Raphael Stevens

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    The CDC should have updated its surface-cleaning guidelines much sooner, Dr. Ashish Jha says

    The Centers for Disease Control and Prevention should have updated its guidelines on cleaning household surfaces well before this week, the dean of Brown University’s School of Public Health said Tuesday. “It’s incredibly frustrating,” Dr. Ashish Jha told CNBC’s “The News with Shepard Smith.” “I think I was starting to say by last April and May, many of us in public health, stop wiping down surfaces.””I don’t understand, actually, what took CDC so long to really be clear about this. This virus is spread through the air,” Jha said.The CDC said Monday that a thorough soap-and-water scrub is adequate to keep Covid-19 from spreading in the home. Using disinfectants, however, is recommended in indoor-setting schools and homes where there has been a suspected or confirmed virus case within 24 hours. “In most situations, regular cleaning of surfaces with soap and detergent, not necessarily disinfecting those surfaces, is enough to reduce the risk of COVID-19 spread,” CDC Director Dr. Rochelle Walensky said at a White House briefing Monday.Jha noted the CDC’s public health messaging has been part of a larger pattern of poor messaging from the government when it comes to Covid. “I would say the first couple of months, confusing, but by April, May last year, it was very clear this is airborne,” Jha said. “It has been frustrating that that hasn’t always come out consistently from our federal officials.”The CDC did not immediately respond to CNBC’s request for comment.Host Shepard Smith also asked Jha about the highly contagious B.1.1.7 variant after Michael Osterholm, director of the Center for Infectious Disease Research and Policy, warned on Sunday the variant may infect kids more easily than previous strains. Jha said he is “concerned” about the B.1.1.7 variant in children, especially because they haven’t been vaccinated yet. “We’re not seeing a lot of infections in older people because we’re getting them vaccinated, and that really leaves young adults and kids vulnerable to B.1.1.7,” Jha noted. “One of the reasons we can’t totally relax right now is we’ve got to really bring these infection numbers down.” Every state in the country has reported at least one case of the B.1.1.7 variant that was first detected in the United Kingdom, CDC data shows. Walensky said Wednesday the variant is becoming the predominant Covid strain in many regions across the U.S. More

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    Cramer sees upside in Walmart, Chipotle and more stocks as rare market phenomenon plays out

    In this articleWYNNNCLHYUMSTZCNBC’s Jim Cramer said Tuesday that a rare phenomenon is playing out in the market.The “Mad Money” host noted that stocks are rising on positive news, but the moves are playing out over multiple trading sessions. Usually, new information tends to be baked in share prices in a day, he said.”Instead, it takes days and days for good news to work its way into the share price, giving you many chances to buy on the way up,” he said. “I’ve been in this business for 40 years and this is something [you almost] never see.”Cramer said this unusual market trend could mean there there is more upside in reopening stocks like Norwegian Cruise Line and Wynn Resorts, along with names like Ford and General Motors.Shares of the automakers Ford and GM are up more than 6% this week after receiving an upgrade from Wells Fargo analysts Monday. Norwegian shares are up double digits in two days after the company asked federal health regulators to clear its ships for trips this summer.Cramer also mentioned Yum Brands, Constellation Brands, Chipotle and Walmart among his booster stocks. Each of the aforementioned stocks are outperforming the broader market this week. Most are up double digits year to date.Zoom In IconArrows pointing outwards”A rally that doesn’t bring out sellers is a crazy good thing, and that’s exactly what we have right now,” Cramer said. “It’s why I think Walmart, Yum Brands and Chipotle can keep running. It’s why I expect more of the same from the casinos and the cruise stocks.”The comments come after a negative trading day in the major stock averages, as the S&P 500 and Dow Jones Industrial Average retreated from their record highs.Disclosure: Cramer’s charitable trust owns shares of Ford and Walmart.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

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    CBS saw 14% decline in viewers for NCAA men's basketball championship game, while ratings for women's title match on ESPN grew

