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    Stocks making the biggest moves premarket: Beyond Meat, Sweetgreen, Adobe, Block and more

    Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
    Angela Weiss | AFP | Getty Images

    Check out the companies making headlines before the bell:
    Beyond Meat — Shares jumped 12% after Beyond Meat reported a smaller-than-expected loss in its fourth quarter, even with sales falling more than 20%. The meat-alternative company reported a loss per share of $1.05, lower than the expected $1.18, according to Refinitiv. It posted revenue of $79.9 million, more than the $75.7 million expected.

    Block — Shares of the payments giant rose more than 6% in early morning trading after the company reported better-than-expected revenue for the fourth quarter and strong growth in gross profit.
    Carvana — The used-car retailer sank 5.8% after posting a fourth-quarter loss of $7.61 per share, greater than the forecasted loss of $2.28 per share, according to consensus estimates from Refinitiv. Revenue came in at $2.84 billion, a 24% drop from the fourth quarter of 2021 and lower than analysts’ expectations of $3.1 billion.
    Sweetgreen — Shares of the salad chain shed about 10% after Sweetgreen issued weaker-than-expected revenue guidance for the first quarter and full year, according to Refinitiv. Fourth-quarter revenue also fell short. Higher menu prices and fewer transactions hurt the firm, as did romaine, arugula and tomato shortages.
    Adobe — Shares fell more than 3% after a Bloomberg report, citing an unnamed source, said the U.S. Justice Department is planning to block the company’s $20 billion acquisition of startup Figma in a lawsuit.
    MercadoLibre — MercadoLibre jumped 5% after the South American e-commerce firm reported fourth-quarter earnings of $3.25 per share on revenue of $3 billion. Analysts surveyed by FactSet were anticipating earnings of $2.42 per share and revenue of $2.96 billion.

    Boeing — Shares of the industrial giant dropped more than 2% in premarket trading after the company said it has temporarily halted deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component. The planes, which are often used for long-haul international routes, have suffered several issues for several years.
    EOG Resources — EOG Resources slid 3.6% after the energy company reported fourth-quarter earnings, excluding items, that were short of analysts’ expectations, according to FactSet. The company beat on revenue, however.
    Warner Bros. Discovery — The stock fell 4% after Warner Bros. Discovery posted disappointing results in its latest quarter. The media and entertainment conglomerate reported a loss of 86 cents per share on revenue of $11.01 billion. Analysts polled by Refinitiv called for a loss of 21 cents per share on revenue of $11.36 billion.
    Autodesk — Shares dropped more than 4% after Autodesk issued soft guidance on first-quarter earnings. Otherwise, the software company beat fourth-quarter expectations on the top and bottom lines, according to Refinitiv.
    — CNBC’s Michelle Fox, Yun Li and Tanaya Macheel contributed reporting

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    Britain’s taxes will be cut ‘as soon as we can afford to,’ finance minister says

    Hunt will present his first full budget on March 15 as the country continues to grapple with high food and energy costs, widespread industrial action, the fallout from Brexit and the worst growth outlook among the G-20 major economies.
    The U.K. tax burden currently hits at a 70-year high.

    Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, unveiled a sweeping £55 billion ($66 billion) fiscal plan.
    Anadolu Agency | Anadolu Agency | Getty Images

    U.K. Finance Minister Jeremy Hunt on Friday said that the government will look to cut taxes “as soon as we can afford to,” amid pressure from some lawmakers in his own party to reduce the country’s levies.
    Hunt will present his first full budget on March 15, as the country continues to grapple with high food and energy costs, widespread industrial action, the fallout from Brexit and the worst growth outlook among the G-20 major economies.

