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    Stocks making the biggest moves after the bell: ViacomCBS, QuantumScape & more

    In this articleVIACAWESOXYRAVNQSIn this photo illustration the ViacomCBS logo seen displayed on a smartphone.Rafael Henrique | SOPA Images | LightRocket | Getty ImagesCheck out the companies making headlines after the bell on Monday:ViacomCBS – Shares of the media giant dipped 4.3% after the company announced it will sell $2 billion worth of its Class B stock and $1 billion in Series A preferred stock. ViacomCBS said it plans to use some of the proceeds to invest in its streaming services. QuantumScape – The lithium battery company’s shares dropped nearly 4% after a Securities and Exchange Commission filing showed QuantumScape will sell up to 13 million shares of Class A common stock.Western Midstream Partners – Western Midstream shares stock slid 2.8% after the energy company announced that an affiliate of shareholder Occidental Petroleum will sell 8 million shares in common stock. BofA Securities will underwrite the offering. Raven Industries – The agriculture technology company’s stock fell 8.6% on light volume after Raven Industries reported weaker-than-expected fiscal fourth-quarter results. Raven posted earnings per share of 1 cent on revenue of $80.1 million. Analysts polled by FactSet predicted earnings per share of 13 cents on revenue of $91.8 million. More

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    WHO says most regions of the globe are seeing an increase in Covid cases as variants spread

    Paramedics lower a patient from an ambulance outside the emergency department of the Royal London Hospital in London, England, on January 26, 2021.David Cliff | NurPhoto | Getty ImagesMost regions of the globe are seeing an increase in new Covid-19 cases as highly contagious variants continue to spread, the World Health Organization said Monday.New cases worldwide increased by 8% over the last week, the fifth week in a row that the WHO has seen an increase in transmission, Maria Van Kerkhove, the agency’s technical lead for Covid-19, told reporters during a press briefing.Cases in Europe, where the highly contagious B.1.1.7 variant is rapidly spreading, increased by 12%, Van Kerkhove said. The WHO has also seen a 49% increase in cases in the Southeast Asia region, an 8% increase in the Eastern Mediterranean region and a 29% increase in the Western Pacific region, driven by an increase in infections in the Philippines and Papua New Guinea, she said.The Americas and Africa saw a “slight decline,” Van Kerkhove said, but she said the case numbers overall are “worrying.””There is pressure to open up in many of these countries, and there are difficulties in people and individuals and communities to comply with proven control measures,” she said, adding that there has been a “slight increase” in deaths across the world. “We’re also seeing that vaccination distribution is uneven and inequitable.”The WHO’s comments come as public health officials across the world grow concerned that reopening too quickly amid a rise of new, highly contagious variants could reverse progress in the global pandemic. Some countries, including the United States, have seen an increase in new Covid-19 cases even as they vaccinate millions of their citizens each day.Roughly 82.7 million Americans have received at least one dose of a Covid-19 vaccine and more than 44.9 million are fully vaccinated, according to data compiled by the Centers for Disease Control and Prevention.Still, the seven-day average of new cases rose by 5% or more in 27 states as of Sunday, according to a CNBC analysis of data compiled by Johns Hopkins University. The nation logged an average of 54,308 new cases per day over the past week — a 1% rise from the prior week after months of rapidly declining case numbers, according to the Hopkins data.Earlier Monday, New Jersey Gov. Phil Murphy said the state would likely pause its reopening plans as Covid-19 cases begin to rise again there.Also Monday, CDC Director Dr. Rochelle Walensky urged all Americans to remain “vigilant” as officials race to get the majority of Americans vaccinated.”We are at a critical point in this pandemic,” Walensky said during a White House news briefing. “I’m worried that if we don’t take the right actions now we will have another avoidable surge just as we are seeing in Europe right now.”Van Kerkhove urged the public to continue to practice safety measures, including social distancing, wearing masks, washing hands and avoiding crowded spaces. She also urged world leaders to prioritize vaccinating individuals most at risk.”There is still far more we can do at an individual level, at a community level, as leaders in government,” she said. More

