Business

A liquefied natural gas tanker berth in Japan, on Dec. 17, 2021. Should Japan ever exit the Sakhalin energy projects in Russia and their stakes were acquired by Russia or a third country, this would weaken the effectiveness of Western sanctions and benefit Russia, Japan’s industry minister said on Friday.
Kiyoshi Ota | Bloomberg | Getty Images

U.S. natural gas surged Tuesday to the highest level in nearly 14 years as Russia’s invasion of Ukraine wreaks havoc on global energy markets.
Henry Hub prices jumped more than 9% at one point to a session high of $8.169 per million British thermal units (MMBtu) during morning trading on Wall Street, the highest level since September 2008.

The contract later pulled back from its high, ending the day at $7.954 per MMBtu for a gain of 6.4%.
Campbell Faulkner, senior vice president and chief data analyst at OTC Global Holdings, said the increase was sparked by a “flurry of tighter market conditions,” including the European Union considering a sixth round of sanctions against Russia that could include the nation’s energy complex.
In addition, production is down in the U.S., and gas in storage is 21% lower than at this time last year.
“Higher power burn this summer with zero coal gas … switching will reduce the amount of spare gas for storage infill which is pushing prices up in a classic commodity cycle (‘backwardation”) to get gas into the market now,” he added.

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Over the last two sessions, natural gas prices have jumped more than 8%, which follows a nearly 30% gain in April. The swift upward price action, which is also being fueled by surging demand for U.S. liquified natural gas, is adding to inflationary pressures across the economy. For example, consumers’ electricity bills are rising as utility companies pass along their higher input costs.

EBW Analytics also pointed to changing weather patterns as increasing demand for natural gas as warmer temperatures usher in air-conditioning season.
“A faster-than-expected turn hotter, however, is the principle bullish driver as traders jump on early-season heat in Texas — and any further weather model shifts hotter could set up a challenge of recent highs,” the firm added.
Energy was the top-performing S&P 500 group Tuesday, advancing more than 2%.
Francisco Blanch, managing director at Bank of America, also pointed to the rally in coal prices as fueling the surge in natural gas. He said that natural gas could head even higher.
“We have an energy crisis going on. I think one of the big issues that is going to help provide some relief is if we have a major economic deceleration, also known as a recession — but of course nobody wants that to happen,” he said.
“I’m pretty concerned about the state of the energy market. Hopefully we’ll see some supply responses. Hopefully producers in the U.S. and elsewhere will react to high prices, but there is no imminent relief for consumers,” Blanch added.

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Office demand, as measured by new tenant tours, jumped 20% in March from February and was up just more than 8% from a year ago.
The latest office vacancy rate in the first quarter of this year was 18.1%. That is down 18 basis points from a year ago and is the sector’s first annual decline in five years.
Regionally, the top gainers are Boston, Chicago, Los Angeles, New York City, San Francisco and Washington, D.C.

If you’re not back to the office already, you may be soon.
After a five-month lull, likely due to the extremely contagious omicron variant of the coronavirus, new demand for office space jumped in March. Barring another major setback in the pandemic, it will likely continue to rise, but offices themselves will undergo a makeover as demands from workers change.

Optimism in offices is already showing up in some stocks behind the office sector. As rents rise and vacancies fall, earnings are beating expectations.
Office demand, as measured by new tenant tours, was 20% higher in March than February and was up roughly 8% from a year ago, according to a recent report from commercial real estate technology platform VTS. The tours are considered a forward indicator of new leasing.
The office vacancy rate in the first quarter of this year was down 18 basis points from a year ago to 18.1%, according to Moody’s Analytics. It’s the sector’s first annual decline in five years and marked improvement from a vacancy rate of 18.5% at the height of the pandemic.
“Demand for office space this month is more in line with what we expect to see this time of year,” said Nick Romito, CEO of VTS. “Looking ahead I expect that we’ll continue to see demand ebb and flow in a typical seasonal pattern, but to really get out of the prolonged period of depressed demand we have seen as of late, we’ll need to see demand exceed seasonal norms over the course of many months.”
Demand is slowly driving up rents. Asking and effective rents rose 0.2% and 0.3%, respectively, during the quarter, the best performance since the beginning of the pandemic, according to Moody’s. Annual rent growth also reversed its downward trend.

