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    Pfizer asks FDA to authorize third Covid vaccine shot for children 5 to 11 years old

    The application comes after Pfizer released data earlier this month from a small lab study of blood samples from 30 kids in the age group.
    The results showed a 36-fold increase in antibody levels against the omicron variant after a third dose compared with two doses of the vaccine.
    Only about 28% of children ages 5 to 11 had received their primary series of two doses as of April, according to CDC data.

    Dr. Sandra Hughes prepares to administer a first dose of the Pfizer-BioNTech coronavirus vaccine (COVID-19) to Elise Langevina, 6, in Storrs, Connecticut, U.S., November 3, 2021.
    Michelle McLoughlin | Reuters

    Pfizer and BioNTech on Tuesday asked the Food and Drug Administration to authorize a third dose of its Covid vaccine for children ages 5 to 11.
    The application comes after Pfizer released data earlier this month from a small lab study of blood samples from 30 kids in the age group, which showed a 36-fold increase in antibody levels against the omicron variant after a third dose compared with two doses of the vaccine.

    The booster shot is a 10-microgram dose, the same level as the primary vaccination series for the age group. The third shot did not demonstrate any new safety concerns in the trial, according to Pfizer.
    Only about 28% of children ages 5 to 11 had received their primary series of two doses as of April, according to CDC data.
    The FDA in January authorized Pfizer booster doses for teenagers 12 to 15 years old as the omicron variant swept the nation. The protection the vaccines provide against infection has declined over time, particularly in the context of omicron, which is adept at evading the antibodies that block the virus from infecting human cells. However, the vaccines are still providing strong protection against severe illness.
    It’s unclear whether the FDA’s advisory committee will meet to discuss the data and make a recommendation. The FDA did not call meetings of the outside expert panel before authorizing third shots for kids ages 12 to 15 in January and fourth shots for people ages 50 and older last month.
    Members of the FDA panel as well as the Centers for Disease Control and Prevention’s advisory committee have criticized the agencies for repeatedly moving forward with expanded booster eligibility without consulting them. Several experts on the CDC committee, in a public meeting last week, said trying to stop infections with the current vaccines is an unachievable goal. The CDC committee members largely agreed that public health authorities should tell the public more clearly that the goal of the vaccines is to prevent severe illness, which the shots have largely achieved.
    Pfizer is also seeking FDA authorization for its three-shot vaccine for children under 5 years old, the only age group left in the U.S. that is not eligible for vaccination. CEO Albert Bourla, in a podcast interview last week, said he hopes the vaccine for that age group will receive authorization in June. The shots for the youngest kids have a much smaller, 3-microgram dosage level.

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    Luxury EV maker Lucid scores order from Saudi government for up to 100,000 vehicles

    Saudi Arabia, a major investor in Lucid, has agreed to buy up to 100,000 Lucid EVs over the next 10 years.
    The deal is for at least 50,000 vehicles over that time, with Saudi Arabia’s Ministry of Finance having an option to purchase up to 50,000 more.
    Deliveries will begin next year, the company said.

    With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan.
    Lucid Motors

    Lucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years.
    Saudi Arabia’s public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.

    Lucid’s shares were up more than 5% in after-hours trading following the news.
    Saudi Arabia’s Ministry of Finance has agreed to buy at least 50,000 of its vehicles over the next 10 years, with an option to buy an additional 50,000 over the same period, Lucid said.
    The purchases will include vehicles built at Lucid’s existing factory in Arizona as well as a new factory it plans to build in Saudi Arabia, and will be a mix of Air sedans and upcoming new models.
    Saudi Arabia’s initial orders will be modest, between 1,000 and 2,000 vehicles per year starting in 2023. Deliveries to the oil-rich kingdom will increase to between 4,000 and 7,000 per year starting in 2025, Lucid said.
    Supply-chain challenges have hampered Lucid’s efforts to ramp up production at its Arizona factory. The company in February slashed its 2022 production guidance, saying it expects to build just 12,000 to 14,000 vehicles this year, down from the 20,000 it had previously forecast.

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    Cramer's lightning round: Fluor is not a buy

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    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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    Fluor Corp: “Under no circumstance do you want to buy Fluor. That business is way too hard.”

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    Tilray Brands Inc: “Until we get federal legislation [legalizing cannabis], period, these stocks are impossible to own.”

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    Veru Inc: “We need to see a little bit more. … It could be a very big drug.”

