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More than 300 employees at three Dave & Buster’s sports bar and restaurants in Michigan will see temporary furloughs turn into layoffs next month. 



an orange ball in front of a building: Dave & Busters in Livonia on Monday, Oct. 12, 2020.

© Kirthmon F. Dozier, Detroit Free Press
Dave & Busters in Livonia on Monday, Oct. 12, 2020.

Dave & Buster’s plans to lay off 119 employees at its Utica location, 111 employees at its Livonia location and 81 employees at its Kentwood location, according to paperwork submitted to the state of Michigan. 

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The permanent layoffs are scheduled for Nov. 8.

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The food-and-games chain plans to lay off more than 1,300 workers in seven states, according to Restaurant Business. The largest number of layoffs are set to take place at the three Michigan locations, three Massachusetts stores and two Denver locations.

Dave & Buster’s had built up a celebrity buzz

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  • Goldman Sachs posted third-quarter results that crushed analysts’ profit estimates on stronger-than-expected results in bond trading and asset management.
  • The firm generated $3.62 billion in profit, or $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv.
  • Companywide revenue of $10.78 billion topped the estimate by more than $1 billion, driven by the trading and asset management divisions.
  • Shares of the bank gained 0.6% after rising 2.2% earlier in premarket trading.

Goldman Sachs’ third-quarter earnings beat estimates

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Goldman Sachs on Wednesday posted third-quarter results that crushed analysts’ profit estimates on stronger-than-expected results in bond trading and asset management.

The firm generated $3.62 billion in profit, or a record $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv. Companywide revenue climbed 30% to $10.78 billion, topping the estimate by more than $1 billion, driven by the trading

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China spends too much on infrastructure. The U.S. and some other wealthy countries, it is widely accepted, invest too little. Now the International Monetary Fund, long a champion of fiscal rectitude, is suggesting that rich countries inch a bit further in China’s direction by substantially increasing public investment.

An unusual confluence of factors suggests the IMF’s note last week may be right. Interest rates are near record lows. Public capital stock in wealthy countries, particularly the U.S., has badly eroded. The level of uncertainty about growth is particularly high, even by the standards of past recessions.

And global political winds are shifting: Once the pandemic dies down, a significant effort to diversify supply chains away from China is likely. To take advantage, countries need solid infrastructure—both the hard physical type and “soft” kinds like a healthy, well-educated populace and well-funded research institutions.

Recent research on public investment highlights some interesting

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We believe that U.S. Bancorp’s stock (NYSE: USB) has a strong upside potential of 35% in 1-2 years when the loan repayment capacity of its banking customers improves and the stock goes back to post-Covid levels. USB trades at $39 currently and it has lost 32% in value year-to-date. It traded at a pre-Covid high of $53 in February and is 27% below that level now. Also, USB stock has gained 39% from the low of $28 seen in March 2020, after the multi-billion dollar stimulus package announced by the U.S. government helped stock prices recover, to some extent. That said, the stock is lagging the broader markets (S&P 500 is up 55%), as investors are overly cautious

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By Robert Hughes

Note: The Everyday Price Index for September is based on incomplete data due to restrictions on data collection by Bureau of Labor Statistics personnel because of the COVID-19 outbreak.

The AIER Everyday Price Index rose 0.2 percent for the month of September, faster than the 0.1 percent rise in the Consumer Price Index (on a not-seasonally-adjusted basis). The Everyday Price index has risen for five consecutive months through September, pushing the twelve-month change to 1.0 percent, the fastest pace since a gain of 2.1 percent for the twelve months through February.

The Everyday Price Index including apparel, a broader measure that includes clothing and shoes, rose 0.3 percent in September after increasing 0.2 in August. The Everyday Price Index including apparel has posted four consecutive gains from June through September 2020. Despite the gains, the index is up just 0.4 percent over the 12 months through

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Reuters
Reuters

MILAN (Reuters Breakingviews) – Breaking up UniCredit could hand its shareholders a 3 billion euro reward. Chief Executive Jean Pierre Mustier is accelerating plans to separate the 16 billion euro bank’s Italian assets from its Germany-centred foreign business, Reuters reports. A spinoff could boost the stock by up to 20%. In a deal with Commerzbank or BNP Paribas, the returns could be even higher.     

