Coronavirus Update: CVS and Activision Blizzard Report Earnings

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Good morning, it’s Wednesday, August 5. Here’s your daily coronavirus update.

There are over 18.5 million cases of the virus worldwide, with over 701,000 deaths.

The U.S. has 4.7 million cases with over 156,000 deaths.

According to the COVID-19 Tracking Project, there were 51,568 new cases reported Tuesday. 695,586 new tests were reported. And 1,176 deaths were reported yesterday.

Congress is inching close to a new wave of support for the stalled U.S. economy, with White House officials vowing to work "around the clock" with Democrats in order to bridge the gap between their $3.2 trillion proposal and the Republican's $1 trillion counter-offer.

Democratic Senate leader Chuck Schumer asked reporters yesterday, who hinted at a conclusion to the talks before the end of next week "Do we believe that we can get the kind of bold, strong bill that America needs...We do."

San Francisco Fed President Mary Daly says the pandemic will be "longer and more vigorous" than expected, and the domestic economy will need added support until it fully recovers.

CVS Health posted earnings. They said adjusted earnings for the three months ending in June came in at $2.26 per share, a 19.6% increase from the same period last year and firmly ahead of the Street consensus forecast of $1.92 per share. CVS said group revenues rose 3% to $65.3 billion, again topping analysts' estimates of a $64.2 billion tally.

Activision Blizzard, which is behind games such as Call of Duty, World of Warcraft and Candy Crush, reported earnings of 81 cents per share on revenue of $1.93 billion. Analysts were expecting the company to report earnings of 59 cents per share on revenue of $1.7 billion.

Activision reported having 125 million monthly active users in the quarter thanks in part to the 75 million gamers who play Call of Duty online. Blizzard's side of the business reported 32 million monthly active users in the quarter driven by World of Warcraft

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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