Despite the surge, however, new demand for office space is still just two-thirds of its pre-pandemic average, based on the VTS metric. Boston, Chicago, Los Angeles, New York City, San Francisco and Washington, D.C. make up the best gainers, regionally.
And while the signs for the sector are optimistic, office-related stocks, largely REITs, are still mixed.
Boston Properties, Hudson Pacific, SL Green and Empire State Realty Trust are all still below pre-pandemic levels. For example, Hudson Pacific dropped 40% at the start of the pandemic and then slowly began climbing back. It is up 28% from the pandemic low but is still in the red year to date.
Some, like Boston Properties, have come climbing back over the past year. Boston Properties reported better-than-expected earnings for its first quarter Monday.
“While rent growth takes time, the demand for space gives BXP confidence that COVID is over, as tenants bring their employees back, which should accelerate the occupancy rebound, providing upside to earnings,” wrote Alexander Goldfarb, a REIT analyst at Piper Sandler, in a note to investors in March.
A new survey of 185 office-using companies in the U.S. by CBRE found 36% of employers said a return to office was already underway. Just over a quarter said it would be by the end of June. About 13% said a return to office was up to their employees, and 10% were still uncertain.
According to the VTS report, offices were still less than half full in April, at 43%. But that marked a pandemic high.
When workers do return to the office, they can expect to see significant changes, not just in cleanliness and air filtration, but in the way they go about their business.
CBRE’s survey found employers pointing to more in-office technology tools to enhance videoconferencing, as well as occupancy sensors and touchless options. There will be more so-called free address seating. Nearly two-thirds of companies said they intend to have open desk use rather than assigned offices or cubicles.
There will also be widespread hybrid work, with 70% of employers saying they intend to allow workers to be both in the office and remote. Nearly half said they want that to be an equal mix. Because of that, they expect more flexible office space. Just over half of employers said they will add different forms of that, from open desking to “dedicated floors indistinguishable from their traditional office space,” according to the report.
“That flexibility is desired for any number of reasons, including ability to scale up and down, give employees more choice over where to work or even just preserve capital,” said Julie Whelan, global head of occupier research at CBRE. “But the employees do benefit from being in productive space in good locations with typically very good amenities and experience.”

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James Tahaney loads textbooks on to a pallet in preparation for shipping at the Chegg warehouse in Shepherdsville, Kentucky, April 29, 2010.
John Sommers II | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.
Paramount Global – Shares fell 1.7% after the entertainment giant reported first-quarter revenue below expectations. The media company posted revenue of $7.33 billion versus the StreetAccount consensus of $7.39 billion. Profit came in above estimates, with Paramount posting adjusted quarterly earnings of 60 cents per share versus 52 cents per share.

Logitech – The technology stock dipped 1.8% after the company reduced its fiscal year 2023 outlook due to the war in Ukraine. The company beat Wall Street expectations on the top and bottom lines.
Chegg – Shares cratered 28% despite the financial education company’s beat on earnings expectations. Chegg shared weak guidance for the second quarter and year. Further, executives noted that people are prioritizing earning over learning, which is leading to smaller course loads and delayed school enrollment.
Nutrien – Shares gained 6.7% after Nutrien raised its full-year guidance amid a surge in crop prices. The company did, however, post a weaker-than-expected earnings per share, according to StreetAccount estimates.
Hilton Worldwide – Shares of the hotel giant fell 2.2% after the company issued a lower-than-expected full-year outlook as part of its earnings report for the most recent quarter. The stock price fell on the guidance despite the hotel operator beating earnings estimates.
Biogen – Biogen shares jumped about 1.1% after the company beat on revenue and reported earnings that fell in line with estimates in the recent quarter. The drugmaker also said its CEO Michel Vounatsos would be stepping down.

