Private island off Florida buys thousands of coronavirus tests
Fisher Island, an exclusive enclave off Florida which includes America’s richest zip code, purchased the rapid COVID-19 blood test kits from the University of Miami Health System, according to the Miami Herald.
The private island made a deal with the hospital system to produce the test kits for more than 800 families that live there, the Herald said.
Employees who maintain the property of the island and those who patrol its streets will also receive tests.
Only about 1 percent of Florida’s population has been tested for coronavirus. An ordinary patient would need to meet certain criteria in order to receive one.
A yearly membership to the Fisher Island Club — the management company that oversees 216 acres including private beaches and an award-winning golf course — costs about $250,000.
Gapping down
In reaction to earnings/guidance:
- XENT -15% (issues downside Q1 revs guidance and withdraws 2020 guidance), OGI -11%, INSP -2.8% (guides for Q1 revs; withdraws 2020 guidance, announces stock offering), CLF -1.2% (temporarily idling production at two of its iron ore mining operations), LAD -0.8% (guides Q1 EPS below consensus; says March vehicle unit sales fell 50%)
Other news:
- CORR -31.4% (expects to recommend to the board a reduction in its dividend)
- INSP -3% ( prices offering of 2 mln shares of common stock at $58.00 per share)
- FSM -2.6% (reports sliver production declined 19% yr/yr; withdraws Fy20 guidance)
- LHCG -2% (to join S&P MidCap 400)
Analyst comments:
- CX -1.8% (downgraded to Neutral from Outperform at Bradesco BBI )
- AUDC -1.4% (downgraded to Hold from Buy at Needham)
Gapping up
In reaction to strong earnings/guidance:
- ROKU +14.7% (sees Q1 revs above consensus but withdraws 2020 outlook), CNK +7.2% (to host call to discuss liquidity strategy), TMDX +6.8% (guides Q1 revs slightly above consensus; withdraws 2020 guidance), FAST +4%, AMRN +3.6% (guides Q1 revs above consensus), JNJ +3.5%, CONN +2.2%, JPM +0.8%
Other news:
- ABR +7.2% (provides COVID update)
- YETI +6.5% (to join S&P SmallCap 600)
- KRMD +5.3% (announces favorable ruling from US Federal Court of Appeals)
- MRNA +4.8% (announces opportunity of mRNA vaccines at its first vaccines day)
- VSTM +4.6% (announces presentation of clinical data)
- MDGL +4.3% (MAESTRO Phase 3 NASH trials continue without protocol modifications; new data demonstrate that reductions in liver fat achieved by resmetirom predict nash resolution and fibrosis reduction)
- ALNY +2.5% (receives Fast Track Designation for Vutrisiran)
- CALA +2.2% (provides update on business operations; on track to announce top-line CANTATA results this year)
- AAPL +1.6% (Apple mobility partner Physitrack partners with Physical Rehabilitation Network to deliver technology for remote patient engagement)
Analyst comments:
- BLPH +20.1% (initiated with Buy at Brookline Capital)
- TSLA +7.3% (upgraded to Neutral from Underperform at Credit Suisse)
- ZM +4.3% (initiated with an Overweight at Cantor Fitzgerald )
- PSXP +4.2% (upgraded to Overweight from Equal Weight at Wells Fargo)
- ALSN +2.6% (upgraded to Strong Buy from Outperform at Raymond James)
- SUN +2.4% (upgraded to Buy from Hold at Jefferies)
- G +1% (upgraded to Overweight from Neutral at JP Morgan)
Early premarket gappers
- Gapping up:
- BLPH +23.4%, ROKU +11.7%, TMDX +6.8%, YETI +6.5%, ABR +6.5%, AMRN +6.3%, KRMD +5.3%, CNK +4.4%, CONN +3.5%, VSTM +2.9%, JNJ +2.9%, OGI +2.2%, AAPL +2.1%, AMK +0.9%, FSM +0.7%
- Gapping down:
- CORR -32.9%, XENT -15%, CLF -3.9%, INSP -3%, INSP -2.8%, LHCG -2%, FIS -1.5%, LAD -0.8%, PLUG -0.5%
>>> Up
* *Bankia Raised to Buy From Neutral, Target Cut to EUR1.35 From EUR1.75 by Citigroup
* Centrica Raised to Overweight at Barclays; PT 50 pence
* Colonial Raised to Buy at Ahorro Corporacion; PT 9.80 euros
* Colruyt Raised to Hold at KBC Securities; PT 50.50 euros
* Demant Raised to Buy at Danske Bank Markets; PT 200 kroner (+)
* DiaSorin Raised to Neutral at Kempen & Co; PT 127 euros (+)
