Oakland: City shares latest ‘Slow Street’ closures - East Bay Times

OAKLAND — City transportation staff have announced the latest roadways that will be closed off to allow greater physical distancing for residents to bike, walk and exercise.

In a statement Thursday, the city listed five miles of soft closures along six routes. In West Oakland, 16th Street will close from Wood to West streets in West Oakland. In North Oakland, Colby Street from Woolsey Street to Claremont Avenue and 59th Street, Howell Street, Ayala Avenue and Forest Street from Adeline Street to Claremont Avenue will close.

In downtown, Alice Street from 11th to 19th streets will close, while just east of Lake Merritt, Wayne and Athol avenues, Wayne Place and East 19th Street will close from Hanover to 13th avenues. Further east, staff will close 34th Avenue, Davis Street and Humboldt Avenue from Foothill Boulevard to School Street.

Initial streets closed April 11 were West Street from West Grand to 14th Street; Arthur Street from Havenscourt Boulevard (from 78th Ave, connecting to Plymouth Street, from 78th to 104th Avenue); East 16th Street, from Foothill Boulevard to Fruitvale Avenue; and 42nd Street from Adeline to Broadway.

A second round of closures April 18 included West Street from West Grand Avenue to 14th Street, Arthur Street from Havenscourt Boulevard to 78th Avenue, connecting to Plymouth Street from 78th to 104th avenues, East 16th Street from 23rd Avenue to Foothill Boulevard and Fruitvale Avenue, and 42nd Street from Adeline Street to Broadway.

Other Bay Area cities, including Alameda, Redwood City and San Francisco, have pursued similar efforts to block off residential streets in order to make exercise and physical distancing that much easier for residents.

Although city staff said studies, a community survey and input from leaders guided its initial choices, it acknowledged visible shortfalls.

“While all of the potential future streets shared last week received overwhelming support for soft closures, responses haven’t been representative of all Oaklanders,” the statement said.

“Those responding were more likely to be white, have high incomes and live in North Oakland. However, data from Alameda County Public Health Department’s COVID-19 dashboard indicates that East Oaklanders and people of color are more likely to suffer harm from this pandemic.”

In advance of another four to five miles due for closure May 8, city staffers plan to reach out to nonprofits and other organizations to survey community members’ interest for included roadways.

Oakland residents may take an online survey on new streets before the end of May 4 by visiting  https://tinyurl.com/nextslowstreets, or share their thoughts on the overall program by https://tinyurl.com/oaklandslowstreets. Residents may also call 311 or 510-615-5566, e-mail oak311@oaklandca.gov, download the OAK311 app for Apple and Android devices or use the #OaklandSlowStreets hashtag on social media, or visit the city’s Slow Streets site at https://www.oaklandca.gov/projects/oakland-slow-streets.

Contact George Kelly at 408-859-5180.

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The Main Street Fakeout - The Wall Street Journal

By

The Editorial Board

The Editorial Board
The Wall Street Journal
• Biography
• @WSJopinion
• WSJOpinion

April 30, 2020 7:19 pm ET

Pedestrians walk on Main Street, which is largely empty as many shops and restaurants are closed due to the coronavirus COVID-19 pandemic, in Annapolis, Maryland, April 20.

Photo: michael reynolds/Shutterstock

The Federal Reserve on Thursday rolled out revised terms for its Main Street Lending Program, and we wonder why it bothered. The details suggest the Fed and Treasury would rather not have anyone use the facility.

The Fed said it received some 2,200 comments on its original terms, but it didn’t do much to make the program more attractive to needy small and medium-sized borrowers across America. The Fed reduced the minimum loan size to $500,000 from $1 million, and it expanded the pool of eligible borrowers to include companies with annual revenue up to $5 billion in 2019 (from $2.5 billion) and up to 15,000 employees (from 10,000). This will make more (especially larger) companies eligible, but it is mainly window dressing.

The Fed did nothing to address the obstacles in the original term sheet that these columns and our contributors Hal Scott and Glenn Hubbard identified last month. They include double-barreled loan covenants from the Fed and the lending bank. Mr. Scott notes that the loan must have a “pass” rating from financial regulators, which is the highest rating.

Banks must keep 5% or 15% of the loan on their books, depending on the type of loan, which means they’ll apply their normal covenants. But if banks are going to treat these loans as routine, their incentive is to lend only to the best customers without the Fed and keep 100% on the books.

Then there are the limits on dividends, stock repurchases and compensation that apply for 12 months past the time that the loan has been repaid. The loans have to be repaid in four years, so many borrowers will have to live with these terms for five years.

All of which means the take-up rate on Main Street loans is likely to be lower than it should be. This means less liquidity for thousands of solvent firms that are the bedrock of the U.S. economy. We mean the entrepreneur who owns a few car dealerships in Illinois; the local grocery chain with six stores in Milwaukee; the light manufacturer in Ohio that supplies parts for auto makers; the owner of boutique hotels in California.

The Main Street facility should be set up to provide immediate and ample liquidity to all comers on relatively simple terms against good collateral. Instead the Fed is offering scarce and delayed cash under terms that will let banks and the Fed pick winners and losers.

One explanation for this penurious treatment is that the Treasury, which backstops the Fed loans, simply doesn’t want to take losses. Treasury Secretary Steven Mnuchin hinted at this when he told the Journal this week: “If Congress wanted me to lose all the money, that money would have been designed as subsidies and grants as opposed to credit support.” No, Congress wanted to provide liquidity to prevent bankruptcies from becoming a solvency and banking panic, which means taking some loan risk.