Pfizer – Pfizer’s stock added 1.7% after earnings and revenue in the first quarter beat estimates on the top and bottom lines. The company reported a profit of $1.62 per share on revenues of $25.66 billion. Analysts expected $1.47 per share on $23.86 billion in revenue, according to Refinitiv.
Expedia – The travel booking site operator’s shares tumbled by more than 13% after the company reported a mixed earnings report that led at least eight Wall Street analysts to cut their price targets on the stock. Expedia posted a loss of 47 cents per share for its most recent quarter, although that was narrower than the loss expected by analysts, by 15 cents per share, according to Refinitiv.
BP – The energy stock jumped about 7.7% after the oil company reported better-than-expected earnings and revenue for its latest quarter. BP did take a $25.5 billion charge for exiting its Russian operations.
Clorox — Shares rose about 2% after the maker of cleaning products surpassed earnings expectations. Clorox earned $1.31 per share on revenues of $1.81 billion in its most recent quarter. Analysts surveyed by Refinitiv forecast 97 cents earnings per share on revenues of $1.79 billion. The firm also lowered its full-year gross margin estimates.
DocuSign – Shares fell 1.6% after Wedbush downgraded the stock to underperform from neutral. “This WFH beneficiary could see difficult growth ahead not factored into shares at current prices in our opinion,” Wedbush said.
Tyson Foods – Shares pulled back nearly 3% after Piper Sandler downgraded the stock and said the company could be hurt by rising food prices as consumers cut down on spending. “Consumers we survey say they are cutting back on basics,” Piper Sandler said.
JPMorgan Chase, Morgan Stanley – Shares rose after Oppenheimer upgraded the bank stocks, saying the names are “on sale” after a pullback this year. JPMorgan Chase gained 2.9% while Morgan Stanley added 3.1%.
Carvana – Shares sunk more than 5% after Wells Fargo downgraded the stock to equal weight from overweight, citing a lack of near-term catalysts.
Charter Communications – The cable company saw shares fall 1.5% after Bank of America downgraded the stock to neutral from buy due to broadband growth concerns.
Estee Lauder – Shares dropped 4.8% after the beauty company missed revenue estimates in its latest quarterly report. Estee Lauder posted revenue of $4.25 billion versus the Refinitiv consensus estimate of $4.31 billion.
Devon Energy – The energy stock jumped more than 9% after a stronger-than-expected quarterly report. The company posted adjusted earnings of $1.88 per share versus $1.75 per share expected, according to StreetAccount.
— CNBC’s Samantha Subin, Sarah Min and Tanaya Macheel contributed reporting.

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FA Playbook

I bonds are currently paying 9.62% annual interest through October, an investment opportunity for a range of goals, according to financial experts.
Depending on your situation, I bonds may be a good place to park cash or become part of your bond portfolio.
However, there are purchase limits: You can’t touch the money for at least 12 months and there’s a penalty for selling within five years.

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I bonds are currently paying 9.62% annual interest through this October, presenting an opportunity for investors with a range of goals, according to financial experts.
These assets, backed by the federal government, are nearly risk-free and inflation-protected, with rates changing every six months based on the consumer price index from the U.S. Bureau of Labor Statistics. The latest rate hike was driven by March inflation data, showing 8.5% annual growth in prices. 

“As it stands right now, there’s really not a better deal out there,” said certified financial planner Byrke Sestok, co-owner of Rightirement Wealth Partners in Harrison, New York.

For my wealthy clients, this is a cooler place to park their cash reserves. For lower net worth clients, it’s an investment decision.

Byrke Sestok
Co-owner of Rightirement

One of the downsides of I bonds, however, is the annual purchase limit, Sestok said. Individuals can buy $10,000 worth per calendar year and use their federal tax refund to buy an extra $5,000 in paper bonds. You can also buy another $10,000 through businesses, trusts or estates. 
“For my wealthy clients, this is a cooler place to park their cash reserves,” he said, explaining how higher earners may have cash handy for future opportunities. “For lower net worth clients, it’s an investment decision.”

