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Sunday, May 3, 2020

L.A. says closing streets could increase coronavirus risk - Los Angeles Times

Last week, the Del Rey Neighborhood Council shared some big news: Starting the next day, traffic would be restricted on about a dozen residential streets in the Westside area to give residents more space to exercise.

Hours later, Los Angeles city officials told the group that the project was on hold. Neighborhood council President Matt Wersinger spent the evening sending glum responses on Twitter to those who’d celebrated the planned street closures.

When one person responded, “April Fool’s came late this year,” Wersinger responded: “Seems so.”

The postponement was a blow to Los Angeles residents who have been pushing officials to follow the example of more than two dozen other U.S. cities — including New York, San Diego, San Francisco and Oakland — that have created space for people to walk, bike and jog at a safe distance during the coronavirus pandemic.

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The delay was also a fresh disappointment for advocates who have said that Mayor Eric Garcetti and his administration have failed to change the city’s car culture.

Advocates had hoped that the “soft closure” of streets in Del Rey, home to about 33,000 people, could be the first step in a citywide effort to create more space for residents to exercise outside.

As access to parks, hiking trails and beaches has been restricted, and as traffic levels have dropped, cooped-up residents have used local streets to jog, dance, ride bikes, rollerblade and play catch.
Sidewalks have become so crowded in the evenings that Del Rey residents have been forced into the street to maintain social distancing guidelines, Wersinger said, adding: “It’s very important for people’s mental health that they get out safely.”

Asked about what other cities have done, Garcetti said Wednesday that he was “very supportive” of limiting traffic on some L.A. streets. But, he said, it was important to listen to Los Angeles County health officials and not “jump the gun.”

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Garcetti said he had spoken with Department of Public Health Director Barbara Ferrer and that she did not support open-streets projects “at the neighborhood level at this point.”

“It could draw too many people to one area — it could be something that spreads the disease,” Garcetti said. “So we have to be extremely thoughtful, extremely careful about it.”

Los Angeles City Councilman Mike Bonin, who represents Del Rey, voiced frustration Friday about the postponement of the neighborhood’s plan. Bonin said he believes that health officials mistakenly thought that Del Rey was proposing a program similar to CicLAvia, an event that shuts down major boulevards and draws thousands of people.

The Del Rey proposal isn’t a “massive, regional” event, Bonin said. “People from Silver Lake or Encino weren’t going to come to Glencoe Avenue in Del Rey to take a walk.”

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A health department spokesperson did not respond when asked about the Del Rey proposal.

Ferrer said last week that she knows neighborhoods want more open space and that any such street closures should be done on a coordinated, countywide basis.

“We just want to do it in a thoughtful way,” Ferrer said.

That caution is shared by a handful of other local officials across the U.S., including Washington, D.C., Mayor Muriel Bowser. On a radio program last month, Bowser said she didn’t “want to send the message to people to go out and have a festival.”

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Still, Bowser moved to temporarily extend sidewalks near grocery stores and other essential retailers to give people more room and allow them to comply with social distancing rules. She also has announced the closure of roads in some parks so residents have more space to walk, run and bike.

The best way to guard against crowding on a handful of streets is providing enough space to exercise near their homes, said Michael Schneider, founder of Streets For All, a nonprofit that advocates for bus lanes and bike lanes in Los Angeles

“It can’t be one or two spots,” Schneider said. “It has to be done in many parts of the city.”

Schneider said his group wants to restrict traffic on up to 400 miles of streets across the city, about two to four miles per neighborhood council district.

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In Del Rey, officials planned to install signs at intersections to warn about the closures. The dozen or so “soft-closed” streets would have remained open to residents with cars, as well as delivery trucks and emergency vehicles, Wersinger said. Parking restrictions would remain the same, he said.

Oakland officials say they have closed 74 miles, or nearly 10%, of the city’s streets to outside traffic. New York Mayor Bill de Blasio’s office set a goal of 100 miles of closures, sidewalk widening and additional bike lanes, focusing on communities most affected by the pandemic.

Seattle’s program, which has opened nine miles of residential streets and plans to open 11 more, has been so successful that officials are considering making the changes permanent, said Department of Transportation Director Sam Zimbabwe.

City officials started opening streets April 17 to encourage people to walk, jog and exercise in their own communities, rather than get in the car and drive to a park. Zimbabwe said the program adheres to health guidelines, saying: “It’s not a block party.”

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The outbreak has disproportionately hit low-income residents, with those living in such communities more likely to die of the disease than those in wealthier communities.

Locally, some of the areas with the highest death rates also lead the nation in levels of overcrowding, including Pico-Union and Westlake where more than a third of housing units are crowded — meaning there is more than one person per room, excluding bathrooms.

