With the duration of the viral outbreak unknown, major corporations are piling up cash to ride it out. AT&T canceled a $4 billion accelerated stock buyback program scheduled for the second quarter. Meanwhile, Target Corp. says it will give a $2 an hour wage increase to its 300,000-plus workers who have been scrambling to help customers. Starbucks is going drive thru and delivery only while offering to pay its workers for the next 30 days, whether they come to work or stay home. And Mercedes-Benz and BMW became the latest automakers to announce that they’re pausing production, bringing almost the entire U.S. auto industry to a halt.
