MGM Cuts 18,000 Jobs, Dow Erases 2020 Losses

All three major U.S. indices closed higher on Friday, bringing a close to a good all-round week on Wall Street. And, with the Dow Jones Industrial Average finishing higher, the blue-chip index has now erased all the losses it suffered in 2020’s tumultuous market.

The Dow gained 161 points, or 0.6%, to finish at 28,653.

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MGM laying off roughly a quarter of the workforce. In a sign that the hardest-hit industries will continue to feel the pain, MGM Resorts International (ticker: MGM) is laying off 18,000 employees, more than 25% of its pre-pandemic workforce of 68,000.

Herbalife bribed Chinese officials. Health and nutrition company Herbalife ( HLF) — years ago the center of a high-profile billionaire spat between Carl Icahn and Bill Ackman over whether the company was a pyramid scheme — has admitted to bribing Chinese officials.

The company agreed to pay penalties of more than $123 million to settle corruption in connection to the affair, which began in 2007 as the company sought to get licenses from Chinese authorities to conduct business in the rapidly growing Asian country.

AT&T looks to ditch DirecTV. Telecom giant AT&T ( T) is reportedly pursuing a sale of its satellite TV arm, DirecTV, as it looks to shed an asset that’s struggled to perform in the age of cord-cutters. The company will likely take a big hit from any sale of DirecTV, which it acquired only five years ago for $49 billion. Early reports cite a potential sale at under $20 billion.

Shares for the telecom company have missed out on the stock market’s recent rally. The shares are down more than 14% year to date.

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