The Kansas City Chiefs and Houston Texans made headlines before they kicked off the 2020 NFL season on Thursday.
The Texans elected to return to their locker room ahead of the singing of “Lift Every Voice and Sing” — Chiefs players locked arms in the end zone during what is known as the Black National Anthem — and returned after “The Star-Spangled Banner” was played.
During the national anthem, Chiefs players stood together on the sideline, with defensive end Alex Okafor kneeling while raising his fist in the air.
Both teams lined up along the middle of the field, linking arms for what was announced as “a moment of silence dedicated to the on-going fight for equality in our country.”
Mixed reactions from fans were heard on the NBC broadcast, with boos and claps from the crowd at Arrowhead Stadium — a limited number of patrons were allowed in to keep with social distancing protocols.
Players from both teams had “been in talks about a joint demonstration” before the game that “makes a statement on racial injustice and shows unity,” according to NFL Network.
It is likely far from the last form of social-justice messaging from players and the NFL this season. The police-involved deaths of several Black persons in recent months have caused several players to speak out and saw many of the league’s most prominent voices, including commissioner Roger Goodell, change their stances on the subject.
Before kickoff, the Miami Dolphins announced in a video that they would be staying in the locker room for both anthems before their Sunday opener against the New England Patriots in Foxborough, Mass.
“Before the media starts wondering and guessing, they just answered all your questions,” coach Brian Flores stated. “We’ll just stay inside.”
Former San Francisco 49ers quarterback Colin Kaepernick drew a heavily mixed reaction when he kneeled for social justice reform during the 2016 season. Numerous players have revealed plans to do so this season.
A year after its initial public offering, Peloton Interactive Inc. is pedaling toward new highs amid a pandemic that is forcing people into their homes and away from gyms, creating demand for at-home fitness equipment.
Peloton PTON, -3.75%
on Thursday wrapped up its fiscal year by reporting that sales and subscribers roughly doubled in the 12-month period, and revealed its first profitable quarter as a public company and record quarterly revenue a little less than a year after its September 2019 IPO. Shares fell 3.8% Thursday from Wednesday’s record closing price of $91.17 — more than three times the IPO price of $29 a share — but pushed back toward record highs in after-hours trading following the release of the report, with gains of more than 7%.
Peloton reported fiscal fourth-quarter profit of $89.1 million, or 27 cents a share, on sales of $607.1 million, up from $223 million a year ago. Peloton reported a net loss of $47 million in the fiscal fourth quarter a year ago, just ahead of its IPO. Analysts on average expected earnings of 10 cents a share on sales of $586 million, according to FactSet.
“It has been another staggering year of growth, and I know all parts of the organization have had to work together to do everything possible to meet the incredible demand for our products and services,” Chief Executive James Foley said in a conference call Thursday. “The strong tailwind we experienced in March as the COVID-19 pandemic took hold has continued to propel demand for our products into the fourth quarter and first couple of months of Q1 fiscal year 2021.”
While still attempting to catch up to a flood of orders amid the COVID-19 pandemic — Peloton said Thursday it does not expect order-to-delivery times to normalize until around the end of the calendar year — the company is also looking to expand its customer base. On Monday, Peloton announced that it will reduce the price of its standard exercise bike and introduce a lower-priced treadmill, which could clear a path for potential buyers who were not willing to pay the large upfront costs for its products. It will also introduce a premium bike for fans who want top-of-the-line equipment.
Wedbush analysts noted that in a previous survey of 1,200 people, they found that Peloton could “dramatically improve” sales at a lower price point, especially in treadmills.
“42% of non-Peloton owners that were interested in fitness and familiar with the brand showed some level of interest in a $2,500 Tread, compared to just 30% showing interest in the current Tread,” the analysts wrote in a Sept. 9 note, after Peloton announced its new lineup. “Among existing Peloton bike owners, the number of respondents saying they would be ‘very interested’ in owning a treadmill from Peloton doubles based on the lower price, from 14% based on the $4,295 price point to 28% assuming a theoretical (at the time) $2,500 price point.”
While lower sales prices could hurt hardware margins and average selling prices, much of Peloton’s long-term prognosis focuses on the subscriptions for interactive workout media that owners continue to pay after they have received the equipment. Peloton announced Thursday that it now has 1.09 million subscribers, nearly doubling the 511 million that it reported at the end of its last fiscal year, topping its forecast of 1.04 million to 1.05 million.
