Raphael Stevens

WWE confirmed that former CEO Vince McMahon will return to the company’s board.
As controlling shareholder, McMahon has held majority voting power over the organization even after he stepped down in the wake of a sexual misconduct scandal.
The company plans to review “strategic alternatives” including a potential sale.

World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.
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World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon will be reinstated to the company’s board.
The company’s stock spiked 17% to more than $84 a share on the news of McMahon’s comeback.

“Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board,” WWE executives said in a Friday press release.
The Board’s confirmation follows McMahon’s own announcement on Thursday that he intended to reinstate himself as executive chairman and launch an effort to sell the company. He also said he would bring back former co-presidents Michelle Wilson and George Barrios as board directors.

Three current board members, JoEllen Lyons Dillon, Jeffrey Speed and Alan M. Wexler, were removed from their positions. Two additional directors, Ignace Lahoud and Man Jit Singh, resigned from the board, effective Friday.
McMahon initially stepped down as CEO after an investigation found that he had paid nearly $15 million to four women over 16 years to quiet claims of sexual misconduct.
Even during his leave, McMahon maintained control over the company as a majority shareholder. In a November regulatory filing, WWE said, “Mr. McMahon can effectively exercise control over our affairs.”

McMahon saw a need to return to his board position as the company faces negotiations over media rights and strategic initiatives moving forward, according to The Wall Street Journal. WWE has been spotted as a target for acquisition recently.
Analysts at MKM Partners, which has a buy rating on the stock, said in a note Friday that “an immediate exploration of a sale for WWE makes a lot of sense.”
WWE confirmed Friday it would review “strategic alternatives,” but said, “There is no assurance that this process will result in a transaction.”
Shares of the company are up more than 70% in the last 12 months. The stock trades with a market capitalization of more than $6 billion. WWE is expected to report its fourth-quarter earnings on Feb. 2.

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McDonald’s is planning job cuts and a reorganization as the company refocuses its priorities to accelerate restaurant expansion.
The company will be deprioritizing and halting certain initiatives, according to a company-wide memo from CEO Chris Kempczinski viewed by CNBC.
Kempczinski also announced a handful of internal promotions.

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McDonald’s is planning job cuts and a reorganization as the company refocuses its priorities to accelerate restaurant expansion, CEO Chris Kempczinski told employees Friday.
The fast-food giant said the job cuts aren’t a cost-cutting measure but are instead intended to help the company innovate faster and work more efficiently. As part of the reorganization, the company will be deprioritizing and halting certain initiatives, according to a company-wide memo from Kempczinski. It’s unclear what those projects are.

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“Today, we’re divided into silos with a center, segments, and markets,” Kempczinski wrote. “This approach is outdated and self-limiting – we are trying to solve the same problems multiple times, aren’t always sharing ideas and can be slow to innovate.”
Currently, McDonald’s organization is divided into three segments: the U.S., international operated markets and international developmental licensed markets. The company operates in 119 markets across the world.
Additionally, McDonald’s said Friday it will speed up its development plans for new restaurants.
“We must accelerate the pace of our restaurant openings to fully capture the increased demand we’ve driven over the past few years,” Kempczinski said in the memo.
McDonald’s hadn’t previously released a forecast for how many new restaurants it plans to build in 2023, but the company said in November that new units would contribute about 1.5% to system-wide sales growth in 2022.

The company has not decided how many new restaurants it will build yet nor how many jobs will be eliminated as part of the reorganization. Kempczinski said that the company will finalize and begin to communicate decisions on the layoffs by April 3.
Kempczinski also announced a handful of internal promotions, effective Feb. 1, to help the company carry out its new strategy. Global Chief Marketing Officer Morgan Flatley will also oversee new business ventures. Skye Anderson will move from McDonald’s U.S. west zone to global business services. Andrew Gregory’s role as global franchising officer will also include leading global development, and Spero Droulias will transition from senior vice president of finance to the company’s chief transformation officer.
Shares of McDonald’s closed up more than 2% on Friday. The company is expected to report its fourth-quarter earnings on Jan. 31.

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The FDA’s decision comes after clinical trial results indicated that lecanemab slows cognitive decline somewhat in people with mild impairment from Alzheimer’s.
But Biogen and Eisai’s monoclonal antibody treatment also carries risks of brain swelling and bleeding.
Eisai, which led the development of lecanemab, is pricing the treatment at $26,500 per year in the U.S

MRI image of brain showing area of Alzheimer patient.
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The Food and Drug Administration on Friday granted accelerated approval for the Alzheimer’s drug lecanemab, the second treatment from Biogen and its Japanese partner Eisai to receive an early green light in less than two years.
The FDA’s approval comes after clinical trial results published in November indicated that lecanemab slows cognitive decline somewhat in people with mild impairment due to Alzheimer’s disease, but the treatment also carries risks of brain swelling and bleeding.

Eisai, which led the development of lecanemab, is pricing the treatment at $26,500 per year in the U.S. It will be sold under the name Leqembi.