    The ruling U.K. Conservative Party has an electoral mountain to climb ahead of next year’s general election, with polls consistently indicating a landslide for the main opposition Labour Party. The latest YouGov poll on Tuesday put Labour 28 points ahead of the Conservatives.
    Speaking to CNBC’s Tanvir Gill on the sidelines of the G-20 meeting in Bengaluru, India, on Friday, Hunt remained optimistic that his economic plans would regain the public’s trust.
    “When the election comes, I think people will see that, when it comes to taking the tough and difficult decisions, to bring responsibility back to public finances, to get inflation down, to get the economy growing, then that’s the Conservative Party,” he said.
    “We are the party that, in the end, will build an economy that can put more funding into our National Health Service, that can support our Armed Forces so that they can do their very important work, that can keep taxes low, we think those are the things that matter to most people.”
    Asked if taxes will be lower by the time the election rolls around, Hunt said “as soon as we can afford to, yes.”

    Plans for ‘most competitive’ business tax rates

    He also vowed to eventually reduce business taxes, which will increase from 19% to 25% for the financial year beginning April 1.
    “The trajectory we want to get on, particularly when it comes to businesses, is to have more competitive levels of business taxation,” Hunt said.
    “We’ll look carefully at any changes that we’re able to make within the constraints of being responsible with public finances, but the long-term ambition is to have nothing less than the most competitive business tax rates anywhere.”
    In his Autumn Statement in November, Hunt delivered a slew of tax rises and spending cuts as he set out to plug a substantial hole in the country’s public finances.
    The sweeping £55 billion ($66 billion) fiscal plan sought to restore the country’s credibility under Prime Minister Rishi Sunak’s government, after the chaos unleashed by former leader Liz Truss’ disastrous “mini-budget” in late September.
    A marked improvement in the public finances and a sharp reduction in wholesale gas prices since Hunt took office propelled the government to a surprise £5.4 billion budget surplus in January.
    Hunt earlier this week dismissed suggestions that he had been handed a “windfall” due to the falling cost of the Energy Price Guarantee to support household energy bills, and indicated that he will resist calls from backbenchers within the Conservative Party to cut taxes this time around. The U.K. tax burden currently hits at a 70-year high.
    Speaking at a green industry conference in London on Tuesday, Hunt argued that the falling costs of the Energy Price Guarantee was being offset by a fall in the windfall taxes on the excess profits of energy prices, meaning a much smaller net expanse in the government’s coffers.
    “The most important thing is this was a one-off one-year cost only. To make permanent changes in tax and spending that are recurring, year in, year out, you need a more fundamental change in national policies,” he said.

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    Domino’s and Papa John’s shares sink after pizza chains deliver soft sales, outlook

    Shares of pizza chains Domino’s and Papa John’s both fell after both reported soft sales figures.
    Domino’s missed analyst estimates on U.S. same-stores sales and total quarterly revenue. Papa John’s came up short on sales in North America.
    Both companies have raised prices to offset rising food and labor costs.

    Medianews Group/reading Eagle Via Getty Images | Medianews Group | Getty Images

    Domino’s Pizza and Papa John’s both fell in pre-market trading after reporting mixed earnings on Thursday morning.
    Domino’s missed analyst estimates on U.S. same-store sales and total revenue for the quarter. Domino’s also lowered its outlook. Papa John’s posted softer-than-expected North America sales.

    Domino’s stock closed down more than 11%, while Papa John’s fell 6%.

    Both pizza companies have raised prices recently to offset rising food, transportation and labor costs. Domino’s reported wavering demand amid a national driver shortage. Last October, Domino’s executives announced plants to raise prices around 7% in the fourth quarter, including spiking its Mix & Match deal from $5.99 to $6.99.
    Here’s how Domino’s did, compared to analysts’ estimates, according to Refinitiv:

    Revenue: $1.39 billion vs. $1.44 billion expected
    Adjusted earnings per share: $3.97 vs. $3.94 expected

    The Michigan-based company said U.S. same-store sales increased 0.9%, coming in much lower than analyst estimates of 3.4%, according to estimates compiled by StreetAccount. This was a 0.8% decline for fiscal year 2022.
    U.S. company-owned stores reported revenues of $117 million, falling short of StreetAcount estimates of $129.3 million.

