Tag: report

Categories
Entertainment

New Report Paints Bleak Image of Range within the Music Trade

New Report Paints Bleak Picture of Diversity in the Music Industry

Yet the group’s new report, called “Inclusion in the Music Business: Gender & Race/Ethnicity Across Executives, Artists & Talent Teams,” and sponsored by Universal Music Group, shows that women and people of color are poorly represented in the power structure of the industry itself.

The variation across different job levels and industry sectors is notable. Black executives fared best within record labels, making up 14.4 percent of all positions, and 21.2 percent of artist-and-repertoire, or A&R, roles, which tend to work most closely with artists. Black people hold just 4 percent of executive jobs in radio, and 3.3 percent in live music.

According to U.S. census data, 13.4 percent of Americans identify as Black.

Women posted their highest executive numbers in the live music business, holding 39.1 percent of positions. But drilling down, the study found, most of those women were white. Even at record labels, where Black executives were best represented, Black women held only 5.3 percent of executive jobs.

The U.S.C. report is one of a number of efforts underway to examine the music industry and evaluate its progress in reaching stated goals of diversity and inclusion. This week, the Black Music Action Coalition, a group of artist managers, lawyers and other insiders, is expected to release a “report card” on how well the industry has met its own commitments to change.

Much of the data used in the U.S.C. report, the researchers said, came from publicly available sources, like company websites. The report suggests that a lack of participation in the study by music companies was a reason.

“Companies were given the opportunity to participate and confirm information, especially of senior management teams,” the report says. “Roughly a dozen companies did so. The vast majority did not.”

Categories
Health

Biogen’s Alzheimer’s drug may value Medicare billions of {dollars} a yr: report

Biogen's Alzheimer's drug could cost Medicare billions of dollars a year: report

A pedestrian walks past Biogen Inc. headquarters in Cambridge, Massachusetts on Monday, June 7, 2021.

Adam Glanzman | Bloomberg | Getty Images

Biogen’s expensive new Alzheimer’s drug Aduhelm could cost Medicare billions of dollars, according to an analysis published Thursday by the nonprofit Kaiser Family Foundation.

The Food and Drug Administration on Monday approved the company’s drug, the first U.S. regulator-approved drug to slow cognitive decline in people with Alzheimer’s and the first new drug for the disease in nearly two decades.

The biotech company said it charges $ 56,000 for an annual course of the new treatment, which is higher than the $ 10,000-25,000 price some Wall Street analysts were expecting. This is the wholesale price, and the cost that patients actually pay depends on their health insurance plan.

It is estimated that Alzheimer’s disease affects more than 6 million Americans, the vast majority of whom are 65 years of age and older. Biogen estimates that about 80% of Alzheimer’s patients are covered by Medicare, the state health insurance for the elderly.

It is still unclear how many Medicare beneficiaries will take Biogen’s drug, but even a conservative estimate would result in a “substantial increase” in Medicare spending, according to KFF.

In 2017, nearly 2 million Medicare beneficiaries were using one or more Alzheimer’s treatments that are covered under Medicare Part D, according to KFF. The group said if a quarter of those beneficiaries were instead prescribed Aduhelm, and Medicare paid 103% of $ 56,000 in the near future, “the total spending on Aduhelm in a year alone will be nearly $ 29 billion”.

According to the KFF, Aduhelm is covered by Medicare Part B, which generally covers FDA-approved, physician-administered drugs.

“If 1 million Medicare beneficiaries received Aduhelm, which may be on the lower end of Biogen’s expectations, spending for Aduhelm alone would exceed $ 57 billion in a single year – well above anything else covered by Part B. Medication together, ”group said. The total spend for Part B in 2019 was $ 37 billion.

Biogen has been criticized by Wall Street analysts and advocacy groups for questioning how the company could justify the price, especially as medical experts continue to debate whether there is enough evidence that the drug actually works and criticize the industry for drug prices becomes.

On a call to investors Tuesday morning, Evercore ISI analyst Umer Raffat congratulated the Massachusetts-based company on US approval of the drug before asking executives to explain the price.

“I think there is a discrepancy between some of the words you shared in your press releases like responsibility, access, health equity, and price, especially given the basic care population,” he told executives.

Biogen executives said Tuesday the overall price of the new treatment was “underpinned” by the value it is expected to bring to patients, caregivers and society. They insisted that the price was “responsible” and stated that the disease costs the US billions each year.

