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    The CDC is sending monkeypox vaccines to people at high risk in a race to prevent the spread

    The U.S. has distributed 1,200 doses of vaccine across the U.S. for people who have had high risk exposures to monkeypox.
    The U.S. has two vaccines in its national stockpile that can be used against monkeypox.
    Jynneos is a newer generation two-dose vaccine approved to prevent monkeypox, while ACAM2000 is an older generation smallpox vaccine that can have serious side effects.
    Most people who catch monkeypox generally recover in two to four weeks without specific medical treatment.

    Test tubes labelled “Monkeypox virus positive and negative” are seen in this illustration taken May 23, 2022. 
    Dado Ruvic | Reuters

    The Biden administration has distributed 1,200 monkeypox vaccine doses for people who have had high-risk exposures to the virus, part of a nationwide public health response to stamp out the disease before it causes a major outbreak.
    U.S. health officials, worried the virus is spreading faster than previously thought, have said the global outbreak of monkeypox is the largest ever. The World Health Organization said Wednesday that there are now more than 550 cases across 30 countries. In the U.S., at least 20 confirmed or suspected cases have been reported in 11 states, including California, Colorado, Florida, Georgia, Illinois, Massachusetts, New York, Pennsylvania, Virginia, Utah and Washington state, according to the Centers for Disease Control and Prevention.

    “A monkeypox outbreak of this scale and scope across the world, it has not been seen before,” Dr. Raj Panjabi, who leads the White House pandemic preparedness office, told reporters on a call last week.
    However, CDC officials have sought to reassure the public that the arrival of monkeypox in the U.S. is vastly different from Covid-19, which blindsided the country two years ago. Scientists knew little about Covid when it first emerged and the U.S. had no vaccines or antiviral treatments to fight the virus in 2020.
    Monkeypox, on the other hand, has been known to scientists since 1958 when the virus was first identified during outbreaks among monkeys kept for research purposes, and its transmission in humans has been studied since the 1970s. Global health authorities also have extensive experience successfully fighting smallpox, which the World Health Organization declared eradicated in 1980 after a successful global vaccination effort. Monkeypox is in the same virus family as smallpox though it is much milder.

    Stockpiling vaccine

    CDC Director Dr. Rochelle Walensky told reporters last week that the U.S. has been preparing for an outbreak from a virus like monkeypox for decades. The U.S. has millions of vaccine doses in the strategic national stockpile that protect against monkeypox and smallpox as well as antiviral pills to treat the diseases.
    Dawn O’Connell, who leads the Health and Human Services office responsible for the strategic national stockpile, said on Friday that the U.S. has enough vaccine on hand to manage the current monkeypox outbreak. However, O’Connell would not disclose how many shots the U.S. has at the ready.

    The U.S. has two vaccines but the preferred option is in shorter supply. Jynneos is a two-dose vaccine approved by the FDA in 2019 to prevent monkeypox in people ages 18 and older. The CDC generally recommends Jynneos over the other option, ACAM2000, which is an older generation smallpox vaccine that can have serious side effects. 
    Last week, CDC official Dr. Jennifer McQuiston said the U.S. has 1,000 doses of Jynneos available. However, the Danish biotech company that makes the shots, Bavarian Nordic, said the U.S. actually has a supply of more than 1 million Jynneos frozen doses stored in the U.S. and Denmark under an order placed in April 2020. The shots have a shelf life of three years.
    The U.S. has ordered close to 30 million Jynneos doses since 2010 but 28 million of them expired, the spokesperson said. Bavarian Nordic plans to increase production this summer and has the capacity to produce 30 million shots a year, the spokesperson said.

