Coronavirus live updates: Pandemic roils corporate earnings; 3M developing rapid antigen test

New York governor provides 4 states to journey advisory 

New York Gov. Andrew Cuomo introduced that 4 further states — Minnesota, New Mexico, Ohio and Wisconsin — have met the state’s journey advisory metrics and vacationers from these states will probably be ordered to quarantine for 14 days, in response to an announcement from Cuomo’s workplace.

There are actually 22 states on New York’s journey advisory, which was signed alongside the governors of New Jersey and Connecticut, in response to the assertion. Delaware has been faraway from the listing.

The quarantine applies to any particular person arriving from a state with a constructive test fee greater than 10 per 100,000 residents or a state with a 10% or greater positivity fee over a seven-day rolling common, in response to the order. Cuomo introduced Monday that the state would ramp up its enforcement of the order, stationing “enforcement teams” on the state’s airports and Port Authority in New York City. — Noah Higgins-Dunn

Qantas is about to chop practically all its worldwide flights till March 2021

Qantas Airways is successfully reducing practically all its worldwide flights till March 2021, adjustments to the airline’s stock reveal. Australia’s flagship provider will solely keep a number of flights to New Zealand, that are at the moment nonetheless grounded till mid-August of this 12 months. 

The airline has eliminated stock for all its worldwide routes past New Zealand, a transfer that usually precedes cancellation. 

Qantas in March introduced the suspension of all worldwide flights till October, a grounding interval that now seems to be to be prolonged to a full 12 months — and will nonetheless prolong additional because the coronavirus pandemic continues to batter air journey. The airline’s inventory worth has fallen simply over 50% 12 months so far.

The airline announced in June that it was retiring its six Boeing 747 planes instantly, six months earlier than initially deliberate, slashing 20% of its workers, and grounding its double-decker Airbus A380s for the following three years. —Natasha Turak

Small biopharma firm NanoViricides see inventory fall in wake of CNBC report

As the virus was spreading in China, small biopharma firm NanoViricides, started a press tour claiming to be near scientific trials for a remedy for Covid-19.

 “What we have built is actually a Venus flytrap for viruses,” Anil Diwan, NanoViricides’ president and chairman, stated in an interview with Fox Business on Jan. 23.

 The media appearances and press releases began in late January, generally showing to ship the inventory hovering. When requested within the interview if that was actuality, Diwan conceded it was not but.

Investors took notice. The information despatched NanoViricides’ inventory briefly hovering from beneath $four to almost $17 per share.  In the wake of CNBC’s report that was printed this morning, the inventory plunged greater than 10% to under $7.

NanoViricides is a 15-year-old drug improvement firm primarily based in Shelton, Connecticut, with a market cap of greater than $77 million on Monday. 

However, buyers could also be leery of the corporate’s historical past. CNBC discovered that this coronavirus is not the primary time the corporate’s inventory has shot up throughout a world well being scare apparently attributable to press releases.

The firm has made bulletins about drug developments throughout different international well being scares, similar to Ebola, fowl flu and swine flu (H1N1). Each time, the corporate’s inventory appeared to rise on the information earlier than falling. 

In a inventory prospectus filed July 9, the corporate revealed it has no income and has by no means had a candidate prepared for scientific trials in people.

How has the corporate stayed in enterprise with none income? It seems principally to be from issuing new shares of inventory for buyers.  

On Jan. 24, the day after the primary look by Diwan on Fox Business, the corporate introduced it closed a public providing of two.5 million shares of inventory

In March, the corporate registered with the Securities and Exchange Commission to promote $150 million value of inventory sooner or later

Despite the press releases and media appearances on coronavirus, Diwan stated in an electronic mail in February the corporate is concentrated on a distinct illness. 

“Our priority remains our lead drug candidate for the treatment of shingles rash. … We have limited resources that we must judiciously prioritize towards making our drug development programs successful,” he stated in that electronic mail. “We are performing activities for the coronavirus project solely from a humanitarian perspective.” 

Vyas confirmed by electronic mail in late April that this remained appropriate. The firm has not responded to CNBC’s follow-up questions. —Jennifer Schlesinger

Virus pushes Delta, Wells Fargo to uncommon quarterly losses

Travelers put on face coverings whereas standing at a Delta self check-in kiosk at Ronald Reagan Washington National Airport in Arlington, Virginia.

