Raphael Stevens

Moderna is testing a norovirus vaccine in a phase three trial, with results available as soon as this year.
Norovirus cases are on the rise this winter, with outbreaks already up more than 30% by December, per data from the Centers for Disease Control and Prevention.
The stomach bug is highly contagious and spreads easily in nursing homes, daycares, cruise ships and other places where people are in close quarters. It’s especially dangerous for seniors.

A researcher works in the lab at the Moderna Inc. headquarters in Cambridge, Massachusetts, US, on Tuesday, March 26, 2024.
Adam Glanzman | Bloomberg | Getty Images

Norovirus is raging across the U.S. this winter. Moderna might soon have a vaccine for it. 
A large phase three trial of the shot is underway, with results expected as soon as later this year or 2026. Moderna needs to see a certain number of cases before it can analyze the data and determine how well its vaccine works, putting the timeline in flux. The 25,000-person study is enrolling ahead of schedule, said Doran Fink, Moderna’s clinical therapeutic area head for gastrointestinal and bacterial pathogens. 

“I don’t know if it’s directly attributable to the increased incidence of norovirus this season, but we clearly have a lot of interest in participation in this trial,” Fink said. 
Norovirus is a nasty stomach bug that causes vomiting and diarrhea. It’s highly contagious and can spread easily in nursing homes and daycares, and on cruise ships. It’s generally a seasonal illness that’s more common in the winter months. 
This winter has been especially brutal. Twice as many norovirus tests are coming back positive this January than the same time last year, according to data from the Centers for Disease Control and Prevention. Norovirus outbreaks were up 36% so far this season as of Dec. 11, according to the CDC. 
There’s currently no vaccine for norovirus. Like flu, there are many types of norovirus, making immunizing against it a challenge.
Moderna’s vaccine candidate targets the three genotypes that the company says typically cause most infections. It works by showing the immune system something that looks like norovirus but isn’t infectious, so the body can learn how to fight back if the real thing hits.

The company’s vaccine candidate does not include the genotype that’s causing the bulk of this year’s infections. One of the study’s goals is to see whether the vaccine protects against more types of norovirus than the shot specifically targets, Fink said. He said mRNA vaccines offer an advantage because they can easily be tweaked, if needed. 
Moderna’s goal isn’t to prevent people from getting norovirus entirely. That’s a high bar for any vaccine, and one that’s especially difficult to achieve with norovirus because the symptoms start within 12 to 24 hours of exposure, Fink said. Instead, the goal is to make people feel a little less awful and keep them from needing to see a doctor or go to the hospital if they do get it. 
The company sees the main opportunity in vaccinating seniors who are particularly vulnerable to norovirus complications like dehydration. People 65 and up make up the majority of the estimated 900 Americans who die from norovirus complications in the U.S., according to the CDC. 
Moderna also sees health-care workers, daycare workers and other teachers who are exposed to young children as possible target populations, Moderna Chief Executive Officer Stephane Bancel said last week at the JP Morgan Health Care Conference. People going on cruises is another possibility, he said, since the virus can spread easily on ships where people are living in tight quarters. 
Investors are questioning whether Moderna can make the shot a commercially viable opportunity – if, of course, the vaccine works, said RBC analyst Luca Issi. He sees the shot being used mostly to protect people living in nursing homes or going on cruises. 
At this point, Moderna isn’t testing the vaccine in children, who are also vulnerable to norovirus. But if the shot works in adults, Moderna would be obligated to study it in children, Doran said. More

Full Coverage

Morgan Stanley CEO Ted Pick said his bank will be working with U.S. regulators to examine whether it can deepen its involvement in cryptocurrency markets.
Pick was asked about his views on digital currencies under the pro-crypto Trump administration.
“For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactors,” Pick said.

Morgan Stanley CEO Ted Pick said Thursday that his bank will be working with U.S. regulators to examine whether it can deepen its involvement in cryptocurrency markets.
Pick was asked about his views on digital currencies under the pro-crypto Trump administration. On Tuesday, the acting head of the Securities and Exchange Commission launched an effort to develop a regulatory framework for the nascent asset class.