    The U.S. government also has a stockpile of more than 100 million doses of ACAM2000, made by Emergent BioSolutions, McQuiston told reporters last week. The U.S. had released 500 doses of Jynneos and 200 doses of ACAM2000 as of Tuesday, according to the CDC. The U.S. has also sent out 100 courses of the oral antiviral tecovirimat to the states, health officials said Friday.
    “We want to ensure that people with high risk exposures have rapid access to vaccines and if they become sick, can receive appropriate treatment,” Panjabi said on a call with reporters Friday. Jynneos and ACAM2000 can be administered before or after exposure to the virus. However, patients need to receive the vaccines within 4 days of exposure to prevent disease onset.
    ACAM2000 has demonstrated high levels of protection against monkeypox in animal models and is expected to provide 85% protection against disease from the virus similar to earlier versions of smallpox vaccines, according to Mike Slifka, an immunologist at Oregon Health and Science University who has studied monkeypox. Less is known about Jynneos because the vaccine is newer but it produced reasonable antibody levels in humans and should protect against severe disease, Slifka said.

    Side effects

    The CDC generally recommends Jynneos over ACAM2000 because it is considered safer. ACAM2000 can have serious side effects, and distributing the vaccine widely would require serious discussion, McQuiston said in a call with reporters last week. ACAM2000 uses a mild virus strain in the same family as monkeypox and smallpox that can still replicate, which means there’s a risk that the live virus in the vaccine can spread in the human body or to other people.
    ACAM2000 is administered with a two-pronged needle that is scratched into the upper arm and the virus then grows into a localized infection in the form of a blister. The patient can potentially spread the virus to other people, or to other parts of their body if they scratch the blister and then rub their eye for example, which can result in vision damage. The FDA warns that it’s very important for people vaccinated with ACAM2000 to take proper care of the vaccination site so they don’t spread the virus to other people or other parts of the body.

    CDC warning

    The CDC has said women who are pregnant or breast feeding, people with weak immune systems, those with skin conditions such as eczema or atopic dermatitis, and people with heart disease should not receive ACAM2000. In pregnant women, the virus can spread to the fetus and cause stillbirth. People with weak immune systems face a risk that the virus will grow uncontrollably and cause a dangerous infection, Slifka said. People with skin conditions such as eczema or atopic dermatitis are also at risk of the virus spreading on their skin which can turn into a life-threatening infection, he said.

    The Jynneos vaccine, on the other hand, is not associated with these risks because it uses a virus strain that is no longer able to replicate in humans, according to Slifka. It is also administered with a normal syringe like other common shots such as the flu vaccine.
    Given the potential side effects of ACAM2000, the vaccine would likely only see wide use in the context of a major smallpox epidemic because that virus is so deadly, according to Dr. Peter Hotez, an infectious disease and vaccine expert at Baylor College of Medicine in Texas. Monkeypox, on the other hand, is a much milder virus and no deaths have been reported in the recent cases in Europe and North America.

    Mortality rate

    Smallpox can have a fatality rate as high as 30%, according to the WHO. The West African strain of monkeypox that appears to be driving the current outbreak likely has a mortality rate somewhere around 1%, though data is sparse because the virus has previously spread mostly in remote parts Africa. Most people recover within two to four weeks without specific medical treatment, according to the CDC. There’s another monkeypox strain, Congo Basin, associated with a higher death rate of 3% to 10%, according to the WHO.
    “We’re very lucky that the outbreak right is the low virulence West African strain,” said Dr. Rachel Roper, a professor of microbiology and immunology at East Carolina University who has studied monkeypox.
    Though the U.S. has far more tools and more knowledge to fight monkeypox than it had against Covid in 2020, there are still many unknowns about the current outbreak. It’s unclear why the virus is now spreading in countries outside West and Central Africa where virus is endemic. Historically, the virus spread in small villages in Africa by jumping from rodents that carry the virus to humans with very little transmission between people, Slifka said. However, the virus now appears to be spreading better between people, he said.
    “Through intimate contact and skin-to-skin transmission, it’s transmitting better than it has under other circumstances,” Slifka said.
    Most monkeypox patients in the U.S. travelled internationally in the 21 days before symptom onset which suggests they picked up the virus outside the country, according to McQuiston. The CDC doesn’t believe monkeypox is spreading widely in the U.S right now but is closely monitoring the situation. The U.S. has conducted 120 tests so far for orthopoxvirus, the family that includes monkeypox.

    Community transmission

    “There could be community level transmission that is happening, and that’s why we want to really increase our surveillance efforts,” McQuiston told reporters during a call on Friday. “We want to really encourage physicians that if they see a rash and they’re concerned it might be monkeypox to go ahead and test for that,” she said.

