😷 Free Covid tests

Testing, testing... 1, 2, 3, 4. Americans can now order four free at-home Covid tests per household, courtesy of Uncle Sam. The ordering website rolled out Tuesday and is surprisingly easy to use: Click the big "order free at-home tests" button, type your name and address, and submit. USPS is shipping all orders, which should arrive in 7 to 12 days.

• Good execution: Government sites aren't known for being sleek. But apart from a few hiccups, covidtests.gov appears to be running smoothly.
• Not-so-good timing: Ideally the site would’ve launched before the holiday Omicron surge, but the Biden admin had rejected an October proposal for free tests. The US is now logging record Covid cases, with Omicron making up nearly all infections.

N-95 problems… and a test is one. Many Americans had trouble getting tested over the holidays. Think: hours-long lines at free sites and sold-out kits. Meanwhile, retailers like Walgreens and Walmart and diagnostic companies like Abbott and Labcorp raked in billions. But more help is coming:

• Tests: Private insurers are now required to reimburse up to eight home Covid tests/month.
• Masks: The US will distribute 400M free N-95 masks at health centers and pharmacies starting next week.
• Antivirals: The Biden admin purchased 20M courses of Pfizer’s newly authorized Covid pill, which the pharma giant said was effective at treating Omicron in tests.

Can you hear me now?... Yesterday Verizon and AT&T finally activated their faster 5G networks, which could power everything from crisper gaming and video chatting to VR and self-driving cars. Earlier this month airlines and regulators asked the phone carriers to delay the 5G rollout, warning it could cause "catastrophic disruption" for flights by interfering with planes’ navigation systems.

• The compromise: Verizon and AT&T launched yesterday - but agreed not to launch within two-mile “buffer zones” around 50 major airports.
• Some airlines canceled flights anyway: Airlines have also cut thousands of flights because of Omicron-related staffing shortages and bad weather.

Will the real 5G please turn on… AT&T and Verizon have offered “low-band” 5G (that’s usually not much faster than 4G) in the US for years, while spending billions building infrastructure to deploy the significantly faster “C-band” 5G. Verizon and AT&T together have paid nearly $70B for rights to use the newly available wavelengths that power C-band.

• In nearly 40 countries C-band 5G has already been deployed without disrupting airlines.
• But in the US millions of customers in buffer zones may have to wait a few more months until airlines, carriers, and regulators hash out an air-safety deal.

• Hygiene: Procter & Gamble’s quarterly sales popped as consumers picked up household staples like Crest toothpaste and Tide despite price hikes. P&G plans to raise prices on more products next month.
• Wealth: Morgan Stanley and Bank of America posted strong quarterly profits thanks to their wealth management and investment banking units. But wage hikes are weighing on all banks as they spend more to attract talent.
• Loyal: Instagram is testing a subscription feature that lets creators charge their followers for access to exclusive IG Lives and Stories. Prices range from $1 to $100 monthly.
• Break: Peloton insiders reportedly sold nearly $500M worth of shares before the stock plunged this week. It followed a CNBC report that the company hired McKinsey to consult on its cost structure, which could lead to layoffs.
• Free: In new court documents Britney Spears alleges that her father took $6M+ of her earnings during her controversial 13-year conservatorship — and that he petitioned for $30M+ to cover his legal fees.

• Weekly jobless claims
• Earnings expected from: United Airlines, Netflix, Union Pacific, and The Travelers Companies

Authors of this Snacks own shares of: AT&T, Pfizer, Netflix, and Walmart

ID: 1998142