Mr. Mnuchin would be more credible if he also objected to the risks on the loans the Fed is supplying to weak Wall Street credits packed into collateralized-loan obligations. Note, too, that the Fed this week widened its new state and local government facility to include more counties and cities. Main Street companies don’t have the same political clout in Washington, which may be the simplest explanation.

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Council approves asphalt project, street fair - Fulton Sun

Jefferson Street residents, your patience has paid off.

During Tuesday night's Fulton City Council meeting, council members voted to approve a project to apply fresh asphalt along Jefferson Street and in the Kleewood subdivision. Both are currently in rough shape due to previous city projects.

"I feel if we don't do Kleewood, don't do Jefferson Street, someone might drag me through the streets," Kyle Bruemmer, Fulton's interim city engineer, said.

"I think the folks on Jefferson have been very patient, that's been torn up for a long time," Fulton City Administrator Bill Johnson added.

Fulton currently has $650,000 set aside for chip-sealing and asphalt projects. Bruemmer estimated a cost of about $250,000 to re-asphalt the roads. He said despite plunging oil prices, the cost of asphalt has remained relatively steady since last year at around $80 per ton.

Council members also discussed a chip-sealing project, which would dedicate $200,000 toward improving several streets around Fulton. Some were due to be chip-sealed last year, but the contractor never even made it to Mid-Missouri, Johnson said. Missouri Petroleum Products, of St. Louis, made the low bid on the project.

That leaves around $200,000 in the road improvement budget.

"Given condition of city streets and COVID-19's (impact on the city's revenue), we probably want to reserve some of that," Johnson said.

City Council members voted unanimously to approve the two projects; Ward 4's Steve Moore was absent.

Street fair

The Fulton Street Fair committee still plans and hopes to hold its annual event on June 26-27, and they now have the city's authorization. Council members voted unanimously to allow the event to take place in downtown Fulton as usual.

According to the request submitted by the Fulton Street Fair Committee, the event will feature a beer garden, carnival games and rides, vendors along Court Street, a balloon glow, a 5K race and more. The planned fireworks display has been canceled, however.

"We've done the street fair for many years and our department heads are all interested in producing a wonderful event for the community," Johnson said. "Fulton is lucky to have people who donate their time and efforts to allow the community to have a few days of fun."

The main potential hiccup, of course, is the ongoing pandemic. It's impossible to say whether social distancing guidelines will still be in place in late June, Johnson acknowledged. The city will follow the county and state's lead about whether to allow the event to proceed as the date draws near.

"If the governor orders that, these dates in June, we're still supposed to be social distancing at that point, we'd be evaluating is getting several thousand people together in downtown Fulton in compliance with that order," Johnson said.

As Ward 2 council member Jeff Stone pointed out, outdoor social distancing guidelines may differ from indoor guidelines.

Assorted business

City Council members voted to approve the appointment of Linda Rootes to the Fulton Housing Authority Commission. Ward 1's Valerie Sebacher, who is employed by the FHA, abstained from the vote.

"I talked to Linda Rootes. She's a good candidate," Fulton Mayor Lowe Cannell said.

City Council members voted to pass Resolution 3372, authorizing the construction of six new hangars at Elton Hensley Memorial Airport.

Including 2020, Fulton has accumulated about $599,513 in uncommitted federal grant funds, Bruemmer said. To use those funds, the city must provide a 10 percent match ($66,613). The city plans to use those funds to build new hangars at Elton Hensley Memorial Airport.

Fulton requested bids for building four, five or six new hangars at the airport. Verslues Construction Company, of Jefferson City, submitted a low bid of $688,524 for the six-hangar option — about $22,000 more than the combined grant and matching funds total. Bruemmer is hopeful MoDOT will cover the difference using unclaimed grant funds from other airports. If not, the city can apply the $30,000 grant it received through the CARES Act Airports Grants Program, which requires no match.

He said hangar rentals are a big source of revenue for the airport; a single year of rent from the six hangars will cover the city's upfront cost.

"Right now, T-hangars rent at 15 cents per square foot," he said. "We could look at bumping these hangars up a few cents because they are brand-new."

Because the project involves federal and state funding, and thus "a lot of red tape," it could be a couple of months before construction begins, he added.

City Council members also discussed returning Fulton City Hall to normal operations. All city staff are expected to return to work on Monday, though the Fulton Police and Fulton Fire departments may remain on modified schedules.

"That could be at 10 percent capacity, it could be by appointment, but I think we need to unlock the doors," he said.

Johnson said sneeze screens have been assembled and installed at the windows around the building. He suggested aiming to reopen to the public May 11.

Spring cleanup — when Fulton waste disposal customers can place bulky items at the curb for pickup — was delayed by the pandemic and has now been canceled altogether; residents will have to wait until the fall cleanup. Curbside recycling is still suspended.

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Into the Survival of Main Street - NBCNews.com

Small businesses are the backbone of the U.S. economy, but recent years haven’t been so kind to them. The 2008 financial crisis left Main Street in a precarious position, and now the coronavirus pandemic has left millions of small business owners at risk of not being able to reopen their doors.

Take Andrew Gaouette. At Mutt Waggin’, his pet supply shops in southeastern Massachusetts, he has seen his sales drops 60 percent. The government is offering relief to small businesses through emergency lending programs like the Paycheck Protection Program, or PPP, but so far, Andrew hasn’t gotten any money. The demand is so great that many owners like Andrew are worried they will never see the benefits.

This week, host Trymaine Lee talks with NBC News senior financial reporter Gretchen Morgenson about the state of Main Street, and what this crisis means for its future.