    WHO officials said on Wednesday that the sudden appearance of monkeypox in multiple countries in North America and Europe indicates that the virus has probably been spreading outside West and Central Africa undetected for some time, though it is unclear for how long. Dr. Rosamund Lewis, the WHO’s technical lead for monkeypox, said the virus may be spreading more now because immunity in the human population has waned since smallpox vaccination was halted after the disease was eradicated.
    Lewis said the WHO is not recommending mass vaccination against monkeypox because the current outbreak can still be contained. Most of the cases so far have been reported among men who have sex with men, developed symptoms and sought care at sexual health clinics, according to the WHO. Lewis said it is important to provide gay and bisexual men with the information they need to protect themselves from the virus and prevent it from spreading.

    Symptoms

    The CDC has told people with confirmed or suspected monkeypox infections to isolate at home until local or state health departments say otherwise. People with confirmed infections should remain in isolation until the skin lesions that characterize the disease have completely resolved, the scabs have fallen off and a new layer of skin has formed.
    Monkeypox typically starts with symptoms similar to the flu including fever, headache, muscle aches, chills, exhaustion and swollen lymph nodes. Lesions then form on the body, and the virus spreads primarily through skin-to-skin contact with these lesions. Monkeypox can spread through respiratory droplets if a person has lesions in their throat or mouth, but it does not transmit easily this way.
    People exposed to monkeypox should monitor for symptoms for 21 days, according to the CDC. They should check their temperature twice daily and monitor for chills, swollen lymph nodes and new skin rashes. If a fever or rash develops, the person should self isolate and contact the local health department immediately.

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    Red Bull, Ferrari and Mercedes say 'no way' of staying below budget cap as they fear F1 penalties

    Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB18 leads Charles Leclerc of Monaco driving the (16) Ferrari F1-75 during the F1 Monaco GP on May 29, 2022 in Monte-Carlo, Monaco.
    Clive Mason | Formula 1 | Getty Images

    Formula 1’s top teams Red Bull, Ferrari and Mercedes all believe they are at risk of penalties for going over the sport’s budget cap this season, with Christian Horner calling for the FIA to act quickly to avoid an “accounting world championship.”
    All F1 teams have a cost cap of $140 million (£119 million) for 2022 — with the limit intended to improve competition — but a dramatic rise in inflation and freight costs has put teams’ budgets under unexpected strains.

    That has led to Red Bull, Ferrari and Mercedes, the sport’s biggest and currently most competitive teams, all stressing that the budget cap to be increased due to the “force majeure” circumstances.
    However, there is opposition on the grid — such as from Alfa Romeo and Alpine, who see no reason to up the cap.
    “At the time we all agreed to those reductions, nobody could have predicted what was going on in the world and how that is driving inflation in every household globally,” Red Bull team principal Horner told Sky Sports F1.
    “We’re seeing it in Formula 1, we’re seeing it with logistics, we’re seeing it with energy costs. That to me is something the FIA need to take into account.
    “They have the ability through force majeure to apply an inflationary effect because we don’t have enough levers to get down to the cap. I think that’s the same for probably seven of the teams in Formula 1.

    “We’ve still got six months left this year, inflation still looks like it’s rising rather than diminishing, and hopefully the FIA will act shortly.”

    Read more from Sky Sports

    Agreeing with his rival team boss, Ferrari’s Mattia Binotto added: “I think that there will be no way for us to stay below. So, I’m pretty sure that at some stage we will go over.
    “In the regulations, there is a threshold, which is a 5%. If you do not exceed the 5% on the top of what’s the budget cap threshold, it will be considered a minor breach. And what’s a minor breach in case of force majeure? What will the stewards and the FIA decide on that, in terms of penalties?
    “No idea — but I don’t think there is any way for us — and for many teams — simply to stay within, and even laying-off people, I don’t think that’s a good and right choice.”
    Horner also stressed that Red Bull “were going to end up with more people in our financial department than we have in the drawing office” and added: “What we don’t want to see is that Formula 1 becomes an accounting world championship, rather than a technical or sporting one.”
    Mercedes are also siding with their rivals on the grid.
    “The cost cap was introduced for specific purposes, to allow the small teams to spend the same amount as the big ones,” explained Toto Wolff. “There shouldn’t be a bargaining every year to lift the cost cap up.
    “But I think we’re facing an exceptional situation in that we have a real inflation that is north of 7% at the moment. Our energy prices in Brackley have tripled, our freight costs have tripled.

