Connecticut will begin slowly reopening from its coronavirus lockdown beginning May 20, Gov. Ned Lamont announced Thursday.
Lamont unveiled a four-phase approach that will take effect next month — as long as cases and hospitalizations continue to drop, among other contingencies.
“If you want to make sure that this pandemic stays under control, we
want to do everything we can to make sure there are no flare-ups around
the region,” Lamont said.
Come May 20, the state plans to allow the reopening of outdoor areas
at restaurants and bars; outdoor museums and zoos; offices, retail
outlets and boutique shops.
Companies will still be urged to keep their employees working from home if possible.
Lamont, who designed the plan with an advisory committee that
includes business groups, was confident hair and nail salons will also
be allowed to reopen “on a limited basis” if his advisors can develop
safe social distancing regulations.
“It’s tougher to enforce social distancing in an environment like
that,” he said of the hair-styling hubs. “But based upon what we see in Georgia and other places — people aren’t flooding in. People are doing it by appointment.”
Businesses and events where it’s more difficult to practice social
distancing will take longer to open, Lamont said. The final phase
bringing a near-normal level of business might not come for 10 months,
the governor added.
Lamont said more guidance for restarting school and other large gatherings would come next week.
The plan will only continue if the state can also ensure it maintains
adequate supplies of protective gear, tests and hospital capacity and
enough resources to perform contact tracing of confirmed COVID-19
patients, Lamont said.
“We’re monitoring this carefully … expansion of the ability to
provide those masks to more and more stores, more and more employees,
more and more factories, is key to our reopening strategy,” he said.
Connecticut has so far confirmed at least 27,700 coronavirus cases and has suffered 2,257 related deaths.
https://nypost.com/2020/04/30/when-connecticut-will-begin-phased-reopening-from-coronavirus/
Thursday, April 30, 2020
Delta tells passengers to mask up
The new policy requires travelers to wear a mask
or other face covering on planes except for meals, in check-in areas,
premium lounges and boarding gate areas. The airline is also suggesting
passengers wear them in security lines and in restrooms.
https://seekingalpha.com/news/3567383-delta-tells-passengers-to-mask-upLos Angeles coronavirus testing website strains as free appointments fill up
Less than 24 hours after Los Angeles became the first major U.S. city
to offer free coronavirus tests for all, a website used for sign-ups
strained under the demand on Thursday as appointments were completely
booked for anyone not showing symptoms.
Los Angeles Mayor Eric Garcetti announced the free testing on Wednesday, saying tests were now available to anyone in the county of roughly 10 million people, although priority would be given to healthcare workers and people showing symptoms of COVID-19, the respiratory illness caused by the coronavirus.
“If you think you have COVID-19, if want the reassurance that you do not, if you’ve been around people that you have seen with symptoms, get a test,” Garcetti said at his daily coronavirus briefing. “You can’t put a price on the piece of mind of knowing that you can’t infect somebody around you.”
The tests were funded in part by CORE, a nonprofit organization co-founded by actor Sean Penn, using a $375,000 grant from the Rockefeller Foundation.
Garcetti conceded that the number of test centers currently open may not initially be able to handle demand.
On Thursday the website used to schedule appointments showed there were none available for people not showing symptoms or for those who are not “front-line workers” who interact with the public.
Local media reported the website had crashed several times since its launch shortly after the mayor’s announcement.
As of Thursday afternoon Los Angeles County had recorded 1,057 deaths from COVID-19 and more than 22,500 positive cases.
The entire state of California remains under strict “stay-at-home” orders meant to slow the spread of coronavirus while some other states begin to reopen their economies.
Garcetti said on Wednesday that large-scale testing of Los Angeles County residents was an important step toward loosening those restrictions.
https://www.reuters.com/article/us-health-coronavirus-los-angeles/los-angeles-coronavirus-testing-website-strains-as-free-appointments-fill-up-idUSKBN22C3QJ
Los Angeles Mayor Eric Garcetti announced the free testing on Wednesday, saying tests were now available to anyone in the county of roughly 10 million people, although priority would be given to healthcare workers and people showing symptoms of COVID-19, the respiratory illness caused by the coronavirus.
“If you think you have COVID-19, if want the reassurance that you do not, if you’ve been around people that you have seen with symptoms, get a test,” Garcetti said at his daily coronavirus briefing. “You can’t put a price on the piece of mind of knowing that you can’t infect somebody around you.”
The tests were funded in part by CORE, a nonprofit organization co-founded by actor Sean Penn, using a $375,000 grant from the Rockefeller Foundation.
Garcetti conceded that the number of test centers currently open may not initially be able to handle demand.
On Thursday the website used to schedule appointments showed there were none available for people not showing symptoms or for those who are not “front-line workers” who interact with the public.
Local media reported the website had crashed several times since its launch shortly after the mayor’s announcement.
The entire state of California remains under strict “stay-at-home” orders meant to slow the spread of coronavirus while some other states begin to reopen their economies.