    In this articleVIACMaCio Teague #31 of the Baylor Bears goes up for a basket against Drew Timme #2 of the Gonzaga Bulldogs in the National Championship game of the 2021 NCAA Men’s Basketball Tournament at Lucas Oil Stadium on April 05, 2021 in Indianapolis, Indiana.Andy Lyons | Getty ImagesGonzaga’s chance at history was crushed in the final game of the 2021 National Collegiate Athletic Association men’s basketball tournament, as the Bulldogs lost their first game of the season to the Baylor Bears, and viewership suffered.The 2021 NCAA men’s basketball championship game attracted an average of 16.9 million viewers to CBS Sports on Monday, a 14% decline from the 2019 game. The 2020 contest was canceled due to the Covid-19 pandemic.Baylor prevented Gonzaga from going undefeated, beating the Bulldogs, 86-70. A win would have capped a perfect season for Gonzaga and would be the first time a men’s program went undefeated since the 1976 Indiana Hoosiers.This year’s game was the least-watched championship aired on CBS since the network started broadcasting the games in 1982. It’s also the lowest since WarnerMedia property Turner Sports aired the game in 2018, after CBS and Turner began switching every other year in 2016. That game, between Villanova and the University of Michigan, drew roughly 16.5 million viewers.CBS had about 19 million viewers for the championship game between Virginia and Texas Tech in 2019. That was a decline from the 2017 game it hosted featuring the University of North Carolina and Gonzaga, which attracted approximately 22 million viewers.For the 2021 men’s Final Four games, an average of 14.9 million viewers watched Saturday’s Gonzaga-UCLA overtime buzzer-beater, and that game peaked at 18.8 million viewers. Baylor’s win over Houston had 8.1 million viewers, which is down 37% compared with the 2019 early semifinal contest.Last month, John Bogusz, CBS Network executive vice president of sports sales and marketing, acknowledged NCAA’s viewership decline during the pandemic. He mentioned the network had set aside extra ad inventory for marketers should the network fail to meet viewership targets.”We’ll wait and see how the games perform, but we have set aside a little bit of inventory to take care of our advertisers if need be,” Bogusz said.Lexie Hull #12 of the Stanford Cardinal blocks the shot of Aari McDonald #2 of the Arizona Wildcats in the championship game of the NCAA Womens Basketball Tournament at Alamodome on April 4, 2021 in San Antonio, Texas.Ben Solomon | NCAA Photos | Getty ImagesViewership up for women’s gameDisney-owned ESPN hosted the women’s tournament, held in San Antonio. On Tuesday, it said the title game between Arizona and Stanford attracted an average of 4 million viewers on Sunday, peaking at 5.9 million. The network said it was the most-watched women’s contest since 2014.Stanford beat the Wildcats, 54-53, to win its first NCAA women’s basketball title since 1992.The network also reported solid numbers around the semifinal games. Stanford’s victory over South Carolina drew an average of 1.6 million viewers, while the University of Connecticut loss to Arizona had 2.6 million viewers, up 24% from the 2019 second semifinal contest. Disney placed six games from the women’s tournament on its ABC network, marking the first time a broadcast network carried games from the women’s tournament since 1995, when CBS aired some contests.The Iowa versus Connecticut contest on March 27 was the highest-rated of the games, with 1.5 million viewers, followed by the Michigan-Baylor game, at 1.2 million. The network said the Sweet 16 contests aired on ABC, ESPN and ESPN2 averaged 918,000 viewers, which is up 67% from 2019. More

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    Morgan Stanley dumped $5 billion in Archegos’ stocks the night before massive fire sale hit rivals