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Sewer work on Main Street Biddeford to begin May 4 - Press Herald

Sewer separation work will begin the week of May 4 on Lower Main Street in Biddeford Courtesy photo

BIDDEFORD — As more businesses open, and more cars hit the roads, with the lifting of some restrictions by Gov. Janet Mills on May 1, drivers along lower Maine Street in  Biddeford should expect delays as sewer separation work begins there the week of May 4. Construction will take place on Main Street between Alfred Street and Water Street.

This sewer separation work is required by the Department of Environmental Protection to prevent wastewater from draining into bodies of water during major storm events, according to a press release from the city of Biddeford. When separation work is completed, storm water will discharge directly into receiving water, while wastewater is diverted to the Wastewater Treatment Plant and treated before discharge.

Construction beginning the week of May 4 will be completed in sections over a two-month period. The first section will be located near Water Street, and work will progress up Main Street to the intersection of Main and Alfred. The project is expected to be completed by July 15.

At the beginning of the project, from May 6 through May 8, the Water Street right-turn slip lane that is used to access Saco will be closed as digging begins. Drivers will be able to continue straight on Water Street and take a right turn at the end of the street. Once work on the slip lane is complete, Water Street will reopen and remain fully accessible during the remainder of the project.

One-lane traffic will be allowed through the area during work hours. Flaggers will be on-site to assist with the direction of traffic.

In order to retain as much parking in the area as possible, parking will only be prohibited along the section of the road that is actively under construction. A limited number of 15-minute customer parking spaces for curbside pick-up services will also be available within the construction area and will be marked with new signs.

Customers of Woodgrain Barbers who are in need of more extended parking may use two reserved spaces located on the corner of Emery Street and Main Street. Barber shops are one of the types of businesses that Mills is allowing to open on May 1. Patrons of Dizzy Birds Rotisserie and Lorne Wine can continue to access the private parking lot located adjacent to that building — both businesses have remained open after the governor’s Executive Order mandating that bars and restaurants close to dine in customers and have been

offering take-out service. Access to the former mill buildings will continue to be available at both 2 Main St. and 32 Main St.

“It is very important to us that access to these businesses is maintained during the construction period, especially in the context of the difficult times that small business owners are currently facing,” said Public Works Director Jeff Demers. “We plan to have a staff member available on site to help customers navigate the construction area safely.”

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Tesla Keeps Beating Expectations. Here’s What Wall Street Is Saying About the Stock. - Barron's

Analyst Pierre Ferragu increased his price target to $1,000 a share, the highest on Wall Street.

Photograph by Sean Gallup/Getty Images

Tesla’s first-quarter earnings marked the third straight quarterly “beat” of Wall Street expectations. The results will nettle the bears and delight the bulls.

Here’s what analysts are saying about the Wednesday evening report.

“Investors were laser focused on the profitability picture of [Tesla] and Musk & Co. did not disappoint,” Wedbush analyst Dan Ives said in a Thursday research report. Gross profit margins came in at 20.6%. Wall Street was looking for about 18%. Stronger profits is a sign of good manufacturing execution. Tesla recently started making cars in China, adding to its Fremont, Calif., capacity.

Ives rates shares the equivalent of Hold. He raised his price target from $425 to $600 and said his “bull case” for shares is $1,000. Ives is neutral, but there are still plenty of bearish analysts to hear from.

“Dream lives on,” RBC analyst Joe Spak wrote in his Thursday research report. He isn’t buying into the dream though. He rates shares the equivalent of Sell, but he did increase his price target from $380 to $615 a share. Despite some positives, like profitability, he remains cautious. “Bullishness is very high; we can’t recommend adding believing that current price more than discounts positive arguments.”

J.P. Morgan analyst Ryan Brinkman left his rating at the equivalent of Sell and his price target at $240. “Our Underweight rating considers notable investment positives, including a highly differentiated business model, appealing product portfolio, and leading-edge technology,” Brinkman said in a research report on Thursday. But he believes all the positives are more than offset by “above-average execution risk and valuation that seems to be pricing in a lot.”

Editor's Choice

New Street Research analyst Pierre Ferragu took a different tack than Brinkman. He increased his price target from $800 to $1,000 a share, the highest on Wall Street for now. He rates shares the equivalent of Buy.

The thing Ferragu focused on in his Thursday research report, like Ives, was profitability. “Model Y already profitable with 5,000 units produced,” he said. “Model 3, S, X ex-subsidy gross margin up [2 percentage points] sequentially.” The stronger profitability led him to increase profit margin estimates justifying the price-target increase.

“In response to Covid-19 headwinds, [Tesla] withdrew 2020 guidance,” noted Baird analyst Ben Kallo in a Thursday research report. That is one slight negative he saw in the earnings report. “The company indicated it has the installed capacity to exceed the prior guidance of 500,000 vehicle deliveries—despite downtime—though given uncertainty around production restart and supplier availability the company will not provide near-term net income or cash flow guidance.”

Kallo, a long time Tesla bull, rates share the equivalent of Hold. He raised his price target Thursday from $525 to $700 a share.

The state of the supply chain is a good catch. Coordinating plant restarts around the country with different firms facing different mandates is no trivial issue. Restart headwinds and complexity are weighing on CEO Elon Musk’s nerves. Commenting on governmental stay at home orders he said: “To say [people] cannot leave their house, and they will be arrested if they do, this is fascist. This is not democratic. This is not freedom.”

