DraftKings Sinks on Share Sale and Virus Wreaking NFL Havoc

(Bloomberg) — The pricing of a DraftKings Inc. share sale combined with a fresh wave of Covid-19 infections across the National Football League sent shares of the online gaming company tumbling Wednesday morning.

The $1.67 billion sale from DraftKings and some early investors was priced at $52 a share, an 8.4% discount to Tuesday’s close and 18% lower than Friday’s record. The initial selloff for Boston-based DraftKings accelerated after players from the New England Patriots, Tennessee Titans, and Las Vegas Raiders tested positive for Covid-19, according to social media posts.

DraftKings shares fell as much as 8.1% at 10:09 a.m. in New York, sending the stock toward its worst three-day decline since its reverse merger in April. Meanwhile, Barstool Sports Inc.-minority owner Penn National Gaming Inc. shook off an initial dip to rise 0.9%.



chart: DraftKings is erasing recent gains after share offering, NFL Covid-19 cases


© Bloomberg
DraftKings is erasing recent gains after share offering, NFL Covid-19 cases

The offering of

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Georgia steers virus aid to care homes as rapid tests arrive

ATLANTA (AP) — Georgia Gov. Brian Kemp announced Friday that $113 million in federal coronavirus relief funds will be made available to nursing homes and long-term care facilities.

The funding will be used to bolster staffing and staff testing in facilities across the state, according to news release from Kemp’s office.

Georgia received approximately $4.1 billion in federal funding as part of the CARES Act, passed by Congress in March to provide economic assistance to address the pandemic. The state had approximately $2.1 billion of that left before Friday’s announcement, Kemp spokesman Cody Hall said. Funding can be used to cover costs incurred up until Dec. 30.

Residents of nursing homes and long-term care facilities have been hit particularly hard by the pandemic.

As of Thursday, over 2,530 residents of nursing homes and long-term care facilities with 25 beds or more had died after contracting the coronavirus, according to

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Whitmer revises rules on nursing homes with virus patients

Under an order issued late Wednesday, they instead will be transferred to “care and recovery” centers that will replace the hub network.

LANSING, Mich — Gov. Gretchen Whitmer revised rules related to the care of Michigan nursing home residents with the coronavirus, saying they should be sent to facilities with solid federal staffing ratings.

Currently, infected residents from homes without a dedicated COVID-19 unit go to one of 21 state-designated “hub” nursing homes when they leave the hospital or when they need a higher level of care but not hospitalization. Under an order issued late Wednesday, they instead will be transferred to “care and recovery” centers that will replace the hub network.

A hub home can be a care and recovery facility but only if it meets certain standards. The facility has to have a staffing rating of at least three out of five stars, for instance, and cannot have

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Spain says ‘tough weeks’ ahead as Madrid hit hard by virus

MADRID – Health authorities warned Madrid residents Thursday to brace for tough weeks ahead as a sustained coronavirus spread that is hitting the Spanish capital hard brought the country’s total infections over the 700,000 mark.

With over 10,600 new infections confirmed on Thursday, in line with the average for the past week, Spain’s total tally reached 704,209. There were also 84 new confirmed fatalities, raising the overall death toll to 31,118.

Because of limited testing, among other factors, the figures don’t capture the true extent of the pandemic.

The extended region around Madrid, comprising a population of 6.6 million, is struggling to control outbreaks that have hit harder in high-density working-class areas.

“Tough weeks are coming for Madrid,” Health Minister Salvador Illa told a press conference. “We have to act with determination to bring the pandemic under control.“

The region’s government is set to announce Friday new restrictions in the

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Report: Much needs doing to shield nursing homes from virus

WASHINGTON (AP) – The Trump administration is claiming “resounding vindication” from an independent commission’s report on the coronavirus crisis in nursing homes, but some panel members say that’s a misinterpretation of their conclusion that much remains to be done to safeguard vulnerable residents.

People in long-term care facilities represent less than 1% of the U.S. population but more than 40% of the coronavirus deaths, according to the COVID Tracking Project, which has tallied 77,000 deaths among residents and staff. Those harsh numbers are a sensitive political issue for President Donald Trump, who is trying to hang on to support from older voters.

Vice President Mike Pence met with some of the commission members Thursday and called their report “a significant contribution to our ongoing effort to ensure the health and well-being of our seniors in nursing homes and long-term care facilities around the country.”

The commission was set up by

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The Latest: NYC restates virus rules for private schools

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A cemetery worker digs a grave in a section of the Valle de Chalco Municipal Cemetery which opened early in the coronavirus pandemic to accommodate the surge in deaths, on the outskirts of Mexico City, Thursday, Sept. 24, 2020.

AP

NEW YORK — New York City’s health commissioner has issued an order reiterating that private schools in some neighborhoods have to follow pandemic safety protocols.

The directive comes amid concerns about an uptick in coronavirus cases in certain Brooklyn and Queens neighborhoods with large Orthodox Jewish populations.

The order says that nonpublic schools in the specified areas must maintain six feet of distance between people and that face coverings are required in all buildings.

New York City’s current overall infection rate remains low, but official figures indicate the affected neighborhoods accounted for 20% of the city’s coronavirus cases in recent weeks.

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HERE’S WHAT YOU NEED TO KNOW

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