Officials are urging residents to avoid panic buying after some shoppers packed into malls in Toronto and Peel region ahead of Monday’s lockdown, which will see shopping centres shuttered.
“We know this is a difficult time, but we need everyone to be patient and ensure there isn’t unneeded pressure on our supply chains. Please don’t stockpile or panic buy,” said Premier Doug Ford in a statement to CBC News, when asked about increased crowds this weekend.
He said that grocery stores, convenience stores, hardware stores, and other retailers offering essential goods and services will remain open as the lockdown begins.
“If we all do our part, there will be plenty of supply for everyone,” he said.
The premier’s comments come as some malls extended their hours in anticipation of an influx of shoppers over the weekend.
As of 12:01 a.m. Monday, malls and other businesses deemed non-essential like restaurants will be shuttered in a bid to curb a staggering increase of COVID-19 cases in the province’s most populous regions.
Malls will be limited to curbside pickup or delivery only starting on Monday as part of new restrictions.
Shoppers wait in lines at the Eaton Centre ahead of a Monday lockdown that will see malls close in Toronto and Peel region. (Megan McCleister/CBC)
Yorkdale Shopping Centre and Scarborough Town Centre are both open from 11 a.m. to 9 p.m. this weekend. Square One Shopping Centre in Mississauga also expanded its hours from 10 a.m. to 9 p.m.
In a media release, those malls said they encourage shoppers to visit at off peak hours, which are considered before or after 1 p.m. to 4 p.m.
Despite the ask to arrive early, shoppers headed to some malls in droves on Saturday. Photos showed the parking lot at Yorkdale had very few spaces free.
Yorkdale Shopping Centre experienced packed parking lots ahead of Monday’s lockdown that will see malls close in Peel region and Toronto. (James Morrison-Collalto/CBC)
When asked about concerns about an influx of shoppers and whether malls are doing enough to control crowds, Cadillac Fairview told CBC News that the health of employees, clients and guests are its “first priority.”
“While this is disappointing news for our community, with everything we know right now, we believe this is the best course of action amid the current COVID-19 environment,” Cadillac Fairview said about the lockdown.
“We will continue to monitor the situation closely, and work with provincial and public health authorities as required.”
Shoppers put bags in their trunk in the packed parking lot at Yorkdale mall in Toronto. With a lockdown commencing on Monday shoppers are filling malls. (Frank Gunn/ The Canadian Press)
Panic buying ‘worrisome,’ says Toronto mayor
In a statement, Ontario’s Ministry of Health also echoed Ford’s comments, calling on residents in regions with higher case loads not to travel to areas that are experiencing a lower amount of virus spread.
Toronto Mayor John Tory also issued a statement Sunday, calling it “worrisome” to see people rushing to malls in advance of Monday’s looming lockdown.
“My message for the last few weeks has been clear: Please stay home as much as possible right now,” Tory said in the statement.
“We know that crowd scenes and gatherings can increase a person’s chance of contracting COVID-19.”
He added that the weekend was meant for businesses to plan for the anticipated closures, and not for people to “rush out and do Christmas shopping or buy items that are not essential.”
Tory is instead urging people to support local businesses by using the curbside pickup and shopping online option during the lockdown.
Last minute shopping to be expected: Infectious disease doctor
Dr. Isaac Bogoch, an infectious disease specialist and researcher based at Toronto General Hospital, said seeing more people visit malls this weekend is to be expected ahead of a lockdown.
“It’s really important people have what they need, because we’re not supposed to be leaving our houses much and we’re only going to be going out for essential goods and essential services. We’ve got to prepare for this,” he said. The regions that are going into lockdown contain thousands of people who had 48 hours to get their affairs in order, he said.
Bogoch said if most people are wearing a mask and distancing in the mall, then the chances the mall visits lead to a larger outbreak are unlikely. Adequate ventilation is also key to making indoor spaces safer, he said.
“But of course, we know we’re supposed to avoid crowded, confined settings,” he said, adding that some of the scenes from the malls this weekend have been more packed in. However, generally he’s seen people line up six feet apart and wear masks indoors.
“I think we’ll be okay,” he said.
Businesses and people need the chance to prepare prior to a lockdown, and as long as everyone is operating in a responsible manner, more people attending malls isn’t a huge cause for concern, he said.
“The scenes that we’re seeing aren’t terrible,” he said, adding that it’s not perfect everywhere, but most indoor retailers have demonstrated a responsible environment. “I don’t think we’re going to see a spike as a result of this.”
Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.
On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.
The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.
“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.
Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.
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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.
Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.
Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.
Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.
Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.
The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.
Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.
Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.
On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.
Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
Iranian media reported activating their air defense systems, not an Israeli strike.
Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.
Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.
The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.
Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.
However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.
Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.
The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.
The Isfahan province is home to Iran’s nuclear site for uranium enrichment.
“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.
The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”
At the time of writing Brent was trading at $87.34 and WTI at $83.14.
