Daily Market Report | Feb. 04, 2021
Stocks Rise as Jobless Claims Fall – Wall Street Journal, 2/4/2021
- U.S. stocks edged higher after fresh data showed the number of people seeking unemployment benefits remains elevated.
- Investors are watching for signs that the economic recovery remains under way despite a high number of Covid-19 cases and new variants that existing inoculations may be less effective against.
- A handful of stocks that grew popular on online forums and posted big swings in recent days have also calmed.
- Meanwhile, vaccine rollouts are ramping up in the U.S., offering hope that there may be a sharp rebound later in the year.
- The latest data on jobless claims showed that 779,000 people applied for initial benefits last week, a decline from the previous week, but still at a historically high level.
- Cold weather, a surge in Covid-19 case numbers and the threat of a new, highly contagious variant of the virus have contributed to a broader winter slowdown that has hindered the labor market’s recovery, economists say.
- Investors are awaiting next steps on a new fiscal stimulus package in the U.S. In a Wednesday evening call with House Democrats, President Biden said he’s willing to send the next round of checks to a smaller, more targeted group of people.
- Earnings season continues, with Ford Motor and Snap, which owns the Snapchat social media app, slated to report after markets close.
Covid-19 Live Updates: Newly Reported Cases, Deaths Increase in the U.S. – Wall Street Journal, 2/4/2021
- Newly reported Covid-19 cases and deaths rose in the U.S., while hospitalizations continued to decrease, as Indiana said it had identified more than 1,500 previously unreported deaths related to the disease.
- The U.S. reported more than 119,000 new coronavirus cases for Wednesday, according to data compiled by Johns Hopkins University, up from 114,437 the previous day, but down from 152,478 a week earlier.
- The nation’s seven-day moving average of cases, which smooths out irregularities in the data, was 141,425 on Tuesday, according to a Wall Street Journal analysis of Johns Hopkins data. The 14-day average was 153,896. When the seven-day average is lower than the 14-day average, it suggests cases are declining.
- The number of reported deaths in the U.S. rose to more than 3,700 for Wednesday from 3,532 Tuesday, according to Johns Hopkins data. But it was down from 3,943 a week earlier.
- Hospitalizations continued to decline, with 91,440 people hospitalized as of Wednesday, according to the Covid Tracking Project. It was the lowest number since Nov. 27 and the 22nd straight day of declines.
- Saudi Arabia is closing dine-in restaurants, cinemas and gyms for 10 days and banning weddings and other gatherings in event halls and desert encampments for a month, as it tries to get ahead of a new surge in Covid-19 infections.
- All the restrictions could be extended and enforcement will be stepped up, including by using surveillance cameras, the interior ministry said.
- From Sunday, Kuwait will shut non-essential commercial activity after 8 p.m. for at least a month and barring non-citizens from entering the country for two weeks, as it tries to head off a fresh wave of the coronavirus.
- New infections in Kuwait have more than quadrupled in the past month, with 756 cases reported Wednesday. Overall, more than 167,000 people have been infected and nearly 1,000 have died from Covid-19.
PayPal profit tops estimates as pandemic drives online spending to record levels – Reuters, 2/3/2021
- PayPal beat Wall Street estimates for quarterly profit on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions driving record levels of payment volumes for both the quarter and the year.
- Quarterly revenue rose about 23% to $6.12 billion, topping estimates.
- PayPal’s processed payments in the latest quarter rose 39% to $277.1 billion, with an additional 16 million net new active customers.
- Venmo, PayPal’s service that allows individuals in the United States to send each other money through an app, processed 60% more in payments in the quarter.
- The company reported adjusted earnings of $1.08 per share in the fourth quarter ended Dec. 31, higher than analysts’ average estimate of $1 per share, according to Refinitiv IBES.
- PayPal said it was expecting an addition of about 50 million active users in 2021 and forecast annual revenue of about $25.5 billion, well above the $21.4 billion estimated by analysts.
Ebay earnings beat on pandemic-driven surge in online shopping; shares soar – Reuters, 2/3/2021
- E-commerce firm eBay said on Wednesday it would emerge “stronger” from the COVID-19 crisis after a pandemic-driven surge in online shopping helped the company beat estimates for sales and profit in the holiday quarter.
- Revenue in the fourth quarter, ended Dec. 31, rose to $2.87 billion from $2.24 billion, beating analysts’ average estimate of $2.70 billion.
