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    1. Fauci is 'Absolutely Not' Surprised that President Trump Caught Coronavirus

      Fauci is 'Absolutely Not' Surprised that President Trump Caught Coronavirus

      Dr. Anthony Fauci said Sunday that he wasn’t surprised when President Donald Trump tested positive for coronavirus, and that the White House has restricted his ability to speak with the media.

      He also rejected President Donald Trump’s recent claims that the U.S. is turning a corner on COVID-19.

      In an interview broadcast on CBS’s “60 Minutes,” Fauci, the nation’s most prominent infectious-disease expert, said he worried for Trump’s health when he saw first images of last month’s White House ceremony to announce the Supreme Court nomination of Amy Coney Barrett, which had no social distancing and little mask-wearing.

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      Mentions: Coronavirus
    2. Trump Tweets 'Don't be Afraid of Covid' Causing Backlash

      Trump Tweets 'Don't be Afraid of Covid' Causing Backlash

      As President Trump prepared to leave Walter Reed Medical Center on Monday, he tweeted this upbeat message out to the public:

      ‘Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump administration, some really great drugs & knowledge.’ — President Donald Trump

      The phrase “Don’t be afraid of Covid” became a trending topic on Twitter TWTR, +2.58%   on Monday afternoon, with many people accusing the POTUS post of being tone deaf or irresponsible, considering that close to 210,000 Americans and counting have died from COVID-19 this year, and the U.S. has recorded 7.4 million cases — leading the world in both pandemic metrics.

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    3. Trump's New Coronavirus Advisor Opposes Shutdowns

      Trump's New Coronavirus Advisor Opposes Shutdowns

      WASHINGTON — President Donald Trump has found a new doctor for his coronavirus task force — and this time there’s no daylight between them.

      Trump last week announced that Dr. Scott Atlas, a frequent guest on Fox News Channel, has joined the White House as a pandemic adviser. Atlas, the former chief of neuroradiology at Stanford University Medical Center and a fellow at Stanford’s conservative Hoover Institution, has no expertise in public health or infectious diseases.

      But he has long been a critic of coronavirus lockdowns and has campaigned for kids to return to the classroom and for the return of college sports, just like Trump.

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      Mentions: Coronavirus
    4. Brooks Brothers Files for Bankruptcy

      Brooks Brothers Files for Bankruptcy

      Even if workers could head to the office right now, chances are they wouldn’t be wearing a Brooks Brothers suit. The 200-plus-year-old retailer best known for what would now be considered formal office attire has filed for bankruptcy, falling victim to the COVID-19 outbreak, which has shuttered stores and stymied retail, and changing styles.

      Brooks Brothers had fallen on rough times even before the pandemic, announcing last year that it would explore its strategic options. It now has a $75 million debtor-in-possession loan and there is interest from a potential buyer, Barneys New York owner Authentic Brands LLC, according to The Wall Street Journal.

      Brooks Brothers has tried to inject some freshness and a more laid-back vibe into its ...

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      Mentions: featured
    5. US Appeals Court Dismisses Criminal Case Against Michael Flynn

      US Appeals Court Dismisses Criminal Case Against Michael Flynn

      A federal appeals court on Wednesday ordered the dismissal of the criminal case against President Donald Trump’s former national security adviser Michael Flynn.

      The U.S. Circuit Court of Appeals for the District of Columbia said in a 2-1 ruling that the Justice Department’s decision to abandon the case against Flynn settles the matter, even though Flynn pleaded guilty to lying to prosecutors in special counsel Robert Mueller’s Russia investigation.

      U.S. District Judge Emmet Sullivan had declined to immediately dismiss the case, seeking instead to evaluate on his own the department’s unusual dismissal request. He appointed a retired federal judge to argue against the Justice Department’s position and to consider whether Flynn could be ...

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    6. Coronavirus Recession Ended Longest Expansion in US History

      Coronavirus Recession Ended Longest Expansion in US History

      It’s official: The longest expansion in U.S. history ended in February as the economy fell into deep recession, according to the group responsible for making such declarations.

      The National Bureau of Economic Research on Monday said a 128-month expansion — the longest dating to 1854 — came to a halt in February. The recession also began the same month. 

      The NBER, a private research group led by the nation’s top economists, has long been considered the official arbiter of sorts for determining when business cycles start and end.

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      Mentions: Coronavirus
    7. AMC’s Stock Soars After Amazon Held Talk About Merger

      AMC’s Stock Soars After Amazon Held Talk About Merger

      Movie theater chain’s market cap was down to just over $200 million last month before bouncing as COVID-19 resulted in theater shutdowns. 

      Shares of AMC Entertainment Holdings rocketed on heavy volume Monday, after a media report that the struggling movie theater chain had held buyout talks with Amazon, as AMC’s value has shrunk since the COVID-19 pandemic led to theater shutdowns world-wide.

      AMC did respond to a request for comment. The stock AMC, +29.75% shot up 30.0% to $5.32, the highest close since March 4. Trading volume spiked to 105.2 million shares, compared with the full-day average of about 9.1 million shares. Amazon shares AMZN, +1.23% rose 1.2%.