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    Labor Department creates site for unemployment fraud victims

    LaylaBirdThe U.S. Labor Department launched a website Monday to help Americans report identity fraud linked to unemployment benefits.Unemployment fraud has surged during the Covid pandemic. Much of it is linked to organized crime rings that bought identity information stolen in past data breaches, according to the labor bureau.Criminals use this data to apply for benefits in others’ names.More from Personal Finance:TurboTax, H&R Block tweak software for $10,200 unemployment tax breakNew batch of $1,400 stimulus payments coming Wednesday, IRS saysWhat to do if you’re waiting for a $1,400 stimulus checkVictims may have only discovered the theft during tax season as unemployment agencies issued 1099-G tax forms, which report annual unemployment income, to millions of people. Such people will have gotten a tax form with errors or for unemployment benefits they never collected.Employed individuals have also received notices from their company asking about an unemployment claim filed in the worker’s name.The new Labor Department website offers a directory with each state’s contact method for reporting this type of unemployment fraud.The IRS also launched a separate website in February as a resource for victims of unemployment-related identity theft.What to doScammed taxpayers ultimately don’t have to pay the associated tax. Victims must report the fraud to the state where the theft occurred. There are other measures they should take, too.For example, states have to issue an amended 1099-G tax form to those who received one in error or with mistakes. But taxpayers shouldn’t wait to get the amended form to file their taxes, according to the Labor Department. They should file their taxes with the correct amount of unemployment income.Zoom In IconArrows pointing outwardsThose who already filed their taxes shouldn’t file an amended tax return. The IRS will issue additional guidance for such people, according to the Labor Department.Victims should check their credit report for suspicious activity and report unemployment-related identity theft to the U.S. Department of Justice’s National Center for Disaster Fraud. More

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    NBA is next up for a big rights increase, and $75 billion is the price

    In this article700-HKDISTKevin Durant #7 of the Brooklyn Nets shoots the ball against the Washington Wizards during a preseason game on December 13, 2020 at Barclays Center in Brooklyn, New York.Nathaniel S. Butler | National Basketball Association | Getty ImagesAfter the National Football League celebrated its history-making 11-year contract worth more than $100 billion, attention shifted to the NBA’s deal, which runs through the 2024-25 season. Early thinking within league circles suggests the NBA will seek a $75 billion rights package, up from its current $24 billion deal, which pays $2.6 billion per year.One person familiar with sports media deals said the NBA could get $70.2 billion over nine years, using metrics including total viewer hours, which helps networks determine the value of sports league rights. The person also said tier-one sports rights are important to streaming services.The individual asked not to be identified due to privacy concerns.The NBA is currently partnered with AT&T-owned WarnerMedia and Disney, the latter of which agreed to pay the NFL $2.7 billion per year until 2033. Should the NBA triple its rights and replicate its nine-year deal length, it would generate around $7 billion to $8 billion per season. That puts it just behind the NFL’s new $10 billion per year average once the new agreements begin.The NBA also has a $1.5 billion streaming deal with Chinese-based company Tencent Holdings.”I think everyone expects that so long as the public is demonstrating through ratings that they are watching the NBA, you can probably expect increases there as well,” said former CBS Sports president Neal Pilson. “I would think the NBA is going to look for significant increases.”The NBA has a good reason to seek more money for its rights. The league has more global appeal than the NFL and has a younger demographic, too, as Generation Z continues to support the NBA and Gen Alpha appears to continue the trend.NBA Commissioner Adam Silver addresses the media prior to the game of the Miami Heat against the Los Angeles Lakers in Game one of the 2020 NBA Finals as part of the NBA Restart 2020 on September 30, 2020 at AdventHealth Arena at ESPN Wide World of Sports Complex in Orlando, Florida.Garrett Ellwood | National Basketball Association | Getty ImagesThough ratings declined in 2020 primarily due to pandemic factors, the NBA has seen increases throughout its current 2020-21 season. The league is attempting to create more meaningful games with its play-in tournament, which performed well last year.On a media call last week discussing the NFL’s new rights, ESPN President Jimmy Pitaro said the network is “very pleased” with the NBA’s partnership and “how those games have performed.”The NBA will be highly sought-after as a top-tier sports league. Fox Sports was interested in landing pro basketball before the NBA’s last deal in 2014. But Pilson said the NBA will more than likely stay with current partners once new agreements come around.”I think the NBA will stay with the two network packages,” Pilson said. “That gives them the promotion base, and sometimes when you end up with lots of networks, people can’t find games when they’re on. College basketball is the best example — you want to see a game, and you don’t know where it is.”Again, it’s still early, but the second most popular league on the U.S. sports landscape knows its day is coming. And as of now, the aim is $75 billion.Said Pitaro: “The partnership with the NBA is incredibly important to us, and we’re looking forward to getting back at the table with Adam [NBA commissioner Adam Silver] and his team when the time is right.”The NBA declined to comment due to privacy concerns about the financials of its media deals. More