- Annual active buyers grew by 7%, to a total of 185 million global active buyers, while refurbished gifts emerged as a top trend for the holiday shoppers, the company said.
- Excluding items, eBay earned 86 cents per share, above estimates of 83 cents per share.
- EBay also projected first-quarter revenue in the range of $2.94 billion to $2.99 billion, above estimates of $2.53 billion, according to IBES data from Refinitiv.
Qualcomm shares drop as chip supply constraints hold back sales – Reuters, 2/3/2021
- Qualcomm shares fell 7.6% in after-hours trading on Wednesday as the company said that semiconductor supply constraints that have roiled the industry were hampering its sales growth.
- For the fiscal first quarter ended Dec. 27, Qualcomm said sales and adjusted profit were $8.24 billion and $2.17 per share, compared with analyst estimates of $8.27 billion and $2.10 per share, according to Refinitiv data.
- Chip and licensing revenue were $6.53 billion and $1.66 billion, respectively, beating estimates, according to FactSet data.
- Qualcomm said first-quarter sales for handset chips were $4.22 billion, jumping 79% from a year before on the strength of 5G phone upgrades. Sales of radio frequency chips, a growth area for Qualcomm, increased 157% to $1.06 billion.
- Automotive chips sales were $212 million, up 44% from the previous year.
- Qualcomm forecast sales with a midpoint of $7.6 billion and adjusted profit at a midpoint of $1.65 per share, slightly above expectations, according to IBES data from Refinitiv.
- Qualcomm forecast a midpoint of $6.25 billion in revenue for its chip business in the fiscal second quarter, beating estimates of $5.62 billion, according to data from FactSet.
- Qualcomm forecast a midpoint of sales for its licensing business, which has higher margins than its chip business and generates much of its profit, of $1.35 billion, lower than estimates of $1.43 billion, according to FactSet.
Health insurer Cigna’s quarterly profit misses estimates on COVID-19 costs – Reuters, 2/4/2021
- Health insurer Cigna reported quarterly profit below estimates on Thursday, as COVID-19 testing and treatment costs piled up due to a surge in infections across the country.
- Adjusted revenue rose to $41.67 billion, beating consensus estimate of $39.99 billion.
- Adjusted revenue from Cigna’s health services business, which includes the pharmacy benefits management unit Cigna added through its buyout of Express Scripts, rose about 19% to $30.53 billion in the reported quarter from $25.57 billion a year earlier.
- For the fourth quarter, Cigna’s medical care ratio – the amount spent on medical claims versus the income from premiums – worsened to 85.8% from 82.3%, owing to COVID-19 testing and treatment costs.
- Excluding one-time items, the company posted a profit of $3.51 per share, below Refinitiv IBES estimates of $3.68 per share.
- Cigna said it sees full-year consolidated adjusted income from operations of at least $6.95 billion, or $20 per share.
Insurer Humana expects COVID-19 costs to shrink in 2021 due to vaccinations – Reuters, 2/4/2021
- Health insurer Humana said on Wednesday it expects costs related to COVID-19 treatment to decline in 2021 at a faster rate than demand for elective healthcare services to pick up, as more people get vaccinated against the new coronavirus.
- Excluding items, Humana reported a loss of $2.30 per share compared with analysts’ estimates of a $2.37 loss per share.
- For fiscal year 2021, Humana said it expects a positive impact of $1.32 billion to $2.04 billion from depressed non-COVID utilization in its Medicare Advantage health plans.
- It also said it expects COVID-19 treatment and testing costs of $525 million to $925 million in its Medicare business in 2021.
- The company said it expects to see double-digit percentage reductions to normal levels of healthcare utilization throughout the first few months of 2021, before the levels rise above normal towards the year-end.
MetLife profit rises marginally on investment gains, strong underwriting – Reuters, 2/4/2021
- Insurer MetLife reported a marginal rise in fourth-quarter adjusted profit on Wednesday as investment growth and underwriting gains in some of its U.S. businesses cushioned the hit from coronavirus-related claims.
- MetLife reported adjusted earnings of $1.84 billion, or $2.03 per share, beating analysts’ average estimates of $1.52 a share, according to Refinitiv IBES data.
- Variable investment income totaled $778 million in the quarter, nearly all from private-equity investments.
- MetLife earned $1.126 billion in such income for the full year, topping the target of $900 million to $1.1 billion it set a year ago.
