Raphael Stevens

In this articleAGCUUCNBC’s Jim Cramer on Monday got behind Southeast Asia’s ride-hailing giant Grab, though he recommended investors wait for lower price levels as Wall Street’s appetite for SPAC deals subsides.Grab, an app that offers transportation, food delivery, hotel bookings and other services, is set to merge with Altimeter Growth for $39.6 billion in the world’s largest blank-check deal to date.”I don’t love the price right now, but if you wait for some weakness, and there probably will be, you’ve got my permission to do some buying,” the “Mad Money” host said.Cramer said the stock would be more attractive under $11.50, about 20% lower. “The thing about Grab… it’s a great company, but it’s also totally out of style with the Wall Street fashion show,” he added. “It’s a rapidly growing digital play at a time when money managers want smokestack stocks.”Smokestack refers to companies in more cyclical sectors of the market like energy and industrials.Grab will list on the Nasdaq with the ticker GRAB when the deal closes with Altimeter, a special purpose acquisition company. The stock, currently under the symbol AGC, last traded at $14.01 on Monday, 4.4% higher than Friday.Altimeter Growth is run by venture capitalist Brad Gerstner, who also got behind Snowflake and Roblox. Cramer highlighted that the company agreed to a three-year lockup on its shares.Grab reported $1.6 billion of adjusted net revenues in 2020, topping its performance before the pandemic. The company projects annualized growth of 42% through 2023, according to a filing.Grab ranked No. 16 on last year’s CNBC Disruptor 50 list in 2020.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

Director of the Centers for Disease Control and Prevention, Rochelle Walensky, testifies before a House Select Subcommittee hearing on “Reaching the Light at the End of the Tunnel: A Science-Driven Approach to Swiftly and Safely Ending the Pandemic,” on Capitol Hill in Washington, DC, April 15, 2021.Amr Alfiky | AFP | Getty ImagesU.S. health officials have confirmed fewer than 6,000 cases of Covid-19 in fully vaccinated Americans, Centers for Disease Control and Prevention Director Dr. Rochelle Walensky said Monday.That represents just 0.007% of the 84 million Americans with full protection against the virus. Despite the breakthrough infections, she said the vaccines are working as intended.”With any vaccine, we expect such rare cases, but so far out of more than 84 million people who were fully vaccinated, we have only received reports of less than 6,000 breakthrough cases,” Walensky told reporters at a press briefing. Breakthrough cases occur when someone contracts the virus more than 14 days after their second shot, she said.The CDC chief acknowledged that the number could be an underestimate.”Although this number is from 43 states and territories and likely an underestimate, it still makes a really important point, these vaccines are working. Of the nearly 6,000 cases, approximately 30% had no symptoms at all,” Walensky said.”This is really encouraging encouraging news. It demonstrates what we’ve already discussed about these vaccines. They also help prevent you from getting seriously ill,” she said. Out of the 6,000 or so breakthrough infections, 396 people were hospitalized and 74 people died, according to CDC data released last week. Half of all American adults have received at least one dose of the coronavirus vaccine. Of those age 65 and older, 81% have received one dose or more and about two-thirds are fully vaccinated.U.S. health officials are launching a massive campaign to persuade more Americans to take the vaccine. An increasing number of people has become skeptical after the CDC and Food and Drug Administration asked states to temporarily halt distribution of Johnson & Johnson vaccines last week after cases of a rare, but potentially deadly, blood-clotting disorder were reported to the CDC.Some of former President Donald Trump’s supporters also are strongly opposed to taking the vaccine, which worries U.S. health officials hoping enough people will get immunized so the country can obtain herd immunity to the virus. White House chief medical advisor Dr. Anthony Fauci has previously said 75% to 85% of the U.S. population need to be inoculated to create an “umbrella” of immunity that prevents the virus from spreading.”It’s very disturbing that on the basis of political persuasion people are not wanting to get vaccinated,” Fauci said Monday on “CBS This Morning.” “I find that really extraordinary because those are the ones who are saying you’re encroaching on our liberties by asking us to wear masks and do kinds of restrictions that are public health issues. The easiest way to get out of that is to get vaccinated.” The U.S. is reporting 723 Covid deaths per day, according to a seven-day average based on data compiled by Johns Hopkins University.All 50 U.S. states, at Biden’s urging, opened vaccine appointments to people age 16 and older by Monday.—CNBC’s Nate Rattner contributed to this report.Correction: This story was updated to correct fatality data. Of the roughly 6,000 breakthrough infections, at least 74 patients died as of April 13. More

