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Total confirmed cases: More than 73,400
Total deaths: At leastÂ 1,874
Apple’s suppliers and partners are getting hit hard following the iPhone maker’s revenue warning due to the coronavirus epidemic in China, underscoring fears about the financial fallout of the outbreak.Â Qorvo, a radio frequency chip supplier for Apple, fell nearly 3% in premarket trading. Credit Suisse estimates 30% of Qorvo’s revenues come from Apple. Chip company Skyworks Solutions, with about half of its sales from Apple, fell 2.7% and Lam Research ticked 3% lower.Â Other chip suppliers like Broadcom, Micron and Intel, fell 2.2%, 2.5% and 1.2%, respectively. About 20% of Broadcom’s revenues come from Apple and about 5% of Micron and Intel’s come from the iPhone maker. Semiconductor companies Nvidia and Xilinx dropped 1.5% and 1.7% in premarket trading.Â Apple said Monday that it does not expect to hit its quarterly revenue forecast due to lower iPhone supply globally and lower Chinese demand as a result of the coronavirus.Â â Fitzgerald
General MillsÂ said nearly half of its Haagen-Dazs ice-cream shops in Greater China had been temporarily closed, amid the rapid spread of the coronavirus in the world’s second biggest economy.Â The epidemic, which has claimed nearly 1,900 lives, has forced companies with significant exposure in China to temporarily shut stores. Some have also warned of a hit to their earnings.Â General Mills said it could not quantify the impact of the outbreak on its fiscal 2020 results at the time, although it reaffirmed its forecast for the fiscal year ended May 31.Â The Greater China region accounts for about 4% of the company’s net sales, with Haagen-Dazs shops and other foodservice outlets making up about 40% of that.Â The Minneapolis, Minnesota-based company said Haagen-Dazs stores that remained open were operating under severely restricted hours.Â The company operated 525 Haagen-Dazs ice-cream parlors and franchised 365 more outside of the United States and Canada, as of May 26, according to a regulatory filing.Â â Reuters
Former FDA Commissioner Scott Gottlieb said the public should start focusing on COVID-19 cases outside of China when considering the global risk. He said Japan appears to be “on the cusp of an outbreak” with 59 confirmed cases and one death so far, he said on CNBC’S “Squawk Box.” “If you start to see this become an epidemic in other nations … that’s going to be extremely worrisome that we’re not going to control this globally,” Gottlieb said. – Bursztynsky
German investor confidence has sharply deteriorated amid intensifying fears that China’s coronavirus outbreak will significantly hamper world trade, according to a new survey.Â The ZEW Research Institute said Tuesday that its monthly survey showed economic sentiment fell to 8.7 in February, down from 26.7 in January. Analysts had anticipated a reading of 21.5 this month.Â “The feared negative effects of the Coronavirus epidemic in China on world trade have been causing a considerable decline of the ZEW Indicator of Economic Sentiment for Germany,” ZEW President Achim Wambach said in a statement.Â “Expectations regarding the development of the export-intensive sectors of the economy have dropped particularly sharply.” â Meredith.