Raphael Stevens

Evidence that Covid-19 originally leaked from a Wuhan, China, virology lab is growing, Dr. Scott Gottlieb told CNBC on Monday, pointing to reports that three researchers from the lab sought hospital care with a Covid-like illness in November 2019.”People a year ago who said this probably came from nature, it’s really unlikely it came from a lab, maybe a year ago that kind of a statement made a lot of sense because that was the more likely scenario,” Gottlieb, a former head of the Food and Drug Administration, said on “Squawk Box.” “But we haven’t found the true source of this virus.”Scientists still haven’t discovered definitive proof that the virus came from an animal, he said. With other coronaviruses, SARS and MERS, researchers were able to identify the animal those diseases emerged from at this point in those outbreaks.”It’s not for lack of trying, there has been an exhaustive search,” Gottlieb said.A previously undisclosed U.S. intelligence report found that researchers at the Wuhan Institute of Virology sought hospital care after falling ill “with symptoms consistent with both Covid-19 and common seasonal illness,” The Wall Street Journal reported Sunday, quoting from the report.Gottlieb said the growing number of reports provide an increasing amount of circumstantial evidence supporting the theory that the virus could have escaped from a lab.”The question for a lot of people is going to be when are too many coincidences too much, when does it seem that there’s too many things suggesting that this could have come out of a lab,” he said.Gottlieb said it’s unlikely we’ll ever know for sure. Unless there is a whistleblower or regime change in China, he said any evidence supporting the lab leak hypothesis won’t likely surface.The World Health Organization has repeatedly said the virus most likely came from an animal host.But last week, Centers for Disease Control and Prevention Director Dr. Rochelle Walensky acknowledged that it could have originated in a lab as “one possibility.”Most coronaviruses, however, “generally come from an animal origin,” Walensky said in Senate testimony after saying she had not seen enough data to give her opinion on how the current pandemic originated.Global health officials will meet soon to further investigate the origins of the virus. More

CNBC’s Jim Cramer on Monday pushed back on fears that the U.S. economy could experience problematic levels of inflation during its recovery from the coronavirus pandemic-induced recession.The “Mad Money” host said there’s no question price pressures are being felt across a range of commodities and industries. However, Cramer said it hardly means America is headed for a period of runaway inflation akin to the 1970s or even Germany after World War I.”The economy’s not going to be wrecked by ruinous inflation, the stock market won’t crash because of government debt,” Cramer said. “I think we’re more likely to see a soft landing for this sonic-booming economy once the supply chain issues are ironed out and the enhanced unemployment benefits expire in September.”Cramer said there are a number of economic positives that make him confident the extreme inflation forecasts are unlikely to materialize, such as strong data on both consumer spending and saving rates.”The saving seems more robust than the spending, so even with prices rising across the board, the consumer’s in better shape than any time I can ever recall in my life,” Cramer said.Rising commodity prices for materials such as steel, aluminum and lumber are noteworthy, Cramer said. But he added that those three are subject to tariffs, and simply rolling back those import levies could help the situation in the near term.And while the dearth of semiconductors is disruptive for many industries, including autos, Cramer said he would not bet on the shortage lasting past this year. He also pointed to comments from management at Foot Locker that suggested port congestion will improve, too.”Look, I’m not saying everything will resolve itself smoothly. On Friday, Deere had some jarring things to say about rising commodity and freight costs,” Cramer acknowledged.However, he stressed there always seems to be forecasters sounding the alarm about inflationary risks. “These guys have been consistently wrong for decades,” Cramer said. “We may finally have some real inflation, but I don’t think their dire predictions of financial catastrophe will suddenly start coming true.”Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

