Coronavirus is destroying businesses in USA with Business Insider reporting that over 12,000 businesses will be closing this year of which...
Coronavirus is destroying businesses in USA with Business Insider reporting that over 12,000 businesses will be closing this year of which 6,300 have already been announced. These numbers do not include the many small businesses like restaurants which will contribute a number greater than this.
With the rise of giant online shopping platforms such as Amazon, many traditional businesses are already struggling to survive as many have shifted to online shopping. This trend is also apparent in the reflection of share prices of online based businesses being up significantly since the pandemic began with many NASDAQ stocks going up in the first half of 2020. It is also notable to mention that some of these stocks have price earning ratios of greater than 40 now.
On the optimistic side, the biggest winners are from the medical protective gear industry where specifically medical gloves, face masks and medical gown suppliers emerge topping the highest earning companies in 2020. Boosted by the surging demand from the global "pandemic effect", some multi-millionaires and even billionaires are minted in Asia overnight.
