AT&T CEO Randall Stephenson earlier this year. Photo: Matt Winkelmeyer / Getty Images

AT&T said on Wednesday that it would give $1,000 bonuses to "more than 200,000 AT&T U.S. employees" when President Trump signs the tax reform bill passed by Congress on Wednesday. It will also, it says, fulfill a $1 billion capital investment pledge when the bill becomes law.

Why it matters: It's a calculated move to get credit from GOP lawmakers and the White House as the Trump Justice Department sues to block AT&T's proposed $85 billion purchase of Time Warner.

Real talk: Both the employee payout and capital investment are both relative drops in the bucket for AT&T. The more than $200 million in bonuses the company will give out is far less than the $500 million breakup fee the telco would owe Time Warner if regulators block the deal.

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Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

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Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.