- Adjusted earnings of the insurer’s U.S. business jumped 51% to $1.02 billion, while the company’s overall net investment income grew by 13% to $5.24 billion on strong returns from private equity investments.
Bristol Myers fourth quarter profit tops Street view on strong sales from Celgene drugs – Reuters, 2/4/2021
- Bristol Myers Squibb reported higher-than-expected fourth quarter earnings on Thursday on strong sales from the blood cancer drugs it acquired through its $74 billion purchase of Celgene in 2019.
- Revenue for the quarter was $11.1 billion, topping analyst estimates of $10.7 billion.
- Bristol Myers reported more than $3.3 billion in Revlimid sales for the quarter, beating analyst estimates by more than $200 million. Pomalyst sales were $835 million, topping estimates by nearly $40 million.
- The company posted a net loss of $10 billion, or $4.45 a share, for the quarter mostly due to a charge related to its more than $13 billion acquisition of MyoKardia, which closed in November.
- The drugmaker raised its 2021 profit forecast to $7.35 to $7.55 per share, up from its prior view of $7.15 to $7.45 a share.
KFC parent Yum beats revenue, profit estimates on strong online orders – Reuters, 2/4/2021
- Yum Brands beat estimates for fourth-quarter revenue and profit on Thursday, as Americans bought more tacos, pizzas and fried chicken online even as business of the KFC owner remained pressured in certain European markets.
- Overall revenue rose about 3% to $1.74 billion, beating the Refinitiv IBES estimate of $1.72 billion.
- Shares of the company rose 3% in low volumes in premarket trading as Yum also said digital sales surged 45% to a record high of $17 billion in 2020.
- In the fourth quarter ended Dec. 31, Yum’s KFC and Pizza Hut divisions posted same-store sales growth of 8% each in the United States even as they dropped at least 4% each in international markets.
- Excluding items, Yum earned $1.15 per share, beating the estimate of $1.01 apiece.
Ralph Lauren sees revenue below estimates as lockdowns bite – Reuters, 2/4/2021
- Ralph Lauren on Thursday forecast a bigger-than-expected drop in fourth-quarter revenue, as the high-end apparel maker struggles with new lockdowns in its major markets of Europe and Japan.
- Net revenue fell to $1.43 billion in the third quarter ended Dec. 26, from $1.75 billion a year earlier.
- Analysts on average had estimated $1.47 billion.
- Ralph Lauren said it expects fourth-quarter fiscal 2021 revenue to fall by mid-to-high single digits, while analysts’ were expecting a 2.9% drop, according to IBES data from Refinitiv.
- The company said it plans to reinstate its quarterly dividend in the first half of fiscal 2022.
New York Times Added Record Number of Digital Subscribers in 2020 – Wall Street Journal, 2/4/2021
- New York Times said 2020 was a record year for digital-subscription growth but the publisher posted flat fourth-quarter revenue, partly reflecting continued declines in advertising revenue during the coronavirus pandemic.
- Fourth-quarter revenue was basically flat, rising 0.2% to $509.4 million.
- Subscription revenue increased 15% to $315.8 million, but advertising revenue fell 19% to $139.3 million and other revenues decreased 12% to $54.3 million reflecting fewer episodes of its television series, and lower contributions from live events and commercial printing.
- In the fourth quarter, the Times added 627,000 net new digital subscriptions compared with 393,000 in the third, the company said.
- Of those, 425,000 signed up to the paper’s core news offering and 202,000 for lower-cost digital products such as its cooking and crossword apps.
- The company said it added 2.3 million net digital subscribers last year, which Chief Executive Meredith Kopit Levien called “an outlier year for net subscription additions” during an investor call Thursday.
- Net profit was $10 million, or 6 cents a share, down 85% from $68.2 million, or 41 cents a share, a year earlier, largely reflecting higher pension-settlement charges this quarter.
- The company also said it would raise its dividend to 7 cents a share from 6 cents a share.
Corteva, Under Activist Pressure, Forecasts Big Rise in Profits – Wall Street Journal, 2/4/2021
- Corteva forecast a big increase in profits for the year ahead as the agriculture giant faces pressure from an activist investor to improve its results.
- Sales grew 8% to $3.2 billion as the farm economy improved, and the company raised prices on some products.
- Corteva reported Wednesday $41 million in net income for the quarter ended Dec. 31, versus a $21 million loss for the same quarter a year earlier.
