Giving Up Gains, Uber Announces Cutting About 14% of its Workforce, Disney’s Park Plans

Carl Quintanilla, Jim Cramer and David Faber discuss the turn in the market, as investors digest the latest private payrolls report from ADP, showing a drop of 20.2 million in April. The pandemic forcing employers of all sizes to cut back and lay people off. That being one theme of the morning as Uber announces it’s cutting about 3,700 workers, about 14% of its workforce, as it looks to reduce costs amid a falloff in rides during the pandemic. Disney reporting results, announcing that it’s suspending its dividend for the first half of the fiscal year. A key metric, the company’s parks segment, was down 10% as its theme parks around the world have been closed due to the coronavirus. Disney says it’s planning to reopen its Shanghai park on May 11th.