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Adults ages 60 and above can receive a single dose of RSV vaccines from Pfizer and GSK, but should consult their doctors first, the Centers for Disease Control and Prevention recommended.
Outgoing CDC Director Rochelle Walensky signed off on the recommendation, which was made last week by an advisory panel of outside experts. 
The CDC said the shots are expected to be available to the public this fall, when respiratory syncytial virus – along with Covid and the flu – typically begins to spread at higher levels. 

Respiratory syncytial virus vial.
Manjurul | Istock | Getty Images

The Centers for Disease Control and Prevention on Thursday recommended that adults ages 60 and above receive a single dose of RSV vaccines from Pfizer and GSK after consulting their doctors.
Outgoing CDC Director Rochelle Walensky signed off on the recommendation, which an advisory panel of outside experts made last week. That endorsement says seniors should work with their health-care providers to decide if taking a shot is right for them. 

The CDC said the shots are expected to be available to the public this fall, when respiratory syncytial virus – along with Covid and the flu – typically begins to spread at higher levels. 
“These vaccines provide an opportunity to help protect older adults against severe RSV illness at a time when multiple respiratory infections are likely to circulate,” the CDC said in a statement. 
The virus is a common respiratory infection that usually causes mild, cold-like symptoms, but more severe cases in older adults and children. Each year, RSV kills 6,000 to 10,000 seniors and a few hundred children younger than 5, according to CDC data. 
Walensky’s decision comes a month after the U.S. Food and Drug Administration approved the vaccines, making them the world’s first authorized jabs against RSV. 
Spokespeople for Pfizer and GSK did not immediately respond to requests for comment.

Both companies last week unveiled late-stage clinical data suggesting that their respective vaccines generally maintain protection against RSV after one season of the virus, which in the U.S. typically lasts from October to March.
But the panel raised concerns about the lack of efficacy data on subgroups of the elderly population at the highest risk of severe RSV. 
Dr. Michael Melgar, a CDC medical officer who evaluated data on both shots, said during an advisory panel meeting that adults ages 75 and older and those with an underlying medical condition are underrepresented in phase three clinical trials from both companies.
He said seniors with weak immune systems were excluded from the trials altogether. 
Both companies said studies on those populations are ongoing. 
The CDC panel also raised concerns about the price of the shots, which could limit their accessibility to some Americans. 
GSK said it will price its vaccine between $200 and $295. Pfizer said it will price its shot between $180 and $270.
The companies declined to guarantee the pricing.
Pfizer has also developed a vaccine to protect newborns from RSV.
An FDA advisory panel last month backed that shot, but raised safety concerns over premature births that may be tied to the jab. The FDA is expected to make a final decision on that vaccine in August. More

In a summer crowded with blockbusters, Disney may sweat to recoup the $295m it reportedly spent making “Dial of Destiny”, the fifth and final Indiana Jones film, out on June 30th in America. But the movie is already a hit for a firm in another industry. Herbert Johnson, a 134-year-old London hatmaker, is fielding soaring demand for a certain fedora.“It’s been just glorious,” says Michelle Poyer-Sleeman, the master hatter who designed the latest iteration of the Poet, the hat first donned by Harrison Ford in “Raiders of the Lost Ark” in 1981. The firm had to keep the product under its hat until a couple of weeks before the movie’s launch. But already the “Destiny Poet” has caused a seven-fold rise in Herbert Johnson’s revenue since June last year. A backlog of over 300 orders waits to be handmade in a workshop that hums with the sound of fans, steam and irons.The boom marks a sharp turnaround for the firm. After the success of “Raiders” it provided Indy’s hats in the follow-ups, “Temple of Doom” (1984) and “Last Crusade” (1989). But a downturn in hat-wearing brought hard times. Venerable hatters such as Italy’s Borsalino went bust. Herbert Johnson was sold and for a while stopped making its hats in-house. For “Kingdom of the Crystal Skull”, Indy’s fourth adventure, in 2008, the producers went elsewhere.After a rethink in 2016 the firm went back to handmaking and focused on the Poet, which today accounts for three-quarters of sales. The internet brought new customers, many of them American (and many women). Customers wait up to six months for their £495 ($630) rabbit-felt Poet, which comes with an optional “Raiders turn”, a 25-degree twist of the crown to match the jaunty angle at which Mr Ford wore his (supposedly to keep it on during stunts). The firm advises keeping it out of heavy rain and heat and to brush it only anticlockwise. Dr Jones would surely scoff.Swaine, the 273-year-old luxury-goods firm that owns Herbert Johnson, hopes for success with other on-screen products. It sells a £520 umbrella of the sort twirled by Gene Kelly in “Singin’ in the Rain” and a £3,200 attaché case used by James Bond in “From Russia with Love” (minus the concealed knife). In March it opened a new flagship shop. Hat-wearing is making a comeback, says Ms Poyer-Sleeman, who spotted several clients at the “Dial of Destiny” premiere. There is also a “swing back to quality”, she says. People want something that will last, “and we’re in that niche.”■To stay on top of the biggest stories in business and technology, sign up to the Bottom Line, our weekly subscriber-only newsletter. More

