Raphael Stevens

The first commercial flight of the Qantas Boeing 787 Dreamliner aircraft on December 15, 2017 in Melbourne, Australia.James D. Morgan | Getty ImagesThe Federal Aviation Administration said Wednesday that it will inspect four of Boeing’s 787 Dreamliner planes itself, rather than delegating that work to Boeing, after production issues surfaced last year.”The FAA is taking a number of corrective actions to address Boeing 787 production issues,” the agency said in a statement. “One of the actions is retaining the authority to issue airworthiness certificates for four 787 aircraft. The FAA can retain the authority to issue airworthiness certificates for additional 787 aircraft if we see the need.”The increased scrutiny of the Dreamliners comes four months after the FAA lifted a 20-month flight ban on Boeing’s best-selling 737 Max, which the regulator grounded in March 2019 after two deadly crashes in five months. The FAA also retained its authority to sign off on Max planes that Boeing produced since the grounding.Boeing disclosed issues with some seams on the aircraft in September.The FAA told Boeing in January that it would give the final sign-off on the planes, according to a letter seen by CNBC. It was reported earlier by Bloomberg News. Boeing said it still expects to resume deliveries of the planes later this month.”We are encouraged by the progress our team is making on returning to delivery activities for the 787 program,” Boeing said. “We have engaged the FAA throughout this effort and will implement their direction for airworthiness certification approval of the initial airplanes as they have done in the past.”While these most recent Dreamliner checks came in response to production issues, the FAA said it has performed final airworthiness checks on some 787s in the past few years “so FAA inspectors can fulfill their inspection-currency requirements.” More

Hugo Boserup, 22, is given a PCR coronavirus test, as the global outbreak of the coronavirus disease (COVID-19) continues, in Malibu, California, December 2, 2020.Lucy Nicholson | ReutersLONDON — Most people who have had Covid-19 are protected from catching it again for at least six months, but elderly patients are more prone to reinfection, according to peer-reviewed research published in The Lancet medical journal Wednesday evening.The first large-scale study on coronavirus reinfection rates was carried out in Denmark in 2020 with the findings confirming that only a small proportion of people (0.65%) returned a positive PCR test twice. PCR tests are seen as the gold standard and tell you if you currently have the virus.However, while prior infection gave those under the age of 65 around 80% protection against reinfection, for people aged 65 and older it conferred only 47% protection, indicating that they are more likely to catch Covid-19 again.The authors of the study — which was conducted by researchers from the Staten Serum Institut and the University of Copenhagen in Denmark, and the European Centre for Disease Prevention and Control in Sweden, and received no funding — found no evidence that protection against reinfection declined within a six-month follow-up period.The Lancet noted that the researchers’ findings validate strategies that have prioritized protecting elderly people during the pandemic, such as enhanced social distancing and prioritization for vaccines, even for those who have recovered from Covid-19.”The analysis also suggests that people who have had the virus should still be vaccinated, as natural protection – particularly among the elderly – cannot be relied upon,” The Lancet said in a press release on Wednesday.To date, the coronavirus pandemic has caused over 120 million infections and over 2.6 million deaths, according to Johns Hopkins University.While there have been previous studies that suggested that immunity to Covid-19, after prior infection, could last at least six months, this latest research gives a better indication of the level of protection, and how that differs between age groups.Commenting on the study, Dr. Steen Ethelberg from the Statens Serum Institut in Denmark, said the research backed up previous findings surrounding reinfection rates.”Our study confirms what a number of others appeared to suggest: reinfection with Covid-19 is rare in younger, healthy people, but the elderly are at greater risk of catching it again. Since older people are also more likely to experience severe disease symptoms, and sadly die, our findings make clear how important it is to implement policies to protect the elderly during the pandemic.”The study was carried out by researchers analyzing data collected as part of Denmark’s national coronavirus