    The company cut its two-to-three-year sales outlook to a range of 4% to 8% growth from 6% to 10%, citing macroeconomic headwinds weighing down on its domestic delivery business.
    Revenue grew 3.6% in the fourth quarter of 2022 compared to the year-earlier period, citing higher supply chain revenues as a result of increases in market basket pricing to stores.
    This month, Domino’s launched loaded potato tots with three flavors, which some analysts think could raise sales.
    “We experienced significant pressure on our U.S. delivery business in 2022 and focused our efforts on creating solutions,” said CEO Russell Weiner. “We also drove continued momentum in our U.S. carryout business and achieved strong international store growth.”

    Papa John’s pizza delivery bikes seen parked outside its branch in London.
    Dinendra Haria | SOPA Images | Lightrocket | Getty Images

    Papa John’s fourth quarter results topped Wall Street’s expectations. Total revenue was down less than 1% from the company’s record fourth quarter last year. Revenues would have been up 3% if not for strategic refranchising for dozens of restaurants.
    Here’s how Papa John’s did, compared to analysts’ estimates, according to Refinitiv:

    Revenue: $526.2 million vs. $523.8 million expected
    Adjusted earnings per share: $0.71 vs. $0.66 expected

    The Louisville-based company missed estimates on North American company-owned restaurant sales, reporting revenues of $172.2 million versus an expected $172.7 million, according to estimates compiled by StreetAccount. North America comparable sales were up 1% from a year ago.
    The company said it expects North America comparable sales to grow annually between 2% and 4%, according to executives. For 2023, it expects growth to come in on the lower end of that range, they added.
    Both Domino’s and Papa John’s earnings come after stronger than expected earnings at McDonald’s and Yum! Brands, both of which beat quarterly earnings and revenue estimates this quarter.

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    Beyond Meat reports narrow-than-expected quarterly loss despite sinking sales

    Beyond Meat reported a narrower-than-expected loss and stronger sales than Wall Street anticipated for its fourth quarter.
    However, the company’s sales still sank more than 20% and are expected to keep falling in 2023.
    Beyond is prioritizing becoming cash-flow positive above growing sales of its meat alternatives.

    Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019.
    Mike Blake | Reuters

    Beyond Meat on Thursday reported a narrower-than-expected loss for its fourth quarter, despite its sales sinking more than 20%.
    Shares of the company climbed 14% in after-hours trading.

    Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    Net loss per share: $1.05 vs. $1.18 expected
    Revenue: $79.9 million vs. $75.7 million expected

    For the fourth quarter, Beyond reported a net loss of $66.9 million, or $1.05 per share, narrower than a net loss of $80.4 million, or $1.27 per share, a year earlier.
    CEO Ethan Brown said the company’s margins improved by 14 percentage points, helped by slimming down its co-manufacturing footprint and better management of production staffing levels.
    Net sales dropped 20.6% to $79.9 million. Beyond said the total pounds of meat substitutes it sold fell 16.9% in the quarter.
    The company said demand for meat alternatives across “all channels” is still soft. In response, it has offered its products at discounts to entice customers hampered by persistent high inflation. Beyond’s net revenue per pound fell 4.4% in the quarter.

    U.S. sales fell 20.9% as the company saw weaker demand in both its grocery and food service segments. Likewise, outside the U.S., Beyond reported a 19.9% drop in revenue, fueled by a steeper decline in grocery sales.
    And the company is forecasting its sales will continue to shrink this year.
    Beyond is projecting its 2023 revenue will range from $375 million to $415 million, representing a drop of 1% to 10% in sales. Wall Street was expecting a wider range from $322 million to $496 million.
    Rather than growing sales, Beyond’s primary business goal is to become cash-flow positive in the second half of 2023. Its gross margins are expected to be in the low double digits and increase sequentially throughout the year.
    Beyond and the broader meat-alternative category have been struggling for more than a year and a half after seeing demand soar early in the pandemic. Customers who tried the expensive meat substitutes didn’t stick with the products, particularly as inflation pushed grocery prices higher.
    “We believe persistently high inflation, the slowing economy, increased competition and trading-down behavior by consumers among proteins are all negatively impacting growth for our category and our brand, but we do believe this is transitory,” Chief Financial Officer Lubi Kutua said on the company’s conference call on Thursday.
    In response, Beyond has pivoted from its initial strategy of “growth above all,” according to Brown, to focus on preserving cash, reducing inventory and aiming for profitability.
    Last year, it completed two rounds of layoffs, cutting more than a fifth of its workforce. The company also plans to restructure operating activities for Beyond Jerky, which is part of its joint venture with PepsiCo.
    Others in the plant-based meat category have had to make similar decisions as demand has dried up. Impossible Foods is reportedly cutting 20% of its staff after laying off 6% of workers last year. Elsewhere, Kellogg scrapped its plans to spin off and potentially sell its plant-based unit, which includes Morningstar Farms.