- The crop seed and pesticide maker on Wednesday said it expects operating earnings to rise 15% to 20% in the year ahead, slightly ahead of analysts’ projections, as surging crop prices and agricultural exports improve farmers’ fortunes.
- Corteva projects its seeds, chemicals, digital farming services and other businesses in 2021 will bring in $2.4 billion to $2.5 billion.
Hershey Says Strong Holiday Sales Presage Growth in 2021 – Wall Street Journal, 2/4/2021
- The candy maker booked higher profit and revenue in the fourth quarter from a year earlier, as consumers bought more of its chocolate and other treats even while the coronavirus pandemic curtailed many holiday gatherings.
- Hershey said Thursday that its sales rose 5.7% to $2.19 billion in the fourth quarter, topping analysts’ expectations as its chocolate brands gained market share in North America.
- Hershey said its net profit rose 41% to $291.4 million in the fourth quarter compared with the prior year.
- Hershey Chief Executive Michele Buck said the results showed how creative customers were at finding ways to celebrate the holidays even during the pandemic.
GameStop Mania Drives Scrutiny of Payments to Online Brokers – Wall Street Journal, 2/4/2021
- The Reddit-fueled frenzy in stocks such as GameStop and AMC Entertainment is prompting calls for regulators to reconsider a decades-old practice in the U.S. stock market: payment for order flow.
- The practice, in which high-speed trading firms pay brokerages for the right to execute orders submitted by mom-and-pop investors, has long been controversial.
- Some say it warps the incentives of brokers and encourages them to maximize their revenue at the expense of customers.
- Either way, it is big money. Last year, brokerages such as Charles Schwab, TD Ameritrade, Robinhood Markets and E*Trade collected nearly $2.6 billion in payments for stock and option orders, according to an analysis of company filings by JMP Securities.
- The biggest sources of the payments were electronic trading firms such as Citadel Securities, Susquehanna International Group and Virtu Financial.
Chesapeake Energy cuts 15% of workers as it emerges from bankruptcy – Reuters, 2/4/2021
- U.S. shale oil and gas producer Chesapeake Energy Corp plans to cut 15% of its workforce, an email sent to employees revealed, as it closes on new financing that will allow it to emerge from bankruptcy court protection next week.
- The company is “resetting our business to emerge a stronger and more competitive enterprise,” according to the email to employees by Chief Executive Doug Lawler dated Tuesday, and reviewed by Reuters.
- Most of the 220 layoffs will happen at the Oklahoma City headquarters, the email said.
- Chesapeake on Tuesday said it planned to raise $1 billion in notes to complete its bankruptcy exit.
American Airlines sending 13,000 furlough warnings as pandemic pain persists – Reuters, 2/4/2021
- American Airlines said on Wednesday that some 13,000 employees are at risk of furlough when a U.S. aid package for airline workers expires on April 1, blaming slow vaccine rollouts and new international travel restrictions for dampening demand.
- United Airlines has sent fresh furlough warnings to 14,000 employees, while Delta Air Lines and Southwest Airlines have averted layoffs mostly thanks to voluntary leave programs.
- Aviation unions are already pushing for another $15 billion in U.S. payroll assistance to protect jobs through the summer.
Chip crunch to impact global auto production into third quarter, says HIS – Reuters, 2/4/2021
- A shortage of auto chips could impact 672,000 units of global light vehicle production in the first quarter, data firm IHS Markit said on Wednesday, warning that the disruption could extend into the third quarter.
- Ford Motor, Toyota Motor, Fiat Chrysler Automobiles and Nissan Motor had cut output due to the shortage, while Volkswagen has said the supply constraints would impact production at some of its plants in February.
- China will be the most hit in the first quarter at nearly 250,000 units, according to IHS.
- AutoForecast Solutions, which tracks industry production plans, on Tuesday forecast production volume impact of 964,000 vehicles in 2021 due to semiconductor shortage.
U.S. Unemployment Claims Fell to 779,000 Last Week – Reuters, 2/4/2021
- The number of Americans filing new applications for unemployment benefits decreased last week, suggesting that the labor market was stabilizing as authorities started to loosen pandemic-related restrictions on businesses.
- Initial claims for state unemployment benefits fell 33,000 to a seasonally adjusted 779,000 for the week ended Jan. 30.
