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Carnival Cruise Line announces plans to relaunch cruises August 1

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Yahoo Finance’s Ines Ferre breaks down the latest market action.

Video Transcript

JULIE HYMAN: Well, speaking of shrinking, GE's Aviation unit announced today it was going to be laying off workers, this ahead of the report that we're all bracing ourselves for on Friday-- the jobless report-- or jobs report for last month. Ines Ferre has a check on GE and what else is going on in the market right now.

INES FERRE: And, Julie, just to take a look at GE shares right now, down more than 4%. This is after GE Aviation says that it's cutting about 25% of its workforce, or 13,000 jobs, as aircraft demand has taken a hit because of COVID-19.

Now GE Aviation makes-- manufacturers plane engines. It also has a plane leasing and finance business, which has taken a hit as well. Now, the company had previously furloughed some of its workers and announced job cuts, but this is a further measure to scale down its business.

Also taking a look at shares of Carnival-- that stock is up more than 3%. This is after Carnival Cruise Lines says that it will begin a phase in a resumption of service at some of its North American ports this summer starting on August 1, with a total of eight ships that will be sailing from three US ports.

Now, the pause in other North American markets and its Australian market will be extended through August 31. Now, last month, Carnival had announced that it was raising more than $6 billion in capital through a combination of debt and equity. Year to date, though, Carnival [INAUDIBLE] 71%, and its peers also down more than 70% as well. Julie?

JULIE HYMAN: Ines, thank you so much.