Business

Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

Vaccines

Moderna CEO said that he hopes many coronavirus vaccines from multiple manufacturers will be approved to enter the market, because no single manufacturer can meet global demand.

Another pharma company Regeneron, whose company is developing an antibody drug against COVID-19, told CNBC that the problem isn’t with the physical distribution of a potential coronavirus drug but rather with the ability to meet demand.

Eli Lilly expects to test its vaccine soon.

Experimental vaccines will need to be mass produced and administered to more than 7.6 billion people around the world.

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JCPenney

JCPenny is in talks with key lenders to secure $450 million in financing for a possible bankruptcy filing Friday.

The retailer would get half of it at the filing and then the rest as it meets certain guidelines.

Small business

More than 100,000 small businesses have closed forever as the nation’s pandemic toll escalates.

The Harvard study says at least 40% of revenue is down, depending on location.

The carnage has been even higher in the restaurant industry, where 3% of restaurant operators have gone out of business, according to the National Restaurant Association.

Sports betting

Indiana sports books last month generated their lowest monthly revenue total since sports betting began in Indiana last October.

The state saw $26.3 million in sports wagers in April, a nearly 65% drop from the previous month.

The April numbers follow the 60% drop in March’s sports wagering revenue.

Because the casinos were closed in mid-March, Indiana’s entire sports betting handle came from online sports books.

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