28Aug2020 Midday Update: Dow Erases 2020 Loss As Stocks Trade Slightly Higher, DOW Up 138 Points At 1 ET, Hawaii’s COVID-19 Outbreak Spirals Out Of Control, Biggest Moves Midday: Ulta, Coca-Cola, And DraftKings

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.56% while U.S.’s S&P 500 is up 0.32% and Mexico’s IPC is up 0.30%.

San Quentin’s slow recovery from coronavirus outbreak that left two-thirds of prison infected

At San Quentin State Prison, about two-thirds of the inmates have been diagnosed with the coronavirus. Even as new infections decline, it still needs help recovering from the outbreak.

Coca-Cola to restructure workforce, sets voluntary job cuts

Coke’s restructuring plan comes as the company streamlines its drink portfolio to focus on larger and more popular brands.

Cineworld CEO says it had many ‘sold-out’ shows as movie theaters reopened from virus closures

“People really missed the cinemas and wanted to go back into the big screen,”Cineworld CEO Mooky Greidinger told CNBC.

Coastal Louisiana is devastated as Laura’s leftovers move east

The remnants of Hurricane Laura unleashed heavy rain and twisters hundreds of miles inland from a path of death and mangled buildings along the Gulf Coast.

Gap swings to a loss as sales drop 18%, says strong online sales softened the blow from closed stores

Gap Inc. said Thursday its total sales tumbled 18% during the latest quarter, as e-commerce revenue surged 95% from a year ago, but those gains were offset by a 48% drop in store sales during the coronavirus pandemic.

Millions of Americans have lost health insurance in this pandemic-driven recession. Here are their options

Up to 12 million Americans may have lost their employer-sponsored health insurance during the pandemic. Here are their options for finding coverage elsewhere.

Global CFOs say this is the time for dealmaking, not preserving cash, CNBC survey reveals

Sixty-five percent of global CFOs say they disagree that this is no time for dealmaking and companies should be preserving cash, according to the Q3 survey of the CNBC Global CFO Council released Friday.

Economy, jobs, cost of living top Covid-19 fears as voters worry about their finances, CNBC/Change Research poll finds

A CNBC poll finds that one-third of likely U.S. voters describe their finances as “poor” or “not so good.” Here are five money moves to make now to help shore up your own situation amid a pandemic, economic downturn and contentious national election.

Kids with asymptomatic coronavirus infections may have active virus in their bodies for weeks, scientists say

Researchers said the virus was detectable for an average of about 2½ weeks in children’s respiratory tracts.

MGM Resorts lays off 18,000 previously furloughed employees

Six months after the coronavirus pandemic forced casinos nationwide to close, MGM Resorts is sending separation letters to 18,000 furloughed employees.

The rise and fall of Pier 1

In 2019, Pier 1 was facing competition from every angle and doing what it could to stem the losses. While overall sales grew from nearly $517 million in 1990 to more than $1.5 billion in 2019, same-store sales had fallen for three straight years ” in 2017, 2018 and 2019.

Billionaire Trump friend and donor Ronald Lauder goes quiet on the fundraising front in 2020

President Donald Trump’s friend and business ally Ronald Lauder has gone seemingly dark with his contributions to the commander in chief’s reelection bid, as his ties to Trump come under scrutiny.

Dr. Scott Gottlieb says the FDA appears to soften stance on a key requirement for home coronavirus tests

An apparent shift in thinking at the Food and Drug Administration could clear the way for more at-home Covid-19 tests, former FDA chief Scott Gottlieb told CNBC on Friday.

Hawaii’s COVID-19 Outbreak Spirals Out Of Control As Gov Revives Lockdown

Hawaii’s COVID-19 Outbreak Spirals Out Of Control As Gov Revives Lockdown Tyler Durden Fri, 08/28/2020 – 12:35

After initially defying fears that its proximity to Japan and popularity with tourists might lead to a massive outbreak, Hawaii is finally facing its very own COVID-19 reckoning.

The state is now struggling with a genuine surge in the month of August after remaining at or near the bottom of the US league tables for the first four months of the pandemic.

For a small state with just 1.4 million residents, Hawaii has a total of 7,260 confirmed cases, 5,549 of which were confirmed within the last month, according to Johns Hopkins data. The state has gone from last or near last to No. 19 in terms of new cases reported daily over the past few weeks.