At Beethoven Street and Maxella Avenue in Del Rey, one street considered for a soft closure, pedestrians and joggers could be seen last week weaving into the street to avoid one another. Usually, the quiet area is teeming with cut-through traffic, residents said.

Mike Brady is staying with friends in Del Rey and walks six to seven miles a day. The streets are fairly empty, he said, but he crosses into them to avoid walking by strangers on the sidewalk.

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“I don’t think it’ll make much difference,” Brady said of the potential street closures.

Bonin said he plans to write a letter to county health officials to explain the Del Rey program.

“Folks are really disappointed, particularly, because so many other cities are doing this,” Bonin said. “People here are saying, ‘Why can’t we do the same?’”

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L.A. says closing streets could increase coronavirus risk - Los Angeles Times
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Gilead Down 5% As Q1 Earnings Spark Street Downgrades - Yahoo Finance

Shares in Gilead Sciences (GILD) fell 5% in Friday’s trading after the company’s first quarter earnings results sparked a wave of downgrades from the Street. JP Morgan and Raymond James downgraded the stock from Buy to Hold on May 1, while SunTrust Robinson went one step further- taking its GILD rating from Hold to Sell due to "lack of visibility to growth."

“All guidance has been withdrawn due in part to uncertainty around COVID-19 impact on the core business, but primarily due to unknown revenue and costs with remdesivir [Gilead’s antiviral drug for the treatment of COVID-19]. We believe investors should temper remdesivir profit expectations in near- and long-term” warned Needham analyst Alan Carr following the earnings call.

He has a hold rating on the stock, which is currently trading up over 23% year-to-date despite Friday’s pullback.

Management revealed that it expects to have 1.5 million vials of remdesivir available in May, over 5 million in October, and over 10 million by the end of the year.

At the same time the company also disclosed the extent of its remdesivir expenditure: “The potential range of this investment for 2020 is up to $1 billion” said CFO Andrew Dickinson, adding “The magnitude of this investment is dependent on the continued evolution of the data, the duration of the pandemic and other factors.”

Already, during the first quarter 2020, compared to the same period in 2019, R&D expenses and non-GAAP R&D expenses increased primarily due to Gilead’s ramp up of remdesivir, including approximately $50 million of manufacturing scale-up and clinical trial costs.

Gilead reported Q1 Non-GAAP EPS of $1.68, which beat the consensus expectations by $0.12; however, GAAP EPS of $1.22 fell short of the Street forecasts by $0.03. Revenue of $5.55B beat the Street by $110M, and represented 5.1% year-over-year growth.

In particular, HIV product sales were $4.1 billion for the first quarter 2020 compared to $3.6 billion for the same period in 2019. The increase was primarily driven by higher sales volume as a result of the continued uptake of Biktarvy and increased customer buying patterns due to the Covid-19 pandemic.

“Limited clarity on remdesivir monetization may disappoint some, though strength of core HIV franchise should continue to set up for good, low-risk cash flow sustainability” wrote RBC Capital’s Brian Abrahams. He took a more positive turn on the stock, arguing that alongside the company’s potential pipeline, the remdesivir optionality should continue to make it an attractive name and enable shares to grind higher.

Overall GILD scores a Hold consensus with a $79 average analyst price target, indicating marginal downside from the current share price. (See Gilead stock analysis on TipRanks).

Related News:
Gilead’s Remdesivir Receives Emergency FDA Approval; Here’s What This Five-Star Analyst Has To Say
Vaxart Shows Strong Progress in Its COVID-19 Program; 5-Star Analyst Boosts Price Target
Is Gilead Sciences Stock a Buy Right Now? This Is What You Need to Know

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Gilead Down 5% As Q1 Earnings Spark Street Downgrades - Yahoo Finance
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‘As I Came Up the Stairs to Street Level, I Spied a Shining Lincoln Head’ - The New York Times

Credit...Agnes Lee

Dear Diary:

Ever since I was little, I have believed that found money is lucky. Whether it’s a stray bill, an uncommon silver coin or a common copper penny, they’re all good for a wish — like an evening star or a new moon.

When my wife and I moved from Los Angeles to Manhattan in 1981, one of the newfound joys of city life was walking every day from our apartment on the Upper West Side through Central Park, and then down Sixth Avenue to my office at 46th Street.

Once in a while I would catch the subway at 72nd Street and Central Park West, change at Columbus Circle and then magically — to me, at least — pop out from the south end of the Rockefeller Center station at the foot of my office building.

Once, as I came up the stairs to street level, I spied a shining Lincoln head on the penultimate step. I paused to pick it up, being careful not to impede either the people coming up behind me or those who were heading down into the station.

As I plucked the penny off the ground, a man on his way down the stairs spoke without breaking stride.