“For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactors,” Pick told CNBC’s Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.
“We’ll be working with Treasury and the other regulators to figure out how we can offer that in a safe way,” Pick said.
Morgan Stanley, a juggernaut in the wealth management industry, has been repeatedly ahead of its peers when it comes to crypto. It was the first major U.S. bank to offer bitcoin funds to its rich clients in 2021, and last year it took the lead on offering bitcoin exchange-traded funds. That’s because the firm’s financial advisors were getting questions from clients about bitcoin exposure, sources told CNBC at the time.
But under the Biden administration, banks were prohibited from getting deep into the asset class; their trading desks dabbled in bitcoin derivatives but couldn’t own the “physical” bitcoin. It’s a point that Goldman Sachs CEO David Solomon reiterated this week.
“At the moment, from a regulatory perspective, we can’t own” bitcoin, Solomon told CNBC’s Sorkin. “If the world changes, we can have a discussion about it,” he said.

‘Escape velocity’

When it comes to bitcoin, the original cryptocurrency that traces its origin to the 2008 financial crisis, its staying power through volatile trading and industry scandals over the years may prove critical, according to Morgan Stanley’s Pick. One bitcoin now trades for more than $100,000.
“The broader question is whether some of this has come of age, whether it’s hit escape velocity,” Pick said. “You know, time is the friend [of crypto]; the longer it trades, perception becomes reality.”
Earlier this week, Bank of America CEO Brian Moynihan also signaled a willingness to embrace crypto if regulators allowed it, saying it would be another form of retail payments for customers of the second-biggest U.S. bank by assets.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard,” Moynihan said. “We have hundreds of patents on blockchain already, we know how to enter the field.”

Don’t miss these insights from CNBC PRO More

Adidas will cut as many as 500 jobs as it looks to simplify its business.
“We… found that, in an ever-changing world, we are too complex because of our current operating model,” a spokesperson told CNBC.
The company cautioned the layoffs are not a cost-cutting effort and are designed to get staffing in line with how the business has been operating over the past two years.

Adidas shoes are displayed at a DSW store in Novato, California, on Jan. 31, 2024.
Justin Sullivan | Getty Images

Adidas plans to cut as many as 500 jobs in a bid to simplify its business, a person familiar with the matter confirmed to CNBC on Thursday. 
The layoffs will affect employees at Adidas’ headquarters in Herzogenaurach, Germany, and represent nearly 9% of the 5,800 staffers it employs at the location. 

The company has not determined how many jobs it will cut, but up to 500 positions could be affected, a source told CNBC. Adidas will decide the final number when it is further along in its process. 
Employees learned about the cuts on Wednesday, just one day after Adidas announced what it called better-than-expected preliminary profit results for its holiday quarter and 19% sales growth. It is expecting sales to grow to 5.97 billion euros, ahead of the 5.68 billion euros that analysts had expected ahead of the announcement, according to LSEG. 
In a statement to CNBC, a spokesperson said Adidas’ current operating model has become “too complex” and the cuts are designed to simplify operations. 
“To set adidas up for long-term success we are now starting to look at how we align our operating model with the reality of how we work. This may have an impact on the organizational structure and number of roles based at our HQ in Herzogenaurach,” the spokesperson said. “We will now start to work closely with the Works Council to ensure that any changes are handled with the utmost respect and care of all employees.” 
The layoffs are not part of a cost-cutting program, but more of an effort to adapt its business to how it has changed over the past couple of years, the spokesperson said.

Adidas has been restructuring its business and capped off 2024 on a high note with sales and profits that came in higher than analysts and the company expected. 
It has leaned on its classic Samba and Gazelle styles to boost sales and has also benefited from a slowdown at Nike, its biggest competitor. 

Don’t miss these insights from CNBC PRO More

Top sports agent Jeff Schwartz said the pay discrepancy between men’s and women’s basketball “blatantly unfair.”
Schwartz’s Excel Sports Management represents more than 500 clients and has negotiated billions in athlete contracts over the years.
WNBA players are currently negotiating a new collective bargaining agreement with the league.

