What to watch today: Dow futures go positive after Fed details $2.3 trillion in programs
Disney+, which launched five months ago, was doing well even before of the coronavirus pandemic, which is keeping people stuck at home and spending more time online. Starbucks said its fiscal second-quarter profit would likely drop by 47% due to the coronavirus impact, and that it was abandoning its full-year forecast. The coffee chain is also suspending its share buyback program, although it will continue to pay its dividend.
Spirits maker Diageo pulled its 2020 sales and profit forecast, and also suspended its $5.6 billion stock buyback program. However, the company did say it would pay its April dividend as planned. Swiss banks UBS and Credit Suisse will postpone part of their 2019 dividends, bowing to pressure from European regulators. The banks were the last two major banks to make such a move, arguing that their financial positions were strong enough to support dividend payouts.
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