Raphael Stevens

World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus attends a press conference organised by the Geneva Association of United Nations Correspondents (ACANU) amid the COVID-19 outbreak, caused by the novel coronavirus, on July 3, 2020 at the WHO headquarters in Geneva.Fabrice Coffrini | AFP | Getty ImagesA World Health Organization official said Monday it is reclassifying the highly contagious triple-mutant Covid variant spreading in India as a “variant of concern,” indicating that it’s become a global health threat.Maria Van Kerkhove, the WHO’s technical lead for Covid-19, said the agency will provide more details in its weekly situation report on the pandemic Tuesday but added that the variant, known as B.1.617, has been found in preliminary studies to spread more easily than the original virus and there is some evidence it may able to evade some of the protections provided by vaccines. The shots, however, are still considered effective.”And as such we are classifying this as a variant of concern at the global level,” she said during a press conference. “Even though there is increased transmissibility demonstrated by some preliminary studies, we need much more information about this virus variant in this lineage in all of the sub lineages, so we need more sequencing, targeted sequencing to be done.”The WHO said last week it was closely following at least 10 coronavirus variants across the world, including the B.1.617. The variant was previously labeled a “variant of interest” as more studies were needed to completely understand its significance, Van Kerkhove said.”What it means for anybody at home is any of the SARS-CoV-2 viruses circulating can infect you and spread and everything in that sense is of concern,” she said Monday. “So, all of us at home, no matter where we live, no matter what virus is circulating, we need to make sure that we take all of the measures at hand to prevent ourselves from getting sick.”A Covid-19 coronavirus patient rests inside a banquet hall temporarily converted into a Covid care centre in New Delhi on May 10, 2021.Arun Sankar | AFP | Getty ImagesA variant can be labeled as “of concern” if it has been shown to be more contagious, more deadly or more resistant to current vaccines and treatments, according to the WHO.The group issued a clarification Monday to their earlier remarks, saying that current data shows the existing Covid-19 vaccines “remain effective at preventing disease and death in people infected with this variant.”The international organization has already designated three other variants with the classification: B.1.1.7, which was first detected in the U.K. and is the most prevalent variant currently circulating throughout the U.S.; B.1.351, first detected in South Africa, and the P.1 variant, first detected in Brazil.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:WHO classifies triple-mutant Covid variant from India as global health risk’We were scared’: Asian-owned small businesses have been devastated by the double whammy of Covid and hateCDC: Covid is airborne farther than 6 feet — here’s what that means for returning to the office    U.S. Covid cases down 30% over past two weeks as country averages 2 million shots per day B.1.617 has three sublineages, Van Kerkhove said, that will be described in the situation report Tuesday.The variant is believed by some to be behind the latest wave of infections in India.The country is averaging about 3,879 Covid deaths per day, according to data compiled by Johns Hopkins University, though media reports indicate the official figure is being understated. It has reported an average of about 391,000 new cases per day over the past seven days — up about 4% from a week ago, Johns Hopkins University data shows.The variant has since spread to other countries, including the United States.— CNBC’s Rich Mendez contributed to this report. More

In this articleAMZNNFLXTCMCSANA-CAGolden Globe trophies are set by the stage ahead of the 77th Annual Golden Globe Awards nominations announcement at the Beverly Hilton hotel in Beverly Hills on December 9, 2019.ROBYN BECK | AFP | Getty ImagesNBC will not air the Golden Globes awards in 2022, the network said Monday.The Hollywood Foreign Press Association, which hands out the awards, has been criticized for a lack of diversity within its ranks. The group said it would look to make changes, but NBC said the process is not moving quickly enough.”We continue to believe that the HFPA is committed to meaningful reform. However, change of this magnitude takes time and work, and we feel strongly that the HFPA needs time to do it right,” the company said in a statement. “As such, NBC will not air the 2022 Golden Globes.””Assuming the organization executes on its plan, we are hopeful we will be in a position to air the show in January 2023,” the company continued.The HFPA is a group of 87 Los Angeles-based journalists who work for foreign media outlets. It has been under fire from Hollywood for months. In addition to the concerns around diversity, it also has been accused