Overstock.com will no longer go by its eponymous name online and will instead move under the Bed Bath & Beyond domain name in the coming weeks.
The news comes after Overstock completed its $21.5 million acquisition of Bed Bath’s intellectual property and digital assets, which it hopes will lift sagging sales.

A United Parcel Service worker loads orders onto a truck in the shipping area at the Overstock.com distribution center in Salt Lake City, Utah.
Ken James | Bloomberg | Getty Images

Overstock.com is going all in on failed retailer Bed Bath & Beyond.
The e-commerce home goods retailer will no longer go by its eponymous name online and will instead move under the Bed Bath & Beyond domain name in the coming weeks after acquiring the bankrupt rival’s intellectual property, Overstock announced Wednesday.

It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. “weeks later.”
Overstock announced the moves as it completed its $21.5 million acquisition of Bed Bath’s intellectual property and digital assets. The company hopes the brand name will help to lift sagging sales.
“Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace,” Overstock CEO Jonathan Johnson said in a statement. “The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the Company for accelerated market share growth.”
Despite declining sales, Overstock’s stock has surged nearly 32% this year. Overstock shares jumped nearly 5% in extended trading Wednesday and also popped when it was first revealed that it successfully won the auction for Bed Bath’s assets.
In its first-quarter results in April, Overstock reported $381 million in revenue, a 29% drop from the prior-year period. The e-commerce retailer posted a net loss of $10 million. Still, the retailer’s results came in ahead of some estimates, according to Street Account.

Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. The failed home goods retailer has been hosting a series of auctions for its myriad assets, including its store leases and assets from its Buy Buy Baby banner.
A number of bidders have expressed interest in Buy Buy Baby’s stores but it remains unclear if any will be bought and kept open. More

Bed Bath & Beyond will host two separate auctions for its Buy Buy Baby chain.
The move, considered unusual in the world of bankruptcy, allows Bed Bath & Beyond to boost bids for its Buy Buy Baby chain. 
The baby goods retailer has long been considered the crown jewel of Bed Bath & Beyond’s assets but interested buyers have recently cooled on keeping its stores open because of high costs, CNBC previously reported.

A customer carries a Buy Buy Baby shopping bag in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images

Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases as the retailer struggles to nail down bids in a sale process now shrouded in doubt.
An auction for all of Buy Buy Baby’s assets was originally scheduled for 10 a.m. ET Wednesday. Now, only bids for the chain’s intellectual property, including its trademark and domain, will be accepted, according to people familiar with the matter.

