CVS, Papa John’s and Dollar General are looking to hire more workers as the coronavirus has caused a spike in demand. CVS stock fell.
CVS Health (CVS) is looking to hire 50,000 people in full-time, part-time and temporary roles amid a spike in demand during the coronavirus pandemic. Papa John’s (PZZA) is looking to enlist 20,000, Pizza Hut needs 30,000, and discount specialist Dollar General (DG) wants to hire 50,000.
XIt comes as Walmart (WMT) is planning to hire 150,000 workers through the end of May, while e-commerce giant Amazon (AMZN) and Dollar Tree (DLTR) are also bolstering their payrolls.
Walgreens Boots Alliance (WBA) said Sunday it wants to hire more than 9,500 new workers, and Domino’s Pizza (DPZ) also said last week it needs to fill 10,000 positions.
CVS wants to hire store workers, delivery drivers, customer service specialists and distribution center workers. Consumers have been flocking to pharmacies to stock up on medications and household items, with toilet rolls being particularly popular. The firm has also seen demand for prescription delivery spike almost 300%.
CVS is looking to offer child and elder care for workers in a bid to woo staff. Part-time employees will have access to some paid time off.
Pizza Maker Delivers New Jobs
Meanwhile Lousiville-based Papa John’s wants up to 20,000 workers “immediately.” Applicants will be interviewed and start on the same day in most cases.
Papa John’s has implemented additional health and safety precautions during the outbreak. As well as enhanced restaurant sanitation measures it has started “No Contact Delivery.” This sees customers pay online and features a “limited interaction food drop-off experience.”
Also Monday, rival Pizza Hut, which is owned by Yum Brands (YUM), said it’s hiring for more than 30,000, with applicants put to work within five hours. The chain is using contactless delivery as well.
And Dollar General has said it is looking to double its normal hiring rate by adding up to 50,000 employees by April 30 amid the coronavirus stock market crash.
CVS Stock Steady Despite Demand
CVS stock closed down 2.9% on the stock market today. It remains marooned below both its 50-day and 200-day moving averages, MarketSmith analysis shows.
The relative strength line for CVS stock has been improving in recent weeks, which has helped its Relative Strength Rating improve to 81, on a 1-99 scale with 99 the best. This reflects the stock’s performance compared to the broader S&P 500. Its IBD Composite Rating has also risen to a very strong 94. Nevertheless earnings are lagging, which means it is not an ideal CAN SLIM stock.
Papa John’s stock rallied 5.9%. It has been moving higher in the past few sessions, and Monday’s move saw it attempt to retake its 200-day moving average. It has a mediocre Composite Rating of 67.
Dollar General stock dipped 0.2%. It has been struggling to recapture its moving averages. Nevertheless, its relative strength line has been making strong progress since mid-February. It has a strong Composite Rating of 94. Yum stock lost 2.7%.
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