More turbulence ahead... United shares plunged on news it may have to furlough almost half its US workforce, despite the billions of federal funds it received. Airlines that took $25B in federal payroll support aren't allowed to furlough, lay off, or cut pay until Oct 1 — United's holding off until then. But it's now burning through $40M a day on high costs and near-zero sales (American and Delta feel the pain, too). October layoffs could be on the horizon.
Blame the $2 hand sanitizer... Walgreens lost $1.7B last quarter — bummer, since it made $1B during the same quarter last year. The shift to sales of less-profitable items (like TP vs. prescription meds) and higher labor costs (like extra sanitizing) contributed to the huge profit decline. Now Walgreens is cutting 4K jobs. But it's also making a $1B investment on a big bet: in-store doctors offices. Walgreens is splurging on a 30% stake in a medical startup to get you in for checkups (even when you're just trying to grab Doritos).