Raphael Stevens

Disney is making a number of modifications to its reservation and ticketing system, as well as its annual pass membership perks, at its domestic theme parks.
At Disneyland Resort, park hopper ticket buyers will be able to change parks at 11 a.m.
At Walt Disney World Resort, annual passholders can enter the parks at 2 p.m., with some restrictions, without a reservation.

Disney World celebrated its 50th anniversary in April 2022.
Aaronp/bauer-griffin | Gc Images | Getty Images

Disney is making some changes at its theme parks this year, prompted by feedback from guests who have complained about rising prices and longer wait times.
In a letter Tuesday, parks and resorts Chairperson Josh D’Amaro told employees about a number of modifications to its reservation and ticketing system as well as its annual pass membership perks.

“As we step into this bright future it is important that we continuously evolve to help deliver the best guest experience possible,” D’Amaro wrote. “Many of you know that I’m in the parks fairly often and I listen to you and to our guests about the things that are working as well as the things that might need some change.”
These updates to park operations come less than two months after CEO Bob Iger returned to the helm of the company, promising a two-year stint that would spark renewed growth. The moves at the parks are said to be unrelated to Iger’s return, however.
Disney made sweeping changes to operations when the pandemic hit in 2020, just after Bob Chapek took over as CEO, and forced the long-term closure of its domestic and international parks. This included the integration of an online reservation system, which required guests to plan visits in advance of arriving at the parks, and a reduction in capacity.
During this time, Disney also pushed guests towards no-touch payment options, like its magic bands and mobile order and pay. While contactless payments are no longer required, guests can once again pay with cash, many guests have made the transition to these new methods.

Additionally, Disney launched its Genie and Genie+ itinerary programs alongside its line skipping initiative called Lightning Lane. These digital offerings were designed to optimize guests experiences in the parks, allowing them to schedule their days more effectively, with access to estimated wait times and restaurant reservations. They also gave guests the option to pay to have a shorter wait for Disney’s top attractions.

While many guests have embraced these new programs, others have complained about the rising cost of tickets for Disney’s domestic theme parks. It has also been reported that so many guests are purchasing Lightning Lane access, that the special line often still means waiting time for those looking to get on rides fast.
Tuesday’s announcement addresses some of these concerns, but not all, D’Amaro told park employees in his letter.

Disneyland Resort

At Disneyland Resort in California, the company is increasing the number of days it will offer its lowest-priced one-day, one-park ticket, adding nearly two months’ worth of days in 2023. These tickets are $104 and they allow guests to enter either Disneyland or California Adventure.
For those who purchase park hopper tickets, which allow access to both California-based theme parks, the ability to swap from one park to the other will open at 11 a.m. starting Feb. 4. Previously, guests would have to wait until 1 p.m. to move to the second park.
In celebration of Disney’s 100-year anniversary, the company is providing complimentary Disney PhotoPass digital downloads of attraction photos for all ticketed park guests beginning Feb. 4.
The company will also be opening up its Magic Key program more often during the year, as inventory becomes available. This annual pass program has four levels, each a different “key.” It also offers admission to the parks, sometimes with blackout dates, and savings on food, beverages, merchandise and food, depending on the key.

Walt Disney World Resort

In Disney’s Florida-based parks, annual passholders will be allowed to visit after 2 p.m. without a park reservation. The only exception is on Saturdays and Sunday for Magic Kingdom. Blackout dates will continue to apply based on the tier of the program guests have selected.
Guests who book a stay at one of Disney’s resort hotels starting Jan. 10 will be granted complimentary self-parking.
Additionally, Disney is set to add free digital downloads of attraction photos for guests who have purchased the Genie+ service.
“I’m excited about all of these changes and offers and want you to know that we are committed to listening, adapting, and staying relentlessly focused on making the guest experience at our Disney parks even better,” D’Amaro wrote.

