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PEB

Pebblebrook Hotel

$8.48 /

+0.67 (+8.58%)

07:19
03/23/20
03/23
07:19
03/23/20
07:19

Pebblebrook Hotel announces plan to mitigate COVID-19 impact

Pebblebrook Hotel announced that it has taken and is taking additional steps to address the operating and financial impact of the COVID-19 pandemic. The company and its hotel management companies have or will shortly be temporarily suspending operations at the vast majority of its hotels and resorts and have reduced staffing and expenses at the properties that remain open. "This difficult decision to suspend or dramatically reduce operations was made in response to numerous government mandates and health official recommendations, the effective elimination of hotel demand, and is in the best interest of the communities in which our properties and employees are located. As of yesterday, 28 of the company's hotels and resorts had suspended operations, with most of the company's remaining 26 hotels and resorts anticipated to suspend operations by March 30." In addition, the company's asset managers are working closely with hotel operating partners to reduce operating expenses and conserve cash over the immediate period. The company will conserve $50M by postponing all non-essential capital investments other than completing the 2020 major projects which have been underway for many months, are purchased and are nearing completion in most cases and should be complete in the next month or two, assuming construction work is allowed to continue or restart as ordered by the local public authorities. The company will re-evaluate all deferred 2020 and 2021 capital projects later in 2020 as clarity improves on the impact of the COVID-19 pandemic on hotel demand, the company's financial condition and the overall economic environment. At the corporate level, Pebblebrook said it reduced its regular quarterly common dividend per share to 1c, conserving $50M of cash per calendar quarter. The company's board will continue to monitor the company's financial performance and economic outlook and intends to either resume a regular quarterly common dividend at a time and level determined to be prudent in 2020 or declare and pay any dividend required to be made for 2020 at the end of the year. Increased liquidity to $740M of cash on hand. Last week the company drew down $643M on its $650M unsecured credit facility out of an abundance of caution to ensure that the company has sufficient liquidity and funds to meet its ongoing operating needs for a sustained period. The company has no scheduled debt maturities until November 2021. Jon Bortz, chairman, president, and CEO, has volunteered to forego his salary for the remainder of the year, effective April 1. Raymond Martz, CFO, and Thomas Fisher, CIO, have both volunteered to reduce their salaries by 30% for the remainder of the year, also effective April 1. The board has also volunteered to reduce their Independent trustee compensation for 2020 by 30%. In addition, all three executive officers have agreed to forfeit any eligible cash bonuses for 2020 in lieu of shares and to forfeit all of the long-term share retention awards that were recently approved by the board in February and granted before the rapidly accelerating events of the last few weeks. In addition, the company has enacted significant cost-saving measures and reductions, including corporate-wide employee salary reductions, forfeiture of cash bonuses in lieu of shares and forfeitures of restricted stock awards. In addition, the company is also implementing a cost reduction plan for corporate operating expenses. The company anticipates these reductions in executive officer, trustee and employee compensation, and other cost-cutting measures will reduce corporate G&A expenses by approximately $7M for 2020.

  • 27

    Mar

PEB Pebblebrook Hotel
$8.48 /

+0.67 (+8.58%)

03/17/20 Stifel
Pebblebrook Hotel downgraded to Hold from Buy at Stifel
03/09/20 Wells Fargo
Pebblebrook Hotel price target lowered to $17 from $25 at Wells Fargo
01/13/20 Capital One
Pebblebrook Hotel downgraded to Equalweight from Overweight at Capital One
01/07/20 Raymond James
Pebblebrook Hotel downgraded to Market Perform from Outperform at Raymond James

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Boeing extends Seattle production suspension due to COVID-19 » 18:10
04/05/20
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BA

Boeing

$124.59 /

+1.38 (+1.12%)

