Tuesday, April 21, 2020

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  • Kim Jong Un recovering after cardiovascular procedure, South Korean media says
    Kim Jong Un recovering after cardiovascular procedure, South Korean media says 

    		FOX
    Daily update ⋅ April 21, 2020


    		NEWS



    Trump and Fox went all-in on a coronavirus silver bullet. But maybe the wrong one.
    Over the next few weeks, though, hydroxychloroquine in particular was mentioned repeatedly on the Fox channels, day after day. Host Laura Ingraham ...
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    Today on Fox News: April 20, 2020
    Fox & Friends, 6 a.m. ET: Former DHS Secretary Jeh Johnson; House Minority Leader Kevin McCarthy; Drs. Nesheiwat, Siegel, Saphier and Oz are ...
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    Trump, Fox News are trying to gin up a new Tea Party to distract you from their deadly failures | Will ...
    Trump, Fox News are trying to gin up a new Tea Party to distract you from their deadly failures | Will Bunch. Updated: April 19, 2020 - 2:24 PM.
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    Coronavirus questions answered: Are vapers more vulnerable?
    Fox News medical contributor Dr. Janette Nesheiwat and Dr. Maria Granzotti, chief medical officer at Ascension Texas answer coronavirus questions.
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    Trump says Fox, Chris Wallace 'on a bad path' after Pelosi appearance on network
    During her “Fox News Sunday” appearance, the Speaker said Trump "gets an F" on coronavirus testing. She also said National Institute of Allergy and ...
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    Drones from China company cause spying concerns, experts claim
    White Fox Defense strategic adviser Brett Velicovich weighs in. Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up ...
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    'Last Week Tonight': John Oliver On Dangers Of Trump-Fox News Cycle Of Coronavirus ...
    Fox News underestimated the danger of the coronavirus early on but as the death toll mounted, they were behind the scenes suspending non-essential ...
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    Trump announces coronavirus testing milestone, says PPP stimulus deal imminent
    A source familiar with the call told Fox News that Mnuchin said the open items were limited to the testing portion of the aid package. At the beginning of ...
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    Canada shooting rampage kills at least 16 including policewoman; deadliest such attack in ...
    CLICK HERE FOR THE FOX NEWS APP. Taggart said he didn't know the suspect well, but spoke to him a few times when he called about municipal ...
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    Maryland first lady secures South Korean coronavirus testing kits
    A representative for Hogan told Fox News that the governor would make remarks about the South Korean coronavirus tests in a 2 p.m. press ...
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    		WEB



    Vice President Mike Pence and Speaker of the House Nancy Pelosi on
    Check your local listings, or watch today at 2p or 7p ET on Fox News Channel.
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    The World Health Organization
    The World Health Organization (WHO) provides an update on the coronavirus pandemic.
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    Fellow Patriot,
    The right of Americans to decide their own destiny at the ballot box is under a serious threat. In sanctuary city after sanctuary city, local politicians are now allowing foreign nationals to register and vote in elections.
    We value your opinion and we are taking a vital survey to determine where the American people stand on this issue. Please take a moment to cast your vote in this survey today, as New York City is now in the process of registering one million foreign nationals.
    Regards,

    The Motley Fool
    Good morning. The M&A market has frozen over. Per Refinitiv/Reuters, last week was the first time since September 2004 that no merger or acquisition deals worth more than $1 billion were announced. In September 2004...
    • Lost debuted on TV
    • Green Day released "American Idiot"
    • Barry Bonds hit home run No. 700
    Guess everyone was busy doing that.