    “I think that is something that needs to be considered because we want to avoid any circumstance, reorganizing restructuring the big teams again in a way that would be really damaging for us as a team and as an industry.
    “This is a force majeure situation, having a raging war in the Ukraine and the consequences that it had on energy prices is not something anybody could have foreseen.
    “There needs to be some sort of compromise for the teams that are against an inflationary adjustment and the teams that are for it.”
    ‘This is not a case of force majeure’ | Why other teams disagree
    Two of the teams that are against an adjustment are Alpine and Alfa Romeo.
    “Most teams do their budgets in November, December timeframe, for the following year and we are no different,” stressed Alpine’s Otmar Szafnauer. “And at that time, inflation was already at 7%+. RPI in England was 7.1%, 7.2%.
    “We took that into consideration when we did our budgets and laid out all the development work that we were going to do. And we’re still within it.
    “Where there’s a will there’s a way and we set a budget cap and we should stick to it.”

    Alfa Romeo’s Fred Vasseur, meanwhile, said that teams can just stop developing their cars sooner, reducing costs.
    “We are in this situation and sooner or later we will have to stop the development of the car because we will be at the limit of our budget. And I think everybody can do the same.
    “It’s absolutely not a case of force majeure, because inflation is not a case of force majeure.”
    Horner, however, said wanting the budget increased was “not about new parts.”
    “We haven’t introduced that many components, particularly compared to a standard season,” he continued. “Of course what we’re trying to do is be very selective in the parts that we’re producing.
    “It’s a very very different tactic and a very different way.
    “I think what we do need is clarity, and clarity quickly. Because, quite simply, it’s not right to be held to ransom by a couple of teams that aren’t perhaps effective — because that was never the design of the budget cap.
    “The budget cap was there to limit the top teams from a spending frenzy.”

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    Cramer's lightning round: I like Lam Research over Taiwan Semiconductor

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Monolithic Power Systems Inc: “It sells at 40 times earnings, and you know I’m not recommending stocks unless they have a reasonable multiple.”

    Disclosure: Cramer’s Charitable Trust owns shares of Chevron.

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    U.S. monkeypox cases have more than doubled over the last week to 20, CDC says

    Dr. Jennifer McQuiston, a CDC official, said the overall health risk to the public remains low right now.
    Most of the U.S. patients had a history of international travel and it’s likely that they caught the virus while abroad, but it could be spreading domestically, McQuiston said.
    The majority of the patients so far self-identify as men who have sex with men. The CDC said it is working with the LGBTQ community to raise awareness about the virus.

    The World Health Organization has said that there is a “window” of opportunity to contain a recent monkeypox outbreak which has seen cases spread across Europe, the U.S. and Australia.
    Nurphoto | Nurphoto | Getty Images

    The U.S. has identified 20 confirmed or suspected monkeypox cases across 11 states as public health authorities increase testing in an effort to isolate patients and prevent the virus from spreading in communities, according to the Centers for Disease Control and Prevention.
    CDC official Dr. Jennifer McQuiston said the overall health risk to the public remains low right now. Most of the U.S. patients had a history of international travel and it’s likely that they caught the virus while abroad, but it could be spreading domestically.

    “There could be community-level transmission that is happening, and that’s why we want to really increase our surveillance efforts,” McQuiston told reporters during a call on Friday. “We want to really encourage physicians that if they see a rash and they’re concerned it might be monkeypox to go ahead and test for that,” she said.
    There does appear to be a higher risk for gay and bisexual men in these early cases. Of the 17 patients that have provided detailed demographic information to the CDC, 16 self-identified as men who have had sex with men, McQuiston said. Anyone can catch monkeypox through close physical contact and the CDC is closely monitoring for cases across all groups in the U.S. However, public health authorities are working to raise awareness in the LGBTQ community, McQuiston said.
    “Our priority is to help everyone make informed decisions to protect their health and the health of their community guided by science,” she said.