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    CDC advises against travel while spring break chaos worries some Miami Beach businesses trying to recover from pandemic

    The Centers for Disease Control and Prevention on Monday again advised against travel, while Miami Beach, Florida, business owners fretted about spring break chaos.Miami Beach officials declared a state of emergency and ordered a rare curfew over the weekend, an effort to avoid spreading Covid-19 and stop large crowds and unruly behavior in the popular tourist destination.Some businesses in the area, eager to recover from a brutal pandemic year that drove down tourist numbers, say they are being unfairly punished.Police have arrested more than 1,000 people since Feb. 3, with 50 cited over the weekend, Miami Beach officials said. The 8 p.m. to 6 a.m. curfew could be extended for up to three weeks to try to control crowds, which could hit businesses during the key spring break season.”Everything is knee-jerk,” said Ashley Swanson, a bartender at Mac’s Club Deuce Bar in South Beach. “They’re blaming the wrong people. There’s no reason why we shouldn’t be open until midnight.”The problem is not with me, the problem is with [authorities] managing a crowd,” he added.Swanson said Mac’s was closed from March through October because of Covid-19.Florida, which hasn’t shut down like many other states during the pandemic, has been a top destination for travelers over the past year but still suffered because of the pandemic. Miami Mayor Francis Suarez said Monday on MSNBC that the crowds of spring breakers are attracted to the city for a few reasons.”It’s been a very difficult mix of inexpensive flights, inexpensive hotels and being known as probably the most open place in the country,” he said, adding that the crowds are causing some “very, very disturbing incidents in the beach.”The state received 86.7 million visitors last year, down 34% from 2019, according to an estimate from Visit Florida, the state’s tourism agency.”Curfews have been incredibly impactful for our business and it is highly disappointing given all the challenges we’ve faced over the last year,” John Kunkel, founder and CEO of the 50 Eggs Hospitality Group, which has 11 restaurants including Yardbird Southern Table & Bar in Miami Beach, said in a written statement. “That said, the environment in Miami Beach is like nothing I have seen in 20 years of living here and is completely unacceptable. Something must be done to help us and all businesses in the area. It’s devastating.”Demand for flights and hotel rooms has picked up lately, lifting fares and rates, a trend fueled by a rise in vaccinations and travelers eager to take trips after being cooped up for much of the last year.The Transportation Security Administration screened more than 1 million people at U.S. airports in each of the last 11 days for the first time in more than a year. On Sunday, the TSA screened more than 1.5 million people, the most in more than a year but still down 30% from the 2.2 million people compared with the same day in 2019.”People want to get out,” said Bill Talbert, president and CEO of the Greater Miami Convention & Visitors Bureau. He said hotel occupancy in Miami-Dade County has risen to nearly 75% this month, though lodging is usually 80% booked at this time of year.He called the chaos and subsequent curfews “unfortunate” but said the area will likely continue to draw visitors for conventions, cultural attractions and vacations.”We’re in paradise,” he said.Many colleges in the U.S. scaled back their spring breaks to prevent partying and new Covid infections. While Covid-19 cases have declined from the peak in January, the director of the Centers for Disease Control and Prevention, Dr. Rochelle Walensky, has warned infections could rise if people travel for spring break.”Now is not the time to travel,” she said at a news conference Monday.”We are worried not just for what happens when you are on the airplane itself, but what happens when people travel, that is they go out, they mix, they mix with people who are not vaccinated,” she said. More