    The night before the Archegos Capital story burst into public view late last month, the fund’s biggest prime broker quietly unloaded some of its risky positions to hedge funds, people with knowledge of the trades told CNBC.Morgan Stanley sold about $5 billion in shares from Archegos’ doomed bets on U.S. media and Chinese tech names to a small group of hedge funds late Thursday, March 25, according to the people, who requested anonymity to speak frankly about the transaction.It’s a previously unreported detail that shows the extraordinary steps some banks took to protect themselves from incurring losses from a client’s meltdown. The moves benefited Morgan Stanley, the world’s biggest equities trading shop, and its shareholders. While the bank escaped from the episode without material losses, other firms were less fortunate. Credit Suisse said Tuesday that it took a $4.7 billion hit after unwinding losing Archegos positions; the firm also cut its dividend and halted share buybacks.Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to shop around its stock late Thursday, these people said. The bank offered the shares at a discount, telling the hedge funds that they were part of a margin call that could prevent the collapse of an unnamed client.Signage is displayed outside Morgan Stanley & Co. headquarters in the Times Square neighborhood of New York.Michael Nagle | Bloomberg | Getty ImagesBut the investment bank had information it didn’t share with the stock buyers: The basket of shares it was selling, comprised of eight or so names including Baidu and Tencent Music, was merely the opening salvo of an unprecedented wave of tens of billions of dollars in sales by Morgan Stanley and other investment banks starting the very next day.Some of the clients felt betrayed by Morgan Stanley because they didn’t receive that crucial context, according to one of the people familiar with the trades. The hedge funds learned later in press reports that Hwang and his prime brokers convened Thursday night to attempt an orderly unwind of his positions, a difficult task considering the risk that word would get out.That means that at least some bankers at Morgan Stanley knew the extent of the selling that was likely and that Hwang’s firm was unlikely to be saved, these people contend. That knowledge helped Morgan Stanley and rival Goldman Sachs avoid losses because the firms quickly disposed of shares tied to Archegos. Morgan Stanley and Goldman declined to comment for this article.Morgan Stanley was the biggest holder of the top 10 stocks traded by Archegos at the end of 2020 with about $18 billion in positions overall, according to an analysis of filings by market participants. Credit Suisse was the second most exposed with about $10 billion, these sources noted. That means that Morgan Stanley could’ve faced roughly $10 billion in losses had it not acted quickly.”I think it was an ‘oh s—‘ moment where Morgan was looking at potentially $10 billion in losses on their book alone, and they had to move risk fast,” the person with knowledge said.While Goldman’s sale of $10.5 billion in Archegos-related stock on Friday, March 26, was widely reported after the bank blasted emails to a broad list of clients, Morgan Stanley’s move the night before went unreported until now because the bank dealt with fewer than a half-dozen hedge funds, allowing the transactions to remain hidden.The clients, a subgenre of hedge funds sometimes dubbed “equity capital markets strategies,” typically don’t have views on the merits of individual stocks. Instead, they’ll purchase blocks of stock from big prime brokers like Morgan Stanley and others when the discount is deep enough, usually to unwind the trades over time.After Morgan Stanley and Goldman sold the first blocks of shares with the consent of Archegos, the floodgates opened. Prime brokers including Morgan Stanley and Credit Suisse then exercised their rights under default, seizing the firm’s collateral and selling off positions on Friday, according to the sources.In a wild session for stocks on that Friday in late March came another twist: Some of the hedge fund investors who had participated in the Thursday sales also bought more stock from Goldman, which came later to market at prices that were 5% to 20% below the Morgan Stanley sales. While these positions were deeply underwater that day, several names including Baidu and Tencent rebounded, allowing hedge funds to unload positions for a profit.”It was a gigantic clusterf— of five different banks trying to unwind billions of dollars at risk at the same time, not talking to each other, trading at wherever prices were advantageous to themselves,” one industry source said.Morgan Stanley largely exited its Archegos positions by Friday, March 26, with the exception of one holding: 45 million shares of ViacomCBS, which it shopped to clients on Sunday, according to the people. The bank’s delayed disposal of Viacom shares has sparked questions and speculation that it held onto the stock because it wanted a secondary offering run by Morgan Stanley the week before to close.Despite leaving some of its hedge fund clients feeling less than thrilled, Morgan Stanley isn’t likely to lose them over the Archegos episode, the people said.That’s because the funds want access to shares of hot initial public offerings that Morgan Stanley, as the top banker to the U.S. tech industry, can dole out, they said. More

