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Ancient mummies have been unearthed in Egypt after being buried for over 2,600 years — in other words, since January 2020.
Stocks barely budged for the week as hopes for a 2nd pre-election stimulus package faded. Also: US COVID-19 hospitalizations hit the highest level in nearly six weeks, and new cases hit records in Europe.
Ignoring that weird thing on your toe… UnitedHealth thrives on it. Shares of the largest US health insurer surged last week after it reported expectation-smashing profit and raised its yearly forecast. Apparently, people are still avoiding the doctors’ office (has a germy ring to it). This slower-than-expected rebound in deferred care means United was spending less on covering your bills (while still pocketing your premiums). But United shelled out more than in the previous quarter, signaling an uptick in demand.
What would Elon do?... Nio, sometimes called "the Tesla of China," has had a glow up in 2020 (unlike the rest of us). Nio kicked off the year desperate for cash after burning through $6B. But the EV stock has soared ~700% since April 29, when it got a $1B cash injection from Chinese government-backed investors. The stock soared 30% just last week thanks to analyst upgrades on growth momentum. In 2019, Nio delivered just ~20K cars compared to Tesla's ~367K — but its battery-swapping service is an interesting differentiator.
...and who's down
Haven’t seen a Biscoff cookie since March… Instead of dropping dough on a Mykonos trip this summer, you were making sourdough starters. Hence: Delta’s passenger sales plunged 83% last quarter and it lost $5.4B (compared to a $1.5B profit for the same quarter last year). Delta avoided involuntary job cuts — but United and American are slashing 32K employees since federal aid expired. And stimulus help doesn’t look like it’s landing soon.
Waiting for the happy ending... AMC, the world's largest movie theater chain, said it'll run out of cash by late 2020 or early 2021 without financial rescuing. 83% of AMC's US theaters have reopened at limited capacity, but attendance is down ~85% from last year. To make a bad situation worse, studios have been delaying blockbuster debuts. Disney postponed almost all its movies slated for 2020 release, including Marvel's “Black Widow." Now AMC's focused on raising fresh cash to survive until things normalize.
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