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    A divergence in consumer surveys adds to recession worries for America

    AMERICANS HAVE much to like and much to dislike about the economy these days. Thanks to a red-hot labour market, it is unusually easy both to find work and negotiate a pay increase. At the same time, rising prices have taken a bite out of their earnings once adjusted for inflation. To get a handle on how people perceive these opposing trends, analysts can look at surveys that measure consumers’ sentiment about the economy. There is, however, a problem at the moment. Like the contradictory trends, the two main surveys are presenting different pictures.The first is a survey of consumers by the University of Michigan. Started in 1946, it is respected as a leading indicator of whether Americans are planning to spend money or tighten their belts. As such, it is looking grim. The preliminary reading for April was near its lowest point in more than a decade. Crucially, the index is 26% lower than its level a year earlier. Falls this sharp are often associated with recessions.The other survey is the Conference Board’s gauge of consumer confidence. Established in 1967, it is an equally respected snapshot of the American consumer. And it is markedly more upbeat. A sub-index measuring what consumers think about the present situation is near its highest level since the start of the pandemic, though a separate sub-index measuring their expectations is far more subdued.The divergence between the two surveys can largely be explained by their different focuses. Both consist of five questions but of a very different kind. Two of the questions in the Michigan survey ask respondents about their personal finances and one asks whether they think it a good time to make a big household purchase, such as a television. These questions are likely to pick up current concerns about inflation. The Michigan survey asks nothing about personal job prospects. By contrast, two of the five questions in the Conference Board survey are specifically about employment conditions. Its survey is, in other words, calibrated to pick up the current optimism about the labour market.Unfortunately for the American economy, the rosier Conference Board survey does not simply cancel out the gloomier Michigan alternative. Such a big divergence is itself a signal. Economists at Deutsche Bank say that compared with the Michigan survey, the Conference Board measure tends to be dominated by lagging indicators that perform well late in the cycle, making the spread between the current-conditions gauge in the two surveys their favourite indicator of cyclical consumer sentiment. It is flashing red today, with the gap close to its widest in more than half a century. At such a level, it signals that the probability of a recession is around 50% over the next year—roughly twice as high as many economists currently estimate. Whatever the true figure is, it seems clear that consumers are feeling a pinch from inflation and are increasingly anxious about the near future, despite benefiting from a strong jobs market today. Economists look at many other leading indicators beyond surveys of consumers, of course. Financial conditions, particularly the shrinking gap between yields on long-dated Treasuries and shorter-term bonds, are another portent of slower growth. Orders for durable goods, by contrast, point to resilience. Ultimately, all these indicators confirm what is all too evident from historical precedents for such a hot economy: that the Fed will need ample skill and good fortune if it is to tame price pressures without inducing a recession. For more expert analysis of the biggest stories in economics, business and markets, sign up to Money Talks, our weekly newsletter. More

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    Russia cuts off gas to two European countries. Who’s next?

    NOT LONG ago it seemed that the game of energy poker played by Europe and Russia, though dangerous, was under control. Oil and gas was one of the few sectors Europe had not targeted with sanctions. Russia had kept supplies flowing. Yes, Europe was mulling a ban on energy imports, and Russia demanded in late March that “unfriendly” countries pay for their next gas deliveries in roubles (rather than euros or dollars), or be cut off. But each side thought the other lacked the guts to go all in. After all, Europe imports 40% of its gas from Russia, which in turn makes €400m ($422m) a day from its sales.On April 27th, however, Russia upped the ante. Gazprom, a state-owned energy giant, stopped sending gas to Bulgaria and Poland after they missed the deadlines that Russia had set for paying in roubles. The EU is scrambling to respond; European gas prices jumped by a fifth on the news (though they have since fallen a little).The immediate effect of Russia’s latest move, which the EU has previously described as being a breach of contract, is limited in scope. Poland’s imports, of 10 billion cubic metres (bcm) a year, and Bulgaria’s, of 3 bcm, together account for just 8% of total EU imports (see chart). Poland’s contract with Russia was due to expire in December anyway, so the revenue Russia loses from breaching it is small. And although Bulgaria and Poland both relied on Russia for most of their gas imports, they may be able to cope without, says Xi Nan of Rystad Energy, a consultancy. Poland should start receiving gas from Norway in October. Nearby regasification terminals could help it import more liquefied natural gas (LNG). Bulgaria is due to start importing Azeri gas via Greece later this year.Exactly who might be cut off next is not clear. Russia’s deadlines for paying in roubles partly reflect the details of contracts that are not public. But sources canvassed by The Economist think they will fall due in May. The stakes are high. It is not that Europe needs the gas now: as temperatures rise, consumption is ebbing. But the bloc’s stocks are only at 33% of storage capacity. The European Commission has urged member states to ensure that their facilities are 80% full by November, implying a spike in demand to come.Still, if Russia were to cut off big importers, it would deprive itself of some of the cash it needs to fund a costly and protracted war. So who will fold first? Most European buyers have already ruled out paying directly in roubles. But Moscow is offering a compromise. Importers would open two accounts with Gazprombank (which is not under sanctions). They would pay euros into the first one, ask the bank to convert the sum into roubles and then deposit the money into the second account, which would be wired to Gazprom.Many European countries dislike the plan, which would look as though they were giving in to Russian bullying and risks creating legal headaches. They will fall into three groups. One, which includes Belgium, Britain and Spain, imports little or no gas directly from Russia, and may refuse to compromise. Another group includes big buyers such as Germany and Italy, which will struggle to replace imports quickly; they may take the deal. A third set of waverers includes countries that are only partially dependent on Russia, and may also have contracts that are soon to expire.Even this scenario would create uncertainty: one country being cut off could have knock-on effects on others, for instance if gas transits through it to other places. Nor is it clear who will take the Russian compromise, or whether Russia might eventually turn the taps off anyway.If Germany, say, were cut off, gas markets would go haywire. European gas prices are already six times higher than they were a year ago. They would soar to new highs, luring more LNG from the rest of the world and causing prices elsewhere to rise in turn. Jack Sharples of the Oxford Institute for Energy Studies, a think-tank, reckons a full shutdown of Russian gas to Europe may well cause a global recession. Russia’s game of poker is getting scarier—and those losing their shirts may well include bystanders, too. Read more of our recent coverage of the Ukraine crisis More