Even after a deep clean since Mustier became CEO in 2016, UniCredit’s stock is languishing. At 28% of its tangible book value, Italy’s second largest bank is valued only a little more highly than weaker, smaller domestic rivals like Banco BPM and Banca Monte dei Paschi di Siena. Investors unfairly penalise UniCredit for its Milan base even though it made some 60% of revenue abroad last year. Its Italian exposure also deters foreign suitors and pushes up funding costs.  

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By Elizabeth Howcroft

LONDON, Oct 14 (Reuters) – The dollar index held its recent gains on Wednesday and the euro touched a nine-day low,as global equity markets remained cautious in light of diminishing hopes for a COVID-19 vaccine or U.S. fiscal stimulus.

The rally in global equities started to run out of steam on Tuesday and risk appetite suffered, with the dollar index seeing its biggest daily jump in three weeks.

Johnson & JNJ.N said it was pausing a clinical trial of a coronavirus vaccine and Eli Lilly and Co LLY.N also said it had paused a clinical trial of an antibody treatment. British drugmaker AstaZeneca Plc’s ANZN.L U.S. trial for a vaccine has been on hold for over a month.

Most major currency pairs saw only small moves on Wednesday. The pound was the biggest mover in early London trading, falling as low as $1.2865 as

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By Kris Moreton, CFA, Senior Vice President, Fixed Income Client Portfolio Manager; Alice Flynn, Director, Short-Term Fixed Income Products

Low rates for the foreseeable future are a great reason to consider a more active approach to your cash position.

Even when investors try to be logical, it’s challenging to keep emotions at bay when markets are in free fall. And when faced with capital losses, many well-planned investment strategies can be quickly forgotten in the hope of preserving wealth. Investors sometimes opt to move to cash, which may provide a short-term sense of relief. But in the long run, this knee-jerk reaction can significantly erode their wealth.

Timing rarely works in investors’ favor

We recently saw an influx into cash in response to the COVID-19 pandemic. The Morningstar Money Market – Taxable category gained significant cash flows in April and May when market volatility surged. Investors who allocated to cash

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Initial unemployment claims have been a sticking point for the recovery narrative:

The current level is 857,000, which is ~250,000 higher than the highest point from the last recession. Some people have argued that this number is soft due to issues with state unemployment programs, which are being flooded with applications (emphasis added).

Adding to the challenge for analysts and forecasters, the pandemic has thrown the data itself into disarray. For the second week in a row, the jobless claims data carried a Golden-State-size asterisk: California last month announced that it would temporarily stop accepting new unemployment applications while it addressed a huge processing backlog and installed procedures to weed out fraud.

In the absence of up-to-date data, the Labor Department is assuming California’s claim number was unchanged from its pre-shutdown figure of more than 225,000 applications, or more than a quarter of the national total. The state began accepting

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Oct. 13 (UPI) — Delta Air Lines announced Tuesday a net loss of $5.38 billion in the third quarter, or a $6.9 billion pre-tax loss, and said improvements in customer traffic could signal a slow turnaround for the carrier.

The company’s loss compared with a $1.5 billion profit during the same period a year ago. Revenue for the quarter was $3.06 billion, down 75.6% from the same period a year ago, the company reported.

Delta reported that $4 billion of its losses were directly due to COVID-19 and the company’s response, including fleet-related restructuring charges and charges for voluntary separation and early retirement programs for Delta employees.

“While our September quarter results demonstrate the magnitude of the pandemic on our business, we have been encouraged as more customers travel and we are seeing a path of progressive improvement in our revenues, financial results and daily cash burn,” Delta Chief Executive

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