Connect with us

CNBC

Covid cases are rising in 21 states as health officials warn against reopening too quickly

Even as the pace of vaccinations accelerates in the U.S., Covid-19 cases are increasing in 21 states and highly infectious variants are spreading.

Published

on

A U.S. Army soldier from the 2nd Armored Brigade Combat Team, 1st Infantry Division, immunizes Jacklina Mendez with the COVID-19 vaccine at the Miami Dade College North Campus on March 09, 2021 in North Miami, Florida.

Joe Raedle | Getty Images

Even as the pace of vaccinations accelerates in the U.S., Covid-19 cases are increasing in 21 states and highly infectious variants are spreading as governors relax restrictions on businesses like restaurants, bars and gyms.

Public health officials warn that while roughly 2.5 million people nationwide are receiving shots every day, infection levels have plateaued this month and some states have failed to reduce the number of daily cases.

The 7-day moving average of new infections plateaued at 54,666 as of Friday after declining for weeks, according to a CNBC analysis of data from Johns Hopkins University.

More than 541,000 people in the U.S. have died of the disease.

White House Chief Medical Advisor Dr. Anthony Fauci warned during a briefing on Friday that the country should not declare victory until the level of infection is “much, much lower.” Centers for Disease Control and Prevention Director Rochelle Walensky has also urged states not to reopen too quickly and undermine progress the country is making against the pandemic.

Knyckolas Davis (L) and Matthew Bettencourt celebrate Davis’s 35th birthday with friends at Rizzo’s Bar & Inn in Wrigleyville as coronavirus disease (COVID-19) restrictions are relaxed in Chicago, Illinois, U.S., March 6, 2021.

Eileen T. Meslar | Reuters

“The concern is that throughout the country, there are a number of state, city, regions that are pulling back on some of the mitigation methods that we’ve been talking about: the withdrawal of mask mandates, the pulling back to essentially non-public health measures being implemented,” Fauci said at the briefing.

“So it is unfortunate but not surprising to me that you are seeing increases in number of cases per day in areas — cities, states, or regions — even though vaccines are being distributed at a pretty good clip of 2 to 3 million per day,” Fauci added. “That could be overcome if certain areas pull back prematurely on the mitigation and public health measures that we all talk about.”

Infections are rising in the following states: Alabama; Connecticut; Hawaii; Idaho; Illinois; Maine; Maryland; Massachusetts; Michigan; Minnesota; Missouri; Montana; New Hampshire; New Jersey; New York; North Dakota; Pennsylvania; Rhode Island; Virginia; Washington; and West Virginia.

The highly contagious variant first identified in the U.K. likely accounts for up to 30% of Covid infections in the U.S. Health officials say the variant could become dominant by the end of this month or in early April.

The variant is seen as the cause of Europe’s third coronavirus wave. Several countries including France and Italy have imposed new lockdown measures to mitigate virus spread as cases surge.

Public health officials warn that while roughly 2.5 million people nationwide are receiving shots every day, infection levels have plateaued this month and some states have failed to reduce the number of daily cases.

Source: https://www.cnbc.com/2021/03/20/covid-cases-are-rising-in-21-states-as-health-officials-warn-against-reopening-too-quickly.html

covid-cases-are-rising-in-21-states-as-health-officials-warn-against-reopening-too-quickly

CNBC

RH beats earnings, hikes outlook as retail rebound boosts high-end home goods; shares jump

Shares of the high-end furniture retailer surged Wednesday after the company beat analysts’ profit and sales estimates for the fiscal first quarter.

Published

on

Jason Kempin | Getty Images Entertainment | Getty Images

Shares of the high-end furniture retailer RH surged in extended trading Wednesday after the company beat analysts’ profit and sales estimates for the fiscal first quarter.

RH also hiked its full-year outlook, building on the momentum it’s seeing in the luxury home category, and gave a stronger-than-expected sales forecast for the second quarter.

In a letter to shareholders, Chief Executive Officer Gary Friedman said the remainder of this year “will surely be a tale of two halves” for the retail industry. But he said that “the un-masking of the general public could lead to a Roaring Twenties type of consumer exuberance.”

The company’s stock was last up more than 7%.

