CTTAY - Market braces for swings as layoff announcements ramp up: At the Open

Disney ([[DIS]], -2%) gave the market pause after the bell yesterday as an internal letter revealed 28,000 layoffs at its theme park business.“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of COVID-19 on our business, including limited capacity due to physical distancing requirements and the continued uncertainty regarding the duration of the pandemic,” Josh D'Amaro, chairman of Disney Parks, Experience and Product, wrote, according to the AP.While Disney didn’t offer a breakdown, that’s nearly a third of its 107,000 theme park employees in California and Florida.This morning, Continental AG (CTTAY) announced a restructuring plan that could lead to 30,000 job cuts.In the last 24 hours, Royal Dutch Shell (RDS.A, RDS.B) said it plans to cut 9,000 jobs and Marathon Petroleum ([[MPC]], -0.4%) said it plans widespread layoffs.During the pandemic the market has been sensitive to many

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Market braces for swings as layoff announcements ramp up: At the Open