The lack of guidance wasn’t hurting shares in the morning. But the stock ended down 2.3% Thursday to $781.88 a share. Tesla’s nearly 90% year-to-date gains still far exceed comparable drops of the S&P 500 and Dow Jones Industrial Average.

Write to Al Root at allen.root@dowjones.com

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Ann Arbor OKs nearly $9M street resurfacing contract - MLive.com

ANN ARBOR, MI -- Nine miles of streets in Ann Arbor are being resurfaced this year.

City Council on Monday, April 20, approved an $8.8-million contract with Cadillac Asphalt LLC to resurface four major streets, 39 local streets and about 11,600 feet of shared-use paths, according to a resolution.

Construction is expected to run from May to November for the $10-million project.

The budget breakdown includes $6.4 million from the street, bridge, and sidewalk millage fund; $1 million from the major street fund; $1.9 million from the local street fund; $100,000 from alternative transportation; $765,000 from county road millage; $350,000 from the stormwater fund; $30,000 from the water fund, and $30,000 from the sanitary fund, according to the resolution.

Ann Arbor plans 7 major, up to 52 minor street reconstruction and resurfacing projects in 2020

Major road projects include:

• Boardwalk Drive from East Eisenhower Parkway heading north to a dead end.
• East Madison Street from South Main Street to Ann Arbor Railroad.
• Geddes Avenue from Church Street to the roadway split west of Observatory Street.
• Granger Avenue from South State to Packard Streets.
• South Main Street from West Eisenhower Parkway to Ann Arbor‐Saline Road.
• West Oakbrook Drive from Ann Arbor‐Saline Road to Main Street.

Minor streets include:

• Agin Court from Covington Street to end of cul‐de‐sac
• Amesbury Drive from Churchill Drive to Delaware Drive
• Ardmoor Avenue from Avondale Avenue to West Stadium Boulevard
• Avondale Avenue from Las Vegas Drive to Westfield Avenue
• Avondale Avenue from Maywood Avenue to Greenview Drive
• Barnard Road from Mershon Drive to Greenview Drive
• Barrington Place from Dunmore Road/Weldon Boulevard to Runnymede Boulevard
• Braeside Place from South Seventh Street to end of cul‐de‐sac
• Brampton Court from Covington Street to end of Cul‐de‐sac
• Carol Drive from Runnymede Boulevard to Stephen Terrace/Wimpole Street
• Chaucer Drive from end of cul‐de‐sac to Scio Church Road
• Coronada Street from Alhambra Drive/Sue Parkway to Alhambra Drive
• Covington Street from Brampton Court to end of Cul‐de‐sac
• Dicken Drive from South Maple Road to end of Cul‐de‐sac
• Dunmore Road from Waverly Road to Barrington Place/Weldon Boulevard
• Glen Leven Road from Greenview Drive to Woodland Drive
• Hanover Court from Mershon Drive to end of Cul‐de‐sac
• Hanover Road from Waverly Road to Mershon Drive
• Kent Street from Dicken Drive to Waltham Drive
• Las Vegas Drive from Coronada Street to Avondale Avenue
• Mershon Drive from end of cul‐de‐sac to Scio Church Road
• Normandy Road from Mershon Drive to Greenview Drive
• Runnymede Boulevard from Las Vegas Drive to dead end
• Saxon Road from Waltham Drive to Waltham Drive
• Stephen Terrace from Runnymede Boulevard to Carol Drive/Wimpole Street
• Sue Parkway from Runnymede Boulevard to Alhambra Drive/Coronada Street
• Waltham Drive from Warwick Court to Covington Street
• Waltham Drive from Scio Church Road to Saxon Road
• Warwick Court from Waltham Drive to end of Cul‐de‐sac
• Waverly Road from Hanover Road to Dunmore Road
• West Washington Street from South First Street to Third Street
• Westfield Avenue from Avondale Avenue to West Stadium Boulevard
• Wimpole Street from Carol Drive/Stephen Terrace to dead end
• Wimpole Street from Runnymede Boulevard to Dicken School parking lot
• Windsor Drive from Waltham Drive to Covington Street
• Winsted Court from end of cul‐de‐sac to Scio Church Road
• Woodland Drive from Glen Leven Road to West Stadium Boulevard
• Worthington Place from Lans Way to end of cul‐de‐sac
• Yeoman Court from Wiltshire Drive to end of cul‐de‐sac

Ann Arbor transit system to lay off 42 workers after cutting routes, waiving fares amid coronavirus outbreak

MDOT closing M-52 for pedestrian tunnel work near Chelsea

More layoffs in Washtenaw, Lenawee counties amid coronavirus pandemic

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Wall Street pulls back, but still posts a good month, as dismal economic data piles higher - Press Herald

Stocks fell on Wall Street on Thursday as more grim news piled up, revealing the grave economic damage being caused by the coronavirus outbreak.

The S&P 500 index lost 0.9 percent, but still wound up 12.7 percent higher in April, its biggest monthly gain since 1987.

The monthlong rally came as the Federal Reserve and Congress announced aggressive measures to help the economy weather the fallout from the widespread business shutdowns and stay-at-home guidelines put in place to fight the pandemic.

Another 3.8 million people applied for unemployment benefits last week, and the European economy contracted by a record 3.8 percent in the first three months of the year.

The dour figures helped drive most U.S. stocks to losses. Treasury yields also sank, while European stocks fell more sharply, slamming the brakes on a strong rally that had circled the world a day earlier.

“This is the saddest day for the global economy we have ever seen” in the 50 years that economists at High Frequency Economics have been following economic data, they wrote in a report. “The statistical offices of the economies we watch pumped out 19 economic reports overnight. They revealed historic declines of activity and surging unemployment on a scale we have never seen before. We are sad.”