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    New York to open Covid vaccine eligibility to people 50 and older, Gov. Cuomo says

    New York Governor Andrew Cuomo receives a Covid-19 vaccine, at a church in the Harlem section of New York, on March 17, 2021.Seth Wenig | AFP | Getty ImagesNew York will allow residents age 50 and older to receive Covid-19 vaccines beginning Tuesday, Gov. Andrew Cuomo announced Monday, following moves from other heavily populated states to begin inoculating a wider swath of residents as more doses come online.”The production is ramping up. We’ve spent so many months not having enough. Over the next few weeks, you’re going to see the production of the vaccine ramp up,” Cuomo said at a media appearance for the launch of New York’s “Roll Up Your Sleeve” campaign, its latest push to equitably vaccinate residents.The campaign aims to create more faith-based community vaccination centers in partnership with New York medical providers beginning in April. The effort plans to “bring the vaccine to underserved communities and combat vaccine hesitancy through houses of worship,” according to a statement from the governor’s office.The Democratic governor applauded the positive results from AstraZeneca’s large clinical trials released on Monday, which found the company’s vaccine to be 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.AstraZeneca, which developed the shot alongside the University of Oxford, plans to apply for emergency authorization from the U.S. Food and Drug Administration in the first half of April. So far, just over 26% of New Yorkers have received at least one Covid-19 vaccine dose, while 13.4% have completed all of their required shots, according to a statement from the governor’s office.”We will have enough vaccine to vaccinate people. We have to make sure we have the capacity and the willingness to take the vaccine,” Cuomo said.More states are moving to meet President Joe Biden’s goal of making every adult American age 18 and older eligible for a vaccine by May 1. The president has previously predicted that the U.S. should have enough supply to vaccinate all adults by the end of May.Florida on Monday became the latest state to begin vaccinating residents age 50 and older. Texas expanded eligibility to the age group beginning last week.Cuomo has continued to forge ahead with the state’s business reopenings in recent weeks, allowing New York City restaurants to welcome more customers inside and permitting indoor and outdoor stadiums to admit a limited number of fans.New York is reporting a seven-day average of 5,915 new Covid-19 cases per day, a more than 11% drop from the previous week, according to a CNBC analysis of data compiled by Johns Hopkins University.However, while New York’s outbreak improves, New Jersey’s appears to be worsening. New Jersey Gov. Phil Murphy told CNN on Monday he will likely pause the state’s reopening plans as Covid-19 cases begin to rise again.”My guess is, we won’t be opening up further capacity for some time now because of … the caseload,” Murphy said, adding that he thinks things should improve as the weather gets warmer and more people in the state get vaccinated.— CNBC’s Berkeley Lovelace Jr. contributed to this report. More

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    Dr. Scott Gottlieb: CDC needs to adapt Covid guidance to new science quicker, with more transparency

