Day: July 15, 2020

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wayne July 15, 2020

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Pizza delivery made a comeback during coronavirus lockdowns. Investors worry the hunger won’t last

wayne July 15, 2020

Americans on lockdown have rediscovered delivery pizza, giving once shaky brands like Pizza Hut and Papa John’s a boost. But this rekindled love may be destined to fade.

Homebound consumers turned to the original delivery staple at unprecedented levels this spring, with Papa John’s International. preliminarily reporting North American same-store sales growth of 28% in the latest quarter and Yum! Brands’s Pizza Hut posting in May its best week for delivery and carry-out sales in eight years. Domino’s Pizza, the strongest of the big pizza brands heading into the pandemic, said the shift to more takeout and delivery offered a “tailwind.”

But even as share prices soar, investors aren’t convinced these new customers will stick around.

“I would be absolutely shocked if they can keep these kinds of sales levels once things return to normal,” said Brian Yarbrough, an analyst for finance firm Edward Jones. The normal growth rate for pizza same-store sales is in the mid-single digits, he said.

The trepidation comes as the U.S. economy is increasingly reopening despite a surge in COVID-19 cases. More restaurants operating means there’s more competition for pizza joints that for months were among the only establishments delivering in some …

This one scary chart shows how much the deficit has exploded

wayne July 15, 2020

A new report by the Congressional Budget Office reveals that the U.S. budget deficit for June was $863 billion—an almost unthinkable increase from June of 2019 when the deficit was $8 billion. The report also shows how the cumulative deficit for the last nine months has reached $2.74 trillion (see chart below).

The dramatic change in fiscal fortunes—reflected in the chart’s diverging lines—stems from the COVID outbreak, which has both led to a shortfall in tax revenue and a massive increase in government spending.

The cumulative deficit for the past nine months, vs. the same time frame in 2019.
Sources: Congressional Budget Office, Dept. of the Tresury

Total spending for the last nine months also eclipsed five trillion dollars for the first time, leading the conservative Wall Street Journal editorial board to warn young Americans, “You’ll be paying for it the rest of your lives.”

The five trillion figure is found in this table in the new CBO report, which shows how government spending, income and deficits compare to 2019:

CBO June report

Many regard the recent spending surge, which was driven by increased unemployment payments and initiatives like the small business Paycheck Protection Program, as necessary measures to …

One result of the pandemic: The death of distance

wayne July 15, 2020

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Good morning.

Were it not for the pandemic, I would be in Aspen today, for Fortune’s annual Brainstorm Tech confab. Instead, it’s been postponed to December 1-2, when it will be held virtually. But Fortune did assemble a distinguished group of tech leaders yesterday for a virtual discussion of how the pandemic is changing business.

One prediction they chewed on was the death of distance–that with the rise of remote work, location won’t matter. “I feel like there is more opportunity now for people to get out of the bubble,” said Jewel Burks Solomon, head of Google for Startups, U.S. “I’ve experienced what it was like to have investors say, ‘Oh, you’re in Atlanta, you’re not in Silicon Valley, so sorry, companies we invest in have to be close to us.’ Now that is no longer valid.”

Maybe. But not everyone on the call agreed. Some, like former GoDaddy CEO Blake Irving, concurred that where you live “just doesn’t matter anymore. There is no plan to go back to the way we were before.” But others, like Joe Marchese, CEO of Attention Capital, suggested “these are such …