Coronavirus live updates: How the New York elite got tested, Coca-Cola pulls its 2020 outlook

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 245,000, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 10,031, according to data compiled by Johns Hopkins University.
  • US cases: At least 14,250, according to data compiled by Johns Hopkins University.
  • US deaths: At least 205, according to the CDC and state health officials.

Coca-Cola on Friday said that it does not expect to meet its outlook for 2020 due to the impact of the coronavirus pandemic.

Around the world, sporting events and concerts have been canceled, movie theaters and restaurants have been closed, and people are working from home. Those initiatives to promote social distancing, along with currency fluctuations, are expected to hit Coke’s business, according to a regulatory filing.

Coke previously forecast that 2020 organic revenue would grow by 5% and adjusted earnings per share would increase by 7% to $2.25.

Coke said it cannot estimate the blow to its business at this time, although it “could be material.” The company said that it expects to provide an update when it reports its first-quarter earnings. —Amelia Lucas

Scientists around the globe are racing to develop tests, treatments, and vaccines to combat the COVID-19 disease.

Near term, tests are the priority. Beyond testing, regulators are trying to get treatments approved as quickly and safely as possible to serve as a bridge to a vaccine, which is likely to take 12 months, according to the U.S. FDA Commissioner Stephen Hahn.

Health-care experts broadly agree that a treatment is likely to come before a vaccine. “If a good treatment emerges, whatever it is, we expect regulators to prioritize expeditious review,” Laura Sutcliffe, a UBS health-care analyst said in a research note. —Julianna Tatelbaum

As U.S. authorities scrambled to ramp up the nation’s capacity to test for coronavirus last week, at least 100 executives and other New Yorkers of means had easy access to testing, according to two sources familiar with the activities of a little-known medical service catering to the affluent.

These people paid a $5,000-a-year membership fee for a medical concierge service in New York City called Sollis Health, which worked with Enzo Clinical Labs Inc to test its members for COVID-19, according to the sources.

The arrangement gave members, which include people in finance, entertainment, advertising, and media industries, access to the tests at home at a time New York Governor Andrew Cuomo said the state had the capacity to test just a few hundred patients a day. The two sources declined to provide the identities of the people the company tested for coronavirus and Reuters could not establish them. —Reuters

GameStop told its stores to stay open even in the event of state or city lockdowns in response to the coronavirus outbreak, according to a memo obtained by gaming website Kotaku. The memo said the videogame retailer considered itself an “essential retail” operation. —Peter Schacknow

Source: https://www.cnbc.com/2020/03/20/coronavirus-latest-updates.html

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