Here’s how RH did in the quarter ended May 1 compared with what analysts were anticipating, using Refinitiv estimates:

  • Earnings per share: $4.89 adjusted vs. $4.10 expected
  • Revenue: $861 million vs. $758 million expected

RH’s net income for the fiscal first quarter grew to $130.7 million, or $4.19 per share, compared with a loss of $3.2 million, or 17 cents per share, a year earlier. Excluding one-time adjustments, it earned $4.89 per share, topping expectations for $4.10.

Revenue surged 78% to $861 million from $483 million a year earlier. That also beat expectations for $758 million.

Friedman said that a strong housing and renovation market, a record stock market, low interest rates, and the reopening of the U.S. economy all bode well for the company in the quarters ahead.

RH hiked its fiscal 2021 outlook for revenue growth to a range of 25% to 30%, compared with a prior range of 15% to 20%. Analysts had been looking for a 19.7% increase year over year.

For its fiscal second quarter, RH expects revenue to grow 35% to 37%. Analysts had been looking for a 27.2% jump.

The company is preparing to kick off its global expansion in the spring of 2022, starting with England. To drive future growth, it is also considering expanding into new services, potentially into areas such as landscape architecture. It currently offers interior design consulting.

RH shares are up roughly 37% year to date. The company has a market cap of about $13 billion.

Find the full earnings press release from RH here.

Source: https://www.cnbc.com/2021/06/09/rh-earnings-q1-2021.html

rh-beats-earnings,-hikes-outlook-as-retail-rebound-boosts-high-end-home-goods;-shares-jump

Continue Reading

CNBC

Blue Origin auctions seat on first spaceflight with Jeff Bezos for $28 million

The winning bidder will fly to the edge of space with the Amazon founder on Blue Origin’s New Shepard rocket scheduled to launch on July 20.

Published

on

A New Shepard rocket launches on a test flight.

Blue Origin

Jeff Bezos‘ space venture Blue Origin auctioned off a seat on its upcoming first crewed spaceflight on Saturday for $28 million.

The winning bidder, whose name wasn’t released, will fly to the edge of space with the Amazon founder and his brother Mark on Blue Origin’s New Shepard rocket scheduled to launch on July 20. The company said it will reveal the name of the auction winner in the coming weeks.

Bidding opened at $4.8 million but surpassed $20 million within the first few minutes of the auction. The auction’s proceeds will be donated to Blue Origin’s education-focused nonprofit Club for the Future, which supports kids interested in future STEM careers.

Blue Origin director of astronaut and orbital sales Ariane Cornell said during the auction webcast that New Shepard’s first passenger flight will carry four people, including Bezos, his brother, the auction winner and a fourth person to be announced later.

Autonomous spaceflight

New Shepard, a rocket that carries a capsule to an altitude of over 340,000 feet, has flown more than a dozen successful test flights without passengers, including one in April at the company’s facility in the Texas desert. It’s designed to carry up to six people and flies autonomously — without needing a pilot. The capsule has massive windows to give passengers a view of the earth below during about three minutes in zero gravity, before returning to Earth.

Blue Origin’s system launches vertically, and both the rocket and capsule are reusable. The boosters land vertically on a concrete pad at the company’s facility in Van Horn, Texas, while the capsules land using a set of parachutes.

The interior of the latest New Shepard capsule

Blue Origin

Bezos founded Blue Origin in 2000 and still owns the company, funding it through share sales of his Amazon stock.

July 20 is notable because it also marks the 52nd anniversary of the Apollo 11 moon landing.

Branson and Musk

VSS Unity fires its rocket engine shortly after launching on its third spaceflight on May 22, 2021.

Virgin Galactic

Bezos and fellow billionaires Elon Musk and Sir Richard Branson are in a race to get to space, but each in different ways. Bezos’ Blue Origin and Branson’s Virgin Galactic are competing to take passengers on short flights to the edge of space, a sector known as suborbital tourism, while Musk’s SpaceX is launching private passengers on further, multi-day flights, in what is known as orbital tourism.

