Everyone wants BinaxNow… now. Abbott Labs’ at-home Covid test accounts for 75% of US test sales, but good luck finding one. Test makers Abbott, Roche, and Becton Dickinson saw massive profits last year as we left the couch. But when cases fell this summer, Abbott laid off workers and closed factories, which led to test shortages. As Omicron surges, Abbott’s revving up production. Biden is paying the company $2B to provide nearly half of the free Covid tests Americans have started ordering. We’ll see how Omicron affected profits when Abbott reports on Wednesday.
Cybertruck is cyber-stuck... Tesla rolls up with earnings Wednesday, and competition is more electric than ever. Tesla has reportedly pushed back production of its much-hyped electric Cybertruck to 2023. Meanwhile, rival EV maker Rivian is already delivering trucks, and Ford plans to drop electric F-150s on driveways this spring. Still, Tesla’s car deliveries doubled last year from 2020 and its solar-power biz turned profitable. But Tesla’s facing heavy regulatory scrutiny, while a Tesla driver is facing felony charges after a fatal crash involving Autopilot.