giant

Student loan giant Navient and borrowers settle lawsuit over troubled forgiveness program

Student loan giant Navient (NAVI) promised to revamp a loan forgiveness program designed for public servants after settling a 2018 class action lawsuit from student loan borrowers.

The preliminary settlement — still subject to final approval by the court — requires Navient to “enhance its internal resources, maintain regular training and monitoring for call center representatives, update forms that are sent to borrowers and update its website.”

Part of the settlement involves Navient providing $1.75 million to a nonprofit organization that will provide education and student loan counseling to public service workers. The 10 plaintiffs, all student borrowers, will receive $15,000 each.

“This exceptional agreement is a big step forward that will help millions of borrowers get the relief they need—and were promised by the federal government—by enhancing the resources available to them through their loan servicer,” Randi Weingarten, president of the the American Federation of Teachers, which backed the

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Casino giant Caesars’ challenges go far beyond coronavirus and social distancing

Caesars’ (CZR) mountains of debt raises uncertainty about the casino giant’s pending merger with Eldorado (ERI) amid the pandemic, says Dan Wasiolek, senior equity analyst at Morningstar.

“We see risk to Eldorado obtaining funding needed to close on its proposed acquisition of Caesars, considering Caesars and Eldorado’s high balance sheet leverage, as the coronavirus’ material impact on leisure and travel demand creates heightened uncertainty,” Wasiolek wrote in a note to investors.

Casino operators were forced to temporarily shut properties in March as states enacted shelter-in-place measures due to COVID-19.

Wasiolek says the planned $17.3 billion tie-up between the gaming giants expected to close in 2020 will result in only a marginally better competitive position for Caesars, which owns some of the most iconic properties on the Las Vegas strip. 

“A merger would roughly double Caesars’ domestic properties to around 60 and lift loyalty membership to 65 million from 55 million,

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This CEO of a $25 billion market cap payroll services giant keeps it real on the post coronavirus U.S. economy

Finally, a non-Pollyanish level-headed view of the U.S. economy’s likely trajectory post the worst of the coronavirus pandemic from someone inside Corporate America.

And no surprise it comes from the long-time CEO of payrolls and HR services giant Paychex, Martin Mucci.

“Right now it appears that it is going to be fairly deep [the economic downturn] and it’s going to come back a little slower. Originally many of us thought it would be more of the V [shaped recovery. I think it might be more of a U [shaped recovery]. Restaurants, businesses like that, are going to have to open slowly and then grow more in capacity and so forth and get the revenues back to where they were pre-COVID,” Mucci said on Yahoo Finance’s The First Trade.

Paychex boasts 670,000 payroll clients with a strong exposure to small- and medium-sized businesses. The company pays one out of 12 American

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Coca-Cola beats on earnings but the coronavirus is now wrecking havoc on soda giant

Coca-Cola’s (KO) better than expected first quarter on Tuesday may not even matter to investors as business has fallen off a cliff in the second quarter at the hands of the coronavirus. And when that free-fall ends appears to be an educated guess at best given the soda’s giant’s outsized exposure to restaurants, sporting events and other away-from-home eating occasions.

“In March, as the coronavirus pandemic spread globally, countries meaningfully increased social distancing and shelter-in-place mandates. In markets around the world, the company subsequently saw significant changes in consumer purchase patterns, notably substantial declines in away-from-home channels. In at-home channels, the company witnessed early pantry loading in certain markets, followed by more normalized demand levels, along with a sharp increase in e-commerce,” Coca-Cola said in a statement.

Since the start of April, Coke said it has seen a 25% global volume decline. Coke thinks the impact to the business in

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The giant hole in Trump’s back-to-work plan

President Trump is trying to bully a virus. A virus is a microscopic organism. It doesn’t have ears enabling it to hear, or emotions allowing it to feel intimidated. The bullying won’t work.

But expect Trump to keep insisting he’s going to reopen the economy, virus be damned. Trump is obviously frustrated as he watches the stock market plunge and businesses shut down as everybody stays home to combat the coronavirus pandemic. A recession has undoubtedly arrived, and it’s a doozy. Perhaps most alarming to Trump are his darkening reelection odds, since incumbent presidents running for reelection typically get walloped when the economy’s in a funk.

Trump’s reaction to all this is a new idea to encourage businesses to reopen, even as the coronavirus outbreak worsens and more people get sick and die. The new refrain in Trumpland: “We cannot let the cure be worse than the problem itself,” as

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