and profits tumbled 41% in its most recent quarter. Both were better than expected.

Foot Locker’s comparable-store sales plunged 42.8% in the quarter and its loss of $98 million far exceeded all projections. The footwear chain suspended its dividend for this quarter, cut its capital expenditure expectations in half, slashed salaries, and also deferred executive compensation for top executives.

Travel inching back

Travel has come to a standstill and tourist destinations, from Florida to Italy face potential catastrophe.

Air travel continues to creep higher while remaining far below prepandemic levels. The Transportation Security Administration screened 318,449 people on Thursday, the busiest day for U.S. airport checkpoints since March 23. That was still down 88% from the comparable Thursday a year ago.

Miami Beach will reopen beaches and hotels on June 1. Mount Rushmore will reopen Saturday, about three weeks earlier than planned.

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