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- Total confirmed cases: More than 76,700
- Total deaths: At least 2,249
Online travel booking company Trip.com is pushing back its fourth-quarter earnings report from Feb. 26Â to March 18 to tally the impact of the outbreak on its ticketing and tour business, the company said. “The revised date would give the Company more time to observe business condition and provide visibility for the first quarter of 2020,” the company said.Â âKopecki
The coronavirus outbreak ruined for investors what was a solid earnings reporting season and is casting a pall on forecasts for this quarter and the rest of this year. And now with most of the earnings season in the books, look for the latest coronavirus headlines to fill the vacuum and weigh on stocks the rest of the month. Fourth-quarter profit growth for companies came in at 3.1%, and if the energy sector is excluded, the growth rate was 6.0%, according to Refinitiv. Just about four weeks ago, analysts expected a slight decline. However, the deluge of solid corporate results was largely overlooked by investors who are focusing on the spillover impact from the coronavirus on U.S. corporations. âLi
Airlines have canceled more than 200,000 flights as the coronavirus continues to spread to new countries, prompting travel restrictions and a sharp drop in demand for trips to and within China. Between Jan. 23 and Feb. 18, 99,254 scheduled flights didn’t fly, close to 90% of them domestic trips, aviation consulting firm Cirium said. That’s sending jet-fuel prices, generally airlines’ second-biggest expense after labor, down sharply. While benchmark jet-fuel prices in the U.S. and Singapore have recovered some ground from hitting the lowest levels since mid-2017, they’re each down 17% so far this year, according to data from S&P Global Platts. âJosephs
California, Nebraska and Illinois are the only U.S. states that can currently test for coronavirus, the Association of Public Health Laboratories told Reuters. The CDC last week said some of the testing kits sent to U.S. states and at least 30 countries produced “inconclusive” results due to a flawed component, and the CDC planned to send replacement materials to make the kits work. The CDC has increased testing capacity until new testing kits become available, said Scott Becker, the executive director of APHL, which represents public health laboratories in the United States. âReuters