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    Republicans back lawsuit to overturn FDA approval of abortion pill and pull the medication from U.S. market

    22 Republican attorneys general and 67 GOP members of Congress backed a suit seeking to overturn FDA approval of the abortion pill.
    A coalition of mostly Democratic attorneys general said pulling the pill from the U.S. would be devastating for women.
    Judge Matthew Kacsmaryk set a key deadline in the case for Feb. 24.

    Boxes of mifepristone, the first pill given in a medical abortion, are prepared for patients at Women’s Reproductive Clinic of New Mexico in Santa Teresa, U.S., January 13, 2023. 
    Evelyn Hockstein | Reuters

    Democratic and Republican attorneys general squared off on Friday in dueling arguments over an attempt by anti-abortion physicians to pull the abortion pill, mifepristone, from the U.S. market.
    New York led a coalition of 22 attorneys general who argued that pulling the pill would have “devastating consequences” for women. Mississippi led 22 Republican attorneys general who argued that the Food and Drug Administration’s approval of mifepristone is “deeply flawed.”

    The dueling arguments are part of an escalating federal court battle in Texas over a lawsuit filed by anti-abortion physicians last November, which seeks to overturn the FDA’s more than two-decade-old approval of mifepristone.
    Used in combination with misoprostol, mifepristone is the most common method to terminate a pregnancy in the U.S., accounting for about half of all abortions.
    The abortion rights group NARAL Pro-Choice America, in an analysis published Friday, said 40 million women would lose access to the abortion pill if the court overturns the FDA’s approval.

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    The coalition led by New York argued that overturning the FDA approval would make the pill largely unavailable, forcing women to either undergo a more invasive surgical procedure or forgo abortion altogether.
    Surgical abortion is more costly and difficult to obtain, they argued, which would disproportionately impact women who are lower income, underserved or live in rural communities where there might not be access to a clinic.

    “This would have devastating consequences,” the attorneys general told Judge Matthew Kacsmaryk, who is presiding over the case in the U.S. District Court in Northern Texas.
    The coalition led by Mississippi backed the anti-abortion physicians claims, calling the FDA’s actions on mifepristone “deeply flawed.”
    “For two decades, the U.S. Food and Drug Administration has acted to establish a nationwide regime of on-demand abortion by licensing sweeping access to chemical abortion drugs—in defiance of federal and state laws protecting life, health, and safety,” the Republican attorneys general argued.
    Later Friday, 67 Republican members of Congress filed a brief calling the FDA’s approval of mifepristone “unlawful,” arguing it should be overturned. They claimed that the agency’s actions subverted Congress’ safeguards for patients. But the FDA has had regulations in place for years to monitor the safety of mifepristone, which it has gradually eased as more evidence has come in.
    The FDA, in its response last month, called the lawsuit “extraordinary and unprecedented.” The agency’s lawyers said they could not find any previous example of a court second-guessing an FDA decision to approve a drug.
    The FDA approved mifepristone as a safe and effective method to terminate an early pregnancy based on extensive scientific evidence, the agency’s lawyers wrote. Decades of experience among thousands of women have confirmed that the drug regimen is safer than surgical abortion or childbirth, the lawyers argued.
    Kacsmaryk on Thursday extended a key deadline in the case. He ordered one of the abortion pill makers, Danco Laboratories, to lay out its opposition to the lawsuit. The anti-abortion physicians who brought the case then have until Feb. 24 to respond.
    “Forcing FDA to withdraw a longstanding approval would seismically disrupt the agency’s governing authority as to whether drugs are safe and effective, and would cause Danco direct and immediate harm by shuttering its business,” attorneys for Danco Laboratories told the court Friday.
    Mifepristone has become the central focus in the battle over abortion access since the Supreme Court overturned Roe v. Wade last June.
    The FDA last month changed its regulations to allow certified retail pharmacies to dispense mifepristone. CVS and Walgreens, the nation’s two largest drugstore chains, have said they are getting certified to dispense the prescription medication in states where it’s legal to do so.
    Republican attorneys general have warned the companies against distributing the pill by mail in their states, indicating that they would take legal action.
    There are also lawsuits seeking to overturn state restrictions on mifepristone, arguing that they conflict with FDA regulations. GenBioPro, the other abortion pill manufacturer, is suing to overturn West Virginia’s ban. A physician in North Carolina is challenging that state’s restrictions.
    The New York led coalition of attorneys general arguing to keep mifepristone on the market include: California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, Washington, Wisconsin and Washington, D.C.
    The Mississippi led coalition arguing against the FDA approval of mifepristone include: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Montana, Nebraska, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah and Wyoming.