Even with Thursday’s losses, the S&P 500 still closed out its best months in decades. Stocks have surged since late March on the promise of massive amounts of aid from the Federal Reserve and Congress. More recently, some U.S. states and nations around the world have laid out plans to relax restrictions that were meant to slow the spread of the virus but also suffocated businesses and jobs.

Because of that, some investors have essentially written off a horrific few months of corporate profits and economic data, and they’re focusing instead on the prospect of growth returning later this year.

Some big tech titans reported results for the first quarter that weren’t as bad as investors had braced for, which helped limit the market’s losses. Facebook rose 5.3 percent after it reported trends in advertising revenue stabilized in April following a steep drop-off in March. Microsoft inched up 0.4 percent after reporting better-than-expected results for the first quarter. Those are two of the biggest stocks in the S&P 500, which give their movements outsized heft on the index.

Besides the jobless figures in the United States, which brought the total to 30 million in just six weeks, data released Thursday showed that consumer spending plunged a record 7.5 percent in March from the prior month. That’s crucial because consumer spending makes up 70 percent of the entire economy.

Among European countries that use the euro currency, the economy shrank by 3.8 percent in the first three months of the year from the quarter before. That’s the biggest contraction since records began in 1995.

The European Central Bank is promising to support the economy through the pain, and on Thursday it lowered the interest rate on long-term loans it provides to banks. It also offered a raft of new credit lines to banks at a quarter percentage point below its main interest benchmark, which is zero.

European stocks dropped. The French CAC 40 fell 2.1 percent, and the German DAX lost 2.2 percent. In London, the FTSE 100 dropped 3.5 percent.

Many professional investors have been skeptical of the stock market’s big rally over the last month. Even though some encouraging numbers have come out about the outbreak, it’s still uncertain how long this recession will last and whether new waves of infections could hit.

Other areas of the market, from bonds to commodities, have been showing more pessimism.

AP Business Writer Yuri Kageyama contributed.

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Wall Street pulls back as dismal economic data piles higher - PBS NewsHour

Stocks are falling on Wall Street Thursday after more reports made clear the worldwide devastation the coronavirus outbreak is causing for the economy.

The dour figures helped drive most U.S. stocks to losses, and the S&P 500 was down 1.2% in afternoon trading. Treasury yields also sank, while European stocks fell more sharply, slamming the brakes on a strong rally that had circled the world a day earlier.

“This is the saddest day for the global economy we have ever seen” in the 50 years that economists at High Frequency Economics have been following economic data, they wrote in a report. “The statistical offices of the economies we watch pumped out 19 economic reports overnight. They revealed historic declines of activity and surging unemployment on a scale we have never seen before. We are sad.”

Among the lowlights: In the United States, another 3.8 million workers filed for unemployment benefits last week as layoffs continue to hammer the country. In Europe, the region’s economy crumpled by the sharpest degree in at least 25 years.

The Dow Jones Industrial Average was down 334 points, or 1.4%, at 24,296 as of 1:26 p.m., and the Nasdaq was down 0.7%.

Even with Thursday’s losses, the S&P 500 is still on track to close out its best month in decades. Stocks have surged since late March on the promise of massive amounts of aid from the Federal Reserve and Congress. More recently, some U.S. states and nations around the world have laid out plans to relax restrictions that were meant to slow the spread of the virus but also suffocated businesses and jobs.

Because of that, some investors have essentially written off a horrific few months of corporate profits and economic data, and they’re focusing instead on the prospect of growth returning later this year. The S&P 500 is up 12.3% for April. Depending on where it ends the day, it will close out its best monthly performance since either 1987 or the mid-70s.

Some big tech titans reported results for the first quarter that weren’t as bad as investors had braced for, which helped limit the market’s losses. Facebook rose 5.3% after it reported trends in advertising revenue stabilized in April following a steep drop-off in March. Microsoft inched up 0.4% after reporting better-than-expected results for the first quarter. Those are two of the biggest stocks in the S&P 500, which give their movements outsized heft on the index.

WATCH: Trump meets with New Jersey governor to discuss coronavirus efforts

But roughly nine out of 10 stocks in the S&P 500 fell after reports showing the economic and financial pain piled even higher.

Besides the jobless figures in the United States, which brought the total to 30 million in just six weeks, data released Thursday showed that consumer spending plunged a record 7.5% in March from the prior month. That’s crucial because consumer spending makes up 70% of the entire economy.

McDonald’s fell 1.6% after its earnings for the latest quarter fell short of Wall Street’s expectations. Even at its restaurants that have reopened, the company said customers have been slow to return to their old routines from before the pandemic. In China, which was the first country hit by the outbreak, 99% of restaurants are back operating again, but demand has not returned to the same levels.

Among European countries that use the euro currency, the economy shrank by 3.8% in the first three months of the year from the quarter before. That’s the biggest contraction since records began in 1995.

The European Central Bank is promising to support the economy through the pain, and on Thursday it lowered the interest rate on long-term loans it provides to banks. It also offered a raft of new credit lines to banks at a quarter percentage point below its main interest benchmark, which is zero.

European stocks dropped. The French CAC 40 fell 2.1%, and the German DAX lost 2.2%. In London, the FTSE 100 dropped 3.5%.

Many professional investors have been skeptical of the stock market’s big rally over the last month. Even though some encouraging numbers have come out about the outbreak, it’s still uncertain how long this recession will last and whether new waves of infections could hit.