“Hey,” he said. “ I saw one of those at 125th Street. If you hurry you can probably get that one, too.”

— Christopher Fryer


Dear Diary:

It was a chilly winter day. I had taken my baby for a walk in spite of the huge piles of dirty snow that a recent blizzard had left behind.

At one point, we waited more than 10 minutes to cross the street because cars were moving so slowly through the slush and I was worried about crossing the icy pavement while carrying my infant son.

A man who was shoveling snow in front of his house watched us standing there freezing in the cold. Suddenly, he put down his shovel, got into his car, started it up and backed out of his driveway, blocking traffic in both directions.

He motioned for me to cross. I did, gratefully.

After I reached the other side of the street, the man pulled back into his driveway, turned off the car, got out and resumed shoveling.

When I thanked him, he just shrugged.

— Catherine Burns


Dear Diary:

I had been living in Brooklyn for a few months and I hadn’t made many new friends yet. I decided to go to a salsa party the Brooklyn Museum of Art was hosting on a cold February night.

I was feeling tired on my way home after what had been a long day at work, but I resolved to go on with my plan. Admission was free that night and I hadn’t been to the museum before, so I dragged myself there to at least see it even if didn’t end up dancing.

When I arrived, the lobby was full of swirling bodies moving to the music. I stepped away from the commotion to take in a statue.

An older woman approached and was admiring the statue as well. She had a strong Brooklyn accent and a bad knee. She said she was upset that she couldn’t dance, but she also wanted to take the opportunity to browse the museum at no charge.

She and I spent the next couple of hours walking around the museum together, swapping stories, observing art and listening to the music. She told me how much she had seen Brooklyn change since her childhood.

It was only right before we left that we exchanged names. We never exchanged contact information. But we had a nice time and I left the museum feeling warm, fulfilled and uplifted.

Thanks for a lovely evening, Rochelle.

— Natasha Paulmeno


Dear Diary:

It was the end of my workday and I was headed home to Brooklyn from Lower Manhattan.

Transferring to the F train midway through my commute, I found a place to stand and took out my book. As I did, I noticed that two people to my left and one to my right were also reading books, not phones or e-readers. Four strangers, standing in a row, noses buried in books — imagine that.

Another rider noticed as well. She looked at each of us with our books. Then in one swift movement, she shoved her phone into her bag and pulled out a book of her own. She proceeded to open it triumphantly.

She had joined the club.

— Ashley Semrick


Dear Diary:

It was springtime and I was walking south on Ninth Avenue in search of a dinner spot with some relatives who were in the city from out of town.

Stopping at a light somewhere in the 50s, we saw a horse and carriage pull up at the intersection heading east.

The woman at the reins looked down at us from her perch. She was holding $5.

“Can you go in there and grab some carrots for my horse?” she said. “They’re right on the counter.”

“Sure,” I said.

The people in the store seemed to know the drill, and just after I returned with the carrots, the light changed and we were all on our way.

— Julia Wilson

Read all recent entries and our submissions guidelines. Reach us via email diary@nytimes.com or follow @NYTMetro on Twitter.

Illustrations by Agnes Lee

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‘As I Came Up the Stairs to Street Level, I Spied a Shining Lincoln Head’ - The New York Times
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Saturday, May 2, 2020

Road closures set next week for street paving - Martins Ferry Times Leader

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Road closures set next week for street paving  Martins Ferry Times Leader

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Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake - The Motley Fool

Investors have thrown in the towel on Lyft (NASDAQ:LYFT), Vail Resorts (NYSE:MTN), and Shake Shack (NYSE:SHAK), due to the very serious headwinds they are facing from the COVID-19 outbreak.

But that's a huge mistake, because these headwinds are temporary. COVID-19 is likely to be with us for some time to one degree or another until an effective vaccine can be manufactured and widely distributed. Nevertheless, these stocks should "climb a wall of worry" as business conditions slowly improve before they soar when investors begin to see a permanent solution on the horizon.

Lyft

Lyft is the second-largest ride-hailing business in the United States after market-leader Uber Technologies. Its business is reeling right now as ridesharing demand has plummeted due to the huge declines in travel, commuting, entertainment, and other use cases. According to The Information, bookings for Lyft's ride-hailing business were down "over 50%" year over year in late March and deteriorated to down 80% in early April, before improving slightly to down 75% year over year more recently. 

But this is temporary, and Lyft has the balance sheet to survive this. At the end of last year, Lyft had about $2.9 billion of cash and investments on hand and no debt. Plus, the company has a highly variable cost structure, meaning that when revenue collapses, most of its costs disappear, too. For example, insurance is Lyft's single largest expense within its cost of revenue line, and it's a per-mile expense. So if miles driven are down big, insurance costs are down big. The same is true of credit card processing fees, which fall with the number of rides being taken on the platform.