In this articleJPMLOWPPGEMRWFCHDThe same high-flying stocks that drew investors to the stock market last year have left the newcomers out in the cold, CNBC’s Jim Cramer said Monday.”The house of pleasure has walls made of traditional stocks that hold up under scrutiny, but the house of pain has been falling apart,” the “Mad Money” host said.Cyclical stocks that are levered to the broader economy have caught fire and driven the stock market to new highs, Cramer said. He pointed to stocks like Emerson Electric, Ingersoll Rand, Honeywell, PPG, Home Depot, Lowe’s, JP Morgan Chase and Wells Fargo.Each of these stocks, minus Honeywell, has outgained the market year to date. Wells Fargo, up 45%, has been the strongest performer of the bunch.”Then you have the second market, the one that’s dominated by the younger cohort that’s been drawn in by no-commission trading, an easy-to-use Robinhood app, and some very exciting stocks that made people” fortunes last year, Cramer said.Tesla and Zoom shares have struggled to keep momentum after putting up eye-popping numbers in 2020. Zoom is down more than 8% this year and 45% from its peak in October. Tesla shares are up just 1% since the start of the year. The stock last traded at $714.63, down about 21% from late January.Cramer also said many SPAC plays are included in the “house of pain.” Some of those include QuantumScape, Nikola and Lordstown Motors, which have seen shares decline between 32% and 63% this year.Zoom In IconArrows pointing outwardsDisclosure: Cramer’s charitable trust owns shares of Honeywell.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

A United Airlines Boeing 737 Max 9 aircraft lands at San Francisco International Airport on March 13, 2019 in Burlingame, California.Justin Sullivan | Getty ImagesUnited Airlines on Monday reported its fifth consecutive quarterly loss, though travel demand has recently improved as Covid-19 vaccinations ramp up and governments loosen travel restrictions.The company posted a $1.36 billion net loss for the first quarter on $3.22 billion in revenue, which fell nearly 60% from the close to $8 billion in sales it generated in the first quarter of 2020. United’s per-share loss on an adjusted basis came in at $7.50, compared with the $7.08 per share loss analysts expected.Here’s how United performed in the first quarter compared with what Wall Street expected, based on average estimates compiled by Refinitiv:Adjusted loss per share: $7.50 versus an expected loss of $7.08 a shareTotal revenue: $3.22 billion versus $3.26 billion expectedThe Chicago-based airline said it will likely be able to return to positive adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, even if business and international travel demand only gets back to about 65% of 2019 levels.”We’ve shifted our focus to the next milestone on the horizon and now see a clear path to profitability,” CEO Scott Kirby said in an earnings release. “We’re encouraged by the strong evidence of pent-up demand for air travel and our continued ability to nimbly match it, which is why we’re as confident as ever that we’ll hit our goal to exceed 2019 adjusted EBITDA margins in 2023, if not sooner.”United said it expects its second-quarter capacity to be down 45% from the same period in 2019, compared with a 54% decline in the first quarter from the same period two years ago. It expects revenue per seat mile, a measure of how airlines are generating revenue compared with capacity, to fall 20% in the second quarter from 2019, the carrier said.Fuel costs continue to weigh on the airline and its competitors.United shares were off about 2% in after-hours trading.The company’s executives will discuss results in a 10:30 a.m. ET call on Tuesday.Correction: This story was updated to correct the quarter United used to compare its revenue. It was the first quarter of 2020. More