Garcetti said on Wednesday that large-scale testing of Los Angeles County residents was an important step toward loosening those restrictions.
https://www.reuters.com/article/us-health-coronavirus-los-angeles/los-angeles-coronavirus-testing-website-strains-as-free-appointments-fill-up-idUSKBN22C3QJ
Amgen studying Otezla for coronavirus, first-quarter results beat Street estimates
Amgen Inc (AMGN.O)
on Thursday reported better-than-expected first-quarter results and
said it plans to study psoriasis drug Otezla as a potential treatment
for COVID-19, the respiratory disease caused by the new coronavirus.
Otezla, which Amgen acquired last year from Celgene Corp as part of Celgene’s buyout by Bristol Myers Squibb Co (BMY.N),
is a pill that helps reduce overactive inflammation. Other similar
medicines are also being tested to see if they can help COVID-19
patients.
Amgen, which maintained its full-year earnings forecast, also said it is working with partner Adaptive Biotechnologies Corp (ADPT.O) to identify antibodies targeting the novel coronavirus that may be developed into a drug to potentially prevent or treat COVID-19.
Amgen shares were up 1.5% in extended trading after earlier climbing as much as 2.4%
Amgen said strong first-quarter sales of Otezla, along with higher volume sales of drugs like cholesterol treatment Repatha, contributed to an 11% increase in revenue for the period.
The company last year launched a lower-priced Repatha option aimed at reducing out-of-pocket costs for Medicare patients.
Several other newer medicines also had double-digit percentage sales increase in the period.
“As we expected, Amgen’s results were strong, but we did not get a guidance raise,” Credit Suisse analyst Evan Seigerman said in a research note.
“We are encouraged with the progress and minimal disruption from COVID-19 across the business,” he added.
The biotechnology company reported an adjusted profit of $4.17 per share, up 17% from a year earlier and well above analysts’ average expectations of $3.76, according to Refinitiv IBES.
Amgen said the results were driven by revenue of $6.16 billion and
fewer shares outstanding. That topped Wall Street estimates for revenue
of just under $6 billion.
Net profit fell 3% to $3.07 per share due to higher operating costs that were partially offset by the lower share count.
For 2020, the Thousand Oaks, California-based company said it still expects adjusted earnings of $14.85 to $15.60 per share on revenue of $25 billion to $25.6 billion.
https://www.reuters.com/article/us-amgen-results/amgen-studying-otezla-for-coronavirus-first-quarter-results-beat-street-estimates-idUSKBN22C3NC
Amgen, which maintained its full-year earnings forecast, also said it is working with partner Adaptive Biotechnologies Corp (ADPT.O) to identify antibodies targeting the novel coronavirus that may be developed into a drug to potentially prevent or treat COVID-19.
Amgen shares were up 1.5% in extended trading after earlier climbing as much as 2.4%
Amgen said strong first-quarter sales of Otezla, along with higher volume sales of drugs like cholesterol treatment Repatha, contributed to an 11% increase in revenue for the period.
The company last year launched a lower-priced Repatha option aimed at reducing out-of-pocket costs for Medicare patients.
Several other newer medicines also had double-digit percentage sales increase in the period.
“As we expected, Amgen’s results were strong, but we did not get a guidance raise,” Credit Suisse analyst Evan Seigerman said in a research note.
“We are encouraged with the progress and minimal disruption from COVID-19 across the business,” he added.
The biotechnology company reported an adjusted profit of $4.17 per share, up 17% from a year earlier and well above analysts’ average expectations of $3.76, according to Refinitiv IBES.
Net profit fell 3% to $3.07 per share due to higher operating costs that were partially offset by the lower share count.
For 2020, the Thousand Oaks, California-based company said it still expects adjusted earnings of $14.85 to $15.60 per share on revenue of $25 billion to $25.6 billion.
https://www.reuters.com/article/us-amgen-results/amgen-studying-otezla-for-coronavirus-first-quarter-results-beat-street-estimates-idUSKBN22C3NC
AbbVie Q1 2020 Earnings Preview
AbbVie (NYSE:ABBV) is scheduled to announce Q1 earnings results on Friday, May 1st, before market open.
The consensus EPS Estimate is $2.25 (+5.1% Y/Y) and the consensus Revenue Estimate is $8.31B (+6.1% Y/Y).
Over the last 2 years, ABBV has beaten EPS estimates 88% of the time and has beaten revenue estimates 88% of the time.
Over the last 3 months, EPS estimates have seen 3 upward revisions and 3 downward. Revenue estimates have seen 3 upward revisions and 2 downward.
https://seekingalpha.com/news/3567093-abbvie-q1-2020-earnings-previewWall St. caps best month in decades with broad sell-off
U.S. stocks lost ground on Thursday as grim economic data and mixed
earnings prompted investors to take profits at the close of the S&P
500’s best month in 33 years, a remarkable run driven by expectations
the economy will soon start recovering from crushing restrictions
enacted to curb the coronavirus pandemic.
While risk-off selling pulled all three major U.S. stock averages
into the red, the S&P 500 and the Dow posted their largest monthly
percentage gains since January 1987, with the Nasdaq having its best
month since June 2000.