- That was the third straight weekly decline and exceeded economists’ forecast for 830,000 applications.
- Unadjusted claims decreased 23,525 to 816,247 last week.
- The claims report also showed the number of people receiving benefits after an initial week of aid dropped 193,000 to 4.592 million during the week ending Jan. 23.
- Despite the signs that layoffs are ebbing, the weekly jobless claims report from the Labor Department on Thursday showed at least 17.8 million Americans were on benefits in mid-January, indicating that long-term unemployment was likely becoming entrenched.
U.S. productivity posts biggest drop since 1981 in fourth quarter – Reuters, 2/4/2021
- U.S. worker productivity fell at its steepest pace since 1981 in the fourth quarter, but the trend remains solid as the COVID-19 pandemic weighs heavily on the less productive industries like leisure and hospitality.
- The Labor Department said on Thursday nonfarm productivity, which measures hourly output per worker, dropped at a 4.8% annualized rate last quarter. That was the deepest pace of contraction since the second quarter of 1981.
- Data for the third quarter was revised higher to show productivity growing at a 5.1% pace instead of the previously reported 4.6% rate. Productivity rose 2.6% in 2020 compared to 1.7% in 2019.
- Hours worked rose at a 10.7% rate last quarter. That followed a 37.1% pace in the third quarter.
- Unit labor costs – the price of labor per single unit of output – rebounded at a 6.8% rate after plunging at a 7.0% rate in the third quarter. Unit labor costs increased at a 5.2% rate from a year ago. They rose 4.3% in 2020 after gaining 1.9% in 2019.
Biden Open to Sending $1,400 Stimulus Checks to Smaller Group – Wall Street Journal, 2/4/2021
- President Biden indicated in a call with House Democrats that he was open to sending $1,400 payments to a smaller group of Americans in the next round of coronavirus relief legislation and changing the overall price tag of his $1.9 trillion plan, according to people familiar with the call.
- Mr. Biden told House Democrats on Wednesday that he wouldn’t change the amount of the proposed $1,400 payments, saying people had been promised that amount, according to the people.
- Instead, he said he would consider targeting them differently than the previous two rounds of direct aid to Americans. Members of both political parties have questioned whether the $1,400 payments he has proposed would go to people who don’t need the aid.
- A proposal advanced by 10 Senate Republicans would provide $618 billion in relief, paring back Mr. Biden’s proposals on unemployment insurance and direct checks and eliminating others.
Joe Manchin Backs Price Tag of Biden’s Coronavirus Relief Plan – Wall Street Journal, 2/4/2021
- Sen. Joe Manchin said he would support the nearly $2 trillion price tag for President Biden’s coronavirus-relief package.
- Now Democrats will just have to keep him on board.
- “If it’s $1.9 trillion, so be it,” Mr. Manchin said on MSNBC. “If it’s a little smaller than that and we find a targeted need, then that’s what we’re going to do.”
- Mr. Manchin is still seeking more-targeted aid payments and a smaller increase in the federal minimum wage than what Mr. Biden proposed.
- In the evenly divided Senate, Mr. Manchin and other Democratic centrists such as Arizona Sen. Kyrsten Sinema and Montana Sen. Jon Tester have newfound clout in determining the fate the legislation. Any defection could sink Mr. Biden’s ambitious Covid-19 relief bill, and force the party to broker a deal with Republicans on a smaller package.
Klobuchar to Introduce Antitrust Bill Raising Bar for Technology Deals – Wall Street Journal, 2/4/2021
- Sen. Amy Klobuchar (D., Minn.), the incoming head of the Senate antitrust subcommittee, will propose broad changes to U.S. antitrust laws Thursday as the newly Democratic-led Congress begins to press the issue of perceived monopoly power in technology and other industries.
- The senator plans to introduce legislation that would bar companies that dominate their sectors from making acquisitions unless they can prove their deals don’t “create an appreciable risk of materially lessening competition,” according to a draft from Ms. Klobuchar’s office.
- Now, the burden is on the government to prove a merger substantially lessens competition.
- The proposals will likely face headwinds. Republicans didn’t sign on to many of the ideas when Ms. Klobuchar floated them during the previous session of Congress, and businesses including big technology companies are expected to oppose a significant rewriting of antitrust laws.
EUROPE & WORLD
Shell Posts Loss but Eyes Recovery This Year – Wall Street Journal, 2/4/2021
- Royal Dutch Shell reported a fourth-quarter loss as it continued to grapple with the fallout of the pandemic but said it would raise its dividend, forecasting a recovery in demand later this year.
