Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

AT&T

AT&T is cutting 3,400 jobs and shutting down more than 250 stores.

AT&T says the job cuts are part of the economic effect of the coronavirus pandemic and the carrier’s efforts to focus on growth areas.

Changed customer behaviors resulting from the COVID-19 pandemic was also a driver behind the telecom giant’s decision.

Airlines

Delta and American Airlines are suspending all or part of their alcoholic drinks service in response to COVID-19.

It’s part of a widespread revision of the industry’s food and drink service to minimize interaction between crew and passengers and to ensure a safer journey for all.

Many airlines are limiting drink options to water only.

Simon

JCPenney is in talks to be bought by Simon Property and Brookfield, both mall giants.

Indianapolis-based Simon is the biggest mall owner in the country and Brookfield, a unit of Brookfield Asset Management, is no. 2.

JCPenney is an important occupant in numerous malls they own, so they want to make sure they don’t get stiffed on rent.

JCPenney filed bankruptcy last month.

Lilly

Eli Lilly and Company soared 14% on Tuesday after it announced that its breast cancer drug Verzenio was successful in meeting its primary endpoint in a Phase 3 trial.

Verzenio was successful in preventing the recurrence of breast cancer for patients.

Pfizer announced in late May that its competing drug failed a similar trial.