testing strategy, through which more than two-thirds of the population (69%, around 4 million people) were tested in 2020.Free, national PCR testing – open to anyone, regardless of symptoms – is one of the central pillars of Denmark’s strategy to control the spread of the virus.Researchers then used this data, spanning the country’s first and second waves of infections last year, to estimate protection against repeat infection with the original Covid-19 strain. Ratios of positive and negative test results were calculated taking account of differences in age, sex, and time since infection, and these were used to produce estimates of protection against reinfection, The Lancet noted.Further studies neededIt’s important to highlight that the authors note that the timeframe of their study meant it was not possible to estimate protection against reinfection with new variants of the virus that emerged late last year. The variant discovered in the U.K. has since become a dominant strain in Europe, for example, as it’s more transmissible.Further studies are needed to assess how protection against repeat infection might vary with different strains of the virus, the medical journal noted. More

The Federal Reserve triggered an afternoon rally in the stock market Wednesday after officials looked past inflation fears and kept rates unchanged. CNBC’s Jim Cramer said it was exactly the right call.The central bank raised its economic growth and inflation forecasts, but stopped short of signaling forthcoming rate hikes. That may mean that consumer prices run even higher, Cramer said, but that’s the least of his worries as long as businesses are hiring more employees.”Pay no attention to the inflation behind the curtain,” Cramer said on “Mad Money” after the market closed. “Fed Chief Jay Powell took a page from the Wizard of Oz playbook today and, unlike in the movie, he was dead right.”The Fed has kept its benchmark interest rate near zero for the length of the coronavirus pandemic.Stocks had traded lower earlier in the day in anticipation of a potential shift from the Fed. After the announcement, the Dow Jones and S&P 500 indexes both finished the trading day in record territory. The blue-chip average added 189 points to close at 33,015.37 for a gain of 0.58%. The benchmark advanced .29% to 3,974.12. The tech-heavy Nasdaq Composite had the biggest swing from its intraday lows to close up .4% at 13,525.20.Despite an improving outlook, including projected gross domestic product growth of 6.5% in 2021 and an improving employment environment, the Fed maintained that it does not expect to raise borrowing rates through 2023.Last month the U.S. saw nonfarm payroll employment improve by 379,000, but the unemployment rate was little changed at 6.2% and remained elevated from pre-pandemic levels.Cramer said investors worried about inflation are “missing out on some very big stock moves.”Money managers, who often take their cues from the bond market, and baby boomers scarred by the high inflation rates of decades ago, ended up on the wrong side of the trade, he said. “If, instead, you recognize that the Fed is the stock market’s friend, you’ll catch those moves,” he said. “We’ve got all these new investors who pay no attention to the Fed or the bond market at all … they’re making out like bandits. You might not like it, but in this market ignorance it is bliss.”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

Anheuser-Busch is boosting production of its latest hard seltzer offering after the beverage, developed alongside rapper Travis Scott, saw furious demand, CEO Michel Doukeris told CNBC on Wednesday.The drink — called Cacti Agave Spiked Seltzer — launched earlier this week. Its official website said the product was sold out online, as of Wednesday evening, and directed visitors to search for stores that carry it.In an interview on “Closing Bell,” Doukeris said physical retailers are reporting strong sales, too. “Several of them are saying that they have never seen anything like this before: sold out within one day,” Doukeris said. “We are ramping up now production and delivery because we sold out completely yesterday.”Cacti Agave Spiked Seltzer now comes in three flavors — pineapple, lime and strawberry — and has 7% alcohol by volume. Anheuser-Busch, which is a subsidiary of Belgium-based AB InBev, said in a press release the hard seltzer is made with “100% premium blue agave from Mexico.”Source: PRNewsphoto / CactiTravis Scott, an eight-time Grammy nominee, has provided a boost to other companies he’s collaborated with before. In September, after McDonald’s partnered with Scott to offer his favorite meal for a limited time, the company reported some