Daily Archives: March 10, 2020

Most veterans of the 18-year war in Afghanistan wouldnt have predicted this was how the fightback after the attacks of 9/11 would end: with the U.S. President calling the conflict a waste of American blood and treasure, and a U.S. peace deal with the Taliban forcing Afghan officials to sit down with the militants and discuss dismantling a government the U.S. helped build.

The long-awaited U.S.-Taliban deal to end the war, signed on Feb. 29, has not had a smooth start. Days after it was penned, the militant group attacked Afghan forces in the south of the country, apparently over the Afghan governments initial refusal to release 5,000 prisoners, a condition written into the deal before intra-Afghan talks can start. U.S. forces in Afghanistan, which have long provided air support to Afghan troops, bombed Taliban positions in response. Afghan President Ashraf Ghani has since agreed to release some of those prisoners, according to the U.S. Secretary of State, but its not clear how many, or if its enough to get both sides to show up for talks.

The countrys leadership remains in a steady state of political crisis. On Monday, there were two separate Afghan presidential inaugurations held in the capital city, Kabul: one ceremony for Ghani and one for the other claimant to the presidency, his rival Dr. Abdullah Abdullah, who has rejected last Septembers election results claiming rampant voting fraud.

President Donald Trump has shown no sign of souring on the agreement, calling the Taliban warriors in remarks to supporters last week, and even conceding the militants may one day take the country back from the Afghan government. You can only hold somebodys hand for so long. Its not supposed to happen that way, but it possibly will, he told reporters Friday at the White House. And though its not certain when or if the Taliban will sit down with the Afghan government, on Monday U.S. forces spokesman Col. Sonny Leggett announced the U.S. will draw its troop numbers down from 13,000 to 8,600 in the next 135 days, per its agreement with the militant group.

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Trumps embrace of the Taliban has landed like a gut punch to some of the men and women whose lives have been changed forever by the war. Even for veterans who think the U.S. should get out of Afghanistan, it looks a lot like Washington is backing the people who plunged Afghanistan back into the middle ages in the 1990s, harbored al-Qaeda as it plotted the 9/11 attacks on New York and Washington, and killed thousands of American troops since, instead of backing a modern Afghan government that holds elections, and allows women to vote, work outside the home, and ditch veils if they so choose.

The fact that the deal hit so many roadblocks in so few days has also fed a sense of numbness among veterans, deepening the sentiment that the war wasnt worth fighting, as most veterans said in a Pew poll last July.

I wanted to get out, but I didnt think wed get out like that, handing the guys we fought for the last 18 years a victory, said one long-serving U.S. veteran who recently left Afghanistan after multiple tours, who requested anonymity because he may return again to work there.

Since the signing of the peace deal, he said hes been having painful discussions with other soldiers whod fought the Taliban since 2001. Saying these people who have been committing these horrible crimes, they really arent so badIts hard for us to get our heads around, he said.

Its also a confusing time for those who lost loved ones in the war. For surviving families, its important that they understand that their loved ones life and service had meaning and purpose, says Bonnie Carroll, who runs the Tragedy Assistance Program for Survivors, better known as TAPS, based in Arlington, Virginia. That purpose, she says, includes knowing that their sacrifice helped create a stable country where the next generation grow up with opportunities for education, employment and security.

Veterans of the Afghan war have previously fallen into a couple major camps: the Lets get out, and walk away from sunk costs. Dont throw good money after bad group; and the smaller but more vocal camp, which includes retired Gen. and former CIA Director David Petraeus, who believes the U.S. must keep an enduring military presence in Afghanistan, like it has in Germany and South Korea, as a backstop against another 9/11.

A former CIA officer who served in Afghanistan and took part in these debates says previous military commanders like Petraeus have argued that an enduring presence requires roughly 10,000 troops at the cost of tens of billions a year. The new deal calls for a drawdown to 8,600 by the fall, a number deemed sufficient by the current U.S. commander in Afghanistan Gen. Scott Miller, and zero within 14 months, if conditions are met.

