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Alibaba’s (NYSE:BABA) package and meal delivery units are fully staffed at pre-coronavirus levels, “the latest example of how China’s largest corporations are getting back to work after Beijing’s entreaty to safeguard economic growth,” Bloomberg writes.
Cainiao, meal delivery unit Eli.me and grocery chain Freshippo are all back at full strength, according to a spokesperson.
Cainiao, of which BABA owns 60%, boasts a network of millions of delivery people that can handle more than a billion packages daily during peak demand.
Last week, Alibaba rival JD.com (NASDAQ:JD) forecast at least 10% revenue growth this quarter, suggesting surprising resilience in online retail.
During yesterday’s selloff, BABA shares lost 3.4% vs. -5.3% for U.S. rival Amazon (NASDAQ:AMZN). Shares of JD.com fell 5.2%.
Gartner (NYSE:IT) has canceled or postponed its Q1 destination conferences, including the Gartner Data & Analytics Summit in London and the Gartner Data & Analytics Summit in Texas.
Gartner expects the cancellations to result in a $36M impact to adjusted EBITDA.
The company will provide further information and update its FY20 outlook on the Q1 call in early May.
Cypress Semiconductor (NASDAQ:CY) +46.2% after-hours following news it received clearance from the Committee on Foreign Investment in the United States to be acquired by Germany’s Infineon Technologies (OTCQX:IFNNY).
Cypress shares plunged last week on reports that CFIUS had recommended to Pres. Trump that he block the deal as a national security risk.
The merger still needs approval from Chinese regulators.
SAIC (NYSE:SAIC) receives a follow-on contract to support the tactical warfare training of the Navy and Marine Corps.
The single-award contract has a three-year performance period.
Google (GOOG,GOOGL) will restrict external visitors to some offices, including the San Francisco Bay Area and New York, according to CNBC.
The company has canceled all in-person interviews for the time being due to the coronavirus and has encouraged workers in Japan and South Korea to work from home.
Amazon (NASDAQ:AMZN) is also encouraging more workers to stay home. The tech giant has extended the direction to employees in New York and New Jersey, who were advised to work from home if possible through the rest of this month.
Last week, AMZN told employees in Seattle, Bellevue, and the Bay Area to work from home.