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Amazon ‘s (AMZN) soon-to-be widely available Buy with Prime service, which allows Prime members to use their Amazon accounts to shop with other online merchants, could be a profitable revenue channel for the e-commerce giant. However, the Club holding’s stock is still expensive, a high multiple compared to the broader stock market. Amazon on Tuesday said it’s making Buy with Prime, which launched as an invite-only program last year, available to all U.S. online retailers by the end of January. The service allows Amazon Prime members the ability to shop directly on other retailers’ websites , in turn helping those outlets to tap into Prime’s roughly 200 million members. The service also guarantees free, 2-day delivery. The company said it expects Buy with Prime to increase shopper conversion from browsing to buying by around 25%. Buy with Prime “allows merchants to build customer relationships and brand loyalty while offering conversion-driving benefits,” Amazon said in a statement. Shares of Amazon, which closed out 2022 down more than 50%, have rebounded somewhat at the start of this year. The stock was trading up roughly 2.7% midday Tuesday, at $89.69 a share. The news comes as Amazon faces slowing sales growth and gathering macroeconomic headwinds. At the same time, the company has been plagued by ballooning expenses and a bloated workforce, in part the result of over-hiring at the height of the Covid-19 pandemic when e-commerce demand was more robust. CEO Andy Jassy last week announced plans to cut 18,000 jobs at the company — a move that likely does not go far enough. But Buy With Prime should help Amazon make use of some of the excess warehouse capacity it invested in earlier in the pandemic and rein in associated costs, analysts said. “By reselling part of their logistics/distribution/fulfillment capacity, they are generating incremental revenue and better optimizing their cost structure,” Mark Mahaney, head of Evercore ISI’s internet research team, told CNBC in an email Tuesday. “I would also think that given AMZN’s logistics excellence that this would be a service received well by both merchants and consumers,” he added. Aaron Kessler, managing director for internet sector coverage at Raymond James, said in an email to CNBC Tuesday that Buy with Prime “will help on the margin improve utilization of [Amazon’s] fulfillment network.” The new service offers familiar Prime benefits to members like quick purchases and fast delivery. Moreover, Amazon will handle the lifecycle of purchases, including the processing of orders, packing of goods and delivery. The Club take Amazon’s Buy with Prime offering is positive for its potential to fill out excess capacity, allow merchants to maintain consumer relationships and provide another avenue to sell to customers not starting their search on the Amazon website. While this is a move in the right direction, it’s not enough to make Amazon stock look cheaper. And we’re not buying more shares on Tuesday’s news. We continue to look for Amazon to reduce headcount and better manage its expenses. At the same time, we remain cautious on the potential for further interest rate hikes from the Federal Reserve to continue to erode growth at the highly-priced e-commerce giant. (Jim Cramer’s Charitable Trust is long AMZN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022.
Sandy Huffaker | Reuters

Amazon’s (AMZN) soon-to-be widely available Buy with Prime service, which allows Prime members to use their Amazon accounts to shop with other online merchants, could be a profitable revenue channel for the e-commerce giant. However, the Club holding’s stock is still expensive, a high multiple compared to the broader stock market. More

Sanders, the incoming chair of the Senate health committee, called a potential price increase for Moderna’s Covid-19 vaccine “outrageous” in a letter to the company’s CEO, Stephane Bancel.
Bancel told The Wall Street Journal that Moderna is considering a price in the range of $110 to $130 per dose when the shots go commercial.
The federal government, which has handled procurement and distribution of the vaccines during the emergency phase of the pandemic, pays about $26 per vaccine dose.

U.S. Senator Bernie Sanders (I-VT) is trailed by reporters as he arrives for the weekly Democratic caucus luncheon at the U.S. Capitol in Washington, November 29, 2022.
Jonathan Ernst | Reuters

Sen. Bernie Sanders on Tuesday urged Moderna not to quadruple the price of its Covid-19 vaccine once distribution of the shots moves to the commercial market.
In a letter to Moderna CEO Stephane Bancel, Sanders called the price increase “outrageous.” The independent senator from Vermont and incoming chair of the Senate’s health committee said such a steep price increase would make the shots unavailable for millions of uninsured Americans, potentially putting their lives at risk as Covid continues to spread.

Sanders, who has become an influential national figure after his two unsuccessful bids to win the Democratic presidential nomination, has repeatedly excoriated the pharmaceutical industry for high drug prices in the U.S. He is expected to take a hard line with the industry when he assumes leadership of the powerful Senate Health, Education, Labor and Pensions committee.
Sanders said raising vaccine prices would also have a negative effect on the budgets of Medicaid and Medicare, which will continue covering the vaccines at no cost to the programs’ beneficiaries. Private health insurance premiums would also rise as a consequence of a vaccine price hike, Sanders wrote.
“Your decision will cost taxpayers billions of dollars,” Sanders wrote to Bancel.
Bancel told The Wall Street Journal on Monday that Moderna is considering a price in the range of $110 to $130 per Covid vaccine dose when the shots are sold on the commercial market. The federal government, which has handled procurement and distribution of the vaccines during the emergency phase of the pandemic, currently pays about $26 per vaccine dose.
“I find your decision particularly offensive given the fact that the vaccine was jointly developed in partnership with scientists from the National Institutes of Health, a U.S. government agency that is funded by U.S. taxpayers,” Sanders wrote to Bancel.