    There have been no reported deaths from monkeypox during the current outbreak in the U.S. or Europe, McQuiston said, adding that all patients are either in recovery or have already recovered.
    The West African strain of monkeypox is behind the current outbreak, which is less severe than the other strain known as Congo Basin, according to the CDC.

    Fourteen of the 17 patients who provided demographic data had a history of international travel to 11 different countries during the 21 days prior to symptom onset, according to the agency. The other three patients likely had contact with people who were infected.
    The current monkeypox outbreaks are unusual because they are occurring in countries in North America and Europe where the virus is not typically found. Monkeypox infections normally occur in remote areas of West and Central Africa, where it often spreads from rodents to people.
    The World Health Organization has identified more than 550 monkeypox infections across 30 countries, with most of the cases reported in Europe. The sudden appearance of these cases in multiple countries indicates the virus has been spreading undetected for some time outside the African regions, said WHO Director-General Tedros Adhanom Ghebreyesus during a press conference in Geneva on Wednesday.
    Some monkeypox cases in the U.S. may have gone undetected, McQuiston said, but the CDC doesn’t believe the virus has been circulating widely domestically.
    Dr. Raj Panjabi, who leads the White House pandemic preparedness office, said the U.S. is ramping up testing and contact tracing to contain the spread of the virus. Labs have performed 120 tests so far for orthopoxvirus, which includes monkeypox, Panjabi said. The U.S. has the capacity to conduct 1,000 tests daily across 67 labs in 46 states if necessary, he said.
    The Biden administration has also distributed 1,200 vaccine doses for people who have had high risk exposures to the virus and 100 oral antiviral treatment courses to people who are infected, Panjabi said. The U.S. has two vaccines, Jynneos and ACAM200, as well as an antiviral called tecovirimat in the national stockpile.
    Jynneos is a two-dose vaccine that is federally approved to prevent monkeypox and smallpox. ACAM2000 is an older generation, single-dose vaccine approved to prevent smallpox, but can also be used against monkeypox under a CDC program. However, ACAM2000 can have serious side effects.
    The CDC has told people with confirmed or suspected monkeypox infections to isolate at home until local or state health departments say otherwise. People with confirmed infections should remain in isolation until the skin lesions that characterize the disease have completely resolved, the scabs have fallen off and a new layer of skin has formed.
    Monkeypox typically starts with symptoms similar to the flu including fever, headache, muscle aches, chills, exhaustion and swollen lymph nodes. Lesions then form on the body, and the virus spreads primarily through skin-to-skin contact with these lesions. In eight cases in the U.S., the rash developed first on the genitals or the area round the anus. Monkeypox can spread through respiratory droplets if a person has lesions in their throat or mouth, but it does not transmit easily this way.
    “The rash caused by monkeypox virus can spread widely across the body or present in sensitive areas like the genitalia. It can be really painful and some patients have reported needing prescription pain medicines to manage that pain,” McQuiston said.
    People exposed to monkeypox should monitor for symptoms for 21 days, according to the CDC. They should check their temperature twice daily and monitor for chills, swollen lymph nodes and new skin rashes. If a fever or a rash develops, the person should self-isolate and contact the local health department immediately.
    This is breaking news. Please check back for updates.

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    6 exceptional retail winners that Jim Cramer says are a buy

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Friday highlighted six retail winners with standout quarters that investors should be lining up to purchase.
    “As the market trends down here, every single one of these … is a buy,” the “Mad Money” host said.

    CNBC’s Jim Cramer on Friday highlighted six retail winners with standout quarters that investors should be lining up to purchase.
    “No one ever made a dime from panicking. If you dumped any of these retail winners in response to Walmart and Target, you made a very big mistake. And you know what, as the market trends down here, every single one of these … is a buy,” he said.