The company has pledged not to increase the price of the new drug over the next four years. However, executives said they were “open-minded” and suggested reconsidering price as the company assesses demand over the next few years.

Categories
Health

Bitcoin 2021 attendees report Covid instances after coming back from Miami

Bitcoin 2021 attendees report Covid cases after returning from Miami

Some of the 12,000 attendees who flew to Miami for the largest Bitcoin event in history last weekend have started testing positive for Covid.

Bitcoin 2021 attracted crypto enthusiasts from around the world to the Mana Wynwood Convention Center in the arts and entertainment district of Miami. For three days, conference attendees huddled in overcrowded lecture halls, happy and hugging. It was the first major conference since the pandemic began, and many attendees said they were relieved to be among colleagues sharing messages and updates.

There was no mask requirement and no proof of compulsory vaccination for participation. Covid was just a topic of conversation in connection with everyone’s excitement about being on the other side of the pandemic.

This is of course until some conference participants said on Twitter that they had tested positive for the corona virus.

For full disclosure, I attended the show after receiving two doses of the Moderna vaccine this spring. Vaccination isn’t a 100% guarantee of immunity, but at the moment I have no symptoms. A lot of my conversations with Uber and Lyft drivers started with a discussion about vaccination together.

It remains to be seen whether the conference will ultimately be billed as a super spreader event.

It is unclear how many people are affected and whether the city of Miami had a contingency plan for such an outcome. The mayor’s office and conference organizers did not immediately respond to CNBC’s request for comment.

On Tuesday, Florida said it would no longer report daily Covid cases and deaths as vaccinations increase and move into the “next phase” of the pandemic. Florida reported an average of eight new cases per 100,000 residents last week, well below its pandemic high of 84 per 100,000, according to Johns Hopkins University.

Categories
Politics

Biden responds to the Could jobs report: ‘Our plan is working’

Biden responds to the May jobs report: 'Our plan is working'

WASHINGTON — President Joe Biden responded to the May jobs report on Friday, saying the steady growth in jobs and the decline in unemployment is evidence his economic plan is working.

“None of this success is an accident,” said Biden, who spoke in Rehoboth Beach, Delaware. “It isn’t luck. It’s due in no small part to the cooperation of the American people,” who have worn masks and gotten vaccinated for Covid-19.

“And it’s due in no small part to the bold action we took with the American Rescue Plan,” said Biden, referring to the massive Covid relief bill Democrats passed in March.

“This is progress that’s pulling our economy out of the worst crisis in the last 100 years,” Biden said.

Nonfarm payrolls added a solid 559,000 jobs in May, the Labor Department reported. But the number fell short of the 671,000 jobs that economists surveyed by Dow Jones had anticipated.

The unemployment rate fell from 6.1% to 5.8%, which was better than the estimate of 5.9%. An alternative measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also edged lower, to 10.2%.

“Covid cases are down. Covid deaths are down. Unemployment filings are down. Hunger is down, and vaccinations are up,” said Biden. “Jobs are up. Wages are up. Manufacturing is up. Growth is up. People gaining health-care coverage is up. Small business confidence is up. America is finally on the move again.”

Despite the gains, the U.S. is still about 7.4 million jobs shy of where it was pre-pandemic.

Even though they’re called “May jobs numbers,” the actual figure is calculated during the second week of the month, based on that week’s data. This is especially relevant for understanding May’s numbers in the context of the pandemic recovery.

As Biden noted, in the three weeks since the May jobs figures were calculated, more than 21 million working-age adults have been fully vaccinated and are now more likely to return to jobs, spend money on leisure and consumer goods and plan summer travel.

Another milestone not fully captured by the May jobs numbers is the impact of the CDC’s announcement on May 13 that fully vaccinated adults no longer need to wear masks outdoors in crowds or in most indoor settings.

The announcement had a domino effect on state-level mask mandates, helping to draw Americans back to office buildings, health-care providers and other activities they had avoided during the past year.

As Biden prepares to meet with G-7 member nations next week in England, he noted that “no other major economy in the world is growing as fast as ours. No other major economy is gaining jobs as quickly as ours.”

U.S. President Joe Biden delivers remarks on the May jobs report after U.S. employers boosted hiring amid the easing coronavirus disease (COVID-19) pandemic, at the Rehoboth Beach Convention Center in Rehoboth Beach, Delaware, U.S., June 4, 2021.