In total for the fiscal year, Peloton collected revenue of $1.46 billion from the sale of equipment and $363.7 million from subscription services, up from $719 million and $181 million, respectively, in the previous fiscal year. Combined with other revenue from merchandise and other offerings, Peloton ended the year with $1.83 billion in sales, up from $915 million.
“By the end of FY 2020 our Peloton membership base grew to approximately 3.1 million, compared to 1.4 million members in the prior year,” Peloton detailed in a letter to shareholders Thursday. “Fueled in part by the challenges associated with COVID-19, member engagement reached new highs with 164 million Connected Fitness Subscription workouts completed in FY 2020.”
For the current fiscal year, which began in August, Peloton predicted htat subscribers and revenue would roughly double yet again. The company guided for revenue of $3.5 billion to $3.65 billion, with connected subscribers swelling to 2.05 million to 2.1 million. Analysts on average were predicting revenue of $2.74 billion and subscribers of 1.78 million ahead of the report, according to FactSet.
Peloton stock has gained more than 260% since its IPO; the S&P 500 index SPX, -1.75%
has returned 17.7% in that time. In after-hours trading Thursday, shares topped $94 following the release of the report.
Democratic vice-presidential nominee Sen. Kamala Harris promised Thursday that a Biden-Harris administration would make college tuition free at public schools and private historically Black colleges and universities for students whose families’ income is below $125,000 a year, and pledged student-loan debt forgiveness for some graduates of HBCUs.
“In relation to the history of HBCUs, [students] decide to take on a profession of service, which often does not pay as well as if they go into the private sector and do other things,” Harris said at a roundtable discussion held at Florida Memorial University, a historically Black private university. “So for those students who come out and have jobs that pay less than $125,000, student-loan debt will also be forgiven.”
Harris also promised to invest $70 billion in historically Black colleges and universities.
Additionally, she said that two-year college programs would be free for low-income Americans.
“We want to support our young people for whatever they pursue by way of education after high school,” Harris said. “For some that will be a college and university, for some it will be a two-year program, or an apprenticeship, or something of that nature, and we want to make sure that we support them in that quest.”
Harris made the remarks in response to Jaffus Hardrick, president of Florida Memorial University, who said that “we are literally working on a shoestring budget” amid the economic decline caused by the pandemic that has forced many students to reconsider attending college.
Her remarks came in the key swing state of Florida, where 29 electoral votes are up for grabs, the most among any of the major swing states. Former President Barack Obama claimed the state by a thin margin in the 2008 and 2012 elections. President Donald Trump, however, won it in the 2016 election.
In a RealClearPolitics moving average of polls focused on top swing states that are likely to decide the election, Democrat Joe Biden had an edge of 3.9 percentage points over Trump as of Thursday, but his edge in Florida was just 1.2 points.
Before addressing the roundtable, Harris took a jab at Trump, citing the interview he had with Bob Woodward where he said “I wanted to always play it down,” referring to the threat of the looming pandemic.
“He suggested that to wear a mask is a sign of weakness as opposed to a sign of strength,” she said. “This is the president of the United States.”
Earlier in the day, Harris visited Doral, a neighborhood of Miami with a high concentration of Venezuelans.
Oil prices posted a loss on Thursday after U.S. government data revealed a weekly climb in U.S. crude inventories, on the heels of six consecutive weeks of declines, raising expectations of an oversupplied market as uncertainty continues to surround the outlook for demand.
The Energy Information Administration reported Thursday that U.S. crude inventories rose by 2 million barrels for the week ended Sept. 4—the first weekly rise in seven weeks. Total U.S. crude inventories, excluding those in the Strategic Petroleum Reserve stood at 500.4 million barrels, about 14% above the five-year average for this time of year.
That compared with an average forecast by analysts polled by S&P Global Platts for a fall of 500,000 barrels. The American Petroleum Institute on Wednesday reported a climb of 3 million barrels, according to sources. The supply reports were each delayed by a day due to Monday’s U.S. Labor Day holiday.
U.S. refiners took an even bigger hit than expected from Hurricane Laura, which made landfall in late August on the U.S. Gulf Coast, Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch. The EIA reported a big drop of 1.1 million barrels per day in crude refinery runs for last week, leading to the first domestic crude-stock build in weeks, he said.