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    Boeing pauses delivery of 787 Dreamliners over fuselage issue

    Boeing temporarily halted delivery of its 787 Dreamliners over a fuselage issue, the Federal Aviation Administration said.
    The stoppage is the latest issue for the plane.
    “Deliveries will not resume until the FAA is satisfied that the issue has been addressed,” the agency said.

    The exterior of a 787 Dreamliner at the Boeing manufacturing facility in North Charleston, on December 13, 2022. 
    Logan Cyrus | AFP | Getty Images

    Boeing has temporarily halted deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component, the company and the Federal Aviation Administration said Thursday.
    “In reviewing certification records, Boeing discovered an analysis error by our supplier related to the 787 forward pressure bulkhead. We notified the FAA and have paused 787 deliveries while we complete the required analysis and documentation,” Boeing said in a statement.

    The company won’t be able to resume deliveries until it can show the FAA it has resolved the issue, but production will continue and Boeing doesn’t expect the issue to require additional work on the 787s.
    “There is no immediate safety of flight concern for the in-service fleet,” the company said. “We are communicating with our customers and will continue to follow the lead of the FAA. While near-term deliveries will be impacted, at this time we do not anticipate a change to our production and delivery outlook for the year,.”
    Shares of the company fell 3% in off-hours trading.
    The planes, which are often used for long-haul international routes, have suffered several issues for several years. This is not the first time that deliveries were halted.

    In May 2021, Boeing halted deliveries of the wide-body planes for the second time in less than a year after the FAA determined there were issues with the manufacturer’s method for evaluating the aircraft. The FAA said previously the issues were related to problems with incorrect spacing in some parts of the 787 aircraft, including the fuselage, which Boeing acknowledged was a problem in 2020, sparking a five-month stop on deliveries.

    In August 2022, it delivered its first 787 Dreamliner since the latest delivery pause to American Airlines, marking a milestone for the company because the bulk of the aircraft’s price is paid when it’s handed over to customers.
    A few months later, United Airlines ordered 100 787 Dreamliners, with the option to buy 100 more, to replace some of its older stock.
    The order was a major boost for Boeing, and the planes were slated to be delivered between 2024 and 2032, United said previously.
    United’s CEO Scott Kirby has said it was easier to buy more Boeing 787s over rival Airbus’s competing A350 wide-body plane.
    “In this world where we’re trying to bring on 2,500 pilots a year and grow the airline, introducing a new fleet type slows that down dramatically,” he said on a call with reporters. “And the truth is the 787 is a better replacement for the [767] because it’s smaller.”
    –CNBC’s Phil LeBeau and Leslie Josephs contributed to this report.

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    Warner Bros Discovery revenue misses as media giant posts big loss

    Warner Bros. Discovery reported fourth quarter revenue that missed analysts’ estimates as the media industry contends with a soft advertising market. 
    The company, which owns streaming services HBO Max and Discovery+, said its global direct-to-consumer streaming subscriber base increased by 1.1 million during the quarter.
    More “Lord of the Rings” movies are on the way, CEO David Zaslav said.

    Pedestrians walk past a street commercial advertisement billboard from Warner Bros and DC comics character, The Batman, movie in Madrid.
    Miguel Candela | SOPA Images | Lightrocket | Getty Images

    Warner Bros. Discovery on Thursday posted a large loss and recorded about $11.1 billion in fourth quarter revenue, missing analysts’ estimates, as the media industry contends with a soft advertising market. 
    The company’s TV networks segment – which includes cable-TV channels like TNT, TBS and Discovery – decreased 6% to roughly $5.5 billion, as advertising revenue took a drop in particular.