    The “Mad Money” host’s comments come on the tail end of a jam-packed earnings season that saw the country’s largest retailers struggle to turn out a strong quarter, as roaring inflation led many consumers to be more selective about their purchases.
    At the same time, Cramer pointed out that many retailers whose business models allow them to combat inflation or sell cheap products that are attractive to frugal customers reported strong results for their most recent quarters. 
    Supply chain issues, such as the currently tight supply of cars due to the semiconductor shortage, also helped pad some retailers’ numbers, he added.
    Here is Cramer’s list of winners:

    AutoZone
    Williams-Sonoma
    Dollar General
    Dollar Tree
    Macy’s
    Costco

    Cramer added that Best Buy and Dick’s Sporting Goods deserve honorable mentions for having impressive numbers that didn’t quite beat expectations.

    Disclosure: Cramer’s Charitable Trust owns shares of Costco and Walmart.
    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

    Questions for Cramer?Call Cramer: 1-800-743-CNBC
    Want to take a deep dive into Cramer’s world? Hit him up!Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
    Questions, comments, suggestions for the “Mad Money” website? [email protected]

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    Walmart welcomes back annual hometown bash as retailer acknowledges new challenge of inflation

    Walmart CEO Doug McMillon said the retailer has moved aggressively to turn its profits around after disappointing Wall Street in the first fiscal quarter.
    It is closely monitoring the spending patterns of its most value-conscious consumers and talking to suppliers about how they can absorb or cut back on costs, he said.
    “We have been working really hard on costs top to bottom, taking action to get our costs down so that the second quarter looks better than the last quarter, and we’re on our way,” he said at an investor event near its hometown of Bentonville, Ark.

    Doug McMillon, president and CEO of Walmart Inc. Corporation, participates in a Business Roundtable discussion on the”Future of Work in an Era of Automation and Artificial Intelligence”, during a CEO Innovation Summit, on December 6, 2018 in Washington, DC.
    Mark Wilson | Getty Images

    FAYETTEVILLE, Ark. — Thousands of Walmart employees gathered at a huge arena on Friday, dancing as the Jonas Brothers headlined the return of the annual event that acts as a company pep rally. Yet despite the festive backdrop, CEO Doug McMillon acknowledged the new challenge facing the company: inflation.
    Between loud cheers and acts by celebrities, McMillon praised how employees across the world persisted during the pandemic while coping with thin staffs due to Covid. He noted that sales rose even as stores struggled to keep shelves stocked. And he vowed the company would avoid repeating the disappointing first quarter results, when inflation ate into profits.

    “We’re working to fix that and improve our performance as we go through the year,” he said, adding that Walmart’s workforce is “resilient and we love the challenge of retail.”
    Later in the day, McMillon also stressed to analysts that the company is scrutinizing its expenses and pushing suppliers to trim back and absorb some costs. And he noted Walmart is tapping the expertise of its leaders who operate in Brazil and other countries with a history of sharp inflation.
    “We have been working really hard on costs top to bottom, taking action to get our costs down so that the second quarter looks better than the last quarter, and we’re on our way,” he said at an investor event near the company’s headquarters in Bentonville, Arkansas.
    His comments came just weeks after Walmart’s stock had its worst day in 35 years. In mid-May, the company reported a quarterly profit that fell short of Wall Street expectations as higher costs of fuel and freight hurt earnings. Chief Financial Officer Brett Biggs also noted at the time that sky-high inflation was weighing on customers, with some buying half-gallons of milk and store brand deli meat to save on grocery bills.
    Walmart’s quarterly performance — and similar results by Target — helped dragged down the companies’ stocks and the broader markets, with Walmart closing down 11.4% the day it reported earnings. The company’s stock has fallen about 13% so far this year, roughly in line with the S&P 500 Index.