Those conditions include how the Taliban handles terrorists in territory it controls and whether it takes part in intra-Afghan talks, according to senior administration officials briefing reporters anonymously, as a condition of sharing the information. But they are are laid out in the deals classified annexes, and have been criticized by U.S. lawmakers who have read them as putting too much trust in the Taliban.

Some high-level veterans agree. One former senior U.S. commander praised the deal for breaking the status quo of a never-ending war, but worried that the Taliban are getting too much legitimacy and at the expense of the Afghan government, and that the deal puts too much trust in the Taliban to keep up their end of the bargain after U.S. troops have left. Actually pulling out all our troops in 14 months time leaves us with no leverage and severely limits our ability to verify whatever conditions are in the agreement or claims that are made by the Taliban.

Others welcome the drawdown. Getting down from current troop levels of about 13,000 to 8,600 is heading in the right direction, says the former CIA officer, who counts himself firmly in get out now camp. The young boys who are dying there now dont even remember 9/11. They were one or two when it happened, he says. I dont like the idea of were just going to stay forever, on an ill-defined mission which can only be described as trying to keep a lid on the place so it doesnt become a staging ground for another big terrorist attack on the West.

Few would argue that Washingtons goals in Afghanistan are clear. The conflict started off with a straightforward enough mission in 2001 to topple the Taliban and capture or kill the Al-Qaeda terrorists it harbored, key among them, 9/11 plotter Osama bin Laden. U.S. special operations forces got Bin Laden inside Pakistan in 2011. But in that decade, the U.S. campaign morphed into an expensive and ultimately unsuccessful operation of nation-building, fueled by a mixture of hubris, good will and that old-fashioned American can-do spirit. Allied troop strength in Afghanistan peaked at 150,000 between 2009 to 2013. Over nearly 20 years, the U.S. has spent $876.4 billion, according to the U.S. Inspector General for Afghanistan.

Successive Afghan administrations havent done much to prove to Washington that the investment has been worth it. Attempts to export democracy and development there have foundered in large part due to the countrys systemic corruption, a byproduct of 40 years of war where many of its denizens have done what it takes to survive. Leaving the country is in the best interest of the U.S. and the Afghans, said the former soldier, who was one of the longest serving Americans in the country. Our presence has fueled corruption from the start, hindered civilian aid efforts, and created perverse incentives in both countries for the continuance of the war.

If it has become a proverbial money pit for Washington, it has been a font of heartbreak for allied troops, with more than 3,500 US and NATO forces killed, as well as an estimated 45,000 members of the Afghan security forces lost, according to the Afghan National Security Council. Back home, U.S. troops struggle with the memories of launching counterattacks that have killed or injured some 150,000 Afghans caught in the crossfire, another figure shared with TIME by the Afghan NSC.

Thats why it was time to go, as the longtime commander, the soldier and CIA officer who served there all agree. But the former soldier hoped the U.S. would simply step away with no deal, and keep backing the Afghan allies theyd trained, at least financially. Im okay with the Afghans fighting for their own country and us supporting them from a distance. Im not comfortable with us just walking away.

It is morally wrong to give legitimacy to an enemy that continues to murder our people, he continues. And it undermines our credibility around the world. Who can or should trust an America that cavalierly surrenders an ally like this?

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'I Didnt Think Wed Get Out Like That.' Veterans Have Mixed Feelings As U.S. Withdraws Troops From Afghanistan - Yahoo News

United Airlines (UAL) President and incoming CEO Scott Kirby warned on Tuesday that the airlines move to cut overall capacity could hit 20% this May and grow by an equal or greater amount each month until ticket demand returns.

Our current dire scenario planning option is for revenue to be down 70% in April, Kirby told investors at the JP Morgan Industrials Conference in New York City. While he doesnt expect the revenue hit to actually be that bad, he says Uniteds goal is to raise liquidity, cut cap ex, and reduce capacity to position ourselves to bounce back when the crisis ends.

The warning from the United Airlines CEO comes as all of the major airlines face fallout from the new coronavirus outbreak, which has hit the travel industry particularly hard. CEOs from Delta and American Airlines also said at Tuesdays conference that they were cutting capacity as the coronavirus reduces demand for tickets.

