Raphael Stevens

More stories

  • 150 Shares189 Views

    in Business

    Northrop Grumman robotic MEV-2 spacecraft, in a first, catches active Intelsat satellite

    The view from Northrop Grumman’s MEV-2 spacecraft as it approached to dock with Intelsat satellite IS-10-02.IntelsatTwo aerospace firms accomplished an industry first on Monday, as a small Northrop Grumman spacecraft docked successfully with an active Intelsat satellite to provide service and extend its life.Intelsat’s IS-10-02 satellite is nearly 18 years old, and operating well past its expected lifespan, but the Northrop Grumman-built spacecraft called MEV-2 will add another five years of life to IS-10-02, essentially re-fueling the satellite and giving it a new engine for control.The companies hit a milestone in the growing business of servicing satellites while in space.”Today’s successful docking of our second Mission Extension Vehicle further demonstrates the reliability, safety and utility of in-space logistics,” Tom Wilson, vice president of Northrop Grumman’s strategic space systems said in a statement. “The success of this mission paves the way for our second generation of servicing satellites and robotics, offering flexibility and resiliency for both commercial and government satellite operators, which can enable entirely new classes of missions.”A close up look at Intelsat’s IS-10-02 satellite as MEV-2 approached for docking in orbit.IntelsatExtending the life of an active spacecraft in orbit has only been done with human help before—such as the Hubble telescope servicing missions conducted by NASA astronauts.Launched in August on an Arianespace Ariane 5 rocket, the robotic MEV-2 spent the last several months traveling out to the satellite. MEV-2 then matched its orbit before successfully docking, while also providing unique imagery of the satellite as the spacecraft approached.IS-10-02 was launched in June 2004 and was only intended to be in service for 13 years, providing broadband communications services to Europe, South America, Africa and the Middle East. The satellite is in a fixed position above the Earth in what is known as geosynchronous orbit—tens of thousands of miles up to provide as wide a coverage area as effectively possible.The MEV-2 mission builds upon the success of Northrop Grumman’s MEV-1 mission last year, which docked with an inactive Intelsat satellite. That satellite was in a “graveyard orbit,” meaning it was no longer providing services, but MEV-1 restored it and moved the satellite back into position.The MEV-2 spacecraft, while similar to MEV-1, took that mission a step further by docking and extending the life of a satellite currently in service. This means there was more risk involved, given that IS-10-02 is serving customers, including providing television services to more than 18 million households in Europe.Northern Sky Research, a satellite consulting firm, estimates that the market for satellite servicing and life extensions is a $3.2 billion opportunity over the next decade.The firm forecasts that there is demand for servicing upward of 75 satellites by 2030, with companies and governments looking to extend the lifespan of typically expensive geosynchronous equatorial orbit satellites, rather than launch replacements. More

  • 150 Shares159 Views

    in Finance

    Some states require amended tax returns for $10,200 unemployment tax break refunds