Kevin Lemarque | Reuters

One notable part of the report was an acceleration in wage gains, which rose 2% year over year from being up just 0.4% in April.

Economists had largely been dismissive of average hourly earnings numbers for much of the post-pandemic period, noting that the bulk of hires came from higher-earning positions, which made wages look like they were rising for everyone but left many low-wage workers out of gains.

With the return of more hospitality workers in May, the numbers are more relevant now and indicative of rising wage pressures across the economy, not just for higher earners.

Some economists fear that increasing wages could lead to further inflation, and they blame enhanced unemployment benefits for causing a “labor shortage” that forced huge companies such as Bank of America and McDonald’s to raise their hourly minimum wage.

Biden rejects this view of the economy. “When it comes to the economy we’re building, rising wages aren’t a bug, they’re a feature,” he said during a speech in Ohio last week.

During the same speech, Biden renewed his call for Congress to raise the federal minimum wage to $15 an hour.

The May jobs report is the first full measure of the labor market since the shock of April’s numbers, which fell far short of economists’ initial expectations.

— CNBC’s Jeff Cox contributed to this report.

Categories
Politics

Democratic Report Raises 2022 Alarms on Messaging and Voter Outreach

Democratic Report Raises 2022 Alarms on Messaging and Voter Outreach

The Democrats defeated President Donald J. Trump and captured the Senate last year with a racially diverse coalition that has won tiny margins in key states like Georgia, Arizona and Wisconsin.

They cannot expect to repeat this feat in the next elections, warns a new report.

A 2020 election review conducted by several prominent Democratic pressure groups found that the party is at risk of losing ground with Black, Hispanic, and Asian-American voters if it does not do a better job of delivering an economic agenda present and counter efforts by Republicans to spread misinformation and bind all Democratic candidates to the far left.

The 70-page report submitted to the New York Times was compiled at the behest of three major democratic pressure groups: Third Way, a centrist think tank, and the Collective PAC and Latino Victory Fund, which sponsor black and Hispanic candidates. It seems like the most thorough act of self-criticism by either Democrats or Republicans since the last election campaign.

The document is all the more eye-catching as it is addressed to a victorious party: despite their successes, the Democrats had hoped to gain more robust control over both houses of Congress, rather than the extremely precarious margins they enjoy.

The study found, in part, that Democrats fell short of their ambitions because many House and Senate candidates failed to garner Joseph R. Biden Jr.’s support with colored voters who loathed Mr. Trump but distrusted the Democratic Party as a whole. These constituencies included Hispanic voters in Florida and Texas, Vietnamese-American and Filipino-American voters in California, and black voters in North Carolina.

Overall, the report warns, in 2020 the Democrats lacked a core argument about the economy and recovery from the coronavirus pandemic – one that might have helped candidates fend off Republican claims they wanted to “shut down the economy” or worse. The party “relied too heavily on ‘anti-Trump’ rhetoric,” the report concludes.

“Winning or losing, whether they call themselves progressive or moderate, Democrats consistently cited the Democratic Party’s lack of a strong brand as a major concern in 2020,” the report said. “In the absence of strong party branding, the opposition clung to the GOP’s talking points and suggested that our candidates would ‘burn your house down and take the police away.'”

Former MP Debbie Mucarsel-Powell, a Democrat who lost re-election in South Florida in November, said in an interview that she spoke with the report’s authors and raised concerns about the Democrats’ reach towards Hispanic voters and the party’s failure to misinformation refute, voiced in Spanish-language media.

“Unfortunately, in a way, the Democratic Party has lost touch with our electorate,” said Ms. Mucarsel-Powell. “There is this assumption that naturally colored people or the working class will vote for Democrats. We can never accept anything. “

Drafted primarily by two veteran Democratic activists, Marlon Marshall and Lynda Tran, the report is one of the most significant volleys in the Democratic Party’s internal debate on how to approach the 2022 elections. It may arouse skepticism from some quarters because it involves the Third Way, which many on the left view with hostility.

A fourth group that originally supported the study, the campaign finance reform group, End Citizens United, withdrew this spring. Tiffany Muller, the group’s head, said she needed to give up her involvement and instead focus on passing the For the People Act, a comprehensive good government bill stuck in the Senate.

