Happy Tuesday! Today is July 28th and Dow futures dropped more than 100 points as McDonald’s revenue fell and the GOP unveiled a coronavirus relief plan. DraftKings extended a deal with PGA tour to become the official betting operator and McDonald’s revenue dropped 30% amid coronavirus pandemic. JetBlue Airways saw an even worse drop in revenue, coming in down 90%. Social media platforms, Facebook, Youtube, and Twitter pull a “fake” coronavirus video from their platforms.
Stock futures fell slightly as traders pored over the latest batch of corporate earnings results and the GOP coronavirus relief plan. Dow Jones Industrial Average were down 136 points, or 0.5%. S&P 500 and Nasdaq 100 futures slid 0.4% and 0.5%, respectively.
DraftKings is enhancing its sports sponsorship portfolio as leagues continue to resume operations suspended due to Covid-19.The betting company announced it secured a deal with the PGA Tour that assigns DraftKings as the organization’s “first betting operator.” The agreement is an extension of DraftKings’ “content and marketing relationship” with the PGA Tour established last July.
McDonald’s said its U.S. same-store sales shrank just 2.3% in June. Fast-food chains like McDonald’s have been recovering faster than the overall restaurant industry. McDonald’s said that it expects to accelerate U.S. restaurant closures this year and permanently shutter about 200 locations.
@McDonald’s revenue falls 30% despite progress at U.S. restaurants @CNBC https://www.cnbc.com/2020/07/28/mcdonalds-mcd-q2-2020-earnings.html
JetBlue Airways is the latest carrier to post a quarterly loss and warn investors of a choppy recovery in demand. The New York-based airline forecast third-quarter revenue will likely fall around 80% on the year. JetBlue executives will hold a call to discuss results at 10 a.m. ET
A Breitbart video containing dangerous coronavirus misinformation was allowed to go viral on Facebook before it was removed.Those in the video claim that the anti-malaria drug hydroxychloroquine is “a cure for Covid” and “you don’t need a mask” to slow the spread of coronavirus. The claims are in contrast to the advice from public health officials to prevent the spread of the virus.
Eastman Kodak Co. has won a $765 million government loan under the Defense Production Act, the first of its kind. The purpose: to help expedite domestic production of drugs that can treat a variety of medical conditions and loosen the U.S. reliance on foreign sources.The onetime leader in photography sales is gearing up to produce ingredients for generic drugs, including the antimalarial drug hydroxychloroquine that President Trump has touted in the treatment of coronavirus.
Nationally, prices rose 4.5% annually in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.Home prices in the 10-City Composite increased 3.1% annually, down from 3.3% in the previous month. The 20-City Composite rose 3.7% year-over-year, down from 3.9% in April.