Business News Weekly – February 10, 2020

Tesla Rally Stirs Memory of Past Market Bubbles – the shares surged 56% in a week.

Amazon misses $1 Trillion milestone while Apple and Microsoft now sitting on $1 trillion milestone.

Macy’s to slash jobs and shut stores −It’s not keeping up with online sellers and discount chains.

Snap adds users but revenue disappoints.

Drones edge closer to delivery approval (by the government) winner by Amazon for deliveries.

Restaurants turn to kitchens in empty malls as deliveries grow.

“Chinese stocks decline as investors monitor the virus’ potential impact on manufacturing” – from an article on CNBC. Stocks in Asia declined in Monday afternoon trade, as investors monitor the ongoing virus outbreak’s impact on Chinese manufacturers. Factories in China were set to return to work on Monday, but many are expected to remain shut for longer.

“Ford shakes up management after giving a dreadful outlook” – from an article on CNNBusiness. Ford announced Friday it will replace the president of its auto unit, three days after it announced a disappointing earnings outlook and financial results, sinking its stock.

The company replaced Joe Hinrichs, a 19-year Ford veteran who previously worked at General Motors. Jim Farley will assume the role of chief operating officer of the company, reporting to CEO Jim Hackett. He previously served as president of new businesses, technology and strategy.

“Mattel will close Canada factory after shuttering two manufacturing sites in Asia” – from an article on Reuters. Mattel Inc will close a factory in Canada after shutting down two plants in Asia, as the toymaker reduces its manufacturing footprint to cut costs, the Wall Street Journal said on Sunday. The maker of Barbie dolls closed its manufacturing sites in China and Indonesia last year and will shut a facility in Canada sometime this year