This post was originally published on this site
The number of cases of COVID-19, the illness created by the novel coronavirus, continued to climb on Monday, with the U.S. tally nearing 145,000 as President Donald Trump extended social restrictions until at least the end of April.
In Europe, there was grim news from Italy and Spain over the weekend with both countries reporting steep increases in the number of deaths and extending or tightening lockdowns. In the UK, Prince Charles is reported to be out of isolation, while Dominic Cummings, a leading aide to Prime Minister Boris Johnson, is reported to have gone into quarantine. Israeli Prime Minister Benjamin Netanyahu has also self–quarantined after one of his aides tested positive.
The number of cases of COVID-19 in the U.S. stands at 143,532 and at least 2,572 people have died, according to data aggregated by the Center for Systems Science and Engineering at Johns Hopkins University. At least 4,865 people have recovered.
The total number of COVID-19 globally stands at 741,030 with at least 35,114 deaths, according to Johns Hopkins data. The U.S. continues to lead the world in number of cases with Italy a close second at 97,689 and at least 10,779 deaths. Spain now has 85,195 cases and at least 7,340 deaths. China is in third place with 82,198 cases and at least 3,308 deaths.
Germany has 63,929 cases of the virus and at least 560 deaths. Other countries that have large outbreaks include Iran, with 41,4595 cases and at least 2,757 deaths.
Dr. Anthony Fauci, a leading infectious disease expert and key member of the Task Force created by Trump to handle the pandemic, told CNN Monday that more than 100,000 Americans may die from the disease. Trump said late Sunday that he expected the country to be on the road to recovery by June 1, although he did not offer specific medical or scientific evidence to support that claim.
New York state remains the epicenter of the virus in the U.S. with 59,513 cases as of Sunday and more than 1,000 deaths. New York City is in turn the epicenter of the state with at least 33,768 cases at last count. Mayor Bill de Blasio again called on the federal government to help with hospital supplies, which are at threat of being fully depleted by Sunday, the New York Times reported.
New York hospitals are reported to be overwhelmed by patients, while the city’s 911 service is reporting volumes last seen during the Sept. 11, 2001 attacks.
A number of U.S. companies said Monday they are making face masks and other equipment for health care workers with some repurposing production lines to meet the demand. Car seat maker Lear Corp. LEA, -3.58% said it has expanded production of face masks to seven lines employing 200 workers, who are able to produce 25,000 units a day. The company is planning to start production at plants in Europe and Mexico and expects to build capacity to 125,000 masks a day and 1,200 workers.
Athletic gear maker Under Armour UA, -1.92% said it plans to make 500,000 masks and 1,000 face shields and thousands of hospital gowns at its Baltimore facility, and donate them to the University of Maryland Medical System and several other medical facilities in the state.
Johnson & Johnson JNJ, +6.67% has identified a lead candidate in its efforts to develop a COVID-19 vaccine and plans to begin Phase 1 clinical trials in humans in September. The investigational vaccine may be ready for emergency use authorization from the Food and Drug Administration by early 2021. The company is also scaling up its vaccine manufacturing capabilities in the U.S. and abroad as part of its commitment to bring “an affordable vaccine to the public on a not-for-profit basis for emergency pandemic use.”
Read now: These 16 companies are working on coronavirus treatments or vaccines — here’s where things stand
Separately, Regeneron Pharmaceuticals Inc. REGN, +4.11% and Sanofi SA SNY, +4.83% said Monday that the first patient in a global clinical trial testing Kevzara as a therapy for patients hospitalized with severe cases of COVID-19 has been treated. The patient is not located in the U.S., though the Phase 2/3 trial is being conducted in seven countries, including the U.S. A second trial is based in the U.S. The companies developed and marketed Kevzara as a treatment for rheumatoid arthritis.
“These trials will provide important data to determine whether Kevzara ameliorates the life-threatening complications of COVID-19 infections by counteracting the overactive inflammatory immune responses in the lungs when damaged by the virus,” Dr. John Reed, Sanofi’s global head of research and development, said in a statement.