Both Blue Origin and Virgin Galactic have been developing rocket-powered spacecraft, but that is where the similarities end. While Blue Origin’s New Shepard rocket launches vertically from the ground, Virgin Galactic’s SpaceShipTwo system is released mid-air and returns to Earth in a glide for a runway landing, like an aircraft.

Virgin Galactic’s system is also flown by two pilots, while Blue Origin’s launches without one. Branson’s company has also flown a test spaceflight with a passenger onboard, although the company has three spaceflight tests remaining before it begins flying commercial customers – which is planned to start in 2022.

SpaceX launches its Crew Dragon spacecraft to orbit atop its reusable Falcon 9 rocket, having sent 10 astronauts to the International Space Station on three missions to date.

In addition to the government flights, Musk’s company is planning to launch multiple private astronaut missions in the year ahead – beginning with the all-civilian Inspiration4 mission that is planned for September. SpaceX is also launching at least four private missions for Axiom Space, starting early next year.

Blue Origin’s auction may have netted $28 million, but a seat on a suborbital spacecraft is typically much less expensive. Virgin Galactic has historically sold reservations between $200,000 and $250,000 per ticket, and more recently charged the Italian Air Force about $500,000 per ticket for a training spaceflight.

Musk’s orbital missions are more costly than the suborbital flights, with NASA paying SpaceX about $55 million per seat for spaceflights to the ISS.

SpaceX’s Crew Dragon spacecraft named “Resilience” is seen docked to the International Space Station.

NASA

Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start a free trial today.

The winning bidder, whose name wasn’t released, will fly to the edge of space with the Amazon founder and his brother Mark on Blue Origin’s New Shepard rocket scheduled to launch on July 20. The company said it will reveal the name of the auction winner in the coming weeks.

Source: https://www.cnbc.com/2021/06/12/jeff-bezos-blue-origin-auctions-spaceflight-seat-for-28-million.html

blue-origin-auctions-seat-on-first-spaceflight-with-jeff-bezos-for-$28-million

Continue Reading

CNBC

GameStop sales rise 25% as retailer chases e-commerce growth, says it may sell 5 million shares

GameStop sales rose 25% in the fiscal first quarter as the company focuses on e-commerce and tries to stage a turnaround.

Published

on

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store inside the Susquehanna Valley Mall. An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers.

Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images

GameStop‘s sales rose 25% in the fiscal first quarter, as the video game retailer embarks on a turnaround strategy partially fueled by a Reddit-inspired stock rally. The company also named former Amazon executive Matt Furlong as its new CEO.

Shares fell more than 12% in extended trading on Wednesday, after the company declined to provide an outlook for the year and said it may sell as many as 5 million shares.

Here’s how the company did for the fiscal first quarter ended May 1, compared with Refinitiv consensus estimates:

  • Loss per share: 45 cents per share adjusted vs. 84 cents expected
  • Revenue: $1.28 billion vs. $1.16 billion expected

In the quarter, GameStop reported that its net loss narrowed to $66.8 million, or $1.01 per share, from a loss of $165.7 million, or $2.57 per share, a year earlier. Excluding items, the company had a loss of 45 cents per share. Analysts were expecting GameStop to report a loss of 84 cents per share, according to Refinitiv.

Total revenue grew to $1.28 billion from $1.02 billion a year earlier, topping Wall Street’s expectations of $1.16 billion.

The company declined to provide a forecast for the year. It said sales momentum continued into the second quarter, with total sales in May increasing about 27% compared with the same month a year ago.

GameStop filed a prospectus with the Securities and Exchange Commission to sell up to 5 million shares of its stock from time to time, in “at-the-market” offerings. The funds it raises through these stock sales will be used for general corporate purposes, investing in growth initiatives and strengthening its balance sheet, the company said.

As of May 1, GameStop said, it had paid off its long-term debt and no longer had any borrowings under its asset-based revolving credit facility.

The video game retailer’s stock has gyrated wildly over the past several months as retail traders have shared tips on Reddit and tried to fuel short squeezes for companies including GameStop, AMC Entertainment, Bed Bath & Beyond and Clover Health — collectively the group has become known as meme stocks.

GameStop’s shares are up 1,506% so far this year. Its shares have swung from a 52-week low of $3.77 to a 52-week high of $483. As of Wednesday’s close, shares were $302.56. Its market value is $21.41 billion.

