Lucid (LCID) earnings This autumn 2022

Electric vehicle start-up Lucid announced on September 28, 2021 that it has begun production of its first cars for customers at its Casa Grande, Arizona facility.

Clear

Electric Vehicle Manufacturers Clear reported fourth-quarter sales on Wednesday that fell short of expectations after just 7,000 of its Air luxury sedans were built last year amid manufacturing challenges. But the company expects to make between 10,000 and 14,000 vehicles in 2023.

Shares of the company fell about 7% in after-hours trading.

Here’s what the company reported for the fourth quarter of 2022:

  • Loss per share: 28 cents
  • revenue: $257.7 million vs $303 million according to Refinitiv consensus estimates

Lucid’s quarterly sales mark a sharp increase over the same period last year when the company had just started production of the Air sedan, bringing in $26.4 million. The company’s bottom line also improved, coming in lower than the 64 cents a share loss it posted in the year-ago period.

The company ended the year with about $4.4 billion in cash and about $500 million available on lines of credit, enough to last through the first quarter of 2024, Chief Financial Officer Sherry House told CNBC. Lucid had $3.85 billion in cash as of September 30; it raised an additional $1.5 billion from the Public Investment Fund of Saudi Arabia and other investors via a share offering in December. The Saudi sovereign wealth fund owns about 62% of Lucid.

Lucid said in January it produced 7,180 vehicles in 2022, well below its original expectation of 20,000 for the year but enough to beat its lowered August forecast. Before the end of the year, however, only 4,369 of these Air sedans were delivered to customers.

“Our goal in 2023 is to increase our sales and marketing efforts to get this amazing product into the hands of even more customers around the world,” said CEO Peter Rawlinson.

Lucid said it had more than 28,000 reservations for its vehicles as of Feb. 21, up from “over 34,000” reservations in its last update on Nov. 7.

The company said in April that the Saudi Arabian government had agreed to buy up to 100,000 of its vehicles over the next 10 years. These vehicles are not included in the reservation totals.

The Supreme Court docket guidelines employees on a Helix Power oil rig are entitled to extra time pay

The United States Supreme Court on Captiol Hill photographed on Tuesday February 21, 2023 in Washington, DC.

Kent Nishimura | Los Angeles Times | Getty Images

The Supreme Court ruled Wednesday that a worker on an offshore oil rig who makes more than $200,000 a year – and whose company classifies him as a “good faith executive” – ​​is entitled to overtime pay if he works more than 40 hours worked per week.

A lawyer for Helix Energy Solutions Group had argued in October that worker Michael Hewitt was not entitled to overtime under the Fair Labor Standards Act despite regularly working 84 hours a week on the rigs.

“This decision could result in a tremendous windfall for workers in a variety of occupations,” said Lou Pechman, a New York City labor attorney who has worked on more than 300 cases involving the FLSA but on this case was not involved.

“The Supreme Court sent a message to all workers who are paid per diem that after 40 hours of work they are entitled to overtime,” Pechman said.

In a 6-3 ruling Wednesday, the Supreme Court said the case hinged on whether Hewitt, whose job is said to be a tool pusher, was paid on a salary basis.

The majority opinion, written by Judge Elena Kagan, found that Hewitt’s biweekly paycheck equaled his daily pay rate multiplied by the number of days he worked in the pay period.

“The issue here is whether a high-earning worker will be paid on a ‘salary basis’ if his paycheck is based on a daily rate only – that is, if he works one day a week, he gets paid a certain amount, twice as much for two days, three times as much for three and so on,” Kagan wrote.

“We believe that such an employee is not paid on a salary basis and is therefore entitled to overtime pay,” Kagan wrote.

A federal district court judge who first heard the case agreed with Helix’s view, noting that Hewitt was paid on a salary basis and therefore was not due overtime pay.

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The US 5th Circuit Court of Appeals reversed the decision. Helix Energy’s compensation for Hewitt does not comply with a special rule of the FLSA that allows so-called day laborers to be paid on a salary basis.

In its ruling on Wednesday, the Supreme Court upheld the Court of Appeal’s decision. The majority opinion held that “Hewitt was not an executive exempt from the FLSA’s overtime guarantee” and that “workers on daily wages, regardless of earnings level, are not considered to be paid on a salary basis unless the conditions set out in the special rule are met.” .

According to Kagan, Hewitt’s compensation did not meet the conditions of this special rule, “which focuses on workers whose compensation is calculated on an hourly, daily, or shift basis.”

Two judges, Brett Kavanaugh and Neil Gorsuch, submitted dissenting opinions.

Kavanaugh, in his dissent, which was joined by Judge Samuel Alito, noted that Hewitt had a daily set minimum wage of $963 per day. And according to federal labor codes, Kavanaugh added, “An employee who performs managerial responsibilities and earns at least $100,000 per year with a ‘fixed’ weekly salary of at least $455 for each week that he works is a bona fide.” manager and is not entitled to overtime. “

“Under these regulations, Hewitt easily qualified as a bona fide manager,” wrote Kavanaugh. “As everyone agrees, Hewitt held managerial positions, earned approximately $200,000 per year and was paid a predetermined salary of at least $963 per week for each week that he worked.”