In this articlePMBATS-GBMOMarlboro cigarettes, a product of Philip Morris InternationalDaniel Acker | Bloomberg | Getty ImagesTobacco stocks tumbled Monday on a report that the Biden administration is considering whether to cap nicotine levels in cigarettes.The report, which cited people familiar with the matter, was published in the Wall Street Journal. The paper said the discussion came as public officials approach a deadline to say whether they plan to seek a ban of menthol cigarettes or not.The Biden administration is trying to determine if it should reduce nicotine levels in conjunction with a menthol ban or as a separate policy, the people told the Journal.Nicotine doesn’t cause cancer, but it does make smoking more addictive. The goal of reducing nicotine levels would be to make cigarettes less addictive, hoping to coax smokers to quit or switch to other products that are considered to be safer.The Food and Drug Administration, which has regulatory oversight of tobacco, declined to comment on the report.”Any action that the FDA takes must be based on science and evidence and must consider the real-world consequences of such actions, including the growth of an illicit market and the impact on hundreds of thousands of jobs from the farm to local stores across the country,” Altria spokesperson George Parman told CNBC in an email.Altria shares closed down more than 6% on the report. In extended trading Monday, shares fell an additional 2%.British American Tobacco shares closed down 2% Monday, while Philip Morris International shares ended the day down more than 1%. Both stocks also were down after the market closed.Philip Morris International declined to comment on this matter. The tobacco company does not sell or market cigarettes in the U.S. But its stock fell on the news regardless.British American Tobacco didn’t immediately respond to a request for comment. The company owns Reynolds American, the maker of Camel cigarettes.”Many consumers wrongly believe that a cigarette very low in nicotine content is lower in risk than traditional cigarettes, a misconception that poses a major hurdle in determining proposed rulemaking for low nicotine cigarettes,” Reynolds American spokesperson Kaelan Hollon said in an email.Read the full story from the Wall Street Journal here. More

In this articleMELIFernando Tatis Jr. #23 of the San Diego Padres runs past third base in the 8th inning against the Los Angeles Dodgers on April 18, 2021 at Petco Park in San Diego, California.Matt Thomas | San Diego Padres | Getty ImagesSports fans streamed Major League Baseball more than ever through its first three weekends of the season as the sport continues to battle through Covid-19 and political backlash.MLB said live games on its over-the-top service, MLB.TV, garnered more than 1.3 billion minutes of streams from opening day, April 1, through April 18. That’s a 12% increase compared with the first 18 days of the shortened 2020 season and up 43% compared with the same time frame for the 2019 season, the league said in a release.MLB’s streaming service allows consumers to view out-of-market games. Fans streamed 121 million minutes of live games on opening day, making it the most-watched day in MLB.TV history.The record high in streaming viewership comes after some political backlash, however.MLB decided on April 2 to relocate the 2021 All-Star Game after controversial voting laws were passed in Georgia. The July 13 game was scheduled to be played at the Atlanta Braves Truist Park, but the contest was moved to Colorado.Republican lawmakers criticized the move and threatened to revoke antitrust laws that favor MLB. According to a recent report from research company Morning Consult, MLB’s favorability rating fell 35 points among Republicans after the relocation.MLB is also coming off a strong viewership around ESPN’s Sunday Night package. Using Nielsen stats, the Disney-owned property said its Sunday MLB package is up 33% compared with the entire 2020 average.Through the first two weeks of the telecast, an average of 1.58 million viewers are tuning into the Sunday Night game. That number was roughly 1.19 million throughout the 2020 season.The two parties are nearing an agreement around a new media rights deal, as ESPN’s eight-year, $5.6 billion rights package is set to expire. Currently, the network pays MLB about $700 million per year for rights, including Sunday Night baseball and the All-Star contest including the Home Run Derby.But there has been speculation ESPN could part ways with the weeknight package on Mondays and Wednesdays. Unlike the Sunday games, the weeknight games are non-exclusive as local markets also broadcast the game, which means ESPN loses viewership.Some media pundits believe the package is worth $150 million to $200 million per year. MLB has already locked in new rights fees with Fox Sports and AT&T-owned Turner Sports.MLB returned to a 162-game schedule this season after a 60-game campaign in 2020 due to the pandemic. Correction: This story has been updated to reflect that fans watched more than 1.3 billion minutes of streams. More