Other areas of the market, from bonds to commodities, have been showing more pessimism.

In another sign of caution, the yield on the 10-year Treasury dipped to 0.59% from 0.62% late Wednesday. It started the year at close to 1.90%, and Treasury yields tend to fall when investors are downgrading their expectations for the economy and inflation.

Benchmark U.S. crude oil continued its extreme swings, jumping 15.9% to $17.45 per barrel. It’s still way below the roughly $60 level where it started the year as worries pile up about the effects of a collapse in demand. Brent crude rose 4.1% to $25.23.

AP Business Writer Yuri Kageyama contributed.

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Wall Street pulls back as dismal economic data piles higher - PBS NewsHour
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Letter to the Editor: 'Is it time for street diversions in Ithaca?' - The Ithaca Voice

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Recently on walks (with my face covered), I've encountered moments with enough people on the sidewalks and cars in the street to generate a paralyzing gridlock. Given the realities of the coronavirus pandemic, I immediately have to process: how can I keep six feet apart from others? It’s dangerous to walk on the sidewalk, the median feels too close, and it doesn’t always feel safe to assert a claim to walking in the middle of the street. Meanwhile, numerous places, from Kansas City to New York City, have taken measures to resolve this by closing streets to driving. Here in Ithaca, we have the opportunity to achieve something similar and more holistic.

Now is a good time to revive the concept of street diversions, which Ithaca considered six years ago, and which can make our streets safer for everyone. The core idea, which emerged in Ithaca’s 2014 bicycle boulevard plan, is that not every street needs to be a through-street for driving. The plan aimed to replicate what Portland, Berkeley, Madison, and Minneapolis have achieved, envisioning “low-traffic and/or traffic-calmed routes where share the travel lanes and where bicycle travel is generally prioritized.” Instead of protected routes, though, Ithaca used Safe Routes to School funding for asphalt markings and speed limit signs – a good first step, though not quite complete.

Yet with the spine of the bicycle boulevard in place, we can finally pursue the street reroutings in earnest: with the appropriate diversions, we can uncover a new public space hiding in plain sight. The bicycle boulevard plan proposed a few central corridors where it would be uniquely safer to ride light modes (bicycle, scooter, wheelchair, skateboard) and, now, to walk in the middle of the street. People would still be able to drive and park on asphalted streets, but mid-block landscaping and traffic-diverting islands would transform Plain Street and Tioga Street into promenades. These reroutings would not generate unfamiliar experiences; parking lots offer rudimentary working models for the idea of sharing spaces with slow-moving cars.

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A proper “bicycle” boulevard with street diversions would convert our tree canopy and landscaped medians into linear parks, as Streets Alive! epitomizes. This would help decongest our waterfront and nature trails as people increasingly seek outdoor activity while practicing social distancing.

The image below illustrates the benefits to a typical block on the route, which would retain on-street parking. Achieving this vision need not be expensive: wooden barriers diverting car traffic will suffice to start. In the long run, more permanent barriers will be desirable. As an example, the intersection of S. Meadow St and Cleveland Ave suggests how future rerouted streets might look.

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Social distancing will remain our reality over the next year as we gradually unpause New York toward an eventual reopening. We, therefore, must prioritize light modes of transport in our city now and in the coming months. To be clear, I’m not advocating for more car-free malls like the Commons. Rather, my vision is to leverage the present condition as an opportunity to continue implementing an incomplete vision: a buffered low-speed route with limited car access, and a new urban trail to enrich how we live, survive, and ultimately thrive in our lovely little city.

Patrick Braga

City of Ithaca

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GE’s Prospects Leave Wall Street Divided. Stock Rebounds. - Barron's

Photograph by SEBASTIEN BOZON/AFP via Getty Images

General Electric stock dropped 3% as the market rose Wednesday after reporting its first-quarter numbers. The stock has eked out a small gain in Tuesday trading, as the S&P 500 slips.

Investors aren’t sure what to do. They are still working through all the uncertainty swirling around commercial aviation, a sector critical to GE that has been decimated by the Covid-19 pandemic.

Here’s what Wall Street is saying about the earnings report and the outlook for General Electric’s (ticker: GE) businesses.

“Bring back [Jeff] Immelt,” the conglomerate’s former CEO, wrote Melius Research analyst Scott Davis in perhaps the edgiest headline of he day. “The headline is a bad attempt at humor,” he said in a Thursday research report.

“GE is our most pandemic impacted name and the timing of this mess is cruel.”

Davis, for his part, believes the decision whether to own GE stock now comes to down to the probability the company will survive a deep recession. He thinks the odds are “extremely high” and rates shares the Buy.

Davis has a $13 price target for the stock, while GE was trading at $6.64 Thursday morning.

J.P. Morgan analyst Stephen Tusa isn’t so sure. “These are long cycle businesses,” said Tusa on CNBC. That means trends unfold gradually, often lagging behind what’s going on in the broader economy, and that the company will slowly feel more pain. “I can’t find words to describe how bad the second quarter is going to be,” he said.

Tusa believes GE has adequate liquidity. Still, he doesn’t recommend the stock and has a $5 target for the share price.

The two analysts’ price targets represent the extremes on Wall Street among large brokers. Most other analysts fall somewhere in the middle.

UBS analyst Markus Mittermaier still rates GE stock the equivalent of Buy, but cut his price target from $12 to $9 a share, a few dollars below Davis’s level, because of the grim prospects of the airline industry.

“The recovery path for aviation remains the dominant driver of the investment case,” wrote Mittermaier in a Thursday report. He doesn’t expect the number of hours flown globally to return to 2019 levels until 2024.