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    Cramer’s lightning round: Triton International is not a buy

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    A. O. Smith Corp: “A. O. Smith is the kind of company that makes stuff, does things, returns capital to shareholders. …. Yes.”

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    Cramer’s week ahead: There are plenty of high-quality stocks to buy

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer told investors that they should watch for stocks to add as earnings season winds down.
    In addition to corporate earning reports, he said that he’s keeping an eye out for the January consumer price index report on Tuesday.

    CNBC’s Jim Cramer on Friday told investors that they should watch for stocks to add as earnings season winds down.
    “There’s plenty to buy, as long as you buy companies that are making money and returning some of that money to shareholders via buybacks and dividends,” he said. “Still too soon, by the way, to pick at high-growth stocks with little in the way of earnings, though.”

    Stocks were mixed on Friday, with the S&P 500 closing up slightly as it notched its worst weekly performance in nearly two months. All three major indexes ended down for the week.
    Cramer reassured investors that the market’s declines this week don’t mean that it’s headed for bear market territory. “Right now, we’re witnessing classic bull market behavior. A bull market has moments where the despair is thick.”
    In addition to corporate earnings reports, he said that he’s keeping an eye out for the January consumer price index report on Tuesday.
    All estimates for earnings, revenue and economic data for the week are courtesy of FactSet.
    Monday: TreeHouse Foods

    Q4 2022 earnings release at 6:55 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: 98 cents
    Projected revenue: $1 billion 

    “To date, we have not seen much trade down of any size at the supermarket. … But once it starts happening, that will be a huge win in the fight against inflation,” he said.
    Tuesday: Coca-Cola, Airbnb
    Coca-Cola

    Q4 2022 earnings release at 6:55 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: 45 cents
    Projected revenue: $10 billion

    Cramer said he expects a solid quarter from the beverage giant.
    Airbnb

    Q4 2022 earnings release at 4:05 p.m. ET; conference call at 4:30 p.m. ET
    Projected EPS: 25 cents
    Projected revenue: $1.86 billion

    “I’ve been adamant that this company is undervalued, but I just don’t know when it can break out to the upside,” he said. 
    Wednesday: Bowlero, Shopify
    Bowlero

    Q2 2023 earnings release after the close; conference call at 4:30 p.m. ET
    Projected EPS: 16 cents
    Projected revenue: $257 million

    Cramer predicted the company will deliver a great set of numbers.
    Shopify

    Q4 2022 earnings release after the close; conference call at 5 p.m. ET
    Projected loss: 1 cent per share
    Projected revenue: $1.65 billion

    The company must show that it can pivot toward profitability, he said.
    Thursday: Constellation Energy, Applied Materials, DraftKings, DoorDash
    Constellation Energy

    Q4 2022 earnings release at TBA time; conference call at 10 a.m. ET
    Projected EPS: 26 cents
    Projected revenue: $3.63 billion

    “I’d stick with this one as long as a Democrat is in the White House,” he said.
    Applied Materials

    Q1 2023 earnings release at 4 p.m. ET; conference call at 4:30 p.m. ET
    Projected EPS: $1.93
    Projected revenue: $6.69 billion

    Cramer said he’s betting the company will report a weak quarter.
    DraftKings

    Q4 2022 earnings release after the close; conference call on Friday at 8:30 a.m. ET
    Projected loss: 61 cents per share
    Projected revenue: $798 million

    “I do like DraftKings. I like the CEO. … But I don’t like the legislative road map,” he said.
    DoorDash

    Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    Projected loss: 67 cents per share
    Projected revenue: $1.77 billion

    He said the company needs a plan to become profitable since the market only cares about companies that can deliver solid earnings.
    Friday: Deere

    Q1 2023 earnings release at 6:45 a.m. ET; conference call at 10 a.m. ET
    Projected EPS: $5.54
    Projected revenue: $11.34 billion

    Deere stock is the best way to play the long-term bull market in agriculture, according to Cramer.

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    Alec Baldwin attorneys seek to reduce possible penalty in Rust movie set manslaughter case

    Alec Baldwin is facing two counts of involuntary manslaughter for the fatal shooting of cinematographer Halyna Hutchins on the set of Rust.
    His attorneys filed a motion saying a specific firearm enhancement, which carries a mandatory five- year jail sentence, doesn’t apply to his case.
    “The prosecutors in this case have committed an unconstitutional and elementary legal error by charging Mr. Baldwin under a statute that did not exist on the date of the accident,” the actor’s attorneys wrote in a court filing.

