Three numbers to start your day:
U.S. Hospitals Expected to Lose $200 Billion
That’s according to a report from the American Hospital Association.
One of the big factors affecting hospitals is that many elective surgeries were canceled, as waves of Covid-19 patients overwhelmed medical facilities. Elective surgeries are one of the main revenue sources for hospitals.
Medical facilities have also had to grapple with higher operating costs. Even the famed Mayo Clinic is expected to lose $3 billion in revenue.
And now, hundreds of hospitals nationwide are facing bankruptcy because of the pandemic.
Red Robin Is Singing A Different Tune with New Menu
Red Robin Gourmet Burgers has cut 55 items from its menu during the coronavirus outbreak.
Like other restaurants, Red Robin has had to modify the way it operates because of the pandemic. The company eliminated the menu items to improve speed and efficiency with reduced staff at its locations.
But now the company is seeing the benefits of maintaining a shorter menu, and the dishes won’t be coming back.
The company says getting rid of these options has reduced the waste Red Robin produces. It also means there’s less supply for the company to manage.
Utility Stocks Generate 6% Return
Comparatively, the return for the S&P 500 so far this quarter has been 16%.
The stocks include companies that provide electricity, natural gas, sewage, and other services to homes and businesses. Historically, they’re also a safe haven for investors. And indeed, during Thursday’s sell-off, utility stocks fell less than the broader market, offering some protection for investors.
But utilities haven’t fared as well as the broader market during the recent recovery. That’s in part because they had high valuations back in February. And as many workplaces remain closed, commercial and industrial demand for energy has reduced because of the pandemic.
Still, utilities aren’t necessarily a bad play. Many of the companies pay dividends to investors — and cuts to those dividends have been rare.
Numbers by Barron’s is our daily podcast. Find out morehere.
Write to Jacob Passy at jpassy@marketwatch.com
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June 15, 2020 at 04:00PM
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Mayo Clinic Expected to Lose $3 Billion - Barron's
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