In this articleLYVConcert venue bookings are rebounding as artists start to plan for in-person events later this year and into next year, according to Live Nation Entertainment.The company is optimistic that demand for ticket sales will follow as more concerts are announced.”What we are seeing so far is that the number of shows we have booked in our large buildings, our arenas, our amphitheaters, our stadiums, those are pacing double digits ahead of where we were in 2019. Not all of those tours have gone on sale yet, we have a lot that are going on sale now every week,” Joe Berchtold, its president, told CNBC’s “Closing Bell” Monday.The company predicts that demand for concerts will continue to be high in the next few years as a result of the pandemic. The company’s stock is up nearly 25% this year giving it a valuation of over $20 billion.Berchtold also said it is too early for the company to predict what public health precautions will be necessary in a few months time with the Centers for Disease Control and Prevention updating its guidance regularly.”So rather than trying to dictate a global one-size fits all, we are looking to local health officials to tell us what makes sense in that market at that time and how do we continue to evolve it,” Berchtold said.Live Nation is branching out into streaming and non-fungible tokens, or NFTs. In January, the company acquired a majority stake in livestreaming platform Veeps.”We are using that to scale up the streaming of live concerts for those who can’t make a show,” Berchtold said. “We are also very focused on NFTs, how we create digital memorabilia. One of the things you unfortunately lose with digital tickets is you lose those ticket stubs that so many people like to keep as their record of the event.” More

Lordstown Motors Corp Chief Executive Steve Burns poses with a prototype of the electric vehicle start-up’s Endurance pickup truck, which it will begin building in the second half of 2021, at the company’s plant in Lordstown, Ohio, U.S. June 25, 2020.Lordstown Motors | ReutersShares of Lordstown Motors tumbled more than 9% during after-hours trading after the company slashed its production guidance for the year and said it will need to raise additional capital.In a statement Monday, Lordstown CEO Steve Burns said the company has “encountered some challenges” as it prepares to begin production of its Endurance electric pickup truck in late September.Lordstown said it expects to produce, at best, half the number of vehicles it previously forecast for this year, according to a release for its first-quarter earnings.During a call Monday with investors, Burns said the production cut, from about 2,200 vehicles to 1,000 vehicles this year, is based on the company not receiving any additional funding. He said if the company receives funding, it could reinstate its previous production guidance.Lordstown also said its projected expenses will be between $335 million and $350 million, up from between $220 million and $235 million. It also lowered its forecast for year-end liquidity from at least $200 million to between $50 million and $75 million in cash and cash equivalents.Burns cited “significantly higher than expected expenditures for parts/equipment, expedited shipping costs, and expenses associated with third-party engineering resources” as reasons for the increase in expenses.”We secured a number of critical parts and equipment in advance, so we are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans,” he said. “We believe we have several opportunities to raise capital in various forms and have begun those discussions.”The changes are the latest blow to Ohio-based Lordstown. Shares of the aspiring automaker tumbled last week after Wolfe Research downgraded the stock to underperform with a $1 price target following the debut of the Ford F-150 electric pickup, a competitor to the Lordstown Endurance.Without naming Ford, Burns said EV pickups are more mainstream following a “watershed moment” last week. He said Lordstown continues to have first-mover advantage. Ford’s electric F-150 is expected to go into production next spring.”We are on par with somebody like that at this point, and we’re getting to market faster,” he said. “We want as many people buying our vehicle while we’re the only game in town. We want to be on version 2.0 when somebody comes out with version 1.0.”In March, Lordstown confirmed the U.S. Securities and Exchange Commission had requested information regarding claims by short seller Hindenburg Research that it misled investors. Hindenburg accused Lordstown in a March report of using “fake” orders to raise capital for the Endurance. The short seller claimed the pickup was years away from production; however, Lordstown maintains it’s on track to start making the vehicle in September.Burns on Monday reiterated the company is continuing to cooperate with the SEC.Lordstown went public through a special purpose acquisition company, or SPAC, in October. It is among a growing group of electric vehicle start-ups going public through deals with SPACs, which have become a popular way of raising money on Wall Street because they have a more streamlined regulatory process than traditional initial public offerings.The company plans to produce the Endurance at General Motors’ former Lordstown Assembly plant in Ohio. Lordstown Motors purchased the plant in 2019. More