    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’s attorneys filed a motion Friday arguing New Mexico prosecutors have wrongly charged the actor under a statue that doesn’t apply to his case — and which carries a mandatory five-year jail sentence.
    Baldwin was charged with two counts of involuntary manslaughter late last month for the Oct. 2021 fatal on-set shooting of cinematographer Halyna Hutchins, one of which is more serious and includes a firearm enhancement that would carry the mandatory jail sentence. If the case ends up going to trial, jurors would have to decide which involuntary manslaughter charge Baldwin is guilty of, if either. 

    In a motion filed in Santa Fe’s First Judicial District, Baldwin’s attorneys argue that specific enhancement doesn’t apply to Baldwin because the statute was changed in May 2022, seven months after the incident. 
    “The prosecutors in this case have committed an unconstitutional and elementary legal error by charging Mr. Baldwin under a statute that did not exist on the date of the accident,” Baldwin’s attorneys wrote in the motion. 
    At the time of the incident, New Mexico’s firearm-enhancement statute was applied to cases where a gun was “brandished” in the commission of a non-capital felony, defining brandished as displaying a firearm “with intent to intimidate or injure a person.” 
    The statute was later amended by the New Mexico legislature to remove any mention that a gun must be brandished, the court filing states. 
    Baldwin’s attorneys argue the new version of the statute cannot apply to conduct that occurred before it was enacted and called retroactively applying the enhancement “flagrantly unconstitutional.” 

    “The government’s statement of probable cause contains no allegation that Mr. Baldwin acted ‘with intent to intimidate or injure a person,’ and its description of the alleged conduct makes clear that the tragic death of cinematographer Halyna Hutchins was an accident,” the filing states. 
    “Application of the current version of the statute would be unconstitutionally retroactive, and the government has no legitimate basis to charge Mr. Baldwin under the version of the statute that existed at the time of the accident.” 
    In response, Heather Brewer, the spokesperson for the New Mexico First Judicial District Attorney, said the motion was nothing but an attempt to distract “from the gross negligence and complete disregard for safety on the ‘Rust’ film set that led to Halyna Hutchins’ death.”
    “In accordance with good legal practice, the District Attorney and the special prosecutor will review all motions–even those given to the media before being served to the DA,” said Brewer. 
    “However, the DA’s and the special prosecutor’s focus will always remain on ensuring that justice is served and that everyone–even celebrities with fancy attorneys–is held accountable under the law.”

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    Stocks making the biggest moves midday: Lyft, Spotify, Expedia, Yelp and more

    Ramin Talaie | Corbis News | Getty Images

    Check out the companies making headlines in midday trading.
    Lyft — The ridesharing stock cratered 36.4% after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts who said Uber may look better positioned to capitalize on the broader recovery in ridesharing. Uber shares were also down 4.4%.

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    Spotify — Shares of the music streamer jumped 3.6% after news that ValueAct has taken a stake in the company. Spotify recently reported fourth-quarter results that showed strong user growth.
    Expedia — The travel company’s stock toppled 8.6% after falling short of analysts’ revenue and earnings expectations for the recent quarter. Expedia posted adjusted earnings of $1.26 a share on revenues of $2.62 billion. Analysts called for earnings of $1.67 per share on $2.70 billion in revenue, according to Refinitiv.
    Yelp — Yelp’s stock jumped 3.2% after fourth-quarter revenue beat analysts expectations, according to Refinitiv. The company posted earnings that were in line with estimates.
    Affirm — The buy now, pay later stock shed 5.8% following a downgrade to equal weight from an overweight rating by Morgan Stanley. The Wall Street firm said that Affirm’s offerings appear too focused.
    PayPal — PayPal shares traded 3% higher after CEO Dan Schulman announced plans to retire from the online payments company by the end of the year.