    10’000 HoursSome states are requiring workers who received a federal tax break on unemployment benefits to file an amended tax return to get their refund.This largely applies to taxpayers who’d filed a federal and state tax return before the American Rescue Plan became law.That $1.9 trillion Covid relief measure waived federal tax on up to $10,200 of unemployment benefits collected last year, per person. (The maximum is double for a married couple.)More from Personal Finance:Stimulus check less than expected? How the IRS will let you knowHow to handle an inherited 401(k) or IRAPeople weigh ‘revenge spending’ with $1,400 stimulus checkPresident Joe Biden signed the bill on March 11 — about a month into tax season.Many people filed their returns without claiming the tax break, meaning they likely overpaid their taxes and may be owed a refund.There are probably a ton of people who got unemployment who rushed to file. People are still in panic mode and wanted a refund as soon as possible.Albert Campocertified public accountantThe IRS is issuing federal tax refunds automatically starting in May. (It may also apply the funds to other taxes owed.) It’s unclear how many people are affected.Taxpayers won’t have to file an amended federal tax return unless the unemployment tax break makes them newly eligible for tax benefits like the earned income tax credit.State taxesTaxpayers may not be so lucky at the state level.For one, a dozen states aren’t offering the federal tax break on unemployment benefits, meaning workers have state tax liability.States that did adopt the federal tax cut may not issue a refund automatically.Zoom In IconArrows pointing outwards”There are probably a ton of people who got unemployment who rushed to file,” said Albert Campo, a certified public accountant based in Manalapan, New Jersey. “People are still in panic mode and wanted a refund as soon as possible.”In such cases, taxpayers who filed early may need to file an amended state tax return to get a state tax refund.The situation will vary by state.New Mexico, for example, is suggesting eligible taxpayers file amended returns.Doing so could mean a lower tax, a larger refund and qualification for certain tax credits and exemptions for which they were previously ineligible, according to the state Taxation and Revenue Department.Unemployment exclusionThe federal tax break is technically an “exclusion.” It lets taxpayers exclude up to $10,200 of unemployment benefits from their taxable income. A state tax return filed before mid-March will still reflect a higher income, without the exclusion applied.”Taxpayers who filed their income tax returns before the passage of the American Rescue Plan Act may wish to file an amended return to reflect their new [adjusted gross income] … and to claim any refund they may now be owed,” according to the New Mexico tax agency.However, the Massachusetts Department of Revenue is urging taxpayers who filed their 2020 returns without claiming the tax break not to file an amended state return.”If a taxpayer is eligible for a refund, the Department will issue a refund payment to the taxpayer and the taxpayer need not take any action,” the agency said.Massachusetts Gov. Charlie Baker signed a law April 1 offering the tax benefit to households whose income is less than 200% of the federal poverty level.           12 statesTwelve states aren’t offering the unemployment tax break, according to H&R Block data as of April 5.They are: Colorado, Georgia, Hawaii, Idaho, Kentucky, Minnesota, Mississippi, North Carolina, New York, Rhode Island, South Carolina and West Virginia.Taxpayers in these states who filed a tax return after the American Rescue Plan passed may have mistakenly excluded unemployment benefits from their state tax return as well as their federal return.Such taxpayers should have added back unemployment benefits to income on their state tax returns.Zoom In IconArrows pointing outwardsBut some states aren’t correcting the returns automatically. They’re telling taxpayers to file an amended state tax return to accurately reflect income.That’s the case in New York, for example.”If you already filed your 2020 New York State return, and you did not add back unemployment compensation that was excluded from your federal gross income, then you must file an amended return with New York State,” according to the Department of Taxation and Finance.In other states like Hawaii, the situation is even more complex.The Hawaii State Legislature is considering adopting the unemployment tax break. But taxpayers won’t know whether the measure will be adopted until after the legislative session adjourns on April 29, according to the Hawaii Department of Taxation.That puts taxpayers in a bind. The state didn’t extend the tax deadline, which is currently April 20. Taxpayers likely won’t know what the final rules are when they file their state taxes.The state is urging taxpayers to file a state return without claiming the tax break.Zoom In IconArrows pointing outwards”If Hawaii does conform to any of the federal provisions that reduces the tax amount owed after you’ve already submitted your return, an overpayment may be claimed by filing an amended return,” according to the Department of Taxation.Taxpayers in such cases may strongly consider filing for a tax extension, Campo said.They’d still have to estimate and pay their taxes by the state tax deadline, but wouldn’t then incur the cost of filing an amended return later, he said.A similar dynamic may occur in other states, too.Arizona and Vermont, for example, are allowing residents to claim the tax break on state tax forms but haven’t yet officially adopted the federal rule, according to H&R Block. If they ultimately don’t, an amended return may be necessary. More

  • 175 Shares199 Views

    in Business

    White House using new methods to reach vaccine-hesitant Americans: NASCAR, CMT and 'Deadliest Catch'

