Bulletin
Investor Alert

Nov. 10, 2020, 2:23 p.m. EST

Coronavirus update: U.S. adds another 130,000 cases in a day: ‘This is what exponential math looks like,’ says expert

Per capita new case numbers are highest in North Dakota, South Dakota, Iowa and Wisconsin, filling hospitals and raising concerns that systems will be overwhelmed

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Pfizer Inc. (PFE)
  • X
    BioNTech SE ADR (BNTX)
  • X
    Eli Lilly & Co. (LLY)

or Cancel Already have a watchlist? Log In

By Ciara Linnane, MarketWatch

1 2

See: A person hospitalized for COVID-19 was more than three times as likely to die in March vs. August — here’s why

In other news:

• Celebrations around the U.S. at the weekend after Democrat Joe Biden was declared winner of the 2020 presidential election have raised concerns among health experts that some will become superspreader events, MarketWatch’s Nicole Lyn Pesce reported. Dr. Leana Wen, an emergency physician and public health professor at George Washington University who previously served as Baltimore’s health commissioner, told MarketWatch that she was “extremely concerned” while watching these celebrations being broadcast on the news and across Facebook, TikTok and Twitter. “The last thing that should be happening in the middle of a pandemic, especially a raging pandemic like this, is large gatherings of people,” said Wen. She suggested that those who attended these events should considering quarantining for 14 days and getting tested for COVID-19.

Read now: Biden’s pandemic plan: Restore Obamacare, mandatory masks, paid sick leave and free COVID-19 tests

• After Monday’s positive vaccine trial data from Pfizer Inc. /zigman2/quotes/202877789/composite PFE +6.11%  and BioNTech SE /zigman2/quotes/214419716/composite BNTX +14.19% , the U.S. Food and Drug Administration granted emergency use approval to Eli Lilly & Co.’s /zigman2/quotes/200106384/composite LLY -0.62% COVID-19 antibody treatment, MarketWatch’s Jeremy Owens reported. The monoclonal antibody treatment called bamlanivimab is seen as a potential treatment for those with mild to moderate forms of the coronavirus. The study that led to Monday’s EUA showed reduced viral load as well as rates for symptoms and hospitalization, Lilly said in announcing the EUA on Monday.

• BioNTech posted quarterly earnings on Tuesday and said manufacturing plans foresee production of up to 1.3 billion doses next year of the vaccine it is developing with Pfizer Inc. The companies could supply up to 50 million doses before the end of this year, BioNTech said. A request for an emergency-use authorization from the U.S. Food and Drug Administration would follow a safety milestone the companies expect to achieve in the third week of November. The German biotech posted a loss and revenue that was more than double the year-earlier number.

• New Jersey Gov. Philip Murphy outlined new restrictions for the Garden State , saying restaurants and bars will shut down indoor service at 10 p.m. starting Thursday. The move came as the Northeast, an early hot spot in the pandemic, is seeing a worrying rise in new cases. In New York City, Mayor Bill de Blasio said the city is “dangerously close” to a second wave. “We need to do everything in our power to stop the coronavirus from reasserting in New York City. We have to stop a second wave from happening here, it is getting dangerously close.”

• The COVID-19 death toll in Europe is poised to pass 300,000, Reuters reported, and officials are worried that they will continued to rise in the winter months. Europe accounts for about a quarter of the current global case tally and death toll, as new infections have surged following lockdowns earlier in the year that appeared to contain the spread. Europe has counted 280,000 cases a day in the past week, up 10% from the week earlier.

Click to Play

Inside Efforts to Test and Develop Drugs for Covid-19

Diagnostic testing for Covid-19 and managing clinical trials of Covid-19 drugs are a massive technology and logistical undertaking. Adam H. Schechter, CEO of LabCorp, explains how it's done. From Investing in Tech: On The Front Lines of Testing.

Latest tallies

The number of confirmed cases of COVID-19 worldwide now stands at 51.2 million, the Johns Hopkins data show , and the death toll is 1.3 million. At least 33 million people have recovered from COVID-19.

Brazil has the second highest death toll at 162,628 and is third by cases at 5.7 million.

India is second in cases with 8.6 million, and third in deaths at 127,059.

Mexico has the fourth highest death toll at 95,027 and 10th highest case tally at 967,825.

The U.K has 49,329 deaths, the highest in Europe and fifth highest in the world, and 1.2 million cases, or eighth highest in the world.