    Here’s what the company reported, vs. what analysts’ estimates, according to Refinitiv:

    Revenue: $11.01 billion vs. $11.36 billion expected
    Loss per share: 86 cents vs. 21 cents expected

    The company reported a loss of $2.1 billion for the period, or 86 cents per share. Warner Bros. Discovery shares fell after hours.
    Warner Bros. Discovery executives began warning of a worsening advertising market last summer, and other media companies, including Paramount Global, have seen it weigh on their earnings. Underlying advertising trends continued to soften in the fourth quarter and were exacerbated by audience declines, Warner Bros. Discovery CFO Gunnar Wiedenfels said on Thursday’s earnings call.
    While Zaslav said Thursday it is a “very challenging” macroeconomic environment, he forecast an improvement later this year. “We are assuming things will get better in the second half,” Zaslav said.
    The company has also been contending with restructuring costs and impairment charges stemming from the 2022 merger of Warner Bros. and Discovery, while trying to push its streaming business toward profitability. 

    The company ended the fourth quarter with $45.5 billion in debt on its balance sheet, and $3.9 billion in cash on hand. A major focus for Warner Bros. Discovery has been reducing its hefty debt load and cutting costs.
    Warner Bros. executives said Thursday they expected to continue significantly cutting debt from its balance sheet in the next two years. During the fourth quarter, the company repaid $1 billion in debt, and has repaid $7 billion since April, when the merger closed.
    “With the major restructuring decisions behind us, this year we are focused on building and growing our businesses for the future, and we’re off to a great start,” CEO David Zaslav said in the company’s earnings release Thursday. 
    The company, which owns streaming services HBO Max and Discovery+, said its global direct-to-consumer streaming subscriber base increased by 1.1 million to 96.1 million by the end of the quarter. 
    Revenue for the streaming segment was up 6%, the company said Thursday, driven by an uptick in subscriber growth for its ad-supported tiers.
    Losses for its streaming segment narrowed, the company said. It posted a loss of $217 million for the period, “a $511 million year-over-year improvement,” it added. 
    In the spring, the company will launch its combined streaming offering, with a walk through for investors planned on April 12. The merged platform is set to be named Max, CNBC previously reported.
    Earlier this month, the company hiked the monthly price of ad-free HBO Max by $1 to $15.99, the first price hike since the streamer’s launch in May 2020. The company said it would invest further in content and user experience.
    Zaslav said Thursday that while plans to combine Discovery+ and HBO Max content on one platform move forward, Discovery+ will also remain as a standalone streaming service. “We have profitable subscribers that are very happy with the offering of Discovery+, why would we shut that off?” Zaslav said.
    Warner Bros. Discovery reported continued softness in the advertising market, which has been weighing on its revenue since last summer, when executives first warned of a slowdown in ad spending. Last week, Paramount Global reported a decrease in quarterly revenue due to lower ad spending.
    The company’s network TV segment was particularly affected as major sporting events including college football and the men’s World Cup took place on other networks during the fourth quarter.
    Meanwhile, the company saw a 23% drop in revenue for its studios segment, noting it had lower TV licensing deals and fewer theatrical releases. The DC Comics film “Black Adam” was released in the fourth quarter last year, compared with multiple releases including “Dune,” “The Matrix Resurrections,” “King Richard” and “The Many Saints of Newark” in the same period during the previous year.
    On Thursday, Zaslav announced Warner Bros. Discovery signed a deal to make multiple “Lord of the Rings” films, as the media company leans into its franchises.

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    Stocks making the biggest moves after hours: Block, Carvana, Boeing and more

    A Carvana glass tower sits illuminated on Feb. 23, 2022, in Oak Brook, Illinois.
    Armando L. Sanchez | Tribune News Service | Getty Images

    Check out the companies making headlines after hours.
    Carvana — Shares rose 1.7%. CEO Ernie Garcia, in a statement, said that over the next six months, the company will work to complete an estimated $1 billion in annual cost reduction. The online used car retailer reported a loss of $7.61 per share, greater than the forecasted loss of $2.28 per share, according to consensus estimates from Refinitiv. Carvana generated revenue of $2.84 billion, lower than the anticipated $3.1 billion.

