Stocks…More federal workers seek jobless aid…Gymboree winding down operations
NEW YORK (AP) – Stocks are slipping in early trading on Wall Street. Banks are falling after Morgan Stanley reported fourth-quarter results that came up short of analysts’ expectations. Railroad operator CSX also fell after it forecast slower revenue growth in 2019. High-dividend stocks including utilities and real estate companies are making small gains.
WASHINGTON (AP) – The number of furloughed federal employees seeking unemployment benefits jumped in the first two weeks of the shutdown, topping 10,000 during the week of Jan. 5. The Labor Department says that is double the number of federal workers who sought aid in the previous week. Federal employees who aren’t working during the shutdown are eligible to claim unemployment aid, while those working without pay are not. Those who receive unemployment will have to repay it if they receive back pay once the shutdown ends.
SAN FRANCISCO (AP) – Gymboree is filing for bankruptcy protection for a second time, but this time the children’s clothing retailer will begin winding down operations for good. The San Francisco company says it will close all of its Gymboree and Crazy 8 stores, and attempt sell its Janie and Jack business, intellectual property and online business. Gymboree began offering classes for mothers and their children in 1976. It now runs 380 Gymboree stores in the U.S. and Canada. When it first sought Chapter 11 bankruptcy protection in June 2017, it ran 1,300 stores.
LONDON (AP) – Facebook says it has removed hundreds of pages, groups and accounts linked to Russia that it says were part of two big disinformation operations. The social media company says it took action after finding two networks “that engaged in coordinated inauthentic behavior” on its Facebook and Instagram platforms. Facebook says the people running the accounts represented themselves as independent news sources and posted on topics like anti-NATO sentiment and protest movements.
LONDON (AP) – Britain has put military reservists on standby for permanent service in the event the country leaves the European Union without a divorce agreement to smooth the way. A “no-deal” Brexit on March 29 could bring gridlock at ports and disruption to the supply of goods because of the sudden need for customs checks and other measures. Armed Forces Minister Mark Lancaster says an order has been made allowing reservists to be called up for a year of permanent service as part of “contingency planning for a no-deal EU exit scenario.”