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A man and a child walk past a closed Apple store in Shanghai on Feb. 20. Photo: Yifan Ding/Getty Images

The coronavirus outbreak already is eating into companies' 2020 plans, with a number of firms announcing significant expected hits to their sales.

What's happening: After warning that it would need to write down its revenue expectations, a new report from Nikkei says Apple's iPhone inventories could remain low until April or longer and that suppliers are "currently operating at around 30% to 50% of capacity."

  • Adidas also said Wednesday that its business in and around China had dropped by about 85% year over year since Jan. 25.
  • Puma added that it expected the virus to hit sales and profits in the first quarter but still hoped to reach its 2020 targets.

What they're saying: "Retail in February is destroyed," Puma CEO Bjørn Gulden said in a statement. "We don’t know yet about March. We are doing everything we can to stay open."

Flashback: About 40% of companies that have reported earnings have cited the term “coronavirus,” and about a quarter of those have modified guidance due to the virus.

On the other side: “An aggressive response to the crisis [by the Chinese government] seems to be helping contain the epidemic,” Jefferies analyst James Grzinic told Reuters.

  • “[T]his would suggest that a tough first quarter should be followed by a strong recovery in the second quarter and beyond.”

Go deeper: Coronavirus may be "at the brink" of a global pandemic

Go deeper

Updated 2 hours ago - Politics & Policy

Woman who allegedly stole laptop from Pelosi's office faces fresh charges

Photo: FBI

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office faces fresh charges, according to a criminal complaint amended Tuesday.

Driving the news: Riley June Williams, 22, who was arrested in Pennsylvania's Middle District Monday, is suspected of being the woman featured in a video saying, "dude, put on gloves," before a man's gloved hand reaches for the laptop, per the Department of Justice.

Trump grants flurry of last-minute pardons

Photo: Jabin Botsford/The Washington Post via Getty

President Trump issued 73 pardons and commuted the sentences of 70 individuals early Wednesday, 11 hours from leaving office.

Why it matters: It's a last-minute gift to some of the president's loyalists and an evident use of executive power with only hours left of his presidency. Axios reported in December that Trump planned to grant pardons to "every person who ever talked to me."

3 hours ago - Politics & Policy

Trump revokes ethics order barring former aides from lobbying

Photo: Spencer Platt via Getty

Shortly after pardoning members of Congress and lobbyists convicted on corruption charges, President Trump revoked an executive order barring former officials from lobbying for five years after leaving his administration.

Why it matters: The order, which was signed eight days after he took office, was an attempt to fulfill his campaign promise to "drain the swamp."

  • But with less than 12 hours left in office, Trump has now removed those limitations on his own aides.