Raphael Stevens

A key FDA advisory committee on Tuesday recommended a lower dose of Pfizer and BioNTech’s Covid-19 vaccine for children ages 5 to 11.
The vote was nearly unanimous with 17 members backing it and one abstention.
The endorsement was a critical step in getting some 28 million more kids in the U.S. protected against the virus as the delta variant spreads.
The agency doesn’t always follow the advice of its independent committee, but it often does.

A key Food and Drug Administration advisory committee on Tuesday recommended a lower dose of Pfizer and BioNTech’s Covid-19 vaccine for children ages 5 to 11, a critical step in getting some 28 million more kids in the U.S. protected against the virus as the delta variant spreads.
The endorsement by the agency’s Vaccines and Related Biological Products Advisory Committee will now be considered by the FDA, which could issue a final decision within days. The vote was nearly unanimous, with 17 members backing it and one abstention.

The agency doesn’t always follow the advice of its independent committee, but it often does. Next week, a Centers for Disease Control and Prevention vaccine advisory group is expected to make its own recommendation. If it issues an endorsement and CDC Director Dr. Rochelle Walensky signs off, shots for young kids could begin immediately.
The Biden administration said it plans to distribute the doses as soon as it’s authorized by the FDA and CDC, which is expected to come early next month. The administration said it’s procured enough vaccine to inoculate all 28 million 5- to 11-year-olds in the U.S., and will distribute it in smaller dosing and with smaller needles to make it easier for pediatricians and pharmacists to administer to kids.
Many parents say they are anxiously awaiting the vaccine’s authorization with schools now open across the U.S. and the delta variant driving a surge in children’s cases.
Children ages 5 to 11 account for roughly 9% of all reported Covid cases in the U.S., according to data presented to the committee by the FDA on Tuesday. The number of new Covid cases in kids remains exceptionally high, with more than 1.1 million child cases added over the past six weeks, according to the American Academy of Pediatrics.
Still, some parents and advocacy groups argue Covid vaccinations for children are unnecessary as studies show kids are less likely to experience symptoms from the disease even though they get infected at similar rates as adults.

Some committee members said Tuesday that vaccinating younger groups would help the U.S. move toward Covid’s “endemic” phase, where the virus is still circulating but at lower levels than it is now. Others noted there are unknowns, such as the rate of myocarditis in young kids, but still emphasized that the benefits of the shots outweighed the risks. One member wondered whether they should issue a recommendation only for at-risk children.
“We don’t want children to be dying from Covid, even if it is far fewer children than adults, and we don’t want them in the ICU,” member Dr. Amanda Cohn said before the vote.
Prior to the vote, Dr. Peter Marks, the FDA’s top vaccine regulator, asked committee members to keep today’s debate “civil,” saying there were strong feelings on both sides.
“To be clear, today’s discussion is going to be about the scientific data that are presented, and it’s not about vaccine mandates, which are left to other entities outside of FDA,” Marks said at the top of the meeting. “I ask that we keep our discourse today civil and focus on the science related to this issue so that we can get through a productive discussion.”
Pfizer asked the FDA to authorize its vaccine for kids ages 5 to 11 on Oct. 7. The company published data that showed a two-dose regimen of 10 micrograms — a third of the dosage used for teens and adults — is safe and generated a strong immune response in a clinical trial of young children. It said the shots were well tolerated and produced an immune response and side effects comparable with those seen in a study of people ages 16 to 25.
Dr. Doran Fink, a deputy director of the FDA’s division of vaccines, said Tuesday a “small army” of FDA staff worked around the clock over the last month to ensure the data on kids they were presenting today was as accurate as possible.
The staff of the FDA published an analysis late Friday, saying a smaller dosage of the Pfizer vaccine appears to be safe and highly effective in young kids. They noted the increased risk of myocarditis and pericarditis but said the benefits of the shots, including preventing severe disease, hospitalization and death, would generally outweigh the risk of the rare inflammatory heart conditions.
There have been 1,640 cases of myocarditis reported in people under 30 who received Pfizer’s or Moderna’s Covid vaccines as of Oct. 6, Dr. Mathew Oster, a CDC official, told the FDA’s vaccine committee. Just 877 met the CDC’s case definition for myocarditis. He added the agency hasn’t seen increased rates of the condition among children ages 12 to 17.
This is a developing story. Please check back for updates.