    In this articleNCLHPFERCLILMNThe Centers for Disease Control and Prevention needs to adapt its Covid recommendations more nimbly when new science arises, Dr. Scott Gottlieb told CNBC on Monday, adding the agency also needs to do so with more transparency.”These guidelines have more impact on the economy than regulation” but go through much less public scrutiny, the former Food and Drug Administration commissioner said on “Squawk Box.”Gottlieb’s comments came after the CDC on Friday changed its guidelines on social distancing at schools, not society at large. The public health agency said with universal masking most students can sit 3 feet apart, instead of the prior protocol of 6 feet. The CDC also continued to recommend at least 6 feet of distance between adults in schools and between adults and students.In an opinion article in The Wall Street Journal on Sunday, Gottlieb urged the CDC to be more forthcoming about the science behind its guidelines, writing that the “exact basis for its initial view to stay 6 feet apart” remains unclear. In the Journal and on CNBC, he said initial recommendations and precautions early last year were based on the novel coronavirus spreading like seasonal influenza.”It was reasonable to do that because we didn’t know a lot about the coronavirus so we assumed it was going to behave like flu. It has not behaved like flu,” Gottlieb said on “Squawk Box,” contending it led health officials to “both overestimate and underestimate this virus” in crucial ways.”It isn’t so much a question of: Were we wrong about that? We were wrong in certain respects. But: Did we learn quickly enough and did we adapt our recommendations and guidelines quickly enough? And the answer is no,” said Gottlieb, who led the FDA from 2017 to 2019 in the Trump administration.In a statement to CNBC, a CDC spokesperson said that during “the first year of the pandemic, there were concerns about some of CDC’s guidance.” However, the spokesperson said the agency’s new director under President Joe Biden, Dr. Rochelle Walensky, has “pledged to restore scientific credibility and the public’s trust in the agency,” noting that has included a review of the agency’s Covid guidelines to ensure they reflect the latest science.We underestimated the role of air quality and high-quality masks because we underappreciated that this was spreading through aerosol transmission.Dr. Scott GottliebFormer FDA CommissionerGottlieb said on CNBC that health officials “overestimated the utility of physical distancing because flu spreads predominantly through droplet transmission, and we know droplets don’t spread more than about six feet.” On the other hand, he said, “We underestimated the role of air quality and high-quality masks because we underappreciated that this was spreading through aerosol transmission.”Initially, there had been some skepticism from doctors about whether advising Americans to wear a face covering — particularly something homemade like a scarf or bandana — would be effective. In early April of last year, however, the CDC began recommending people wear them in public, especially in settings such as grocery stores where social distancing was harder to maintain.There is little debate in the public health community now about the importance of wearing face masks, and some experts such as White House Chief Medical Advisor Dr. Anthony Fauci have even started advising that wearing two masks is likely more effective.Back in October, the CDC acknowledged coronavirus spread can occur through airborne particles, which can “linger in the air for minutes to hours” and end up infecting individuals who were more than 6 feet away from each other.On the CDC’s webpage titled, “How COVID-19 Spreads,” the public health agency says it “most commonly” does so through close contact between people within 6 feet.”There is evidence that under certain conditions, people with COVID-19 seem to have infected others who were more than 6 feet away,” the CDC adds. “These transmissions occurred within enclosed spaces that had inadequate ventilation. Sometimes the infected person was breathing heavily, for example while singing or exercising.”Areas where Covid risks were initially overestimated also included contaminated surfaces, Gottlieb told CNBC. The CDC in May 2020 — about two months after the World Health Organization declared the coronavirus a pandemic — updated its website to stress that the virus did not spread easily by a person touching a contaminated surface, according to NBC News.Gottlieb acknowledged that in the early stages of a health crisis like the Covid pandemic, there can be a lack of quality information to use as a foundation for guidance.”When CDC issues recommendations there’s different levels of evidence behind those recommendations and different levels of certainty,” he said. “When the agency is uncertain, or is predicating a recommendation on less-certain science, they really should be transparent around that so we can make an interpretation how seriously we want to take it, but they don’t usually do that.”The CDC spokesperson told CNBC that following the agency’s recent review, “key learnings” have already been implemented, including “reviewing major guidance for potential updates at least every three months,” as well as “improving clarity and usability.”Dr. Scott Gottlieb is a CNBC contributor and a member of the boards of Pfizer, genetic testing start-up Tempus, health-care tech company Aetion and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings′ and Royal Caribbean’s “Healthy Sail Panel. More

