Good morning … or should I say afternoon?
I’m late today as a Zoom call this morning went longer than planned … but what the heck, I figure most of you are still home so it should not interfere too much with your lunch plans.
Stocks today are performing a balancing act (jumping between being positive and negative for the day) as initial concern over a worse-than-expected employment result and coronavirus case numbers that make it appear our uninvited guest will be with us much longer than anticipated were offset by a report that orders for U.S. big-ticket factory items were quite strong.
But the virus is having an effect that is right now tiptoeing into the fall. Just a couple of hours ago the NFL announced that the “2020 Hall of Fame” pre-season game between the Cowboys and Steelers has been cancelled and there is a rumor floating around that pre-season football might be cut to two games per team. Let’s hope it doesn’t need to go any longer. Baseball has already been greatly affected and many tell me they certainly need their football “fix” … even if only to provide the feeling of a return to normalcy.
What I found interesting is in the last story below … as there was a pandemic in 1918 and those running the sport of baseball were having the same discussions as we are having today.
Meanwhile, many are trying to get on with life even as the case numbers climb. I even went to play golf late yesterday afternoon … and trying hard to improve my game … did my part in driving up “big-ticket item” sales as I bought new irons and a new driver and I couldn’t wait to show these off.
I did the math … the ad for the irons said it would improve my game by 6 shots … while the ad for the driver claimed 3. Putter? Well, that would reduce my score by 5. Buying a video? 5 more. I was certainly on my way to shooting … according to these numbers … somewhere in the mid-80s.
Well … it didn’t help my score much … but I got one thing accomplished.
One person in our group brought his 16-year-old son to play … and it was his first time … as he never played 18-holes before.
I beat him by one shot.
Quite obviously his dad didn’t buy him the right equipment.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
… as of 12:10 PM today …
Quick Look at the News
Unemployment claims have been dropping, but ... with the opening of some areas ... the number was higher than economists thought (CBSNews)https://www.cbsnews.com/news/unemployment-claims-2-million-jobless-report-2020-06-25/
... and it might not improve anytime soon ... as some states ... seeing a spike in cases ... might rethink their plans to reopen (NPR)https://www.npr.org/sections/coronavirus-live-updates/2020/06/24/883146846/with-covid-19-cases-rising-some-states-slow-their-reopening-plans
The economy, of course, is being affected ... and while the first quarter GDP number was not good at all ... the Q2 result could be bad also (CNBC)https://www.cnbc.com/2020/06/25/us-gdp-q1-2020-final-reading.html
Many are faced with the person choice of how to behave amid the virus ... do we be extra careful or face the virus head on? A "herd immunity" festival has been planned. What? (Independent)https://www.independent.co.uk/arts-entertainment/music/news/herd-immunity-festival-music-coronavirus-wisconsin-a9583016.html
... and while we might not be able to defeat the virus so easily, we could reduce the number of people infected - and save many lives - just by wearing a mask (USAToday)https://www.usatoday.com/story/news/nation/2020/06/24/coronavirus-deaths-projected-high-if-no-mask-order/3255179001/
Baseball is about to start up again ... but should it? They played through a pandemic once before and there seems to be many similarities between now and then (Forbes)https://www.forbes.com/sites/larryfleisher/2020/06/25/baseballs-attempt-to-play-through-a-pandemic-may-mirror-1918/#17ea09d710ef