China, where the disease was first reported late last year, has had 91,693 cases and 4,741 fatalities, according to its official numbers.

What’s the latest company news?

• American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL -8.79% proposed a public offering of 38.5 million shares of common stock, a day after the stock soared 15.2% amid a big run up in airline shares and the broader stock market on positive news on a potential COVID-19 vaccine. Based on Monday’s stock closing price of $13.20, the offering would raise $508.2 million. American plans to grant the underwriters options to buy up to an additional 5.78 million shares to cover allotments. The company plans to use the proceeds from the offering for general corporate purposes and to enhance the company’s liquidity position.

• Carnival Corp. /zigman2/quotes/202325446/composite CCL -10.96%  disclosed a proposed stock offering program valued at up to $1.5 billion. The filing to sell more shares comes after the stock soared 28.8% on Monday, and less than two weeks after the completion of its previous $1 billion stock offering program. Based on current stock prices, the proposed $1.5 billion “at-the-market” (ATM) equity offering program could represent up to about 85.57 million shares, or 11.9% of the shares outstanding. The company plans to use proceeds from the new stock offering for general corporate purposes. Carnival has tapped capital markets repeatedly during the pandemic.

• Home builder D.R. Horton Inc. /zigman2/quotes/202032328/composite DHI -2.31% reported fiscal fourth-quarter profit and revenue that rose well above expectations, amid an 81% jump in net sales orders. Revenue grew 27.0% to $6.40 billion, beating the FactSet consensus of $5.84 billion. Net sales orders increased 81% to 23,726 homes, above the FactSet consensus of 16,337 homes. The value of sales orders grew 84% to $7.3 billion, implying an average price per home of about $307,679, compared with expectations of $298,180. The company raised its quarterly dividend to 20 cents a share from 17.5 cents a share, with the new dividend payable Dec. 14 to shareholders of record on Dec. 4. For fiscal 2021, the company said it remains cautions given the ongoing effects of the pandemic, and the uncertainty regarding how long it will affect the economy. Still, the company expects revenue to be $24.0 billion to $25.0 billion, above the FactSet consensus of $23.3 billion.

• Square Inc. /zigman2/quotes/205989440/composite SQ -1.66% priced a $1 billion convertible bond offering on Tuesday and entered hedging agreements that aim to reduce dilution on conversion, joining the many companies raising record amounts of capital during the pandemic. The payment systems company said it is offering $500 million of senior notes due 2026 and $500 million of notes that mature in 2027. The 2026 notes will not bear interest and the principal will not accrete. The 2027 notes will bear interest at a rate of 0.25% per year. The initial conversion rate for each series is 3.3430 shares of Class A common stock per $1,000 principal amount, or about $299.13 per share.

/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 54.00
+3.11 +6.11%
Volume: 66.56M
Nov. 26, 2021 1:10p
P/E Ratio
16.03
Dividend Yield
2.89%
Market Cap
$303.09 billion
Rev. per Employee
$533,860
loading...
/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 348.00
+43.24 +14.19%
Volume: 11.03M
Nov. 26, 2021 1:00p
P/E Ratio
10.05
Dividend Yield
N/A
Market Cap
$84.40 billion
Rev. per Employee
$283,276
loading...
/zigman2/quotes/200106384/composite
US : U.S.: NYSE
$ 260.37
-1.63 -0.62%
Volume: 1.50M
Nov. 26, 2021 1:10p
P/E Ratio
39.75
Dividend Yield
1.31%
Market Cap
$249.07 billion
Rev. per Employee
$701,137
loading...
/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 17.75
-1.71 -8.79%
Volume: 84.18M
Nov. 26, 2021 1:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.49 billion
Rev. per Employee
$168,812
loading...
/zigman2/quotes/202325446/composite
US : U.S.: NYSE
$ 17.95
-2.21 -10.96%
Volume: 84.16M
Nov. 26, 2021 1:10p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$19.97 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202032328/composite
US : U.S.: NYSE
$ 98.75
-2.34 -2.31%
Volume: 2.38M
Nov. 26, 2021 1:10p
P/E Ratio
8.64
Dividend Yield
0.91%
Market Cap
$35.21 billion
Rev. per Employee
$2.36M
loading...
/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 212.08
-3.57 -1.66%
Volume: 3.69M
Nov. 26, 2021 1:10p
P/E Ratio
201.27
Dividend Yield
N/A
Market Cap
$97.83 billion
Rev. per Employee
$1.73M
loading...

Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

1 2
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.