    MARKETS


    NASDAQ
    8,560.73
    - 1.03%
    S&P
    2,823.16
    - 1.79%
    DJIA
    23,650.44
    - 2.44%
    GOLD
    1,713.00
    + 0.84%
    10-YR
    0.608%
    - 3.60 bps
    OIL
    -15.19
    - 183.14%
    *As of market close
    • Stimulus: It looks like more than $450 billion in aid could be on the way, we just...don't know when. The Senate could take up a new package focused on small businesses, hospitals, and testing today.
    • Geopolitics: U.S. intelligence is monitoring reports the North Korean leader Kim Jong Un is in "grave danger" following surgery, CNN reports. South Korea’s government said no unusual activity had been detected. 
    • Immigration: Last night, President Trump tweeted that he would sign an executive order temporarily suspending immigration into the U.S. due to COVID-19. We don't have any other details beyond that.
    Francis Scialabba
    There's no such thing as a free barrel of oil, even if U.S. crude prices crashed below -$37 a barrel yesterday in their first-ever adventure into negative territory. Prices did climb back overnight. 

    What happened 

    Prices of WTI, the U.S. crude benchmark, tanked on the backs of oil futures. Oil futures = financial instruments that let investors buy "abstract oil." When a futures contract expires, that investment is converted into IRL oil. 
    • But investors typically sell before expiration, either 1) taking the profit/loss or 2) rolling their investment into next month's futures contract.
    May contracts expire today. But with the U.S. on lockdown and demand for oil near zilch, no one wants oil delivered. So yesterday, investors shed their May contracts ahead of expiration.

    Why can't they hold onto it? 

    Marie Kondo can make 37 pairs of shoes disappear, but she can't stuff millions of oil barrels into a wicker basket. There's just no place to store the stuff. 
    Some traders are sending barrels on a leisurely cruise aboard very large crude carriers (literally, VLCCs). "Many traders are betting that the coronavirus pandemic will run its course and demand for oil will jump later this year," the WSJ explains.
    • Six-month VLCC leases have risen to an average of $100,000/day from around $29,000 a year ago. 
    • Sounds steep...but companies that have the liquidity and capacity could make ~$16 of profit per barrel after storage costs. 

    Big picture

    Major oil producers recently struck a historic deal to cut daily production by 9.7 million barrels starting in May. But those reductions aren't coming in time to trim the short-term glut. 
    The outlook? "Refiners are rejecting barrels at a historic pace and with U.S. storage levels sprinting to the brim, market forces will inflict further pain until either we hit rock bottom, or COVID clears, whichever comes first, but it looks like the former," Michael Tran, managing director of global energy strategy at RBC Capital Markets, told Bloomberg.
            
    Francis Scialabba
    New York: NYC Mayor Bill de Blasio canceled summer festivals, parades, and concerts through June, including the Pride March. The state asked the federal government for $4 billion in loans to cover unemployment checks. 
    Georgia (the U.S. state): Gov. Brian Kemp said some businesses, including gyms and bowling alleys, can reopen Friday provided they comply with social distancing and sanitation measures. Tennessee and South Carolina also announced plans to ease lockdowns.
    Minnesota: JBS, the world's largest meat processor, has shut down its Worthington pork plant following an investigation that found 26 workers had contracted COVID-19. This plant accounts for about 4% of the U.S.' pork supply.
    Singapore: The city-state now has the most reported cases in Southeast Asia after a flare-up among foreign workers. Singapore had been praised around the world for its initial response.
    Denmark: As the country starts to ease lockdown restrictions, children are going back to school and—we will cry when this happens—people can get their hair cut professionally. But that's all based on one precondition: The country will start testing anyone with coronavirus symptoms. 
            
    Virgin Galactic
    "Over the five decades I have been in business, this is the most challenging time we have ever faced," billionaire Virgin Group founder Richard Branson admitted in an open letter to employees yesterday.
    As Branson notes, his constellation of companies operate in some of the sectors hardest hit by virus containment policies: leisure, travel, aviation, hotels, and cruises. 
    • A desperate Branson asked the U.K. government for a loan to keep his Virgin Atlantic airline afloat. 
    • He even said he'd offer up his famous Necker Island estate in the Caribbean as collateral to "save as many jobs as possible around the group."
    Zoom out: Branson spent a good chunk of the letter playing defense against critics who point out he hasn't paid income taxes in the U.K. since decamping for the British Virgin Islands, yet now wants money from British taxpayers. Branson countered that he'd pay back any government aid and has already promised to pour $250 million of his own money into Virgin Group. 
    + While we're here: Virgin Australia, 10% of which is owned by Virgin Group, entered voluntary administration (aka bankruptcy protection) this morning.  
            