Mr. Marshall and Ms. Tran, as well as the groups supporting the review, have in the past few days started sharing their conclusions with Democratic lawmakers and party officials, including Jaime Harrison, chairman of the Democratic National Committee.

The study spanned nearly six months of research and data analysis, examining about three dozen races for the House and Senate, and included interviews with 143 people, including lawmakers, candidates and pollsters, said people involved in compiling the report . Campaigns reviewed included Senate elections in Arizona, Georgia, and North Carolina, and house races in the suburbs of Minneapolis, Los Angeles, Atlanta, and Dallas, and in rural New Mexico and Maine.

The study follows an internal review conducted by the Democratic Congress Election Committee and presented last month. Both projects found that democratic candidates had been hampered by flawed polls and campaign restrictions imposed by a pandemic.

In the DCCC report, the committee attributed setbacks at the congressional level to a surge in voter turnout by Trump supporters and an inadequate response by Democrats to attacks they labeled police-hating socialists.

Some MPs on the left have complained that criticism of left-wing embassies amounts to scapegoating activists for the party’s failure.

But the review of Third Way, the Collective PAC, and the Latino Victory Fund goes further, diagnosing the party’s message as flawed, which may have cost the Democrats more than a dozen House seats. The report offers a blunt assessment that in 2020 Republicans succeeded in deceiving voters about the Democrats’ agenda and that Democrats made a mistake by speaking to colored voters as if they were a monolithic, left-wing group.

California MP Tony Cárdenas, who heads the Congressional Hispanic Caucus Political Action Committee, welcomed this criticism of Democratic embassies and said the party should abandon the assumption that “colored voters are inherently more progressive.”

“That was a ridiculous idea, and it was never true,” said Cárdenas, lamenting that Republicans had “managed to confuse Latino voters with the message of socialism, things like that, ‘to disappoint the police.”

Quentin James, president of the Collective PAC, said it was clear that “some of the rhetoric we see from the Coast Democrats” has been problematic. Mr James pointed to activists’ demands to “discover” the police as being particularly harmful, even when it comes to overhauling the police.

“We conducted a poll that showed that, by and large, black voters were very supportive of police reform and budget reallocation,” said James. “That terminology – ‘defund’ – was not popular in the black community.”

Kara Eastman, a progressive Democrat who lost her bid for a seat in the House of Representatives based in Omaha, said Republicans had managed to deliver a “message of messages” that deceived her and her party as out of the mainstream. Ms. Eastman said she told the 2020 review authors that she believed these labels were particularly harmful to women.

Third Way strategist Matt Bennett said the party needed to be much better prepared to build a defense in the mid-term campaign.

“We have to take these attacks on Democrats as radicals very seriously and make them land,” said Bennett. “A lot of it just didn’t end up with Joe Biden.”

The Democrats retained a big advantage with black voters in the 2020 election, but the report identified clear weaknesses. Mr Biden and other Democrats lost ground among Latino voters compared to the party’s 2016 performance, “especially among working-class and non-college voters in these communities,” the report said.

The report found that a surge in Asian-American voter turnout had apparently secured Mr. Biden’s victory in Georgia, but that Democratic House candidates ran behind Mr. Biden with Asian-American voters in competitive races in California and Texas. In some key states, the Democrats did not mobilize black voters as much as the Republicans did to mobilize conservative white voters.

“A significant increase in voter turnout earned Democrats more raw votes from black voters than in 2016, but explosive growth among white voters in most races exceeded those increases,” the report warns.

On the Republican side, there has been no comparable self-assessment following the party’s severe setbacks last year, mainly because GOP leaders are reluctant to debate the impact of Mr Trump.

The Republican Party faces serious political obstacles resulting from Mr Trump’s unpopularity, the growing liberalism of young voters, and the country’s growing diversity. Many of the party’s policies are unpopular, including cuts in social and pension programs and lower taxes for the wealthy and large corporations.

Yet the structure of the American electoral system has tilted national campaigns in the direction of the GOP because of gerrymandering in Congress and the disproportionate representation of rural whites in the Senate and electoral college.

Democrats’ hopes for the mid-term election so far have depended on the prospect of a strong recovery from the coronavirus pandemic and on voters seeing Republicans as an unfit party.

New Jersey MP Mikie Sherrill, a moderate Democrat who was briefed on the report’s findings, called it evidence that the party needs a strong central message about the economy in 2022.

“We need to keep showing the American people what we’ve done and then talk ceaselessly across the country and in every city about how the Democrats run,” Sherrill said.