CNBC’s Jim Cramer said Monday he believes stocks are in a position to keep rallying for the “foreseeable future,” pointing to a number of bullish factors including cooling in the IPO and SPAC markets.”If I say it could end any minute, I’d be worse than most of these bears who spout jeremiads about how we’re all doomed because of inflation,” Cramer said. “So I’ll say stocks could keep running until something systemic happens, because the market’s set up pretty darned well for the foreseeable future.”In general, Cramer said he sees a range of factors contributing to “the disappearance of the sellers,” which helped all three major U.S. equity indexes finished in the green Monday, and potentially beyond. Here are a few of those reasons:Fewer IPOs, SPACsA flood of initial public offerings can put pressure on the broader stock market because money managers need to sell other holdings to take part in the deal, Cramer explained. Right now, there appears to be a slowdown in IPOs after a surge to start this year, he said, which is a positive.Relatedly, Cramer said the end of the frenzy involving new special purpose acquisition companies, or SPACs, benefits the entire market. “They will not be missed and if they try to come back again, they will be shunned,” he said.Household savings”Thanks to multiple stimulus packages, people didn’t have to sell their holdings in order to pay their bills. In a normal recession, many investors are forced to liquidate their stocks. This time, we have totally avoided that,” Cramer said.End of earnings seasonA few companies have yet to report, but for the most part, the latest round of earnings has wrapped up. That’s good news, Cramer said, because share repurchases are likely to pick up pace, which can lead to higher equity prices.The rest …According to Cramer, the remaining factors contributing to diminished selling pressure in the market: less concern about a hike in capital gains taxes, potential stabilization in cryptocurrencies, and a lack of alternative investments outside of stocks.Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer’s world? Hit him up! Mad Money Twitter – Jim Cramer Twitter – Facebook – InstagramQuestions, comments, suggestions for the “Mad Money” website? [email protected] More

Naomi Hassebroek receives her second COVID-19 vaccine at NYC Health+Hospitals Gotham Health Sydenham, in the Manhattan borough of New York City, New York, March 29, 2021.Caitlin Ochs | ReutersNew York’s Covid-19 vaccination rate has declined dramatically in recent days, Gov. Andrew Cuomo said Monday as he pleaded with residents to get immunized against the disease that’s claimed more than 590,000 lives in America.The state administered just 63,000 vaccines in the last 24 hours, with a seven-day average of about 133,000 shots administered in the past week as of May 24, according to state data.The current seven-day average is a small increase from last week’s but a sharp drop from the state’s peak when it reported a seven-day average of about 266,000 vaccinations on April 4.Cuomo urged New Yorkers to take vaccines seriously, saying the coronavirus pandemic is still a cause for caution.”It’s not over, it’s managed, but it’s not over,” Cuomo said at a press briefing. “The number of vaccinations is dropping off dramatically, we’re now doing fewer than 100,000 per day — that’s a dramatic decline, 55% decline in how many vaccines we’re doing.”Data from the Centers for Disease Control and Prevention shows the U.S. is reporting an average of 1.8 million vaccinations per day over the past week. About 49% of the U.S. population has had at least one shot with 39% fully vaccinated.The nationwide seven-day average for reported administered vaccines is currently 1.7 million, down from a peak seven-day immunization average of 3.4 million reported on April 13.The slowing immunization rate has public officials like Cuomo and New York City Mayor Bill de Blasio offering different perks to convince reluctant people to get their vaccine shots. They’ve previously offered free Yankees tickets, “vax & scratch” lottery tickets, free subway and railroad rides, and tickets to popular attractions like zoos and gardens and more.State parks will now be offering free passes with access to any of New York’s 16 state parks to anyone who gets the vaccine this week at a state park vaccination site, a campaign Cuomo dubbed “a shot in the park.”Cuomo said he’s targeting the “youthful and the doubtful” with the latest round of incentives.”Enjoy the park, come get a vaccine, we’re going to set up a vaccine site at everyone of the 16 state parks,” he said.Maryland, Ohio and Oregon have set up vaccine lotteries to increase declining vaccination rates.In Ohio, where vaccination rates were falling, the number of people 16 and older getting the shots jumped 28% the weekend after the state announced its vaccine lottery program. Ohio also announced that it would give five full college scholarships to randomly chosen vaccinated students.New Jersey is offering anyone who gets their Covid shot in May a free beer at several local breweries as part of Gov. Phil Murphy’s “shot and a beer” campaign.Private businesses across the U.S. have also offered incentives to vaccinated patrons like gift cards, free snacks, marijuana, beer and even free tickets to Six Flags in Illinois.– CNBC’s Nate Rattner contributed to this report. More