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Exxom reported Friday that it swung to a first-quarter loss, as a result of a large market-related writedown, and revenue that fell 12%, as the COVID-19 pandemic significantly impacted demand, resulting in oversupplied market and "unprecedented" pressure on commodity prices. The oil giant reported a net loss of $610 million, or 14 cents a share, after net income of $2.35 billion, or 55 cents a share, in the year-ago period.

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Holes have continued appearing on meat shelves across America as the country faces a supply crisis after dozens of processing plants were forced to close or reduce capacity after coronavirus outbreaks among workers (pictured, a refrigerated meat section at a Whole Foods in Brooklyn, New York)

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Shares of Tesla dropped as much as 12% Friday after CEO Elon Musk tweeted that the company's shares are priced "too high." The company just days before reported a strong quarter, sending shares higher. The agreement came after Musk's famous tweet in August 2018 saying he wanted to take Tesla private at $420 per share and that he had secured the funding to do so.

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US oil prices have imploded by three-quarters since early January, to just $15 a barrel. The crash was driven by excess supply, and unprecedented collapse in demand because of the coronavirus pandemic. The bankruptcy wave has already started. Earlier this month Whiting Petroleum filed for bankruptcy, marking the first high profile Chapter 11 filing of the current crisis. Diamond Offshore Drilling joined the bankruptcy club on Sunday

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The coronavirus pandemic is significantly slowing the growth of Facebook’s ads business, but investors seem pleased with the company’s performance in Q1 after Facebook released its earnings report Wednesday. While Facebook’s ad revenues in Q1 showcased 17% year-over-year growth, Facebook used its earnings announcements to hedge expectations for Q2.

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Oil prices rose early on Wednesday on a spate of relatively positive news. Lifting travel restrictions has gone against medical advice in some cases, but regardless, the markets see higher oil demand coming from those decisions.
After weeks of dismal news, oil markets seemed to be eyeing a better-than-expected future.

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The results, as expected, were lousy, but investors were encouraged by production rate cuts that were less than feared and management actions to streamline the company and prepare for a commercial aerospace downturn. CEO David Calhoun said in a statement that the pandemic "is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability."

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If the latest weekly total matches estimates, it will mean 30 million Americans have applied for unemployment in just six weeks, a breathtaking number that exceeds all the jobs created since the Great Recession. While new claims are expected to continue to slow, Pantheon Macroeconomics wrote in a research note that it thinks job losses are "unlikely to fall below one million per week until late May."

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Tesla and SpaceX CEO Elon Musk is railing against stay-at-home orders meant to slow the coronavirus pandemic , calling them "fascist" and likening them to "forcibly imprisoning people in their homes" during a Tesla earnings call Wednesday.

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"As pork, beef and chicken plants are being forced to close, even for short periods of time, millions of pounds of meat will disappear from the supply chain," Chairman Tyson wrote in a letter published Sunday as an advertisement in newspapers including the New York Times.

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One of China's most powerful regulators has raided the offices of Luckin Coffee after opening an investigation into the scandal-hit firm. Luckin vowed to overtake Starbucks as China's biggest coffee chain when it launched shares in the US last year. The company also said it was "actively co-operating" with the probe, and that its stores remained open across the country.

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Short-term home rental platform Airbnb is introducing a new “enhanced cleaning initiative” that will take effect in May and include a 24-hour vacancy period between bookings, according to a company blog post. Airbnb says hosts should continue to abide by local social distancing and shelter-in-place rules that might affect whether they can book guests at their properties.

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Smith applied for a loan under the government’s program to help small businesses hammered by the crisis. The window for lenders to apply for loans reopens at 10:30 a.m. Monday, the Small Business Administration said. The federal money, Smith said, could help sustain his business though the end of the summer. The Small Business Administration loan may buy her two more months, she said, “maybe three.”

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HSBC on Tuesday reported first-quarter earnings that missed expectations after the bank set aside more money for potentially larger loan losses due to the coronavirus pandemic and weakening oil prices. The bank said it increased its expected credit impairment charges by $2.4 billion to $3 billion "due to the impact of Covid-19 and weakening oil prices on the forward economic outlook."

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JetBlue became the first US airline to require passengers to wear face coverings on flights to help prevent the spread of coronavirus. The new policy goes into effect May 4 and comes after the airline began to require all crew members wear face masks on flights. Earlier in the day, American Airlines announced they will provide face masks and sanitizing wipes for passengers.

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Adidas has predicted that sales will fall by 40% in the second quarter, as the impact of the coronavirus takes hold. The German sportswear giant on Monday reported a 19% decline in net sales for the first quarter from the year before, as 70% of its stores worldwide closed as a result of the Covid-19 pandemic. Adidas expects “both top- and bottom-line declines in the second quarter of 2020

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Georgia, Oklahoma, and Alaska allowed some shops to reopen after measures imposed to curb the spread of the coronavirus, as the country's death toll passed 51,000. Salons and spas could reopen in Georgia and Oklahoma while Alaska lifted restrictions on restaurants. Customers visiting the newly reopened businesses in Georgia, Oklahoma, and Alaska will be expected to continue adhering to social distancing measures

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Publix announced this week that it will purchase fresh produce and milk to help farmers who have been hurt by the coronavirus pandemic. The initiative is expected to run several weeks and will support Florida produce farmers, southeastern dairy farmers and the growing number of families looking to Feeding America for fresh fruit, vegetables and milk during the coronavirus pandemic.

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Tyson Foods said it was temporarily halting production at another of its meat plants Thursday due to the coronavirus. The company said it was working with health officials in three surrounding counties to test 1,400 employees from its Pasco, Washington, plant for COVID-19.

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Overnight, the Cass County Health Department saw a major jump in Tyson employees testing positive. “So far we’ve tested well over one thousand people,” Cass County Health Department Administrator Serenity Alter said.
The health department expects to see a lot more employees from the Tyson plant testing positive in the coming days.

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The antiviral medicine remdesivir from Gilead Sciences failed to speed the improvement of patients with Covid-19 or prevent them from dying, according to results from a long-awaited clinical trial conducted in China. Results are expected soon from a Gilead-run study in severe Covid-19 patients, although that study may be difficult to interpret because the drug is not compared to patients receiving only standard treatment.

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That is the fear from a global disaster recovery group that helps businesses recover from crises like coronavirus. Businesses that aren't getting creative now about how they can be useful in a new post-Covid economy will struggle," said Ms Demrovsky. The business disaster experts say firms should be planning for measures like fewer hours, staggered shifts and more shift changes for their staff.

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The Federal Housing Finance Agency said Tuesday that servicers will only need to advance scheduled monthly principal and interest payments to investors for four months once a mortgage borrower has entered forbearance. The FHFA’s move will reduce some of this strain on servicers whose mortgages are backed by Fannie Mae; Freddie Mac’s policies already only required servicers to make payments to investors for four months

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Delta Air Lines CEO Ed Bastian told employees Wednesday that it could take two to three years for the airline's business to recover from the impact of the coronavirus pandemic. The airline is carrying about 5% of its normal passenger loads, Bastian told CNBC in an interview, as demand for air travel has nearly disappeared because of the virus and measures to stop it from spreading such as stay-at-home orders.

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Wells Fargo, JPMorgan Chase and US Bank were sued Sunday for allegedly failing to process forgivable loans in the $349 billion Paycheck Protection Program (PPP) on a first-come first-served basis. JPMorgan said that it has more than 40,000 processed and fully verified applications ready to submit to the SBA that would provide an additional $7.3 billion to small business customers.

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