    SPONSORED BY THE MOTLEY FOOL

    Simple as 1, 2, 3

    The Motley Fool
    There’s a lot of complex stuff going on in the stock market, so we figured we’d keep this one simple:
    The Motley Fool has doubled down on these three stock picks.
    The Fool has helped their customers through market volatility before—from the dot-com bubble to the housing crisis—and now, drawing on decades of experience, they’re feeling good about these three simple stock picks.
    Keep it simple, people. Trust The Fool.

    CURRENCY

    China Leaves Wallet At Home, Doesn't Care

    In news your bitcoin-loving cousin will bring up at the next family reZoomion, China's central bank confirmed yesterday that it's started to test a digital currency in four cities. 
    Cash is already a rare sight in China. With popular digital services like Alibaba’s Alipay and Tencent’s WeChat Pay, China’s payment tech leapfrogged the rest of the world in sophistication and adoption years ago.
    • Still without an official name, the new currency is referred to internally as “DC/EP” or “digital currency/electronic payment.”
    Just don't call it bitcoin. While the most famous cryptocurrency is both anonymous and decentralized, DC/EP is neither. 
    • China’s central bank has said DC/EP will protect users' privacy and be designed to avoid inflation. However...
    • The WSJ notes any digital yuan China creates "would be centrally housed and become part of China’s surveillance state." 
    Bottom line: Chinese central bankers say the goal of DC/EP is to replace some of the cash in circulation and be ready for use by the Beijing Winter Olympics in 2022. There's also a laundry list of other central banks looking to issue a general purpose digital currency in the coming years.
            
    Epic Games
    A barrel of oil may be negative in price, but rapper Travis Scott is still trying to cut transportation costs. Starting this Thursday, Scott will embark on a “worldwide” concert tour inside the popular video game Fortnite. 
    That sentence will make even a millennial feel out of touch, and we haven't even mentioned...

    The “metaverse”

    Fortnite parent Epic Games is attempting to build the “metaverse,” brick by virtual brick. Emerging Tech Brew writer Ryan Duffy calls the metaverse a “digital third place” where users socialize, exchange money for goods, and consume media...like Fortnite’s Marshmello concert or an exclusive Star Wars event in 2019.
    Instead of packing a physical venue, fans of Travis Scott will enter Fortnite’s online universe to watch his virtual avatar perform a new track for free.
    Bottom line: Scott may not be charging admission at the gate, but there’s real money on the line–after the performance, Travis Scott-themed items will go on sale in Fortnite’s online store, which generated $1.8 billion in revenue in 2019.
            

    WHAT ELSE IS BREWING

    • IBM reported higher cloud computing sales last quarter, but withdrew its annual forecast for 2020.
    • United Airlines expects to report a pretax loss of $2.1 billion in Q1.
    • The National Restaurant Association said U.S. restaurants could lose $240 billion by the end of the year.
    • Amazon has installed thermal cameras in its warehouses to scan workers for coronavirus symptoms.
    • Facebook and Carnegie Mellon released a map showing county-by-county reports of COVID-19 symptoms.

    SPONSORED BY THE MOTLEY FOOL

    Welcome back to the simplest section of the newsletter, where you click on a link and then the Motley Fool tells you which stocks they think are really good. They’re all-in on five stocks under $50. That’s what they told us to say—and we trust them, because they’ve been around for nearly 30 years, and they’ve helped their members successfully navigate historic market volatility in the past. Check out their stock picks here.

