The number of confirmed cases of the coronavirus illness COVID-19 climbed to 15.6 million on Friday, and the U.S. case tally hit 4.07 million as the virus continued to spread in the South and West and more states reported that health care systems are steadily being overwhelmed.
President Donald Trump canceled the planned Republican National Convention events that were due to take place in hot spot Florida next month, after that state saw a record number of fatalities in a single day on Thursday at 173. The U.S. counted more than 1,000 deaths on Thursday, with more than 500 of them taking place in Florida, California and Texas. The U.S. death toll is now 144,780, according to data aggregated by Johns Hopkins University,
The U.S. added more than 69,900 cases on Thursday to push the total above 4 million, according to a New York Times tracker. The spread has accelerated through the summer, climbing to 4 million from 3 million in just 15 days, as the Washington Post reported. In the early days of the outbreak it took 45 days to increase from 1 million to 2 million cases, and then took 27 days to rise to 3 million.
Forty states have seen rising cases in the last 14 days, according to the Times tracker, led by Florida, Louisiana and Mississippi. Louisiana Gov. John Bel Edwards told reporters at a briefing that his state is nearing breaking point after its case tally rose above 100,000.
Dr. Deborah Birx, coordinator of the White House Task Force created to manage the pandemic, took a more somber tone than usual on Friday on NBCs Today Show.
I just want to make it clear to the American public: What we have now are essentially three New Yorks, with these three major states, she said. And so were really having to respond as an American people, and thats why you hear us calling for masks and increased social distancing to really stop the spread of this epidemic.
The face mask issue continued to be a thorny issue with the American public with legal challenges against mandates extending to Oregon on Thursday, when conservative group Freedom Foundation filed a suit against Gov. Kate Brown.
Governors in left-leaning states all over the country are making up the rules as they go and ignoring the procedural rules their own state laws set up, Jason Dudash, the Freedom Foundations Oregon director, said in a statement on the groups website.
Last week, Georgia Gov. Brian Kemp sued Atlanta Mayor Keisha Lance Bottoms over her face mask mandate. Several Georgia cities have also filed suits, while counties and districts in other states, including California, have also launched suits.
Public health experts have stressed that wearing face masks is key to containing the virus, along with frequent hand washing and social distancing. Robert Redfield, head of the Centers for Disease Prevention and Control, said at a recent news conference that if every American agreed to wear a mask, over the next six weeks we could drive (the virus) into the ground.
Dr. Ezekiel Emanuel of the University of Pennsylvania, an oncologist, bioethicist and senior fellow at the Center for American Progress, reiterated his concern that the U.S. has squandered the last four months, and it really is very, very depressing, he said in an interview on MSNBC.
Were really right back in March, he said.
The global death tally from COVID-19 stands at 634,954, the Johns Hopkins data shows, and at least 8.9 million people have recovered.
Brazil is second to the U.S. with 2.3 million cases and 84,082 deaths.
India is third measured by cases at 1.3 million, followed by Russia with 799,499 and South Africa with 408,052.
The U.K. has 299,500 cases and 45,762 fatalities, the highest in Europe and third highest in the world.
China, where the illness was first reported late last year, has 86,177 cases and 4,650 fatalities.
There was good news on the housing front Friday, when data showed sales of new single-family homes rose sharply in June for the second straight month, pushing the sales rate to its highest level in 13 years, as MarketWatchs Greg Robb reported.
The annual sales pace for U.S. new-home sales rose 13.8% last month to 776,000, the Commerce Department said Friday. Thats above the prior cycle high of 774,000 hit in January and is the strongest since July 2007, according to the Mortgage Bankers Association.
Economists polled by MarketWatch had expected a June sales rate of 710,000, compared with an original May estimate of 676,000. On Friday, the government revised Mays rate to 682,000. That pushed the May rise in new home sales to 19.4%
The impact of falling mortgage rates down 80 basis points this year is more than offsetting the wave of Covid-induced job losses, which seem to be hitting younger renters rather than would-be homebuyers; the median buyer is 47 years of age, while the median restaurant employee is 29, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
See: America is facing an eviction crisis as moratoriums expire: This is a potential catastrophe
A separate report found the service sector lagging behind manufacturing, as some areas of the country have reimposed lockdown measures.
IHS Markit said its U.S. flash manufacturing purchasing managers index rose to 51.3 in July from 49.8 in the previous month. The flash services purchasing managers index rose only to 49.6 from 47.9 in June.