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    Chipotle staffing back at pre-pandemic levels, company is exploring automation, CEO says

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    Chipotle Mexican Grill CEO Brian Niccol told CNBC’s Jim Cramer on Tuesday that the company’s staffing levels are back where they were before the Covid-19 pandemic.
    “Our staffing is actually at levels pre-pandemic and frankly, our turnover is probably the best it’s been in, I don’t know, a couple years, especially at the manager level,” Niccol said in an interview on “Mad Money.”

    Chipotle Mexican Grill CEO Brian Niccol told CNBC’s Jim Cramer on Tuesday that the company’s staffing levels are back where they were before the Covid-19 pandemic.
    “Our staffing is actually at levels pre-pandemic and frankly, our turnover is probably the best it’s been in, I don’t know, a couple years, especially at the manager level,” Niccol said in an interview on “Mad Money.”

    Chipotle reported better-than expected earnings and revenue on Tuesday, according to Refinitiv, but saw higher costs related to labor.
    The CEO’s comments come as employers have struggled to hire and retain a full staff as roaring inflation, unemployment benefits and Covid safety concerns have kept potential employees out of the workforce during the pandemic.
    The March jobs report revealed that the U.S. economy added slightly fewer jobs than expected last month, with a 3.6% unemployment rate.
    Chipotle used a host of tactics in an attempt to entice applicants last year, including increasing wages, introducing referral bonuses and recruiting on TikTok.
    Niccol said that the company also views automating the more unsavory parts of work as beneficial to retaining workers. Chipotle said last month that it is working with Miso Robotics to customize a device, “Chippy,” to cook and season the burrito maker’s signature tortilla chips.

    “We’re looking for additional ways to [automate]. How do we eliminate dishwashing? How do we cut and core avocados? Our guys love mashing the avocados into guacamole, so we’re not looking to replace that,” Niccol said.
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    WHO says weekly Covid deaths have dropped to lowest level since March 2020

    Global coronavirus deaths have fallen to their lowest level since March 2020, the World Health Organization said.
    WHO Director-General Tedros Adhanom Ghebreyesus said several countries have also reduced their Covid testing, which limits the WHO’s ability to track the virus’ effects and its evolution.
    Global cases have fallen overall, but Europe and China have seen recent spikes in infections.

    A woman and child look at the “Naming the Lost Memorials,” as the U.S. deaths from the coronavirus disease (COVID-19) are expected to surpass 600,000, at The Green-Wood Cemetery in Brooklyn, New York, U.S., June 10, 2021.
    Brendan McDermid | Reuters

    The World Health Organization on Tuesday said weekly new Covid deaths have fallen to the lowest level since March 2020, but warned a global decline in testing for the virus could hinder its efforts to fight the pandemic.
    The world recorded 15,668 new deaths in the last seven days, with Europe and the Americas representing a bulk of that number, according to WHO data. The figure dropped from more than 18,000 new deaths reported during the week that ended on April 17, the WHO’s latest epidemiological report said.

