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China exonerates doctor reprimanded for warning of virus
TOGETHER WITHGood morning. We hope everyone has a great...actually, who cares about what day of the week it is anymore. They're all the same.MARKETS
NASDAQ7,150.58+ 2.30%S&P2,409.39+ 0.47%DJIA20,087.19+ 0.95%GOLD1,476.90- 0.07%10-YR1.158%- 2.70 bpsOIL24.97+ 22.58%*As of market close- Jobs: The number of Americans filing for state unemployment benefits jumped by 70,000 this week as businesses started to lay off workers. Next week’s report is expected to be much, much worse.
- Energy: Oil had its best day on record as President Trump said the U.S. might get in the middle of the Saudi/Russian price war that’s crushing oil prices.
- Stimulus: Senate Majority Leader Mitch McConnell released a proposal to send $1,200 checks to individuals and $2,400 to couples.
HEALTHCARE
This Place Needs More Ventilation
Francis ScialabbaBecause of the coronavirus pandemic, healthcare systems all over the world are facing a severe shortage of ventilators.- Ventilators are machines that help people get oxygen into their lungs. Because COVID-19 can cause lung inflammation, or pneumonia, ventilators are essential tools for treating patients who are severely ill.
The U.S. especially is sorely understocked. New York Gov. Andrew Cuomo said Wednesday his state will need 37,000 ventilator-attached ICU hospital beds. It has 3,000.So governments are turning to the private sector
U.K. Prime Minister Boris Johnson issued a request Monday for manufacturers to help churn out ventilator parts. More than 60 companies have responded, including Airbus and Vauxhall (a car company owned by French auto group PSA).Stateside, President Trump invoked the Defense Production Act, a Cold War-era law that allows the government to direct private industry to generate critical materials in times when "national defense" is threatened.- GM said that CEO Mary Barra met with President Trump and discussed producing ventilators. Normal GM production in North America is on pause until at least March 30.
- A CNBC source said GM wouldn’t be adjusting its equipment, but devoting extra factory space to making ventilators.
And Elon Musk did what Elon Musk does
Fired up Twitter. Wednesday night, the Tesla and SpaceX CEO tweeted that he’d conscript those companies to make ventilators if needed. NYC Mayor Bill de Blasio promptly swan-dived into Musk’s mentions.@NYCMayorBut with broad business shutdowns sweeping the globe, it’s not clear where Tesla or SpaceX would house ventilator production. Yesterday, Tesla said it was temporarily suspending production at its New York and California plants.Zoom out: Ventilators are expensive, which makes hospitals reluctant to buy them in bulk if demand will taper off before long. That's only compounding the extreme shortage, writes the WaPo.WORK
Are You Team Slack or Team Teams?
In a matter of weeks, video conferencing app Zoom became a household name. But there’s a couple of other workplace communication companies that want you to remember they’re still here.Yesterday, Microsoft Teams reported a whopping 44 million daily active users—more than double November’s 20 million and up 12 million from last week.- Microsoft is hoping upcoming video conferencing features like noise suppression, a “raise hand” tool, and the ability to break into side convos will distract users from Monday’s outage, when European users logged on en masse.
Since launching in 2016, Teams has competed bitterly with Slack (finally passing it in users last summer). Yesterday, Slack launched its biggest redesign ever, providing easier customization and navigation.- Coronavirus is a double-sided coin. Slack's paying customers are up 7,000 since the start of February—40% more than typical quarterly growth. But the company could shed 5,000 customers in the next sixth months as companies start to fold.
Looking ahead..an analyst with research firm IDC told the FT the pandemic may have accelerated the communications and collaboration market by seven years.TRANSPORTATION
No, I Will Not Share My Car With You
Francis ScialabbaIt’s harder out there for a ride-share company than catching fireflies in November. In the week ending Monday, U.S. riders spent 21% less on Uber and 19% less on Lyft. Markets with severe coronavirus outbreaks are facing even sharper declines.- Bookings for both services were down 27% in California in the same timeframe. For scale, California accounts for 9% of Uber bookings.
- In hard-hit cities like Seattle, trips are down as much as 70%.
