The fallout of COVID-19 continues: “S&P 500 futures fell nearly 4%;” the yield on 10-year U.S. Treasury notes fell to 0.788%; Brent crude fell by 4.6%; the stimulus and fiscal relief package hit a roadblock in the Senate; and the US’s COVID-19 infections jumped 10x from just a week ago. –
WSJ and
Bloomberg and
NYTimes
For more on oil and a prognosis on Occidental Petroleum Corp., click here. – WSJ and Bloomberg and NYTimes
Occidental also nears a deal with Richard Icahn regarding their boardroom dispute. – Bloomberg and WSJ
Martin Shkreli’s despicable name once again makes the news; Shkreli founded Vyera Pharmaceuticals, which now faces allegations by the FTC and New York that the company monopolized the Daraprim market, “a drug used to treat potentially fatal parasitic infections.” – Law360
Governments around the world are fighting the pandemic by closely surveilling their citizens. The methods and data, however, may be used to further political agendas unrelated to public health. The cost/benefit analysis deserves consideration. – NYTimes
COVID-19 has caused smaller companies to make cuts to their workforce, but large companies have the means to continue paying their workers. As the month wears on, however, large companies will need to reevaluate their ability to keep all of their employees. – WSJ
Hotels and airlines are particularly sensitive to prolonged dips in demand. Marriott has made significant cuts. – WSJ
U.S. airlines want a bailout. Should they get it? If they should, shouldn’t they be more heavily regulated? Just asking. – Bloomberg
In response to the coronavirus’s impact on the airline industry, Airbus has gone so far as to withhold its dividend and extend “credit lines, lifting liquidity about 50% to 30 billion euros.” – Bloomberg
Emirates and Singapore airlines are suffering too. – Bloomberg
The trade war with China has complicated matters, especially negotiations related to the U.S.’s access to China’s large supply of N95 medical masks. – NYTimes
SoftBank Group Corp. will take some drastic measures to help quell “the tumbling price of its stocks and bonds.” The company’s plan includes selling $41 billion “of its assets to buy back shares and redeem debt.” – WSJ
If you or family members are having trouble separating fact from fiction when it comes to COVID-19, the WSJ provided a solid guideline on how to filter through the cacophony. – WSJ