    Both new deaths and cases recorded worldwide have declined since late March, the report said.
    The decline in deaths is good news that “we must welcome with some caution,” WHO Director-General Tedros Adhanom Ghebreyesus told reporters at a press briefing. He warned that several countries have reduced Covid testing, which limits the WHO’s ability to track the virus’ effects and patterns of transmission and evolution.
    “This virus won’t go away just because countries stopped looking for it. It’s still spreading, it’s still changing, and it’s still killing,” Tedros said. “Although deaths are declining, we still don’t understand the long-term consequences of infection in those who survive. When it comes to a deadly virus, ignorance is not bliss.”
    He said the WHO calls on all countries to maintain Covid surveillance systems, which include testing and genome sequencing.
    Covid testing rates worldwide have plummeted by 70% to 90% in the last four months, said Dr. Bill Rodriguez, CEO of global diagnostics nonprofit FIND.

    Rodriguez, who was a guest expert at the briefing, said the decline in testing undermines the world’s ability to treat Covid with new therapeutics.
    Pfizer’s Paxlovid, for instance, is an oral antiviral treatment that requires “prompt and accurate testing” before administration, which is recommended within five days of when symptoms start, according to Tedros. He said testing is one of several challenges that limit the effect of the treatment that is otherwise easy to administer and can prevent hospitalizations.
    Maria Van Kerkhove, WHO’s technical lead on Covid-19, also said the global decline in testing gives her “little confidence in the number of cases being reported around the world.”
    “The sheer fact that we have had massive changes in testing strategies and huge reductions in the numbers of tests being used around the world, we have very little confidence in what we are actually seeing,” Van Kerkhove said.
    The world reported over 4 million new cases in the last seven days, according to WHO data. That number is down from the more than 5 million new cases reported worldwide during the week that ended on April 17, the WHO’s latest epidemiological report said.
    Van Kerkhove said the lack of testing limits the world’s ability to monitor newer variants of concern, particularly sublineages of the omicron variant.
    The more contagious omicron BA.2 subvariant is now the dominant strain worldwide and has fueled new Covid surges in Europe and China, which is battling its worst outbreak since 2020.
    BA.2 is also rapidly spreading across the U.S., representing 68.1% of all cases circulating in the country during the week that ended on April 23, according to data from the Centers for Disease Control and Prevention. Another subvariant, BA.2.12.1, is gaining traction in the U.S. as well, making up 28.7% of new cases, CDC data said.
    “The uncertainty that we have about the next variant will remain a significant cause of concern for us because we need to plan for many different types of scenarios,” Van Kerkhove said.
    — CNBC’s Spencer Kimball contributed to this report
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    Stock futures are mixed as investors consider Tuesday’s sharp losses, earnings reports

    U.S. stock futures were mixed on Tuesday night after the major averages continued their April sell-off amid concerns of an economic slowdown, and Wall Street considered earnings that came in after the bell.
    Dow Jones Industrial Average futures rose 65 points, or 0.2%. S&P 500 futures were flat. Nasdaq 100 futures declined 0.3%.

    Major tech stocks continued their declines in after hours trading. Alphabet’s stock price dropped more than 4% after the company reported earnings. Shares for Meta Platform, which is reporting earnings on Wednesday, dropped 4%.
    Meanwhile, shares of Robinhood also dropped more than 5% in extended trading after the retail brokerage said it is cutting back on staff. The company cited “duplicate roles and job functions” after its rapid expansion last year.
    Earlier in the day, the tech-heavy Nasdaq Composite dropped further into bear market territory, losing 3.95% and hitting a fresh 52-week low. The index is now sitting now roughly 23% off its high. The Dow Jones Industrial Average shed 809.28 points, or 2.4%. The S&P 500 lost 2.8%.
    In April, the S&P 500 is down 7.8%, the Nasdaq lost 12.2%, and the Dow has declined 4.2%.

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    Those moves came as fears of a global economic slowdown spurred investors to ditch tech stocks ahead of their quarterly results.

    “It’s a high volatility, low volume market that’s concerned about two things,” said Art Hogan, chief market strategist at National Securities. “One is, you know, Federal Reserve policy, and the other is the China lock downs and how long they last.”
    Facebook parent Meta is set to report earnings on Wednesday, with Apple and Amazon reporting earnings on Thursday. T-Mobile, Boeing, PayPal and Ford are also reporting earnings on Wednesday.
    On the economic front, investors will be watching for the latest data on weekly mortgage applications, international trade and pending home sales.

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