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June 22, 2020, 3:41 p.m. EDT

Coronavirus update: Global case total tops 9 million and U.S. cases rises to 2.3 million, and don’t blame more testing

Half of U.S. states see rising trends of new cases; Oklahoma sets daily record for new cases the day after Trump holds rally

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By Tomi Kilgore, MarketWatch

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Johns Hopkins University of Medicine
New York’s new COVID-19 cases keep falling

Outside the U.S., Brazil remained the new hot spot, with cases climbing to 1.08 million cases and deaths rising to 50,591.

Also read : Brazilian doctors fume as President Bolsonaro gets rap for eating hot dogs while COVID-19 cases are on track to pas U.S.

Russia has the highest case tally in Europe with 591,465, while the U.K. leads the region in fatalities with 42,731. The U.K. has 306,761 cases, while Russia has recorded 8,196 deaths.

Early hot spot Spain was eighth in the world in cases with 246,504, and with a death toll of 28,324, while Italy has 238,720 cases and 34,657 deaths. France has 197,008 cases and 29,643 deaths, while Germany has 191,768 cases and 8,899 deaths.

Elsewhere, India has 425,282 cases and 13,699 deaths, Peru has 251,338 cases and 7,861 deaths, Canada has 103,292 cases and 8,487 deaths and Mexico has 180,545 cases and 21,825.

China, where the illness was first reported last year, has seen a cluster of new cases, with the tally at 84,610 and deaths at 4,639.

Click to Play

Coronavirus Update: TikTok Users Target Tulsa Rally, China Halts Tyson Imports

TikTok users say their videos helped drive down attendance at Trump's Tulsa rally; the White House prepares for a second wave; China halts some chicken imports from Tyson over Covid-19 concerns. WSJ’s Shelby Holliday has the latest on the pandemic. Photo: Nicholas Kamm/AFP

Latest medical news

Gilead Sciences Inc. /zigman2/quotes/210293917/composite GILD +0.02%  said Monday that it plans to start Phase 1 clinical trials for an inhaled version of remdesivir, its treatment for severely ill COVID-19 patients. An intravenous version of the drug received emergency use authorization from the Food and Drug Administration in May.

The new study will first test this version of the investigational medication in healthy patients before moving on to COVID-19 patients.

It is thought that an inhaled drug would be easier to administer outside of a hospital setting. “That could have significant implications in helping to stem the tide of the pandemic,” CEO Daniel O’Day said in a letter on Monday.

The Food and Drug Administration issued a warning over the weekend on nine alcohol-based hand sanitizers made by Eskbiochem SA de CV in Mexico, because they may contain wood methanol, a possibly toxic substance.

What the economy is saying?

Sales of previously-owned homes dropped 9.7% in May, as the real-estate market continued to be weighed down by the COVID-19 pandemic, the National Association of Realtors reported on Monday. The seasonally-adjusted annual pace of existing-home sales fell to a 10-year low of 3.91 million, the NAR report showed.

Meanwhile, the median existing-home price rose 2.3% from a year ago to $284,600.

Also, the Chicago Federal Reserve’s national activity index recovered to a record-high 2.61 in May, from a record-low negative 17.89 in April. A zero value for the index indicates the national economy is expanding at its historical trend rate of growth.

What companies are saying?

• Carnival Corp. /zigman2/quotes/202325446/composite CCL -5.73%  extended the operational pause of its cruises in North America to Sept. 30, marking the third time it has extended the pause since the original announcement of a pause on March 13 as a result of the COVID-19 pandemic. The announcement follows fellow cruise operator Norwegian Cruise Line Holdings Ltd.’s /zigman2/quotes/204183397/composite NCLH -5.85%  announcement last week that it was halting voyages through Sept. 30.

• Alaska Air Group Inc. /zigman2/quotes/200972303/composite ALK -2.63%  expects June revenue to improve to being down about 80% from a year ago, following May revenue being down 83% and April revenue down 87%. The air carrier said so-called load factor, the proportion of seats sold, is expected to improve to about 50% to 55%, from 40% in May and 15% in April. Available seat miles, or capacity, is expected to be down 70% in June, after being down 79% in May, while revenue passengers is expected to improve to being down 80% to 85% in June from down 90% in May. The company said despite the signs of recovery seen starting in May, second-quarter demand remains significantly below historic levels as a result of the COVID-19 pandemic, and the third quarter is expected to be “significantly adversely impacted” as well. The company said it has parked 156 mainline aircrafts, including permanently removing 12 Airbus aircrafts.

