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    Stocks making the biggest moves after hours: Nordstrom, Urban Outfitters and more

    In this articleZSAURBNJWNA person walks into the Nordstrom store open for business as New York City moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 29, 2020 in New York, New York.Rob Kim | Getty ImagesCheck out the companies making headlines after the bell: Nordstrom — The retail stock dropped roughly 7% in after-hours trading after missing analysts’ first-quarter earnings expectations. Nordstrom reported a quarterly loss of $1.05 per share, while analysts expected a loss of 57 cents per share, according to Refinitiv. The company’s quarterly revenue of $3.01 billion beat the Street’s projection of $2.9 billion.Urban Outfitters — Shares of the retailer jumped about 6% in extended trading after reporting better-than-expected quarterly earnings. Urban Outfitters posted first-quarter earnings of 54 cents per share, topping analysts’ estimate of 17 cents per share. The company reported revenue of $927.4 million, which exceeded Wall Street’s $900.1 million expectation.Zscaler — The security company stock surged 8% after hours following better-than-expected third-quarter earnings results. Zscaler reported earnings of 15 cents per share compared with 7 cents per share expected, and revenue of $176.4 million, higher than $163.7 million estimated by analysts polled by Refinitiv.Agilent Technologies — The manufacturing stock rose about 3% in after-hours trading after posting second-quarter adjusted earnings of 97 cents per share compared with the Street’s estimate of 83 cents per share, according to Refinitiv. Agilent’s quarterly revenue also topped analysts’ projection at $1.5 billion versus $1.4 billion expected. More

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    Fed's Daly says the economy is strong, but it's 'way too early' to tighten policy

    While she’s encouraged by the economic progress, San Francisco Federal Reserve President Mary Daly told CNBC on Tuesday that it’s still not time to change policy.”We haven’t seen substantial further progress just yet. We’re still looking for substantial further progress,” Daly said during a live “Closing Bell” interview. “What we’ve seen is some really bright spots, some very encouraging news. It gives me hope, and I am bullish for the future. But it’s too early to say that the job is done.”Fed officials have used “substantial further progress” as a benchmark for when they’ll start considering first reducing the pace of their monthly asset purchases then, ultimately, raising interest rates.Several central bank officials have said over the past week they believe it will be time soon to start discussing a reduction in the minimum $120 billion of bonds the Fed is buying each month. Minutes from last month’s Federal Open Market Committee meeting also reflected the sentiment that discussions about tapering could occur in the months ahead.But Daly said the public shouldn’t interpret that as a sign that the Fed is ready to tighten policy.”We’re talking about talking about tapering, and that is what you want out of us. You want to be long-viewed here,” she said. “But I want to make sure that everyone knows it’s not about doing anything new. Right now, policy is in a very good place. Policy is supporting the American people.”Inflation fears have driven the discussion about the Fed pulling back some on its historically easy monetary policy. The Consumer Price Index surged 4.2% in April while prices also are rising sharply for a variety of items from used cars to gasoline to airline tickets.Daly described herself as being “firmly in the transitory camp” when it comes to inflation.Along with almost all of her Fed colleagues, she sees the current price pressures as the result of temporary supply bottlenecks that will ease as demand returns to normal, along with base effects of comparisons to where the economy was a year ago during the pandemic-induced economic shutdown.She also sees “considerable momentum” in the economy but thinks that with 8 million people still unemployed and the pandemic remaining an issue, now is not the time for the Fed to pull back.”Importantly, part of the boom we are seeing is supported by the accommodation we’ve taken to ensure that the bridge is long enough so that every American gets over Covid and can fully reengage,” she said. “I think of it as really good news but it’s way too early to declare victory.”Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.Sign up to start a free trial today. More

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    Stocks making the biggest moves midday: Shake Shack, Lordstown Motors, Coinbase and more