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    24% of unemployed workers have been jobless for over a year

    The Inn of Rosslyn, which is permanently closed due to pressure from the Covid-19 pandemic, on Feb. 5, 2021 in Arlington, Virginia.Liu Jie/Xinhua via Getty ImagesNearly a quarter of all unemployed workers in the U.S. have been out of work for at least a year, a stretch of joblessness dating to the early days of the Covid pandemic.The dynamic speaks to persistent — and rising — long-term joblessness even as the national unemployment rate falls.That divergence is unusual during downturns and highlights the unequal (or K-shaped) nature of the recovery, economists said.More from Personal Finance:Amended tax return may be necessary for some unemployedWhat to know about tax credits in the American Rescue PlanNew batch of $1,400 stimulus checks includes ‘plus-up’ paymentsNearly 2.4 million Americans were unemployed 52 weeks or more in March, according to the Bureau of Labor Statistics.That’s almost double the number in February and is about 1.6 million more people than in March 2020.’Breathtaking’In all, those long-term unemployed represented 24% of the 9.9 million total jobless workers last month, according to the bureau. (The data are without seasonal adjustments.)”I think that number is pretty breathtaking, that nearly a quarter of unemployed workers have been unemployed for over a year,” said Heidi Shierholz, director of policy at the Economic Policy Institute and former chief economist at the Department of Labor from 2014 to 2017.”It really shows that even as the economy is recovering, you have a lot of the same people who have been unemployed throughout this whole damn thing,” she added.The statistics offer the first glimpse of joblessness a year after officials began issuing lockdown orders to contain the coronavirus and millions of Americans began filing for unemployment benefits.And that number is likely an undercount since the department doesn’t consider certain workers, like those who left the labor force entirely due to pandemic health risks or child-care duties. And the share may rise next month, since the current numbers only offer a snapshot through the middle of last month, which doesn’t quite align with the flood of unemployment filings toward late March and into April 2020.The bureau doesn’t break out these long-term unemployment numbers by industry.But it’s likely that workers among this group are overrepresented in the hardest-hit industries, like leisure and hospitality, Shierholz said. More than 3 million jobs in that sector have yet to return — accounting for more than a third of the total.Long-term unemploymentLong-term unemployment has risen steadily throughout the health crisis and is near a Great Recession peak.Economists consider workers to be long-term unemployed after at least six months without work.It’s an especially dangerous period for households from a financial perspective. Finding a new job becomes more difficult, workers’ long-term earnings potential is scarred and the odds of losing a job if they find one down the road increase.The federal government has stepped in to offer income support by extending and raising weekly unemployment benefits. The $1.9 trillion American Rescue Plan, which President Joe Biden signed last month, extends aid through Labor Day and offers a $300 weekly supplement to state benefits.You have unemployment coming down, and long-term unemployment going up.Heidi Shierholzdirector of policy at the Economic Policy InstituteHowever, not all workers qualify for assistance, despite broader eligibility criteria during the pandemic.More than 4 million Americans were jobless for six or more months in March — or 43.4% of all unemployed, the Bureau of Labor Statistics said Friday.That’s almost on par with the record 45.5% share hit in the aftermath of the Great Recession.The share is growing even as the U.S. unemployment rate fell to 6% in March. The U.S. gained 916,000 jobs, the most since the summer.In recessions, unemployment and long-term unemployment generally move up and down together, Shierholz said.”That is not what’s going on here,” she said. “Right now, they’re going in a totally opposite direction — you have unemployment coming down, and long-term unemployment going up.”The number of Americans out of work for at least a year is still about half the peak hit after the Great Recession.In April 2010, more than 4.6 million people had been out of work at least 52 weeks, according to the Bureau of Labor Statistics. It took another 20 months for that number to dip below the 4 million mark.However, long-term unemployment may not linger to the same extent this time around, given the pace of vaccinations and the trend of the economic rebound. More