    White House Press Secretary Jen Psaki holds a press briefing in the Brady Briefing Room of the White House in Washington, DC on April 12, 2021.Brendan Smialowski | AFP | Getty ImagesThe White House is using alternative methods to reach Americans who remain reluctant to get a Covid-19 vaccine: NASCAR, CMT, the country music television channel, and shows like “Deadliest Catch,” White House press secretary Jen Psaki said Monday.”We’ve run PSAs on the ‘Deadliest Catch,’ we’re engaged with NASCAR and country nusic TV. We’re looking for a range of creative ways to get directly connected to white conservative communities,” Psaki said.According to a recent Kaiser Health News poll, “Republicans and white evangelical Christians were the most likely to say they will not get vaccinated, with almost 30% of each group saying they will ‘definitely not’ get a shot.”A PBS/NPR Marist poll found that 49% of Republican men said they would not choose to be vaccinated if the shot were made available to them, compared with 34% of Republican women given the same opportunity.And in 311 counties where at least 80% of constituents voted for Donald Trump in the 2020 election, The Washington Post reports the vaccination rate is 3% lower than the national average.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:CDC chief says Michigan should ‘shut things down,’ vaccinating alone won’t stop Covid surgeWHO says Covid pandemic is growing ‘exponentially’ at more than 4.4 million new cases a weekIndia overtakes Brazil to become the second-worst hit country as Covid cases soarU.S. hits daily vaccination record over the weekend as case counts reach summer peaksSenate Minority Leader Mitch McConnell, R-Ky., last week urged his fellow Republicans to get vaccinated, saying, “I’m a Republican man and I want to say to everyone, we need to take this vaccine. These reservations need to be put aside.”The White House is inching closer to its updated goal of 200 million shots in arms in President Joe Biden’s first 100 days in office, which is just under three weeks away. But virus variants are spreading in many states, creating uncertainty and a rush to get more Americans immunized. More

  • 125 Shares129 Views

    in Finance

    NYSE launches 'First Trade' NFTs of Spotify, Snowflake and more

    People walk by the New York Stock Exchange (NYSE) on the morning that the music streaming service Spotify begins trading shares at the NYSE on April 3, 2018 in New York City.Spencer Platt | Getty ImagesThe New York Stock Exchange announced Monday it would launch “First Trade” NFTs, to memorialize the true first trade of six stocks on the public markets.NFTs, or non-fungible tokens, are a type of digital asset created to track ownership of a virtual item using blockchain technology. Such unique items could be a piece of art or sports trading cards.During a company’s public debut, the exchange processes over 350 billion order, quote and trade messages across its markets on its busiest days, NYSE president Stacey Cunningham said in a LinkedIn post.Each message is recorded on the exchange’s digital ledger.”Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success,” Cunningham said. “The NYSE First Trade NFT memorializes that unique moment in a company’s history.”NYSE’s first class of NFTs represent the first trade of Spotify, which executed the inaugural direct listing on the exchange.In a direct listing, a company makes its debut by selling existing shares directly to the public instead of bringing in intermediaries.The exchange’s NFT offerings also include Snowflake, the biggest software IPO ever, as well as Unity, DoorDash, Roblox and Coupang, the largest initial public offering of 2021 so far.NFTs have boomed in popularity this year along with a rise in the values of digital currencies, like bitcoin and ether. The market is growing rapidly, with some digital collectibles being sold for millions of dollars. Twitter CEO Jack Dorsey sold the first-ever tweet for over $2.9 billion on the “Valuables” platform run by blockchain company Cent. Meanwhile, auction house Christie’s sought bids on a virtual work from the artist Beeple which eventually sold for $69 million.Investors can access NYSE NFTs on crypto.comEnjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now— with reporting from CNBC’s Ryan Browne. More

  • 200 Shares129 Views

    in Business

    Cannabis company Aphria looks to add consumer products brands as it waits for U.S. pot legalization

    In this articleAPHA-CATLRYIrwin Simon, the CEO of Canadian cannabis company Aphria, is looking for additional opportunities to acquire brands in the consumer products space, hoping to grow beyond cannabis.”There’s many opportunities in the U.S. right now with food and drink and other consumer products, and I know about how to build consumer brands and parlay that into cannabis once legalization happens,” Simon said in an interview on CNBC’s “Closing Bell” Monday. Simon previously founded the consumer products company Hain Celestial Group, which specializes in natural and organic food, beverages and personal care items. He stayed with the company for over 25 years, acting as its CEO and chairman.”Not knowing when [cannabis] legalization happens in the U.S., I want to continue to acquire certain businesses like a Sweetwater, like a Manitoba Harvest, that can parlay in the cannabis world once legalization happens with great margins, great growth and great distribution for us,” said Simon.The company acquired Sweetwater, an independent craft brewer in the U.S., in November. A month later, Aphria announced its merger plans with another Canadian cannabis company, Tilray, along with its hemp consumer product brand Manitoba Harvest, to form the largest cannabis company by revenue.The company’s stock closed down 14% to $13.95 on Monday, after the company reported that coronavirus lockdowns in parts of Canada and Germany hurt sales of its products in its fiscal third quarter. Revenue tumbled from the second quarter to the third quarter, but was higher on a year-over-year basis. For the three months ended Feb. 28, Aphria reported a net loss of $361 million Canadian dollars on revenue of $153.6 million Canadian dollars.”In the U.S., we had a solid first full quarter of contribution from Sweetwater even with lower on-premise sales compared to the prior year quarter as many foodservice industry establishments were still operating with limited capacity,” said Simon in a press release.Aphria shareholders are scheduled to vote on the Tilray deal on Wednesday. Tilray shares closed Monday at $17.19, down 13%. More

