Other major US cities are preparing for a bunch of coronavirus cases after experts said New York City would be repeated across the country. NYC has over 38,000 cases and 914 dead as of Monday, so if the prediction was meant to be a bit frightening, it worked.
The number of US COVID-19 cases passed 163,000 as of Monday night, leaving former total case leaders Italy and China in the dust.
The US accounted for 3,148 of the 37,780 deaths globally with Illinois reaching 5,056 cases and 73 fatalities. It get’s worse; Michigan is up to 6,498 cases 184 deaths and California now has 6,495 cases and 135 deaths. Local medical professionals realize numbers like those, once transmitted to the large urban centers can overwhelm. So, the are getting ready to deal with numbers that surpass hospital capacities.
LA County health officials predict that in just two weeks hospitals could run out of space. Navy hospital ship Mercy has provided 1,000 extra beds for non-coronavirus patients. But the 45,000 homeless people in LA could overwhelm the system. Chicago has responded by asking the Army Corp of Engineers to help convert the massive convention center, McCormick Place , into a makeshift hospital. Detroit is already overwhelmed, with 500 police officers in quarantine and hospitals putting two patients at a time into intensive care unit rooms that are made for one patient. These cities are poweder kegs, let’s hope no one lights a match.
Abbott Laboratories Huge Win
Stock trades up over 6% with almost 7 times normal volume
Abbott Laboratories (NYSE: ABT) has received federal clearance for two coronavirus tests in as many weeks and the company is “on a mission” to develop even more diagnostic devices according to CEO Miles White who was on CNBC on Monday.
“I have to say while we’re very pleased with the performance that we’ve been able to deliver here — we’ve launched two tests in the last couple of weeks — there’s still more, and there’s a need for more,” he said in a “Mad Money” interview with Jim Cramer.
We wrote about this yesterday but today we write about the stock move as some of it was troubling. Our last line in yesterday’s note was “This as a darn good reason to buy ABT.” Many people did. The stock closed up 6.41% on almost 7 time the average daily volume. It also gave up quite a bit of its early gains.
The high for the day and the highest volume period for the day was the first 30 minutes of the session. Almost 20 % of the volume for the day took place in the first 30 minutes and the high price of $84.40, which would put the stock up almost 13.2% happened in the first 5 minutes.
The next few days will decide of the stock has staying power because Monday clearly involved quite a bit of profit taking.
Livongo Health Joins the Fight
Livongo Health Inc (NASDAQ: LVGO) founder Glen Tullman was on CNBC on Monday talking about telehealth, which is wear LVGO plays, and how it relates to COVID-19. LVGO is a healthcare company that currenty specializes in monitoring diabetes patients and their care. They do this remotely so doctors and specialists are able to keep an eye on a diabetic person’s care of themselves, which in between doctor visists is where things often go sideways.
Citing recent data from New York, Tullman talked about 90% of the COVID-19 deaths in that city were from people with pre-existing medical concerns and that those people, according to Doctors, should be staying home. They should not be going into doctors offices or emergency rooms, but should be monitored at home.
That’s exactly what Livongo does currently with diabetes patients. Since those that suffer from diabetes are in the vulnerable category, LVGO is well positioned to join the fight and profit from this as well. Nothing wrong with profit if the help is coming with it. As a matter of fact, that’s the best of both worlds.
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Berkshire Backed BYD Will Sell Parts
In 2018 in an interview with Becky Quick on CNBC, Warren Buffet was asked about his company, Berkshire Hathaway’s (NYSE: BRK) investment in China’s BYD. His response was, “Well it was Charlie’s Idea” referencing his long-time business partner Charlie Munger, “but it’s worked out so well, that now I’m remembering it was my idea.”
Buffet and Berkshire invested $230 million more than 10 years ago and now own 25% of the company. At the time, they were just a battery maker but now manufacture all-electric vehicles. They have gotten so efficient at making components for their own vehicles, that they have decided to launch “FinDreams” to sell technology and components to other automakers. The name is consistent with the brand, since BYD stands for “build your dreams”.
Last year, BYD signed an agreement with Toyota Motor on EV battery supply and joint product development, with the companies setting up a jointly owned venture this month. BYD also works with Daimler on making Denza-branded electric vehicles.
We could get a viable Tesla Inc (NASDAQ: TSLA) competitor in the U.S. a lot faster with FinDreams out there making deals and Warren Buffet and Charlie Munger opening doors.
Fauci Frosting
Donuts Delite, a doughnut shop in Rochester, N.Y., is baking and selling Dr. Anthony Fauci doughnuts.
Fauci, in case you’ve been in a coma, is director of the National Institute of Allergy and Infectious Diseases and one of the main medical advisors to the White House. He is seen regularly during the President’s televised press conferences and coronavirus briefings.
The doughnut is made by printing an image of Fauci onto edible paper, then putting it in a thick bed of buttercream frosting.
“We’re watching the news like everyone else,” franchisee of Donuts Delite Nick Semeraro said in an interview. “He’s on TV giving us the facts, you’ve got to respect that. We’re bipartisan, we stay neutral, but you’ve got to give credit where credit’s due,” he continued. “People are buying them like crazy,” Semeraro said. “We’re making more right now.”
The Fauci doughnuts cost $2.10 each or $11 for a half-dozen and $20 for a dozen plus tax. Of course, they can only be ordered for takeout, curbside pickup or delivery. The Dr. would never break the restaurant lockdown order.