CNBC Health & Science

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Major League Baseball is about to complete its first full season of the new decade, but labor issues are once again threatening its future.
The Atlanta Braves and Houston Astros will face off in the 2021 World Series, which starts Tuesday after a rollercoaster year for the league.
Among the challenges facing the league are the looming expiration of the collective bargaining agreement between players and owners and regional streaming rights.

Atlanta Braves relief pitcher Will Smith, left, celebrates with catcher Travis d’Arnaud after defeating the Los Angeles Dodgers 4-2 in game six in the 2021 National League Championship Series at Truist Park on Saturday, Oct. 23, 2021 in Atlanta, GA.
Wally Skalij | Los Angeles Times | Getty Images

The Atlanta Braves last won the World Series in 1995, marking the start of a new era in Major League Baseball.
As the team returns to the MLB’s biggest stage for the first time this millennium, the league faces another potential wave of change.

The Braves will play the Houston Astros in the 2021 World Series, which starts Tuesday. The last time the Braves hoisted the World Series trophy, it marked the first MLB championship following a strike that wiped out the 1994 title series.
The MLB looks different now, in no small part because the team Atlanta beat in 1995, the Cleveland Indians, will go by a new nickname next year. Cleveland will change its name to the Guardians after sustained pressure to drop a name critics viewed as racist. Atlanta has kept its name amid similar calls.
Atlanta’s return to the World Series coincides with potential labor issues that threaten to derail the league. As the MLB’s championship caps a rocky year for baseball, here’s where the league stands.

World Series is a ‘rich irony’

The 2021 season started with a record number of no-hitters, as some pitchers gained an advantage by applying substances to baseballs. The league began to crack down on pitchers in June. The MLB still finished with nine no-hitters in the 2021 season, breaking the record of eight set 137 years ago.
In a year where the league was rocked by the crackdown, the MLB had bright spots, including breakout superstar Shohei Ohtani.

Much of the intrigue in the World Series comes from the Braves and Astros themselves. The MLB’s marquee event will feature two of the teams at the center of the turmoil the league has endured for the past two years.
The Astros’ cheating scheme in the 2017 playoffs and 2018 season led to fines and firings. The dismissals included manager A.J. Hinch, who led the team to a 2017 championship. As fans were finally allowed back in stadiums this season with the coronavirus pandemic easing, some booed the Astros during their road games.

Carlos Correa #1 of the Houston Astros participates in a workout prior to the start of the World Series against the Atlanta Braves at Minute Maid Park on October 25, 2021 in Houston, Texas.
Carmen Mandato | Getty Images

Atlanta was involved in a dispute that stretches beyond the baseball world. After Georgia officials passed a restrictive voting law, the MLB moved the 2021 All-Star Game to Denver from Atlanta.
The league received praise and backlash for the decision. President Joe Biden supported MLB’s move. Braves owner, Liberty Media was upset, and Atlanta tourism officials claimed $100 million in losses. A conservative group sued the league for more than $1 billion in damages.
Former MLB executive Marty Conway called the 2021 World Series a “rich irony” because of the teams’ presence. He noted that MLB commissioner Rob Manfred “has to present the World Series trophy in either Houston or Atlanta,” where he could face a negative reaction.
The extra drama surrounding the Braves and Astros could boost the MLB’s viewership, added Conway, a former special assistant under former MLB commissioner Peter Ueberroth.
“It’s a little bit of a WWE effect,” said Conway, now a professor at Georgetown University’s McDonough School of Business. “You got to have some drama and characters, and I think that lends to some of the opportunities they are going to have with tune-ins.”
MLB will see if the storylines can help World Series viewership return to its pre-pandemic normal.
Last year, the Los Angeles Dodgers won their first World Series since 1988. But consumption habits and an overflow in sports telecasts caused the six-game series to average 9.7 million viewers. That included 9.1 million for Game 1 — the least-watched World Series game ever.
The 2019 World Series attracted 23 million viewers for Game 7 between the Astros and Washington Nationals. The entire series drew roughly 13 million viewers on average.
The five-game 2018 World Series between the Red Sox and Dodgers drew an average of roughly 14 million viewers. The Astros’ 2017 World Series win against the Dodgers attracted an average of 18.9 million viewers over seven games.

