From an update on the markets to what NBA players are eating, here are the top stories in sports and business on Thursday, July 9.
Tiger Woods to Compete in Memorial Tournament
Tiger Woods took to Twitter TWTR to announce that he’ll compete in next week’s Memorial Tournament. Woods hasn’t participated in a PGA Tour event since February 16. Currently ranked 41st on the FedEx Cup Standings and 14th in the World Golf Rankings, Woods has played just three tournaments this season. He did participate in the charity event with Phil Michelson, Peyton Manning, and Tom Brady in May, but the Memorial Tournament is his first official return to the tour since the coronavirus outbreak.
Some of the other world’s top ranked golfers are scheduled to compete in the Workday Charity Open which started earlier Thursday morning.
A Market Update
Stocks were selling off Thursday, with tech stocks hanging around flat. However, economically-sensitive sectors were falling hard Thursday, with oil, consumer discretionary, banking and industrials down more than 1%.
On that virus situation, Johns Hopkins data show a new daily case count is 58,000, close to the all-time-high hit this week of 60,000. Before the second surge in cases in June, the high was around 35,000.
NBA Gets Restaurant Deliveries
Pro basketball players inside the NBA’s bubble posted photos of their meals upon arriving in Disney World and let’s just say those meals looked like a mix between bad airplane food and what was served at the Fyre Festival debacle.
Now the NBA is partnering with several restaurants to provide delivery service. According to USA Today, Morton’s Steakhouse, Saltgrass, Del Frisco’s, Joe’s Crab Shack, The Ocanaire, and Palm are all part of the delivery partnership. Five of those six restaurants are owned by Landry’s Inc. which is owned by Tilman Fertitta, who also owns the Houston Rockets and the Golden Nugget casino.
From a financial perspective, that may be a nice jolt on revenue for Fertitta’s restaurants.
As for the rest of the dining business, Darden Restaurants, which owns Olive Garden, was down more than 2% Thursday and big fast food chains were down almost 1%.
Some chains have good digital selling abilities, while others rely on state reopenings, which aren’t looking great right now. Fiscal stimulus may help, but it’s hard for an investor to hang his or her hat on that when it comes to such a discretionary business during a recession.
Watch More Videos From TheStreet and Jim Cramer:
- Disney World to Open Gates July 11—Disney Theme Park Reopenings by Date and Location
- What Coronavirus Means for Business of Back to School
- Where Does Warren Buffett Donate His Money?
- Jim Cramer: I'll Eat Outside at a Restaurant, But Not Inside
- 10 Years Since Tesla's IPO: The Electric Vehicle Maker's Biggest Moments