The failed home goods retailer is planning to host a separate auction, potentially Thursday, where buyers can submit bids to keep Buy Buy Baby and its stores running, said the people, who weren’t authorized to speak publicly on the matter.
An initial winner will likely be chosen during Wednesday’s intellectual property auction. That bidder and other suitors can participate in the second auction. If Bed Bath & Beyond receives a higher offer for the entire banner than it gets for the intellectual property, that bidder could be selected and supersede the winner of Wednesday’s auction, the people said. 
The decision to split up the bidding comes after the retailer held separate sale proceedings for its Buy Buy Baby and Bed Bath & Beyond banners. 
The move, considered unusual in the world of bankruptcy, allows Bed Bath & Beyond to boost bids for its Buy Buy Baby chain as doubts grow about what, if any, offers will come in, some of the people said.
The banner, which sells baby goods such as strollers, clothes and cribs, has long been considered the crown jewel of Bed Bath & Beyond’s assets. It attracted interest from numerous bidders both before and after its parent company declared bankruptcy. Some prospective buyers considered keeping stores open. 

But as the auction drew nearer, interest in keeping those stores alive waned and the retailer has struggled to nail down bids in an increasingly uncertain sale process, some of the people said.

A Buy Buy Baby retail store in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images

Bidders interested in purchasing Buy Buy Baby and operating its brick-and-mortar stores and online presence would need to purchase the bulk of its 100-plus locations to reach profitability. 
The expenses behind running the stores, such as leases, overhead costs and salaries, make it difficult to reach profitability if a buyer acquires only a fraction of Buy Buy Baby’s doors along with its intellectual property. 
“There’s not a profitable model where you only have 10 stores or 40 stores,” a person with knowledge of the matter previously told CNBC. 
Bed Bath & Beyond did not respond to CNBC’s request for comment.
A credit bid from pre-bankruptcy lender Sixth Street Partners, which could team up with an e-commerce platform, is considered a top contender, some of the people said. It’s unclear if the offer will go beyond the intellectual property assets. Sixth Street Partners did not respond to CNBC’s request for comment.
Go Global Retail — which owns the children’s wear brand Janie and Jack — was initially interested in keeping Buy Buy Baby stores open, but the number of locations it was interested in saving has since dwindled to about 20 stores, if any at all, CNBC previously reported. 
Direct-to-consumer online registry Babylist has submitted a bid to acquire some of Buy Buy Baby’s assets, such as its domain name and trademark, but opted out of bidding for its stores, CEO Natalie Gordon previously told CNBC.
Earlier this month, Overstock.com won the auction for Bed Bath & Beyond’s assets and purchased the banner’s intellectual property and digital assets for $21.5 million. The digital retailer didn’t agree to purchase any of Bed Bath & Beyond’s stores.  More

Warner Bros. Discovery is bringing in top filmmakers including Steven Spielberg and Martin Scorsese to provide input on film curation at cable-TV network TCM.
The agreement came after CEO David Zaslav’s discussion with the filmmakers following a shakeup at the classic film channel.
Warner Bros. Discovery said its investment in TCM has grown by 30%, and the company plans to build on that in the future.

Steven Spielberg attends the 55th Annual Cinema Audio Society Awards at InterContinental Los Angeles Downtown on February 16, 2019 in Los Angeles, California.
Matt Winkelmeyer | Getty Images Entertainment | Getty Images

Warner Bros. Discovery is calling in a filmmaker brain trust to help steer the curation and programming of its cable-TV channel Turner Classic Movies, after a shakeup among management left fans concerned about the network’s future.
“Jaws” director Steven Spielberg, “Goodfellas” helmer Martin Scorsese and “Boogie Nights” filmmaker Paul Thomas Anderson officially signed on to provide their input at TCM, the company and filmmakers said on Wednesday. The filmmakers will work closely with Warner Bros. Motion Picture Group chiefs Mike De Luca and Pam Abdy, who are overseeing curation and programming after a series of layoffs and management shakeup at TCM, according to the company.

“We have already begun working on ideas with Mike and Pam, both true film enthusiasts who share a passion and reverence for classic cinema that is the hallmark of the TCM community,” the three filmmakers said in a joint statement on Wednesday. “This unique arrangement, initiated by David Zaslav, reflects his commitment to honoring the TCM legacy while also involving us on curation and programming.”
The inclusion of the filmmakers came after Warner Bros. Discovery employees last week faced another round of layoffs, particularly across its portfolio of cable-TV networks.
Part of that was a major shakeup at TCM, recognized as a place for preservation of classic films and a carefully curated lineup augmented by guest star introductions. The changes had caused concern among movie buffs and those dedicated to film preservation, who voiced their distress on social media.
The filmmakers also applauded that longtime programming chief Charles Tabesh, who was initially set to leave as part of the shakeup, will stay with the network.