Boeing 767 300 of American Airlines at Viracopos Campinas Airport, Sao Paulo Brazil

Delta (DAL) CEO Ed Bastian is piloting his airline down a similar path to United since the virus spread outside of China. Since then we have seen a 25 to 30% decline in net bookings and are prepared for it to get worse, Bastian told investors at the conference.

Delta is taking aggressive actions to maintain its financial position, which includes reducing international capacity by 20% to 25% and domestic capacity by 10% to 15%. Delta is also targeting $1.8 billion in cost reductions, which include a company-wide hiring freeze, voluntary leave options, parking aircraft and retiring older planes. But, he noted, This demand destruction like all others is temporary.

Credit: David Foster/Yahoo Finance

American Airlines (AAL) is also cutting its schedule, suspending service from some U.S. airports to Rome, Milan, Venice, and other cities in Europe. Chairman and CEO Doug Parker told the JP Morgan conference its cutting domestic capacity by 7.5% in April. American is aggressively readjusting our flight schedule ... which will result in a 10% reduction in our international summer capacity versus our current schedule, he said.

Parker says that includes a current 55% reduction in trans-pacific capacity. These reductions are based entirely on customer demand, not safety concerns, Parker said.

Investors rewarded the airline leaders transparency, driving their stocks up during Tuesdays trading session. But 2020 has been rough for the airlines: Shares of Delta are off roughly 22% year to date, and United and American are down about 40%. But Americans Parker says, The U.S. airline industry will manage through this and American Airlines will lead the way.

Bastian echoed that sentiment, pointing out the airlines are in better cash positions than after previous crises like the 2001 terror attacks that led to several big airline bankruptcies. Over the last 10 years, weve transformed Delta by strengthening the balance sheet, Bastian said.

But all three admit the coronavirus outbreak and the challenges it poses to their businesses continue to change. Its one reason Delta suspended its full-year guidance and Kirby said United would suspend its guidance for the first quarter. Let me be blunt, speaking for United, hope is not a strategy, Kirby said. Our strategy is to act quickly.

Adam Shapiro is co-anchor of Yahoo Finances On the Move.

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Airline CEOs warn coronavirus is cutting into reservations and are prepared for it to get worse - Yahoo Finance

The Golden State Warriors will continue playing games at their new Chase Center despite the spread of the recent coronavirus, as well as the pleas of multiple San Francisco officials according to Mission Local's Joe Eskenazi.

Several sporting events in the neighboring Santa Clara County have already been canceled by mandatory order of the countys Public Health Department, including three San Jose Sharks home games.

A similar action might be required for the Warriors to follow suit. However, the team did acknowledge the dangers of the coronavirus in signs posted around the Chase Center on Tuesday saying it wasnt liable if fans contract coronavirus in the arena.

From Mission Local:

I have personally spoken to the head of the Warriors organization, Rick Welts, said Supervisor Aaron Peskin. I have expressed my desire that they do this voluntarily before, in the days ahead, we do it as an emergency public health order. Its not a matter of if. Its a matter of when. I hope they come to that conclusion before we make them come to that conclusion.

The office of San Francisco mayor London Breed also released a number of recommendations on Friday to combat the spread of the virus, including the cancellation of non-essential events.

Sporting events were mentioned specifically by name in the recommendations of large gatherings that should be canceled or postponed, though there might be some quibbling over what should be considered non-essential.

According to Mission Local, the Warriors were directly presented with the recommendations and their response was summarized as thanks for the recommendations. The mayors office has reportedly not yet discussed a more forceful tack.

The Warriors won't close off games, but they will make it clear that fans can't sue them if they contract coronavirus at those games. (Photo by Ezra Shaw/Getty Images)

The team is declining to cancel games against the advice of health experts. Dr. John Swartzberg, an infectious-disease expert at UC Berkeley, told The Athletic that the NBA should not be hosting games during the spread of the coronavirus:

When pressed for further explanation he said, I think large gatherings of people in closed environments in the case of a pandemic is not prudent. Its the perfect way to spread the virus.