of its stores temporarily sold out of some of the needed ingredients.McDonald’s later reported strong same-store sales growth in the quarter encompassing the Scott promotion.Doukeris said Anheuser-Busch worked closely with Scott, who uses the nickname “Cactus Jack,” on the creation of the hard seltzer. “He was super hands-on on the development of the product itself: the flavors, the logo,” said Doukeris, adding that Scott directed the commercial promoting Cacti that aired during the Grammy Awards show Sunday.Cacti is not Anheuser-Busch’s first foray into hard seltzer, which has had explosive growth in recent years. The company also has launched Bud Light Seltzer and Michelob Ultra Organic Seltzer. Cacti is the “last one to arrive in our innovation pipeline,” Doukeris said.Competition in the category has heated up, too, following the success of early players such as White Claw and Boston Beer Company’s Truly in 2019. Molson Coors now has multiple offerings of its own, including Coors Seltzer, and last year it inked a distribution deal with Coca-Cola for its Topo Chico Hard Seltzer.Doukeris said the presence of multiple hard seltzer brands is welcome, adding that the strength of beverage overall has even helped beer sales after years of decline. “We’ve been seeing the last 12, 14 months, the beer industry overall growing, driven by seltzers, but because seltzers are in the same aisle and same stores as beer, people are going back to beer, as well,” he said. More

Pedestrians walk in front of a Williams-Sonoma Inc. store in San Francisco, California.David Paul Morris | Bloomberg | Getty ImagesWilliams-Sonoma posted fourth-quarter earnings Wednesday that beat analysts’ expectations as consumers continued to shop for furniture and cookware as they spent more time at home during the coronavirus pandemic.The company’s stock rose more than 11% in extended trading, as the company expects its growth to continue in the year ahead.Here’s what the company reported for the fourth quarter ended Jan. 31, compared with what Wall Street analysts expected, using a survey from Refinitiv: Earnings per share: $3.95 adjusted vs. $3.39 expected Revenue: $2.29 billion vs. $2.18 billion expected “In Q4, despite shipping constraints and low retail traffic, we delivered another quarter of accelerating revenue and profitability with 26% comp growth and over 85% EPS growth,” said Laura Alber, president and CEO of Williams-Sonoma, in a press release.Net income rose to $309 million, or $3.92 per share, from $166 million, or $2.10 per share, a year earlier. Excluding items, Williams-Sonoma earned $3.95 per share, topping the $3.39 per share expected by analysts surveyed by Refinitiv. Revenue rose 24% to $2.29 billion from $1.84 billion a year ago, beating expectations of $2.18 billion.Growth was boosted by a 47.9% jump in e-commerce revenue, with about 70% of its total revenue coming from its e-commerce business.Same-store sales for the entire company were up 25.7% in the latest quarter, with all of its brands seeing double-digit gains.Its namesake brand, Williams-Sonoma, reported same-store sales rose 26.2%. Both Pottery Barn and Pottery Barn Kids and Teen reported a 25.7% gain in same-store sales. West Elm was closely behind with a 25.2% same-store sales increase.For fiscal year 2021, the retailer expects retail traffic to recover and inventory levels to improve.The company said it expects its performance to be in line with its long-term financial targets, which call for mid-to-high single-digit revenue growth.Even as vaccination rates increase across the country and routines slowly return to normal, the retailer remains optimistic in its brands’ long-term growth.Alber expects the retailer will get a boost from favorable macro trends that will support its business for the long-term. Among the factors she cited were high consumer confidence, a strong housing market, a shift to e-commerce and expectations that people will continue to spend more time working from home in the future.During its earnings call, the company also talked about wide range of merchandise. “With more people getting vaccinated, as travel starts to open up, as schools start to open up, we have a substantial gear and luggage business. We expect people to open up their homes more, so our dining and entertaining businesses are primed for that,” said Felix Carbullido, the company’s executive vice president and chief marketing officer. The company also added that the work-from-home lifestyle, which is expected to continue post-pandemic, will aid in the growth of its furniture brands, as more people look to purchase desks and other supplies.Williams-Sonoma said it will boost its dividend by 11.3% to 59 cents a share. Meanwhile, its board approved plans to buy back $1 billion in stock. The new repurchase plan replaces its prior authorization and will go into effect on March 17.Read the full earnings release here. More