One silver lining? Customers are staying in, but also ordering in. Uber Eats has gotten a bump in traffic, though CEO Dara Khosrowshahi admitted most of Uber’s ride-hailing customers use other food delivery services (awkward), so they’re trying to convert riders to its delivery service.Another silver lining: $10 billion in cash to weather big drops in demand. Shares rose almost 40% yesterday as Khosrowshahi showed off his wallet and held off adjusting Q2 guidance for now.Looking ahead…this could dent profitability targets for Lyft (end of 2021) and Uber (end of 2020). An RBC analyst told the WSJ Uber’s 2020 revenue could fall up to 37% and profits as much as 79%.SPONSORED BY WISE BREAD
Let’s Put This Mountain Goat Thing To Bed
We’re a non-confrontational bunch. So when a writer got into a fight with another (more handsome) writer about what to do with a cash back credit card that can earn you an estimated $1,080 in your first year, we knew it was time to call a truce.As a refresher, one writer thought it’d be good to buy a mountain goat. But the other writer found this to be one of the dumbest ideas he’d ever heard.After all, it’s not every day you get a cash back card with 0% intro APR for 14 months and no annual fee, plus that estimated $1,080 we mentioned. Why squander all that on a wild animal? Instead, you could invest your cash back, put it in a high yield savings account, or you know, just buy a regular animal.With a cash back card this good, the options are pretty endless. And the time to maximize your cash back opportunities is now.But please, don’t buy a mountain goat.Now's the time to get yourself some cash back. Apply today.IMAGES
Coronavirus Around the World
You may feel lonely, but you are not alone. Billions of people across the globe had their lives upended this week by the coronavirus pandemic. Here are some pictures that tell the story.New York, NY
Sure why not.Perth, Australia
Long lines in Costco despite no samples.Paul Kane/Getty ImagesPisa, Italy
Laura Lezza/Getty ImagesCaracas, Venezuela
Experts are worried that a news media blackout and a feeble healthcare system could hamstring Venezuela's response.Leonardo Fernandez Viloria/Getty ImagesSan Francisco, California
Yesterday, Gov. Gavin Newsom told California residents to leave home only when necessary. California has the fifth-largest economy in the world.Justin Sullivan/Getty ImagesQUIZ
Hermit Quiz
PixabayWe're trying a little experiment with the news quiz today: You can do the traditional method (and find the answers at the bottom of the newsletter). Or, you can take the quiz in a special website version that's interactive and allows you to measure your score against other readers. Let us know what you think, either way.1. Fill in the blank: Up to 15% of daily web traffic is going to content about _______, per traffic analytics firm Parse.ly.- The 2020 election
- Coronavirus
- Tom Brady
- Our work from home guide
2. This week, one meal kit delivery service’s stock price has jumped over 1,100%. What's the company?3. LVMH has directed factories that typically produce cosmetics and perfumes to make which product?4. Amazon said it was looking to hire 100,000 warehouse and delivery workers in the U.S. to keep up with surging demand for e-commerce. What U.S. city has a population of roughly 100,000?- Tucson, AZ
- South Bend, IN
- Portland, ME
- El Paso, TX
5. I’m a celebrity chef who converted many of my D.C.-area restaurants into “Community Kitchens” to help feed people in need. What’s my name?Take the quiz here or scroll to the bottom for the answers.Francis ScialabbaWe hold these WFH truths to be self-evident: that we’ll always wear pajama pants and that we’re spending way more time than usual scrolling through social media.Platforms like Facebook, Twitter, and Instagram have become lifelines for human contact and important headlines in the era of #socialdistancing, putting pressure on Big Tech to clamp down on misinformation and potentially harmful viral cure-alls.But can Zuck & Co. handle it? Are they stepping up to the plate to root out dangerous misinformation? Can we trust anything we see on social media anymore?In this special episode of Morning Brew’s Business Casual podcast, Bloomberg social media reporter Sarah Frier explains how tech c-suites are navigating what, for many, has become one of the most uncertain periods of their existence...and how those business decisions impact society.Listen here: Apple / Spotify / everywhere elseWHAT ELSE IS BREWING
- Latest numbers: The coronavirus death toll in Italy has surpassed China’s. Total U.S. cases surged past 10,000.
- Domino’s is planning to hire about 10,000 workers to keep up with increased demand.
- Miami-Dade County, FL, closed all beaches, parks, and "non-essential" businesses.
- President Trump said Carnival offered up its cruise ships as floating hospitals.
- A secret recording reportedly features Sen. Richard Burr (R-NC) warning certain constituents abut the coronavirus weeks ago, ahead of the general public.
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Here’s how you can party from your living room this weekend:- Charli XCX is joining other music artists live on Instagram all weekend: Rita Ora today, Kim Petras tomorrow.
- Diplo has been spinning sets from his living room. Check his Instagram for updates.
- Mark Kanemura is hosting daily live dance parties.
- Debbie Allen is teaching a dance class midday tomorrow.
- Erykah Badu is playing a $1/entry digital concert.
Want more? Billboard is keeping a running list updated here, and there are plenty more entertainment options in our quarantine guide.FROM THE CREW
Business Is Not Usual
All week we've been collecting your funniest WFH stories. Here's a choice selection:- "Left NYC to go home to my parents' house—I was presenting to 100+ people and my dad walked through at 9:30am yelling, 'Is it too early for a drink?'"
- "My copywriter discovered virtual backgrounds on Zoom for the first time and spent the entire meeting virtually touring all around the world without realizing all of us were crazily distracted by his 'trip.'"
- "I was looking out my apartment window the other day and saw someone had set a desk up on the roof of his apartment building with multiple monitors and everything."
- “I had a goal to learn to play the guitar. On a particularly boring conference call, I pulled out the guitar and started strumming away. Of course, I thought I was muted but I wasn't. As I paused to figure out my next finger placement, I heard my boss say, ‘Whoever is playing the guitar, will you please stop?’”
Anything crazy/horrific happen to you while working from home? Share it here.FRIDAY PUZZLE
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March 20, 2020 Read in Browser FOX
Daily update ⋅ March 20, 2020NEWS Some political coronavirus questions to consider
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Of all the shameful things that Fox News has done over the years, its most blatantly irresponsible might very well be the weeks its hosts spent claiming ...Flag as irrelevant McConnell says stimulus checks would go to most Americans, as senators eye higher amount
One source told Fox Business Network that the amount would start to reduce for those making $75,000 and above -- and the checks would be limited ...Mnuchin says White House working to send $1000 checks to most Americans within 3 weeks - Fox BusinessFlag as irrelevant Today on Fox News: March 20, 2020
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