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    Covid cases rise across more than half of the U.S. as country races to vaccinate

    Paramedics arrive with a patient with Covid-19 at the emergency department of Sharp Memorial Hospital in San Diego, California.Bing Guan | Bloomberg | Getty ImagesNew cases of Covid-19 are once again on the rise across more than half of the United States as officials race to vaccinate additional people before highly contagious variants become prevalent in the country.As of Sunday, the seven-day average of new cases rose by 5% or more in 27 states, according to a CNBC analysis of data compiled by Johns Hopkins University. Across the U.S., the nation logged an average of 54,308 new cases per day over the past week — a 1% rise from the prior week after months of rapidly declining case numbers, according to the data.Even as the U.S. picks up the pace of vaccinations, giving about 2.5 million shots every day, some health officials have warned the country remains in a precarious spot. The lifting of restrictions in many states and the spread of more contagious variants in the U.S. threaten to undo the nation’s progress, which has seen cases, hospitalizations and deaths all fall dramatically since the peak earlier this year.’Serious threat’Lifting restrictions is a “serious threat to the progress we have made,” Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, told reporters at a news briefing Monday. Walensky said she’s worried about an unavoidable surge in cases. “We are at a critical point in this pandemic, a fork in the road.”Daily new deaths continue to fall, likely helped by the prioritization for vaccination of the elderly and those with comorbid conditions who are most likely to die of Covid-19. About 68.8% of those 65 and older have received at least one shot of a vaccine as of Sunday, according to the CDC. In total, more than 124.4 million doses have been administered, but most of those are for two-dose vaccines.As optimism around the steady rise in vaccinations picks up, many states have begun to ease restrictions on businesses and gatherings, despite warnings from the CDC not to do so. Though some states, such as New Jersey, are beginning to consider holding off on further reopening as cases begin to rise.White House Chief Medical Advisor Dr. Anthony Fauci urged states last week not to declare victory prematurely.Fauci said he was concerned about a number of states and cities that were pulling back on public health measures and dropping mask mandates.”So it is unfortunate but not surprising to me that you are seeing increases in number of cases per day in areas — cities, states, or regions — even though vaccines are being distributed at a pretty good clip of 2 (million) to 3 million per day,” Fauci said Friday. “That could be overcome if certain areas pull back prematurely on the mitigation and public health measures that we all talk about.”B.1.1.7 in MichiganAdding to the urgency of the need to get people vaccinated quickly is the looming threat of new variants, which appear to have already caused severe surges across much of Europe and other parts of the world. The CDC has projected that the more contagious and potentially more deadly B.1.1.7 variant, which was discovered in the United Kingdom, could become the dominant strain in the U.S. by the end of the month.Some health officials have said that the B.1.1.7 variant could be what’s behind some particularly worrying surges seen in various states, including Michigan, where cases have risen dramatically in recent days. According to data from Johns Hopkins, Michigan is reporting an average of almost 3,000 new cases per day, up by about 50% from a week ago.The rise in cases there comes after the state allowed restaurants to reopen for indoor dining on Feb. 1, pushed for schools to offer in-person learning by March 1, and eased restrictions on restaurants and gatherings earlier this month. The recent surge there even prompted Fauci recently to plead with Democratic Gov. Gretchen Whitmer to “hold off for a bit” on reopening.Along with the easing of restrictions, Michigan also has the second-highest count of B.1.1.7 cases of any state in the country, behind only Florida. The state has 616 cases of the variant, according to the CDC, though there are likely many more that have not yet been confirmed, which means the strain could be driving the outbreak there. More