The Warriors who currently sit in last place in the Western Conference at 15-49 have six home games remaining in the month of March, including a date against the Los Angeles Clippers on Tuesday.

While they arent canceling the games, the threat is apparently big enough that the team posted several signs around the Chase Center on Tuesday advising fans that their attendance could increase their risk of contracting the coronavirus and they voluntarily assume all risks by entering the arena.

The Warriors will also observe the recent NBA orders to close off locker rooms to all media and any non-essential personnel. Well see if they take any further action, or are made to take it.

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Report: Warriors won't cancel games, but will tell fans team isn't liable if they contract coronavirus - Yahoo Sports

President Trump on Monday attempted to dismiss coronavirus fears with a misleading tweet comparing the virus causing the global health crisis to the seasonal flu.

So last year 37,000 Americans died from the common Flu, Trump tweeted. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!

Trumps tweeted thought experiment came after trading on the New York Stock Exchange was temporarily halted as stocks plunged more than 2,000 points, a 7 percent drop that triggered an automatic pause.

In fact, many things are shut down. Columbia and Princeton Universities were among the latest to cancel classes or move them online Monday, and hundreds of conferences, conventions and public gatherings have been canceled, including the South by Southwest festival in Austin, Texas, and the St. Patricks Day parade in Dublin.

The president blamed the stock market dive on a fall in the price of oil, as Saudi Arabia and Russia are aggressively competing for market share as an economic slowdown looms.

That, and the Fake News, is the reason for the market drop! he tweeted, adding: Good for the consumer, gasoline prices coming down!

While its true that tens of thousands of people die from the flu every year a statistic about which Trump repeatedly has expressed amazement the coronavirus appears to be far more lethal to those who are infected. Earlier this month, the World Health Organization said that 3.4 percent of reported coronavirus patients have died worldwide.

Globally, about 3.4 percent of reported COVID-19, World Health Organization Director-General Tedros Adhanom Ghebreyesus said at a briefing on March 3. By comparison, seasonal flu generally kills far fewer than 1 percent of those infected. (In an interview with Fox News host Sean Hannity the following day, Trump called the 3.4 percent fatality rate for coronavirus a false number.)

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And while there are widely available treatments and vaccines for the flu, there are none for the coronavirus.

That did not prevent Trump from working the rope line after arriving in Orlando Monday morning after spending the weekend golfing at Mar-a-Lago.

On "Fox & Friends," White House Press Secretary Stephanie Grisham said the president is not concerned he might contract the coronavirus, and has no plans to stop holding re-election rallies.

Ill tell you what, with our president, this man who doesn't sleep and who I have seen work 15, 16 hours a day every day, I have no problem thinking that he is going to be just fine and just healthy, Grisham said.

The president of the United States, as we all know, is quite a hand washer, she added. He uses hand sanitizer all the time. So hes not concerned about this at all.

In a visit to the Centers for Disease Control headquarters in Atlanta Friday, Trump falsely claimed that anybody that needs a test gets a test for coronavirus.

That assertion came after Vice President Mike Pence, whom Trump appointed to head the administrations coronavirus task force, admitted that the United States does not have enough coronavirus test kits, and that it would be a matter of weeks before the tests would be broadly available.

In California, the Grand Princess cruise ship that had been stranded off the coast for several days, with passengers confined to their cabins, was scheduled to dock Monday at a cargo port in Oakland to allow passengers to disembark. More than 20 passengers and crew have tested positive for the virus.

Trump said on Friday that he opposed letting the passengers off the ship, because it would affect the total figure on the number of cases in the United States and make the administration look bad.

I like the numbers being where they are, Trump said. I dont need to have the numbers double because of one ship. That wasn't our fault.

On Sunday, Trump retweeted a meme posted by his social media director, Dan Scavino. It showed Trump appearing to play a violin, with the legend My next piece is calledNothing can stop whats coming.

Who knows what this means, but it sounds good to me! Trump wrote on his retweet.

___

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Netflix (NFLX) will be yet another company dented by the global coronavirus outbreak, according to Needham analyst Laura Martin.

