Tips to stay safe during coronavirus pandemic
New York (CNN)Clorox, the world’s biggest maker of disinfectant cleaning materials, said consumers will continue to see a shortage of its wipes and other products into 2021 because of overwhelming demand during the pandemic.
While all kinds of disinfectant products have been flying off store shelves since March, wipes have been in especially high demand with consumers.
Clorox (CLX), which dominates the $1 billion disinfectant wipes market with a 45% market share, said it has aggressively ramped up production for its cleaning products, but it still won’t be enough.
“Given the fact that cold and flu sits in the middle of the year, and then we expect the pandemic to be with us for the entirety of the year, it will take the full year to get up to the supply levels that we need to be at,” Clorox President and CEO-elect Linda Rendle said Monday in a call with analysts to discuss the company’s earnings.
Separately, Clorox’s outgoing CEO Benno Dorer told Reuters that Clorox wipes, specifically, will be in short supply until next year.
“Frankly, we thought we would be in a better position by now, but demand in Q4 exceeded our expectations,” Dorer told analysts. “We’re certainly not at all happy with our service levels for our retail customers on many products. We have a high sense of urgency on this with all hands on deck.”
Still, the pandemic-fueled run on disinfectant products boosted overall company sales by 22% in the quarter.
Twitter Users Mock Trump For Mispronouncing Yosemite
Donald Trump isn’t the first person to mispronounce the name of one of America’s most beloved national parks, but the way he did it certainly raised some eyebrows.
It happened Tuesday when the president was signing a new bill called the Great American Outdoors Act, which The Wall Street Journal says will put $9.5 million toward deferred maintenance at the country’s national parks.
Trump was reading some prepared remarks when he mentioned how Americans’ eyes will “widen in amazement” as they look at glorious natural attractions like Old Faithful.
Trump also mentioned the sequoia trees at Yosemite National Park, but his pronunciation left a lot to be desired, as it sounded more like “Yo, Semites.”
To be clear, Yosemite is pronounced “yoh-SEM-i-tee” and not “Semite,” a term that refers to “a member of any of various ancient and modern peoples originating in southwestern Asia, including the Akkadians, Canaanites, Phoenicians, Hebrews, and Arabs.”
Although it’s fairly obvious the president made a simple mispronunciation and not an intentional reference to a particular ethnic group, that didn’t stop the Twitter snark.
Oil Futures Rebound After Early Weakness, Settle Sharply Higher
Crude oil futures settled notably higher on Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles.
Last week’s data from the Energy Information Administration showed crude inventories in the U.S. dropped by 10.6 million barrels, the largest so far in 2020.
West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or about 1.7% for the session.
Oil prices fell to a low of $40.14 a barrel early on in the session, weighed down by concerns about spikes in coronavirus cases in several countries and reports that many have decided to extend lockdown measures.
However, oil prices recovered from early lows and kept climbing as the day progressed.
Brent crude futures moved up $0.57 or about 1.3% to $44.72 a barrel.
The overall number of global coronavirus cases has topped 18.1 million, while the deaths have increased to over 691,000, according to the Johns Hopkins University as of Tuesday morning.
As countries race to find a vaccine for Covid-19, the World Health Organization warned that there might never be a “silver bullet” for the coronavirus.
The American Petroleum Institute’s weekly oil report is due later today, while the Energy Information Administration (EIA) is scheduled to release its weekly inventory data Wednesday morning.
What’s Driving Nikola Stock Down in Q2
When Nikola Corp. (NASDAQ: NKLA) reported its second-quarter financial results after the markets closed Tuesday, the electric vehicle firm said that it had a net loss of $0.16 per share and $36,000 in revenue. Analysts were calling for a net loss of $0.13 per share and only $20,000 in revenue—although many analysts were calling for zero revenue.
Note that all revenues came from solar revenues which added up to a grand total of $36,000. The cost of the solar revenues was $30,000, generating a gross profit of $6,000. However operating expenses, selling & administrative expenses, and R&D far offset this.
During this quarter, the company broke ground on its manufacturing facility in Arizona, which is expected to be completed in the fourth quarter of 2021. The company also began its buildout of an assembly facility in Germany, which is scheduled to be completed in the fourth quarter of 2020.
In June, Nikola signed a purchase order with Nel for 85-megawatts of alkaline electrolyzer capacity. This purchase order will support up to five of Nikola’s hydrogen generating and dispensing stations. At capacity, these stations are expected to generate up to 40,000 kgs of hydrogen fuel each day, which would support up to 1,100 Nikola Two FCEV trucks.
On the books, cash and cash equivalents totaled $698.4 million at the end of the quarter, compared with $85.69 million at the end of the 2019 full year.
Nikola stock closed Tuesday at $38.84, with a post-IPO range of $10.27 to $93.99. The consensus analyst price target is $59.67. Following the announcement, the stock was down over 8% at $35.57 in the after-hours session.