Manfred is a ‘labor optimist’

By the time the World Series ends, the league will have to start worrying about labor issues.
MLB’s collective bargaining agreement with players expires Dec. 1. Another strike looms if the two sides don’t agree to a new deal or extend the current pact.
The last strike in 1994 was the longest in MLB history and caused the first World Series cancellation since 1904.
Among the issues at stake is extra playoff games, which will spark talks about dividing new income. Manipulation of service time — which helps to determine how much players can make — is a concern, especially after a former Seattle Mariners executive admitted to cheating the system. The addition of a universal designated hitter is also up for debate.
Conway said MLB is approaching a “difficult winter” as labor talks intensify. As the league sorts out a new labor agreement, corporate sponsors could freeze league and team revenue. 
Manfred called himself a “labor optimist” earlier this month at a Sports Business Journal conference. 
Manfred should shine in this part of the MLB business. Under former MLB boss Bud Selig, Manfred was responsible for labor relations and prevented lockouts for the last 26 years, including the current five-year CBA.
The commissioner has declined to get into specifics about recent talks with MLBPA executive director Tony Clark, but predicted a deal could happen by Dec. 1.
When asked if he agreed that a deal could come by that projected date, Conway said no. He explained the union would have more leverage in talks around spring training. At that point, MLB games are threatened and owners could lose money. 
But even if MLB suffers a lockout, it’s not expected to emulate the one from 1994.
“The numbers, in terms of what players are making now and what franchise valuations are — I don’t think that’s something they want to play roulette with,” Conway said.

Major League Baseball Commissioner Robert D. Manfred Jr. presents the Commissioner’s Trophy to the Houston Astros owner Jim Crane after the Astros defeated the Los Angeles Dodgers in Game 7 of the 2017 World Series at Dodger Stadium on Wednesday, November 1, 2017 in Los Angeles, California.
Alex Trautwig | Getty Images

MLB’s regional troubles

World Series viewership aside, MLB’s media rights are secure over the next decade. Deals include the more than $3 billion package with WarnerMedia. The MLB will also get roughly $728 million annually from Fox Sports, which holds World Series rights.
Fox also benefited this year from the Field of Dreams telecast, which drew 5.9 million viewers. MLB will play that movie-themed game again in 2022.
MLB has a weekday package that ESPN dropped from its renewal, but it has an even bigger problem on the regional sports front.
Sinclair has local rights for 14 MLB teams on its Bally Sports channels and pays sports leagues more than $1 billion in rights fees. But it has no streaming strategy in place to combat cord-cutting.
Earlier this month, Manfred delivered another blow to Sinclair’s streaming ambitions when he said the company did not have enough rights to come up with digital offerings for MLB consumers. Manfred then added the additional streaming rights would not be cheap.
The issue is not ideal for MLB. The league still depends on regional sports networks for exposure to its games. It uses regional sports network feeds for MLB.TV, its out-of-market streaming service.
MLB said more than 10 billion minutes were consumed on the service this season. Marketing company Playfly Sports said that 85% of MLB viewership comes from RSNs.
In addition, MLB rights are the foundation for the sports networks because it offers the most ad inventory throughout the league’s 162-game campaign. That revenue helps RSNs stay afloat.
Playfly CEO Michael Schreiber called MLB’s local viewership “stable.” He added sports affinity “is the one thing that will sustain itself. The question is: How do you rebuild the media marketplace on top of that?”
“That will impact the local franchises the most,” Georgetown’s Conway added in reference to local media rights revenue. “Those contracts are the most important in each of the baseball markets. The fact there is uncertainty around the future of those payments, I think it should be a number one concern.”

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Shoppers who are part of the Supplemental Nutrition Assistance Program are feeling new pressure to stretch their dollars because of rising food prices and dwindling bank accounts.
As the pandemic-fueled stimulus expires, consumer packaged goods companies will lose out on about $3 billion of sales from SNAP shoppers each month, according to research that IRI shared on Tuesday.
IRI’s Sally Lyons Wyatt said grocers and food makers must cater to the budget-strapped shoppers with smaller packs and affordable meal kits.