In a note Tuesday, Martin reiterated her Underperform rating on shares of Netflix. By Martins estimation, beliefs that the streamer will be insulated from the outbreaks impact have been overblown, as the company faces the threat of losing international subscribers and the ability to stem its existing cash burn as the virus spreads.

To date, the companys stock remained largely resilient even as concerns over COVID-19 dragged the broader market lower. Many latched onto the view that Netflix would benefit from having subscribers at home to use the service as they shirked public entertainment amid the outbreak.

That perspective has translated into a stock that rose nearly 7% in February, outperforming against the S&P 500s 8.4% decline.

But having more people at home to binge more hours of Netflix wont necessarily translate into higher revenue for the company, Martin pointed out.

NFLX charges a fixed price of $9-$16/month in the U.S., regardless of how many hours are watched, Martin said. More hours viewed by existing subs are not monetized by NFLX.

Netflix does not offer an ad-driven tier and has so far declined to take on an advertising-based business model, despite broad investor speculation as more competitors join the fray. That decision prevents Netflix from capitalizing on any upside from increased viewership that could arise as social distancing increases with the coronavirus outbreak, Martin said.

And given that Netflix was already saturated in the U.S. at 61 million domestic subscribers as of December 31, its unlikely that COVID-19 adds new U.S. subs, Martin said.

The coronavirus outbreak also threatens to cap growth in Netflixs international subscriber base, Martin said. International paid users climbed by about 30% at the end of 2019 to 106 million, with Europe, the Middle East and Africa (EMEA) segment constituting the highest number of subscribers outside of North America.

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Italy just quarantined its entire country implying millions of travel employees are not going to work or get paid, and travel globally has declined precipitously, Martin said. Since NFLX is a luxury, we assume international churn will rise and offshore revenue growth will slow until COVID-19 retreats.

Threat of slowing subscriber growth aside, Netflixs heavy content spending also presents a vulnerability and could amplify the companys negative free cash flow if and when revenue falls. The company spent $15 billion in creating content in 2019, Netflix said in January, and Needhams Martin said she expects that number will climb to as much as $18 billion this year.

Even if NFLXs revenue falls, its content commitments are largely fixed, Martin said.

Netflixs free cash flow (FCF) in 2019 had been negative $3.3 billion, which the company said at the time would be the peak in our annual FCF deficit. But Netflixs FCF profile could be materially worse if revenue falls in Asia, Europe, or Latin America, which together comprise more than half of Netflixs estimated 2020 revenue, Martin said.

And while the high-yield bond market has been Netflixs spigot of choice for cash infusions, that source could become more difficult to tap if Netflixs subscriber and revenue growth slows and translates into a lower stock price, she added.

One of the benchmarks that lenders look for when they price NFLXs debt is how much of a cushion they have based on the market value of NFLXs equity, Martin said. This cushion falls with NFLXs share price.

Martin has maintained an Underperform rating on Netflix since December 2019. The stock has 29 Buy and Buy-rating equivalents, 8 Holds and 7 Sells, according to Bloomberg data.

Emily McCormick is a reporter for Yahoo Finance.Follow her on Twitter: @emily_mcck

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ST. PAUL, Minn. (AP) A Minnesota mother has admitted she severely injured her 11-year-old son by throwing him from the balcony of their fourth-floor apartment but has not explained why, police said.

Itayvia Lloyd, 33, was being held Tuesday in the Ramsey County jail on probable charges of aggravated assault, malicious punishment of a child and assault of a police officer. Formal charges could be filed Tuesday.

A resident of the St. Paul apartment called police Monday believing the child had jumped from the balcony. Officers found the boy on the ground in the building's courtyard with significant injuries, according to police spokesman Steve Linders.

Lloyd admitted that she dragged the boy from his bunk bed and threw him over the balcony, but did not explain why, Linders said.

The child is expected to survive, but he suffered injuries including at least one broken leg, a fractured jaw and head injuries, police said.

A 6-year-old sibling in the home appeared to be unharmed.

It makes no sense, Linders said, adding that it deeply affected first responders. These are some of the most difficult calls that officers respond to because many are parents themselves.