    BREW'S BETS

    Tech Tip Tuesday: To play the word game Codenames over Zoom, use a spinoff site like this one or this one. 
    • This site has an added bonus for anyone who’s interested: You can create your own word bank. Failed startups-themed game, here we come.
    • Not a Codenames fan? Here’s an exhaustive guide on how to use the Houseparty app, where you can play games with up to eight players. We’ve heard good things about Chips and Guac. 
    Video treat: This COVID-19 commercial compilation pretty much sums up marketing in 2020. *Somber piano music plays*
    Podcast episode: Tomorrow is Earth Day. Do you know if your favorite corporate behemoth is celebrating? This week on our Business Casual podcast, Brian Deese, global head of sustainable investing at BlackRock and one of the architects of the Paris Climate Agreement, explains why investing with the climate in mind = stronger returns. Listen now on Apple / Spotify / everywhere else.

    FROM THE CREW

    Brew's Q's

    Restaurant chains like Shake Shack and Fogo de Chão were awarded small business loans from the $350 billion Paycheck Protection Program while many independent stores missed out. Yesterday, Shake Shack said it would return the $10 million it was given, but Fogo de Chão CEO Barry McGowan CEO told the WSJ, “The scale of our business doesn’t matter...all of our restaurants count,” citing contributions to local economies. Should restaurant chains have been eligible for PPP funds?

    MOTORCADE TRIVIA

    Nothing gives you goosebumps quite like a motorcade 18 black SUVs deep. For today’s quiz, we’ll give you a world leader, and you have to figure out the make of the (very souped-up) car that drives them around.
    1. President Trump
    2. South Korean President Moon Jae-in
    3. British Prime Minister Boris Johnson
    4. German Chancellor Angela Merkel 
    5. Japanese Prime Minister Shinzo Abe

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    morningbrew.com/daily/r/?kid=a17a7110

    MOTORCADE TRIVIA ANSWER

    1. President Trump = a Cadillac nicknamed "the Beast"
    2. South Korean President Moon Jae-in = Hyundai Nexo SUV
    3. British Prime Minister Boris Johnson = Jaguar XJ Sentinel
    4. German Chancellor Angela Merkel = Audi A8
    5. Japanese Prime Minister Shinzo Abe = Toyota Century Royal
    GOD BLESS THE UNITED STATES

    April 21
    Elizabeth II
    FEATURED BIOGRAPHY

    Elizabeth II

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    Jacques Chirac
    FEATURED EVENT
    2002
    French elections held

    READ MORE
     
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    MORE EVENTS ON THIS DAY
    Prince
    2016: American musician Prince—who created groundbreaking music that fused funk, rhythm and blues, rock and roll, and pop and was one of the biggest stars of the 1980s and '90s—died from an accidental overdose of fentanyl, a powerful opioid. [Test your knowledge of pop music.]
    Erté: dress
    1990: Russian-born artist and fashion designer Erté—a major figure in Art Deco, who created spectacular costumes and set designs for French music-hall revues—died in Paris. [Take our fashion quiz.]
    1977: Annie, a popular musical based on the newspaper comic strip Little Orphan Annie , first opened on Broadway.
    Loch Ness monster: “surgeon's photograph”
    1934: The Daily Mail printed a photograph that reportedly depicted the small head and neck of the Loch Ness monster; the iconic image, widely known as the “surgeon's photograph,” sparked an international sensation but was later revealed to be a hoax.
    Manfred, Freiherr von Richthofen, “the Red Baron”
    1918: Manfred, Freiherr (baron) von Richthofen , Germany's top flying ace in World War I, was shot down and killed during a battle near Amiens, France. [Sort fact from fiction in our quiz about World War I.]
    John Muir
    1838: American naturalist and writer John Muir—who, as an advocate of U.S. forest conservation, was largely responsible for the establishment of both Sequoia National Park and Yosemite National Park in California—was born in Scotland.
    SEE ALL EVENTS ON THIS DAY
    ALSO BORN ON THIS DAY
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    queen of United Kingdom
    1864
    Max Weber
    German sociologist
    1980
    Tony Romo
    American football player
    1816
    Charlotte Brontë
    British author
    1971
    Anwar al-Awlaki
    American radical cleric
    1915
    Anthony Quinn
    Mexican American actor




     
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