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    8. Major Patent Lawsuit Filed Against Streaming Startup Quibi

      Major Patent Lawsuit Filed Against Streaming Startup Quibi

      Hedge fund Elliott Management Corp. is financing a high-stakes patent lawsuit against Quibi, the new streaming service founded by entertainment veteran Jeffrey Katzenberg, according to people familiar with the situation, putting power players of Wall Street and Hollywood on a collision course.

      Elliott has agreed to fund a suit brought by interactive-video company Eko, which claims Quibi is violating its patents and has stolen trade secrets, the people said. As part of the financing, Elliott would end up with an equity stake, the people said. The size of the equity stake couldn’t be learned, though it is a substantial investment, the people said.

      The litigation concerns a Quibi feature called “Turnstyle,” which the company has described as a groundbreaking ...

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    9. Coronavirus May Deal the Final Blow to Social Security and Medicare

      Coronavirus May Deal the Final Blow to Social Security and Medicare

      The Social Security Trustees recently released the last pre-coronavirus reportover the state of America’s two largest entitlement programs: Social Security and Medicare. 

      The Social Security Trust Funds are scheduled to run out of funds in 2035 and Medicare in 2026, meaning that they wouldn’t be able to pay out the full benefits Americans are promised — only a part of them, as tax revenue allows.

      However, it’s highly likely that this economic crisis will fast forward the depletion date of both trust funds. Congress, then, must greatly slow down the growth of Social Security and Medicare to protect beneficiaries and avoid increasing taxes substantially, or it’ll thwart economic recovery.

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      Mentions: Coronavirus
    10. Boeing Stock Plunges as Bailout Prospects Fail to Comfort Investors

      Boeing Stock Plunges as Bailout Prospects Fail to Comfort Investors

      Shares of Boeing Co. plunged Wednesday to a seven-year low, as the prospects of a taxpayer bailout of the aerospace giant failed to allay investor fears of potential liquidity issues, as the COVID-19 pandemic continues to cripple the aerospace industry.

      Analyst Robert Stallard at Vertical Research Partners suggested a government bailout would be far from a panacea for Boeing, as it would leave the company saddled with debt and subject to stringent regulatory oversight.

      Boeing’s stock BA, -8.31% dropped 17.9% in active trading to $101.89, the lowest close since July 12, 2013. Trading volume swelled to 61.6 million shares, compared with the average volume of 11.8 million shares over the past 30 days. 

      The ...

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    11. HP Now Willing to ‘Explore’ Merger with Xerox

      HP Now Willing to ‘Explore’ Merger with Xerox

      During a call with reporters and analysts ahead of the release of its first-quarter earnings Monday, HP’s HPQ, +1.86%  two highest-ranking executives left open the door to a combination with the printing company, but only under strict conditions. Xerox has been trying to force a merger since November, but HP has so far blocked its entreaties.

      Chief Executive Enrique Lores said Monday, however, that HP is “reaching out to Xerox to explore if there is a combination that creates value for HP shareholders that is additive to HP’s strategic and financial plan.” In a conference call with analysts late Monday, Lores indicated discussions with Xerox had started.

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    12. J&J Ordered to Pay $750M in Baby Powder Verdict

      J&J Ordered to Pay $750M in Baby Powder Verdict

      A New Jersey state jury on Thursday ordered Johnson & Johnson to pay $750 million in punitive damages to four people who said their use of the company's talcum powders caused a rare cancer, the latest legal loss for the health-care giant.

      The judge presiding over the trial, Ana C. Viscomi of New Jersey Superior Court, citing state law, said she planned to reduce the punitive award to $186.5 million, or about five times the $37.3 million in compensatory damages awarded by a separate jury in the first phase of the case last year.

      The trial was notable because it was the first in which J&J Chief Executive Alex Gorsky testified in a courtroom in litigation over ...

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    13. Sanofi to acquire Synthorx for $2.5 billion

      Sanofi to acquire Synthorx for $2.5 billion

      Sanofi SA said that it will acquire biotechnology company Synthorx Inc. for an aggregated equity value of around $2.5 billion.

      The French pharmaceutical company SAN, +1.49% SNY, +1.53%  said it plans to take control of all outstanding shares of Synthorx THOR, -0.09%  for $68 per share in cash.

      The acquisition of Synthorx, which is expected to close in the first quarter next year, will strengthen Sanofi’s existing immuno-oncology portfolio, it said.

      The takeover is “aligned with our goal to build our oncology franchise with potentially practice-changing medicines and novel combinations,” Sanofi’s Chief Executive Paul Hudson said.

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    14. Cleveland-Cliffs to Acquire AK Steel for $3B

      Cleveland-Cliffs to Acquire AK Steel for $3B

      Cleveland-Cliffs Inc. and AK Steel Holding Corporation have entered into a definitive merger agreement pursuant to which Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock. Lourenco Goncalves, Chairman of the Board, President and CEO of Cliffs, will lead the expanded organization.

      Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. Upon completion of the transaction, Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.

      The transaction will combine Cliffs, North America’s largest producer of iron ore ...