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    California plans to lift most Covid restrictions June 15, keep mask mandate

    Joe Patwell, 77, of Los Angeles, right, makes his way with others on the boardwalk in Venice Beach on a sunny, Monday afternoon. Patwell said that he has received his first shot of the vaccine to protect against COVID-19 and will be getting his second shot soon.Mel Melcon | Los Angeles Times | Getty ImagesWASHINGTON — California plans to reopen its economy by June 15 so long as there are enough Covid-19 vaccine shots for everyone who wants them and hospitalizations remain stable, Gov. Gavin Newsom said Tuesday.”With more than 20 million vaccines administered across the state, it is time to turn the page on our tier system and begin looking to fully reopen California’s economy,” Newsom said in a statement. “We can now begin planning for our lives post-pandemic. We will need to remain vigilant and continue the practices that got us here – wearing masks and getting vaccinated – but the light at the end of this tunnel has never been brighter,” he added.Newsom’s announcement comes a little more than a year after California, the nation’s most populous state, shut down its economy due to the unfolding health pandemic.The state is also slated to end its four-tiered, color-coded system, which has been used to determine risk levels.Last month, a slew of states across the nation relaxed restrictions to varying degrees.Texas rolled back its mask mandate and allowed businesses to reopen at 100% capacity as of March 10. The Lone Star State also welcomed the nation’s first full-capacity sporting event with the Texas Rangers’ home opener Monday against the Toronto Blue Jays, which sold out with more than 38,000 fans sitting side by side.Arizona’s governor also ended capacity limits on businesses and continued to recommend masks, but didn’t require them.Alabama’s governor said the state would lift its mask mandate after April 9. South Carolina lifted the state’s mask mandate in government buildings but recommended that restaurants continue to require face coverings.The latest revelation comes as federal health officials warn that Americans should still continue to adhere to public health measures as warmer summer months approach.”You might remember a little bit more than a year ago when we were looking for the summer to rescue us from surges. It was, in fact, the opposite,” the White House’s chief medical advisor, Dr. Anthony Fauci, said during a coronavirus briefing Monday.”We saw some substantial surges in the summer. I don’t think we should even think about relying on the weather to bail us out of anything we’re in right now,” he added.Fauci also said Monday that Americans should continue to get both doses of the Pfizer and Moderna Covid-19 vaccines, despite a recent study that suggests only one dose may be enough.The Centers for Disease Control and Prevention has also recommended that Americans continue to hold off from traveling due to coronavirus cases nationwide.”We know that right now we have a surging number of cases. I would advocate against general travel overall,” CDC Director Dr. Rochelle Walensky said last week. “We are not recommending travel at this time, especially for unvaccinated individuals,” she added.Correction: Arizona’s governor continues to recommend masks for businesses, but doesn’t require them. An earlier version misstated the state’s current measures. More

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    Will.i.am and Honeywell make bet on fashionable high-tech face masks