A sign alerting customers about SNAP food stamps benefits is displayed at a Brooklyn grocery store on December 5, 2019 in New York City.
Scott Heins | Getty Images

Shoppers who get federal food assistance have fueled double-digit growth for retailers and food manufacturers over the past year, but are now under growing pressure to stretch those dollars, according to market research firm IRI.
Some people who qualify for the Supplemental Nutrition Assistance Program, commonly known as food stamps, are unemployed. Others are working minimum wage jobs or juggling part-time hours along with child care. With clogged ports and truck driver shortages, transportation and raw material costs are rising, causing sticker shock at the grocery store.

Stimulus checks have largely been spent — and no additional ones appear on the way.
As that pandemic-fueled funding ends, consumer packaged goods companies will feel the pain, too, according to IRI research shared on Tuesday. The companies will lose out on about $3 billion of spending from SNAP shoppers each month. Those shoppers’ spending power is declining, even as the Biden administration increased food assistance earlier this month and families received child tax credits.
Sally Lyons Wyatt, an executive vice president and practice leader for food and beverage at IRI, said economic headwinds, such as inflation, are “going to hit these houses more than anyone.”
SNAP is a sales driver for major grocers like Kroger, big-box players like Walmart and discount chains like Dollar General and Aldi. About 16% of households across the U.S. — 42 million people in total — participate in the SNAP program. SNAP shoppers drive 12% of food and beverage sales online and in stores, according to IRI’s research.
Over the pandemic, the impact of that group has only intensified. SNAP shoppers drove 19% of dollar growth for food and beverage retailers the 52-week period ended Sept. 5 versus the prior year, according to IRI. That’s compared with non-SNAP shoppers who drove just 1% of dollar growth during that same time.

Lyons Wyatt said food and beverage companies and retailers must come up with new approaches to serve shoppers who need budget-friendly ways to feed their families — or risk losing a significant chunk of business. She said they should consider small pack sizes and affordable bundles of food, such as a lower-priced spin on a meal kit. Retailers may want to carry different tiers of the same item, such as soups or canned beans of a value tier along with a standard and premium one, she said.
She pointed to creative efforts by grocers to help families eat healthy on a limited budget, such as offering nutritious recipes with simple ingredients or sponsoring a community garden for kids.
And she said companies will lose sales now and in the future if they dismiss this group of shoppers. She said SNAP shoppers tend to be more loyal to retailers and brands. Plus, she said, catering to families who participate in SNAP can be a way to introduce themselves to future consumers, since many households have young children or teens.
“You will set yourself up for a lifetime consumer value proposition that might not be there if you just don’t take an interest,” she said.

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Just days before the pandemic hit in March 2020, I started my first full-time job as a marketing coordinator at a dental office in Columbus, Ohio, where I had an annual salary of $34,500.
Every day, the office was booked with clients looking to get teeth whitening and veneers. But as the pandemic intensified and mask mandates were enforced, I remember thinking: Why are all these people scheduling cosmetic work for their teeth, when their smiles are now hidden behind masks?

It became clear how significant of an impact the upper part of our faces have on our expressions. I found myself fixated on reading people’s emotions, particularly through their eyes and brows.
So I began researching microblading, a semi-permanent brow-enhancement procedure where small strokes — in the shape of individual hairs — are tattooed in the eyebrow areas.

Arrows pointing outwards

Microblading is a semi-permanent brow-enhancement procedure where small strokes — in the shape of individual hairs — are tattooed in the eyebrow areas.
Photo: Emily Jump

When I wasn’t working a dentistry shift, I attended microblading classes. For months, I practiced for several hours each day.
Eventually, what started as a hobby turned into a lucrative side hustle. I was seeing roughly five clients a week, and making at least $7,200 per month.
In June this year, after three months of juggling both jobs, I decided to quit my day job and turn my microblading side hustle into a full-time business. I named it Columbus Cosmetic Ink.