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    15. Novartis to buy drug maker The Medicines Co. for $9.7B

      Novartis to buy drug maker The Medicines Co. for $9.7B

      Swiss pharmaceutical company Novartis has reached a deal to buy cholesterol-drug maker The Medicines Co. for $9.7 billion.

      Novartis NVS, +0.90%   will pay $85 per share for the New Jersey biotech company, a sharp increase over The Medicine Co.’s MDCO, +0.10%   Friday closing price of $68.55 per share. The deal is worth $9.7 billion, including outstanding stock options and convertible debt.

      The Medicines Co. is in late-stage studies of a drug, inclisiran, meant to lower cholesterol.

      Novartis has a pattern of acquiring other companies in recent years to expand its portfolio of drugs.

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    16. Allergan to book $750M pre-tax charge after settlement of Navenda suit

      Allergan to book $750M pre-tax charge after settlement of Navenda suit

      Botox maker Allergan Plc said Monday it expects to book a pre-tax charge of $750 million in the third quarter after its Forest subsidiaries settled an antitrust class action suit brought by direct purchasers of Namenda, a treatment for dementia associated with Alzheimer's disease. Forest will pay that sum to settle the suit, which was scheduled to go to trial in October. Forest became a wholly owned unit of Actavis Plc in June 2014, after which Actavis changed its name to Allergan.

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    17. Lumber Liquidators in $30M settlement of class-action suit over bamboo flooring

      Lumber Liquidators in $30M settlement of class-action suit over bamboo flooring

      Lumber Liquidators Holdings Inc. disclosed Wednesday it will pay up to $30 million as part of a settlement of a class-action suit over its Morning Star Strand Bamboo flooring that was purchased between Jan. 1, 2012 and March 15, 2019. Under terms of the settlement, the company will contribute $14 million and cash and provide $14 million in store-credit vouchers, with a potential $2 million in additional store-credit vouchers. The company said in an 8-K filing with the Securities and Exchange Commission that the settlement can be funded from cash flow and existing liquidity sources. 

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    18. PDC Energy acquires SRC Energy for $1.7B

      PDC Energy acquires SRC Energy for $1.7B

      PDC Energy Inc. and SRC Energy Inc. said they have entered an agreement for PDC to acquire SRC in an all-stock deal valued at about $1.7 billion, including SRC's debt of about $685 million. 

      PDC is an independent exploration and production company with crude oil and natural gas operations in the Wattenberg Field in Colorado and the Delaware Basin in West Texas. SRC is a Denver-based oil and natural gas E&P company with operations in the Greater Wattenberg Field of the Denver-Julesburg Basin of Colorado. 

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    19. National Indemnity must pay $43M for asbestos settlement

      National Indemnity must pay $43M for asbestos settlement

      Berkshire Hathaway Inc.’s National Indemnity Co. has to pay more than $43 million of Montana’s asbestos-related settlement costs, a state judge has ruled.

      Montana had reached a $43 million settlement in 2009 with people injured by asbestos at a vermiculite mining operation in Libby, Mont. The victims claimed the state had knowledge of unsafe conditions at the mine for decades and failed to protect workers. National Indemnity provided general liability insurance to the state between 1973 and 1975. It argued those insurance policies didn’t cover the asbestos-related claims. Judge Holly Brown said in a state district court ruling on March 1 that National Indemnity breached its duty to defend the state from lawsuits related to the Libby ...

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    20. Mastercard announces $3.19B acquisition of payment company

      Mastercard announces $3.19B acquisition of payment company

      Mastercard Inc. announced the biggest acquisition in its history, as the card network continues its efforts to move beyond plastic. The company plans to acquire the account-to-account business of Danish payment-technology company Nets for $3.19 billion, in a deal expected to close during the first half of 2020. Mastercard will be gaining infrastructure, bill-payment technology, and open-banking capabilities through the acquisition.

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    21. MGM Estimates $800M To End Las Vegas Shooting Suits

      MGM Estimates $800M To End Las Vegas Shooting Suits

      Casino giant MGM Resorts has told federal regulators it thinks it might pay up to $800 million to settle liability lawsuits stemming from the October 2017 mass shooting that became the deadliest in modern U.S. history.

      The company also told the Securities and Exchange Commission it is insured for $751 million of that amount.

      However, a Las Vegas plaintiffs’ lawyer heading out-of-court talks with the company called it premature for MGM Resorts to report that it’s “reasonably possible” a settlement will be reached by May 2020.

      Attorney Robert Eglet said nothing is signed and called the company figure “not probable.”

      Eglet represents about 4,200 claimants who say they were harmed when a shooter rained gunfire from a ...

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    22. I paid off my wife’s student loans — then she filed for divorce after two years of marriage

      I paid off my wife’s student loans — then she filed for divorce after two years of marriage

      Dear Moneyist, Before I married my wife two years ago, she had huge amounts of debt to her name, including large amounts of student loans. After we married, we diligently almost paid everything off, helped by my salary being three times that of my wife. She recently asked for a divorce, saying she was taking the house and my retirement. My question is: Does the fact we paid off her debts she held before get spread evenly?

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    1-23 of 23
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