Raphael Stevens

Restaurant owners Stephanie Bonin and Keith Arnold were worried in March 2020 that they would be ruined financially.
Faced with the need to shut down their restaurant due to Covid-19, Bonin worried how her staff would survive financially.
She started a Change.org petition for $2,000 monthly stimulus checks that has just crossed 3 million signatures. While the pandemic has evolved, the financial need has stayed constant, she said.

A worker installs U.S. flags as part of a Covid-19 memorial on the National Mall in Washington, D.C., on Jan.18, 2021.
Carlos Barria | Reuters

When the Covid-19 pandemic took hold in March 2020, Stephanie Bonin and her husband, Keith Arnold, co-owners of a Denver restaurant, worried they would face financial disaster.
The crisis prompted them to close Duo Restaurant, which serves farm-to-table contemporary American cuisine.

There was no playbook as to what would happen next, as federal and state aid addressing the pandemic had not yet been implemented.
They temporarily laid off all but three of their 15 employees.
At the time, Bonin knew she and her husband would not get unemployment insurance. While their staff would receive benefits, it would not match their weekly paychecks and tips.
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“Their livelihood was on our shoulders,” Bonin said. “That was what was keeping us up at night.

“How are we going to make sure that they can work?”
Bonin started a Change.org petition calling for $2,000 per month in aid to every American during the pandemic.
Today, that online call to action is still drawing support, having just crossed 3 million signatures. Change.org has put together a video of personal testimonies of people who say they need more federal help.
The milestone comes as a Covid-19 resurgence due to the omicron variant is forcing some small businesses to close and schools to question whether children should attend classes in person. Meanwhile, lawmakers on Capitol Hill are discussing what aid may be implemented — particularly for businesses like restaurants.

Democrats’ Build Back Better proposal has stalled on Capitol Hill. That bill would authorize additional monthly child tax credit payments, though Sen. Joe Manchin, D-W.Va., has called for stricter targeting of that aid.
House Speaker Nancy Pelosi, D-Calif., said in an interview on the CBS program “Face the Nation” this weekend that more help for Americans could be added to an upcoming federal funding bill.
However, Bonin said she is already hearing from supporters of the petition who need more aid now.
That includes people who may have to quit their jobs if their children return to virtual learning, grandparents living on fixed incomes who provide for their grandchildren and people who need the boost to be able to rent apartments.

Tenants and housing activists in Brooklyn, New York, protested in a Bushwick park on July 5.
Erik McGregor | Getty Images

For many, those issues show no signs of letting up.
“Marathon doesn’t even describe it,” Bonin said. “It’s just life.”
Bonin and Arnold recently shut down the Duo Restaurant for a week around Christmas after half of their kitchen staff contracted Covid-19.
While they lost about $30,000 in income for the week, they still paid about $9,000 toward their payroll due to paid leave mandates.
If they are forced to shut down again, the loss in income will put more financial strain on the business. Meanwhile, because their staff has run through all of their sick leave, there are no further mandates for them to get paid.

Bonin and Arnold, who run the restaurant virtually from Brattleboro, Vermont, are also grappling with additional Covid uncertainties as parents to two daughters, ages 9 and 14.
Aid through the Paycheck Protection Program, which they credit with keeping the restaurant in business earlier in the pandemic, is no longer available. Stimulus checks and enhanced federal unemployment benefits dried up last year. This month, the monthly child tax credit payments stopped.
Those uncertainties, and the twists and turns of the pandemic over the last two years, have kept the Change.org petition resonating, Bonin said.
“I think that’s what 3 million people are saying, which is, ‘We just need certainty. We need to have something we can plan on month after month,'” Bonin said.
Correction: Aid through the Paycheck Protection Program is no longer available. An earlier version misstated the name of the program.

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Pfizer CEO Albert Bourla said an omicron vaccine will be ready in March, and the company is already manufacturing doses.
Bourla said the goal is to produce a vaccine that is much better at preventing infection from omicron.

Pfizer CEO Albert Bourla on Monday said a vaccine that targets the omicron variant of Covid will be ready in March, and the company’s already begun manufacturing the doses.
“This vaccine will be ready in March,” Bourla told CNBC’s “Squawk Box.” “We [are] already starting manufacturing some of these quantities at risk.”

Bourla said the vaccine will also target the other variants that are circulating. He said it is still not clear whether or not an omicron vaccine is needed or how it would be used, but Pfizer will have some doses ready since some countries want it ready as soon as possible.
“The hope is that we will achieve something that will have way, way better protection particularly against infections, because the protection against the hospitalizations and the severe disease — it is reasonable right now, with the current vaccines as long as you are having let’s say the third dose,” Bourla said.