The FDA can accelerate approval of a drug to quickly bring it to market if it’s expected to help patients suffering from serious conditions more than what is currently available. Biogen and Eisai applied for accelerated approval in July.
“Alzheimer’s disease immeasurably incapacitates the lives of those who suffer from it and has devastating effects on their loved ones,” said Dr. Billy Dunn, director of the FDA’s neuroscience division, in a statement. “This treatment option is the latest therapy to target and affect the underlying disease process of Alzheimer’s, instead of only treating the symptoms of the disease.”
More than 6.5 million people in the U.S. suffer from Alzheimer’s. The irreversible disease destroys memory, thinking skills, and eventually the ability to carry out simple tasks.
The decision on lecanameb comes after Congress issued a scathing report last week about how the FDA handled the controversial approval of another Alzheimer’s drug developed by Biogen and Eisai, called Aduhelm. The 2021 approval of that treatment, which experts said did not show a clear clinical benefit, was “rife with irregularities,” according to the report.

The congressional report said the “FDA must take swift action to ensure that its processes for reviewing future Alzheimer’s disease treatments do not lead to the same doubts about the integrity of FDA’s review.”

Modestly slows disease

Lecanemab is a monoclonal antibody that targets a protein called amyloid which builds up on the brain in people with Alzheimer’s. The antibody is administered intravenously every two weeks in doses determined by a patient’s body weight with 10 milligrams given per kilogram.
The FDA approved lecanemab based on the reduction of amyloid plaque observed in clinical trial participants who received the treatment, according to a statement from the agency. Participants who did not receive the treatment, the placebo arm, had no reduction in amyloid plaque.
The clinical trial results, published in the New England Journal of Medicine, found that cognitive decline was 27% slower over 18 months in people who received lecanemab compared with those who did not receive the treatment. The study was funded by Biogen and Eisai.
Cognitive decline was measured using a system called the clinical dementia rating, which is an 18-point scale with a higher score indicating a greater level of impairment. It measures cognitive functions such as memory, judgement and problem solving.
Alzheimer’s disease progressed 1.21 points on average in the group that received lecanemab compared with 1.66 points in the group that did not receive the treatment, a modest difference of 0.45 points.
Nearly 1,800 people ages 50 to 90 years old with early Alzheimer’s participated in the trial, about half of whom received lecanemab and half of whom did not.

Safety concerns

Though lecanemab may slow cognitive decline somewhat, the treatment also carries risks.
Nearly 13% of those who received lecanemab developed brain swelling compared with about 2% in the group that didn’t receive the treatment. However, most of these cases were mild to moderate in severity, did not cause symptoms, and typically resolved within four months.
About 3% of patients who received lecanemab had more serious brain swelling with symptoms that included headache, visual disturbance and confusion.
About 17% of those who received lecanemab had brain bleeding, compared with 9% in the group that did not take the treatment. The most common symptoms associated with the bleeding was dizziness.
Overall, 14% of people who received lecanemab suffered serious adverse events in the clinical trial, compared with 11% of those who did not receive the treatment.
The authors of the study said longer clinical trials were needed to determine the efficacy and safety of lecanemab in patients with early Alzheimer’s disease.
The FDA said the prescribing information for lecanemab will include a warning about a risk of swelling and bleeding, broadly referred to as amyloid-related imaging abnormalities.
The death of a clinical trial participant in the Chicago area could also possibly be linked to lecanemab, according to a research letter published in the New England Journal of Medicine this week.
The 65-year-old suffered a stroke and was hospitalized four days after their third lecanemab infusion. A CT scan performed after the patient’s stroke found extensive bleeding in the brain. An MRI performed 81 days before the stroke had not found any bleeding.
The patient had also received a medication, called t-PA, used to break apart blood clots that cause strokes. But extensive brain bleeding would be an unusual complication of this medication alone, according to the physicians who penned the research letter.
Researchers involved in the lecanemab clinical trial, in a response letter, argued that the blood clot medication appeared to be the immediate cause of the patient’s death, with the first symptoms occurring 8 minutes after they received an infusion of the blood-clot buster.

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We’re selling 40 shares of Estee Lauder (EL) at roughly $267.33 apiece. Following Friday’s trade, Jim Cramer’s Charitable Trust will own 250 shares of Estee Lauder, decreasing its weighting in the portfolio to about 2.37% from 2.74%. We’re taking a big win in Estee Lauder Friday, locking in a gain of about 18% on stock we purchased in late September of 2022 . We’re also downgrading our rating on EL to a 2 , meaning we would wait for a pullback before buying again. Shares of this leader in prestige beauty have been on an absolute tear since the beginning of November, rallying from the high $180s to the high $260s today. This was a move of about 42%, compared to the S & P 500 ‘s gain of roughly 4% during the same period. Estee Lauder has been such a strong outperformer lately due to continued optimism around China abandoning its zero-Covid policy and reopening its economy . We have repeatedly said Estee Lauder is one of the best ways to play the China reopening because the country represents about a third of the company’s total business. As Beijing continues to loosen Covid-19 restrictions, travel in China is set to boom. That’s big for EL because the travel retail market and duty-free channels are significant growth opportunities for the company. Although our thesis on EL still holds, we’re starting to feel a little greedy about the stock’s move, a theme we touched on during Friday’s “Homestretch.” We believe it’s disciplined to lock in some profits here, especially with the stock’s next 12 month’s price-to-earnings multiple now stretched to 47-times, given we’re generally averse to high-multiple stocks in this high-interest rate environment. (Jim Cramer’s Charitable Trust is long EL. 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.