The trading frenzy has gotten the attention of the SEC. In a filing Wednesday, GameStop said it had received a request from the SEC on May 26 to voluntarily provide documents and information. The company said it was reviewing that request and planned to cooperate.

GameStop has tried to catch investors’ attention in other ways, as it focuses more on e-commerce and poaches talent from other companies. This spring, it tapped Chewy co-founder Ryan Cohen to lead efforts to grow the online business. He was named chairman at a shareholder meeting Wednesday. The company also hired several former Amazon executives, including Jenna Owens, its new chief operating officer; Matt Francis, its first chief technology officer; and Elliott Wilke, its chief growth officer.

Yet some analysts are unconvinced that the longtime brick-and-mortar retailer can pivot its business and believe the company has been propped up by speculation.

Loop Capital analyst Anthony Chukumba dropped his coverage of GameStop earlier this year following the Reddit frenzy. He told CNBC that the video game retailer’s challenges run deep regardless of who it hires.

“It’s great that these guys worked at Amazon. Amazon is a very successful retailer that I do cover, that I’m very familiar with, but at the end of the day, GameStop’s problems have very little, if anything, to do with e-commerce,” Chukumba said on CNBC’s “Closing Bell.”

“Their problem is not that they’re not a good omnichannel retailer. The problem is that gamers are increasingly downloading video games,” he added. “Look, they can hire Jeff Bezos when he comes back from space. … It’s not going to make a difference. The symptoms are not aligned with the medicine that the doctor is giving them. You can hire anyone you want from Amazon — not going to make a difference.”

Read the company’s earnings press release here and its CEO announcement here.

— CNBC’s Kevin Stankiewicz contributed to this story.

Correction: GameStop named former Amazon executive Matt Furlong as its new CEO. An earlier version of this story misstated his first name.

Here’s how the company did for the fiscal first quarter ended May 1, compared with Refinitiv consensus estimates:

Source: https://www.cnbc.com/2021/06/09/gamestop-gme-earnings-q1-2021.html

gamestop-sales-rise-25%-as-retailer-chases-e-commerce-growth,-says-it-may-sell-5-million-shares

Continue Reading

Title

Crunchbase4 mins ago

Inside Didi’s Massive IPO Filing

Backed by investors including SoftBank and Toyota, Didi last raised venture financing with a $500 million round led by SoftBank...

Entrepreneur8 hours ago

The Unbearably High Price of ‘Free’

Using the word 'free' in your marketing is a quick way to get attention, but it's also a double-edged sword...

CNBC11 hours ago

RH beats earnings, hikes outlook as retail rebound boosts high-end home goods; shares jump

Shares of the high-end furniture retailer surged Wednesday after the company beat analysts' profit and sales estimates for the fiscal...

Techcrunch13 hours ago

Jeff Bezos’ Blue Origin auctions off seat on first human spaceflight for $28M – TechCrunch

Blue Origin has its winning bidder for its first ever human spaceflight, and the winner will pay $28 million for...

Ventureburn16 hours ago

Spot Money app launches stokvel feature

Spot Money has released a shared wallet feature on their fintech app, Spot to create transparency for shared financial investments...

CNBC19 hours ago

Blue Origin auctions seat on first spaceflight with Jeff Bezos for $28 million

The winning bidder will fly to the edge of space with the Amazon founder on Blue Origin's New Shepard rocket...

Blockchain news1 day ago

Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

Coinpedia1 day ago

Shiba Inu Price Plunge Hard! Should You Buy the Ongoing Dip?

Shiba Inu Price needs to climb back above $0.000007. If SHIB Price is able to break through this resistance, it...

Techcrunch2 days ago

UBS investment makes Byju’s the most valuable startup in India – TechCrunch

Edtech giant Byju’s has become the most valuable startup in India after raising about $350 million in a new tranche...

CNBC2 days ago

GameStop sales rise 25% as retailer chases e-commerce growth, says it may sell 5 million shares

GameStop sales rose 25% in the fiscal first quarter as the company focuses on e-commerce and tries to stage a...

Review

    Select language

    Trending