    VF Corp — Shares rose 0.9% after Stifel upgraded the apparel maker to a buy from a hold. Stifel said the company, which is the parent of brands including Vans and The North Face, was at an attractive stock price following a selloff on the back of a dividend cut.
    FREYR Battery — Shares of the battery manufacturer climbed 1.5% after Bank of America initiated coverage of the stock with a buy rating. Bank of America said the startup’s battery cell design and ability to raise capital made it a strong candidate to grow into a larger company.
    Cloudflare — The cybersecurity stock added just below 3.3%. Late Thursday, Cloudflare posted beats on the top and bottom lines for the fourth quarter. The company earned an adjusted 6 cents per share on $275 million in revenue. Analysts surveyed by Refinitiv were expecting 5 cents per share and $274 million of revenue. Cloudflare’s full-year revenue guidance also topped estimates.
    Deutsche Bank — Shares fell 3% after Bank of America downgraded Deutsche Bank to underperform from neutral, saying the European bank is “struggling to improve profitability.”
    Newell Brands  — Shares of the consumer goods were last up 1.2%. Newell provided first-quarter and full-year EPS and revenue guidance that missed analysts’ estimates, according to StreetAccount. CEO Ravi Saligram also announced his retirement, effective May 16.
    Motorola Solutions — Shares rose 5.6% after Motorola Solutions beat analysts’ expectations on both the top and bottom lines for the recent quarter, according to FactSet.
    Doximity — Doximity shares shed nearly 13% on lighter-than-expected guidance for the current quarter and full year. The decline in shares came despite a top-and-bottom line beat on analysts’ expectations, according to FactSet.
    Topgolf Callaway Brands — The golf company’s stock fell 2.6% after the company posted a per-share loss of 27 cents, excluding items. Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter came in below analysts’ expectations, according to FactSet.
    — CNBC’s Jesse Pound, Alex Harring, Michelle Fox, Sarah Min and Yun Li contributed reporting

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    Taylor Swift says fans will ‘get on it’ to reduce egg prices. Here’s why costs are so high

    Egg prices in December were at record highs for the average consumer.
    Comedian Trevor Noah asked popstar Taylor Swift if she could ask fans to help reduce egg prices. Swift said they’d “get on it.”
    Bird flu has been the main price driver, economists said.
    When consumers may see measurable relief is somewhat unclear.

    Taylor Swift attends the 65th Grammy Awards on Feb. 5, 2023 in Los Angeles.
    Jeff Kravitz | Filmmagic, Inc | Getty Images

    This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in every Friday at 11 a.m. ET.
    Egg prices have entered the zeitgeist.

    Comedian Trevor Noah told Taylor Swift at the Grammy Awards on Sunday that the pop star has “the best fans in the world,” subsequently asking if they can help reduce the high price of eggs.
    “They’ll get on it,” Swift said.
    Unfortunately, factors influencing egg prices at the grocery store are likely beyond the control of “Swifties.”
    Here are three things to know about egg prices right now.

    1. Yes, egg prices are at record highs

    In December, the average consumer paid a record $4.25 for a dozen large Grade A eggs, according to monthly U.S. Bureau of Labor Statistics data. The price more than doubled from $1.79 a year earlier.

    Egg prices rose faster than almost any other good or service in the U.S. economy in 2022.

    2. Bird flu is the primary factor

    Here’s why Swifties are bound to have little impact: High egg prices are largely the result of a deadly and historic outbreak of avian flu in the U.S.
    More than 44 million egg-laying hens have died from the disease since February 2022. (Think of it like a lethal and highly contagious equivalent of the flu for humans.)
    More from Personal Finance:How high egg prices may trickle into other foodsMore shoppers turn to dollar stores for groceriesTV prices sink ahead of the Super Bowl
    Outbreaks persisted through the year, which is rare because they usually wane by summer. The supply shock coincided with peak seasonal demand around the winter holidays. Lower supply plus higher demand meant higher prices.
    Higher costs for animal feed, labor and transportation also played a role — as they have in broader food inflation, too.

    3. Prices may soon recover — but it’s hard to know

    Even before Noah asked Swift to intervene, there have been signs that price pressures are easing.
    Wholesale egg prices — basically, the price supermarket chains and other stores pay to acquire their supply — have fallen significantly (by more than 50%) from their peak in mid-December.

    There haven’t been new confirmed cases of bird flu among commercial table-egg farms since December, giving suppliers time to recover. Consumer demand has also declined as a sort of backlash against high prices, the U.S. Department of Agriculture said last week.
    It typically takes several weeks for price movements in the wholesale market to flow to the retail market for consumers.
    But there are reasons why it may take longer — perhaps months — for retail prices to drop noticeably, according to food economists. For one, demand generally rises leading up to Easter, which falls on April 9 this year.

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    Astronaut Sen. Kelly touts ‘stunning’ space business growth, calls for more rocket competition

    Arizona Sen. Mark Kelly praised the growth of the space industry and gave a rallying cry for intensified competition.
    “Some of the advancements are truly stunning; this has been a great success,” Kelly said, speaking at a space conference in Washington, D.C.
    Rockets are launching at an unprecedented pace, with 2022 setting a new annual record of 87 launches from the U.S., mostly by Elon Musk’s SpaceX.