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While there are higher 401(k) contribution limits for 2023, you shouldn’t skip building an emergency fund just to max out your retirement plan, experts say. 
If your rainy day fund is short, experts suggest contributing enough to your 401(k) to get the full company match and then diverting money into savings.

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It’s not easy to prioritize financial goals, especially when choosing between two essentials in an unsteady economy: saving for retirement or building your emergency fund. 
While there are higher 401(k) contribution limits for 2023, you shouldn’t skip rainy day savings to max out your retirement plan, experts say. 

Indeed, more than half of savers are prioritizing short-term financial goals in 2023, including emergency savings, according to a recent study from Fidelity Investments. And a recent Personal Capital survey found building an emergency fund is a top priority for 2023.
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“It’s always a balance,” said certified financial planner Catherine Valega, founder of Green Bee Advisory in Boston. While maxing out your 401(k) should be the goal, your emergency savings is also important, she said.
Leslie Beck, a Rutherford, New Jersey-based CFP and owner of Compass Wealth Management, said she has a “rule of thumb” for how to decide between retirement and emergency savings.
She always recommends contributing enough money to your 401(k) to get the full company match. Then, if your emergency savings are short after that, you should “definitely” divert the funds, she said.

How to know if your emergency savings is enough

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If you’re single, Beck suggests keeping “close to a year’s worth of essential expenses” to cover necessities such as your home, food and utilities. 
“You should have a year’s worth [of essential expenses] in case there’s a downturn in the employment market, which we may or may not be heading into,” she said, noting that it often takes longer than expected to find a job after a layoff, especially for higher-compensated employees.
However, her recommendation changes for dual-earning couples. “I cut that back to six months, maybe even three months, depending on what industry you’re employed in,” she said. 

And there may be some flexibility if you have access to a home equity line of credit, which may be another source of cash for emergency expenses, Beck said. But you need to be “very judicious” when tapping equity because borrowing after a job loss can put your home at risk, she said.
Valega suggests an emergency fund of 12 to 18 months of expenses, admitting that she’s “more conservative than most,” but says the exact number depends on your career sector and personal preference. For example, she may encourage clients in tech to set aside more than heath-care workers.

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Whether it’s an inheritance, sale of a property, bonus or even a tax refund, there are many ways to end up with a windfall apart from winning the lottery.
In every case, there are certain steps you can take to make the most of it.

The odds of winning the Mega Millions jackpot, which is now $940 million, is 1 in more than 300 million. While very few will experience that kind of windfall in their lifetime, the lottery isn’t the only chance to come into sudden wealth.
Whether it’s an inheritance, sale of a property, bonus or even a tax refund, there are other ways to receive an unexpected sum in a lifetime.

“It’s common enough,” said Daniel Scott Johnson, an investment advisor and founder of Windfall Advisors in Los Angeles.
In every case, there are certain steps you can take to make the most of it.
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“Money can be a taboo subject in a lot of families, which means it rarely gets discussed,” said Ajaie Albert, communications director of Lotto N Crowd, an online lottery service. As a result, many people don’t “have a firm understanding of how money can work for you.”
“Throw in any unexpected large sum of money, whether it be from a lotto winning, inheritance or significant bonus at work, and we’ll typically see a few individuals end up worse than where they started,” he added.

To avoid the all-too-familiar pitfalls, start by building an experienced team, including an accountant, financial advisor and an attorney to protect the money and your best interests.
Then, “do nothing,” Johnson at Windfall Advisors said. “I wouldn’t recommend making any major purchases or changes to their lifestyle until they come up with a financial plan.”
If you don’t already have an investment account, park the funds in a high-yield savings account or money market account, Johnson advised.
“Money markets are a fantastic spot to be in a bear market and they pay a nice rate given all the risk in the market right now.”

Protect, preserve and grow funds — with minimal risk

Work with an advisor to determine your short-term tax liability and long-term goals, Johnson said.
The ultimate objective, he added, is to “protect the funds, preserve the funds and try to grow the funds with the least amount of risk.”
Online lottery service Lotto N Crowd also offers these three tips for anyone experiencing sudden wealth.

Create an emergency fund. Most people lack a sufficient emergency fund, and $1,000 or more could go a long way toward covering some of the most common unexpected expenses, such as a car repair or broken appliance. Consider keeping a portion of your cash in a high yield savings account, which will earn interest without sacrificing accessibility. 
Invest in financial literacy. The more you know about the financial services available to you, including banking, insurance and investing, the better off you will be. Get up to speed with the help of a financial advisor so you can make informed decisions on what’s best for yourself and your family. 
Make an action plan. Don’t wait until the money is in hand to try to determine what to do with it. Come up with a plan to put those funds to good use, starting with paying off bills and high-interest debt and limiting impulse purchases, which can easily erode even the biggest balances.

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