Financial Daily Dose 3.11.2020 | Top Story: New Wells Fargo CEO Scharf Emerges Unscathed After House Testimony

group of executives meeting in office

Wells Fargo’s latest CEO, Charles Scharf—the bank’s third chief in the past four years—faced a hostile but less pitchfork-and-torch wielding House Financial Services Committee hearing on Tuesday, distancing himself from his predecessors and stressing the bank’s renewed efforts at “appeasing . . . regulators” – NYTimes and WSJ and MarketWatch

PepsiCo is closing in on a $3.85 billion deal to buy energy-drink maker Rockstar, a move that would do much to expand the company’s footprint in the rapidly growing energy-drink market—currently a “weak spot” for both Pepsi and Coke – WSJ and MarketWatch

Stocks, thankfully, ended higher on Tuesday. The rebound was “at times wobbly,” with shares dipping back negative around midday, but the S&P wrapped 5% higher at the closing bell – NYTimes and WSJ and MarketWatch

Part of that bounce-back was likely due to promises of additional fiscal stimulus from the White House. Here are some early thoughts on what forms that could take – NYTimes and Bloomberg and Marketplace

Of course, promises made are best when kept—especially when markets are looking for any excuse to slip – Bloomberg

For its part, the Bank of England has moved today to cut interest rates to help British businesses. The move helped goose European markets after a lackluster day in Asia – NYTimes and Bloomberg

Meanwhile, airlines are scrambling to respond to the spread of the coronavirus, with major US carriers cutting flights across their networks (as “cancellations overtake new bookings in some markets because of passenger fears about traveling) and some executives taking voluntary pay cuts or delays – WSJ and MarketWatch and Marketplace

Interactive video company Eko is accusing short-form streaming service Quibi (perhaps you’ve seen its ads?) of infringing on key patents over its use of “Turnstyle, a technology that plays different videos depending on how viewers are holding their phone, switching in real time between distinct versions edited for horizontal or vertical viewing.” Quibi, which officially launches in early April, has filed an action seeking a declaratory judgment that it doesn’t infringe Eko’s patent and hasn’t stolen trade secrets – WSJ

The Times charts the fall (with a nod to its rise) of Outdoor Voices, a New-Yorker-profiled start-up darling that for a time appeared unstoppable, with “more than $50 million in funding, nine stores and appearances on the business conference circuit.” Founder and CEO Taylor Haney was replaced in January and has since left the company altogether – NYTimes

PG&E has reached a deal with the Federal Emergency Management Agency over $3.9 billion in relief the agency provided after the utility’s power lines caused a series of wildfires in California. Under the agreement, FEMA will reduce its claim to $1 billion “and allow victims of wildfires blamed on PG&E equipment to be paid in full first” – Bloomberg and Law360 and WSJ

Since this is now unavoidably timely, some thoughts on the overratedness of working from home. [But seriously, don’t be shy about doing it anyway] – NYTimes