Dazed and Confused
Dear Rundown Reader,
Our contributor today says: “Overall, the stay-at-home order probably did save lives, and I’m speaking as one who knew someone who died of COVID.
“But the whole situation is a tough one. Personally, I think the government has gone too far. From what I can tell, the federal government doesn’t have the right to tell companies they must shut down. And deciding which companies/businesses survive and which don’t shouldn’t be in the states’ hands either.
“I’m from Michigan, so one of the worst offenders. Liquor stores are fine, buying lottery tickets is fine… but taking your motor boat out on the lake isn’t fine — until it’s fine again!
“Masks don’t work (for months) until, suddenly, everyone must wear a mask when inside in a public place. (I thought they didn’t work?)
“Do you ever get the feeling the government is just keeping us peons (voters) distracted?”
We’ll leave that question to our readers; feel free to write in.
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Monday, May 11, 2020
Abbott Labs on the Fast Track
Abbott Laboratories (NYSE: ABT) announced this morning the FDA has given an emergency greenlight for the pharmaceutical company’s latest COVID-19 test.
The company says it plans to distribute 30 million of these tests — that detect whether a patient’s had the coronavirus — with an additional 60 million tests shipped throughout the U.S. in June.
The emergency approval comes as “President Donald Trump has recommended states use the tests as they start relaxing some of the strict social distancing measures imposed to combat the pandemic,” CNBC says.
The most recent test is ABT’s fourth coronavirus test to be fast-tracked by the FDA, “including a rapid test that produces results in as little as five minutes and the newly released test that shows if a person has antibodies against the virus.”
The company’s also cooperating with CVS Health to distribute tests beyond hospital settings to urgent-care and nursing home facilities.
An added bonus: Abbott says its latest test is more compact and efficient. According to CNBC: “It can exclude false positives 99.6% of the time and exclude false negatives 100% of the time for patients tested 14 days after symptoms began.”
Next up for Abbott? Approval in the EU. Another boon for Abbott Labs then… As for ABT shares, they rose 16.7% in April. Shares are up about 1% this morning.
Market Rundown for Monday, May 11, 2020
The S&P 500 Index is down 18 points to 2,912.
Oil is up 1.7% to $25.17 for a barrel of West Texas Intermediate.
Gold’s lost $3.60 per ounce to $1,710.30.
Bitcoin is up $194.50 to $8,850.80.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
Hope you have a great start to your week, and we’ll talk more tomorrow.
For the Rundown,