Bancel told the Journal that he thought the price is consistent with the vaccine’s value. Pfizer is also considering raising the price of its Covid vaccine to $110 to $130 per dose.
Dr. Ashish Jha, who heads the White House Covid task force, told the U.S. Chamber of Commerce in August that the administration plans to move the vaccines to the commercial market sometime in 2023. That means patients would receive the vaccine like any other medical treatment with the cost depending on their health insurance plan.
During the pandemic, the federal government has required all health-care providers participating in the vaccination campaign to provide the shots to patients for free regardless of their health insurance status.
Moderna’s Covid vaccine is the company’s only commercially available product. The Boston biotech booked a profit of $12.2 billion in 2021, the first year of the vaccination campaign, and another $6.9 billion through September 2022.
CNBC reported in March that Bancel had sold more than $400 million in Moderna stock during the pandemic.

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Federal Reserve Chairman Jerome Powell on Tuesday said the central bank will not get involved in issues like climate change that are beyond its congressionally established mandate.
Powell’s remarks, delivered at a conference hosted by Sweden’s central bank, follow calls from some Democrats for the Fed to play a more active role in addressing climate change.
Powell has reinterred that climate change is not a main consideration for the Fed when developing monetary policy.

Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell participates in a panel during a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden, January 10, 2023.
Claudio Bresciani | TT | via Reuters

Federal Reserve Chairman Jerome Powell on Tuesday said the central bank will not get involved in issues like climate change that are beyond its congressionally established mandate, and vowed the institution will not become a “climate policymaker.”
Powell’s remarks, delivered at a conference hosted by Sweden’s central bank, follow calls from some Democrats for the Fed to play a more active role in addressing climate change and ensuring the country’s financial system is prepared for climate-related risks.

Powell has reinterred that climate change is not a main consideration for the Fed when developing monetary policy, noting that climate-related issues are more for the federal government than for his institution.
“Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public’s will as expressed through elections,” Powell said on Tuesday.
“Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals,” Powell said. “We are not, and will not be, a ‘climate policymaker.'”

More from CNBC Climate:

In recent years, the Fed has tiptoed into addressing climate change, including creating of two internal committees focusing on the issue. It’s also joined the Network for Greening the Financial System, a group of global central banks aimed at addressing the systemic risk climate change poses to the financial sector.
But Powell on Tuesday said the Fed’s regulatory powers give it a “narrow” role to ensure financial institutions “appropriately manage” climate-related risks. He added the Fed should “not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities.”

And while the Fed has requested big banks to examine their financial readiness in the event of climate-related disasters, Powell said this is as involved as the institution should be in addressing climate-related issues.
“The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change,” Powell said.
The Fed is set to launch a pilot program this year for six of the country’s largest banks to take part in a climate scenario analysis exercise that would examine the firms’ ability to manage major climate events.
— CNBC’s Jeff Cox contributed reporting

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House Republicans on Monday night voted to slash funding for the IRS, following a pledge to repeal the nearly $80 billion approved by Congress last year.
However, the measure doesn’t have the support to pass in the Democratic-controlled Senate, and the White House has already opposed the bill.

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023.
Jon Cherry | Reuters

House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.   
Passing along party lines, the bill would rescind tens of billions allocated to the agency over the next decade through the Inflation Reduction Act passed in August.

The measure doesn’t have the support to pass in the Democratic-controlled Senate, and the White House opposed the bill in a statement released Monday.
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“It’s not going to become law, but it makes a very strong political statement,” said Mark Everson, a former IRS commissioner and current vice chairman at Alliantgroup, noting that the partisan IRS divide isn’t good for the agency’s “long-term stability.”
The bill comes less than two weeks after Democratic members of the House Ways and Means Committee released six years of former President Donald Trump’s tax returns, angering many Republican lawmakers.
Known as the Family and Small Business Taxpayer Protection Act, the new House Republican measure would increase the budget deficit by more than $114 billion through 2032, according to the Congressional Budget Office.

IRS funding has face ongoing scrutiny

Treasury Secretary Janet Yellen in August outlined priorities for the new IRS funding — including plans to clear the backlog of unprocessed tax returns, improve customer service, overhaul technology and hire more workers.
However, the House Republican bill underscores the party’s continued pushback against President Joe Biden’s agenda, including more funding for the IRS. The agency is expected to deliver the funding plan in February per Yellen’s request.
The agency is also preparing for a new commissioner, expected to be Danny Werfel, who served President Barack Obama and President George W. Bush as the IRS acting commissioner and Office of Management and Budget controller. 

Winning the nomination to serve as House Ways and Means Committee chairman on Monday, Rep. Jason Smith, R-Mo., said in a statement that the new IRS commissioner should “plan to spend a lot of time” before the committee answering questions.
While the success or challenges of the upcoming tax-filing season may shape future discussions, the agency still has issues to address, Everson said.
“I hope that after the dust settles on this, both sides take a step back, and can find some way to work cooperatively and make improvements to the tax administration, which are sorely needed,” he added.

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