Written by Gary
Stocks making the biggest moves midday: Morgan Stanley, American Airlines, Twitter, Nikola (SPY -0.6%). Florida suffers record jump in COVID-19 deaths as positive rates tops 15%.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
| J&J’s profit slides 35% as coronavirus forces hospitals to forgo elective surgeriesJ&J earned $3.63 billion, or $1.36 per share, during the three months ended June 30, a 34.6% drop from $5.6 billion a year earlier. |
| Scientists call for volunteers to be infected with the coronavirus to test vaccinesOver 100 prominent scientists, including 15 Nobel laureates, are calling for healthy volunteers to be exposed to the coronavirus to see whether vaccines against Covid-19 actually work. |
| American Airlines warns 25,000 employees about potential job cuts as coronavirus continues to sap demandAmerican Airlines became the latest airline to warn staff about potential furloughs. |
| Restaurant trade group says pandemic aid wasn’t enough to sustain the industry, as closures strike againThe nation’s restaurants are projected to lose $240 billion in revenue this year due to the pandemic. Some 8 million workers have been laid off or furloughed from March through May, the industry’s trade group says. |
| American Airlines backs calls to extend billions in federal aid through MarchAmerican Airlines backed unions’ bid to extend billions in federal payroll support through March that expires after Sept. 30. |
| Stocks making the biggest moves midday: Morgan Stanley, American Airlines, Twitter, Nikola & moreTake a look at the stocks making the biggest moves midday. |
| CEO of Durex condom maker says ‘intimate occasions’ are down during the coronavirus pandemicHowever, Reckitt Benckiser’s chief told CNBC on Thursday, “Durex had a big quarter online, and we continue to see great progress in that direction.” |
| GOP Sen. Marco Rubio blames ‘bad disconnect’ with Trump administration for reported remdesivir shortageRubio said several Florida hospitals have voiced concerns about a “potentially critical shortage” of the drug. |
| Options traders bet on new all-time highs for Netflix after earningsOptions traders see the streaming giant surging to new highs when it reports earnings after the bell on Thursday. |
| Macy’s doled out $9 million in bonuses to top execs after thousands of job cutsMacy’s, just days after it laid off roughly a quarter of its corporate workforce, has doled out $9 million in equity awards to six of its top executives. |
| Sens. Elizabeth Warren and Bernie Sanders slam Trump for giving Gilead ‘windfall’ deal for coronavirus drugSens. Elizabeth Warren and Bernie Sanders slammed the Trump administration for giving Gilead Sciences a “windfall” deal to secure most of the pharmaceutical company’s supply of its coronavirus-fighting drug remdesivir to the United States. |
| Houston Rockets sue for denial of $400 million insurance policyThe Houston Rockets team is suing Affiliated FM Insurance for denial of a $400 million business interruption policy, according to legal documents filed. |
| Papa John’s Founder Says CEOs Are “Scared” Of Intolerant LeftPapa John’s Founder Says CEOs Are “Scared” Of Intolerant Left Tyler Durden Thu, 07/16/2020 – 12:25 Authored by Alex Nitzberg via JustTheNews.com, Goya’s Bob Unanue “should be able to speak his mind,” said Papa John’s pizza chain founder John Schnatter while discussing the recent controversy over the Goya Foods CEO’s positive comments about President Trump at a White House event.Â
“Entrepreneurship and creativity and innovation come from independent critical judgment,” Schnatter said, “which is you think for yourself, you believe in yourself, you have independent critical judgment.” |
| Unemployed Americans Spent More With $600 Weekly Boost Than Before Pandemic; That’s About To Go AwayUnemployed Americans Spent More With $600 Weekly Boost Than Before Pandemic; That’s About To Go Away Tyler Durden Thu, 07/16/2020 – 12:04 At the end of this month, millions of unemployed Americans are set to lose their $600-per-week federal unemployment boost on top of their standard benefit. The program, part of the CARES Act, constituted a good portion of the $108.5 billion the US Treasury paid towards unemployment benefits in June. |