Any reading above 50.0 indicates improving conditions, while readings below that measure indicate contraction. The flash estimate is typically based on approximately 85%90% of total survey responses each month.
See:Baseball is back heres how U.S. sports leagues are returning during the pandemic
The U.S. economy is experiencing the first-ever recession driven by the services sector. And economists are concerned because some key service sectors like travel, restaurants, and entertainment are not expected to recover soon given the pandemic. Manufacturing is slowly getting on its feet but is still experiencing headwinds.
The lack of growth is a disappointment, said Chris Williamson, chief business economist at IHS Markit.
Three Dow Jones Industrial Average DJIA, -0.68% components reported earnings, starting late Thursday with chip giant Intel Corp., which disappointed with news of a delay in its next generation of semiconductor technology, MarketWatchs Jon Swartz reported. Intel said it may actually use a third party to manufacture it as a contingency plan.
Intel INTC, -16.24% stock was slammed after it reported along with second-quarter earnings that the introduction of its 7-nanometer chips would be delayed by at least six months. AMD AMD, +16.50% is already selling 7-nm semiconductors for servers and PCs; in chip parlance, nanometers, or nm, is the size of the transistors that go on a computer chip, with the general rule being that smaller transistors are faster and more efficient in using power.
We have identified a defect mode in our 7-nanometer process that resulted in yield degradation, said Bob Swan, Intels chief executive, on a conference call late Thursday. Weve root-caused the issue and believe there are no fundamental roadblocks, but we have also invested in contingency plans to hedge against further schedule uncertainty.
See now: Intel admits another defeat with unprecedented manufacturing issues
There was better news from American Express Co. AXP, -1.38%, which posted a surprise profit for the second quarter, but revenue that lagged estimates amid a fall in card member spending during the pandemic.
Verizon Communications VZ, +1.79% beat on profit and revenue but its report showed negative impacts from the pandemic. The wireless operator estimates that both GAAP and adjusted EPS saw negative impacts of about 14 cents stemming from impacts to wireless service revenue and lower advertising and search revenue for Verizons media unit.
Elsewhere, there was a setback for Moderna Inc. MRNA, -2.81%, one of the many companies working on a COVID-19 vaccine candidate. The U.S. Patent and Trademark Office ruled in favor of Arbutus Biopharma Corp. ABUS, -20.00% in a patent dispute between the companies, MarketWatchs Jaimy Lee reported.
The decision may mean that Arbutus will attempt to make a royalty claim to products developed by Modernas lipid nanoparticle delivery technology, which is currently being used to develop a COVID-19 vaccine.
SVB Leerinks Mani Foroohar said the ruling is a disappointing turn for Moderna, and any meaningful royalty burden could hamper MRNAs pricing flexibility and margin profile vs. other players in the SARS-CoV-2 vaccine market.
Heres the latest news on companies and COVID-19:
Fans of the iPhone will probably have to wait at least another month before shiny new models are unveiled. Apple Inc. AAPL, -0.24% is delaying its annual fall event until the latter half of October instead of early September, according to a tech blog. The company was forced to push back the event for the 5G-compatible iPhone 12 line because of production delays caused by the pandemic, the Japanese Apple blog Mac Otakara reported. Apple is expected to announce four new iPhones, with the 5G models available in November.
Boston Beer Co. SAM, +25.65%, maker of Sam Adams and other alcoholic beverages, reported an unexpected doubling of profit from the year before amid the pandemic. Chief Executive Dave Burwick credited increases in our Truly Hard Seltzer and Twisted Tea brands and the addition of the Dogfish Head brands for some of the demand gains. Boston Beer now expects full-year earnings of $11.70 to $12.70 a share, while analysts on average had forecast 2020 earnings of $9.84 a share.
eHealth Inc. EHTH, -30.55%, an online health insurance marketplace, reported an adjusted quarterly profit and sales that came in above expectations. Revenue rose 35% to $88.8 million. The company said the number of new paying members for all its Medicare products rose 40% to 72,651 people.
ETrade Financial Corp. ETFC, -0.90% reported fiscal second-quarter results that slightly exceeded Wall Street estimates. The company also declared a quarterly cash dividend of 14 cents a share.
Honeywell International Inc. HON, -2.79% reported second-quarter profit and sales that fell, but beat expectations. The company said it expects sales challenges resulting from the pandemic will continue, particularly in the aerospace and oil and gas businesses. Aerospace sales declined 28% to $2.54 billion, but topped the FactSet consensus of $2.41 billion; performance materials and technologies sales declined 19% to $2.22 billion but topped expectations of $2.19 billion; safety and productivity sales slipped 1% to $1.54 billion to beat expectations of $1.43 billion; and building technologies sales shed 19% to $1.18 billion, missing expectations of $1.24 billion.
