DJ The Tour de France Is Going Virtual This Year. Here's How to Watch It. -- Barrons.com
By Connor Smith
The pandemic might have postponed the Tour de France for the first time since World War II, but fans will have a way to watch the cycling fixture now. Sort of.
Starting on July 4, dozens of professional cyclists will take part in a virtual Tour de France over three weekends on a cycling platform known as Zwift. The competition will include 23 men's and 17 women's teams, and riders will compete in separate races on stationary bikes that are set up wherever they are located. The real-life event has tentatively been rescheduled to start on Aug. 29.
Unlike Peloton Interactive (ticker: PTON), which draws spin class enthusiasts, privately owned Zwift creates an immersive, virtual experience that closely simulates the real thing, right down to the draft of riding in a pack. Zwift itself is a subscription software product, like a videogame that works with bikes hooked up to smart-trainer equipment. CEO Eric Min tells Barron's that Zwift is benefiting from the same trends that have boosted sales at Peloton and other at-home fitness companies. In a matter of weeks, Zwift added almost half the users it had brought on in the prior 12 months, he said.
The Zwift software will be used to recreate iconic French locales along the winding route of the tour, from the Pyrenees to Paris.
FOX Sports 1's March 22 television broadcast of an event that featured actual NASCAR racers competing on high-tech racing simulators drew 1.6 million viewers for at least six minutes, according to Nielsen. Broadcasters, including NBC Sports in the U.S., hope Zwift will produce a similar tour de force.
Next Week
Monday 7/6
The Institute for Supply Management releases its Non-Manufacturing Purchasing Managers' Index for June. Economists forecast a 54.5 reading, a return above the expansionary level of 50 after two months below it, as nearly all of the country has reopened to some degree. Before April's 41.8 figure, the index had more than 10 consecutive years of monthly readings above 50.
The U.S. Senate's two-week recess continues through July 17. There is growing support for a new round of fiscal stimulus when the chamber reconvenes, as enhanced unemployment benefits under the Cares Act are set to expire at the end of July.
Tuesday 7/7
Levi Strauss and Paychex report quarterly results.
The Reserve Bank of Australia announces its monetary-policy decision. The central bank is expected to keep its cash target rate at a record low 0.25%, since the country is most likely enduring its first recession, as defined by two consecutive quarters of gross-domestic-product contraction, in nearly three decades. The March quarter GDP was negative 0.3%, and the treasurer of Australia, Josh Frydenberg, has said that second-quarter GDP will be worse.
The Bureau of Labor Statistics releases its Job Openings and Labor Turnover Survey for May. Consensus estimate is for 4.9 million job openings on the last business day of May, down from five million in April. In February, before the economy had suffered from the effects of the Covid-19 pandemic, the total stood at seven million.
Wednesday 7/8
Bed Bath & Beyond and MSC Industrial Direct hold conference calls to discuss earnings.
Costco Wholesale reports sales results for June.
The Federal Reserve releases consumer credit data for May. Forecasters expect outstanding consumer credit to decline for a third month in a row, albeit at a much slower rate, to $4.1 trillion. In April, consumer credit declined at a seasonally adjusted annual rate of 19.6% from March, the fastest rate since 1943. Revolving credit, such as credit cards, plummeted a record 64.9% in April, as U.S. consumers were stuck at home. This also led to an all-time high rate of personal savings as a percentage of disposable personal income of 32.2% in April.
Thursday 7/9
The DOL reports initial jobless claims for the week ending on July 4. A total of 48.7 million Americans have filed for unemployment benefits since the U.S. began to shut down.
Walgreens Boots Alliance reports fiscal third-quarter results.
Friday 7/10
The Bureau of Labor Statistics releases its producer price index for June. Consensus estimate is for a 0.4% monthly gain, which would match May's rise. The core PPI, which excludes volatile food and energy prices, is expected to tick up 0.1%, after edging down 0.1% in May.
Write to Connor Smith at connor.smith@barrons.com
(END) Dow Jones Newswires
July 02, 2020 21:34 ET (01:34 GMT)
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