For example, $10,000 of I bonds amounts to 10% of a $100,000 portfolio, whereas the same investment is only 1% of $1,000,000.
I bonds are like screwdrivers with a Phillips head on one side and a flat head on the other, Sestok said. “There’s a dual purpose, depending upon where you are in the net worth range.”

More from FA Playbook:

Here’s a look at other stories impacting the financial advisor business.

Still, I bonds may be beneficial for a range of investors, as long as you’re comfortable with the lack of liquidity, Sestok said.
For example, you can’t tap the money for at least one year, and if you sell I bonds within five years, you’ll lose the previous three months of interest earned directly before the sale.
John Scherer, a CFP and founder of Trinity Financial Planning in Madison, Wisconsin, says I bonds can serve multiple purposes, depending on an investor’s goals.

As a rule of thumb, he recommends keeping 10% of annual income in cash and another 20% for an emergency fund, with double those amounts for an entrepreneur or small business owner kept in a savings account or certificate of deposit.
You may consider purchasing I bonds on top of those cash reserves, with the option to deploy I bond funds into your investment portfolio after a year, Scherer suggested.

Buy some [I bonds] in the short run while they’re paying higher rates, and if it ever changes, you can always take them out.

John Scherer
Founder of Trinity Financial Planning

What’s more, an investor approaching retirement may consider using I bonds as part of their short-term bond fund allocation, he said.
“Buy some [I bonds] in the short run while they’re paying higher rates, and if it ever changes, you can always take them out,” Scherer said. “After the first year, you have complete flexibility.”
I bonds may also be a place to park cash you don’t need for at least a year, such as money for a wedding or buying a home, he said. Currently, you can score a better return than a savings account or a one-year certificate of deposit. More

Former President Donald Trump’s 2017 inaugural committee and his company have agreed to pay the District of Columbia $750,000 to resolve allegations that those entities and the Trump hotel there illegally misused nonprofit funds to enrich the Trump family.
The District of Columbia had alleged in a lawsuit that the Trump Presidential Inaugural Committee, a nonprofit corporation, coordinated with members of Trump’s family “to grossly overpay for event space” at the Trump hotel during his 2017 inauguration as president.
Trump faces a pending criminal investigation in Georgia over allegations that he illegally interfered in the 2020 presidential election there.
He also faces a civil probe in New York, whose attorney general has said there is evidence the Trump Organization illegally manipulated the stated value of real estate assets for financial benefit.

President Donald Trump and First Lady Melania Trump dance at the Freedom Ball on January 20, 2017 in Washington, D.C.
Getty Images

Former President Donald Trump’s 2017 inaugural committee and his company have agreed to pay the District of Columbia $750,000 to resolve allegations that those entities and the Trump hotel there illegally misused nonprofit funds to enrich the Trump family, D.C.’s attorney general said Tuesday.
The Trump Organization and the committee admitted no wrongdoing in the settlement. But the deal is the latest legal black eye for the former president.

The settlement comes more than two years after a judge in New York ordered Donald Trump to pay $2 million to settle a lawsuit by that state’s then attorney general alleging he used his Trump Foundation charity to benefit his 2016 campaign for the White House, as well as other unlawful activity. The foundation agreed to dissolve itself before that order.
Trump faces a pending criminal investigation in Georgia over allegations that he illegally interfered in the 2020 presidential election there, and a civil probe in New York, whose current attorney general, Letitia James, has said there is evidence the Trump Organization illegally manipulated the stated value of real estate assets for financial benefit.
“No one is above the law — not even a president,” said D.C. Attorney General Karl Racine in a statement Tuesday announcing the settlement of a lawsuit he filed against the Trump entities in 2020. It alleged more than $1 million in improper payments to the Trump International Hotel in Washington.
“After he was elected, one of the first actions Donald Trump took was illegally using his own inauguration to enrich his family. We refused to let that corruption stand,” Racine said.
The District of Columbia alleged in its lawsuit that the Trump Presidential Inaugural Committee, which is a nonprofit corporation, coordinated with members of Trump’s family “to grossly overpay for event space” at the Trump hotel during his 2017 inauguration as president, the AG’s office noted at the time.

