Churchill Downs Inc. said Monday that it has temporarily suspended operations at Calder Casino in Miami as of July 3, less than a month after it was opened. The racing and gaming company said the suspension comes after an emergency order was issued by Miami Mayor Carlos Gimenez to close entertainment venues in an reaction to a rise in COVID-19 cases. New cases in Florida spiked up to 10,352 on July 3, a daily record for the state, according to data provided by Johns Hopkins University. Churchill Downs said it will work with Miami-Date county and state officials to reopen Calder "as soon as it is appropriate to do so." The company had reopened Calder Casino on June 12, after temporarily suspending operations on March 16, as a result of the COVID-19 pandemic. Shares of Churchill Downs rose 2.4% in morning trading. They have slipped 1.4% year to date, while the S&P 500 has lost 1.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. stock benchmarks surged early Monday to kick off the first full week of trade in July, with investors pegging at least part of the bullishness emanating from Wall Street to a powerful rally in China. However, Monday's upbeat mood in the market contrasts with a continuing spike in cases of coronavirus in the U.S. The Dow Jones Industrial Average rose 370 points, or 1.4%, at 26,187, the S&P 500 index gained 1.4% at 3,172, while the Nasdaq Composite Index advanced 1.5% to a record intraday high at 10,369.05. A front-page editorial in state-owned paper, China Securities Journal, said fostering a "healthy bull market" is important, according to a translation, helping to propel China markets higher and rippling though the global market. The climb in U.S. stocks come amid more than 49,000 new cases on Sunday in the U.S., according to data compiled by Johns Hopkins University. Beyond the rise in infections, the optimism reflected in equities on Monday also comes as economists at Goldman Sachs led by Jan Hatzius lowered their forecast for gross domestic growth for a contraction in 2020 of 4.6%, versus a previous forecast for a 4.2% drop in economic growthMarket Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
The World Health Organization (WHO) on Saturday said that it discontinued studies evaluating hydroxychloroquine and AbbVie's HIV drug Kaletra as potential treatments for COVID-19. The WHO has been conducting a multi-pronged clinical trial testing a handful of potential treatments in hospitalized COVID-19 patients since late March. "These interim trial results show that hydroxychloroquine and lopinavir/ritonavir produce little or no reduction in the mortality of hospitalized COVID-19 patients when compared to standard of care," the organization said in a news release. The WHO had previously halted the hydroxychloroquine arm over safety concerns, restarted it, and then stopped it again; however, there is mounting clinical evidence that hydroxychloroquine, a decades-old antimalarial, is not effective treatment for severely ill COVID-19 patients. The Food and Drug Administration on June 15 withdrew its emergency use authorization for hydroxychloroquine and chloroquine, and the National Institutes of Health also stopped its own study of the drug. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Shares of Sina Corp. shot up 10.4% in premarket trading Monday, after the China-based online media company disclosed that it received a buyout bid from New Wave MMXV Ltd., in a deal that would value Sina at about $2.68 billion. Sina said New Wave proposed to buy the shares it didn't already own for $41 each, which is 11.8% above Thursday's closing price of $36.67. New Wave is a company controlled by Charles Chao, Sina's chairman and chief executive. Sina said it has formed a special committee to evaluate the proposed buyout. The stock has lost 8.2% year to date through Thursday, while the iShares MCHI China ETF has gained 6.5% and the S&P 500 has slipped 3.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Shares of Freeport-McMoRan Inc. surged 5.2% in premarket trading Monday, after the copper and gold mining company provided upbeat sales guidance for the second quarter. The company said it expects copper sales to exceed previous guidance provided in April of 690 million pounds by approximately 8%, and gold sales are expected to exceed April guidance of 165,000 ounces by about 10%. In April, the company had cut its outlook for sales and production in an effort to mitigate the financial impact of the COVID-19 pandemic. On Monday, the company said its Lone Star project in North America is "substantially" complete, and is on track to produce 200 million pounds of copper per year, starting in the second half of 2020. The company also provided a liquidity update, saying it had not drawn on its $3.5 billion revolving credit facility, and had $9.9 billion in debt and $1.5 billion in cash as of June 30. The stock has lost 12.4% year to date through Thursday, while the S&P 500 has eased 3.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.