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Police: Woman won't explain why she threw son from 4th floor - Yahoo News

NEW YORK The clock on Kenny Atkinsons time with the Brooklyn Nets started ticking the moment Kevin Durant and Kyrie Irving arrived on his doorstep, when the franchise turned from afterthought to relevant.

The atmosphere Atkinson helped build one that was apparently so attractive to Durant and Irving seems like it played a part in his undoing. Whether he was fired or mutually parting ways, as the Nets news release states, is immaterial.

In a year that was nothing more than groundwork for the future, the meshing of Atkinsons style with Durant and Irving was on trial. Even though Irving only played 20 games and is out for the season following shoulder surgery and Durant is still recovering from his Achilles injury, everyone had to deal with each other and honestly evaluate if this would be a marriage that would stand into next season.

Kenny pushed for the parting just as much, if not more than Brooklyn, a league source told Yahoo Sports.

In a players league and on a team where star players voices undoubtedly matter for a franchise that yearns to matter, its hard to envision a scenario where Durant and Irving wanted to keep Atkinson around, but general manager Sean Marks was hellbent on firing a friend, someone who helped build the Nets into a respectable product.

Marks didnt say it was the Nets 28-34 record, off the pace from their 32-30 mark at this point last year. It wouldve been an excuse that didnt fly far, but he didnt even make note of it during his media session Saturday afternoon.

Is this player empowerment rearing its head? Or the burden of incoming expectations causing a franchise to take an honest look at itself, not wanting to tether itself to its overachieving past but to the hard reality that awaits when two superstars are healthy, vocal, influential and ready to win now?

Kenny Atkinson was in his fourth season as the head coach of the Brooklyn Nets before Saturday's parting of ways. (Michael Reaves/Getty Images)

Now the Nets become an intriguing place for whomever will step in next season, assuming Jacque Vaughn only keeps the interim title for the next 20 games. Its a challenge to corral all of this together, especially when Irving and Durant are so admittedly mercurial and tough to please.

Irving soured on Atkinson early, league sources told Yahoo Sports, and currently prefers Clippers assistant Tyronn Lue to be the teams next head coach. Lue was the head coach in Cleveland when Irving hit the winning shot in the 2016 NBA Finals and was in talks to take the Lakers job before discussions broke down.

Its a service business. Im serving these guys. Im just a vessel, Vaughn said. Its todays game and being able to adjust, getting the most out of talent on your roster. But also listening and hearing the voices of the No. 1, 2, 3, 4 guys on your roster is crucial. And having that relationship is a must in todays game.

Marks wanted to take the pressure off the players, saying it was something he and owner Joe Tsai were collaborating on more recently. But as someone who should take the pulse of his most important players before making such a change, hes too smart to do that without knowing the room.

There seemed to be friction from the start, dating back to when the teams rigid methods seemed to clash with the individual equity stars like Irving built up through years of on-court success.

Theres always pushback from even the most mild-mannered players to agreeable types, let alone strong personalities that dont keep their thoughts to themselves.

This is the NBA. Disagreements happen, it's an alpha male dominated environment, a highly competitive situation, Spencer Dinwiddie said, being more tight-lipped than usual.

Multiple sources told Yahoo Sports that Atkinson wasnt fond of coaching Durant and Irving based on what he saw this season, and would rather something happen now than at the end of the season.

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That gibes with Marks saying he and Atkinson had been in discussions about this for weeks, even months now. Its tough to embrace Atkinson putting so much into turning the franchise around, but ready to wash his hands of it months into this season.

Whether Atkinson didnt bend enough to accommodate his accomplished veterans for fear of alienating those who knew him as something different, or the situation was too awkward to work, seems fair to speculate.

And its easy to like a culture from the outside before you have to put in the hard work that comes with maintaining it. Its also easy to admire something from afar when youre yearning to leave the Bay Area and Boston for something, anything else.

Oh, it was definitely mutual, a league source told Yahoo Sports.

For the Nets, their culture came at a cost and for anyone who thought otherwise, a culture only goes as far as the players allow it to, and even then there will be natural erosion over a period of time hence why Marks alluded to Atkinson apparently telling him recently that my voice is not what it once was here. Its time.

