Premarket stocks: new polls show that the home revolution may be exaggerated

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A number of companies believe that the last 12 months have proven the merits of working remotely and have promised more flexible hours. But increasingly, there are signs that the work-from-home revolution could have its limits.

What’s happening: Most major global companies no longer intend to reduce their physical footprint after the pandemic, according to a KPMG survey of 500 executives released Tuesday. Only 17% of executives expect cuts, compared to 69% in August. Only 30% said they would have the majority of employees working remotely two or three days a week.

“This suggests that either the size reduction has taken place or the plans have changed because the impact of extensive, unplanned, remote work has affected some employees,” KPMG said in its report.

A survey of 1,450 North American corporate executives published by Accenture (ACN) last month also showed that the transition to work from home may not be as dramatic as first expected.

Managers estimated that 18% of employees had permanent flexible arrangements before the pandemic hit. After the pandemic, they predicted that it will increase on average to only 25%.

“I expected this number to be higher,” Jimmy Etheredge, North America’s Accenture CEO, told me this week.

Etheredge believes the number will increase as talks continue. At his company, which intends to maintain flexible arrangements, at least until the summer, remote work will likely be managed from one project to another.

While some clients in sectors such as retail have appeared every day – and might expect their consultants to do the same – others have indicated that they feel comfortable managing virtual professional relationships.

“Indeed, it will reach customer with customer,” Etheredge said.

Some companies are moving forward with plans to reduce expensive real estate, including three of the largest banks in the UK. But polls indicate that not everyone is yet willing to bet on more permanent distance work options.

Watch this space: the pandemic has renewed mental health conversations, forcing employers to be more receptive to concerns about exhaustion and overwork, Etheredge noted.

That was obvious this week, when Goldman Sachs (GS) CEO David Solomon pledged to keep investment bankers free on Saturday and speed up junior employment after a group of analysts described “inhumane” working conditions, including 95-hour weeks and cases of abuse at work.

“This is something that our management team and I take very seriously,” Solomon said in a voice message to staff on Sunday.

White House agents are preparing the $ 3 billion package for Biden

White House advisers are expected to present a $ 3 trillion proposal for jobs and infrastructure to President Joe Biden immediately after this week, according to two people familiar with the plan.

Most recently: the proposal, which Biden’s top advisers have been deliberating on for weeks, will be segmented into two separate parts – one focused on infrastructure and clean energy, and the second on what is called the “care economy” , focusing on key domestic economic issues, reports my CNN colleague Phil Mattingly.

The presentation would be a major step towards adopting key elements of the employment agenda that Biden set during its campaign, with a series of potential tax increases for corporations and the rich as options to cover some of the costs. .

White House officials stressed that no final decisions had been made. Biden also needs to review proposals and plans to consult with Democratic Senate Leader Chuck Schumer and House Speaker Nancy Pelosi on the scope and legislative sequencing of the next key pillar of his agenda.

But as the details of Biden’s next major legislative priority take shape, investors and companies are watching closely.

On the radar: Executives from major oil companies, including Chevron, Exxon, BP, Shell and ConocoPhillips, met Monday with Biden National Climate Adviser Gina McCarthy, an industry source told my CNN Business colleague Matt Egan.

Following the meeting, the American Petroleum Institute undertook to cooperate with the Biden administration on the climate crisis.

“We are committed to working with the White House to develop effective government policies that help meet the ambitions of the Paris Agreement and support a cleaner future,” API CEO Mike Sommers said in a statement. attended the meeting.

Cinemas think they can start making money again

Cineworld will begin a gradual reopening of its Royal theaters in the United States next month.

The company, which is the second largest cinema operator in the world, said on Tuesday that it will open several theaters on April 2, with shows of “Godzilla vs. Kong, ”said CNN Business colleague Hanna Ziady. Several cinemas will open on April 16 with “Mortal Kombat”.

“With capacity restrictions extending to 50% or more in most US states, we will be able to operate profitably in our largest markets,” said CEO Mooky Greidinger.

Last week, AMC, the world’s largest movie chain, said 99% of its US cinemas will be open by the end of this month.

The pandemic meant that the release of more than a dozen major films was postponed. Some, like Disney’s “Mulan,” have jumped on the bandwagon. That hit companies like Cineworld and I HAVE C (I HAVE C), which lacked big movies to attract even limited crowds.
“The pandemic accelerated what was already a narrow window between when movies could be seen in theaters and when they could be watched at home,” CNN media analyst Bill Carter wrote in a recent column.

Investor presentation: Cineworld shares fell on Tuesday, but gained more than 60% this year due to enthusiasm for reopening. Shares of AMC Entertainment, which were swept away in recent waves of retail enthusiasm, rose nearly 490%.

It follows

Adobe (ADBE) and GameStop (GME) reports earnings after US markets close.

Also today: new home sales in the US for February at 10 am ET.

Coming tomorrow: The latest data on US crude oil stocks will come as oil prices fall again.

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