of impropriety when it comes to how the organization reports on the entertainment industry.Last week, the group introduced a plan that would increase the number of Black reporters in its organization, as well as other people of color, and proposed restrictions on the gifts its voters can accept and the payment they receive for their work on committees.It said it wants to admit 20 new members in 2021, with a specific focus on Black recruits, and then expand that membership by 50% over the next 18 months. Prior to these changes, the group didn’t have a single Black member.”Regardless of the next air date of the Golden Globes, implementing transformational changes as quickly – and as thoughtfully – as possible remains the top priority for our organization,” The HFPA said in a statement. “We invite our partners in the industry to the table to work with us on the systemic reform that is long overdue, both in our organization as well as within the industry at large,” HFPA added.Hollywood also is looking for speedier action from the group. WarnerMedia, Netflix and Amazon Studios have refused to participate in any more HFPA events until the organization demonstrates it is heading toward real and lasting reform.In 2018, NBC struck an eight-year deal with the HFPA to broadcast the Globes for around $60 million per year. It is unclear if the organization will shop the show around to a different network and, if so, if any network would be interested in stepping up to air it.After all, some of Hollywood’s biggest voices are calling for boycotts against the organization and even returning their trophies.Actor Tom Cruise has returned his three Golden Globes to the HFPA, according to Variety. He won best actor awards for “Jerry Maguire” and “Born on the Fourth of July” and best supporting actor for “Magnolia.”Actress Scarlett Johansson also joined the chorus of outraged Hollywood talent, which include fellow “Avenger” Mark Ruffalo and numerous publicists, studios and media organizations.”As an actor promoting a film, one is expected to participate in awards season by attending press conferences as well as awards shows,” Johansson said in a published statement over the weekend. “In the past, this has often meant facing sexist questions and remarks by certain HFPA members that bordered on sexual harassment. It is the exact reason why I, for many years, refused to participate in their conferences.””The HFPA is an organization that was legitimized by the likes of Harvey Weinstein to amass momentum for Academy recognition, and the industry followed suit,” she said. “Unless there is necessary fundamental reform within the organization, I believe it is time that we take a step back from the HFPA and focus on the importance and strength of unity within our unions and the industry as a whole.”Disclosure: Comcast is the parent company of NBCUniversal and CNBC. More

In this articleCWHNWLGMVTSLAWith a holiday and the summer months on the horizon, CNBC’s Jim Cramer on Monday revealed a list of stocks that have a history of rising on what’s dubbed the “Memorial Day trade.””If you buy these summertime stocks the trading day before Memorial Day weekend, which is in three weeks, and then sell them one to 15 days later, you tend to make a bundle,” Cramer said on “Mad Money.””I happen to think that each of these stocks works as a longer-term investment right now.”The summertime stocks are companies that historically get a boost in business during the warmest part of the year, particularly anything related to the outdoors and consumer spending. Car and retail sales are usually on the rise, Cramer noted.The trade playbook, which is championed by the well-regarded market guru Larry Williams, includes General Motors, Newell Brands and Camping World, among others.Zoom In IconArrows pointing outwardsLooking at Tesla’s daily chart, Cramer noted that the red line represents Williams’ seasonal forecast. Tesla shares have declined more than 10% this year after a massive run in 2020.”In the case of Tesla, if you bought it one day before the holiday, with a 10 point stop-loss order, and then sold it ten to fifteen days later … you averaged an astounding 5 to 8 percent gain,” Cramer explained. “Best of all, it worked every single year for the last 10 years.”Zoom In IconArrows pointing outwardsConsumers are also more willing to use their credit cards during the summer, which makes stocks like Visa attractive plays, he said.”Based on the seasonal pattern on the daily chart, Visa should be good to keep climbing through mid-June, which jives with the Memorial Day data,” he said.DisclaimerQuestions 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 article.DJI.SPX.IXICMany stocks that were up in Monday’s session will continue winning, while those that declined will likely keep melting down, CNBC’s Jim Cramer said. “The stocks that held up today are the ones that belong to companies with products that are in strong demand while supply remains limited,” the “Mad Money” host said. “It’s become a supply and demand market, not a market-share market or a land-and-expand