Daily Business Report-May 18, 2020
Illustration by Visual Capitalist
Zoom Boom
Popular video conferencing app’s market
capitalization has skyrocketed to $48.8 billion
Report by Visual Capitalist
It’s no secret the popular video conferencing app is flying high. But did anyone ever expect Zoom to be worth more than the world’s seven largest airline companies by revenue?
Amid the COVID-19 pandemic, many people have transitioned to working—and socializing—from home. If these trends become the new normal, certain companies may be in for a big payoff.
Zoom Communications is a prime example of an organization benefiting from this transition. Today’s graphic, inspired by Lennart Dobravsky at Lufthansa Innovation Hub, is a dramatic look at how much Zoom’s valuation has shot up during this unusual period in history.
As of May 15, 2020, Zoom’s market capitalization has skyrocketed to $48.8 billion, despite posting revenues of only $623 million over the past year.
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Governor appeals to tribes to
reconsider decisions to reopen casinos
San Diego Union-Tribune
Gov. Gavin Newsom has appealed to San Diego County’s tribal governments to reconsider their decisions to reopen their casinos this week. In a letter sent Friday to tribal leaders, Newsom acknowledged the coronavirus’s economic toll, saying he was “aware even a partial reopening of tribal casinos is crucial to your ability to raise governmental revenues to provide for the well-being of your communities.”
But, he added, “I cannot stress enough that the risk of COVID-19 transmission remains a serious threat to all Californians.”
To date, those planning to reopen are Viejas Casino and Resort in Alpine, which said it will resume operations Monday; Sycuan Casino Resort in El Cajon, which will reopen Wednesday; Valley View Casino and Hotel in Valley Center, which reopens Friday; and Jamul Casino, which plans to reopen Monday for select casino members, followed by a public opening on Thursday.
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Navy hospital ship Mercy arrives back
in San Diego after coronavirus relief mission
Hospital ship USNS Mercy arrived at Naval Air Station North Island on Friday after supporting the Department of Defense response efforts in the greater Los Angeles area during the coronavirus outbreak.
Mercy spent nearly 50 days pierside at the Port of Los Angeles, serving as a referral hospital treating non-COVID-19 patients, and in effect as a “relief valve” for local hospitals as they were able to focus their efforts on COVID-19 cases. The ship will take the necessary steps to return to a “Ready 5” status to be prepared for future tasking including COVID-19 or other humanitarian assistance and disaster relief efforts.
“The entire crew was invested in this mission and it showed, from the medical professionals who cared for patients in the ICUs and wards, to those who performed life-saving surgeries in the operating rooms, and to the support staff of every specialty, including those who made sure the patients and crew had good food to eat,” said Capt. John Rotruck, commanding officer of Mercy’s medical treatment facility. “Now as we return from this mission, I couldn’t be more proud of the work everyone did.”
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Albertsons grocery store in Downtown
San Diego sold for $22.1 million
The Albertsons grocery store at 655 14th St. in Downtown San Diego — a nearly 43,000-square-foot single-tenant retail condominium property — has sold for $22.1 million. The buyer was 221 North Cedar Associates from AL’s SHUK LLC.
Alvin Mansour and Kevin Mansour of Marcus & Millichap, and Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller, a San Diego ownership group.
“This was a once-in-a-generation opportunity to purchase a landmark net-leased grocery asset with a long-term triple-net lease in Downtown San Diego’s East Village, one of our region’s most rapidly developing and booming neighborhoods,” said Alvin Mansour. “This is exactly the buyer profile we see so frequently — a Southern California private investor exchanging from a large multifamily complex into a passive and generational net-leased property.”
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Sanford Burnman Prebys wins $10 million to test
broad-spectrum antivirals to combat COVID-19
Sanford Burnham Prebys Medical Discovery Institute recently received a $10 million, four-year grant from the Department of Defense to advance its search for antivirals. Led by Sumit Chanda, director of the immunity and pathogenesis program, the research team plans to test broad-spectrum antivirals that could treat multiple viruses at once – including those that cause the common cold, flu, and COVID-19.
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Booz Allen Foundation launches $1 million
innovation fund to support COVID-19 solutions
The Booz Allen Foundation created a $1 million Innovation Fund to award grants to those who offer new ideas for solving problems related to the COVID-19 pandemic, such as new systems, products, or technologies to help build lasting community resilience. Non-profit organizations, eligible small businesses, and individuals are invited to apply for grants until June 5, 2020.