Toy maker Mattel Inc. MAT, -2.49% reported a narrower-than-expected second-quarter loss and sales that were higher than Wall Street expected, thanks to sales in North America and total sales of Barbie and other dolls and games. Online sales continued to grow strongly in all regions. Gross sales in North America increased 3%, primarily on sales of Barbies as well as action figures, building sets, and games, the company said. Sales of its toy vehicles, including Hot Wheels, fell, the company said. Mattel said its supply chain continued to perform well despite temporary closures connected to the coronavirus pandemic. Currently all of our factories are open with minimal disruption to operations, as we enter the peak production season, it said. Liquidity is expected to be enough to effectively manage through the COVID-19 disruption and to continue to execute our strategy, the company said.
Paramount Pictures will delay the release of two of its most anticipated movies, Top Gun: Maverick, and A Quiet Place Part II, to 2021 due to the pandemic. The Quiet Place sequel is now scheduled for April 23, 2021, and the Top Gun sequel is on tap for July 2, 2021. Paramount is a unit of ViacomCBS Inc. VIAC, -1.51%
ScanSource Inc. SCSC, -8.90%, a provider of barcode, networking, security and business communications services, provided an upbeat sales outlook, while also saying it will cut jobs as part of a expense-reduction plan. The company expects fiscal fourth-quarter net sales of $758 million, compared with the FactSet consensus for total revenue of $718 million. ScanSource announced a $30 million cost cutting plan, which will include a reduction of its North America workforce, salary reductions of 10% to 25% for its executive team, elimination of cash retainers for the board of directors for the rest of the year and cutting discretionary spending. The company is closing its Canpango professional services business, which it acquired in August 2018, which is expected to result in a $2 million charge.
Schlumberger Ltd. SLB, +0.93% swung to a multibillion-dollar loss in the second quarter and revenue fell short of estimates, as the twin effects of the pandemic and falling oil price weighed. This has probably been the most challenging quarter in past decades, Chief Executive Olivier Le Peuch said, as he announced 21,000 job cuts. Revenue fell 28% from the first quarter, caused by the unprecedented fall in North America activity, and international activity drop due to downward revisions to customer budgets accentuated by COVID-19 disruptions. This speaks volumes about an industry confronted with historic oil demand and supply imbalances caused by demand destruction from the global COVID-19 containment effort. The company is reorganizing and combining its 17 product lines into four divisions, restructuring geographically around five key basins of activity and streamlining management, he said. Schlumberger expects to remove $1.5 billion of costs permanently. Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption, said the CEO. However, subsequent waves of potential COVID-19 resurgence pose a negative risk to this outlook.
Skechers USA Inc. SKX, -2.67% reported a narrower-than-expected adjusted second-quarter loss and sales that were above expectations. Skechers, like most businesses around the world, has never faced a more challenging time than during the pandemic, which caused the closing of nearly every market worldwide, Chief Executive Robert Greenberg said. The company ended the quarter with cash and cash equivalents around $1.6 billion, thanks in part to drawing down $490 million from its credit facility in the first quarter. The company did not provide an outlook.
Office supply equipment retailer Staples became the latest to require face coverings in all its stores starting Monday. Staples is an essential retailer, selling hand sanitizer and other personal protective equipment (PPE) as well as equipment for working and schooling from home. Staples joins retailers like Walmart Inc. WMT, -0.30% and Target Corp. TGT, +1.11% that will require customers to wear face coverings in stores.
See also: Christopher Nolan blockbuster Tenet now delayed indefinitely due to coronavirus
Walt Disney Co.s DIS, -0.43% Mulan scheduled for release Aug. 21, and expected to be a summer blockbuster has been delayed indefinitely because of theater closures and production shutdowns caused by the pandemic. The live-action movie has been repeatedly delayed. Additionally, Disney delayed releases of Star Wars and Avatar movies by a year. Over the last few months, its become clear that nothing can be set in stone when it comes to how we release films during this global health crisis, and today that means pausing our release plans for Mulan as we assess how we can most effectively bring this film to audiences around the world, a Walt Disney Studios spokesperson said in a statement.
