Healthcare Stocks Help Lead Wall Street Higher: Live Updates

March 30, 2020
Business

Catch up: Here’s what else is happening.

See’s Candies, the California chocolatier, said in a statement on its website that it was halting production, just the second interruption in its 99-year history (the first time was during World War II). “In recognition of the guidance provided by local health authorities, See’s has suspended production and shipping of product,” the company said.
Facebook announced Monday that it would give out $25 million in grants to local news organizations and spend $75 million in marketing that will go to news outlets internationally. Campbell Brown, a Facebook vice president, acknowledged in an interview that the company, whose huge chunk of online ad revenue helped dent media companies’ business models in the first place, felt a “responsibility” to help out.
Disney joined other conglomerates in slashing salaries for executives by up to 30 percent. Bob Chapek, Disney’s new chief executive, said in a companywide email that he would take a 50 percent reduction and that Robert A. Iger, the executive chairman, would forgo his salary altogether, which totals $3 million annually according to securities filings.

Reporting was contributed by Matt Phillips, Stanley Reed, Kenneth P. Vogel, Jim Tankersley, Jeanna Smialek, Alexandra Stevenson, Matthew Goldstein, Sapna Maheshwari, Neal E. Boudette, Andrew Jacobs, Mary Williams Walsh, Conor Dougherty, Ben Casselman, Johnny Diaz, Tiffany May, Reed Abelson, Derrick Bryson Taylor, Damien Cave, Edmund Lee, Marc Tracy, Brooks Barnes, Nicholas Kulish, Sarah Kliff, Jessica Silver-Greenberg, Daniel Victor and Carlos Tejada.

Article source: https://www.nytimes.com/2020/03/30/business/stock-market-today-coronavirus.html