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The first documented U.S. cases of the coronavirus that causes COVID-19 actually occurred in early February and not March 9 as health officials in California believed, after Santa Clara County identified at least three cases in people who died at home and were tested during autopsies.
Officials said the testing criteria determined by the Centers for Disease Control and Prevention at the time restricted testing to individuals who had traveled to hot spots or sought medical care for specific symptoms and said they expected more early cases to emerge. The local medical examiner collected samples during autopsies performed on people who died on Feb. 6, Feb. 17 and March 6 who later tested positive for the novel coronavirus.
The news comes amid widespread criticism of the U.S. government’s handling of the pandemic, and particularly its failure to take aggressive action early when the data coming from Asia and Europe were already becoming grim. President Donald Trump brushed off initial fears, dismissed the illness as being no worse than the regular flu and declared a national emergency only on March 13.
On Tuesday, Trump followed on his prior-day tweet on suspending immigration with news of an executive order that would put a 60-day pause on the issuance of green cards, as the Associated Press reported. The order would include exemptions, he said at his daily press briefing, without providing further detail. Trump has long advocated restrictions on both legal and illegal immigration and has raised concerns for years about foreigners competing with American citizens for jobs.
Trump also came away from a meeting with New York Gov. Andrew Cuomo pledging more aid for New York and other U.S. states in the fourth stimulus package currently being negotiated, as MarketWatch’s Victor Reklaitis reported. Cuomo has clamored for help in developing a robust testing regime in New York, which remains the U.S.’s COVID-19 epicenter, before reopening the economy and lifting stay-at-home restrictions. Trump said the two leaders “have an understanding on testing.”
“The federal government will work along with the state on the national manufacturers and distributors. … We hope this model will work with the other states, as well,” he said.
Trump earlier Tuesday had tweeted before a key Senate vote that a new round of negotiations soon would begin on money for state and local governments, infrastructure work, and delivering tax incentives for businesses and individuals. The Senate then approved a nearly $500 billion package providing more help for small businesses and hospitals, which some analysts have described as “Phase 3.5” of the congressional response to the pandemic.
Latest tallies
There are now 2.61 million cases of COVID-19 globally, and at least 181,235 people have died, according to data aggregated by Johns Hopkins University. At least 703,502 people have recovered.
The U.S. has the highest case toll in the world at 834,858 and the highest death toll at 45,894.
Spain has the highest number of cases in Europe at 208,389 and 21,717 deaths. Italy has 187,327 cases and 25,085 deaths, the highest number of fatalities in Europe.
France has 159,315 cases and 20,829 deaths, while Germany has 149,401 cases and just 5,165 deaths. The U.K. has 134,637 cases and 18,151 deaths.
Turkey has now moved above China with 98,674 cases and 2,376 deaths, followed by Iran with 85,996 cases and 5,391 deaths. China, where the disease was first reported late last year, has 83,868 cases and 4,636 deaths.
Some European countries have made steps toward lifting restrictions on movement. Spain said it will phase out its lockdown in the second half of May, after Prime Minister Pedro Sánchez asked for an extension in the country’s state of emergency until May 9, the Guardian reported.
Dispatches from a Pandemic:A glimmer of light at the end of the lockdown tunnel in Spain
Medical news
The head of the CDC warned that a new wave of the virus that may hit next winter could complicate the U.S. effort to deal with the outbreak once it meets the next flu season.
“There’s a possibility that the assault of the virus on our nation next winter will actually be even more difficult than the one we just went through,” Robert Redfield, CDC director, was quoted as having told the Washington Post.
Redfield said states and the federal government should use the coming months to scale up the country’s testing capacity, and that people should maintain social distancing even after the current restrictions are lifted.
What are companies saying?
The earnings season continued apace, and streaming giant Netflix Inc. reported an even bigger-than-expected surge in subscriptions as millions of people around the world are sheltering in place. Netflix US:NFLX added nearly 16 million subscribers in a record quarter, although executives said the next few quarters are pure “guesswork.”
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“The actual Q2 numbers could end up well below or well above that, depending on many factors, including when people can go back to their social lives in various countries and how much people take a break from television after the lockdown.”
Snap Inc. US:SNAP said revenue rose 58% in January and February before slowing to 25% growth in March but said it was unable to offer much guidance on the coming months.