    Block — The mobile payment stock climbed 6.5% after Block reported better-than-expected revenue in its fourth-quarter results. The company posted revenue of $4.65 billion, beating Refinitiv consensus estimates for $4.61 billion. However, Block missed estimates, posting adjusted earnings of 22 cents per share compared to expectations for 30 cents per share.
    Warner Bros. Discovery — Shares fell nearly 1% in extended trading after Warner Bros. Discovery posted disappointing results in its latest quarter. The media and entertainment conglomerate reported a loss of 86 cents per share on revenue of $11.01 billion. Analysts polled by Refinitiv called for a loss of 21 cents per share on revenue of $11.36 billion.
    Beyond Meat — Beyond Meat shares jumped more than 12% after the plant-based meat company reported a smaller-than-expected loss in its fourth quarter, even with sales falling more than 20%. Beyond Meat reported a loss per share of $1.05, lower than the expected $1.18, according to a survey of analysts by Refinitiv. The firm generated revenue of $79.9 million, greater than the $75.7 million expected.
    Boeing — The airline stock dipped 3% after Boeing temporarily paused deliveries of its 787 Dreamliners as it does more analysis on a fuselage component, the Federal Aviation Administration said to CNBC on Thursday.
    Autodesk — The software company’s shares slid 3% after Autodesk provided soft guidance on first-quarter earnings. The company beat analysts’ expectations on the top and bottom line for the fourth quarter, however, according to Refinitiv.

    EOG Resources — The energy stock fell 4% after EOG Resources reported fourth-quarter per-share earnings, excluding items, that were short of analysts’ expectations, according to FactSet. The company beat on revenue, however.
    MercadoLibre — Shares of the South American e-commerce company jumped 4% in extended trading. MercadoLibre posted fourth-quarter earnings of $3.25 per share on revenue of $3 billion. Analysts surveyed by FactSet were anticipating earnings of $2.42 per share and revenue of $2.96 billion.
    — CNBC’s Darla Mercado contributed to this report.

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    Alec Baldwin pleads not guilty to ‘Rust’ involuntary manslaughter, can continue filming amid criminal case

    Alec Baldwin pleaded not guilty to charges of involuntary manslaughter for his role in the fatal “Rust” shooting.
    A New Mexico judge said Baldwin could continue filming the movie with restrictions on how he interacts with witnesses in the criminal case.
    The “Rust” film is due to resume filming this spring.

    Actor Alec Baldwin departs his home, as he will be charged with involuntary manslaughter for the fatal shooting of cinematographer Halyna Hutchins on the set of the movie “Rust”, in New York, January 31, 2023.
    David Dee Delgado | Reuters

    Alec Baldwin pleaded not guilty to charges of involuntary manslaughter for his role in the fatal shooting on the set of the movie “Rust,” which will continuing filming under conditions set by a New Mexico judge on Thursday.
    Baldwin will be allowed to “have contact with potential witnesses” only as it relates to his completion and promotion of the movie, said Judge Mary Marlowe Sommer in a court filing.

    Though he is allowed to work with those witnesses, Baldwin is barred from discussing with them “the accident at issue” or “the substance of his or the witnesses’ potential testimony in the case.” He is not allowed to interact with witnesses in any capacity that goes beyond his work on the movie.
    The film’s producers announced last week they would continue filming this spring. Baldwin is also a producer in addition to starring in “Rust.”
    Along with the criminal suit, the Academy Award-winning actor is facing a civil lawsuit from the family of Halyna Hutchins, the cinematographer who was shot on set.
    Baldwin is allowed to talk about the accident with the witnesses who are named as co-defendants in the civil case as long as attorneys are present, Sommer set out in the same filing.
    The judge’s decision came on the same day Baldwin filed a waiver of his first appearance in court, which was scheduled for Friday. Sommer approved the waiver with a series of conditions including that Baldwin cannot possess firearms or consume alcohol and that he must obey the restrictions of witness interaction while he makes the movie.

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