“While the earnings call focused on Aviation, GE is seeing Covid-19 related pressures across the portfolio including Healthcare (elective procedures), Power (project timing), and Capital (higher reserves and fewer gains),” wrote Credit Suisse analyst John Walsh in a Thursday report.

In short, there is pain being felt everywhere. “GE is taking appropriate actions, which are expected to yield $1 [billion plus] of cost and $2 [billion plus] of cash savings in Aviation,” Walsh said. He rates shares the equivalent of Hold and has an $8 target for the price.

For RBC analyst Deane Dray, the biggest surprise from GE’s earnings was a lack of any indication of what might come in the rest of the year. “In contrast, most other [industrial conglomerates] have been offering at least some sense of their potential road map for the year,” wrote Dray in a Wednesday research report. Part of the problem, of course, is that aviation will require years to recover.

Dray rates shares the equivalent of Buy, but dropped his target price by $1 to $9 a share.

GE stock is down about 41% year to date. That is a steeper drop than the declines in the Dow Jones Industrial Average and S&P 500, but it is better than the plunges in Boeing (BA) stock or U.S. airline shares. All three are tied to the future of commercial air travel.

Aerospace suppliers’ stocks that Barron’s tracks are down about 40% year to date on average, roughly matching the decline in GE shares.

Write to Al Root at allen.root@dowjones.com

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Tesla's Surprise Q1 Profit: What Wall Street's Saying - TheStreet

Fed expands Main Street lending program to more companies - CNN

The US central bank announced Thursday the Main Street program, which has yet to launch, will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue. Previously, the program was limited to companies with up to 10,000 employees and $2.5 billion in revenue.

At the same time, the program will also welcome smaller companies. The Fed said the minimum loan size will double to $1 million.

The changes will allow larger, smaller and more leveraged companies to tap the lending facility, which is aimed at helping American businesses stay alive during what could be the biggest economic shock in US history.

The moves come after national restaurant chains such as Shake Shack (SHAK) and Ruth's Chris (RUTH) were slammed for participating in a separate package, the Paycheck Protection Program (PPP), which was intended to provide aid to small businesses. Funding ran out before many small businesses could get loans and public companies have since been told to return the loans they received.

Unlike PPP, loans from the Main Street lending program are not forgivable. The Fed said the goal of the program is to "help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic."

The crisis has already cost tens of millions of jobs and many more are on the line. White House economic adviser Kevin Hassett told CNN the unemployment rate could spike to 20% by June -- the highest level since the Great Depression.

Companies with more debt can get Main Street loans

It's not clear when the Main Street lending program will launch. Fed officials said the Boston Fed, which is leading the effort, is working around the clock to get it up and running. The Treasury Department is providing $75 billion to backstop the Main Street program.

Underscoring the rising risk of widespread bankruptcies, the Fed is adding a third loan option to the Main Street program that will cater to companies with "greater leverage."

Under this new loan option, companies can borrow up to $25 million if total debt does not exceed six times a borrower's income, adjusted for interest payments, taxes and other items. Banks would be required to take on more risk in case these loans go bad by keeping 15% of the loans on their books.

Fed officials said the changes made were not targeted at helping the oil-and-gas industry nor any other sector. It's not clear if US shale oil companies, many of which are teetering near bankruptcy, will be allowed to participate in the Main Street program because many were not in healthy financial shape even before the crisis.

President Donald Trump has promised to rescue the oil industry, though no specifics have been announced.

No buybacks, dividends

There are strings attached to the Main Street loans. Recipients will be required to adhere to the direct loan restrictions spelled out in the $2 trillion stimulus package. That includes a ban on stock buybacks and dividends, as well as limits on executive compensation for the term of the loan and one year after.

However, there is no explicit requirement under the Main Street program that companies maintain headcount.

Instead, the Fed said borrowers should make "commercially reasonable efforts to retain employees" during the term of the loan. The Fed explained that means companies should make "good-faith efforts to maintain payroll" in light of the economic environment, the need for labor and available resources.

Companies that have already laid off or furloughed workers because of the coronavirus crisis will still be able to apply for Main Street loans.

Names of borrowers and loan amounts under the Main Street program will be released each month, the Fed said.

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Rockland considers closing Main Street to allow merchants to sell outside - Press Herald

ROCKLAND — The Rockland City Council will consider whether to close the downtown to vehicle traffic during June in an effort to allow merchants to sell their wares outside.

The City Council is scheduled to discuss the proposal at its agenda setting meeting scheduled for 5:30 p.m. Monday, May 4.

Rockland Main Street Inc. Executive Director David Gogel said he is really in favor of the proposal.

“This would be a great thing for downtown businesses,” Gogel said, saying it would create an open air market.

He said the idea is not to attract large crowds but to allow businesses additional space and be able to meet the physical distancing requirement.

The proposal would allow the city manager to close Main Street, from Park Street to Summer Street, from June 1 through June 30.

Businesses in the downtown zone would could use the sidewalks adjacent to their businesses to display merchandise and conduct business provided that it meets the physical distance requirement.

Restaurants would be allowed to place tables and chairs, and serve food and beverages, including alcohol, on the sidewalk, provided that the area where alcohol is to be served is cordoned off from the public and monitored at all times by an employee to ensure compliance with state and local requirements.

A sufficient travel way along Main Street would be maintained to allow for emergency vehicles.

Many downtown businesses have been closed while others have turned to curbside delivery during the past six weeks following restrictions imposed to slow the spread of COVID-19.