The report largely ignores the immense Democrats’ deficit among lower-income white voters. In their conclusion, however, Mr. Marshall and Ms. Tran write that the Democrats must deliver a message that includes working class whites and is in line with the GOP’s clear “collective gospel” on low taxes and military strength.

“Our gospel should be to stand up for all working people – including, but not limited to, white working people – and to enhance our values ​​of opportunity, equality and inclusion,” they write.

Categories
Health

Non-public fairness group nears a $30 billion deal to purchase Medline, report says

Private equity group nears a $30 billion deal to buy Medline, report says

A Medline Industries employee collects examination gloves to be included in personal protective equipment (PPE) kits that will be shipped to various healthcare facilities at their warehouse in Mundelein, Ill., On Monday, October 20, 2014. Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

A group of private equity firms, including the Blackstone Group, Carlyle Group and Hellman & Friedman, are on the verge of a deal to buy medical device manufacturer and distributor Medline Industries, the Wall Street Journal reports.

The sale could be worth more than $ 30 billion for Medline, people familiar with the matter told the newspaper.

Medline Industries of Northfield, Illinois, manufactures 550,000 types of medical supplies for specialty medical facilities such as surgical centers, acute care facilities, nursing homes, hospice centers, and hospital laundries, according to the company’s website. Founded in 1910 by AL Mills, the family business now sells in more than 125 countries.

WSJ originally reported Medline’s interest in an April sale.

When CNBC reached them, Blackstone and Hellman spokesmen declined to comment. Carlyle and Medline representatives were not immediately available.

Read the full report in the Wall Street Journal here.

Categories
Business

Nike break up with Neymar after sexual assault investigation, report says

Nike split with Neymar after sexual assault investigation, report says

Lionel Bonaventure | Getty Images

Nike said it ended its partnership with Neymar da Silva Santos Jr. — better known simply as Neymar — when the soccer superstar refused to cooperate with an investigation into sexual assault allegations against him.

“Nike ended its relationship with the athlete because he refused to cooperate in a good faith investigation of credible allegations of wrongdoing by an employee,” Nike said in a late Thursday statement.

The Wall Street Journal first reported the news.

The company announced last summer it had parted ways with Neymar but had not given a reason for the sudden move. The Journal reported that, at the time, there were still eight years left in Neymar’s contract with Nike.

The company said it was “deeply disturbed” by an incident that the employee alleged occurred in 2016.

A spokeswoman for Neymar told the WSJ that he denies the allegations.

Nike said the employee reported the allegations in 2018 and initially wanted to keep it confidential and avoid an investigation. As a result, Nike said it did not share details with law enforcement or a third party, out of respect for the employee’s privacy.

Nike said it commissioned an independent investigation into the allegations in 2019 when the employee expressed interest in pursuing the matter. The company said, however, the investigation was inconclusive.

“No single set of facts emerged that would enable us to speak substantively on the matter. It would be inappropriate for Nike to make an accusatory statement without being able to provide supporting facts,” the company said.

In 2017, Neymar left Spanish club FC Barcelona to join Paris Saint Germain for a record transfer fee of $263 million.

— CNBC’s Jessica Golden contributed to this report.

Categories
Politics

Weak jobs report reveals want for enormous jobs and households payments: Biden

Weak jobs report shows need for massive jobs and families bills: Biden

WASHINGTON – President Joe Biden said Friday that lower-than-expected job growth in April shows that the U.S. economy is still struggling to recover from the Covid pandemic and that its massive bills for infrastructure and family support are now more than ever needed.

“This month’s job numbers show that we are on the right track,” said Biden. “But we still have a long way to go. My laser focus is on growing the country’s economy and creating jobs. My laser focus is on vaccination, and my laser focus is on one more thing: making sure that hard-working people are in this country will no longer be left out in the cold. “

Hours before Biden spoke, the Labor Department reported that the hiring slowed dramatically in April. The number of non-farm workers rose by 266,000, significantly less than expected, and the unemployment rate rose to 6.1% due to the increasing shortage of available labor.

Dow Jones estimated 1 million new jobs and an unemployment rate of 5.8%.

Many economists had expected even higher jobs in the face of signs that the US economy was coming back to life.

Biden said the slow pace of recovery helped disprove critics of the government’s Covid relief efforts.

