Insiders Invest In Body Bag Company Stock as COVID-19 Casualties Rise
Across America, new COVID-19 cases continue their upward trend. With that comes an increase in deaths related to the virus. Whether or not you realize it, one necessary part of the process is acquiring enough body bags to transport deceased patients out of the hospital.
States like California are ordering body bags in bulk to keep up with the gruesome demand. Meanwhile, political billionaires may be trying to get in on the profit.
Did Loeffler and Perdue invest in body bag stock?
U.S. Senators Kelly Loeffler and David Perdue have become the subject of one progressive political ad meant to out the two Georgia-based Republicans for their unsavory investment behavior.
Ahead of the Georgia Senate runoff election scheduled for Jan. 5, the ad declares that Loeffler and Perdue invested in body bag companies shortly after receiving classified COVID-19 information in a Jan. 24, 2020 meeting. Georgia itself has already experienced about 10,000 COVID-19 deaths.
The ad comes from a progressive PAC called Progress Action Fund (PAF). This isn't the first time Loeffler has been in the news for questionable investment practices. Claims of insider trading against her and her husband, Jeffrey Sprecher, have been swirling around the political sphere since the pandemic first got off the ground in the U.S.
Senators reportedly supported body bag manufacturers through DuPont
Reportedly, Loeffler and Perdue invested in DuPont, which is the parent company of Tyvek and Tychem. Tyvek manufacturers body bag outer shells while Tychem producers coroner tags to attach to the body bags for identification.
Tyvek and Tychem have been hugely successful in 2020. With the ongoing health crisis, it doesn't seem like their revenue stream is at risk. In 2019, DuPont invested an additional $400 million in Tyvek for the sole purpose of ramping up output—a move that may have come just on time for the billionaires of the bunch.
DuPont stock was not immune to the market crash that took place from late February to March. However, the company has since gained ground on its pre-pandemic heights and will likely end the year in the green (even if by a margin). The chemical company, which is headquartered (not just incorporated) in Delaware, has a market capitalization of nearly $49.92 billion.
The pandemic has changed the market's priorities—in more ways than one
Loeffler and her husband Sprecher have a net worth in the hundreds of millions. Ten percent of households own 84 percent of the stock market, and Loeffler's household is definitely one of them.
It's moves like this that prove the pandemic's effect on the market. Body bags are just the start. Vaccine manufacturers are earning capital on a lot more than speculation, and refrigeration companies that house those cold-dependent vaccines are becoming more crucial—a fact the market is responding to with their investments.
Coronavirus stocks to watch
With its increased output of body bag materials, DuPont ("DD" on the NYSE) is one coronavirus stock to keep your eye on.
Another sub-sector to look into is cold storage. The Pfizer and Moderna vaccines both require refrigeration. Cold storage companies include Carrier Global Corp., Trane Technologies PLC, and Linde PLC. All of these are publicly traded.
Dry ice is another cold storage solution you may want to get in on. Air Products and Chemicals and Air Liquide are two public trading options.