    In this article.FTFCNBCAGSA pedestrian wearing a protective mask walks past a Shake Shack restaurant in Washington, D.C., U.S., on Monday, April 20, 2020.Adnrew Harrer | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading.Lordstown Motors — The electric vehicle stock sank 7.5% after the company cut its guidance for production and year-end cash. Lordstown said it will need to raise more capital.Shake Shack — Shares of the restaurant company jumped 4.5% following a bullish call from Goldman Sachs. The firm upgraded the stock to a buy rating saying the recent pullback offers a chance for investors to pick up shares. “The company’s small size and unique footprint drive a lag in the company’s recovery from COVID, making it one of the last re-opening plays in the space,” Goldman said in a note to clients.Moderna — The pharmaceutical stock edged about 3.1% higher after the company said its Covid-19 vaccine is 100% effective in teens. Moderna said it plans to ask the Food and Drug Administration to expand the emergency use of its Covid vaccine for teens early next month.IAC/Interactive and Vimeo — IAC shares fell 5.6% following Vimeo’s spinoff to IAC shareholders. Vimeo began trading on the Nasdaq today as a standalone public company, with Vimeo shares down 12.9%. The video platform debuted with a valuation of roughly $10 billion.Canopy Growth — The cannabis stock rose 6.5% after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the cannabis sector is low, making Canopy’s risk and reward “very favorable.”Petco — Shares of the pet products retailer fell 2.2% after the company announced a secondary stock offering of 22 million shares. The selling stockholder gave underwriters a 30-day option to purchase another 3.3 million shares. Petco will not receive any proceeds from the offering, the company said.Coinbase — Shares of the cryptocurrency exchange rose about 7.6% after JPMorgan initiated coverage of the stock with an “overweight” rating. JPMorgan said the future of crypto is bright, despite recent swings in the price of bitcoin and other cryptocurrencies. The stock was also helped by a recovery in bitcoin prices.— CNBC’s Pippa Stevens, Jesse Pound, Tanaya Macheel and Berkeley Lovelace Jr. contributed reportingBecome a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

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    Half of U.S. adults are now fully vaccinated against Covid

    In this articlePFEMRNAJNJMaryland National Guard Brigadier General Janeen Birckhead visits with a woman as she receives her Moderna coronavirus vaccine from Specialist James Truong (L) at CASA de Maryland’s Wheaton Welcome Center on May 21, 2021 in Wheaton, Maryland.Chip Somodevilla | Getty ImagesHalf of the adults in the United States are now fully vaccinated against the coronavirus, according to the latest data Tuesday from the Centers for Disease Control and Prevention.The milestone in the sweeping effort for the U.S. to inoculate its way out of the pandemic comes as infections and deaths from Covid fall to lows the nation has not seen for nearly a year.Earlier this month, President Joe Biden set the goal of getting 70% of adults to receive at least their first dose of a Covid vaccine by the Fourth of July. The president said his hope was for the U.S. to “celebrate our independence as a nation, and our independence of this virus,” by Independence Day.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:New York City Mayor Bill de Blasio says public schools will be all in person this fall Two doses of Covid vaccines needed for strong protection against variants, study finds Covid vaccine passports: Everything we know so far Japan’s Osaka city crumples under Covid-19 onslaught as doctors warn of a ‘system collapse’ As Covid mutations spread, will herd immunity ever be possible?     With nearly six weeks left until Biden’s self-imposed deadline, at least nine states have already hit that 70% threshold.The CDC’s vaccine tracker showed Tuesday afternoon that 50% of the U.S. population ages 18 or older have been fully vaccinated as of Monday, and 61.6% of that group have had at least one dose.Among people in the U.S. ages 65 and up, who face far greater health risks from Covid, nearly 74% have been fully vaccinated, the CDC’s tracker shows. More

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    After George Floyd was killed, retailers pledged to put Black-owned brands on shelves. Here's how it's going