“Some critics said we didn’t need the American bailout plan, this economy would only heal itself. I think today’s report only underscores the importance of the measures we are taking,” said the president. “Our efforts are starting to work, but the climb is steep and we still have a long way to go.”

The unexpectedly low job growth could bolster the Biden administration’s argument to Congress that the president’s $ 4 trillion plans for jobs and families are required for the U.S. economy to fully recover from the pandemic.

Biden’s Infrastructure Bill, dubbed the American Employment Plan, would spend $ 2.3 trillion on rebuilding the country’s transportation infrastructure and create millions of jobs for workers without a college degree.

The second part of his national agenda, the American Families Plan, would provide an additional $ 1.8 trillion to fund universal preschool kindergarten to offer free community college to every American and subsidize childcare, among other things.

Biden intends to fund his stimulus packages by raising the corporate tax rate, raising taxes on the very rich, filling in loopholes, and increasing IRS enforcement.

And while the president is hoping to gain bipartisan support for the bills, Republicans in Congress have already said tax hikes are a red line they won’t cross.

Negotiations continue, however, and a group of Republican senators are expected to visit the White House in the coming days to meet with the president on possible areas of compromise.

The labor shortage debate

The weak recovery in jobs also reflects what many economists are referring to as multi-sector labor shortages.

“I think it’s as much about a lack of labor as it is a lack of labor demand,” Jason Furman, an economist at Harvard University and a former advisor to the Obama administration, told CNBC. “If you look at April, it seems like there were around 1.1 unemployed for every vacancy. So there are a lot of jobs out there, there just isn’t a lot of labor.”

Republicans and some employers have attributed the labor shortage to what they believe is overly generous unemployment benefits approved by Congress as part of the comprehensive pandemic relief package.

Specifically, they point to a $ 300 weekly unemployment bonus, over and above what states stipulate and which is slated to expire in September.

“I told you weeks ago that every day in Florida I hear from small businesses that they can’t hire people because the government is paying them to keep them out of work,” Republican Senator Marco Rubio tweeted Friday.

Biden rejected this argument. “Today’s report is a refutation of the talk that Americans just don’t want to work,” he said.

“This report shows that there is a much bigger problem: our economy still has 8 million fewer jobs than when this pandemic started.”

The president also said the impact of unemployment benefits on labor markets was “not measurable”.

Census data gathered over the past few weeks suggests that daycare and school closings have forced millions of Americans to stay home and look after children or monitor online learning.

According to a household impulse census poll conducted in late March, 6.3 million people said they were not working because they had to look after a child who was not in school or daycare. Another 2.1 million cared for an elderly person.

Another 4.1 million Americans said they were not working due to concerns about getting or spreading Covid.

— CNBC’s Jeff Cox contributed to this report.

Categories
World News

Extra earnings, April’s huge jobs report and inflation worries might swing markets within the week forward

More earnings, April's big jobs report and inflation worries could swing markets in the week ahead

Traders on the floor of the New York Stock Exchange.

Source: NYSE

April’s job report and a flurry of earnings news make for another busy week for the markets as the calendar rolls into May.

Stocks saw solid gains in April as REITs, consumer staples and communications services outperformed the broader market by more than 7%. April ended sourly, however, and stocks sold on Friday.

“There has been a 30% rally since November,” said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. He noted that November-April is historically the strongest for stocks. “There is a saying, ‘Sale in May, go away.’ It may be a little appropriate this year as we’ve done so well over the past six months. “

Report on great jobs

The April employment report is due to be released on Friday and the market is expecting a large number.

Economists say the workforce could easily reach 1 million in April after 916,000 new jobs were created in March. Estimates range from about 700,000 to a forecast of 2.1 million by Jefferies economists.

According to the Dow Jones, there is a consensus forecast of 978,000 among economists surveyed and the unemployment rate is expected to fall from 6% to 5.8%.

Federal Reserve spokesmen will also be important after Fed chairman Jerome Powell said last week that the central bank is still looking for “significant further progress” on its economic goals.

The chairman stressed that the Fed is not close to scaling back its bond-buying program, which has surprised some investors. Some professionals in the bond market had expected the Fed to begin discussing cut buying at its June meeting and reducing the monthly bond purchase of $ 120 billion by the end of the year or early next year.