CNBC Health & Science

Real-world data from the United Kingdom has shown that Pfizer’s and Moderna’s vaccines are only about 10% effective at preventing symptomatic infection from omicron 20 weeks after the second dose, according to study from the U.K. Health Security Agency. However, the original two doses still provide good protection against severe illness, the study found.
Booster shots are up to 75% effective at preventing symptomatic infection, according to the study.
White House chief medical advisor Dr. Anthony Fauci said in December that there is no need for a booster shot that specifically targets omicron, because the current boosters work well against the variant.

Moderna CEO Stephane Bancel told CNBC earlier Monday the company is working on a booster for this fall that targets omicron and it will enter clinical trials soon. Bancel said demand is high from governments as they prepare regular vaccination against the virus.
Bourla said it’s not clear whether a fourth dose is needed. He said Pfizer will conduct experiments to determine if another dose is necessary.
Israel has made a fourth dose of Pfizer and BioNTech’s vaccine available to people over the age of 60, people with compromised immune systems and health-care workers.
Israel found that a fourth dose of the vaccine increases antibodies that protect against the virus fivefold a week after receiving the shot.

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Moderna CEO Stephane Bancel said the omicron-specific booster will enter clinical trials soon.
“We need to be careful to try to stay ahead of a virus and not behind the virus,” Bancel said.
He said Moderna can supply 2 billion to 3 billion booster doses this year.

Moderna is working on a booster shot that will target the omicron variant of Covid for this fall as nations around the world prepare to distribute annual vaccinations against the virus.
“We are discussing with public health leaders around the world to decide what we think is the best strategy for the potential booster for the fall of 2022. We believe it will contain omicron,” CEO Stephane Bancel told CNBC’s “Squawk Box” on Monday.

Bancel said the omicron-specific booster will enter clinical trials soon, and Moderna is discussing whether the shot needs to contain any other components to fight the virus.
“We need to be careful to try to stay ahead of a virus and not behind the virus,” he said.
Moderna has signed advanced purchase agreements with upfront payments worth $18.5 billion with the United Kingdom, South Korea and Switzerland recently ordering shots for this fall. Bancel said the company can supply 2 billion to 3 billion booster doses this year.
“There are discussions ongoing on a daily basis. We want to be ready with the best product possible for the fall of ’22,” Bancel said.
Real-world data from the United Kingdom has shown that boosters are up to 75% effective at protecting against symptomatic infection from omicron, according to a recent study from the U.K. Health Security Agency.

The original two-dose vaccines from Moderna and Pfizer, on the other hand, are only about 10% effective at preventing symptomatic infection 20 weeks after the second dose, according to the study. However, the original two doses still provide good protection against severe illness.
The world is currently suffering from an unprecedented wave of infection due to omicron, which has dozens of mutations that allow it to avoid the immune protection induced by the original shots. The World Health Organization has said omicron is spreading faster than any other previous variant of the virus.

CNBC Health & Science

The WHO has set a goal of vaccinating 70% of every nation’s population by the middle of this year. The global health body has been critical of wealthy countries rolling out broad booster campaigns, urging world leaders to focus on making sure as many people as possible around the globe, particularly in low-income nations, have received the initial shots.
Bancel said the supply of vaccines was constrained for most of 2021 but that is no longer the case. The main challenge now is distribution, or actually getting those shots into people’s arms. He said Moderna had between 50 million and 100 million doses waiting for shipment to low-income countries on any given day in November.
“There’s been a lot of issues on the distribution and deployment of those vaccines,” Bancel said.
The Moderna CEO said the African Union decided to turn down 60 million doses the company reserved for the continent for the second quarter.
“The reason for that is between the COVAX orders, the donations from Europe, the donations from China, the donations from the U.S. government. They have way more vaccine that they need to get to the 70% vaccination rates in those countries,” Bancel said.
COVAX is an international initiative led by the WHO and the Coalition for Epidemic Preparedness Innovations to speed up the manufacture and development of Covid vaccines and guarantee equal access for countries around the world.

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Johnson & Johnson announced in November that it plans to spin off its consumer business into a new publicly traded company by November 2023.
The news didn’t surprise Wall Street.