market or a total addressable market or a go-to market.”The Dow Jones Industrial Average and S&P 500 indexes fell from record highs, but the tech-heavy Nasdaq Composite dropped 2.55%, continuing the downward trajectory of the past three months. Many of the stocks in the Nasdaq have become untouchable, even if their underlying companies are doing well, Cramer said.”I say this is a market for grizzled veterans because if a company’s only been publicly traded for, say … a dozen years, it’s most likely getting crushed right now,” he said. “These modern stocks have become what we call in the business ‘sources of funds,’ and that’s what drove today’s sell-off.”The economy is booming, leading money managers to shift their attention from high-growth names to old school companies whose products are in short supply. Those stocks will continue to climb, even if the rest of the market continues to slide on concerns about inflation and higher interest rates, Cramer said.In a growing economy, many investors are being driven out of flashy names into “boring” ones, he said.Below is a list of sectors and stocks that Cramer is bullish on:Mining and materials: Alcoa and Freeport-McMoRanOils: Pioneer Natural Resources and ChevronInfrastructure: Caterpillar, Deere and United RentalsHomebuilders: Lennar, Toll Brothers and D.R. HortonHome improvement/furnishings: Williams-Sonoma, Wayfair, Lowe’s, Home Depot, Stanley Black & Decker and Best BuyConsumer products: PepsiCo, Coca-Cola and Procter & GambleTransports: J.B. Hunt, Norfolk Southern and CumminsBanks: Any bankRetail: L Brands, American Eagle Outfitters and GapAgriculture: Mosaic, Deere and AgcoQuestions 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 articleSPGShoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania.Mark Makela | ReutersThe biggest U.S. mall owner Simon Property Group says shoppers are getting back to malls, but that it’s hard to predict what traffic trends are going to look like one year from now.Simon Property CEO David Simon said Monday that sales and shopper visits are improving week over week, but it is still being conservative in its outlook because it’s difficult to know what’s going to stick versus what’s a short-term boost, he said.”Between being cooped up, between being locked down, between the stimulus, between celebrating that the country is still around … there’s clearly some level of euphoria around that,” David Simon said during an earnings conference call Monday.”It would be impossible for me to tell you what percent that is. … On the other hand, we’re still seeing pockets of the country that haven’t really seen that yet,” David Simon added.He cited California and New York as two examples where store traffic remains suppressed by Covid-related restrictions. International tourism has also yet to return to malls and outlet centers, he said.For the period ended March 31, Simon reported an occupancy rate across its U.S. malls and outlet properties of 90.8%, compared with 94% a year earlier.Total revenue fell to $1.24 billion from $1.35 billion.Base minimum rent per square foot ticked up to $56.07 from $55.76 in the year-ago period.Simon’s top tenants in terms of how much rent they pay include Gap Inc., L Brands and PVH, as well as department store chains Macy’s and J.C. Penney.”We’re making deals with across the board with a bunch of people,” David Simon said about leasing activity in 2021. “We do still have some difficult relationships in negotiations that we’re dealing with. And again, I won’t name names. … But if they’re not paying what we think is fair, we’d just rather sit on empty space.”Simon now anticipates earnings of between $9.70 to $9.80 per share in funds from operations for 2021, compared with a previous forecast of $9.50 to $9.75 a share. FFO is an earnings metric used by real estate investment trusts.Simon Property shares were falling about 2% in extended trading. The stock is up nearly 50% year to date. Simon has a market cap of $42 billion.Find the full earnings press release from Simon here. More

Virgin Galactic’s carrier aircraft releases its spacecraft Unity during a glide flight test.Virgin GalacticVirgin Galactic delivered first quarter results after the market closed on Monday, announcing that it is evaluated the target date for its next spaceflight test, which the company previously planned for this month.Mike Moses, Virgin Galactic’s president of space missions and safety, said on the company’s conference call with investors that the uncertainty stems from “a potential wear-and-tear issue” identified last week on VMS Eve, the aircraft that carries its spacecraft before launch. The part in question was scheduled for maintenance in the fall, Moses said, but Virgin Galactic is now studying VMS Eve “to determine whether we need to take action now.””We will report back to the market next week with an update on schedule implications to our next flight,” Moses said.The space tourism company reported an adjusted EBITDA loss of $55.9 million, down slightly from a loss of $59.5 million in the previous quarter and below