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Trump says coronavirus vaccine won’t be delivered to New York right away

President Donald Trump said Friday that the U.S. government would not deliver a coronavirus vaccine to New York if and when one is available….

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President Donald Trump said Friday that the U.S. government would not deliver a coronavirus vaccine to New York if and when one is available.

New York Gov. Andrew Cuomo “will have to let us know when he’s ready for it because otherwise, we can’t be delivering it to a state that won’t be giving it to its people immediately,” Trump said during a press conference from the White House Rose Garden.

“He doesn’t trust where the vaccine is coming from,” Trump added. “These are coming from the greatest companies anywhere in the world, greatest labs in the world, but he doesn’t trust the fact that it’s this White House, this administration, so we won’t be delivering it to New York until we have authorization to do so, and that pains me to say that.”

On MSNBC shortly after Trump’s comments, Cuomo said, “None of what [Trump] said is true. Surprise, surprise.”

“I have been an outspoken opponent to many of Trump’s policies over the last four years,” he said, adding that Trump lost in New York in the presidential election by “huge margin” and state prosecutors are also investigating the president for tax fraud.

“So, he has issues with New York and he likes to point to New York,” Cuomo said. “But this is his issue. It’s his credibility issue. It’s the fear that he politicized the health process of this nation, which is a well-founded fear.”

Shortly after Trump’s comments, New York Attorney General Letitia James issued a statement threatening to sue Trump if a vaccine is not sent to the state once available. “This is nothing more than vindictive behavior by a lame-duck president trying to extract vengeance on those who oppose his politics,” James said.

Also in response to Trump, a senior advisor to Cuomo said on Twitter that the governor “is fighting to ensure the communities hit hardest by COVID get the vaccine.” Trump “has failed with his pandemic response, lied to Americans about how bad it was when he knew otherwise & was fired by voters for his incompetence,” Rich Azzopardi said.

Trump’s comments were his first in-person remarks since NBC News and other news outlets projected over the weekend that Joe Biden won the presidential election.

Cuomo announced in late September that the state would form an independent task force of scientists, doctors and health experts that would review data from every Covid-19 vaccine approved by the U.S. Food and Drug Administration.

The governor said the state would independently review the vaccines after many questioned whether the White House was attempting to rush the approval process ahead of Election Day for political reasons.

“Frankly, I’m not going to trust the federal government’s opinion and I wouldn’t recommend to New Yorkers based on the federal government’s opinion,” the Democrat governor said in a statement.

Other states followed New York’s lead. California Gov. Gavin Newsom announced on Oct. 19 that the state wouldn’t distribute a vaccine until its own panel of experts reviewed the data to determine its safety. Washington, Oregon and Nevada joined California’s vaccine safety review group on Oct. 27, appointing their own experts to review any vaccine that receives federal approval and verify its safety before it’s made available to the public.

Over the past week, the U.S. coronavirus outbreak has worsened, with the nation reporting more than 150,000 new infections Thursday, according to data compiled by Johns Hopkins University. The seven-day average of daily new cases stands at 131,445, which is 32% higher than a week ago, according to a CNBC analysis of Hopkins data.

On Monday, Pfizer said that the Covid-19 vaccine it developed with German drugmaker BioNTech was 90% effective in a late-stage trial. Pfizer said its analysis evaluated 94 confirmed Covid-19 infections among the trial’s 43,538 participants. It said the case split between vaccinated individuals and those who received a placebo indicated a vaccine efficacy rate of above 90% at seven days after the second of the company’s two-dose vaccine.

Trump said Friday that it was an “unfortunate mistake” when Pfizer said earlier this week that it wasn’t part of Operation Warp Speed. While Pfizer did strike a deal with the U.S. government for vaccine doses in July, the company had been working on a vaccine for the coronavirus long before.

Trump said his administration would work to “secure” an emergency use authorization for Pfizer, which he said should be coming “extremely soon.” He called it a “great” and “safe” vaccine, even though Pfizer still needs to release more phase three trial safety data.

“It’ll be approved very, very quickly,” he said. “The vaccine will be distributed to front-line workers, the elderly and high-risk Americans immediately. It’ll be a matter of weeks. Get out very, very much ahead of schedule.”

Trump also said the economy was “rebounding beyond expectations.” He pointed to the Dow Jones Industrial Average, which closed up nearly 400 points on Friday.

— CNBC’s Kevin Stankiewicz contributed to this report.

Source: https://www.cnbc.com/2020/11/13/trump-says-coronavirus-vaccine-wont-be-delivered-to-new-york.html

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

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International: Top News And Analysis

CNBC International is the world leader for news on business, technology, China, trade, oil prices, the Middle East and markets.

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Source: https://www.cnbc.com/us-top-news-and-analysis/

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