“Next week is all about the number of jobs because as part of the Fed’s path to ‘significant progress’ in both of its roles, we’ll see how far along they are next Friday,” said Peter Boockvar, chief investment Officer at Bleakley Advisory Group. The Fed’s mandate is to seek full employment and a steady rate of inflation, targeting 2%.

The Fed was expecting a temporary spell of high inflation that is expected to ease over the course of the year, although Boockvar and others say inflation could be hotter than the central bank expects. The core price index for personal consumption expenditure rose 0.36% in March, with the rate rising from 1.4% in the previous year to 1.8%. It is expected to rise even further in April. Headline inflation in the consumer price index is expected to start at 3% or better when reported on May 12th.

Just days after Powell’s comments on the rejuvenation, Rob Kaplan, president of the US Federal Reserve in Dallas, said Friday the Fed should begin discussions on reducing bond purchases as imbalances in financial markets and the economy are moving faster than expected improve.

The market’s focus on the Fed’s bond program makes the job report even more important. If the central bank begins to scale back these asset purchases, it would signal that it is on track to hike rates. Most economists don’t expect the Fed to hike rates before 2023.

“If that job count is very high, people will make their assessment of when the Fed might rejuvenate,” said Michael Schumacher, director of interest rates at Wells Fargo.

Powell will be among the Fed speakers for the coming week, but he is not expected to take any new views if he attends a National Community Reinvestment Coalition conference on Monday afternoon. Kaplan speaks Tuesday and Thursday, and New York Fed President John Williams and Cleveland Fed President Loretta Mester are also among the central bank officials speaking for the week ahead.

The result increases

So far, 87% of the S&P 500 companies have beat earnings estimates, and earnings appear to be growing by more than 46%, according to Refinitiv.

Jonathan Golub, Credit Suisse’s chief strategist in the US, raised his forecast for the S&P 500 on Friday on the back of strong gains. “We are increasing our target price for 2021 S&P 500 from 4,300 to 4,600, an increase of 9.2% from current levels and 22.5% for the year,” he wrote.

The result is expected by a diverse group of companies, from General Motors to ViacomCBS. Pharma will be in the spotlight, as Covid vaccine makers Pfizer and Moderna report. Draftkings and Beyond Meat are also on the program.

A variety of travel-related companies publish results including Booking Holdings, Hilton Worldwide, Marriott Vacations, and Caesars Entertainment. Consumer brands such as Anheuser Busch Inbev and Estee Lauder report, as do insurers such as AIG, Allstate and MetLife. (A calendar with some key earnings dates is shown below.)

Chang said the market has already discounted a lot of positive news.

“Despite the really strong reports from the Bellwether companies, you are seeing some of the names wear off a bit,” said Chang. “I think it’s a sign that so much good news is being discounted. I suspect the market needs to take a breather. I think in the next few months we will likely see a sideways movement. There will likely be a pullback, which will lead to it. ” be healthy.”

The S&P 500 was up 5.2% in April, closing at 4,181 on Friday. It’s now up 11.2% for the year to date. The Dow rose 2.7% to 33,874 in April and the Nasdaq rose 5.4% in April, ending at 13,962 on Friday.

Chang said he expected some of the “boring” blue chips that didn’t compete in the rally that often do better. Some of these names can be found in the pharmaceutical industry, he said.

Next week, investors will be looking for words from Warren Buffett at Berkshire Hathaway’s annual meeting on Saturday.

Calendar for the week ahead

Monday

Monthly vehicle sales

Merits: Avis Budget, Loews, Alexion Pharmaceuticals, Rambus, Leggett and Platt, Vornado, American Water, Iamgold, Mosaik, Apollo Global Management, ZoomInfo, Estee Lauder, ON Semiconductor

9:45 am Manufacturing PMI

10:00 am ISM production

10:00 a.m. building expenses

2:00 p.m. Senior Loan Officer survey

2:10 p.m. John Williams, President of the New York Fed

2:20 p.m. Fed Chairman Jerome Powell at the National Community Reinvestment Coalition conference

Tuesday

Merits: Pfizer, CVS Health, ConocoPhillips, Martin Marietta Materials, Activision Blizzard, DuPont, KKR, T-Mobile, Akamai, Natural Resource Pioneer, Lattice Semiconductors, Denny’s, Hyatt Hotels, Host Hotels, PerkinElmer, Prudential Financial, Viavi, Caesars Entertainment, Thomson Reuters, Cummins, Vulcan Materials