  • 150 Shares119 Views

    in Business

    U.S. hits daily vaccination record as case counts return to summer peaks

    A single-day record 4.6 million vaccine doses were reported administered in the U.S. on Saturday, followed by another 3.6 million shots on Sunday. That brings the daily average of reported doses administered over the past week to 3.1 million.At the same time, the country is reporting 70,000 new coronavirus infections per day, according to data from Johns Hopkins University, a level in line with last summer’s surge, when average case counts peaked at 67,000 in late July.No state is recording more daily infections on a per capita basis than Michigan, according to a CNBC analysis of Hopkins data, with daily case counts and hospitalizations nearing the state’s prior peaks and Covid-19 deaths there on the rise.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:CDC chief says Michigan should ‘shut things down,’ vaccinating alone won’t stop Covid surgeWHO says Covid pandemic is growing ‘exponentially’ at more than 4.4 million new cases a weekIndia overtakes Brazil to become the second-worst hit country as Covid cases soarU.S. hits daily vaccination record over the weekend as case counts reach summer peaksU.S. Covid casesThe U.S. has reported 70,000 daily new Covid-19 cases on average over the past week, Hopkins data shows. While far below the country’s winter peak of about 250,000 new cases per day, that figure is in line with case counts reported during the nation’s “second wave” over the summer, which at the time were record highs.Zoom In IconArrows pointing outwardsMichigan is seeing nearly 7,400 average daily new cases, nearing the state’s record level of more than 8,300 per day recorded in December. On Friday, Gov. Gretchen Whitmer asked high schools to temporarily halt in-person learning and asked residents to restrict activities. The governor also requested that schools voluntarily suspend sports games and that residents avoid in-person dining for two weeks in an effort to slow the spread.Zoom In IconArrows pointing outwardsThe death toll in Michigan is also on the rise. The state is reporting an average of 43 Covid deaths per day over the past week, up from 30 a week earlier.Average daily case counts have increased by 5% or more from a week ago in 29 states, according to Hopkins data.U.S. Covid deathsThe U.S. has reported 981 daily Covid-19 deaths on average over the past week, according to Hopkins data.The latest U.S. trend in coronavirus deaths is being obscured by a bulk data release of about 1,800 deaths from Oklahoma. These deaths are all currently being reported for April 7, 2021, despite having occurred in weeks or months prior. The Oklahoma State Department of Health announced that the state is in the process of transitioning to data reporting guidelines in line with Centers for Disease Control and Prevention requirements, which is the cause for this increase.Prior to this reporting anomaly, the daily Covid death toll in the U.S. had been trending downward from the record levels seen in January.Zoom In IconArrows pointing outwardsU.S. vaccine shots administeredCDC data shows a single-day record of 4.6 million vaccine doses reported administered on Saturday, and the U.S. has reported 3.1 million shots given per day on average over the past week.Zoom In IconArrows pointing outwardsU.S. share of the population vaccinatedMore than a third of the U.S. population has received at least one dose of a Covid vaccine and more than a fifth is fully vaccinated, CDC data show.Zoom In IconArrows pointing outwardsOf those 65 and older, 78% have received at least one dose and 61% are fully vaccinated. More

  • 175 Shares99 Views

    in Business

    DARPA awards nuclear spacecraft contracts to Lockheed Martin, Bezos' Blue Origin and General Atomics