“Although the Inaugural Committee was aware that it was paying far above market rates, it never considered less expensive alternatives, and even paid for space on days when it did not hold events,” the office said.
“The Committee also improperly used non-profit funds to throw a private party for the Trump family costing several hundred thousand dollars.”
Trump’s adult children, Donald Trump Jr. and Ivanka Trump, were questioned under oath by lawyers for Racine as part of the lawsuit, as was Rick Gates, deputy chairman of the inaugural committee.
Gates in a December 2016 email told Ivanka Trump that he was worried about “the optics” of the Presidential Inaugural Committee being asked to pay $3.6 million for room rental and minimum food and beverage costs.
“The cost itself seems quite high compared to other property buyouts for the week,” Gates told her in that email, which was included in court documents as part of the lawsuit.
The settlement money from the Trump entities will be split between two nonpartisan nonprofit organizations in Washington, Mikva Challenge DC and DC Action.
Racine’s office said those groups “promote civic engagement, democracy, and youth leadership in the District.”

Thomas Barrack, a billionaire friend of Donald Trump who chaired the former president’s inaugural fund, exits following his arraignment hearing at the Brooklyn Federal Courthouse in Brooklyn, New York, U.S., July 26, 2021.
Brendan McDermid | Reuters

Trump in a statement said, “Given the impending sale of The Trump International Hotel, Washington D.C., and with absolutely no admission of liability or guilt, we have reached a settlement to end all litigation with Democrat Attorney General Racine.”
Trump added: “As crime rates are soaring in our Nation’s Capital, it is necessary that the Attorney General focus on those issues rather than a further leg of the greatest Witch-Hunt in political history. This was yet another example of weaponizing Law Enforcement against the Republican Party and, in particular, the former President of the United States. So bad for our Country!”
Lee Blalack, the inaugural committee’s lawyer, in a statement, said, “As the settlement states, the [committee] continues to dispute all of the Attorney General’s claims and remains confident that had this case gone to trial, the PIC would have prevailed based on the evidence.”
“While the Attorney General sought no monetary damages from the [Presidential Inaugural Committee] , the PIC and its insurer determined that settlement was prudent simply to avoid the significant costs of litigating these baseless allegations through trial,” Blalack said.
“Indeed, it would have required the PIC’s insurer to spend double the amount of this insurance settlement just to try this case to verdict, and thus this modest settlement payment only makes common sense. Now more than five years after completing its 2017 inaugural responsibilities, the PIC, which today exists exclusively to respond to this litigation, can finally wind down its affairs.”  

CNBC Politics

Read more of CNBC’s politics coverage:

The inaugural committee’s portion of the settlement, as paid by its insurer, was $350,000, according to a committee official.
The twice-impeached Trump often has blasted other investigations of himself and the Trump Organization as “witch hunts.”
Trump’s friend Thomas Barrack, a private equity investor, was chairman of the 2017 inaugural fund. Barrack was arrested last July on federal charges of illegally lobbying Trump when he was president on behalf of the United Arab Emirates.
Barrack has pleaded not guilty in that case and is awaiting trial.
Gates pleaded guilty in 2018 in a separate federal prosecution, also unrelated to the inaugural committee, to conspiracy against the United States and lying to federal investigators.
He was sentenced to 45 days in jail after testifying against Trump’s 2016 presidential campaign chief Paul Manafort, Gates’ former business associate, at Manafort’s own criminal trial related to financial crimes for their work in Ukraine.
Trump later pardoned Manafort, who had been convicted.

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Life Changes

Coming into a lot of money can be difficult for most people to handle.
Financial advisors say the newly rich should do nothing at first except speak to a tax professional about what they’ll owe Uncle Sam.
After waiting for a while, consult a financial advisor and other experts to come up with a plan to make your newfound wealth sustainable.

D-keine | E+ | Getty Images

Money, for all the opportunities it affords, can be a major source of stress and anxiety if you’re not used to having it.
Coming into sudden wealth, whether via inheritance, a career windfall or luck in the lottery, can create serious emotional and financial challenges for people who have not had a lot of money in their lives.