    Arizona Sen. Mark Kelly speaks at the annual Commercial Space Transportation conference on Feb. 9, 2023.
    Michael Sheetz | CNBC

    Arizona Sen. Mark Kelly, who flew to space four times over a 15-year career as an astronaut, praised the growth of the space industry and gave a rallying cry for intensified competition.
    “Some of the advancements are truly stunning; this has been a great success,” Kelly said, speaking at a luncheon during the Commercial Space Transportation conference in Washington, D.C., on Thursday.

    Kelly noted that the cost of sending satellites, people and cargo to orbit is currently “a fraction” of what it was when he flew on NASA’s space shuttle. He added that — while the industry’s growth is encouraging — companies building rockets need “to step up to the plate” and bring more “new launch vehicles to market faster and embrace renewed competition, not stifle it.”
    “We need more launch vehicles to continue to reduce the costs associated with getting a payload to orbit,” Kelly said.

    A Falcon Heavy rocket launches the USSF-67 mission on January 15, 2023 from NASA’s Kennedy Space Center in Florida.

    Rockets are launching at an unprecedented pace, with 2022 setting a new annual record of 87 from the U.S. Most of those were by Elon Musk’s SpaceX, which is currently launching every four days on average, but a variety of other companies are aiming to ramp up the pace and are debuting new rockets in the coming years — including Rocket Lab, United Launch Alliance, Blue Origin, Astra, Virgin Orbit, Northrop Grumman, Firefly and ABL.

    Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

    Kelly admitted that, “like maybe a lot of folks at NASA and a lot of folks in Washington” at the turn of the century, he was skeptical about relying on private companies for launches.
    “I always like to think I’m the first person to admit when I was wrong, and I was about this,” Kelly said.
    “The commercial space sector is critical. It’s critical to the future of the U.S. economy, and it’s critical to our leadership abroad. Without the commercial space sector, we wouldn’t be able to get our national security assets into orbit. Without it, entire sectors of the American economy, from telecom to global shipping and navigation, would not be globally competitive,” Kelly added.

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    Air Force’s aging E-3 Sentry stirs questions of airborne-battle readiness

    As the recent Chinese spy balloon encounter showed, keeping the skies safe is a tough job. For decades the U.S. Air Force has relied on the E-3 Sentry, and the most recent version, the E-3G, has been upgraded with more modern electronics and software to keep up with new threats.
    ‘The best way to describe it is kind of like the quarterback in the sky,” said Air Force Col. Keven Coyle, commander of the 552nd Air Control Wing. “It’s the job of the E-3 to surveil, to layout the enemies arrayed, and then allow our friendly forces to be able to be set up in a way that allows them to fight with the greatest capacity.”

    A E-3G passes the moon during take off from Tinker Air Force Base, Oklahoma
    By Brad Howard, CNBC

    The Air Force is hoping that the E-7 Airborne Early Warning and Control aircraft built by Boeing can take over down the line if the Air Force needs to retire some of the older Sentry aircraft over the coming years. In the most recent budget, Congress appropriated an additional $200 million for the Air Force to develop a prototype to meet that need.
    “Congress has approved the money for the first two prototypes, which is a very good thing for the Air Force,” said Lt. Col. Peter “Beast” Bastien, Air Combat Command directorate of plans, programs and requirements, airborne weapons systems and futures chief. “On the other hand, there’s a physical limitation on how fast you can turn a roll of aluminum into an E-7.”

    A Royal Australian Air Force E-7A Wedgetail takes off during Black Flag 22-1 at Nellis Air Force Base, Nevada, May 10, 2022.
    U.S. Air Force photo by Airman 1st Class Josey Blades

    The age of the E-3s has made replacement parts more difficult to procure, and the mechanical breakdowns inherent in such an old aircraft are impacting mission rates. Congress prohibited the Air Force from starting to retire the bulk of the current fleet of Airborne Warning and Control System (AWACS) aircraft until the Secretary of the Air Force submits an acquisition strategy to Congress for a replacement. But even then, it could be years until a replacement is operational.

    A U.S. Air Force E-3G taxies on a runway at Tinker AFB
    By Brad Howard, CNBC

    “Having the first one out in 2027 is not bad from an acquisition point of view, ” said Daniel Goure, senior vice president with the Lexington Institute, “Even for a system that’s been in some variants in the field for a long time, that’s pretty darn quick, but if there is a way to get them quicker we really need to consider that in order to make sure that we don’t lose the capability because of a problem with the aging AWACS.”
    Watch the video above to get a look inside the Air Force’s E-3G Sentry.

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