Kimberly-Clark US:KMB, meanwhile, had a strong quarter, thanks to demand in its consumer tissue segment, which includes facial-tissue and toilet-paper brands Kleenex, Scott and Cottonelle, all products much in demand during the pandemic.
Elsewhere, companies continued to cut jobs or furlough workers, close facilities, cut spending and tap credit lines.
Here’s the latest on what companies are saying about COVID-19:
• Clothing retailer American Eagle Outfitters Inc. US:AEO has the liquidity to last beyond fiscal 2020 even with stores closed since March 17. American Eagle has drawn down $330 million of its $400 million revolving credit facility, and has about $490 million in cash and cash equivalents on hand. The company has cut capital spending by $100 million, cut inventory and suspended its share repurchase plan. First-quarter dividend payments have been deferred and it has furloughed store, field and corporate workers since April 5. Digital business, which totaled 29% of revenue in 2019, has accelerated, and the company will launch curbside pickup on April 27. However, American Eagle generates most of its revenue from stores and it has withdrawn its 2020 outlook due to uncertainty from the pandemic. The company is further planning a private offering of $400 million of convertible senior notes that mature in 2025. Proceeds of the deal will be used for general corporate purposes.
• Boeing Co. US:BA is creating a new department to focus on protecting its supply lines amid the pandemic and “preparing now for the post-pandemic industry footprint.” The new enterprise operations, finance, and strategy group will bring together teams responsible for manufacturing, supply chain and operations, finance, enterprise performance, strategy, enterprise services and administration, led by Chief Financial Officer Greg Smith. The new group will “embed operational excellence and consistent lean principles across Boeing and its supply chain, and restore production and supply chain health as Boeing and the broader aerospace industry recover from the COVID-19 pandemic,” the company said.
• Casper Sleep Inc. US:CSPR, which entered the public markets in February, is laying off more than 20% of its corporate workforce and shutting down European operations, and its chief financial officer — who doubles as chief operating officer — is leaving the company. The actions will affect about 78 employees, constituting about 21% of its corporate workforce globally, and result in more than $10 million in annualized savings. Greg Macfarlane, who had served as CFO and COO for the company, is departing on May 15 to take a senior executive role outside of the sleep industry. Casper has hired former Iron Mountain Inc. US:IRM CFO Stuart Brown as interim finance chief, while its president and chief commercial officer, Emilie Arel, will assume leadership of operations as a successor is sought. First-quarter results are expected to be in line with revenue and adjusted Ebitda forecasts shared in its previous earnings report.
• Grocery Outlet Holding Corp. US:GO upsized an equity offering to 12.5 million shares from 10 million. All the shares are being offered by selling shareholders, meaning the company will not receive any proceeds for the offering. The lead underwriters of the offering are Morgan Stanley, BofA Securities, Deutsche Bank Securities and Jefferies.
• Macy’s Inc. US:M is looking to raise as much as $5 billion in debt in an effort to avoid bankruptcy due to the coronavirus shutdown, CNBC reported. The nation’s largest department-store chain would use its inventory as $3 billion in collateral, with another $1 billion to $2 billion in collateral coming from its real estate. Sources told CNBC that bankruptcy is not a focus at this time.
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• Tyson Foods Inc. US:TSN is suspending operations at a Waterloo, Iowa, pork plant indefinitely this week, after it became impossible to keep it open with many workers absent due to the pandemic. The company will ask all 2,800 workers to come to the plant for COVID-19 testing. “The closure has significant ramifications beyond our company, since the plant is part of a larger supply chain that includes hundreds of independent farmers, truckers, distributors and customers, including grocers,” Chief Executive Steve Stouffer said in a statement. “It means the loss of a vital market outlet for farmers and further contributes to the disruption of the nation’s pork supply.” The company will pay workers while the plant is closed. The timing of a reopening depends on the outcome of testing, it said. The company’s other meat and poultry plants remain open but are running at reduced production levels.
• United Airlines Holdings Inc. US:UAL is offering 39.25 million shares of its common stock with Morgan Stanley and Barclays acting as underwriters and have a 30-day option to purchase additional shares. Proceeds from the offering will be used for general corporate purposes.