From mid-March to mid-June, the state saw an average of just 7.9 new cases reported per day. Last week, that average number climbed to 219.

Subprime Mortgages Fall Massively Delinquent Leaving Taxpayers On Hook As Housing Market Splits In Two

Subprime Mortgages Fall Massively Delinquent Leaving Taxpayers On Hook As Housing Market Splits In Two Tyler Durden Fri, 08/28/2020 – 12:15

Authored by Wolf Richter via WolfStreet.com,

On one side: land rush by a few hundred thousand home buyers.

On the other: millions of homeowners with delinquent mortgages.

The Federal Housing Administration (FHA) prides itself in insuring subprime mortgages with, as it says, œlow down payments, œlow closing costs, and œeasy credit qualifying ” all true. Of its active portfolio of 8 million mortgages that it insures, 17% were delinquent in July, the highest rate in FHA history. In many metros, the delinquency rates of FHA mortgages are above 20%; and in two metros, the delinquency rates exceed 27%.

The delinquency rates include mortgages that were delinquent and then entered a forbearance agreement with the lender, where the lender agreed to not pursue its rights due to nonpayment of the mortgage. During the term of forbearance ” six months, under the CARES Act, extendable by another six months ” the borrower isn’t making payments, but the mi …

Hedge Funds Start Piling Into “The Big Short 3.0”

Hedge Funds Start Piling Into “The Big Short 3.0” Tyler Durden Fri, 08/28/2020 – 11:56

Back in June we said that as we had reported previously, with commercial real estate failing to benefit from the record rebound in overall risk since the March lows as a result of a tidal wave of retail bankruptcies, CMBX Series 6 which back in March 2017 was dubbed the “Big Short 2.0” trade due to its substantial exposure to malls which were hurting long before the arrival of the pandemic…

Is Biden Ceding The Law-And-Order Issue?

Is Biden Ceding The Law-And-Order Issue? Tyler Durden Fri, 08/28/2020 – 11:42

Authored by Patrick Buchanan via Buchanan.org,

Is Joe Biden forfeiting the law-and-order issue to Donald Trump?

Santander hit by online banking outage ahead of holiday weekend

The hitch comes ahead of the August bank holiday and the day millions receive their monthly salary.

Coronavirus: Gatwick passenger numbers collapse by 14.7 million

The airport says it will take four to five years for air traffic to return to pre-pandemic levels.

Coronavirus: Fitness industry ‘devastated’ by lockdown

Gym owners call for government support similar to the Eat Out to Help Out scheme.

Bihar plans big push to Ayushman Bharat Scheme

Bihar plans big push to Ayushman Bharat SchemeThe state has seen about 193,000 admissions under the scheme so far and 5.4 million e-cards have been issued while the number of prospective beneficiaries is nearly 55 million. Claims worth Rs 133 crore have so far been paid in Bihar, a fraction of Rs 7,565 crore paid across the country.

SBI, BoB grab the biggest pie of Jan Dhan

SBI, BoB grab the biggest pie of Jan DhanThe total banking sector outstanding Jan Dhan deposits jumped to Rs 1.31 lakh crore at the end of August 19 from Rs 1.20 crore at the beginning of the fiscal. This reflects higher farm income following a good Rabi harvest as well as a fall in discretionary spending amid Coronavirus pandemic, senior bankers tracking the rural economy said.

No power tariff hike in Delhi for 2020-21:DERC

No power tariff hike in Delhi for 2020-21:DERC”The need and demands of power discoms have also been considered as far as possible,” its chairman Justice(retired) S S Chauhan said.

Market Snapshot: Dow erases 2020 loss as stocks trade slightly higher

Stocks trade slightly higher Friday, with the Dow Jones Industrial Average erasing its year-to-date loss, a day after the Federal Reserve announced a policy shift that would allow employment and inflation run hotter than in the past.

The Ratings Game: Walmart making a play for younger shoppers with potential stake in TikTok, analysts say

Walmart would have access to younger shoppers through a deal with Microsoft for TikTok, according to analysts.

Higher inflation is more of a risk than commonly believed, OECD’s top economist says

Inflation is more of a risk to the global economic outlook than many believe, OECD chief economist Laurence Boone said Friday.