Sun Country Airlines Boeing 737 takes off from Los Angeles International Airport on August 27, 2020.AaronP/Bauer-Griffin | GC Images | Getty ImagesSun Country Airlines shares soared more than 51% in their trading debut Wednesday, signaling strong investor appetite for airline stock as the industry plots a rebound.”For the first time since the Covid crisis came we’ve been able to get sales back to what they were at pre-Covid levels, so we’re feeling really good about a recovery,” Sun Country CEO Jude Bricker said in an interview with CNBC’s “Squawk on the Street.” He said the new funds will help the airline grow this year and that the airline has resumed hiring.The budget airline said raised $218 million in an initial public offering. The Apollo Management Group-backed airline is the first U.S. carrier to go public since Mesa Air Group in 2018. It’s also the largest U.S. airline IPO since Virgin America’s in 2014, according to Dealogic.Sun Country sold close to 9.1 million shares, which priced at $24, it said late Tuesday. Last week, the Minneapolis-based airline said it expected the shares to price between $21 and $23. The shares closed at $36.38 on Wednesday after debuting under the ticker “SNCY” on the Nasdaq Global Select Market.Discount carrier Frontier Airlines is reviving its plans to go public, it said last week.Sun Country caters to sun-seeking vacationers, a segment that has fared better during the Covid pandemic compared with larger airlines whose big international networks and business models rely heavily on corporate travel. Sun Country also has an agreement with Amazon to fly cargo on older narrow-body Boeing 737 planes.Sun Country was still impacted by the crisis. It swung to a $3.9 million loss last year from net income of $46 million the previous year, according to company filings. Revenue last year fell to $401.5 million from $701 million in 2019. More

A photo illustration of the AstraZeneca COVID-19 vaccine at Copes pharmacy in Streatham on February 04, 2021 in London, England.Dan Kitwood | Getty ImagesMedical experts in the United States are trying to assuage fears that Covid-19 vaccines may be unsafe after several European countries suspended AstraZeneca’s shot following reports of blood clots among some recipients.On Tuesday, Sweden, Latvia and Lithuania became the latest countries to join a growing list of nations suspending the use of the AstraZeneca-Oxford shot over blood clot concerns. Germany, France, Italy and Spain all said on Monday they would also stop administering the shot.The European Medicines Agency, which evaluates drug safety for the EU, called a meeting Thursday to review the findings. So far, it’s maintained that the benefits of the shot when it comes to preventing hospitalizations and deaths still “outweigh the risks of side effects.” The World Health Organization agreed, urging countries on Wednesday to continue using AstraZeneca’s shots.Without the results from the EMA’s forthcoming meeting, it’s hard to say whether the vaccines are causing the reported blood clots, medical experts in the U.S. told CNBC, but the pharmaceutical giant already has a public relations mess on its hands. Some doctors in the U.S. are worried that the European nations are prematurely responding to political pressure and safety fears, and it will take extensive efforts to rebuild trust in the vaccine if it is allowed back online.”There’s now been a pall over this vaccine,” Dr. William Schaffner, an epidemiologist and professor of preventive medicine at Vanderbilt University, told CNBC in a phone interview.”I think if the vaccine is cleared — not guilty — there will have to be a substantial public relations effort made in Europe and around the world in order to restore confidence in this vaccine,” he said.No red flags in U.S.While the AstraZeneca vaccine hasn’t been authorized for use in the U.S. just yet, White House Chief Medical Officer Dr. Anthony Fauci told lawmakers Wednesday that there will likely be enough safety and efficacy data to grant the vaccine authorization in April.When asked whether AstraZeneca’s suspension in European countries could stoke fear among Americans taking other vaccines, Fauci reiterated that the shots undergo rigorous clinical trials and are reviewed by an independent safety monitoring board before they’re widely distributed.”The entire process is both transparent and independent, and we explain that to people and take the time to address their hesitancy without being