    An artist’s rendering of a DRACO spacecraft.DARPAThe Pentagon’s research and development arm on Monday awarded a trio of companies with contracts to build and demonstrate a nuclear-based propulsion system on a spacecraft in orbit by 2025.General Atomics, Lockheed Martin and Jeff Bezos’ space venture Blue Origin won the Defense Advanced Research Projects Agency or DARPA awards, under the agency’s Demonstration Rocket for Agile Cislunar Operations program or DRACO.The goal of the program is deceptively simple: Use a nuclear thermal propulsion system to power a spacecraft beyond low Earth orbit.The Pentagon’s research and development agency says a nuclear powered spacecraft has the potential to achieve both the high power of an chemical-based propulsion system and the high efficiency of an electrical-powered system.”This combination would give a DRACO spacecraft greater agility to implement the Department of Defense’s core tenet of rapid maneuver in cislunar space (between the Earth and moon),” the agency said.The contracts awarded to the companies are for the first 18-month phase of the program, with two tracks.In Track A, General Atomics will tackle the preliminary design of a nuclear thermal reactor and the concept for a propulsion subsystem, with its contract worth $22.2 million.In Track B, Blue Origin and Lockheed Martin–awarded $2.5 million and $2.9 million, respectively–will each develop spacecraft concept designs.”Nuclear thermal propulsion is a transformative technology that will dramatically change the way spacecraft will operate, increasing agility and allowing more efficient travel to Mars and beyond in far less time than conventional propulsion systems,” Bill Pratt, Lockheed Martin Space’s manager of Human Exploration Advanced Programs, said in a statement to CNBC. “A lot of work was done on nuclear propulsion in previous decades and we’ll leverage that expertise as we combine it with modern digital engineering modern spacecraft design and creativity to advance this new capability.”While the defense giant is often focused on this type of Pentagon work, this award represents a new national security contract for Bezos’ company–which is focused on a variety of space projects, including its tourism rocket New Shepard, a giant reusable rocket called New Glenn, and an astronaut lunar lander for NASA.”Blue Origin is excited to support DARPA in maturing spacecraft concepts for this important technology area,” Brent Sherwood, the company’s senior vice president of advanced development programs, said in a statement to CNBC.DARPA expects the first phase of DRACO work to be done by late 2022, with following phases to be up for grabs. More

  • 150 Shares189 Views

    in Finance

    Stocks making the biggest moves midday: Tesla, Nuance Communications, Uber and more

    In this article9988-HKQCOMCMGUALPLUGNUANUBERTSLAA Tesla logo on a Model S is photographed inside of a Tesla dealership in New York.Lucas Jackson | ReutersCheck out the companies making headlines in midday trading.Tesla — Shares of Tesla popped 3.7% after Canaccord Genuity upgraded the stock to buy, citing Tesla’s battery innovations. Canaccord also hiked its 12-month price target on Tesla to $1,071 per share from $419 per share. The new target implies a nearly 60% rally for the electric carmaker.Nuance Communications — Nuance’s share price rallied 16% in midday trading after Microsoft announced that it will buy the speech recognition company for $56 per share, about 23% above where its stock closed on Friday. The deal, another sign Microsoft is looking to grow via acquisitions, is valued at about $16 billion and about $19 billion including debt.Uber —Shares of the ride hailing giant rose 3.1% after posting record gross bookings in the month of March. Uber said its mobility segment, or ride-hailing business, posted its best month since March 2020, with an annualized run rate of $30 billion. That was up 9% from a month earlier.Alibaba — The U.S.-traded shares of the Chinese internet giant jumped 9.3% after Chinese regulators hit the company with a $2.8 billion fine. The fine amounts to roughly 4% of Alibaba’s 2019 revenue. The action is part of broader scrutiny of internet companies by Chinese regulators.United Airlines — Shares of the airline slumped 3.9% after United Airlines announced that it expected to report $3.2 billion in first-quarter revenue, down 66% from the same quarter in 2019. According to FactSet, Wall Street analysts were expecting $3.35 billion.Chipotle – The chain restaurant’s share price rose 0.6% after Raymond James upgraded the stock to outperform from market perform. The Wall Street firm said Chipotle’s sales have fully participated in the strengthening industry trends over the past tour weeks, adding there’s “significant upside” to stock prices. CNBC’s Jim Cramer said the stock is still a buy, even as it hits an all-time high.Qualcomm – The chip stock fell 2.2% after Evercore ISI downgraded the company to in line from outperform. Evercore said after Qualcomm’s triple-digit run since the Apple settlement, the lion’s share of the 5G smartphone upcycle is priced into the shares. Qualcomm and Apple settled a royalty and patent dispute in April 2019.Plug Power — Morgan Stanley resumed coverage of the hydrogen fuel cell company as equal weight, sending shares down more than 8%.1. The Wall Street firm said it sees “modest” stock price upside for Plug Power.— with reporting from CNBC’s Jesse Pound, Yun Li and Tom Franck.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More