On Thursday, West Texas Intermediate crude for October delivery CL.1, -2.52%
on the New York Mercantile Exchange fell 75 cents, or 2%, to settle at $37.30 a barrel. November Brent crude BRN.1, -0.39%
the global benchmark, lost 73 cents, or 1.8%, to reach $40.06 a barrel after a 2.5% gain in the previous session.
Oil futures finished higher Wednesday, with U.S. prices reclaiming less than half of the more than 7% drop suffered in the previous session though worries over the demand outlook, driven by the pandemic, continued to limit crude’s upside potential.
Thursday’s EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.9 million barrels for the week, while total domestic oil production climbed by 300,000 barrels to 10 million barrels per day.
Gasoline supply, meanwhile, fell by 3 million barrels, while distillate stockpiles declined by 1.7 million barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2.5 million barrels for gasoline, but distillates were expected to rise by 300,000 barrels.
On Nymex, October gasoline RBV20, -2.40%
shed 1.9% to $1.0977 a gallon, while October heating oil HOV20, -2.48%
settled at $1.0824 a gallon, down 2.1%.
The market is in the “midst of refinery maintenance season, which inherently causes a drop in refinery runs and ultimately finished products supplied,” a proxy for demand, said Tyler Richey, a co-editor at Sevens Report Research.
“If we don’t see those demand metrics recover to where they were prior to Hurricane Laura’s landfall, then it will be very difficult for oil to revisit the recent highs in the low-mid $40s, especially given the global supply side uncertainties regarding OPEC+’s next policy moves,” he told MarketWatch.
On Sept. 17, the Organization of the Petroleum Exporting Countries and its allies, which form a group known as OPEC+, will hold a market-monitoring meeting. The group in August trimmed supply cuts from earlier this year on hope of improved demand amid the pandemic.
OPEC+ oil production climbed by 1.71 million barrels a day to 34.63 million barrels a day in August from a month earlier, according to an S&P Global Platts survey released Wednesday.
Rounding out action on Nymex, prices for the October natural gas contract NGV20, -3.78%
settled at $2.323 per million British thermal units, down 8 cents, or nearly 3.5%.
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 70 billion cubic feet for the week ended Sept. 4. That was a bit higher than the increase of 64 billion cubic feet forecast by analysts polled by S&P Global Platts.
It didn’t take a pandemic for Sharon Danks to recognize the benefits of outdoor learning.
In fact, she started researching the environmental, physical and mental-health benefits of outdoor learning more than two decades before founding the nonprofit Green Schoolyards America seven years ago.
Before the pandemic, Danks partnered primarily with individual schools in districts near Berkeley, Calif., where the organization is based.
The pandemic, she said, has only strengthened the case for outdoor learning nationwide, especially given the amount of scientific research suggesting that the outdoors is less hospitable to the coronavirus than indoors where air circulation is significantly more limited.
The U.S. Centers for Disease Control and Prevention recommends that schools “consider using outdoor space, weather-permitting, to enable social distancing.” The agency specifically recommends having lunch outside in place of in a communal cafeteria or otherwise eating within classrooms.
Dr. Anthony Fauci, who heads the National Institute of Allergy and Infectious Diseases, has also urged schools to find ways to offer as many outdoor activities as possible. “Get as much outdoors as you can,” he said in a Facebook FB, -0.06%
live event in August. “If you look at the superspreader events that have occurred, they’re almost always inside.”
Weather permitting, others have opted for tents that look more like they’re going to welcome wedding guests instead of children and teachers. Another school simply uses a circle of tree stumps.
“Nature is something that has been proven to decrease stress levels, and, during this pandemic, there has so much stress and trauma,” Danks said. What’s more, not all school buildings have enough space for children to maintain the recommended six feet of social distance.
“Outside not only do you have air that isn’t recirculating, but kids don’t have to stay in assigned seats all day and can actually move around,” she said.
Many schools recognized that back in March when they shifted to virtual instruction and reached out to Danks inquiring about how they, too, could create outdoor learning environments in preparation for the fall.
The overwhelming amount of inquiries she received led her to partner with three other nonprofits to form a National COVID-19 Outdoor Learning Initiative that provides schools with templates for how to construct an outdoor classroom, lesson plans and other tools with the support of more than 400 landscaping, design and educational volunteers.