- Shell on Thursday reported a fourth-quarter loss on a net current-cost-of-supplies basis—a figure similar to the net income that U.S. oil companies report—of $4.5 billion, down from a profit of $871 million in the same period the previous year.
- For the full year Shell reported a loss of $19.9 billion, from a profit of $15.3 billion in 2019.
- Shell’s peers including Exxon Mobil, Chevron and BP also reported losses for 2020.
- Overall, Shell’s full-year posttax write-downs totaled $21.3 billion, partly reflecting lower energy prices.
- Shell said it would raise its first-quarter dividend by 4%, in line with the commitment made to shareholders last year of annual increases, after cutting it in April for the first time since World War II by two-thirds.
Deutsche Bank Posts Profit as Investment Banking Unit Booms – Wall Street Journal, 2/4/2021
- As the coronavirus pandemic took hold in early 2020, Deutsche Bank, long-plagued by problems, braced for another tough year. On Thursday, it reported a bumper annual profit.
- The bank set aside €251 million in the last three months of the year to cover bad loans, bringing the total to €1.79 billion.
- Deutsche Bank posted a €189 million profit for the last quarter, swinging from a €1.48 billion loss it reported a year ago when it was hit by restructuring charges.
- Lower costs and lower-than-expected losses from bad loans drove it to a €624 million profit for the year, equivalent to $749 million, swinging from a €5.27 billion loss in 2019.
Roche sees 2021 growth, buoyed by COVID tests as pandemic persists – Reuters, 2/4/2021
- Roche Chief Executive Severin Schwan expects COVID-19 test demand to continue to surge, buoying the Swiss drug and diagnostics maker’s forecast to lift 2021 sales and profit despite pressure on its main drugs business.
- At constant exchange rates, sales rose 1%.
- Fourth-quarter pharmaceuticals sales fell 7% to 10.2 billion Swiss francs ($11.3 billion), sharply contrasting with diagnostics revenue that rose 28% to 4.1 billion francs.
- For 2020, Roche’s net profit rose to 15.1 billion francs, from 14.1 billion in 2019. Sales were 58.3 billion francs, down 5% from 61.5 billion a year ago as the Swiss franc strengthened against other currencies like the U.S. dollar.
Singapore Airlines posts $106 million third-quarter loss as passenger numbers plunge 98% – Reuters, 2/4/2021
- Singapore Airlines on Thursday posted a S$142 million ($106.36 million) net loss in the third quarter as passenger numbers plunged by 97.6% due to the pandemic, though its cargo business held up better given a tight freight market.
- The loss compared with the prior year’s S$315 million profit in the quarter ended Dec. 31.
- Revenue fell 76.1% to S$1.07 billion.
- Singapore Airlines operated around 19% of its pre-pandemic passenger capacity in December and said it expected to reach around 25% of normal levels by the end of April as it adds flights to its schedule despite the spread of more transmissible variants of the coronavirus.
- The airline last year cut 4,300 jobs, or around 20% of its staff, due to the pandemic-related collapse in travel demand.
Nokia warns of “challenging” year as it plays catch-up – Reuters, 2/4/2021
- Finnish telecom network equipment maker Nokia warned of challenges to come this year as it tries to catch up with rivals after a strong finish to 2020.
- Revenue overall fell 5% to 6.57 billion euros during the quarter, but beat a consensus figure of 6.42 billion euros, Refinitiv Eikon data showed.
- Revenue at its mainstay networks business fell 7% to 5.04 billion euros ($6.05 billion).
- Quarterly underlying earnings fell to 0.14 euros per share from 0.15 euros a year ago, beating the 0.11 euros consensus.
- Lundmark reported better than expected fourth-quarter revenue and underlying profit on Thursday but Nokia forecast 2021 revenue to fall to between 20.6-21.8 billion euros ($25-26 billion) from 21.9 billion euros in 2020.
Factmonster – TODAY in HISTORY
- George Washington and John Adams are elected the president and vice president of the United States. (1787)
- Delegates from six southern states met at Montgomery, Ala., to form the Confederate States of America. (1861)
- Ceylon (now Sri Lanka) gained independence from the United Kingdom. (1948)
- The Massachusetts Supreme Court declared that gays had the right to marry. (2004)
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