Analysts have been predicting that the coronavirus would destroy second quarter earnings. And many predicted that earnings would fall 40% or more in the quarter.
The second quarter has produced some notable if not unexpected misses.
- Railroad CSX Corp. (NASDAQ: CSX) missed on both revenue and earnings because of reduced economic activity. Revenue was down 26% year-over-year and earnings were down 39.8%.
- Sales at Coca-Cola (NYSE: KO) also nosedived 28% in the second quarter.
- Tesla (NASDAQ: TSLA) pulled out a surprise win, beating on both revenue and earnings. That marked Tesla’s fourth profitable quarter in a row, an occurrence a lot of naysayers never thought would happen.
- IBM (NYSE: IBM) and AT&T (NYSE: T) also beat expectations despite a challenging second quarter.
Second quarter earnings aren’t over yet. They’re actually just getting into full swing, so there are probably more misses to come.
Overall, the second quarter isn’t shaping up as badly as some had feared.
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Three States Add Mask Requirements
Indiana, Minnesota and Ohio have issued statewide mask requirements. Anyone over the age of eight will be required to wear a mask inside any public or business building in Indiana. Masks will also be required outdoors when social distancing isn’t possible. In Minnesota, everyone is required to wear masks in public and business buildings. Ohio has extended its mask rules statewide for anyone over the age of 10.
Senators and President Approaching A Deal
Republican Senators and the White House have reached a preliminary agreement on a second stimulus bill. No details have been provided about extending unemployment benefits or direct payments to individuals. What we do know is that there is agreement to include $105 billion for schools, as well as additional funding for testing in nursing homes and child-care facilities. More details are expected to be released later today.
Fox Host Out After Virus Scare
Heather Childers, who had been an early morning host on Fox News since 2012, has been dismissed. Childers had frightened staffers in late March when she came to work visibly sick. Even though she tested negative for COVID-19, management found her behavior to be irresponsible and fired her yesterday.
The Coronavirus Numbers
Here the numbers from Thursday at 8:30 a.m. EST:
- 15,406,387 Infected worldwide
- 631,030 Global deaths
- 4,101,308 Infected in the U.S.
- 146,192 Deaths in the U.S.
Second Quarter: What’s Next?
A big takeaway from second quarter earnings season so far is that most businesses are adapting well to the pandemic.
Of course, things could always be better, but these days we’ll take what we can get.
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