“Will you continue to work? Buy a new home; private school for the kids?” said Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services, in Vienna, Virginia. “Sudden wealth offers greater choices, but it can cause a lot of problems and anxiety because of the sheer number of decisions to make.”

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Here’s a look at other stories offering a financial angle on important lifetime milestones.

Consider professional athletes. Research by the National Bureau of Economic Research in 2015 found that 15.7% of NFL players had filed for bankruptcy within 12 years of retirement, despite many of them making millions of dollars in their careers. A staggering 78% of retired football players were in serious financial distress just two years after leaving the game, according to Sports Illustrated. The statistics were only slightly better for pro basketball players.
Young athletes who become millionaires overnight aren’t the only ones to struggle with good fortune. People who receive large sums of money very often experience hardships in managing it well. So, what should you do if you’re the beneficiary of a windfall?
“Don’t do anything for a good year,” said Sheryl Garrett, a CFP and founder of the Garrett Planning Network in Eureka Springs, Arkansas. “Don’t call a financial advisor and don’t tell people details about it, with the exception of talking to a good tax attorney.”
Glassman has the same advice. “Don’t buy anything, don’t make any investments and don’t pay down debts,” he said. “You can make those decisions in a few month.

“The one thing to do with urgency is meet with tax professionals to discuss the taxability of your windfall and tax compliance in your new circumstances.”
There will, of course, be many decisions to make, many of them very happy ones. However, a large sum of money will almost certainly present some emotional challenges for people not used to having significant wealth.
Tales of the woes of lottery winners are true. Big money can change the expectations that family and friends have of you and can seriously challenge close relationships.
“When it comes to money, someone within a circle of family and friends will have problems,” Garrett said. “It could be the receiver of the windfall, or it could be a brother-in-law who feels he deserves some of it.
“People get greedy,” she added.

We have a bias to think that large sums of money will last a long time.

Sheryl Garrett
founder of the Garrett Planning Network

Garrett also cautions people to beware of the illusion of large numbers. A situation she sees frequently involves clients offered a buyout of their defined benefit pensions. People offered a $400,000 payout versus a $2,500 per month payment for the rest of their lives usually take the lump sum even if the monthly payment makes more financial sense.
“We have a bias to think that large sums of money will last a long time,” Garrett said. “There is so much motivation to take the big lump sum and so much that wants to part us from that money.”
Even people who experience much larger windfalls face challenges managing it effectively. Glassman has clients who have sold businesses for millions, and they too buy things and make investments that drain their wealth in the long run.
“I had a client who came into $15 million after selling his business,” he recalled. “He carved out $4 million to buy real estate and was left with $11 million and $100,000 in new annual expenses.”

Not that you shouldn’t buy a house, car or boat for yourself or for someone else if that is what you really want. The problem with sudden good fortune is not spending money too quickly, lavishing family and friends with gifts or making poor investments. It is not ensuring that your newfound wealth is sustainable. In other words, you need a financial plan.
After “doing nothing” and consulting a certified public accountant, your next step should be finding a good financial advisor to help you manage your wealth and make sure that it lasts.
“The challenge is to prioritize what is important to you,” Glassman said. “You may want to pay off student loans, or buy a house for Mom or a motorcycle for yourself.
“It typically can’t be everything,” he added. “A good financial advisor will help you think through those priorities and make the money work to help achieve your goals.” More

Empowered Investor

Women now control some $10 trillion in U.S. financial assets; by the end of the decade, that figure will rise to $30 trillion.
“As more and more women have a say in significant financial decisions, it’s easy to see they’re not adhering to business as usual,” said certified financial planner Marguerita Cheng of Blue Ocean Global Wealth.
Financial services firms will need to commit and adapt to find ways to better meet the needs of female clients.

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The rising economic power of women in this country is one of the most significant financial shifts of recent decades. The bottom line: Women are generating and managing an increasing amount of wealth in the U.S.
Meanwhile, closing the gender gap has been one of the major financial initiatives in America over the past decade. To date, women earn just 79 cents for every dollar earned by a man.