David Zaslav, CEO, Warner Bros. Discovery.
Anjali Sundaram | CNBC

Last week, the filmmakers had said in a statement Zaslav contacted and reassured them, and they were committed to working with the company for TCM’s future.

Since the 2022 merger between Warner Bros. and Discovery, the company has been undergoing a number of cost-cutting initiatives, including layoffs and cutting back on content spending.
In the months leading up to the job cuts and changes at the networks, including TCM, Zaslav and Spielberg held conversations about TCM’s future, according to a person familiar with the matter. Zaslav also initiated the conversation with Spielberg, Scorsese and Anderson last week.
Spielberg and Anderson and joined Zaslav on a panel during the TCM Classic Film Festival in April about film preservation efforts, according to media reports.
Warner Bros. Discovery and its film chiefs touted the company’s increased investment in TCM recently.
“TCM is a cultural treasure which WBD is fully committed to safeguarding, supporting, and investing in for the future. This year, TCM’s content investment has grown by 30% and we plan to build on that in future years,” a company spokesperson said in a statement. “That said, TCM is not immune to the very real pressure on the entire linear ecosystem, but we have taken steps to ensure that we stay true to the mission of the network – bringing more titles to the air, driving content investment, and preserving and protecting the culture of cinema.”
The increased investment will go toward licensing new films and bringing a wider roster to the network, according to the person familiar with the matter. More

Drugmakers are jockeying to capitalize on the next major innovation coming to the blockbuster weight loss industry.
For now, one experimental oral drug from Eli Lilly appears to have an edge over pills from Novo Nordisk and Pfizer — even though it may not win U.S. approval first. 
Eli Lilly’s orforglipron appears to be the top contender due to its strong efficacy data and convenience as a once-daily pill without dietary restrictions. 
But pivotal data from several pharmaceutical companies is slated to come out later this year and pricing of all the major drugs is still uncertain.

Daniel Acker | Bloomberg | Getty Images

Drugmakers are jockeying to capitalize on the next major innovation coming to the blockbuster weight loss industry: effective, convenient and potentially affordable obesity pills. 
An estimated 40% of U.S. adults are obese, making a successful pill a massive opportunity.

It’s too early to crown a winner, especially since pivotal data from several pharmaceutical companies is slated to come out later this year. And there’s still the all-important issue of pricing for the major players.
But for now, one experimental oral drug from Eli Lilly appears to have an edge over pills from Novo Nordisk and Pfizer — even though it may not win U.S. approval first. 
All three manufacturers are developing oral versions of GLP-1s, a class of drug that mimics a hormone produced in the gut to suppress a person’s appetite. Novo Nordisk’s popular Wegovy and Ozempic treatments, which sparked a weight loss industry gold rush last year, are weekly GLP-1 injections also known as semaglutide.
The pills are easier to manufacture than injections, which come in the form of single-use pens. That means the oral drugs could potentially help alleviate the supply shortages plaguing their injectable counterparts. 
Pills are also typically cheaper than injections, though it’s unclear if that will be the case with the obesity pills. 

Wegovy’s list price tops $1,300 per monthly package, and Ozempic’s is about $935. Novo Nordisk has a low-dose oral version of semaglutide that has the same list price as Ozempic for a monthly package of 30 tablets. That pill, marketed as Rybelsus, is approved only for Type 2 diabetes.
None of the three drugmakers has provided estimates for how much the new obesity pills would cost. 
Novo Nordisk has one important advantage: The Danish company has already released phase three clinical trial results for its high-dose version of oral semaglutide, which is intended for weight management, and told CNBC it expects to file for Food and Drug Administration approval later this year.
Eli Lilly is still in the middle of phase three clinical trials on its oral drug, orforglipron, meaning it’s likely to hit the market later.
Still, analysts are confident in the competitive edge of orforglipron in the long run, especially after Eli Lilly unveiled phase two clinical trial results last week that showcased the drug’s strong efficacy profile.  