confrontative,” Fauci told lawmakers during a hearing by the House Committee on Energy and Commerce.This isn’t the first time Fauci has stressed the safety of the current vaccines amid AstraZeneca’s suspension. The infectious diseases expert told MSNBC in an interview Tuesday that scientists in the U.S. continue to carefully evaluate the vaccines as they are deployed for any adverse reactions among recipients.For instance, medical experts were concerned about reports of severe allergic reactions — or anaphylaxis — occurring among people who were vaccinated with Pfizer’s and Moderna’s jabs. However, those cases appear to be rare, he said, even as the nation has distributed at least one shot to 73 million adult Americans — more than 28% of the population.”Thus far, and you have to keep following these things very carefully, there are no safety signals that turn out to be red flags,” Fauci said regarding the currently deployed vaccines in the U.S.Dr. Francis Collins, director of the National Institutes of Health, told Reuters in an interview published Monday that he has been “pretty reassured” by statements from European regulators that the problems could be occurring by chance.”I was a bit surprised that so many countries decided to put pause on the administration of the vaccine, especially at a time where the disease itself is so incredibly threatening in most of those countries,” Collins later told CNN on Wednesday, adding that he doesn’t have access to the “primary data that might have caused them to be alarmed.”More data neededAdverse medical problems such as blood clots happen whether people are vaccinated or not. The problem scientists are now trying to determine is whether the vaccines were the culprit, Schaffner said.”We knew in the beginning as we started to vaccinate, given the fact that we are targeting older adults, medical events occur in that population just every day, even without vaccines,” Schaffner told CNBC.”It’s possible that if you get vaccinated on Monday, certain medical events will occur on Tuesday, Wednesday, Thursday and Friday,” he said. “The question is: Did the vaccine accelerate, precipitate or cause these events?”For its part, AstraZeneca said in a response statement on Sunday that of the more than 17 million people in the EU and the U.K. who have received a dose of the Oxford-AstraZeneca vaccine, fewer than 40 cases of blood clots had been reported as of last week.The pharmaceutical giant said that across the EU and U.K. there had been 15 events of deep vein thrombosis and 22 events of pulmonary embolism reported among those vaccinated. Those figures would suggest that the adverse events are occurring at a lower rate than what would be expected in the general population, not higher.”I don’t think this is real, but I’m very concerned because this is the vaccine that we were all counting on globally,” Dr. Carlos del Rio, a professor of medicine at the Emory University School of Medicine, told CNBC in a phone interview, adding that the shot costs less than its competitors. Del Rio noted that without the data, however, it’s hard to determine whether the suspensions are appropriate.”This will require major damage control,” del Rio said.Politics could be the problemThere are some concerns that the problem with AstraZeneca’s vaccine may be more political. It also comes at a dangerous time: Some European nations are battling yet another wave of new Covid-19 infections even as vaccines are deployed.So far, the E.U.’s vaccine rollout has been sluggish compared with that of other countries, such as the U.S. and the U.K.”It is a big worry that Europe just doesn’t have that many people vaccinated,” Dr. Ezekiel Emanuel, a former Covid advisor to President Joe Biden, told CNBC on Tuesday. “It’s another reason that we have to be worried about the situation of Covid in other countries, not just in the United States.” The suspensions follow a public dispute between the EU and AstraZeneca in January when the pharmaceutical company said it was forced to cut its initial supply of doses to the bloc short. Several European countries also initially declined to recommend the shot to residents over 65, saying there was insufficient evidence to show it was effective, before reversing that decision.”It may be that … the governments are trying to respond to people’s worries about the vaccine and not necessarily the data,” said Emanuel, a bioethicist and oncologist who serves as vice provost for global initiatives at the University of Pennsylvania.”Actions don’t necessarily follow the data. They follow more emotional responses to these kind of things,” he said.— CNBC’s Sam Meredith, Holly Ellyatt and Silvia Amaro contributed to this report. More