* Elis Raised to Buy at MainFirst; PT 11.40 euros (+)
* Enagas Raised to Market Perform at BBVA; PT 19.40 euros
* Endesa Raised to Buy at MainFirst; PT 23.50 euros
* Endesa Raised to Outperform at BBVA; PT 22.30 euros
* Engie Raised to Overweight at Barclays; PT 13.50 euros
* Fielmann Raised to Hold at Hauck & Aufhaeuser; PT 53.50 euros (+)
* James Fisher Raised to Buy at Jefferies; PT 1,670 pence
* Lanxess Raised to Buy at Citi
* Mediobanca Raised to Overweight at Morgan Stanley
* Orange Raised to Buy at UBS; PT 12.70 euros (+)
* Orsted Raised to Buy at HSBC; PT 775 kroner
* Pennon Raised to Neutral at Credit Suisse; PT 1,035 pence (+)
* RAI Way Raised to Outperform at Mediobanca SpA; PT 7.02 euros
* Recordati Raised to Outperform at Mediobanca SpA
* Suez Raised to Buy at SocGen; PT 13 euros (+)
>>> Down
* Admicom Oyj Cut to Reduce at Inderes; PT 75 euros (+)
* Adevinta Cut to Hold at Danske Bank Markets; PT 104 kroner (+)
* Aggreko Cut to Add at AlphaValue (Earlier)
* Akwel Cut to Hold at Portzamparc; PT 11.30 euros (+)
* ArcelorMittal Cut to Neutral at JPMorgan; PT 9.50 euros
* Ashtead Cut to Neutral at BofA; PT 2,100 pence
* Autogrill Cut to Underperform at Mediobanca SpA; PT 5.40 euros
* Banca Generali Cut to Neutral at Mediobanca SpA; PT 25 euros
* BPER Banca Cut to Sell at UBS; PT 1.90 euros (+)
* Banco BPM Cut to Sell at UBS; PT 85 euro cents (+)
* Burford Capital Cut to Hold at Peel Hunt; PT 500 pence
* Cairo Comm Cut to Neutral at Mediobanca SpA; PT 2.71 euros
* Campari Cut to Hold at MainFirst; PT 7.10 euros
* CFE Cut to Hold at ABN Amro Bank; PT 80 euros
* Close Brothers Cut to Hold at Investec; PT 1,110 pence (+)
* CNH Industrial Cut to Neutral at Mediobanca SpA; PT 7.20 euros
* Credit Suisse Cut to Underweight at Barclays; PT 8 Swiss francs
* De' Longhi Cut to Neutral at Mediobanca SpA; PT 15.60 euros
* Elior Group Cut to Add at AlphaValue (Earlier)
* Endesa Cut to Sell at Goldman; PT 18 euros
* Eni Cut to Neutral at Mediobanca SpA; PT 12 euros
* E.On Cut to Sell at Goldman; PT 9.20 euros
* Essentra Cut to Hold at Jefferies; PT 310 pence
* Evli Cut to Reduce at Inderes; PT 8.50 euros
* Euronav Cut to Hold at Cleaves Securities; PT 10.09 euros
* Euronext Cut to Market Perform at KBW; PT 75 euros
* Evolution Gaming Cut to Hold at SEB Equities; PT 422 kronor
* FNG NV Cut to Sell at ABN Amro Bank; PT 5 euros
* Geox Cut to Underperform at Mediobanca SpA; PT 64 euro cents
* Halma Cut to Underperform at Jefferies; PT 1,705 pence
* Jenoptik PT Cut to 27 euros from 34 euros at Bankhaus Metzler (+)
* Mediolanum Cut to Neutral at Mediobanca SpA; PT 6 euros
* Naturgy Cut to Sell at Goldman; PT 17 euros
* Nexi Cut to Neutral at Credit Suisse; PT 12 euros (+)
* Norwegian Air Cut to Underperform at Bernstein
* Piaggio Cut to Neutral at Mediobanca SpA; PT 2.50 euros
* Pirelli Cut to Underperform at Mediobanca SpA
* Prysmian Cut to Neutral at Mediobanca SpA; PT 19.20 euros
* Puma Raised to Buy at SocGen; PT 70 euros (+)
* Remy Cointreau Cut to Sell at MainFirst; PT 91 euros
* Saipem Cut to Neutral at Mediobanca SpA; PT 3.30 euros
* Sandvik Cut to Hold at Deutsche Bank; PT 150 kronor
* Sensirion Cut to Neutral at JPMorgan; PT 36 Swiss francs
* Severn Trent Cut to Equal-Weight at Barclays; PT 2,410 pence
* Smart Metering Cut to Hold at Liberum; PT 650 pence
* Smith & Nephew Cut to Neutral at Citi; PT 1,700 pence
* Spirax Cut to Underperform at Jefferies; PT 7,310 pence
* SSE Cut to Equal-Weight at Barclays; PT 1,300 pence
* STMicroelectronics Cut to Neutral at JPMorgan; PT 19 euros
* Temenos Cut to Underperform at ZKB (+)
* Tenaris Cut to Underperform at Mediobanca SpA; PT 6.50 euros
* UniCredit Cut to Neutral at UBS; PT 8.50 euros (+)
>>> Initiation
>>> Call
* AB InBev Dividend Cut Welcome, Could Have Gone Further: RBC (+)
* Ashtead Cut to Neutral at Bank of America After Recent Rally (+)
* Bankia Raised to Buy, BBVA Top Pick Among Spanish Banks: Citi
* Burford Downgraded at Peel Hunt on ‘Unnerving’ Cash Prospects (+)