Strong efficacy profile

According to Eli Lilly’s phase two results, overweight or obese patients who took 45 milligrams of orforglipron once a day lost up to 14.7% of their body weight after 36 weeks. That compares with a weight loss of 2.3% for people who received a placebo. 
Eli Lilly’s results appear consistent with the weight reduction caused by Novo Nordisk’s pill, but were achieved over a shorter trial period.
Overweight or obese patients who took 50 milligrams of Novo Nordisk’s drug once a day saw an average weight loss of 15.1% after 68 weeks, according to phase three clinical trial results released Sunday. 
Bank of America analyst Geoff Meacham said in a Sunday research note that Eli Lilly’s available orforglipron data “compares quite favorably” to Novo Nordisk’s oral semaglutide, “cross trial comparison caveats aside.” 
Cantor Fitzgerald analyst Louise Chen told CNBC that orforglipron could potentially achieve an even greater level of weight loss over a longer trial period. 
“The more you use these drugs, the more weight loss you’ll see until it plateaus, right?” Chen said. “So the thought is, if you’re getting pretty close to semaglutide’s weight loss in almost roughly half the time with orforglipron, you will probably exceed it.” 
Chen said the hope is that orforglipron leads to a reduction similar to that of Eli Lilly’s injection tirzepatide, which resulted in weight loss of around 22% after 72 weeks. 
The company’s phase three clinical trials on orforglipron will study the drug over longer time periods. 
At least for now, analysts say Eli Lilly’s pill may also have the upper hand over Pfizer’s oral GLP-1, danuglipron, which is still in phase two clinical trials.
Patients with Type 2 diabetes who took a 120-milligram version of danuglipron twice a day lost around 10 pounds on average after 16 weeks, according to results from one phase two clinical trial.
It’s difficult to compare danuglipron’s efficacy with that of other oral GLP-1s due to differing patient populations and the lack of longer-term data on the drug. 
A Pfizer spokesperson told CNBC that the company is still studying the drug in further phase two clinical trials and “would also look to have longer data” beyond the 16-week mark in the future. 

Ease of use

Wells Fargo analyst Mohit Bansal said in a research note that Pfizer’s danuglipron will be challenged to compete in the oral GLP-1 space given Eli Lilly’s strong orforglipron data. 
He added that physicians generally prefer once-daily pills — like orforglipron — over twice-daily drugs such as danuglipron. 
Health experts seem to agree: “Patient compliance increases a lot if it’s a once-a-day pill, so it’s definitely a big advantage. People often end up missing a few times a week if they have to take something twice a day,” said Dr. John Yoon, an endocrinology professor at UC Davis Health. 
Pfizer is developing a once-daily version of danuglipron.
The company on Monday also said it would stop developing another experimental pill, lotiglipron, which Bansal said had been the “more attractive GLP-1” in Pfizer’s portfolio since it’s only taken once a day. Shares of Pfizer fell 5% on Monday following that news.
But Pfizer and Eli Lilly do share one key advantage over Novo Nordisk’s oral semaglutide: no dietary restrictions. 
Patients need to take Novo Nordisk’s oral semaglutide in the morning on an empty stomach with no more than four ounces of plain water, according to the FDA label for the low-dose, approved version of the drug. They’re instructed to wait 30 minutes before eating, drinking or taking other oral medicines.
That’s because Novo Nordisk’s oral semaglutide is a peptide medication, which is more difficult for the gut to absorb, according to Dr. Eduardo Grunvald, medical director for UC San Diego’s Center for Advanced Weight Management.
“If you take it with food or drink, it just won’t get absorbed efficiently,” Grunvald told CNBC.
He said pills from Eli Lilly and Pfizer are non-peptide GLP-1s, which are absorbed more easily and don’t require dietary restrictions. 
Cantor Fitzgerald’s Chen said market research suggests that those restrictions are a “big negative for patients,” making the pills from Eli Lilly and Pfizer convenient alternatives. 
Overall, Eli Lilly’s orforglipron appears to be the top contender in the weight loss pill space due to its strong efficacy data and convenience as a once-daily pill without dietary restrictions. 
But Chen emphasized that the data unveiled later this year could potentially change that: “Save some room for the new data coming.” 
For health experts such as Grunvald, naming a winner in the oral weight loss drug space is less important.
“I think these oral GLP-1s mean having more tools in our toolbox, having more options for different people who might react differently to different medicines,” he said. “That’s really the future of this all.” More