For any culture to endure, there must be buy-in from the biggest voices, and for this Nets renaissance, Atkinsons voice was the loudest. Who else had the standing in the league to challenge him before this year?

Atkinson was helping to develop players, a master at maximizing what he had to work with. Turning Spencer Dinwiddie from a confident journeyman to near All-Star, Joe Harris from underwhelming prospect to near Olympian and Caris LeVert from a maybe to a certainty will be the biggest victories on his dossier.

But it takes a little something different to coach Irving, to coach Durant as individuals, let alone a duo with skins on the wall, championship moments and Hall of Fame rsums.

It doesnt feel like an accident that the man tabbed to replace Atkinson Vaughn is said to have a strong relationship with Irving.

We have the immediate connection of being point guards, Vaughn said. Weve formed a relationship, which Ive tried to with each guy, but I guess were able to talk in point guard language.

The question is, how long before the language changes? And whos multilingual?

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Kenny Atkinson's tenure with Nets comes to surprising end, as sources say Kyrie Irving prefers Tyronn Lue to take over - Yahoo Sports

The coronavirus grip on the market continues. Since the beginning of February, the S&P 500 has shed 8.5% of its value, a reflection of the effect the outbreak is having on the global economy. Amidst the bloodbath, one specific group of stocks is holding up. These are the drug companies those infected, the public at large and investors are hoping can halt the virus from spreading any further. GileadSciences (GILD) is among those leading the search for a treatment and is currently being rewarded by the market. In contrast to the broader market, GILD stock is up 23% year-to-date.

Remdesivir, one of the companys existing drugs which was previously tested as a possible treatment for Ebola, is being tested as a potential treatment for COVID-19.

Gilead has initiated two Phase III studies in China, one in severe patients and one in patients with moderate symptoms. The trials will have short endpoints (14 days), with the possibility of data readouts in April.

In addition to the coronavirus developments, Gilead also recently announced it will acquire immuno-oncology specialist Forty Seven, in a deal worth $4.9 billion.

While Jefferies Michael Yee remains positive on Gileads prospects, the 4-star analyst tempers expectations of the drugs financial impact. We applaud the efforts - but reiterate while this is fundamentally positive, the financial implications are modest (pricing, one-time use, no tail). Also, in our discussions, while GILD is hopeful on the efficacy, they caution CV should not be a key driver to valuation, since it is mostly humanitarian and unlikely to drive any material benefits. In our math, even at a $1,000-5,000 price x 500,000 estimate points, this is $500 million-$2 billion-plus but GILD has been known to give away aid to regions at cost, said Yee

Yee reiterated a Buy on Gilead, along with a price target of $76. Gileads recent surge means the figure currently implies possible downside of 5.26%. (To watch Yees track record, click here)

Maxim Groups Jason McCarthy is also skeptical of the drugs ability to drive profit.

The analyst noted, The coronavirus threat is real, and it should be a concern to the public-no question. However, from an investing perspective, we view remdesivir as a relatively modest opportunity at best for Gilead, and not a growth driver. That said, we are not at all minimizing Gilead's efforts to rapidly advance remdesivir to see if they have a drug for coronavirus that could save lives. Actually, the company's efforts are impressive to say the least. We are looking at it purely through the lens of the value proposition and the growth prospects of the company; fundamentals vs. hype.

Accordingly, McCarthy remains on the fence and maintains his Hold rating. The analyst currently has no price target. (To watch McCarthys track record, click here)

The Streets take on the virus fighter is currently split almost evenly down the middle. 9 Buys, 9 Holds and 1 Sell add up to a Moderate Buy consensus rating. The average price target is $75.94 and implies that the analysts see the stock dropping 5.34% from current levels. (See Gilead stock-price forecast on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights.

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A quarter of Italy's population was in lockdown Sunday as the government announced a spike in deaths, with infections soaring past 7,000, overtaking South Korea as the country with the highest number of cases after China.

Italy's COVID-19 death count nearly tripled from 133 to 366 and infections rose by a single-day record from 1,492 to 7,375.