The WNBA has a salary problem, and it’s “blatantly unfair to its players,” according to top sports agent Jeff Schwartz.
Schwartz, who founded and runs Excel Sports Management, told Alex Sherman in a CNBC Sport interview that something has to change when it comes to compensation in the women’s basketball league.

“It’s ridiculous what women are getting paid in the WNBA,” Schwartz said.
And he would know. Schwartz’s firm represents more than 500 clients and has negotiated billions in athlete contracts over the years. Excel represents some of the biggest athletes in the country, from Caitlin Clark to Tiger Woods to Peyton and Eli Manning.
Schwartz’s comments come as the WNBA had a record 2024 season, shattering viewership, attendance and merchandise records led by stars like Clark. Yet, WNBA salaries currently range from the league minimum of $64,154 to the maximum of $241,948. (Players also receive full benefits and may be eligible for award bonuses.)
To put that in perspective, in the NBA, the league minimum is now $1.15 million and the average salary is more than $11 million, according to data from Sports Reference.
While many are quick to blame the WNBA for the pay inequalities, it’s not always apples to apples. The NBA has been around for more than 75 years and brings in billions of dollars in corporate sponsorships. The WNBA is heading into its 29th season and plays only four months out of the year.

Still, female professional pickleball players are now making more than WNBA stars, averaging $260,000 per year, according to salary data from the United Pickleball Association.
In October, WNBA players opted out of their collective bargaining agreement in a bid to seek bigger payouts, among other contract improvements. The players and league have until 2027 to agree to updated terms.
The WNBA declined to comment.

Caitlin Clark #22 of the Indiana Fever brings the ball up the court against the Dallas Wings at Gainbridge Fieldhouse on September 15, 2024 in Indianapolis, Indiana. 
Justin Casterline | Getty Images

Schwartz, whose firm also represents Napheesa Collier, founder of a new startup basketball league called Unrivaled, also commented on player equity in sports. As part of Unrivaled’ s compensation plan, the 3-on-3 women’s basketball league is offering players equity in the league.
Unrivaled, which kicked off earlier this month, says it has the highest average player salary of any professional women’s sports league. Players in the league have an average salary of more than $220,000, according to a person familiar with the league, who spoke on the condition of anonymity to discuss nonpublic matters.
Schwartz said he doesn’t see the more-established professional leagues giving up equity to players anytime soon, but that for some of the newer leagues like Unrivaled it makes sense.
“I think players having ownership in what you do is a great thing,” he said.
Watch the full CNBC Sport interview with Schwartz.

Don’t miss these insights from CNBC PRO More

American Airlines last year said it would reverse a business-travel sales strategy that backfired.
The airline signed a new credit card deal with Citi late last year.

An American Airlines Boeing 787-8 Dreamliner departs from Los Angeles International Airport en route to Tokyo on September 19, 2024 in Los Angeles, California. 
Kevin Carter | Getty Images

American Airlines’ first-quarter earnings outlook on Thursday fell short of analysts’ estimates, sending shares down more than 8%.
The carrier forecast an adjusted loss per share of 20 cents to 40 cents for the first three months of 2025 based on current demand trends and fuel-price forecast, a wider loss than the 4 cents analysts were expecting, according to LSEG.

The airline said it expects unit costs, excluding fuel, to rise in the low-single digit percentage points over the first quarter of 2024 driven by lower capacity, which it expects to fall as much as 2% over last year; a higher mix of smaller, regional-jet flying; and new labor agreements it finalized last year.
The earnings outlook contrasts with sunnier forecasts from rivals United and Delta earlier this month, though American’s full-year earnings forecast of between $1.70 and $2.70 is in line with analysts’ estimates.
American spent much of the last year reversing a business-travel sales strategy that backfired. However, it also sealed a new credit card deal with its partner Citi. Compensation from its existing deals with Citi and Barclays rose 17% from 2023 to $6.1 billion last year, American said.
“As we look ahead to this year, American remains well-positioned because of the strength of our network, loyalty and co-branded credit card programs, fleet and operational reliability, and the tremendous work of our team,” CEO Robert Isom said in a news release.
American said it expects revenue to be up between 3% to 5% in the first quarter versus the same period in 2024 and up as much as 7.5% for the full year compared with 2024.