    Cora and Stefan Miller started a hair care company after they had their son, Kade, and struggled to find hair products for him. Young King Hair Care is now sold by Walmart and Target.Cora and Stefan MillerWhen Cora Miller had her son, she discovered the baby had a full head of hair — and found few products on the market to style it.A lot of gels, mousses and creams smelled like fruit and flowers or came in pink bottles. That search inspired Cora Miller and her husband, Stefan, to start their own company, Young King Hair Care. They designed the line of plant-based, natural hair products with little Black boys like their son in mind, and launched the product just before his third birthday.”I really wanted my son to see himself in the products he uses,” said Cora Miller, the company’s co-founder and CEO. “It was a bugging, nagging feeling about this that wouldn’t go away.”Young King is now on the shelves of two of the country’s largest retailers, Walmart and Target. It is among the growing number of Black-owned brands that national retailers have begun to sell over the past year in a push to better reflect diverse customers and a commitment to advancing racial equity after the murder of George Floyd.Companies have made pledges and earmarked donations over the past year. Yet the expanding assortment of Black-owned goods on national retailers’ shelves and websites has become one of the most visible signs of change in the corporate world.Floyd’s murder one year ago Tuesday not only cast a harsh light on police treatment of Black Americans, said Americus Reed, a professor of marketing at the Wharton School. It led to a reckoning about how Black businesses have been boxed out of economic opportunities and reflected by offensive brands, such as Aunt Jemima or Uncle Ben’s.By seeking more Black suppliers, retailers have combined “social change and economic savviness” and made a move that can boost companies’ reputations and sales, he said.”It’s an investment,” he said. “It’s a long-term play to signal to a community that ‘We’ve got your back.'”More space on shelvesFour days after Floyd’s murder, Aurora James challenged companies in an Instagram post.”So many of your businesses are built on Black spending power,” she wrote. “So many of your stores are set up in Black communities. So many of your posts seen on Black feeds. This is the least you can do for us. We represent 15% of the population and we need to represent 15% of your shelf space.”A year later, 25 companies — including prominent retailers like Macy’s, Sephora and Gap — have pledged to do that. James, a Black entrepreneur with a luxury brand called Brother Vellies, leads the 15 Percent Pledge.James said she has seen progress made by the companies firsthand. A company that joins the pledge signs a contract with the nonprofit, which audits it each quarter. She said the nonprofit looks at its purchase orders and tracks representation of products on shelves. The group also shares resources, such as a database of Black-owned businesses and suggests strategies that companies can use to grow a diverse base of suppliers.Beyond growing the number of products, retailers are becoming stronger and more supportive business partners, James said. For instance, she added, companies are not only reaching out to Black entrepreneurs who have historically been left out, but are guiding them through common challenges experienced by early-stage businesses. Examples she cited include assisting with package or logo design or paying deposits to businesses when orders are placed to provide upfront capital.James recently met on Zoom with a group of entrepreneurs who are part of Sephora’s accelerator program. All were women and people of color who are developing makeup and skin-care products for women who look like them.”Every day, I am hearing messages from Black-owned businesses that are scaling into these opportunities,” she said. “It’s a real game changer. … Ultimately, when we actually empower entrepreneurs, who are in many cases living and working in Black communities, that’s when we’re really going to start to see a big difference across this country,” she said.Other retailers have announced similar commitments and new approaches.Lowe’s had a “Shark Tank”-like competition to identify promising products from entrepreneurs of diverse backgrounds and reward them with shelf space, marketing support and small business grants. Ulta Beauty plans to spend more than $4 million on marketing to help Black-owned brands gain traction. Target is launching a new eight-week accelerator program for Black-led start-ups, Forward Founders, as part of a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. And Walmart featured some Black-owned beauty brands in a recent TikTok streaming event.James has criticized some companies that have declined to take the 15 Percent Pledge, such as Target, saying its initiatives do not go far enough and don’t come with the same level of accountability.”Whether or not Target wants to take the pledge or any of these other companies want to take the pledge, we’re still going to keep holding their feet to the fire and pushing them to do more,” she said.Creamalicious Ice Creams founder Liz Rogers took her Southern roots into consideration when crafting her recipes.Source: Bobby QuillardBreaking inThose efforts have already begun to help minority-owned brands get onto shelves.Creamalicious Ice Creams, founded by the Black chef and restaurateur Liz Rogers, made its way into Walmart stores in February. Its pints arrived in the freezer aisle several months after Walmart CEO Doug McMillon sent a letter to employees last summer pledging to advance racial equality within its business.”It’s very hard to get into the [ice cream] category because it’s extremely competitive, there’s no room on the shelves, … and when you’re new, they’re not very open to making room,” Rogers said. “As a minority business, breaking into the frozen dessert category, you have to be a lot more innovative. You have to have a brain and a story, and you have to speak different and stand on your own.”Rogers said being authentic and true to her Southern roots is what ultimately helped her succeed. “People told me, ‘Don’t call Walmart because they’re going to say no.’ And I said, ‘Well they can say no.’ But they ended up saying yes. And now I’m trying to work with other retailers.”Creamalicious’ flavors of ice cream, sold online and in some Meijer grocery stores, include “Slap Yo’ Momma Banana Pudding,” “Uncle Charles Brown Suga Bourbon Cake,” and “Porch Light Peach Cobbler.” All of them come with family recipes and draw on African American culture and childhood memories, Rogers said”Doug McMillon didn’t just write a letter,” she said. “They welcomed me with open arms. … They taught me how to navigate through the system, and mentor me. They were very sincere in wanting me to win.”Rebecca Allen launched in 2018 as a shoe for women of color who were struggling to find the right version of nude footwear for them.Source: Rebecca AllenA footwear brand that caters specifically to Black and Brown women, Rebecca Allen, debuted on Nordstrom’s website this week, and its styles will head to select Nordstrom stores later this year.The department store announced last fall its goal to bring in $500 million in retail sales from brands owned, operated or designed by Black and/or Latinx individuals by 2025. It was one of a series of diversity and inclusion goals the company set last August. Separately, it committed to include more Black-owned beauty brands in the merchandise mix.Nordstrom’s buying team has since received a flood of Instagram messages and emails from Black-owned businesses, said Teri Bariquit, its chief merchandising officer.”There was this momentum and this call to action that gave a platform for more change, faster,” she said. “There has been a lot of very organic outreach directly to us. People see an open door, and we always take those calls.”Allen, a former Goldman Sachs vice president, founded the company because of her own struggles when shoe shopping. The company’s assortment of heels, flats and sandals come in a wider range of shades, including those that match the skin tone of women of color.Allen said retailers not only can put brands in front of consumers but can also reverse many years of Black businesses not getting access to the capital they needed to grow.”It is certainly not enough just to say we’re going to bring these brands on. But it’s really: How are we supporting them to actually be successful, and how are we defining that success?” she said.Allen has facilitated conversations among other Black-owned brands with Nordstrom to share stories of success and failure, and learn from each other, she said.”For any of these companies, it’s not going to help anybody if they’re just saying, well, we did it, we hit this 15% quota — or whatever it is,” Allen said.For so many Black entrepreneurs, just getting a call or email back from a buyer has often been a struggle, Young King’s Miller said. The company’s story shows how getting noticed by a national retailer “changes the trajectory of your company,” she said.Young King began selling products online in 2019. Yet its business accelerated after its curling cream and conditioner got picked up by Target in January and at Walmart in March. Sales have approximately tripled from a year ago, she said. That has given the company runway to launch new styling products and enter a category outside of hair care, she said.Target, for instance, mentored the company in its beauty accelerator. It also offered the company endcap displays at nearly 200 stores at a discounted price, she said.She said she often walks the store aisles with her son, Kade, now 4. The couple has “paid it forward” by hiring other Black-owned businesses, including the manufacturer of the hair-care products and the fulfillment company that ships orders.”It’s been a long time coming, to be honest,” she said. “It’s kind of crazy to think that there weren’t a lot products for Black or Brown people. There just wasn’t. And so I always get so excited to learn and see other emerging Black-owned brands and see them filling in spaces and gaps.” More

