Financial Daily Dose 3.23.2020 | Top Story: The Fallout of COVID-19 Continues

Robins Kaplan LLP

Robins Kaplan LLP

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

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.