    Walmart’s annual gathering is known for its party-like atmosphere and traditionally coincides with its shareholders meeting. Employees across the world descend on Walmart’s birthplace for the event, donning company swag and wagging their home country’s flags, at the Bud Walton Arena on the University of Arkansas campus. Friday marked the return of the event since the pandemic.
    At a question-and-answer session with analysts, McMillon said Walmart’s team has reacted “in a very detailed and aggressive way” in recent weeks as it pushes to become even more cost-efficient.
    “Some people in the company kind of called it ‘old school Walmart’,” he said, referring to the company’s nearly 60-year history of obsessing over details to keep prices low.
    McMillon also noted the company is closely watching spending patterns of its most value-conscious customers and making sure prices of staples that feed their families remain within reach. And as middle- and higher-income customers look to stretch their budgets as well, he said Walmart will work to draw them with clothing and other items they may not have bought at Walmart before.
    He said that could ultimately help the company gain market share and increase profits.
    “If the world is under more pressure and people are generally more value-conscious, we’re the place to go,” he said.

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    Cramer's week ahead: Watch for consumer trends to gauge the state of inflation

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer said Friday that any signs of consumer negativity next week will be a welcome sign for the Federal Reserve in its fight against inflation.
    “I know it’s a total drag to hope for negativity, but that’s what we need right now” to bring inflation down, he said. “I bet we’ll find that confidence is falling rapidly.”

    CNBC’s Jim Cramer said Friday that any signs of consumer negativity next week will be a welcome sign for the Federal Reserve in its fight against inflation.
    “I know it’s a total drag to hope for negativity, but that’s what we need right now” to bring inflation down, he said. “I bet we’ll find that confidence is falling rapidly.”

    The “Mad Money” host said he’s keeping watch on the consumer price index and University of Michigan consumer sentiment index coming out next week to confirm his prediction that consumer confidence is dropping.
    “That’s exactly what the Fed doctor ordered,” he said.
    He also previewed next week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
    Tuesday: J.M. Smucker, Cracker Barrel
    J.M. Smucker

    Q4 2022 earnings release before the bell; conference call at 9 a.m. ET
    Projected EPS: $1.88
    Projected revenue: $1.98 billion

    Cramer said that if the food manufacturer’s stock manages to rally on the heels of its quarterly earnings report, it’ll be a good omen for the rest of the industry.
    Cracker Barrel

    Q3 2022 earnings release tbd; conference call at 11 a.m. ET
    Projected EPS: $1.27
    Projected revenue: $790 million

    Investors need to take note of any mentions of a more frugal consumer from the restaurant chain, Cramer said.
    Wednesday: Thor Industries, Campbell Soup, Five Below
    Thor Industries

    Q3 2022 earnings release before the bell; conference call tbd
    Projected EPS: $4.72
    Projected revenue: $4.16 billion

    Cramer said the recreational vehicle manufacturer’s earnings call is a must-listen for investors who want a read on the state of inflation.
    Campbell Soup

    Q3 2022 earnings release at 7:15 a.m. ET; conference call at 8 a.m. ET
    Projected EPS: 61 cents
    Projected revenue: $2.04 billion

    “I like Campbell Soup’s management. I bet the stock can work its way higher,” he said.
    Five Below

    Q1 2022 earnings release after the close; conference call at 4:30 p.m. ET
    Projected EPS: 58 cents
    Projected revenue: $654 million

    “Five Below’s got a good concept, good management, good stock,” Cramer said.
    Thursday: Signet Jewelers, DocuSign, Vail Resorts
    Signet Jewelers

    Q1 2023 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: $2.38
    Projected revenue: $1.81 billion

    Cramer said he expects the company to put up strong numbers for its latest quarter.
    DocuSign

    Q1 2023 earnings release after the close; conference call at 4:30 p.m. ET
    Projected EPS: 56 cents
    Projected revenue: $683 million

    Cramer said he expects a strong but stagnant performance from the company.
    Vail Resorts

    Q3 2022 earnings release after the close; conference call at 5 p.m. ET
    Projected EPS: $9.03
    Projected revenue: $1.15 billion

    Cramer said he’s interested in knowing if the mountain resort company is concerned about an economic slowdown.

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    Kohl's sale negotiations could drag on for weeks, possibly longer, amid market volatility

    The drawn-out bidding process for Kohl’s doesn’t appear to be coming to an end any time soon, with additional road blocks almost certain.
    It could take several weeks, if not longer, for a deal to come together, a person familiar with the situation told CNBC.
    The dialogue has been particularly lengthy because of the difficulty in securing financing in uncertain market conditions, the person said.