- New consumers driven to the RVing lifestyle fuel solid growth for Winnebago - Minneapolis Star Tribune - October 24th, 2020
- Governor Abbott named Best Governor in the Nation by ALEC, conservative economists - KXXV News Channel 25 - October 24th, 2020
- Freedom Healthcare Staffing Wins Denver Business Journal Fast 50 Award - PRNewswire - October 24th, 2020
- Lawmakers need to get federal funding to ease MBTA woes - Boston Herald - October 24th, 2020
- Classes to resume soon for final-years at state universities - University World News - October 24th, 2020
- Last Week in Slovenia: 16-22 October, 2020 - Total Slovenia News - October 24th, 2020
- Where They Stand: John Jacob - Daily Journal - October 24th, 2020
- Rep. Cynthia Lummis Speaks to Voters in Thermopolis | - mybighornbasin - October 24th, 2020
- Letters to the editor - News - The Hutchinson News - October 24th, 2020
- Taxpayer Tricks and Treats for Halloween 2020 - Business Wire - October 24th, 2020
- Parliament body: Freedom Fighters' monthly honorarium to be raised to Tk20,000 from Tk12,000 - Dhaka Tribune - October 24th, 2020
- Corporate Consultants Set Their Targets on American Universities - The Nation - October 24th, 2020
- Boebert incapable of being an independent voice negotiating on our behalf - The Grand Junction Daily Sentinel - October 8th, 2020
- How USAID Translates The Executive Order On Advancing International Religious Freedom Into Action - Forbes - October 8th, 2020
- The Case Against Trump: Donald Trump Is an Enemy of Freedom - Reason - October 8th, 2020
- D.R. Horton, Inc. to Release 2020 Fourth Quarter and Fiscal Year-End Earnings on November 10, 2020 - Business Wire - October 8th, 2020
- Inslee, Culp meet in first and only governor's debate - Thehour.com - October 8th, 2020
- Everything We Just Learned About The Navy's Dubious Path To A 500 Ship Fleet - The Drive - October 8th, 2020
- Civil society raises alarm about IMF's continued backing of austerity amidst pandemic - Bretton Woods Observer - October 8th, 2020
- NCC to invite experts to CtiTV News hearing - - October 8th, 2020
- Candidates want to represent district in Statehouse - The Herald - October 8th, 2020
- The Toss-up: Virginia's 7th Congressional District race may be one of the nation's closest - Chesterfield Observer - October 8th, 2020
- Waukon City Council hears restaurant proposal for former JCPenney/Tierney's building, leaves trick-or-treat participation decision this year up to... - October 8th, 2020
- Abbotsford West candidates spar on Highway 1, light rail, housing and snap election - Abbotsford News - October 8th, 2020
- Noem urges legislators to carefully follow US Treasury guidelines while deciding how to spend a portion of the state's Coronavirus Relief Fund dollars... - October 8th, 2020
- The Social Cost Of COVID-19 - The ASEAN Post - September 8th, 2020
- Stalwarts who founded and built the UNP must be turning in their graves - NewsIn.Asia - September 8th, 2020
- 2020 could be the year of 'peak Democrat' in Colorado. This is why. - Colorado Springs Gazette - September 8th, 2020
- Trump and the RNC should remind Cuban voters of Fidel Castro, not their political home - NBC News - August 31st, 2020
- Analysis: Will Uzbekistan's Champion of Reform Stay the Course? - Voice of America - August 31st, 2020
- It's Never Been More Clear: Fare Hikes Won't Save the MBTA - Boston magazine - August 31st, 2020
- Libertarians Took Control of This Small Town. It Didn't End Well. - Washington Monthly - August 31st, 2020
- Point-Counterpoint: Benefits will outweigh the consequences for college football this fall - University of Pittsburgh The Pitt News - August 31st, 2020
- Fact-checking the first night of the 2020 Republican National Convention - Poynter - August 31st, 2020
- Moody's: Coronavirus is accelerating shift to online education - Education Dive - August 31st, 2020
- Corbella: Facts and fairness show public sector workers should have their pay cut - Calgary Herald - August 31st, 2020
- Fred Perpall, CEO of The Beck Group, says Blacks and whites need to be more inclusive - The Dallas Morning News - August 31st, 2020
- Could On-Campus Housing At Local Universities Lead To COVID-19 Outbreaks? - NBC San Diego - August 31st, 2020
- Explained: What to look for in GDP data today - The Indian Express - August 31st, 2020
- 35th District Race Brings Three Options to Clinton, Killingworth, and Westbrook - Zip06.com - August 31st, 2020
