sees

US sees steady resurgence as FDA puts nail in coffin of hydroxychloroquine debate

By Tommy Flemm 1 year ago

The coronavirus extended its grip across the world on Monday, hitting Brazil particularly hard as both the U.S. and China grappled with a surge of new cases that called into question the recent wave of gradually easing restrictions.

Separately, the Food and Drug Administration appeared to end a polarizing debate over hydroxychloroquine by yanking its emergency use designation. The drug was once touted as a potential “game changer” by President Donald Trump in the fight against COVID-19, but has since been linked to deadly side effects.

Overall, the virus has now affected nearly 8 million globally, with more than 433,000 reported dead. In the U.S., more than 2 million cases have been reported and more than 115,000 have died amid a case spike in over half a dozen states showing worrying multi-day trends of increases.

In China, where the virus first appeared, Beijing reported a modest rise in cases tied

… Read More

Why this analyst sees Netflix stock crashing more than 60%

By Tommy Flemm 1 year ago

Believe it or not, there are still a few bears out there on Wall Street on the juggernaut stock that is Netflix (NFLX).

Take for instance Morningstar analyst Neil Macker.

“Our cautiousness around Netflix is around a number of things. Number one, cash flow for the company has been negative for a number of years and looks to be negative going forward as well. The cash burn is very high. Number two, and you are seeing this in the U.S., competition is expanding heavily here. Disney Plus has hit over 50 million subscribers, next month is the launch of HBO Max, Peacock, Hulu is picking up subscrivers,” argued Macker on Yahoo Finance’s The First Trade. Macker adds that he is concerned about Netflix’s ability to raise prices further and increasing competition overseas, notably in the important market of India.

Macker has indeed priced that level of caution into his fair

… Read More

Shopify CEO says employees to work remotely until 2021, sees end to ‘office centricity’

By Tommy Flemm 1 year ago

Shopify (SHOP) CEO Tobi Lutke on Thursday joined a growing number of companies embracing the broad shift to working remotely during the coronavirus lockdowns, telling employees they can work from home for the remainder of the year.

In a series of posts on Twitter, Lutke declared his web commerce platform a “digital by default” platform that was heralding the end of “office-centricity.” As a result, most of Shopify’s workforce would be remote “permanently,” the billionaire added.

As the restrictions associated with the COVID-19 pandemic gradually come to an end, a number of private businesses are allowing workers to tele-commute indefinitely. However, there

… Read More

Starbucks sees US customers return at a pace ‘slightly above’ its forecasts

By Tommy Flemm 1 year ago

Starbucks (SBUX) said on Thursday that it’s already seeing a rebound in U.S. customer visits that are “tracking slightly above” the coffee chain’s own forecasts, thanks in part to its popular mobile app that allows for contactless pickup. 

Starbucks shuttered more than of its U.S. company-operated stores during the pandemic, causing comparable sales to plunge during that time. It then began reopening its U.S. stores, and expects to have 90% open by June.  

Recently, the company began reopening its U.S. stores to foot traffic, and a linchpin of that strategy has been Starbucks beefing up its own technological prowess.

In a letter to employees, CEO Kevin Johnson wrote that “after several weeks of lockdown and sheltering-in-place, consumers will seek experiences that are safe, familiar and convenient. The reopening of our stores in China, the U.S. and elsewhere have confirmed that to be true.”

Over the past week, “we have now

… Read More

Drive-in theater sees surge in sales as restrictions roll back

By Tommy Flemm 1 year ago

You can still travel on the road to recovery by leaving your car in park.

The Warwick Drive-In, has been operating in Warwick, N.Y., since 1950. At the time, roughly 4,00 drive-ins operated across America. Now, there are more than 300 left, and some of them are finally getting ready to open for the season. 

After delaying its season opener because of the coronavirus, the crew at Warwick are getting set to reopen May 15, in accordance with New York law. (New York Gov. Andrew Cuomo said drive-in movie theaters were among the businesses allowed to reopen in certain parts of the state.)

“Pre-ticket sales are pretty much sold out,” says Warwick Drive-In owner Beth Wilson. “Everybody around here is going crazy trying to get everything together. We had less than a week to do a month’s worth of work that we normally do,” she said.

A movie theaters

… Read More