While the gap in gender pay is closing, there are quantum shifts happening not only at the workplace but also on the household front when it comes to how money decisions are being made in the modern world. This massive change over the next 10 years will reshape the way we think about money as women will shape the future of the U.S. with their money decisions.
Today, women control more than $10 trillion (about 33%) of total U.S. household financial assets. Meanwhile, an unprecedented amount of assets will shift into the hands of U.S. women over the next three to five years, representing $30 trillion by the end of the decade.
More from Personal Finance:How older women’s economic distress may affect the midterm electionsAs Social Security retirement age moves to 67, some say it may go higherThese states have the highest and lowest tax burdens
Why? Because as men pass away, they will leave control of these assets to their female spouses, who tend to be both younger and to live longer.
This is a wealth transfer of such magnitude that it approaches the annual gross domestic product of the U.S.

I reached out to several fellow members of the CNBC FA Council to get their take on this important topic.
“This is a huge transfer of wealth in and of itself but, because women traditionally outlive men, women stand to inherit most of it,” said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth. “As more and more women have a say in significant financial decisions, it’s easy to see they’re not adhering to business as usual.”
Why is this a big deal and why should you care?

If you are a brand-name consumer products company, a financial services company or are in the business of selling real estate, for example, women will be making the majority of these decisions in the years ahead. So attracting and retaining female customers will be a critical growth imperative for your business.
To succeed, business of all types will need to truly understand women’s needs, preferences and behaviors when it comes to spending and managing their money.
Women continue to make more financial decisions on behalf of the household, and more women are also turning to the investing decisions. In fact, women are leading the field when it comes to environmental, social and corporate governance, or ESG, investing, according to a recent article in Fortune magazine.
In general, a higher percentage of women are interested in ESG investing than men, says CFP Cathy Curtis, CEO of Curtis Financial Planning. A Calvert/Investment News study showed that usage of ESG funds are up 25% year over year, and the trend of ESG investing is more pronounced in women, with 53% doing so currently.
“The Covid-19 pandemic has spotlighted our financial and health-care systems’ inequities as more disadvantaged and poor people are losing their jobs and lives,” Curtis said. “As a result, where the environment was the main focus of ESG investors, social and governance have become critical and are driving the inflows into ESG products.

“As women inherit more wealth from their parents and spouses and sometimes make the investment decisions for the first time in their lives, I predict more money will flow into ESG and impact investments,” she added.
So, with women making financial choices that have a long-term impact on society, the environment and overall business performance, small businesses and major corporations will need to step up and find ways to support social issues such as climate change, racial and gender inequality, and social justice.
Businesses that prepare for the transition of wealth to women could see four-times faster revenue growth, according to a McKinsey & Co. report.
“It will require businesses to understand a woman’s needs, preferences and behaviors when it comes to managing their finances, which I’m not sure they’re ready for,” Cheng said.
In general, women are not only providing to the household income, they are also responsible for managing the money and making a majority of the financial decisions.

Mike Kemp | Tetra Images | Getty Images

To that point, nearly 9 in 10 women who are married or live with a partner said they are involved in spending and investing decisions in their household, up from just 42% in 2012, according to a recent report from Hearts & Wallets, a consumer research firm.
“One financial decision that women will make that will shape the next decade is deciding to participate and contribute to their company 401(k) plan or save to an individual retirement account if they are not working but have a working spouse,” said CFP Shannon Eusey, CEO of Beacon Pointe Financial.
A recent TransAmerica Center Study found that only 32% of women expect Social Security to be a primary source of their retirement.
Eusey elaborated that this decision in itself will shape their next decade and beyond for two reasons: The act of saving in itself creates a habit of saving and the compound growth effect.
Saving a portion of every paycheck into a 401(k) plans or an IRA builds the habit of saving and living within your means. Even if starting with a small percentage or amount being saved, the amount saved can increase annually and any raises can be saved so more and more is being saved over time. Secondly, once the funds are in the account, it should be invested.