- Beware the Chinese Economy Recovery Trap - JAPAN Forward - August 31st, 2020
- At RNC, here's what Trump, Republicans have to say our country and economy if they want to win - Fox Business - August 31st, 2020
- When we went to remote learning I could feel every teacher's eyes on me - Sydney Morning Herald - August 31st, 2020
- Bad bank not only necessary but unavoidable in present situation: Subbarao - THE WEEK - August 31st, 2020
- MORSE denies allegations of INAPPROPRIATE BEHAVIOR State REOPENING is on PAUSE Senate race gets NEGATIVE - Politico - August 10th, 2020
- Austerity: Another officer retires, rehired by Odisha government - The New Indian Express - August 10th, 2020
- Media Training Workshop on Using the Freedom of Information (FOI) Act for Investigative Reports on Campaign Fi - The Nigerian Voice - August 10th, 2020
- Detainees concerned for well-being as COVID-19 cases rise in crowded Hays County Jail - Community Impact Newspaper - August 10th, 2020
- The Endowment is Not the Issue - Harvard Political Review - August 10th, 2020
- DAILY VOICE: Four reasons why IT stocks are hitting 52-week highs - Moneycontrol.com - August 10th, 2020
- Kashmiris Lament the Loss of Their Youth - Foreign Policy - August 10th, 2020
- SLPP has creatively disrupted politics; now it has to do the same to the economy - ft.lk - August 10th, 2020
- More freedom to banks, further rate cut not ruled out: 10 key takeaways from policy meet - Economic Times - August 9th, 2020
- In HBO film, Ken Buck suggests he will leave Congress soon - The Denver Post - August 9th, 2020
- Biden's Climate Plan Would Put Us on the Road to Serfdom - The Heartland Institute - August 9th, 2020
- Krishi Kalyan & Cashew India App: Farmers Breathe Sigh of Relief As Government Aims To Revive Indian Agro Industry - The Indian Wire - August 9th, 2020
- How Attacks on Faith, Family, and Conscience Threaten All Our Freedoms - Daily Signal - August 8th, 2020
- Military Alliances, Partnerships Strengthened Through Defense Strategy Execution - Department of Defense - August 8th, 2020
- @theMarket: The Economy Versus the Stock Market - iBerkshires.com - August 8th, 2020
- UK housing is on the agenda. How do we really build back better? - Big Issue - August 8th, 2020
- Letter: You'd think police would have better things to do than silence street musicians - Seacoastonline.com - August 5th, 2020
- Secretary Michael R. Pompeo Before the Senate Foreign Relations Committee on the Fiscal Year 2021 State Department Budget Request - US Embassy in... - August 5th, 2020
- Brcko District to improve the Fiscal Discipline and Transparency of Expenditure of Public Funds - Sarajevo Times - August 5th, 2020
- How to find a pubmedia job in a pandemic - Current - August 5th, 2020
- Don't tell the separatists but Alberta is lapping up federal aid in record amounts - iPolitics.ca - August 5th, 2020
- Guest opinion: Address to C-SD Class of 2020 - Dorchester Banner - Dorchester Banner - August 5th, 2020
- Making sure the U.S. military remains the best in the world - Brookings Register - August 5th, 2020
- Mailbag: 'Choose life and success' over COVID-19 - Los Angeles Times - August 5th, 2020
- With Trump reelection uncertain, GOP battles over its future - Los Angeles Times - August 4th, 2020
- Leading the Way on Higher Education Reform through Smart Giving - Philanthropy Magazine - August 4th, 2020
- Let's be blunt about it: Russ Diamond is a jerk - The Times of Chester County - August 4th, 2020
- College Football Needs to Change. The Pac-12s Players Are Making That Happen. - The Ringer - August 4th, 2020
- Fiscal Freedom - The Heritage Foundation - August 2nd, 2020
- Gen Z GOP wants to build the Republican Party of the future - Boston Herald - August 2nd, 2020
- Rallying cry: 'There is no reason this statue needs to be moved' - messenger-inquirer - August 2nd, 2020
- No Europe Without the Rule of Law by Harold James - Project Syndicate - August 2nd, 2020
- Today's Headlines and Commentary - Lawfare - August 2nd, 2020
- Faculty push back on how colleges are planning for the fall - Education Dive - August 2nd, 2020
- Wheelchair Accessible Vehicles Converters Market 2020 Analysis by Geographical Regions, Type and Application Till 2026 with Top Key Players - Owned - August 2nd, 2020
- New release shows the value of the Union to the nations of the UK - GOV.UK - August 2nd, 2020