The daily business briefing: October 14, 2020

1. Apple unveils its 1st 5G iPhones

Apple on Tuesday announced its first line of iPhones that will support new, high-speed 5G networks. Apple CEO Tim Cook said in the highly anticipated event that it was the "beginning of a new era" for the iPhone. The new smartphones include the 5.4-inch iPhone 12 mini, which Apple described as the "smallest, thinnest, lightest 5G phone in the world." Apple touted the "impressive new capabilities" that will come with 5G networks, but news outlets pointed out that 5G networks still aren't available everywhere, and even where it's available, 5G doesn't always perform a lot better than 4G, so many users might initially be disappointed. The iPhone 12, Apple said, will be available for pre-order on Oct. 16, while the iPhone 12 mini will be available for pre-order on Nov. 6.

BuzzFeed News CNBC

2. Eli Lilly coronavirus antibody trial halted over safety concern

Regulators have paused a government-sponsored clinical trial testing drug-maker Eli Lilly's coronavirus antibody treatment due to a "potential safety concern," The New York Times reported Tuesday, citing emails sent by government officials and confirmation from the company. A day earlier, Johnson & Johnson announced that it was temporarily halting its coronavirus vaccine trial because a participant fell ill. Last month, AstraZeneca also halted its vaccine trial after two volunteers got sick after receiving its vaccine. Eli Lilly is testing the benefits of its drug on hundreds of people hospitalized with COVID-19. The patients also are being treated with the experimental drug remdesivir. Eli Lilly did not say how many of the patients were sick.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The New York Times

3. AMC warns it will run out of cash by early 2021 due to theater closures

AMC Entertainment said in a regulatory filing Tuesday that it might run out of cash by the end of 2020 or early 2021. AMC, the largest U.S. movie theater chain, said it would need to come up with new loans or other financing, renegotiate leases with landlords, sell assets, and use other means to deal with the shortfall as the coronavirus pandemic devastates the industry. Regal Cinemas, the second largest U.S. movie theater chain, announced last week that it was temporarily closing all of its locations. AMC shares already were down 44 percent on the year as of Monday, and they fell further on Tuesday after the filing.

The Street

4. Stock futures edge higher after Tuesday's losses

U.S. stock index futures struggled for footing early Wednesday after closing down Tuesday for the first time in five days. Futures for the Dow Jones Industrial Average, the S&P 500, and the tech-heavy Nasdaq were flat several hours before the opening bell after being up by roughly 0.2 percent earlier in the morning. Investors grew cautious Tuesday afternoon after Eli Lilly had to halt testing of a coronavirus antibody treatment due to safety concerns, fueling concerns about the development of tools to fight the pandemic. A day earlier, Johnson & Johnson paused its vaccine trial over an "adverse event," although it hopes to restart soon. Earnings season started Tuesday with better-than-expected quarterly reports from JPMorgan Chase and Citigroup, and continues Wednesday with Bank of America, Goldman Sachs, and Wells Fargo reporting results before the bell.

CNBC The Wall Street Journal

5. Twitter suspends fake accounts claiming to be Black Trump supporters

Twitter has removed more than two dozen fake accounts from supposed Black supporters of President Trump, The Washington Post reported Tuesday. The network of bogus accounts often used identical language, and generated more than 265,000 retweets or other "mentions," according to Clemson University social media researcher Darren Linvill, who tracked the accounts. One, @CopJrCliff, racked up 24,000 followers within six days of becoming active. The account posted eight tweets, one of which was liked 75,000 times. Researchers call the fake accounts "digital blackface." Many use images of Black men taken from news reports as profile pictures. "It's asymmetrical warfare," Linvill said. "They don’t have to last long. And they are so cheap to produce that you can get a lot of traction without a whole lot of work."

The Washington Post