Why Wall Street underestimated coronavirus concerns

New York (CNN Business)Chevron instructed its workers at its London office to work from home Tuesday after an employee experiencing flu-like symptoms was tested for coronavirus, a person familiar with the matter told CNN Business.

In an abundance of caution, employees at the office located in London’s Canary Wharf business hub have been told to work remotely until results from that test are known, the person said. There is no known coronavirus outbreak in the office.
The Westferry Circus office is home to several hundred Chevron (CVX) employees, including commodity traders, shipping experts and lawyers.

“Chevron continues to monitor the situation very closely, utilizing the guidance of international and local health authorities,” the company said in a statement. “Our primary concern is the health and safety of our employees and we are taking precautionary measures to reduce their risk of exposure.”
The news is the latest example of how the coronavirus is disrupting businesses around the world. In recent days, Apple (AAPL) has warned of iPhone shortages, Coca-Cola (KO)said its supply chain is under pressure and United Airlines (UAL)said demand for flights to Asia has plunged.

Countless employees have been forced to work from home in parts of China, the epicenter of the coronavirus where travel has been severely restricted.

Salesforce Co-CEO Steps Down, Leaving Founder Marc Benioff in Charge

Salesforce.com Inc. co-Chief Executive Officer Keith Block is stepping down, putting founder Marc Benioff again atop the software maker as sole CEO.

Block, formerly the company’s chief operating officer, was named co-CEO with Benioff in August 2018. He will remain as an adviser, San Francisco-based Salesforce said Tuesday in a statement.

“Keith’s strategic thinking and operational excellence have deeply strengthened our company,” Benioff said in the statement.

Caesars Entertainment swings to Q4 loss

Caesars Entertainment Corp. swung to a loss in the fiscal fourth quarter driven by an increase in other losses of $627 million, primarily due to "a change in the fair value of the derivative liability" related to convertible senior notes maturing in 2024.

The casino entertainment company posted a net loss of $304 million, compared with a net profit of $198 million in the same quarter a year ago. Per-share losses were 45 cents for the quarter, wider than the 15-cent loss it reported a year earlier.

Four analysts surveyed by FactSet expected a loss of 8 cents a share.

Net revenues were $2.17 billion, up from $2.12 billion a year earlier. Analysts expected $2.13 billion in revenue.

Write to Kimberly Chin at [email protected]

Why Wall Street underestimated coronavirus concerns

New York (CNN Business)JPMorgan Chase CEO Jamie Dimon made a joke Tuesday about the deadly coronavirus outbreak.

“I had this nightmare that somehow in Davos, all of us who went there got it, and then we all left and spread it,” Dimon said Tuesday at the bank’s annual investor meeting. “The only good news from that is that it might have just killed the elite.”
Attendees laughed after he made the comment. Prior to his joke, Dimon noted that that he hopes the virus gets contained and “feels terrible” about it.

JPMorgan Chase (JPM) didn’t immediately return our request for comment.
Coronavirus has badly hurt global businesses and the economy. Economists are worried about the economic fallout from the virus’ outbreak, including its effect on global supply chains and trade. The Dow is down sharply Tuesday following one of the worst point drops in the index’s history Monday.

The number of coronavirus cases has topped more than 80,000 across the world. There have been 2,700 deaths, with the vast majority in mainland China.

Dr. Ronny Jackson concedes he failed to get Trump to abide by his exercise prescription but was making diet inroads

That’s former White House physician Ronny Jackson, whose effusive briefing-room delivery of the results of President Donald Trump’s physical exam in early 2018 made him a Trump favorite (and nearly a cabinet member), summarizing his efforts to upgrade the presidential diet and exercise regimen, per a New York Times report.

Jackson, who served in his White House role under administrations of both parties, is currently on the Republican primary ballot for a congressional seat in his native Texas. The New York Times reports he was encouraged to run for office by President Trump and has drawn a supportive tweet from presidential son Eric Trump, even though neither has formally endorsed Jackson’s run.

Jackson’s examination notably included a test of Trump’s mental acuity — criticized at the time as more appropriate to gauge the capacities of a patient suspected of declining toward dementia than to burnish one’s credentials to serve as commander-in-chief of a global superpower — which also returned to the news on Tuesday as Jackson cast doubt on former Vice President Joe Biden’s cognitive state. “Scary!!” Jackson exclaimed in a tweet posted late Tuesday.

Jackson withdrew as a candidate to lead the Department of Veterans Affairs amid allegations of unprofessional conduct.