What we’re reading (12/9)
“Millions Of Americans Are Heading Into The Holidays Unemployed And Over $5,000 Behind On Rent” (Washington Post). “Millions of Americans who lost their jobs during the pandemic have fallen thousands of dollars behind on rent and utility bills, a warning sign that people are running out of money for basic needs. Nearly 12 million renters will owe an average of $5,850 in back rent and utilities by January, Moody’s Analytics warns. Last month, 9 million renters said they were behind on rent, according to a Census Bureau survey. Economists say the data underscores the deepening financial disaster for many families as the pandemic continues to shut off work opportunities[.]”
“How Pandemic Aid Attracted Hordes Of Gleeful And Gutsy Scammers” (New York Times). “Chris Hurn wasn’t surprised scammers were trying to get government money. An enormous relief effort like the $523 billion Paycheck Protection Program is bound to attract grifters. As thousands of applications for government-backed loans flooded into his firm, Fountainhead Commercial Capital, it reported at least 500 suspicious cases to federal officials, Mr. Hurn said. But what shocked him was the brazen glee of the scammers who got money anyway. At least a dozen times, ‘someone tried to defraud us, got turned down and then followed up to taunt us that they got their loan,’ said Mr. Hurn, Fountainhead’s chief executive.”
“Lowe’s Expects Sales To Rise About 22% In Fiscal 2020 As Turnaround Efforts Gain Traction” (CNBC). “Lowe’s said Wednesday it expects sales to grow by about 22% next year, as its turnaround efforts gain momentum, and it gets a boost from the popularity of home improvement projects during the coronavirus pandemic. Same-store sales are expected to rise by about 23% during the same period, helping it to earn between $7.53 to $7.63 per share, the company said. After adjustments, Lowe’s forecast earnings of $8.62 to $8.72 per share.”
“Airbnb Expected To Price IPO Above $56 To $60 A Share Range” (Wall Street Journal). “Airbnb Inc. is expected to price its shares above its already increased targeted range, according to people familiar with the matter, in yet another sign of exuberance in the IPO market. The expected price indicates Airbnb would be valued at more than $42 billion based on a fully diluted share count and including proceeds of the offering, which is expected to raise in excess of $3.3 billion.”
“Tesla Plans $5 Billion Share Sale Amid Record Run To S&P Debut, $600 Billion Market Value” (TheStreet). “[T]he clean-energy carmaker said it would sell around $5 billion worth of shares as it prepares for its S&P 500 debut later this month. Tesla unveiled the 'at-the-market' offering in a Securities and Exchange Commission that followed data from the China Passenger Car Association showing Tesla shifted 21,604 China-made vehicles in the world's largest car market last month, nearly double the October total and well ahead of the 11,329 sold in September, thanks in part to a resurgence in consumer demand from the COVID-hit economy.”