    In this articleFBAs society emerges from the coronavirus pandemic, Will.i.am is betting people will keep using that protective gear such as facial coverings.The rapper and entrepreneur announced Tuesday he teamed up with Honeywell to bring two versions of a high-tech face mask called the Xupermask. The mask combines protection, design and usability into one product, according to Will.i.am.The founding member of the Black Eyed Peas suggested the masks, which go on sale Wednesday, would be valuable to consumers much like a pair of Air Jordan shoes is to sneakerheads.”We’ve long past looked at shoes as protective gear, but they’re just cultural items that we go out and buy,” Will.i.am told CNBC’s Jim Cramer in a “Mad Money” interview. “The mask should have the same type of attention to detail, love and care to where you’re not compromising aesthetics for keeping yourself and other people safe.”The mask also aims to make breathing through a covering easy. That’s where John Waldron and his team at Honeywell come in to supply HEPA filters. Waldron is CEO of Honeywell’s safety and productivity solutions business..”This particular Xupermask has a very unique patented filter design, which we’re very proud of that brings, you know, top-notch filtration without sacrificing usability or fashion,” he said. “I think we tried to blend the best of both worlds.”will.i.am Debuts Innovative Face Technology Concept, XUPERMASKSource: HoneywellThe Xupermask retails for $299, and Will.i.am argues the value is in the functionalities and fashionability of the protective technology. It’s embedded with features like LED lights, 3-speed fans and noise-canceling headphones that seek to solve a list of complaints that make facial covering uncomfortable for many people.Will.i.am described the masks as having a “futuristic sci-fi film” inspiration, which was brought by designer Jose Fernandez, the Ironhead Studio creative artist behind mask designs for Spiderman, Black Panther and Tron.”I think people will continue to wear masks and [if] masks like the Xupermask have other functionality, I think you’re going to [be] giving people an option,” Will.i.am said.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

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    College basketball star Luka Garza becomes latest athlete to sell an NFT

    Luka Garza, who was named the best player in men’s college basketball for the just-concluded season, is auctioning off an NFT.The 6-foot-11 University of Iowa senior, who made the announcement Tuesday on CNBC’s “Power Lunch,” becomes the latest athlete to venture into the increasingly popular world of digital collectibles. Football stars Patrick Mahomes and Rob Gronkowski unveiled their NFTs last month.The auction for Garza’s NFT begins Tuesday night and lasts until Friday afternoon on the crypto marketplace OpenSea.An NFT, or nonfungible token, is a digital asset that is unique by design. Ownership of an NFT is recorded on a blockchain network, one of the distributed digital ledgers that underpin cryptocurrencies such as bitcoin. Items that have recently been minted as NFTs include rock albums, the first-ever tweet and pieces of digital art.NBA highlights have also been a popular type of crypto collectible.Luka Garza #55 of the Iowa Hawkeyes drives past Asbjørn Midtgaard #33 of the Grand Canyon Lopes in the first round of the 2021 NCAA Division I Mens Basketball Tournament held at Indiana Farmers Coliseum on March 20, 2021 in Indianapolis, Indiana.Trevor Brown Jr | NCAA Photos | Getty ImagesIn addition to ownership of the digital token, which features multiple pictures of Garza, the highest bidder on his NFT will get autographed shoes from the game where he set the program record for most points in a career.The NFT buyer also will be able to play a game of HORSE against Garza, as well as go to dinner and a meditation session with him. He said he leaned on meditation during his accomplished Iowa career.”I think that was something cool for … whoever were to win the NFT, to be able to see what gets me locked in, what gets me to be able to succeed at the highest level,” Garza said, suggesting the experiential aspect of his digital collectible sets it apart from being just another “image or piece of art.”Portions of the sale will be donated to the University of Iowa’s Stead Family Children’s Hospital, so “it’s for a good cause, as well,” Garza said.Garza’s announcement comes not long after his four-season college career reached its conclusion in the second round of the NCAA men’s basketball tournament. It means he’s now free to accept compensation related to his athletic success without violating NCAA rules and jeopardizing eligibility.There’s been a considerable push in recent years to allow NCAA athletes to benefit from their name, image and likeness, known as NIL. The NCAA delayed a vote on compensation rules earlier this year. However, a few states have already passed their own NIL legislation, and some proposals have been introduced at the federal level.The U.S. Supreme Court also recently heard a case regarding education-related compensation for NCAA athletes.Garza, an economics major, said he was grateful for the NCAA and the opportunity to have a scholarship to pursue basketball and education concurrently. Nevertheless, he complimented those who are pushing for expanding NIL rights, such as his Iowa teammate Jordan Bohannon.”I stand with the changing times, and I think … this is something that could pave the way maybe for college athletes in the future to be able to do this and make money off their name, image and likeness through something like an NFT,” Garza told CNBC. More