Here is how American performed in the fourth quarter compared with Wall Street estimates compiled by LSEG:

Earnings per share: 86 cents adjusted vs. 64 cents
Revenue: $13.66 billion vs. $13.40 billion expected

American’s fourth-quarter profit rose to $590 million from $19 million on sales that were up 4.6% on the year to $13.66 billion. Both domestic and international revenue rose, led by a surge in trans-Pacific revenue. More

General Motors on Thursday revealed a new $80,000 performance version of its all-electric Cadillac Lyriq.
The Lyriq-V, part of Cadillac’s V-Series performance vehicles, is expected to assist the brand in achieving a target of becoming the top-selling luxury EV name this year in the U.S., excluding Tesla.

2026 Cadillac Lyriq-V

DETROIT – General Motors on Thursday revealed a new $80,000 performance version of its all-electric Cadillac Lyriq, as the Detroit automaker targets becoming the top-selling luxury EV brand this year in the U.S.
Cadillac expects to achieve that target with an expanding lineup of electric vehicles such as the performance Lyriq-V, Escalade IQ SUV and upcoming entry-level Optiq crossover.

“We are going to position Cadillac to be the bestselling luxury EV nameplate in the U.S. for 2025. Again, let me repeat that: bestselling luxury EV [brand] in 2025,” Cadillac Vice President John Roth said during a media briefing. “The sky’s the limit on what we’re going to be able to do in the luxury EV space.”
But the “luxury” space may not be as clear as it appears. Cadillac, following Roth’s comments, said it is not including Tesla as a “luxury” manufacturer, despite several products being priced in the same range as some of Cadillac’s offerings. A brand spokeswoman said Cadillac is including names such as Audi, Mercedes-Benz and others as its core competitors.

2026 Cadillac Lyriq-V

“There’s a handful of models within the Tesla lineup that probably qualify as luxury, but they continue to do some interesting elements with the brand,” Roth said.
Excluding Tesla, which leads the U.S. EV market by a wide margin, Cox Automotive reports Cadillac’s nearly 30,000 EVs sold last year trailed only BMW’s roughly 51,000 units. Audi and Mercedes-Benz were also close to Cadillac. That compares with estimated U.S. sales of EVs by Tesla at more than 633,000 EVs last year, according to Cox.
Historically, the automotive industry has been made of “mainstream” brands such as Chevrolet and luxury ones such as Cadillac. But many brands, including Cadillac and Tesla, now offer vehicles across a broad price range.

Tesla’s pricing ranges from roughly $42,500 for the Model 3 sedan to roughly $100,000 for vehicles such as the Cybertruck and Model S Plaid. That compares with Cadillac’s EVs that, once available, are expected to range between $54,000 for the Optiq to more than $150,000 for the Escalade IQ. Cadillac also offers a more than $300,000 bespoke car called the Celestiq.

2026 Cadillac Lyriq-V

For context, Kelley Blue Book reports the average transaction price for a new electric vehicle to end last year was $55,544. That does not include consumer EV incentives such as the federal tax credit of up to $7,500.
Cadillac is expected to have five EVs on sale by the end of this year, up from three currently. That would match Tesla on the number of EVs from the brand, but Tesla was still estimated to achieve nearly 50% of EV market share last year in the U.S.
Regarding the Lyriq-V, Cadillac said the vehicle will have an estimated 615 horsepower, 650 foot-pounds of torque and 285-mile range when fully charged. It’s expected to achieve 0-60 mph in as little as 3.3 seconds.
The Lyriq is Cadillac’s first production EV to be included in its performance V-Series lineup of vehicles. The Lyrq-V is largely similar to the regular model, but includes unique badging and enhanced performance parts and other accessories to improve driving dynamics.
GM said the Lyriq-V, starting at $79,995, will be sold in the U.S., Canada and other countries, with production starting in early 2025 at GM’s Spring Hill Manufacturing plant in Tennessee.

Don’t miss these insights from CNBC PRO More