Today, I bring in about $8,750 per month in sales, including tips — triple what I earned at the dental office job.
Of course, there are challenges that come with running your own company. But at 25, I know there’s so much more to learn as I grow my business. The most important thing is that I’m the happiest I’ve ever been.
Here are my top tips for anyone looking to start a side hustle:

1. Create a business plan first

Before building a website and registering Columbus Cosmetic Ink with my county, I created a business plan.
You don’t need a business degree to make one. Mine wasn’t perfect, but it was a way for me to stay on top of crucial components such as customer demand, start-up expenses, financial projections and marketing strategies.
I also kept track of my competitors and trends. Taking my side hustle full-time was a risk, but having that business plan helped me feel more confident and prepared.

Arrows pointing outwards

Having a business plan helped me feel more confident and prepared.
Photo: Emily Jump

I currently work on my clients out of a small suite in a salon, which is much cheaper than leasing an entire storefront. It also gives my business exposure to other clients who come to the salon.
Rent for a suite in my area can range anywhere from $200 to $300 per week. As my business grows, I plan to rent a much larger space of my own.

2. Consider temporarily working for free

One of the hardest parts about getting a side hustle rolling is attracting clients. I knew I was a talented microblading artist, but other people didn’t know that. So to earn their trust in my craft, I needed to build a portfolio.
I used Nextdoor, an app for neighborhoods where you can share local tips, to start marketing my services. I posted “Models Wanted: Free Microblading,” and ended up getting a lot of attention and interest.

My top seller is the “Coco Brow,” which costs $450 and includes one complimentary touchup.
Photo: Emma Robinson

I helped people achieve the eyebrows of their dreams in exchange for getting the word out, and gave each person a $100 gift certificate to give to a friend.
Temporarily working for free was something I had anticipated, so I also saved as much money as I could prior to quitting my job. If you can’t afford to work for free, consider charging a small fee to cover part of the supply costs.
Once I had enough clients to post pictures of on my website and social media, more customer bookings poured in. That’s when I began charging the full prices, which vary depending on specific procedures.
The biggest seller is my signature “Coco Brow,” which costs $450. It includes a complimentary touch-up and lasts about 1.5 to 2 years.

3. Love what you do, and keep mastering your craft

I’ve always been enthusiastic about all things beauty-related. Even when I was in college, I freelanced as a makeup artist.I also had experience working at Ulta Beauty, a cosmetic retailer, where I learned to color-match clients, as well as how to complement different skin types and facial structures by using different shapes, colors and techniques.

My clients are the main reason I’m excited to go to work every day. Believe it or not, good eyebrows can give you confidence and change your life.
Earlier this year, I had the opportunity to work on a breast cancer survivor who lost all her eyebrow hair due to chemotherapy treatments. After I completed her brows, I handed her the mirror and she burst into tears.
Emotional moments like that make my job even more rewarding.

4. Prepare to work hard and make sacrifices

Creating your own work hours offers plenty of freedom, but it doesn’t necessarily mean working less.
When I had my full-time dental office job — and Columbus Cosmetic Ink was still a side hustle — I was working 60 to 70 hours per week. At times, I had to sacrifice my social life, sleep, lunch breaks and leisure time.

Arrows pointing outwards

My clients are the main reason I’m excited to go to work every day.
Photo: Emma Robinson

More importantly, I had to cut back on groceries, shopping and dining out. I needed to know that I’d have enough money in my savings to cover expenses such as supplies, taxes and my suite rental.
I don’t regret any of the risks or sacrifices it took to get here. Starting my own business had long been a pipe dream, yet there was always a lingering voice in my mind telling me it was unrealistic.
For me, the silver lining of the pandemic was that it made me realize that life is too short to not do something just because it “sounds like a lot of work.” Sometimes, you can’t just wait for an opportunity to arise — you have to create it.
Emily Jump is the founder of Columbus Cosmetic Ink. Follow her on Instagram @columbuscosmeticink.
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General Motors and Ford Motor are expected to report solid third-quarter earnings Wednesday despite an ongoing global disruption of supply chains.
The Detroit automakers have managed as well as they can during the disruptions, allowing them to raise their earnings expectations for the year on record vehicle pricing and profits.

The General Motors world headquarters office is seen at Detroit’s Renaissance Center.
Paul Hennessy | LightRocket | Getty Images

DETROIT – General Motors and Ford Motor are expected to report relatively solid third-quarter earnings Wednesday despite an ongoing global disruption of supply chains, including a shortage of semiconductor chips that have depleted vehicle inventories but boosted profits this year.
The Detroit automakers have managed as well as they can during the disruptions, allowing them to raise their earnings expectations for the year on record vehicle pricing and profits amid surprisingly resilient consumer demand. That’s trend is expected to continue, as the automotive industry rebuilds inventory as more production comes back online in the coming weeks and quarters, according to analysts.