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FDA grants Quidel emergency-use
status for first coronavirus antigen test
The Food and Drug Administration has granted emergency-use authorization to San Diego-based Quidel Corp. for the first antigen test for the COVID-19 virus. The test will likely be faster, cheaper, and easier to manufacture than most current diagnostics – and could escalate the nation’s ability to test for the disease.
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Carlsbad company gets $89.2 Army
contract for biocular image control units
Carlsbad-based Palomar Display Products was awarded a $89,237,780 Army contract for biocular image control units, assorted spares and engineering services and repairs. Work locations and funding will be determined with each order, with an estimated completion date of May 14, 2027. U.S. Army Contracting Command, Aberdeen Proving Ground, Maryland, is the contracting agency.
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United Way partners with HandsOn San Diego
to launch San Diego COVID-19 Volunteer Hub
United Way of San Diego County has partnered with HandsOn San Diego to launch the San Diego COVID-19 Volunteer Hub, a new website where San Diegans can find ways to help other San Diegans get through this crisis together.
Among the many opportunities to help, the website provides the following volunteer options for individuals, groups, and companies:
- Volunteer in-person.
- Volunteer virtually from the comfort of your own home.
- Lend your professional skills to help a local nonprofit.
- Make a monetary donation.
- Provide the gift of life by donating blood.
- Donate in-kind goods/relief items
Visit sandiegovolunteerhub.org for more information.
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Craig Carter named interim director of
Automated Regional Justice Information System
Former Escondido Police Chief Craig Carter has been named the interim director of the Automated Regional Justice Information System (ARJIS), assuming the post following the death of Pam Scanlon, who led ARJIS for more than 20 years.
Carter has agreed to hold the interim director position for one year while SANDAG initiates a recruitment to fill the position permanently.
Carter has extensive experience leading and managing the region’s law enforcement community. In addition to his six years as Escondido police chief, and a total of 28 years of service with the Escondido Police Department, Carter has deep familiarity with the ARJIS program having served on the SANDAG Public Safety Committee as an associate member between 2013 and 2019.
As Escondido police chief, Carter oversaw more than 300 employees and a $46 million annual budget to protect and serve the more than 140,000 city residents and visitors.
ARJIS was created to share information among justice agencies throughout San Diego and Imperial counties. ARJIS has evolved into a complex criminal justice enterprise network used by more than 60 local, state, and federal agencies in the two California counties – Imperial and San Diego — that border Mexico.
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Paul Armstrong named VP of programs
for San Diego Rescue Mission
San Diego Rescue Mission has named Paul Armstrong as vice president of programs.
Armstrong, a native of Albuquerque, N.M., served for more than 20 years in the United States Navy as a supply corps officer and chaplain before transitioning into social services.
Armstrong will oversee all of the Rescue Mission’s life-saving programs including its Mission Academy, a year-long rehabilitation and recovery program for men and women with children; Nueva Vida Haven; the Rescue Mission’s emergency shelter for women and children; and Haven of Hope Preschool for children experiencing homelessness.
He will be the key strategist to transform the lives of those experiencing homelessness in San Diego.
He retired from the Navy and pursued his vision of serving those experiencing homelessness in San Diego. After working at the Salvation Army as its social services director, he took a position as the chief programs officer of the Regional Task Force on the Homeless.
Armstrong received his Bachelor of Arts in Political Science from the University of New Mexico. He earned his Master’s in Business Administration from Brenau University, Master of Divinity from Bethel Seminary and his Master’s in Social Work from University of Southern California.
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Realtors collecting donations to
benefit Ronald McDonald House
The Pacific Southwest Association of Realtors (PSAR), a real estate trade group for San Diego-area Realtors, has formed “Team PSAR” to collect donations online until June 4 as part of the annual Red Shoe Day fundraiser benefiting Ronald McDonald House, a home-away-from-home for families of seriously ill or injured children being treated at San Diego hospitals.
The donations will assist with operating expenses for Ronald McDonald House, 47-bed lodge and day-use center in Serra Mesa, which receives just 18 percent of its funding from McDonald’s Corp. Donations make up the rest of its operating expenses.
Annually, more than 12,500 family members visit the Ronald McDonald House to receive meals, lodging and other supportive services head so parents can stay near their hospitalized child. The respite enables families suffering medical crises to focus their energy on helping their sick or injured child heal.
Typically, Red Shoe Day features volunteers carrying iconic red shoes stationed at major intersections to collect cash donations during the morning commute. However, COVID-19 has moved the fundraiser online this year.
