Coronavirus Update: P&G, UPS, and Dunkin' Report Earnings

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Good morning, it’s Thursday, July 30. Here’s your daily coronavirus update.

There are 17 million cases of the virus worldwide, with over 667,000 deaths.

The U.S. has 4.4 million cases with over 150,000 deaths.

According to the COVID-19 Tracking Project, there were 66,000 new cases reported yesterday. This is the highest daily new case count since Sunday, which had 61,000 new cases.

839,000 new tests were done Wednesday.

Over 57,300 are currently hospitalized in the U.S. And 1,400 deaths were reported yesterday.

Johnson & Johnson’s coronavirus vaccine candidate showed solid results in early single-dose trials, and launched a study using human patients in the U.S. and Belgium.

The study, which is backed by the U.S. government, published in Nature magazine, showed that all monkeys exposed to the virus candidate were protected against infection with SARS-CoV-2, the virus that causes COVID-19. Johnson & Johnson said, the dose also elicited a "robust immune response", with neutralizing antibodies, in the non-human patients.

Dr. Paul Stoffels, Johnson & Johnson's chief scientific officer said, "We are excited to see these pre-clinical data because they show our SARS-CoV-2 vaccine candidate generated a strong antibody response and provided protection with a single dose...The findings give us confidence as we progress our vaccine development and upscale manufacturing in parallel, having initiated a Phase 1/2a trial in July with the intention to move into a Phase 3 trial in September.”

And now for earnings.

Procter & Gamble posted stronger-than-expected fourth quarter earnings Thursday, and issued a robust profit forecast for the coming fiscal year, as fabric and home sales offset slumping revenues in skin and personal care.

CEO David Taylor said, “We are prioritizing employee health and safety, maximizing availability of P&G products, which play an essential role in meeting the daily health, hygiene and cleaning needs of consumers around the world, and helping society meet the challenges of the COVID crisis...We expect to grow through this crisis and come out even stronger on the other side."

Dunkin’ reported second-quarter earnings that came in just below analysts’ estimates and said it may permanently close as many as 800 of its stores as the donut and coffee fast-food chain succumbed to the impact of the coronavirus pandemic and economic shutdown.

CFO Kate Jaspon noted that Dunkin reinstated their dividend program and that the “Company repaid all of its borrowings under its variable funding notes during the second quarter and ended the quarter with a strong cash balance to provide ongoing financial flexibility. Given the strength and stability of our franchised model, coupled with our franchisees' ongoing business recovery, we remain confident in our ability to maintain appropriate liquidity through the current crisis."

And, finally, UPS delivered strong second-quarter earnings, posting adjusted per-share earnings more than double what analysts were forecasting, as the pandemic drove consumers and businesses to rely on Big Brown for getting packages to their front doors.

CEO Carol Tomé said, “Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, Covid-19 related healthcare shipments and strong outbound demand from Asia.”

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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