Gogel said downtown businesses are looking for additional details concerning Gov. Janet Mills’ plan to reopen businesses.

The City Council meeting, to be held via the online platform Zoom, can be viewed online on the city web site as well as on the government cable access channel 1303. City Manager Tom Luttrell said anyone who wants a question asked can email him at [email protected] And anyone who wants to speak should also notify him and he will notify the mayor who will be able send out online invitations so they can participate in the meeting.

The manager said the city may need to get permission from the state since Main Street is part of Route 1.

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Stocks are headed for their best month in decades, yet most of Wall Street hates this rally - CNBC

As encouraging as the market comeback this month has been, Wall Street has little faith in it.

A leveling out of coronavirus hospitalizations, rising hopes for a treatment and a partial reopening of the economy sparked a steep rebound this month, with the S&P 500 popping more than 10%, on track for its best month since 1987 and its third-best month ever since World War II.

However, a lack of an all-clear on the pandemic front, coupled with worrisome technical and sentiment indicators, lead many Wall Street pros to believe the market is getting way ahead of itself.

"Beware of the oddity in this bear rally," Andrew Lapthorne, global head of quantitative research at Societe Generale, said in a note Thursday. "Given the overall negative undertone from the economic challenges ahead, the dramatic reversal of global markets after the pandemic lows is more puzzling."

The economic fallout is still unfolding on a daily basis. Stocks dropped Thursday after the latest data showed more than 30 million Americans filed for unemployment over the last six weeks. Meanwhile, the U.S. economy shrank 4.8% in the first quarter, marking the biggest decline since the worst of the financial crisis.

Based on an exhaustive analysis of bear markets in the past 150 years, Societe Generale expects the S&P 500 to end this year at 2,715, a 7% decline from here. The equity benchmark has bounced more than 30% off its March 23 low to 2,939 at Wednesday's close.

"We do believe as we get closer to the opening of the economy, the various areas of credit – such as the US Treasury Yield Curve and Bank Lending – suggest the market may be getting ahead of itself as hope may be offset by reality," Tony Dwyer, chief market strategist at Canaccord Genuity, said in a note. Dwyer has suspended his S&P 500 year-end target due to the unprecedented volatility.

'Odds of another deep decline are very, very high'

From a technical standpoint, the market seems poised for a pullback again, they argue. The S&P 500 has reached a key 61.8% retracement level, according to Fibonacci analysis, a gauge technical analysts use to predict inflection points.

"As we all know, no market moves in a straight line," Matthew Maley, chief market strategist at Miller Tabak, said in a note Thursday. "The damage that was done in the first (37%) decline…and the recession that is upon us…could cause another round of selling before too long ... History tells us that the odds of another deep decline are very, very high."

Also worth noting is that investor darling Amazon experienced an "outside-down" day on Tuesday, where the high for the day is higher than the previous day's high and the low of the day is below the previous day's low. The phenomenon often signals an exhaustion of a rally. 

Another voice, Jeffrey Gundlach, CEO of DoubleLine, believes a retest of the low is "very plausible" as investors are too optimistic about the economic recovery from the pandemic. The so-called bond king revealed Monday that he just initiated a short position against the stock market.

Sentiment turning sour

Under the surface, investor sentiment has in fact turned bearish on multiple fronts, Maneesh Deshpande, head of equity derivatives strategy at Barclays, pointed out.

Institutional positioning represents the most pessimistic in nearly four years, as measured in the net open interest in S&P 500 futures, Deshpande said, adding it's mainly driven by asset managers decreasing equity exposure. Meanwhile, AAII Bull-Bear indicator, a proxy for retail sentiment, is at lowest levels since the coronavirus crisis began, he added.

Deshpande also cited an increase in short interest in exchange-traded funds recently and a more bearish positioning in options markets, which indicates increased hedging demand. 

"The rebound has been legitimate but is also fragile," Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said in a note Thursday. "We expect US equities to remain choppy in the coming months."

— CNBC's Michael Bloom contributed to this report.

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The Fed is expanding its Main Street lending to include bigger businesses - CNBC

The Federal Reserve said Thursday it is expanding its Main Street lending program, opening it to businesses larger and broadening the types of loans that will be available.

Touted as one of the cornerstone's the Fed's initiatives to get money to businesses and households in need, the Main Street program now will allow companies with up to 15,000 employees and $5 billion in revenue to apply for financing.

That's up from the previous limit of 10,000 workers and $2.5 billion in revenue for a program targeted at medium-sized firms whose operations have been hamstrung by the social distancing efforts put into place to limit the spread of the coronavirus.

The Fed is also offering a different set of loans. The changes break the loans into three categories: new, priority and expanded. New and priority loans have a minimum size of $500,000, but expanded loans are for $10 million and up. 

Maximum loan sizes vary: For new loans, the limit is either $25 million or four times 2019 adjusted earnings before taxes, interest, depreciation and amortization, whichever is less, while priority loans have a maximum of $25 million or six times EBITDA. Expanded loans are limited at $200 million or 35% of undrawn or outstanding debt, or six times EBITDA.

Terms of the loans are two to four years at a rate of LIBOR, the overnight borrowing benchmark for banks, plus 3%.

The new loan option will now have banks assume 15% of the loan with the Fed assuming the rest. Existing loans entail a 5% ownership for banks.

A Fed announcement said the change was made after soliciting input on the program's initial details. Some 2,200 individuals, businesses and nonprofits sent responses, prompting the Fed to expand the program's offerings as well as the size of the entities that would be eligible.

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