Boeing announced that it…

Boeing announced that it is extending the temporary suspension of production operations at all Puget Sound area and Moses Lake sites until further notice. "These actions are being taken in light of the company's continuing focus on the health and safety of employees, current assessment of the spread of COVID-19 in Washington state, the reliability of the supply chain and additional recommendations from government health authorities," the plane maker said in a statement Sunday night. During the suspension, Boeing said it will continue to implement additional health and safety measures at its facilities to protect employees. These measures include new visual cues to encourage physical distancing, more frequent and thorough cleaning of work and common areas and staggering shift times to reduce the flow of employees arriving and departing work, among many other improvements. It added, "As the suspension of operations continues, Boeing will monitor government guidance and actions on COVID-19 and associated impact on all company operations. Boeing sites that remain open are being monitored and assessed on a daily basis."

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3M responds to reporting on alleged seizure of N95 respirator shipments » 17:30
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3M

$133.90 /

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3M issued the following…

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GM offers blueprint for face masks to auto parts suppliers, CNBC reports » 17:23
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GM

General Motors

$18.03 /

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Livent upgraded to Market Perform from Underperform at BMO Capital » 16:17
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Livent

$4.73 /

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, ALB

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, SQM

SQM

$21.07 /

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BMO Capital analyst Joel…

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Amazon, test makers in contact for potential employees' screenings, Reuters says » 15:52
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15:52
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AMZN

Amazon.com

$1,905.33 /

-11.69 (-0.61%)

, ABT

Abbott

$79.50 /

+0.075 (+0.09%)

, TMO

Thermo Fisher

$281.84 /

-5.125 (-1.79%)

Amazon (AMZN) has been in…

Amazon (AMZN) has been in contact with the CEOs of two coronavirus test makers as it considers how to screen its staff and reduce the risk of infection at its warehouses, Reuters' Jeffrey Dastin and Krystal Hu report, citing internal meeting notes. The chief executives of Abbott Laboratories (ABT) and Thermo Fisher Scientific (TMO) have told Amazon they would like to work with the e-commerce company, though the U.S. government is taking up all of their testing capacity at present, the notes said. Reference Link

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Capital One not using CFTC waiver related to oil lending, Reuters says » 15:28
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COF

Capital One

$42.27 /

-1.72 (-3.91%)

Capital One said it would…

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Zoom CEO tells WSJ 'I really messed up' on security » 15:26
04/05/20
04/05
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ZM

Zoom Video

$128.08 /

+6.24 (+5.12%)

In the space of a month,…

In the space of a month, Zoom's videoconferencing business Eric Yuan founded nine years ago has gone from an enterprise-software provider little known outside the business world to a near-ubiquitous social lifeline for homebound Americans and, most recently, the subject of complaints about privacy problems and harassment on its platform, The Wall Street Journal's Aaron Tilley and Robert McMillan report. The whiplash has left Yuan trying to appease upset users and figure out what went wrong-and rethinking a company culture that for nearly a decade was focused on ease of use. "'If we mess up again, it's done,' I thought a lot last night," he told The Wall Street Journal in an interview Friday. Reference Link

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Trump threatens tariffs on oil imports to 'protect' energy workers, Reuters says » 15:18
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BP

BP

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, COP

ConocoPhillips

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President Donald Trump…

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Gilead to donate experimental COVID-19 drug Remdesivir » 15:13
04/05/20
04/05
15:13
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GILD

Gilead

$78.22 /

+1.255 (+1.63%)

