Bloomberg reports U.S. hospitals could face up to $122 billion dollars in lost revenue this year due to the ongoing coronavirus pandemic. It cites a new Kaufman, Hall & Associates report for the American Hospital Association that finds even a best-case scenario would cost hospitals $53 billion dollars, as revenues tumbled at the same time safety and treatment costs soared. The report notes a 14% rise in labor and 17% for drugs in 2020.
Sales of Bath & Body Works soap and hand sanitizer boosted L Brands to a record fourth quarter, but sales of lingerie are lingering behind.
Between 30 and 50 more U.S. Victoria’s Secret stores will be closed this year. L Brands still plans to spin Vicki’s off into a separate company over the next six months.
Futures are lower after stocks closed sharply lower yesterday. Government bond yields are rising, usually a sign that higher interest rates could be coming soon, and that’s rocking the markets. The 10-year US Treasury bond yield was up to 1.5% at the closing bell. A day after hitting a new all-time high, the Dow tanked, down 1.8%. The Nasdaq plunged, down 3.5% for its worst day since October, and the S&P closed 2.4% lower for its worst day in a month.