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    Phil Mickelson's PGA Championship win attracted 6.5 million viewers, the most-watched final round in three years

    Phil Mickelson smiles with the Wanamaker Trophy after his two stroke victory in the final round of the PGA Championship on The Ocean Course at Kiawah Island Golf Resort on May 23, 2021, in Kiawah Island, South Carolina.Keyur Khamar | PGA TOUR | Getty ImagesMore than six million people watched Phil Mickelson win the 103rd PGA Championship on Sunday as he became the oldest player to win a major event. It was the most-watched round in three years for CBS Sports.Mickelson, 50, won his sixth major championship and beat out two-time PGA Championship winner Brooks Koepka and Louis Oosthuizen – both golfers finished tied for second. ViacomCBS said the final round averaged 6.58 million viewers during its Sunday afternoon coverage. The round peaked at roughly 13 million viewers between 7 p.m. EDT and 7:15 p.m. EDT. ESPN aired most of the 2021 PGA Championship, including Sunday morning play.By comparison, the final round of the 2020 event averaged 5.1 million viewers and peaked at 6.8 million viewers, according to Sports Media Watch, with ESPN’s coverage averaging 1.6 million. The report noted the final round of the 2019 PGA Championship also attracted approximately 5 million viewers. That’s down from 8.4 million in 2018, when Tiger Woods finished second.ESPN said it averaged roughly 1.17 million viewers during the first round on Thursday, an 18% increase over the first round in 2019. Due to the pandemic, the network didn’t compare it to the 2020 event, which was played last August.It was Mickelson’s 45th PGA Tour win, and he took home $2.1 million in earnings. Mickelson has made over $94 million in 644 events played, trailing only Woods, who has earned roughly $120 million in his career. Mickelson replaced legendary golfer Julius Boros as the oldest player to win a major in the sport.The PGA Championship has aired on CBS since 1991 and moved to ESPN from Turner Sports last year as part of an 11-year media rights deal formed in 2018. More