| Soon, You Will Need To Wear A Mask To Enter Virtually Every Major Retail Store In AmericaSoon, You Will Need To Wear A Mask To Enter Virtually Every Major Retail Store In America Tyler Durden Thu, 07/16/2020 – 11:45 Authored by Michael Snyder via TheMostImportantNews.com, If you are adamant about not wearing a mask, you are not going to like this news one bit. Coming into this week, Costco, Starbucks, Best Buy and Panera Bread were requiring customers to wear masks to come into their stores, but most other major retailers were still giving people the freedom to choose whether they wanted to wear a mask or not. I know that a lot of people appreciated this freedom to choose, but it is about to come to an abrupt end. On Wednesday, Walmart and Kroger announced that they will be starting to require consumers to wear masks in all of their stores, and the National Retail Federation is pushing all of the rest of their members to do the same thing. In the days ahead it is expected that most of them will follow suit, and that means that soon there will be very few major retail stores that you are able to enter without wearing a mask. |
| Florida Suffers Record Jump In COVID-19 Deaths As Positivity Rate Tops 15%: Live UpdatesFlorida Suffers Record Jump In COVID-19 Deaths As Positivity Rate Tops 15%: Live Updates Tyler Durden Thu, 07/16/2020 – 11:40 Summary: New York reports latest numbers Arizona sees another decline in new cases Florida reports 156 deaths, new daily record Global cases top 13.5 mil HK reports 63 new cases for 3rd record in a week US reports 65k+ cases; 2nd highest daily tally Indonesia orders social distancing violators punished Tokyo suffers record jump Victoria reports more than 300 new cases Thursday ICU deaths moving lower around the world Texas reports daily record yesterday * * * Update (1145ET): New York Gov Andrew Cuomo released today’s COVID-19 update….
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| British Gas workers told to agree new contracts or risk jobsParent company Centrica says a fresh wave of redundancies is a “last resort”. |
| Coronavirus: UK payrolls shrink by 649,000 jobs in lockdownOfficial figures reveal a drop in the number in employment, with young people hard hit. |
| Coronavirus: Chances of getting a loan or mortgage are squeezedLenders say they will reduce the availability of mortgages, loans and other credit despite demand rising. |
| Amazon, Flipkart may replenish M&A war chest to fight JioMartAmazon, Flipkart may replenish M&A war chest to fight JioMartET reported earlier that a significant uptick in mergers and acquisitions is anticipated in India’s startup ecosystem over the next three to six months, as companies and their investors gear up for a year starved of both capital and revenue due to the Covid-19 pandemic. |
| The credible data debate is again heating upThe credible data debate is again heating upThis isn’t the first time India’s official statistics have come under scrutiny. Last year, a former chief economic adviser to Prime Minister Narendra Modi questioned changes to the way the gross domestic product is measured and said annual economic growth numbers might have been overstated. |
| King Dollar’s supremacy could be in dangerKing Dollar’s supremacy could be in dangerDeutsche Bank’s Trade-Weighted Dollar Index has fallen to test the trendline in place since 2011, a break of which would be an important signal for dollar bears. |
| May 2020 Business Inventories DeclineWritten by Steven Hansen Headlines say final business sales data (retail plus wholesale plus manufacturing) improved month-over-month. The rolling averages improved. Inventories declined but remain elevated.
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| The Margin: ‘Bullsh “‘: CNN’s Chris Cuomo gets fired up over President Trump’s Goya advertisement from the White HouseThe Lincoln Project joined a growing chorus of those on social-media heaping praise on the CNN host for his passionate take on President Trump’s Instagram advertisement. |
| Key Words: Abigail Disney ‘confused’ by Disney reopening its Florida theme parks as coronavirus cases spikeThe Disney heiress also continued to call for a wealth tax to support COVID-19 relief |
| Should Black and Latino people get priority access to a COVID-19 vaccine?Melinda Gates is among those who’ve suggested Black communities should get early access to a vaccine. But some say that could stigmatize people of color. |
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