Coronavirus Recommendations

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Coronavirus Recommendations

Apple, Walmart, Analog Devices, General Mills, IQVIA, Delta Air Lines, Tyson Foods, Facebook, and ExxonMobil are Fortune 500 companies that have posted restrictions/recommendations in response to the coronavirus epidemic since February 10, 2020.

Responses to the Coronavirus Epidemic by Fortune 500 Companies

  • On February 17, 2020, Apple has announced that due to the impact of the coronavirus epidemic on its business, it was lowering its sales expectations for this quarter as the company's business is very dependent on Chinese factories and consumers. The demand for Apple's products in China has declined, causing it to shut down all its 42 stores in China in the last month, most of which are still closed.
  • Walmart said it isn't lowering its sales expectations for the year, but would continue to monitor the coronavirus outbreak, as the epidemic could impact its business if it persists. According to the company's executives, despite the quarantine, sales at its 433 stores in China have not declined as customers buy food and necessities from them.
  • In anticipation of the potential impact of the coronavirus outbreak due to the uncertainty brought on by the epidemic, Analog Devices Inc, has announced that it has lowered its revenue forecast by $70 million.
  • General Mills said that it has temporarily shut down 50% of its Häagen-Dazs shops in greater China due to the outbreak, while those that are open have "severely restricted hours." It, however, couldn't estimate the impact of the closures on its numbers for fiscal 2020.
  • IQVIA, which runs a relatively small part of its clinical trials in China, has warned that due to the danger posed by the coronavirus outbreak, patients that enrolled in its clinical trials are avoiding hospitals. The company expects a $25 million reduction in its revenue for the first quarter.
  • In light of reports that two of Delta Air Lines' customers, who are currently undergoing treatment for COVID-19, traveled together between Honolulu and Nagoya, the airline said it was working with the US and Japanese health officials. It is also proactively contacting customers who were on the same flight and taking the necessary measures to keep its customers and crew safe.
  • Due to health and safety concerns arising from the coronavirus outbreak, Facebook canceled its global marketing summit, which was scheduled for March 9-12, with 4,000 expected participants.
  • According to Tyson Foods' CEO, Noel White, although China's demand for US protein is very high and the company has continued to fill this demand, it is not doing so at the rate of only a few weeks ago because the coronavirus has disrupted the company's ventures inside China.
  • Due to concerns about the coronavirus outbreak, ExxonMobil has joined a growing number of companies to cancel events at London's International Petroleum Week, one of the biggest gatherings in the oil industry worldwide.
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