Gilead Sciences said it…

Gilead Sciences said it is donating 1.5M doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients. In an open letter, Chairman and CEO Daniel O'Day said that the drug will be offered for compassionate use, expanded access and clinical trials, and will treat patients with severe symptoms. "In addition to the expanded access programs, we continue to provide remdesivir on an individual compassionate use basis for children and pregnant women. More than 1,700 patients have now been treated through these programs. [...] As soon as we knew that remdesivir may have potential in treating the novel coronavirus, our teams began to establish a supply chain for large-scale production. Then, as now, there were many unknowns including how long the outbreak would last, at what scale and whether remdesivir is a safe and effective treatment for COVID-19. We made the decision to invest and scale up regardless, because if remdesivir was going to be needed for patients, we had to be ready. In the space of two months, we have significantly increased our available supply of remdesivir using the inventory of active pharmaceutical ingredients we already had on hand. Our existing supply, including finished product ready for distribution as well as investigational medicine in the final stages of production, amounts to 1.5 million individual doses. Depending on the optimal duration of treatment, which is something we are studying in clinical trials, this supply could equate to well over 140,000 treatment courses for patients.[...] Gilead is providing the entirety of this existing supply at no cost, to treat patients with the most severe symptoms of COVID-19. The 1.5 million individual doses are available for compassionate use, expanded access and clinical trials and will be donated for broader distribution following any potential future regulatory authorizations. These doses are for treating patients with severe symptoms, through daily intravenous infusions in a hospital setting. Having a potential treatment in our hands comes with significant responsibility. Providing our existing supplies at no charge is the right thing to do, to facilitate access to patients as quickly as possible and in recognition of the public emergency posed by this pandemic." Reference Link

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Luckin Coffee business to continue amid financial fraud probe, Reuters reports » 14:56
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Luckin Coffee (LK) said…

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Gaps in Amazon COVID-19 response fuel warehouse workers demands, NYTimes says » 14:51
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AMZN

Amazon.com

$1,905.33 /

-11.69 (-0.61%)

As millions of Americans…

As millions of Americans heed government orders to hunker down, ordering food and medicines and books and puzzle boards for home delivery, many of Amazon's 400,000 warehouse workers have stayed on the job, fulfilling the crushing demands of a country suddenly working and learning from home, The New York Times' Karen Weise and Kate Conger report. For all of its high-tech sophistication, Amazon's vast e-commerce business is dependent on an army of workers operating in warehouses they now fear are contaminated with the coronavirus, the authors note. While Amazon's workers are not unionized, the crisis has given workplace organizers unexpected leverage to demand better pay, better sick leave and more of a voice in how the company is run. Reference Link

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PAVmed to host business news update conference call » 14:49
04/05/20
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PAVM

PAVmed

$1.79 /

-0.09 (-4.79%)

Management holds a…

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U.S. Gold to hold investor update webcast » 14:46
04/05/20
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USAU

U.S. Gold

$4.95 /

+0.19 (+3.99%)

President & CEO Karr…

President & CEO Karr provides an update and outlook for the Company on a webcast to be held on April 7 at 11:30 am. Webcast Link

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Big tobacco joining race for COVID-19 vaccine, WSJ reports » 14:38
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BTI

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$36.22 /

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, PM

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Lucky Strike owner…

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Gilead accelerating production of experimental COVID-19 drug, WSJ reports » 14:35
04/05/20
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GILD

Gilead

$78.22 /

+1.255 (+1.63%)

Gilead Sciences has…

Gilead Sciences has ramped up production of its experimental coronavirus drug, The Wall Street Journal's Anna Wilde Mathews and Jonathan Rockoff report. The drugmaker said it now has 1.5M individual doses of its drug remdesivir on hand, an amount that could be enough to supply more than 140,000 patients. Reference Link

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United cuts NY flights as city hunkers down, WSJ reports » 14:32
04/05/20
04/05
14:32
04/05/20
14:32
UAL

United Airlines

$22.89 /

-0.53 (-2.26%)

United Airlines is…

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Incyte to host conference call » 14:16
04/05/20
04/05
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INCY

Incyte

$78.68 /

+1.67 (+2.17%)

Conference call to…

Conference call to discuss data from the Phase 3 TRuE-AD Trials of Ruxolitinib Cream in Atopic Dermatitis will be held on April 6 at 8 am. Webcast Link

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X4 Pharmaceuticals to hold virtual analyst webinar » 14:09
04/05/20
04/05
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14:09
XFOR