Jay Clayton, chairman of the Securities and Exchange Commission, said Monday that while investors are clamoring for news on how the companies in which they are part owners are faring in the midst of crisis, the regulator understands it may be tricky for them to offer forward-looking guidance in the coming second-quarter earnings season. Clayton told CNBC that the SEC will extend deadlines, but it will ask companies to disclose exactly what they know about such metrics as liquidity positions.
Don’t miss: Stock market won’t hit coronavirus lows until these 3 criteria are met, says Goldman Sachs
“We said to the extent you’re unable to get your reviewed financial statements together because the auditors can’t get to your locations to do physical inventory or the extent you have other problems, we’re going to give you more time,” Clayton said. “But in order for us to give you that more time, you’re going to have to explain as much as you can to your investors at this time, including why you need more time.”
See now: Drug makers on shaky ground as clinical trials are postponed and drug launches delayed amid pandemic
Here’s what companies are saying about COVID-19 on Monday:
• Boston Scientific Corp. BSX, -1.99% is withdrawing financial guidance for the first quarter and 2020 as the pandemic has caused the deferral of elective medical procedures. “This disruption, as well as others caused by the evolving COVID-19 pandemic and macroeconomic environment, are expected to negatively impact the company’s financial results,” the medical device maker said in a statement. “In addition, given the ongoing uncertainty of the scope and duration of the pandemic, the company is currently unable to estimate those specific impacts.”
• Chuy’s Holdings Inc. CHUY, -5.89% has furloughed about 40% of workers, including corporate and administrative workers. Senior management and salaried workers will have their pay temporarily slashed by 25% to 75%. Chuy’s has drawn down the remainder of its credit facility equal to $25 million, bringing its total cash and cash equivalents on hand to $28 million. The Tex-Mex chain has withdrawn its financial guidance for fiscal 2020 and canceled non-essential capital expenditures.
• Dollar General Corp. DG, +1.13% will provide a 10% discount at its stores to medical personnel, first responders and National Guardsmen, on qualifying purchases. The discount retailer said it will offer the discounts through April 30, but will evaluate an extension in the coming weeks. Separately, the company said it will invest $35 million in bonuses for eligible store, distribution center and private fleet employees who have been working during a six-week period starting in mid-March.
•Macy’s Inc. M, -0.51% will furlough most of its staff as store closures take a toll. As of Nov. 2019, Macy’s had 130,000 staff members. The department store retailer’s digital sales business remains operational, but it has lost the “majority” of its sales with stores closed since March 18 and will remain closed until further notice.
• Spirit Airlines Inc. SAVE, -13.18% adopted a shareholder rights plan, also known as a “poison pill,” to help block any person or group of investors from taking advantage of the sharp drop in equity prices to take control of the discount airline. The air carrier’s rights plan would become exercisable if a person or investor group acquired 10% or more of the shares outstanding.
• Food services company Sysco Corp. SYY, -6.67% is suspending its share buyback program and reducing capital spending. The company is expecting sales to fall in the short term because of the virus. To combat the effect, Sysco is reducing its workforce through furloughs and other headcount reductions and is tapping $1.6 billion of its $2.0 billion revolving credit facility.
• The Container Store Group Inc. TCS, -18.24% has furloughed some corporate staff, starting March 30, with those staff members receiving benefits until April 30. The retailer has also temporarily closed 40 stores, with staff at those locations receiving two weeks pay and benefits. The company’s remaining stores will operate at reduced hours. There have been significant traffic declines in stores though e-commerce demand has “surged,” said Chief Executive Melissa Reiff in a statement.
• Ulta Beauty Inc. ULTA, +1.47% will close all of its stores until further notice. Store and salon associates will be paid until mid-April and continue to receive the benefits for which they are enrolled. Ulta’s e-commerce business will remain operational, with distribution facility workers receiving a $2-per-hour pay raise.
• Yum Brands Inc. YUM, +3.27% will pay one-time $1,000 bonuses to the nearly 1,200 restaurant general managers at its company-owned Taco Bell, KFC, Pizza Hut and The Habit Burger Grill restaurants, to acknowledge their efforts in the face of the COVID-19 pandemic. To pay for the bonuses, Chief Executive David Gibbs has agreed to forgo all salary compensation for the rest of 2020.