“The analyst community has been talking about splitting up J&J for years,” said Jared Holz, health-care equity strategist at Oppenheimer. “The timing situation is critical, just because people have been very curious or intrigued as to why now.”
Johnson & Johnson is the biggest pharmaceutical company in the United States based on market cap. It was ranked 36th on the 2021 Fortune 500 List of the largest U.S. corporations based on total revenue. The company has experienced dividend growth for nearly 60 years and has consistently outperformed the S&P 500 for the past 25 years.
“What the market is saying is that companies should focus on their core competencies and let us diversify,” said Louise Chen, managing director at Cantor Fitzgerald. “We’ve already seen several examples of large pharma separating out noncore assets.”
So far, investors’ reaction to the spinoff has been mild, with the stock moving only modestly higher on the news in November.
“There are some risks to this execution from separating out the consumer business,” Chen said. “I think investors aren’t fully convinced yet of the standalone earnings potential of both companies.”

There are other potential headwinds to the split. The company has been dealing with numerous legal challenges over the past several years, many of which are ongoing and could result in as-yet-unknown fines and settlements.
Watch the video above to learn why Johnson & Johnson is splitting up and what risks may be heading its way.

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The 34-year-old Serbian national and world number one was detained in an immigration facility last week after arriving in Melbourne ahead of the Australian Open.
Djokovic, a vocal vaccine skeptic, had his visa revoked and passport confiscated after customs officials decided he did not have sufficient medical justification for a vaccine exemption.
The saga may not be over yet — Australia’s immigration minister can still personally step in and cancel his visa regardless on new grounds.

Novak Djokovic of Serbia celebrates winning against Marin Cilic of Croatia in match 2 of the Davis Cup Semi Final at Madrid Arena on December 3, 2021.
Sanjin Strukic | Pixsell | MB Media | Getty Images

Tennis star Novak Djokovic has won his court battle in Australia after his visa was canceled due to his Covid-19 vaccination status ahead of the Australian Open.
Australian Federal Judge Anthony Kelly read out the ruling in an emergency virtual court hearing Monday. “The court will order as follows: Paragraph 1, the decision of the delegate to cancel the applicant’s temporary activity subclass 048 visa made on 6 January 2022, be quashed,” he said.

This means that Djokovic’s visa remains valid. He will be released from detention and will be given back his passport and other belongings confiscated at the time of detention.
Djokovic fans who had gathered outside the hotel where the world tennis champion was detained burst into cheers and patriotic Serbian songs when the news was announced.
Scenes outside Djokovic’s hotel became chaotic when some fans had skirmishes with police, who deployed pepper spray to disperse them after they surrounded a car that they mistakenly believed the tennis star was riding in. Videos on social media showed sidewalks covered in milk, which bystanders had apparently bought at nearby shops to help rinse the stinging chemical from their eyes. Children and reporters were among those hit with the pepper spray, according to local media on the ground.
The 34-year-old Serbian national was detained in an immigration facility last week after arriving in Melbourne ahead of the Australian Open for what officials said violated the country’s strict entry rules that require visitors be vaccinated against Covid.
Djokovic, a vocal vaccine skeptic aiming for a record-breaking 21st Grand Slam title, had his visa revoked and passport confiscated after customs officials decided he did not have sufficient medical justification for a vaccine exemption.

Supporters of Serbian tennis player Novak Djokovic rally outside the Park Hotel, where the star athlete is believed to be held while he stays in Australia, in Melbourne, Australia, January 6, 2022.
Loren Elliott | Reuters

