Big Oil Companies Lose Billions, Prepare for Prolonged Pandemic
Big oil companies endured one of their worst second quarters ever and are positioning themselves for prolonged pain as the coronavirus pandemic continues to sap global demand for fossil fuels.
Under Armour, Like Rivals, Hit by Pandemic Store Closures
Athletic apparel brand said sales declined significantly in the second quarter because of the coronavirus pandemic but weren't as bad as the sportswear retailer was expecting.
Fiat Chrysler Swings to Loss, Adding Pressure Ahead of Peugeot Deal
The results raised pressure on the Italian-American car maker ahead of its merger with Peugeot maker PSA Group, which reported a profit in the first half.
China Moves to Punish Luckin Coffee For Fabricating Sales
Chinese regulators are preparing punitive action against Luckin Coffee, less than four months after the company revealed that it had fabricated hundreds of millions of dollars in sales.
Caterpillar Expects Reduced Demand to Persist
Caterpillar said its revenue in the U.S. dropped more than 40% in the second quarter, but the machinery giant sought to reassure investors that its pile of cash can help it ride out the coronavirus crisis.
British Airways Parent Posts Record Loss
British Airways owner IAG posted its biggest loss on record and outlined lower capacity plans for the remainder of the year, as expectations for a recovery in passenger demand deteriorate.
BNP Paribas Outshines Rivals as Trading Prospers
Shares in BNP Paribas rose as much as 6% as the French lender's earnings suggested it is navigating the coronavirus pandemic better than several other European banks, driven by a boom in its trading businesses.
Merck 2Q Profit Rises Despite Lower Revenue
Merck reported a larger profit in the second quarter despite declining revenue, as the company progressed on work towards treatments and vaccines for Covid-19.
Colgate-Palmolive 2Q Sales Rise on Higher Soap Demand
Colgate-Palmolive reported a roughly 1% rise in net sales in the latest quarter as demand for soap and cleaners remained elevated during the Covid-19 pandemic.
Sanofi, GlaxoSmithKline Ink Coronavirus Vaccine Deal With U.S.
The U.S. will pay up to $2.1 billion to Sanofi and GlaxoSmithKline to fund the development of a coronavirus vaccine and guarantee supply of 100 million doses, if proven safe and effective in clinical trials, the companies said.