• Royal Caribbean Cruises Ltd. /zigman2/quotes/208854639/composite RCL -4.80%  said its Spanish cruise line Pullmantur Cruceros joint venture with Cruises Investment Holding has filed for reorganization under terms of Spanish insolvency laws, citing the impact of the COVID-19 pandemic. Royal owned 49% of the JV, and Cruises Investment owned the rest. Pullmantur had canceled all sailings through November as a result of the pandemic. “Despite the great progress the Company made to achieve a turnaround in 2019 and its huge engagement and best efforts of its dedicated employees, the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganization,” Pullmantur’s board of directors said in a statement

• Bed Bath & Beyond Inc. /zigman2/quotes/209801102/composite BBBY -1.34%  executed an $850 million asset-based credit facility, expiring in 2023, to further strengthen its liquidity position amid the “unparalleled challenge” resulting from the COVID-19 pandemic. “While the impact of the COVID-19 situation has been felt across our business, we have taken measured, purposeful steps to maintain our financial flexibility,” said Chief Executive Mark Tritton. “We ended our fiscal 2020 first quarter with approximately $1.2 billion in cash and investments, and we now have access to additional liquidity through our new ABL facility.” Separately, the company said it expects 95% of its stores to be reopened by the end of this week and nearly all of its stores to reopen by July.

• Sherwin-Williams Co. /zigman2/quotes/210069062/composite SHW -2.39%  raised its second-quarter sales outlook, and now expects a decline in the mid-single-digit percentage range from a year ago. The paint seller had previously expected a decline in the low to mid-teens percentage range. The current FactSet consensus for second-quarter revenue of $4.33 billion implies an 11.2% decline. The company also raised the sales outlook for its Americas Group and Consumer Brands Group business segments, as moving to curbside pickup and the e-commerce business helped stem the COVID-19 pandemic’s effect on business, but maintained its outlook for the Performance Coatings Group. The company said its automotive refinish business remains under pressure, and recovery is sluggish in its general industrial and industrial wood businesses

• TripAdvisor Inc. /zigman2/quotes/206118480/composite TRIP -1.66%  expects June revenue to be about 20% of last year’s comparable period total as the coronavirus slowdown in the travel sector continues to hurt results. April and May revenue totaled about 10% of the 2019 comparable period. Monthly unique users in April were 33% versus last year, May was 45%, and June month-to-date is showing further improvement. TripAdvisor has announced significant staff cuts and other actions to manage costs. TripAdvisor said it still believes it has sufficient liquidity to withstand a period of revenue disruption and meet its debt covenants in 2020 and 2021, though it may consider measures to raise capital in the future.

/zigman2/quotes/210293917/composite
US : U.S.: Nasdaq
$ 65.05
+0.01 +0.02%
Volume: 14.26M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
4.18%
Market Cap
$81.55 billion
Rev. per Employee
$2.02M
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/zigman2/quotes/202325446/composite
US : U.S.: NYSE
$ 15.31
-0.93 -5.73%
Volume: 51.61M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.12 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204183397/composite
US : U.S.: NYSE
$ 16.25
-1.01 -5.85%
Volume: 34.29M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.48 billion
Rev. per Employee
$182,383
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/zigman2/quotes/200972303/composite
US : U.S.: NYSE
$ 41.04
-1.11 -2.63%
Volume: 3.01M
Sept. 18, 2020 4:00p
P/E Ratio
96.00
Dividend Yield
0.00%
Market Cap
$5.07 billion
Rev. per Employee
$353,525
loading...
/zigman2/quotes/208854639/composite
US : U.S.: NYSE
$ 65.45
-3.30 -4.80%
Volume: 9.85M
Sept. 18, 2020 4:04p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$14.05 billion
Rev. per Employee
$123,297
loading...
/zigman2/quotes/209801102/composite
US : U.S.: Nasdaq
$ 12.56
-0.17 -1.34%
Volume: 6.36M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.58 billion
Rev. per Employee
$191,341
loading...
/zigman2/quotes/210069062/composite
US : U.S.: NYSE
$ 695.49
-17.06 -2.39%
Volume: 765,269
Sept. 18, 2020 4:00p
P/E Ratio
37.07
Dividend Yield
0.77%
Market Cap
$63.32 billion
Rev. per Employee
$328,558
loading...
/zigman2/quotes/206118480/composite
US : U.S.: Nasdaq
$ 20.75
-0.35 -1.66%
Volume: 4.03M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.79 billion
Rev. per Employee
$479,798
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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

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