“Not only should both benefit from favorable fundamentals amid an up cycle environment, but both have a significant opportunity ahead to improve perception on their long-term positioning in an EV/AV world,” Credit Suisse analyst Dan Levy said in an investor note last week.

JPMorgan analyst Ryan Brinkman last week raised estimates to forecast a large beat in the case of GM and by increasing Ford estimates to more modestly above consensus from in line. However, he noted that Ford’s performance was expected to increase during the quarter, while GM’s was expected to have declined.
Here’s what Wall Street analysts expect from each automaker’s third-quarter earnings as well as other things investors should know about before GM reports ahead of the market opening Wednesday, followed by Ford after the markets close.

Wall Street estimates

Analyst estimates compiled by Refinitiv forecast GM to report earnings per share of 96 cents and revenue of $26.5 billion, down 25.3% compared to a year earlier.
Ford is expected to have earnings per share of 27 cents on automotive revenue of $32.5 billion, down 6.2%, according to Refinitiv.

Second-half expectations

GM and Ford executives have said they expect the second half of the year to be weaker than the first six months of 2021.
GM previously warned investors that its North American wholesale volumes would be down by about 200,000 units in the second half of 2021 compared with the first half. It has continued to maintain its financial guidance for the year, including adjusted earnings of between $11.5 billion and $13.5 billion, or $5.40 to $6.40 a share. It earned about $6.2 billion, or $4.21 a share, during the first six months of the year.

GM said it expects to take a hit of between $3.5 billion to $4.5 billion during the second half of the year, due to a $1.5 billion to $2 billion rise in commodity costs and lower earnings from its financial arm.
In July, Ford raised its guidance for the year, but it told investors the second half of the year would be weaker than the first regarding its operating profit, which was at $5.9 billion through June. At that time, the company raised its guidance for full-year adjusted earnings before taxes by about $3.5 billion, to between $9 billion and $10 billion.
Deutsche Bank analyst Emmanuel Rosner expects both automakers to guide to the high-end of their previous ranges, if not higher.
“We expect both Ford and GM to beat 3Q consensus estimates and maintain/raise full-year guidance. Beyond that, we see several potential catalysts on the horizon for both companies,” he said in a note Monday, citing electric and autonomous vehicle developments.

EVs/AVs

While the automakers are pouring billions of dollars into electric and autonomous vehicles, the segment won’t contribute much to their third-quarter earnings.
Both automakers during the last quarter released significant new details about their plans for the emerging sectors, including an $11 billion investment from Ford in U.S. facilities to produce electric vehicles and batteries.

GM outlined financial targets such as doubling revenue and increasing profit margins to between 12% and 14% by 2030 during an investor day earlier this month. Its majority-owned subsidiary Cruise also said it expects to begin charging for a robotaxi service as early as next year in San Francisco, pending final regulatory approval.
During the quarter, GM also said it would recognize an estimated recovery in the third-quarter that will offset $1.9 billion of $2.0 billion in charges associated with an ongoing recall of its Chevrolet Bolt EVs as part of a settlement with LG, which produced the defective batteries.

Partial builds

Ford’s stock is up about 80% this year, so investors will be watching for any additional drag on the automaker heading into next year.
They’ll also want to know any updates regarding production and shipments of Ford’s F-Series pickups, which the automaker, like GM, has been partially building to finish when chips become available.
Steve Carlisle, GM’s North American chief executive, said last week the automaker is more than halfway through shipping newly assembled pickups that it had parked due to a shortage of semiconductor chips, according to Reuters.
When reporting a year-over-year sales decline of 32.8% for the third-quarter earlier this month, GM said the semiconductor chip situation was improving. Nov. 1 is expected to mark the first time since February that none of GM’s North American assembly plants will be idled due to the chip shortage. However, two remain down for retooling and some are operating on less shifts.
GM’s stock is up by about 40% in 2021.
– CNBC’s Michael Bloom contributed to this report.

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