All of this suggests a long and slow slog back from the depths of the coronavirus downturn rather than the quick snap-back Trump and several of his top advisers have heralded. Even Warren Buffett, one of the world’s wealthiest people and perhaps the most famous buy-the-dip investor in American history, who gobbled up bank stocks during the 2008 financial crisis, is sitting this one out for now.
The costs — $600 million already in the first quarter and $4 billion or more in the second quarter — “include productivity headwinds in our facilities as we provide for social distancing and allow for the ramp up of new employees,” chief financial officer Brian Olsavsky told investors last week., with a little over half of S&P 500 companies reporting, earnings growth is down 13.
The Federal Reserve is helping boost stock prices by pumping vast sums of cash into the financial system. But even so, some analysts are perplexed at the rise given the scale of the economic damage and the unknown future of the virus. “We’re modeling a number of downside scenarios,” Columbia Sportswear CEO Timothy Boyle said on the apparel maker’s earnings call last week when the company withdrew its 2020 financial outlook “given the ongoing business disruption and uncertainty surrounding the pandemic.” Net sales at the company dropped 13 percent in the first quarter — a taste of what could be ahead for retailers with a much more devastating second quarter.
“How do we need to adapt and adjust in this new world? We hope that dining will come back strong, but no one has a crystal ball to know how quickly that will occur or not occur,” he said. Mark Zuckerberg, CEO of social networking giant Facebook, pledged that the company would hire 10,000 people in product and engineering this year. But even Facebook declined to offer guidance and Zuckerberg injected a note of caution about the future. “I remain very concerned that this health emergency and, therefore, the economic fallout, will last longer than people are currently anticipating,” he said.
Prevent the spread, PRACTICE BETTER HYGIENE! Wash your hands, cover you face for 3 sec when you sneeze or cough, and don’t touch public surfaces then your face with your hands. Wear a mask in close quarters and don’t share food. Simple, basic steps ppl.
Plague of corruption ... Watch attachment below.
Was everything really all that good...too many companies have been running on debt..maybe this is needed to clear out the old and encourage new entrepreneurs and fresh ideas
Politico HOPING & PRAYING for US economy to be DEVASTATED!!
The economy is on sick leave. In an Extreme Republican society and capitalism crashes, the rich get poorer but the poor die. Get well soon great neighbours. Positive vibes from Canada 🇨🇦