* Credit Suisse Cut at Barclays On Credit Risk; UBS Better Placed (+)
* DSV Panalpina, Kuehne PTs Cut at Citi on ‘Collapsing’ 2Q Volumes
* *EUROPEAN IT SECTOR CUT TO NEUTRAL AT CITI (APRIL 9)
* National Express Update Should Provide Reassurance: Jefferies
* Sandvik Cut at Deutsche Bank, Spinoff Seen Postponed (+)
* Temenos 1Q Update ‘Well Below’ Expectations, MainFirst Says
Condé Nast to Cut Pay, Furlough Some Staffers
Ceo Roger Lynch will take a 50 percent pay cut, while Anna Wintour is taking a 20 percent one, and staffers earning more than $100,000 will also see their pay cut.
Condé Nast is the latest publisher to turn to cuts due to the coronavirus.
To counter the plunge in advertising that is plaguing the industry, the publisher of Vogue, Vanity Fair, GQ and Glamour told staffers Monday that it is cutting salaries of those making more than $100,000 by between 10 percent and 20 percent, effective May 1. The reductions will be in place for five months across all markets.
Chief executive officer Roger Lynch will take a 50 percent reduction in his base salary, as will the external members of its board. The rest of the executive leadership team — which includes Vogue editor in chief and Condé Nast artistic director Anna Wintour, who is one of the publishing companies highest-paid executives — will reduce their base salaries by 20 percent.
“While we aren’t as solely dependent on print and digital display advertising as some of our competitors, globally, we will still see a substantial impact from this crisis on our business,” Lynch said in a staff memo. “It’s very likely our advertising clients, consumers and, therefore, our company will be operating under significant financial pressure for some time. As a result, we’ll need to go beyond the initial cost-saving measures we put in place to protect our business for the long term.”
The media company will also implement reduced working hours and work week schedules such as three- to four-day work weeks for certain roles, “in particular where government programs and stimulus packages can help supplement employees’ earnings.”
In the U.K., where Condé has a sizable office, the government is paying 80 percent of furloughed workers’ salaries. Condé also has significant operations in other European countries, including France and Italy, where governments are helping to supplement the wages of workers laid off by their employers in all sectors.
As for job losses, Lynch admitted that he expects there will be some, but did not give any details of where and when these may occur. “We’ve already closed several hundred open positions and limited hiring only to the most critical roles,” he said. “Role eliminations are never something we take lightly, and we’ll continue to work to limit this as much as possible.”
Elsewhere, it will also defer several projects, including a global employee intranet and outfitting of event spaces. A source said the company also may temporarily adjust publishing schedules of print issues by potentially shifting some summer issues into either fall or holiday.
The impact of a fall in advertising revenue as brands slash their marketing budgets due to COVID-19 was not seen in the May issues of Condé’s magazines as they have a lead time of around two to three months. Instead, experts expect signs to start to appear in June and by September, the most crucial issue for magazine publishers, the decline will be clearly visible.
Some industry analysts are forecasting that some publishers will suffer a 50 percent drop in advertising revenues and are predicting that the slump will be worse than during the 2008 financial crisis.
Condé follows Bustle Digital Group, Vice Media, Group Nine, Gannett and Maven Media, who have all had to make cuts. Vox Media, which owns New York Magazine and The Cut, is currently reviewing the impact of COVID-19 on its business and is expected to update employees this week.
To date, Hearst Magazines and Meredith Corp. have not made any COVID-19-related cuts.