One problem she noticed: “The bigger the institution, the longer it takes to change direction. Smaller schools such as single-district public schools and independent nonprofit private schools are doing this much more quickly because they don’t need to ask for permission.”
Not all schools have parent-teacher associations
But school size isn’t the only thing holding back schools from building outdoor classrooms in parts of the country where in-person learning is allowed to take place.
For children with special needs, for example, an outdoor learning environment poses a slew of problems, said Mindy Rosier-Rayburn, an elementary special-education science teacher at the Mickey Mantle School in New York City.
As of Friday nearly 800 schools in the city were approved to offer outdoor learning.
The New York City Department of Education did not respond to MarketWatch’s request for comment regarding efforts to level the playing field for lower-income schools that would like to offer outdoor learning, but can’t because they lack the funds to do so.
When Mayor Bill de Blasio gave city public schools the go-ahead in late August to offer outdoor learning in streets and parks near schools, Rosier-Rayburn recognized that there would be a “glaring equity issue” for schools in higher-income neighborhoods versus lower-income ones like the school district she teaches at, in Harlem.
“The comments I heard early on were that PTAs can help pay for these things,” she said, “but my school doesn’t even have a PTA, and there are so many others that don’t.”
“We are a Title 1 school,” she said. This type of school typically has a high concentration of children from low-income families and receives federal grants. All students attending Mickey Mantle School qualify for free lunch, she said.
When Rosier-Rayburn started teaching science remotely in the spring, she said, “I didn’t even feel comfortable asking parents to get supplies to do science experiments. If the experiment involves something I think they had at home, I tried to do that.”
Even if Rosier-Rayburn’s school had access to funds to purchase tents and other outdoor items, it would be a nightmare for her and her fellow teachers.
“We have several children who are runners, and that terrifies us. In a building you can control the situation, but outside you can’t,” Rosier-Rayburn, who has been a special-education teacher for nearly 24 years, told MarketWatch.
“We’re always on guard — just like when people enter a room they look for the exit and nearest bathroom, we constantly have to think: What could a student possibly hurt themselves with? That’s why outside learning is the worst idea.”
Additionally, she said several autistic students “could have sensitivity to sounds like honking horns.” Another concern: Some children “tend to put everything in their mouths.”
Plans are still up in the air for the upcoming school year, which in New York City is slated to begin on Sept. 21 after the school date was pushed back when the United Federation Teachers, a labor union composed primarily of public school teachers, threatened to strike over safety concerns relating to in-person learning.
For all of the above reasons, Rosier-Rayburn said she’ll continue teaching remotely, since she has received a medical accommodation to do so.
(The UFT did not respond to MarketWatch’s request for a comment.)
Cara Sclafani, a parent of two children who attend P.S. 185, a New York City Title 1 public elementary school, also located in Harlem, has health-related reservations about even sending them back for partial in-person learning certain days each week during an ongoing public health crisis.
As co-chair of the District 3 Green Schools Group, a coalition of parent volunteers who represent Manhattan’s Upper West Side and parts of central Harlem, advocating for outdoor education, Sclafani has advocated outdoor learning as much as possible.
Over a year ago, she successfully received two grants from New York City nonprofits to transform a deserted lot on school grounds that was “pretty much overrun with weeds,” she said, into a school garden and outdoor learning area.
Last year, she said, it was always a challenge to get teachers to wander outside of the classroom, “even though we set up this nice area for them with a tree canopy, benches and a reading library.”
And now? “The teachers are going to bring their students outside at least once a day,” Sclafani told MarketWatch. “Whether it’s just to read a book, paint or have physical education outside.”
She considers these types of activities “easy wins” to accomplish. Ultimately, however, she and other members of D3GSG are working on a “long-term vision” of having a “full-blown outdoor learning program” by the spring of 2021.
Sclafani said she was directly inspired by a Green Schoolyards America workshop she attended in June about constructing an outdoor learning environment. The organization, she said, has helped redesign P.S. 185’s outdoor learning space. She is on the infrastructure team at Green Schoolyards and is helping advise other schools across the county.
”Having outdoor learning at P.S.185 is a key factor for my family in determining whether or not my kids will attend in-person learning. We don’t have the school schedule yet, but I am hopeful my kids will be getting outside for at least a couple hours every day.”
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