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    Houses in the U.S. cost 13.2% more in March 2021 than at the same time last year. Here's why houses are so expensive in the U.S. right now

    With Covid encouraging city dwellers to move to the suburbs and families looking for home offices and bigger yards, prices for the American dream home have skyrocketed.Home prices surged in March, up 13.2% from the year prior, according to the S&P CoreLogic Case-Shiller National Home Price Index.”Everybody expected housing to really sort of dry up with the rest of the economy,” said National Association of Home Builders CEO Jerry Howard. “And in fact, the opposite has happened. People who have been sort of scared out of the cities by the pandemic.”With homeowners unwilling to sell, a record low supply of homes for sale has forced buyers into intense bidding wars. At the end of April, there were only 1.16 million houses for sale in the U.S. down 20.5% from the year before.Higher costs for land, labor and building materials including lumber have also impacted homebuilders.With the 30-year fixed mortgage rate hovering near a 50-year low and strong demand pushing prices to all-time highs, why is the housing supply so meager? Watch the video to find out if the U.S. is running out of houses.Watch more:Leaving a tip is an American custom. Why that’s a problem Why Americans are eating more snacks More

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    More than 130 million Americans are fully vaccinated as average daily Covid cases dip below 25,000

    Maryland National Guard Brigadier General Janeen Birckhead visits with a woman as she receives her Moderna coronavirus vaccine from Specialist James Truong (L) at CASA de Maryland’s Wheaton Welcome Center on May 21, 2021 in Wheaton, Maryland.Chip Somodevilla | Getty ImagesThe seven-day average of daily Covid cases in the U.S. is below 25,000 for the first time since June 19, data compiled by Johns Hopkins University shows, as the pace of new infections continues a downward trend.The country is reporting about 24,900 daily cases on average, down 22% from a week ago.According to the Centers for Disease Control and Prevention, the U.S. is averaging 1.8 million vaccinations per day over the past week, and about 49% of the U.S. population has received at least one dose.U.S. Covid casesNearly 26,000 cases were reported Monday, bringing the seven-day average of daily new infections to just below 25,000.Zoom In IconArrows pointing outwardsA CNBC analysis of Hopkins data shows that average daily case counts have declined by at least 5% in 41 states and the District of Columbia over the past week.U.S. Covid deathsThe U.S. is seeing an average of 570 Covid deaths per day over the last week, according to Hopkins data.Zoom In IconArrows pointing outwardsThe total number of reported Covid deaths in the U.S. since the start of the pandemic is now more than 590,000.U.S. share of the population vaccinatedAbout 49% of the U.S. population has had at least one shot, according to the CDC, with more than 130 million Americans, or 39%, fully vaccinated.Zoom In IconArrows pointing outwardsFor those ages 18 and older, about 62% have received at least one dose of a vaccine. President Joe Biden’s goal is to get that number to 70% by July 4.The White House announced Tuesday that half of the adults in the United States will be fully vaccinated by the end of the day.U.S. vaccine shots administeredCDC data shows the seven-day average of vaccinations administered in the U.S. is 1.8 million per day over the past week, down about 3% from one week prior.Zoom In IconArrows pointing outwardsThe White House’s partnership with ride-hailing companies Uber and Lyft began Monday. Through the partnership, users can hail free rides up to $25 and $15, respectively, to and from vaccination sites. More