By 2030, all baby boomers will be age 65 or older and, on average, women are outliving men by about five years. With Covid-19 still front and center in our lives, “the pandemic has really highlighted the need to prepare for the unexpected,” said Winnie Sun, managing director of Sun Wealth Partners.
“With women leading the financial discussion in many households, it’s time to discuss the importance of always having an emergency fund in place, a financial first aid kit ready, and a game plan if you or your partner lose your source of income, Sun said. She added that when aging parents fall ill and need emotional and financial support, women are handling those needs the majority of the time.
The times are changing. As wealth begins to move into the hands of women, financial services firms and businesses overall will need to commit and adapt to find ways to better meet the needs of female clients and consumers. 
— By Ted Jenkin, CFP and CEO/founder of oXYGen Financial and a member of the CNBC FA Council More

Pfizer now expects earnings per share of $6.25 to $6.45 per share for the year, down from its previous outlook of $6.35 to $6.55 per share
However, Pfizer beat on its top and bottom line in its first quarter earnings report, driven by strong sales of its Covid vaccine and oral antiviral treatment.
The company said it sold $13.2 billion of its Covid vaccine and $1.5 billion of its antiviral treatment Paxlovid in the first quarter.

Albert Bourla, chief executive officer of Pfizer pharmaceutical company, arrives to ring the closing bell at the New York Stock Exchange.
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Pfizer on Tuesday cut its 2022 earnings guidance, despite reporting first quarter results that beat on the top and bottom line due to strong Covid vaccine and antiviral sales.
The pharmaceutical giant now expects earnings per share of $6.25 to $6.45 per share for the year, down from its previous outlook of $6.35 to $6.55 per share. Pfizer attributed its lower earnings guidance to research and development costs and changes in foreign exchange rates. However, the company is still projecting $98 billion to $102 billion in total sales for 2022.

Pfizer stock fell more than 1% in premarket trading.
The company’s first quarter revenue grew 77% to more than $25 billion compared to the same period last year, driven by $13.2 billion in Covid vaccine sales in the quarter and $1.5 billion in sales of its oral antiviral treatment Paxlovid.
Pfizer booked a net income of $7.8 billion, a 61% increase over the first quarter of 2021. Adjusted first-quarter earnings grew 72% to $1.62 per share compared to the same period last year.
Here’s how the company performed compared to what Wall Street expected for the first quarter, based on analysts’ average estimates compiled by Refinitiv:

Adjusted EPS: $1.62 per share, vs. $1.47 expected
Revenue: $25.66 billion, vs. $23.86 billion expected

Pfizer said booster doses and shots for children drove its Covid vaccine revenue in the quarter. Paxlovid sales were driven by the antiviral treatment’s launch U.S., which has ordered 20 million courses. The Food and Drug Administration authorized Paxlovid in December.

Pfizer reaffirmed its full-year 2022 guidance of $32 billion in Covid vaccine sales and $22 billion for Paxlovid. CEO Albert Bourla had told analysts earlier this year that revenue from its antiviral treatment could come in higher because estimates are based only on deals signed or those close  to finalization. 
Paxlovid is an effective treatment for people who have Covid, but it does not prevent infection. Paxlovid reduced the risk of hospitalization or death from Covid by 90% in a clinical trial of adults who caught the virus and were at high risk of developing severe illness. However, it failed to prevent infection in separate trial results published Friday by Pfizer. 
Pfizer’s vaccine is the most administered Covid shot in the U.S. and the European Union. In the U.S., everyone age 5 and older is eligible for at least a primary series of two doses.
Pfizer is submitting data to the FDA on its three-dose vaccine for children under 5 years old, the only age group left in the U.S. that is not yet eligible for a shot. Bourla, in a podcast interview, said he hopes the vaccine for younger kids will receive authorization in June. The FDA had originally sought to authorize the first two doses in February, but Pfizer postponed its application because the data wasn’t good enough. Bourla has said a third dose should significantly increase protection for the youngest children. 
Pfizer also recently asked the FDA to authorize a third dose for children ages 5 to 11, the only age group eligible for vaccination that cannot yet receive a booster shot in the U.S.

CNBC Health & Science

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