    The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California.
    Justin Sullivan | Getty Images

    The drawn-out bidding process for Kohl’s doesn’t appear to be coming to an end any time soon.
    It could take several weeks, if not longer, for a deal to come together, a person familiar with the situation told CNBC. The dialogue has been particularly lengthy because of the difficulty in securing financing in uncertain market conditions, the person said, adding that a likely per-share deal price at this point would be in the mid-$50s.

    Kohl’s shares closed slightly up at $41.48 Friday afternoon, giving the company a market value of roughly $5.33 billion. The stock had traded as low as $34.64 as recently as May 24.
    “Anybody who buys the business is going to need time,” said the person, who requested anonymity because the discussions are private and ongoing. “Nobody is prepared to sign a deal right now.”
    The Wall Street Journal reported Thursday evening that private equity chain Sycamore Partners and retail conglomerate Franchise Group have both submitted their bids to acquire the off-mall department store chain. It’s unclear whether any other parties are interested at this time, the Journal said. About two weeks ago, Kohl’s CEO Michelle Gass said final and fully financed bids from possible buyers were expected in the coming weeks.
    This saga at Kohl’s has been playing out for more than half a year, which deal experts describe as an abnormal amount of time.
    The off-mall department store chain was first urged in early December of 2021 by New York-based hedge fund Engine Capital to consider a sale, or another alternative to boost its stock price. At the time, Kohl’s shares were trading around $48.45.

    In mid-January, activist hedge fund Macellum Advisors then pressured Kohl’s to consider a sale. Macellum’s CEO, Jonathan Duskin, argued that executives were “materially mismanaging” the business. He also said Kohl’s had plenty of potential left to unlock with its real estate.
    That was enough for the retailer to get serious about its options. In early February, Kohl’s said it had brought on bankers at Goldman Sachs and PJT Partners to help the retailer field offers and also to make some outreach.
    Spokespeople for Kohl’s and Sycamore declined to comment. Franchise Group, Goldman Sachs and PJT Partners didn’t respond to CNBC’s request for comment.
    Kohl’s also that month deemed that an offer from Starboard-backed Acacia Research, at $64 a share, was too low. That offer valued Kohl’s business at about $9 billion.
    Kohl’s probably wishes it had taken that offer, according to Brian Quinn, a professor at the Boston College Law School who specializes in mergers and acquisitions.
    “The stock price that they thought internally they could maybe hit, that no longer looks reasonable,” he said. “My guess is that if you had told the board [at Kohl’s] what would happen in the marketplace in April and May, they would have sold the company.”
    “But the thing is, nobody knew what the future was going to bring,” he added.
    A cool start to the spring coupled with a softening consumer appetite for discretionary items amid rising inflation weighed on Kohl’s financial results for the three-month period ended April 30. Sales fell to $3.72 billion from $3.89 billion in 2021. Kohl’s also slashed its profit and revenue forecast for the full fiscal year.
    Quinn said the bleak outlook likely jolted prospective buyers.
    “It’s as if you were going to buy a house,” he said. “And as you’re talking to the seller, or the seller’s agent, the roof collapses. This is a very dynamic process in terms of negotiating.”
    At one point, Simon Property Group, the biggest mall owner in the United States, was reportedly in the mix of potential bidders for Kohl’s. But a person familiar with the situation told CNBC last month, after Kohl’s dismal quarterly report, that Simon was not preparing a bid.
    Quinn said that Kohl’s board of directors might end up balking at the lower-priced bids and not end up pursing a sale of the company after all. “And they might just not sell the company because of the current state of the market,” he added.
    Sliding stock markets, supply chain headaches, surging interest rates and the war in Ukraine have combined to stifle deal-making and IPOs in the retail sector so far this year.
    Experts say it’s unclear when that could pick back up. The consensus seems to be after Labor Day. For Kohl’s, the best bet might be to stall for as long as possible.
    “Kohl’s probably did receive two bids, but it doesn’t like either one and it isn’t ready to say so with the market so unsettled,” Gordon Haskett analyst Don Bilson wrote in a research note. “That, as much as anything, explains why it may be bidding for more time.”

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