[The beef 675]
[I'm an image]
"I thought we moved on." - Jeff, on coronavirus
[Read The Beef Online - Click Here](
Hey there carnivores,
Markets got absolutely steamrolled on Friday as it appears that the coronavirus is going to get worse before it gets better.
Today weâve got full coverage of markets.
Keep raging,
Jeff & Jason
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[I'm an image]
You feeling ok?
The elderly and children arenât the only ones scrambling for surgical masks amid the global Coronavirus outbreak. US markets took a spill on Friday, one day after the WHO (not the band, you hippie) declared coronavirus a âhealth emergency of international concern.â
On Friday, the Dow [fell 2.1%](, itâs worst daily drop since August. The S&P and Nasdaq fell 1.8% and 1.6% respectively. It was the S&Pâs worst week since October, and so far into 2020, all US indices are in the negative.
Up in the air
Airline providers, in particular, were hit hard as American, Delta, and United all announced they would be suspending China flights. And you thought having a middle seat was bad, imagine having to sit next to the guy whoâs hand-delivering a global pandemic to Chicago.
Delta, in particular, [sped up]( its China flight cancellations, a precaution which was initially scheduled to go into effect later this week. The last returning flight from China left yesterday. An airline moving ahead of schedule? Thought weâd never see the day.
Not just airlines
Beyond the airline industry, other companies have halted business in China, starting with business travel restrictions, and extending as far as halting operations within China. Apple vowed to [stop all operations](, both corporate and retail, in China through at least February 9th because apparently a software update canât solve everything.
Walmart, on the other hand, will conduct all planned meetings virtually, while [restricting]( non-essential business travel. Though no disease you can get in a Chinese Walmart is any scarier than what youâll catch in one stateside.
What trade war?
On a government level, both the US and China have taken steps to prevent further spread of the virus... trade war be damned. China will be [rolling back]( tariffs on goods related to the treatment of the virus, while the US has put [mandatory quarantines]( in place as the 7th and 8th confirmed cases in the US were discovered over the weekend. Thinking of traveling to China? Hope you donât mind a two-week layover in a [bubble](.
China also announced this weekend that it would be [injecting $21B]( of liquidity into its markets, in an effort to prevent a sell-off.
The bottom line...
If youâre an investor, some analysts say thereâs not much to worry about, despite the marketâs latest movement. Some believe that even the Fed [could have]( its hand forced, and could cut rates as a result of the virus. The same Fed that said they were keeping things steady back in October? The very same.
As for global earnings, you can be sure to expect a number of Q1 reports placing the blame on virus pullbacks, and not on an unsustainable business plan. Looking at you, Blue Apron.
[I'm an image]
Iâve got some good news and Iâve got some bad newsâ¦
The bad news? The football season is over (the XFL doesnât count). The good news? The Super Bowl of racing (the Daytona 500) is just 2 weeks away.
Did I mention that Raging Bull is sponsoring a car? I mean come on, that logo was made for a NASCAR.
And if that wasnât cool enough⦠weâre [giving away $10k]( to one lucky person who likes/retweets my post on Twitter.
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âï¸ The next step (down). CBSâ Joe Ianniello and Huluâs Randy Freer have both fallen victim to that awkward situation where an incumbent CEO has no place to go within a freshly merged company. Ianniello [initially stepped in]( to run CBS when longtime CEO Les Moonves was facing sexual misconduct allegations. The board then proceeded to approve a merger with Viacom that left big Joe feeling more uncomfortable than a priest at an orgy. Freer [faced a similar situation](, though he probably saw the writing on the wall because, ya know, Hulu vs. Disney+. On the plus side, now heâs got free time to Netflix and chill.
âï¸ His name was Robert Paulson. Financial news website Zero Hedge was [banned from Twitter]( after its pseudonymously named scribe, Tyler Durden, released the personal information of a Chinese scientist who "may or may not have" had something to do with the start of the coronavirus epidemic. According to Twitter, the article which recommended that people âpay a visitâ to the scientist (whose name was not released via other sources), violated its policy of targeted harassment of an individual. The post was initially posted on Zero Hedgeâs website but users tweeted and re-tweeted links. You gotta give it to Jack, he walks the walk.
âï¸ Short Circuit. Despite getting a $656M cash influx from billionaire Lawrence Stroll, Aston Martin [is delaying]( the much-anticipated release of its electric vehicle. The high-end car maker is on life support thanks to some struggles in pursuing the EV. In order to grant the cash, Stroll set terms that the company would not use the money to continue developing its electric vehicle, and start building a new model called DBX, its first SUV. Larry Stroll knows that fossil fuel is the future.
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