Diamonds and Dogs
No April Fools joke, Dollar General (DG) receives an upgrade. Dollar General is up 3% after receiving a second upgrade in as many days as the company continues to perform well during these tough times. In the last few weeks, the company has announced the investment of approximately $35 million in bonuses for all store, distribution center and private fleet employees. Dollar General is also planning to hire up to 50,000 new employees by the end of April to support operations across its organization amid heightened demand to meet customers' essential needs.
Macy's (M) being removed from the S&P 500. The 162-year-old company is down 2% today after being removed from the benchmark S&P 500 index as their market cap is now more representative of a small cap stock. The stock is down 70% for the year as the company has furloughed most of their works across their Macy's, Bloomingdale's, and Bluemercury brands. Macy's also suspended their dividend, drew down a line of credit, froze hiring and spending, and canceled some orders. The company also withdrew its financial outlook for 2020.
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