Judge Kelly made points in Djokovic’s defense Monday, demanding to know what more the athlete could have done to meet Australia’s entry requirements. The government on Monday acknowledged that it did not give Djokovic and his team sufficient time to react after informing him of his visa cancellation.
But the saga is not over — Australia’s immigration minister can still personally step in and cancel his visa regardless on new grounds. If the minister, Alex Hawke, decides to take that action, Djokovic could be facing a renewed court fight and potentially up to a three-year ban on playing tennis in Australia.
A spokesman for Hawke said Monday that “it remains within immigration minister Hawke’s discretion to consider cancelling Mr Djokovic’s visa under his personal power of cancellation within section 133C(3) of the Migration Act. The minister is currently considering the matter and the process remains ongoing.”
Djokovic’s team of lawyers argued in a court filing Saturday that the tennis player’s contraction of Covid-19 — for which he tested positive on Dec. 16 — served as a sufficient vaccine exemption. But controversy followed when observers pointed out photos taken on Dec. 17 with Djokovic and several Serbian youth tennis players, unmasked and indoors. It is not clear whether Djokovic or his team knew he was positive for the virus at that time. A medical exemption provided by a doctor was in Djokovic’s visa application, and was previously supported by an independent panel assigned by the Australian state government of Victoria.Judge Kelly pointed to what was apparently a procedural error by Australian authorities: They told Djokovic he would be able to speak and deliberate with his team and Tennis Australia before any action was taken on the visa, but then canceled it and detained him anyway, before he and his team had time to convene.
“The point I’m somewhat agitated about is, what more could this man have done?” Kelly said.
The story has inflamed debate around vaccine requirements and put a spotlight on Australia’s strict Covid measures, which have seen Australians endure some of the longest and strictest lockdowns in the world.
While the case infuriated Djokovic fans in the country and around the world, many in Australia bristled at the idea of a millionaire tennis player being able to flout their country’s laws when no one else had been able to. Australian Prime Minister Scott Morrison came out in criticism of Djokovic, saying that “rules are rules.” But in a stroke of irony, Kelly referred to that very statement in explaining his decision Monday: “We all play by the same rules. The reason why this minister for home affairs in this proceeding has agreed that the delegate’s decision [to cancel the visa] should be set aside is for the reasons set out in the notation. Stated in other terms: those rules were not observed.”

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Lululemon said Monday its fiscal fourth-quarter earnings and sales will likely come in at the low end of previous estimates.
CEO Calvin McDonald said the retailer started the holiday season strong but has since faced consequences of the latest surge in Covid cases in the U.S.
Staffing shortages and reduced store hours are weighing on results, he said.

Pedestrians wearing protective masks walk past a Lululemon store in San Francisco, California, on Monday, March 29, 2021.
David Paul Morris | Bloomberg | Getty Images

Lululemon shares fell in premarket trading on Monday after the retailer said earnings and revenue for its fiscal fourth quarter will likely come in at the low end of estimates due to staffing shortages and shortened store hours as Covid cases once again surge in the U.S.
The stock tumbled around 7% after closing Friday down 3.7% at $355.21.

Lululemon said in a press release it expects fourth-quarter revenue at the low end of its range of $2.125 billion to $2.165 billion. It predicts adjusted earnings per share also toward the low end of its range of $3.25 to $3.32.
Analysts had been looking for adjusted earnings of $3.34 per share on sales of $2.17 billion, according to Refinitiv estimates.
“We started the holiday season in a strong position but have since experienced several consequences of the omicron variant, including increased capacity constraints, more limited staff availability, and reduced operating hours in certain locations,” said Lululemon’s Chief Executive Officer Calvin McDonald.
Many retailers are seeing labor problems worsening as staff become sick or are exposed to Covid-19, with the presence of the highly contagious omicron variant.
Department store operator Macy’s has cut store hours at locations across the country for the rest of this month. While big-box retailer Walmart temporarily closed almost 60 locations in December at coronavirus hot spots. Other employers, including Nike, Athleta and Starbucks, have also trimmed hours at locations where they don’t have enough people to keep them open.
Read the full press release from Lululemon here.

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Crocs said it sees sales in 2021 climbing about 67% from 2020, more than it previously anticipated.
For the fourth quarter, Crocs said it sees sales rising 42%, better than the 36.6% growth that analysts had predicted.
Crocs CEO Andrew Rees said that, “2021 proved to be an exceptional year for the Crocs brand … amidst a challenging global supply chain environment.”

Footwear is offered for sale at a Crocs retail store on July 22, 2021 in Chicago, Illinois.
Scott Olson | Getty Images

Crocs said Monday it sees sales in 2021 climbing about 67% from 2020, more than it previously anticipated.
Crocs had been calling for full-year sales to be up 62% to 65%. Analysts were looking for 65% year-over-year growth, according to Refinitiv estimates.

“2021 proved to be an exceptional year for the Crocs brand … amidst a challenging global supply chain environment,” said Crocs Chief Executive Andrew Rees in a statement
The stock was recently up less than 1% in premarket trading, having closed Friday down 2.3% at $125.70.
For the fourth quarter, Crocs said it sees sales rising 42%, better than the 36.6% growth that analysts had predicted.
And for 2022, the retailer reaffirmed expectations of revenue growth, excluding Hey Dude, to exceed 20%. Analysts are looking for a 32% increase from prior-year levels.
Crocs announced in December it planned to acquire the privately held footwear label Hey Dude for $2.5 billion in a cash-and-stock deal. The transaction is expected to close in the first quarter.
Read the full press release from Crocs here.

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