the adjusted EBITDA loss of $63.6 million expected by analysts surveyed by FactSet.The company booked zero dollars of revenue in the quarter, as it did in the prior quarter. Virgin Galactic had about $617 million in cash on hand at the end of the first quarter, down from about $666 million in the fourth quarter.Shares of Virgin Galactic fell more than 7% in after hours trading, having closed down 8% at $17.95 a share on Monday.The stock has fallen 24% year to date – having dropped more than 70% from highs above $60 a share hit in February.Virgin Galactic’s stock losses accelerated over the past two months after delays to its test program, as well as share sales by chairman Chamath Palihapitiya, founder Richard Branson, and Cathie Wood’s new space ETF. The stock also fell after Jeff Bezos’ venture Blue Origin announced plans to launch the first crewed flight of its space tourism rocket on July 20, a move which UBS warned likely removes Virgin Galactic’s first-mover advantage.Andrew Chanin, CEO of ProcureAM which holds Virgin Galactic in its Space ETF, told CNBC that the lack of certainty or timeline around the upcoming test flights means investors are starting to have “less and less patience.””It was okay [that was] the case a couple months or even a year ago, but now with Blue Origin kind of right on their heels … it puts some competition right in [Virgin Galactic’s] immediate way – and it now seems like it’s very likely that they may not be first to market,” Chanin said.The company is working to complete development of its SpaceShipTwo system, with four test flights remaining before Virgin Galactic begins commercial service in 2022.Virgin Galactic attempted the first of those four spaceflight tests in December, but the mission was cut short by an engine anomaly. The company scheduled a repeat of the flight attempt for February, but then delayed to May to give more time to address an electromagnetic interference issue with the spacecraft’s flight computer. Virgin Galactic said in its first quarter report that it completed corrective work on the issue, saying VSS Unity “is ready to start pre-flight procedures for flight.”The fourth spaceflight test, expected later this year, will carry members of the Italian Air Force for professional astronaut training. It will be Virgin Galactic’s first “full revenue flight,” with the company disclosing it will generate $2 million – or the equivalent of $500,000 per seat.In the meantime, Virgin Galactic in March unveiled the next spacecraft addition to its fleet, VSS Imagine, which is the first of its next-generation SpaceShip III class.Virgin GalacticBecome 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

Holding tanks are seen in an aerial photograph at Colonial Pipeline’s Dorsey Junction Station in Woodbine, Maryland, May 10, 2021.Drone Base | ReutersColonial Pipeline said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.”Segments of our pipeline are being brought back online in a stepwise fashion, in compliance with relevant federal regulations and in close consultation with the Department of Energy, which is leading and coordinating the Federal Government’s response,” the company said in a statement.The company said the situation “remains fluid and continues to evolve,” and that it’s following an incremental process that will return sections to service based on a phased approach.”This plan is based on a number of factors with safety and compliance driving our operational decisions, and the goal of substantially restoring operational service by the end of the week,” the company said.Gasoline futures were slightly higher early Monday afternoon on Wall Street, after spiking to their highest level in around three years during overnight trading.”The initial price movement was a knee-jerk reaction, expecting severe or prolonged impacts to gasoline, and heating oil and other product supply,” said Darwei Kung, head of commodities at DWS Group. “I think people are looking at the situation right now, and understanding that the disruption probably is not nearly as severe as the initial knee-jerk reaction would imply.”Colonial Pipeline, which operates the largest fuel transmission line from the Gulf Coast to the Northeast, “halted all pipeline operations” on Friday night as a proactive measure following a ransomware cyberattack. A criminal group criminal group known as DarkSide was responsible for the attack, the FBI confirmed.The company said Sunday evening that some of its smaller lateral lines between terminals were once again online, but that its main lines were still shut down.The pipeline is a critical part of U.S. petroleum infrastructure, transporting around 2.5 million barrels per day of gasoline, diesel fuel, heating oil and jet fuel. The pipeline encompasses more than 5,500 miles and carries nearly half of the East Coast’s fuel supply. The system also provides fuel for airports, including in Atlanta and Baltimore.Zoom In IconArrows pointing outwardsColonial Pipelines systems mapSource: Colonial PipelinesEnjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More