8:30 a.m. international trade

10:00 a.m. factory orders

1:00 p.m. Robert Kaplan, President of the Dallas Fed

1:00 p.m. Neel Kashkari, President of the Minneapolis Fed

Wednesday

Merits: General Motors, Hilton Worldwide, Booking Holdings, Fox Corp., Uber Technologies, Etsy, PayPal, Allstate, Award, Cognizant Technology, MetLife, Marriott Vacations, CF Industries, Marathonöl, CyberArk Software, Emerson Electric, Amerisourcebergen, BorgWarner, Zynga, Tangier Factory Outlet, Twilio

8:15 am ADP employment

9:30 a.m. Charles Evans, President of the Chicago Fed

9:45 a.m. Services PMI

10:00 am ISM services

11:00 am Eric Fedgren, President of the Boston Fed

12:00 p.m. Loretta Mester, President of the Cleveland Fed

3:00 p.m. Evans at the Chicago Fed

Thursday

Merits: Regeneron, ViacomCBS, Kellogg, Moderna, Murphy Oil, Beyond Meat, Shake Shack, Square, Roku, Axon, Cushman and Wakefield, Tapestry, Neilsen, AIG, Anheuser-Busch, EOG Resources, Consolidated Edison, DropBox, Expedia, Roku , Peloton Interactive, Datadog, Cardinal Health, Ambac Financial

8:30 am Initial jobless claims

8:30 a.m. Productivity and Costs

9:00 a.m. John Williams of the New York Fed

10:00 a.m. Dallas Fed Chaplain

1:00 p.m. Loretta Mester, President of the Cleveland Fed

1:00 p.m. Raphael Bostic, Atlanta Fed President

Friday

Merits: Cigna, Siemens, Gannett, AMC Networks, Draftkings, Liberty Broadband and Elanco Animal Health

8:30 a.m. employment

10:00 a.m. wholesale

3 p.m. consumer credit

Categories
Business

Boeing (BA) Q1 2021 earnings report: One other loss

Boeing (BA) Q1 2021 earnings report: Another loss

Boeing posted its sixth straight quarterly loss on Wednesday but expects 2021 to be a turning point for its business as more people get vaccinated against Covid-19.

Here are the numbers:

  • Loss per share: $ 1.53. Analysts had expected a loss per share of $ 1.16, according to Refinitiv, but it is immediately unclear whether the numbers are comparable.
  • Revenue: $ 15.22 billion versus $ 15.02 billion analyst expects, according to Refinitiv.

The manufacturer had a net loss of $ 561 million on revenue of $ 15.2 billion in the first three months of 2021, 10% less than last year, but ahead of analysts’ estimates.

On an adjusted basis per share, Boeing lost $ 1.53. The company reported a $ 318 million input tax fee related to issues with an Air Force One supplier.

Boeing shares fell 0.9% in premarket trading after reporting results.

Boeing struggled with the pandemic’s impact on travel and jetliner demand, as well as the extended landing of its best-selling 737 Max aircraft after 346 people were killed in two fatal accidents. Regulators started removing grounding in November 2020.

However, demand for new aircraft has increased this year as some large customers such as United Airlines and Southwest Airlines returned to plans to upgrade their fleets and prepare for growth due to the increased demand for travel. In March, Boeing’s new aircraft orders exceeded cancellations for the first time since 2019.

Boeing reiterated its forecast of increasing production of the 737 Max to 31 per month in early 2022.

“As the global pandemic continues to challenge the broader market environment, we see 2021 as a major turning point for our industry as vaccine distribution accelerates and we are working together across governments and industries to enable a robust recovery,” said CEO Dave Calhoun in a publication of results.

Boeing raised Calhoun’s retirement age by five years to 70 last week and announced that its CFO and longtime managing director Greg Smith will retire this summer.

The Chicago-based company is also likely to provide an update on grounding some 737 Max jetliners due to electrical issues.

Boeing stock was up around 13% that year at close of trading on Tuesday, compared with the S&P 500, up 11.5%.

Boeing executives will call to discuss the findings at 10:30 a.m. ET.

Investors will look to Boeing’s outlook for the pace of aircraft delivery, which is vital as airlines and other customers pay most of the aircraft price when manufacturers hand them over. Boeing resumed shipments of its 787 wide-body aircraft last month after reporting production issues last year. Executives will likely be more detailed about how many of the jets are expected to be delivered this year.

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