X4 Pharmaceuticals

$8.98 /

+0.13 (+1.47%)

Virtual Analyst Webinar:…

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U.S. banks to defend dividend payments as pandemic crisis continues, FT reports » 14:08
04/05/20
04/05
14:08
04/05/20
14:08
BAC

Bank of America

$20.03 /

-0.535 (-2.60%)

, C

Citi

$37.48 /

-1.82 (-4.63%)

, JPM

JPMorgan

$84.08 /

-1.57 (-1.83%)

, USB

U.S. Bancorp

$31.21 /

-1.5 (-4.59%)

, WFC

Wells Fargo

$26.23 /

-0.98 (-3.60%)

, GS

Goldman Sachs

$147.07 /

-2.87 (-1.91%)

, MS

Morgan Stanley

$33.85 /

-0.045 (-0.13%)

America's biggest…

America's biggest banks will defend their plans to continue paying dividends in submissions to regulators on Monday, just days after Europe's regulators urged lenders to abandon shareholder payouts while they dealt with the coronavirus pandemic, Financial Times' Laura Noonan reports. U.S. banks' annual capital plans, due to be submitted to the Federal Reserve on Monday, are expected to include proposals to continue paying dividends, reinforcing comments from prominent bank chief executives in recent days, according to people familiar with the matter. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).Reference Link

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Intuit launches free Stimulus Registration product » 14:02
04/05/20
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14:02
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INTU

Intuit

$218.12 /

-7.19 (-3.19%)

TurboTax launched a free,…

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Great Ajax announces $80M private placement » 13:57
04/05/20
04/05
13:57
04/05/20
13:57
AJX

Great Ajax

$4.47 /

+0.06 (+1.36%)

Great Ajax announced that…

Great Ajax announced that the company has entered into a securities purchase agreement pursuant to which it has agreed to issue and sell $80M of the company's preferred stock and warrants to affiliates of an institutional accredited investor in a private placement. The company will issue 1,200,000 shares of the company's 7.25% Series A Fixed-to-Floating Rate Preferred Stock, liquidation preference $25 per share, and 2,000,000 shares of the company's 5.00% Series B Fixed-to-Floating Rate Preferred Stock, liquidation preference $25 per share, each at a purchase price per share of $25 and two series of five-year warrants to purchase an aggregate of 4,000,000 shares of the company's common stock at an exercise price of $10 per share. Each series of warrants includes a put option that will allow the holder to sell the warrants to the company at a specified put price on or after July 6, 2023. In addition, the company has granted the investor an option to purchase up to an additional 300,000 shares of the company's Series A Preferred Stock, 500,000 shares of the company's Series B Preferred Stock and warrants to purchase an aggregate of 1,000,000 shares of the company's common stock on the same terms. The company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with the company's investment strategy.

Conference/Events
MGM Resorts participates in a conference call with JPMorgan » 13:51
04/05/20
04/05
13:51
04/05/20
13:51
MGM

MGM Resorts

$10.57 /

-0.94 (-8.17%)

Gaming & Lodging…

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United Therapeutics participates in a conference with JPMorgan » 13:44
04/05/20
04/05
13:44
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UTHR

United Therapeutics

$92.58 /

-0.83 (-0.89%)

Biotechnology Analyst Fye…

Biotechnology Analyst Fye holds a conference call with CEO Hornbuckler and CFO Sanders on April 7 at 1 pm hosted by JPMorgan.

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JPMorgan LatAm utilities analysts to hold an analyst/industry conference call » 13:37
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04/05
13:37
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13:37

LatAm Utilities Analysts…

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JPMorgan retail analysts to hold an analyst/industry conference call » 13:33
04/05/20
04/05
13:33
04/05/20
13:33

Retail/Hardlines &…

Retail/Hardlines & Broadlines Analysts Boss and Horvers provide an industry update and outlook on an Analyst/Industry conference call to be held on April 6 at 10:30 am.

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