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.75% from 6.73%.
Applications to refinance a home loan rose 3% for the week but were 32% lower than the same week one year ago.
Applications for a mortgage to purchase a home also climbed 3% for the week and were 21% lower year over year.

A home is constructed at a housing development on June 21, 2023 in Lemont, Illinois.
Scott Olson | Getty Images

Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.
Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.

Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates.
“New home sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market,” said Joel Kan, MBA’s vice president and deputy chief economist, in a release. “Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.”
Sales of newly built homes in May soared 12% compared with April and were 20% higher than May 2022, according to a report Tuesday from the U.S. Census. Builders are driving demand in part by offering incentives, like paying down mortgage rates.
Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.75% from 6.73%, with points remaining at 0.64 (including the origination fee) for loans with a 20% down payment. The average rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $726,200) rose more sharply to 6.91% from 6.80%.
“The spread between the jumbo and conforming rates widened to 16 basis points, the third week in a row that the jumbo rate was higher than the conforming rate,” Kan said. “To put this into perspective, from May 2022 to May 2023, the jumbo rate averaged around 30 basis points less than the conforming rate.”

The widening spread and the increase in the jumbo rate stem from the recent regional bank failures. Lenders hold jumbo loans on their balance sheets, because Fannie Mae and Freddie Mac don’t buy loans of that size. Bank credit, especially at community banks, has tightened substantially, resulting in higher rates.
Applications to refinance a home loan rose 3% for the week but were 32% lower than the same week one year ago. The vast majority of borrowers today have mortgages with interest rates below 4%. More

Fanatics increased its offer from $150 million to $225 million to acquire PointsBet’s U.S. assets.
The PointsBet board unanimously approved and recommended the proposal and will vote on it Thursday night.
The deal would give Fanatics access to 15 U.S. states that it operates in.

Fanatics founder and CEO Michael Rubin at his office in New York.
The Washington Post | Getty Images

Fanatics has raised the stakes as it looks to acquire PointsBet’s U.S. business.
The sports platform company increased its offering by 50% to $225 million in an effort to outbid DraftKings, which made a non-binding offer of $195 million earlier this month.

PointsBet shareholders will formally vote on the new offer Thursday night.
“The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty,” PointsBet Chairman Brett Paton said in a statement.
PointsBet gave DraftKings until 6 p.m. on Tuesday (Melbourne time) to make a binding offer and they failed to do so.
DraftKings CEO Jason Robins previously told CNBC that while the deal wouldn’t have been transformative for DraftKings, it would allow the company to grow market share.
If the deal is formally approved by PointsBet shareholders and regulators, it will give Fanatics much needed U.S. real estate in the 15 U.S. states where they operate. PointsBet is the seventh-largest U.S. sports betting operator.

“Our U.S. team will have a strong future as part of the Fanatics Betting and Gaming group and PointsBet will build on the opportunities in Australia and Canada underpinned by a strong balance sheet,” Paton said.
Fanatics CEO Michael Rubin told CNBC after the DraftKings announcement that he was highly skeptical of their proposed offer, which he viewed as DraftKings attempting to slow Fanatics down.
“It’s a move to delay our ability to enter the market,” Rubin said. “I guess they are more concerned about us than I would have thought.”
DraftKings and Fanatics both declined to comment on the news. More