By Francesca Fontana
Target Corp.
Widespread protests over the killing of George Floyd in Minneapolis derailed comeback plans for retailers. Target Corp., which is based in Minneapolis, closed more than 200 U.S. stores, boarding up many of them pre-emptively. Other retailers, including Macy's Inc. and Apple Inc., delayed the reopening of stores due to the unrest, while chains like Kroger Co. cut back their hours. Target shares fell 2.3% Monday.
Facebook Inc.
Facebook's CEO is on the defensive. During a town-hall meeting on Tuesday, Mark Zuckerberg explained his decision to preserve a post from President Trump stating "when the looting starts, the shooting starts." Insiders and civil-rights activists say the message from the president violated Facebook's rules about inciting violence. The meeting came a day after some employees participated in a "virtual walkout" opposing the decision, with more than a dozen airing their grievances on Twitter. Meanwhile, Snap Inc. said that it would no longer promote the president's Snapchat account. Facebook shares rose 0.4% Tuesday.
Coty Inc.
Coty has a new face in charge of the cosmetics company's makeover. Coty Chairman Peter Harf was appointed on Monday as Coty's fourth new chief executive in less than four years as the firm strives to revive sales and reduce its burdensome debt load. The surprise move comes just months after Coty, whose brands include Kylie Cosmetics and CoverGirl, announced in February that another Coty director, Pierre Denis, would take over the CEO role this summer. Now he won't get that chance. Coty on Monday also finalized its $2.5 billion deal to sell a majority stake of its professional beauty and retail hair-care businesses to KKR & Co. Shares soared 21% Monday.
Pilgrim's Pride Corp.
U.S. prosecutors said they are trying to crack up a price-fixing conspiracy in the chicken industry. Jayson Penn, CEO of Pilgrim's Pride, and three other industry executives were indicted Wednesday, the Justice Department's first charges in a continuing criminal antitrust probe. The indictment alleges that current and former senior executives at Pilgrim's Pride and Claxton Poultry Farms, a Georgia chicken supplier, for years coordinated prices, talking by phone and relaying competitors' pricing to one another via text message. Mr. Penn on Thursday pleaded not guilty, while a judge barred him from contacting poultry buyers allegedly victimized by the scheme. The charges sent share prices across the $65 billion chicken industry sharply lower on Wednesday, and Pilgrim's shares dropped 12%.
Nike Inc.
Nike and other apparel brands are speaking out against racism as protests sparked by the killing of George Floyd spread across America. The sportswear company, which previously made NFL quarterback-turned-activist Colin Kaepernick the face of an advertising campaign, launched a "Don't Do It" ad, offering a spin on its popular catchphrase. "For once, Don't Do It...Don't pretend there's not a problem in America," the company said in a video shared on Twitter. Competing brand Adidas promptly retweeted the ad, tacking on its own message: "Together is how we move forward. Together is how we make change." Nike shares rose 1% Monday.
Warner Music Group Corp.
Warner Music turned up the volume in its market debut Wednesday, making the biggest U.S. initial public offering of the year so far and helping to reinvigorate the market for new issues. Its shares rose 20% Wednesday to close at $30.12, valuing the company at roughly $15.4 billion. The strong debut of the third-largest music label, home to stars including Ed Sheeran, Cardi B and Madonna, signals investors' heightened confidence in the IPO market after the coronavirus pandemic scared away potential issuers. ZoomInfo Technologies Inc. also listed its shares on Thursday, the biggest tech initial public offering so far in 2020.
Gap Inc.
Gap is in hot water with one of its landlords. Mall giant Simon Property Group sued the retailer on Tuesday for failing to pay rent for April, May and June, The Wall Street Journal reported late Thursday. The landlord is seeking $66 million in unpaid rent and other charges. The pandemic has weighed heavily on Gap, which owns brands such as Old Navy, Banana Republic and Athleta. Gap said on Thursday that sales in the recent quarter declined 43% from a year earlier. Gap didn't comment on the lawsuit directly during its earnings call, but said it is committed to working with landlords on "mutually agreeable solutions and fair rent terms." Gap shares rose 1.4% Friday.
Write to Francesca Fontana at francesca.fontana@wsj.com