Drew Angerer | Getty Images

Coronavirus pushed Delta Air Lines and banking big Wells Fargo to uncommon quarterly losses, the businesses stated in a number of the first quarterly studies of what is anticipated to be a messy earnings season. 

Delta posted a second-quarter lack of $5.7 billion, the airline’s largest since 2008. Air journey demand all however halted throughout on the peak of coronavirus shutdowns, inflicting Delta and different carriers to slash flight schedules and burn by way of money. 

Wells Fargo’s second-quarter internet lack of $2.four billion marks the financial institution’s first because the monetary disaster. The firm put aside $8.four billion in mortgage loss reserves tied to the coronavirus pandemic and slashed its dividend from 51 cents a share to simply 10 cents. 

For extra on how corporate earnings are faring throughout Covid-19, click on right here. —Sara Salinas

3M companions with MIT on rapid, low cost antigen test

3M and researchers from the Massachusetts Institute of Technology are partnering to provide a rapid, broadly accessible coronavirus antigen test, the corporate introduced.

The present U.S. testing capability has struggled to maintain up with the surge in demand pushed by increasing outbreaks in quite a few states, together with Florida, Texas and California. Rapid, inexpensive and correct antigen checks may assist shortly detect new infections and goal public well being interventions. 

Antigen checks could be extra shortly processed and are much less depending on the worldwide provide chain than so-called PCR diagnostic checks, that are seen as probably the most correct screening technique at the moment accessible. Antigen checks are usually much less delicate than PCR checks, which implies they can lead to false negatives that misdiagnose somebody who really has an energetic an infection. 

“The biggest challenge in the outbreak is identifying who is infectious,” Hadley Sikes, the lead researcher of the MIT group, advised CNBC. “Trying to figure out who is infectious and having them isolate. That’s really what we need.” —Will Feuer

Immunity may wane after simply two months, U.Okay. research finds

Researchers at Kings College London (KCL) within the U.Okay. have discovered that antibody responses to the coronavirus are likely to peak three weeks after the preliminary onset of signs, however then start to say no after as little as two or three months afterwards which means that immunity to the virus may very well be short-lived.

The research, led by Dr. Katie Doores from KCL’s School of Immunology & Microbial Sciences, examined the antibody ranges of over 90 sufferers, health-care employees and workers at Guy’s and St. Thomas’ NHS basis belief, which runs a number of London hospitals, between March and June.

While 60% of the individuals within the research had a “potent” stage of antibodies a median of 23 days after the primary onset of signs, that determine dropped to 16.7% of these examined 65 days after the primary indicators of signs.

Doores stated that additional analysis is required to find out the extent of antibodies required for defense from an infection.

“We need to continue to measure antibody responses in these individuals to see if antibody titres continue to drop or plateau to a steady state,” she stated. Antibody titres consult with the presence, and quantity, of antibodies inside an individual’s blood. —Holly Ellyatt

Hong Kong studies 48 new instances as metropolis battles new cluster

Hong Kong reported 48 new instances of the coronavirus on Tuesday as town continues to grapple with a brand new cluster of infections, lots of that are tied to a sequence of eating places, in response to town’s well being authorities, Reuters reported.

“Half of the reported cases today have unknown sources. It is very worrying because the cases can spread easily in the community,” stated Dr. Chuang Shuk-kwan, a senior well being official, in response to Reuters.

On Monday, The Center for Health Protection of the Department of Health introduced 52 new confirmed instances. The well being company recognized the eating places that the clusters are believed to be tied to and inspired individuals who had just lately visited them to hunt out testing. All residents of the buildings of contaminated individuals got provides to gather their very own samples to be examined. The metropolis has now reported 1,570 whole instances.

In response to the spreading infections, Hong Kong will implement new, harsh restrictions on gatherings that take impact at midnight, native time. The new restrictions require masks on public transportation, prohibit eating places from offering dine-in service, and restrict gatherings to 4 individuals. —Will Feuer

Read CNBC’s earlier coronavirus live protection right here: California’s two largest college districts to return on-line within the fall 

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