The three indexes remain well within 20% of record highs reached in February, having quickly rebounded since shutdown efforts to curb the spread of the coronavirus pandemic brought the economy to a grinding halt.
The five-week tally of unemployment claims topped 30 million and consumer spending has plummeted, according to the latest round of dismal indicators providing another snapshot of the crushing economic effects of the widespread shutdown.
“We’ve had a tremendous run but we’ve had the worst economic data since the Great Depression,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Business and earnings might not be snapping back as quickly as the v-shaped recovery on Wall Street would imply.”
The Federal Reserved announced that it would broaden its “Main Street Lending Program” by lowering the minimum loan size and expanding eligibility.
“Wall Street is liking all the programs that the government and the Fed are putting together,” Nolte added. “So Wall Street is doing fine but Main Street is going to be a longer process.”
The Dow Jones Industrial Average .DJI fell 288.14 points, or 1.17%, to 24,345.72, the S&P 500 .SPX lost 27.08 points, or 0.92%, to 2,912.43 and the Nasdaq Composite .IXIC dropped 25.16 points, or 0.28%, to 8,889.55.
Of the 11 major sectors in the S&P 500, all but consumer discretionary .SPLRCD and communications services .SPLRCL closed in negative territory, with materials .SPLRCM and financials .SPSY suffering the largest percentage losses.
Earnings season continues apace, with 236 of the companies in the S&P 500 having reported quarterly results. Of those, two-thirds have surprised consensus estimates to the upside, according to Refinitiv data.
But there have been 90 negative pre-announcements in the first quarter, compared with 40 positive, and analysts see aggregate S&P 500 earnings dropping by a year-on-year rate of 14.4% in the first three months of 2020, per Refinitiv.
Market leaders Apple Inc (AAPL.O) and Amazon.com (AMZN.O) reported results after the closing bell. In post-market trading, Apple shares gained more than 2% while Amazon.com was down over 5%.
Facebook Inc (FB.O) climbed 5.2% after the social media company reported better-than-expected quarterly revenue.
American Airlines (AAL.O) posted its first quarterly loss since emerging from bankruptcy in 2013, sending its shares down 4.9%.
Declining issues outnumbered advancing ones on the NYSE by a 2.58-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored decliners.
The S&P 500 posted three new 52-week highs and one new low; the Nasdaq Composite recorded 25 new highs and four new lows.
Volume on U.S. exchanges was 12.80 billion shares, compared with the 12.3 billion average over the last 20 trading days.
https://www.reuters.com/article/us-usa-stocks/wall-st-caps-best-month-in-decades-with-broad-sell-off-idUSKBN22C202
The three indexes remain well within 20% of record highs reached in February, having quickly rebounded since shutdown efforts to curb the spread of the coronavirus pandemic brought the economy to a grinding halt.
The five-week tally of unemployment claims topped 30 million and consumer spending has plummeted, according to the latest round of dismal indicators providing another snapshot of the crushing economic effects of the widespread shutdown.
“We’ve had a tremendous run but we’ve had the worst economic data since the Great Depression,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Business and earnings might not be snapping back as quickly as the v-shaped recovery on Wall Street would imply.”
The Federal Reserved announced that it would broaden its “Main Street Lending Program” by lowering the minimum loan size and expanding eligibility.
“Wall Street is liking all the programs that the government and the Fed are putting together,” Nolte added. “So Wall Street is doing fine but Main Street is going to be a longer process.”
The Dow Jones Industrial Average .DJI fell 288.14 points, or 1.17%, to 24,345.72, the S&P 500 .SPX lost 27.08 points, or 0.92%, to 2,912.43 and the Nasdaq Composite .IXIC dropped 25.16 points, or 0.28%, to 8,889.55.
Of the 11 major sectors in the S&P 500, all but consumer discretionary .SPLRCD and communications services .SPLRCL closed in negative territory, with materials .SPLRCM and financials .SPSY suffering the largest percentage losses.
Earnings season continues apace, with 236 of the companies in the S&P 500 having reported quarterly results. Of those, two-thirds have surprised consensus estimates to the upside, according to Refinitiv data.
But there have been 90 negative pre-announcements in the first quarter, compared with 40 positive, and analysts see aggregate S&P 500 earnings dropping by a year-on-year rate of 14.4% in the first three months of 2020, per Refinitiv.
Market leaders Apple Inc (AAPL.O) and Amazon.com (AMZN.O) reported results after the closing bell. In post-market trading, Apple shares gained more than 2% while Amazon.com was down over 5%.
Facebook Inc (FB.O) climbed 5.2% after the social media company reported better-than-expected quarterly revenue.
American Airlines (AAL.O) posted its first quarterly loss since emerging from bankruptcy in 2013, sending its shares down 4.9%.
The S&P 500 posted three new 52-week highs and one new low; the Nasdaq Composite recorded 25 new highs and four new lows.
Volume on U.S. exchanges was 12.80 billion shares, compared with the 12.3 billion average over the last 20 trading days.
https://www.reuters.com/article/us-usa-stocks/wall-st-caps-best-month-in-decades-with-broad-sell-off-idUSKBN22C202
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