In addition, The Information recently reported that Uber is discussing plans to lay off 20% of its workforce, Lyft is expected to further cut costs, and that "some Lyft employees privately say they too are bracing for layoffs this quarter." These potential measures are very unfortunate at a human level, but they will help ensure that the company survives to see the eventual recovery. With Lyft stock down 45% from its February high, patient investors should see strong long-term returns from here. 

Vail Resorts

Vail Resorts is in the same boat. The company operates 17 ski resorts in North America and Australia, including well-known resorts Whistler-Blackcomb in British Columbia and Vail Mountain and Breckenridge in Colorado. All of Vail's North American ski resorts, restaurants, and lodging properties are closed due to COVID-19.

A woman smiling while carrying skis over her shoulder.

Image source: Getty Images.

The company has taken extreme measures to cut costs during this period. It has furloughed all of its year-round hourly employees, curtailed capital spending plans, suspended its next two dividend payments, and slashed executive and director pay, including eliminating CEO Rob Katz's salary for six months.

These measures should be enough to allow the company to survive, but if not, further measures could be taken. This is certainly a brutally difficult period for Vail and all of its employees, but again, it will be temporary. At this point, it seems likely that ski mountains will be open this winter, although perhaps with limitations on crowd sizes.

Shares of Vail Resorts are still down by 34% from their February high. Investors are pessimistic about Vail these days, but sentiment toward the stock should improve as the economy begins to open up and skiers eventually return to the mountains.

Shake Shack

Shake Shack is another business that's being badly hurt by the COVID-19 shutdowns. Some of its restaurants are closed, while most of them remain open for delivery and pick-up orders. 

On April 17, the company reported preliminary first-quarter business results that showed "same-Shack sales" -- the company's version of same-store sales -- fell 12.8% last quarter. That includes as-expected January and February results and a 28.5% decline in March. 

But the company has taken aggressive measures to cut costs, such that it is now burning "only" $1.3 million to $1.5 million per week before any potential rent relief it may be able to negotiate with its landlords.

Shake Shack has plenty of cash to survive for a very long time at these depressed business conditions. It had $112 million of cash on hand as of April 16. Since then, it has raised $140 million in an equity offering and $10 million in an "at the market" (ATM) equity offering. That's about $262 million, and it still has the option to raise an additional $65 million under the ATM offering.

Given its cash resources and recent cash burn rate, Shake Shack could survive for more than 200 weeks, or about four years, even if business conditions remained status quo. But that shouldn't be necessary, because its stores will eventually reopen -- likely this year -- returning the company to cash-generating mode.

With Shake Shack stock down 32% from its February high, investors appear to have given up on the company. Just like with Lyft and Vail Resorts, that's going to be a huge mistake

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Wall Street Has Given Up on These 3 Stocks, and That's a Huge Mistake - The Motley Fool
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De Blasio pushes up social distancing street closures to Saturday - New York Post

Mayor Bill de Blasio’s social distancing street closures are coming two days early — just in time for the warm, sunny weekend.

The city will block vehicular traffic along 7.2 miles of streets beginning Saturday, to afford pedestrians and cyclists more space during the coronavirus pandemic.

De Blasio had previously announced that the streets would close beginning Monday.

“Thanks to quick work by the [transportation, parks and police departments], we’re going to open up the first 7 miles of streets for pedestrians and cyclists SATURDAY,” de Blasio tweeted Friday night.

“PLEASE practice social distancing and stay safe.”

The first batch of closures is part of a goal to open up 100 miles of roads to pedestrians and bikers before the end of the pandemic.

Each street to close Saturday is either within or adjacent to a park.

About 4.5 of the miles to close Saturday will be inside six city parks — Fort Tryon Park in Manhattan, Flushing Meadows-Corona Park and Forest Park in Queens, Callahan-Kelly Park in Brooklyn, Grant Park in The Bronx and Silver Lake Park on Staten Island — where roadways are currently open to cars.

The other 2.7 miles of open streets include: Williamsbridge Oval in The Bronx, Court Square Park in Queens, Carl Schurz Park, Highbridge Park and the Lt. William Tighe Triangle in Manhattan, Prospect Park in Brooklyn, and Stapleton Waterfront Park on Staten Island.

“On the open streets, the goal here is more space, more social distancing, but safe,” de Blasio told reporters during a conference call earlier Friday, adding that the endeavor “is going to be well-protected and well-regulated space and that’s part of why we have to do this in stages to get it right.”

New York City is expected to see its highest temperatures of the year this weekend, with highs around 69 Saturday and 75 Sunday.

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Seattle to close down 11 more miles of streets to cars - KOMO News

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