The outbreak has now killed nearly 3,792 people and infected more than 109,000 in 99 countries and territories.

Italy's measures, in place until April 3, bar people from entering or leaving vast areas of the north, according to a decree published online.

Sunday saw Rome forced to close its blockbuster exhibition marking 500 years since the death of Renaissance master Raphael.

The head of the southern Puglia region pleaded with anyone thinking of travelling there from areas in lockdown to "stop and turn around ... Don't bring the epidemic to Puglia."

The lockdown, however, does allow for the return home of those who were in the affected areas but live elsewhere, including tourists.

Football matches also took place behind closed doors -- Italian Footballers' Association president Damiano Tommasi tweeted that "stopping football is the most useful thing for our country right now" as "the teams to cheer are playing in our hospitals, in emergency rooms."

Germany, with some 850 declared cases to date, Sunday banned gatherings of more than 1,000 people, as did France, where 19 have now died. Greece indicated it would follow the closed door approach to sporting events.

Neighbours Austria and Switzerland said they were monitoring the situation closely with both announcing the suspension of some transport links -- though borders remain open.

Italy's quarantine zones are home to more than 15 million people and include the regions around Venice and financial capital Milan.

A further ramification of the virus saw inmates revolt at four Italian prisons over new rules introduced to contain the outbreak, including a ban on family visits, prison officers union Osapp said.

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- 'Bold, courageous' -

The World Health Organization praised Italy for its "bold, courageous steps", according to a tweet by its boss Tedros Adhanom Ghebreyesus.

Pope Francis expressed solidarity with the virus victims in his first livestreamed prayer and message from the Vatican.

"I join my brother bishops in encouraging the faithful to live this difficult moment with the strength of faith, the certainty of hope and the fervour of charity," he said.

- Air and sea -

Iran earlier reported 49 new deaths, its highest toll for a single 24-hour period, taking the number of fatalities there to 194, one of the highest tolls outside of China. The virus has spread to all of Iran's 31 provinces with 6,566 confirmed cases.

Iran Air announced the suspension of all its flights to Europe until further notice.

Egypt reported a first confirmed death -- also Africa's first -- with the health ministry saying a German citizen had died in a tourist resort.

In the US, the contagion has spread to 30 states, killing at least 19 people.

Passengers on the US cruise ship Grand Princess, on which 21 of the 3,533 on board tested positive for the disease, will remain confined to their cabins in waters off San Francisco until Monday, when the vessel is due to dock in Oakland.

Another cruise ship, the Costa Fortuna, with around 2,000 aboard, was turned away by Malaysia and Thailand, an official said.

- 'Sombre moment' -

A report from the UN Conference on Trade, Investment and Development (UNCTAD) meanwhile warned that the virus spread could hit foreign direct investments worldwide by as much as 15 percent as international business reels.

In Russia, where 17 cases have been reported to date, authorities warned Moscow residents that anyone not respecting quarantine measures risked five years jail if such a violation resulted in a death.

South Korea currently has some 7,313 cases, and Sunday said its rate of infection was slowing.

And in China itself, the number of new cases reported Sunday was the lowest in weeks, with nearly all 44 of them in Wuhan, the capital of Hubei province and epicentre of the outbreak.

The only infections in China beyond Hubei were imported from abroad, including arrivals from Italy and Spain in Beijing.

Authorities said on Sunday that at least 10 people had died in the collapse of a hotel used as a coronavirus quarantine facility in Quanzhou, in eastern China.

Stock markets in the energy-dependent Gulf region plunged to multi-year lows Sunday after OPEC's failure to agree oil output cuts with its allies, especially Russia.

- Sport struck -

As well as the increasing disruption to European football, The Asian Champions League was put on temporary hold on Sunday, while organisers of Bahrain's Formula 1 Grand Prix scheduled for March 22 said the race would go ahead without spectators.

The Shanghai Grand Prix, slated for April 19, has already been postponed although the season-opening race in Australia on March 15 is set to go ahead as planned.

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Quarter of Italians on lockdown as virus sweeps globe - Yahoo News