Gorsuch, in his extremely brief, two-page statement, said he would dismiss the case as “imprudently granted” by the Supreme Court.

Gorsuch wrote that the court allowed Helix to appeal the lower court’s ruling because it had to determine “what requirements certain well-paid workers must meet in order to qualify for the overtime exemption.”

“Unfortunately, this case does not raise this issue in the way we had hoped,” Gorsuch wrote. “With the benefit of briefing and reasoning, it has become clear that the ‘critical question here’ is not how” two sections of the FLSA interact, he wrote.

New York attorney Pechman, who teaches a course on wage theft at Fordham Law School, said: “This case highlights one of the quirks of the FLSA, in that liability is sometimes based not on how much a worker is paid but on who they are paid.”

Pfizer RSV vaccine for infants might get FDA approval this summer time

David Paul Morris | Bloomberg | Getty Images

PfizerThe vaccine, which protects infants from respiratory diseases, could receive Food and Drug Administration approval by the end of this summer.

Pfizer said Tuesday the FDA is expediting review of the vaccine. The agency is expected to make a decision on whether to delete the shot in August, just ahead of the respiratory virus season.

The single-dose vaccine is given to expectant mothers in the late second to third trimester of their pregnancy. The antibodies raised by the injection are passed to the fetus and protect infants from RSV from birth through the first six months of life, when they are most vulnerable.

According to data from Pfizer’s clinical trial, the vaccine was 82% effective in preventing severe RSV disease in newborns in the first 90 days of life. The shot was about 70% effective in the baby’s first six months.

There is currently no vaccine to protect against RSV. Infants younger than 6 months are also too young to get most vaccinations recommended by the Centers for Disease Control and Prevention.

According to epidemiologists, RSV is the leading cause of hospitalization for infants in the United States. Almost all children become infected with RSV by age 2, and in most cases the virus causes a mild, cold-like illness. However, infants are at a higher risk of serious illnesses.

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RSV can cause inflammation of the small airways in the lungs and pneumonia. Infants hospitalized with RSV often require oxygen support and IV fluids, and may need to be put on a ventilator to support their breathing.

Symptoms in infants with RSV can include irritability, decreased activity and appetite, and pauses in breathing longer than 10 seconds. The virus does not always cause a fever.

RSV exploded last fall when the public largely stopped wearing masks and practicing social distancing as the Covid-19 pandemic eased. Many children did not contract RSV during the pandemic due to public health measures and, as a result, were not immune to previous infections when people started socializing again, according to CDC officials.

Hospitals struggled to keep up with the large number of sick babies and children last fall. The Children’s Hospital Association called the RSV surge “unprecedented” and called on the Biden administration to declare a public health emergency during the November peak.

Join us for CNBC’s Healthy Returns on March 29, where we’re hosting a virtual gathering of healthcare CEOs, scientists, investors and innovators to reflect on the advances made today in reinventing the future of medicine. We also have an exclusive look at the best investment opportunities in biopharma, healthcare technology and managed care. Learn more and register today: http://bit.ly/3DUNbRo

Lady with ‘Uniboob’ implant regrets cosmetic surgery

Mary Magdalene, a viral sensation with a self-proclaimed “uniboob,” shares her regrets over the extreme plastic surgery. Just a few weeks ago, the online model revealed that her breast implant ruptured, resulting in her one-boob look.

Most recently, she repeated her wish for a normal life.

“So sick of this BS surgery that I’m now stuck for who knows how long…because you get something done hoping to ‘fix’ something, but then the doctor might screw it up…I’m damned by this lifestyle.” times burned out i wish i never did, not worth all the time, money, stress, my body, just can’t recover anymore. I just want to live a normal life now and I can’t.”

Mary has opened up about going “natural again” in recent weeks following her 38-year breast implant mishap. She told her 205,000 followers that she will undergo surgery to remove the damaged and second implant. Apparently this isn’t the first time Mary’s implant has ruptured – although she hasn’t revealed the recent cause.

In a separate post, Mary explained her “trapped” feeling and the reality of constant surgeries when mishaps happened, like a collapsed nose or a ruptured implant.

“I loved the bimbo look, but that’s what put me off. It’s just stuck in a repeating, never-ending cycle of operations, which I don’t care about anymore – it’s not a fun little adventure anymore. It just drains in every possible way. It’s draining my time, my bank account, my energy, my health and in the long run you’re digging yourself down a really expensive, time-consuming hole and in life you never know what it’s going to bring you.”

Daily Mail reports that social media influence has spent more than $100,000 on enhancement surgeries by the age of 30. In a video posted to her Insta account, Mary said her surgery would take place in Europe.

Additionally, Mary said she has the same removal plans for other parts of her body, likely including her puffy lips, hips and butt.

IG Model speaks out to warn others about extreme plastic surgery

Mary says she only speaks about her regrets about cosmetic surgery to warn others, not to gain sympathy.

“…I do not beg your mercy that I did all this voluntarily myself just to share for people who want to undergo extreme surgery because eventually you will deal with many complications…it’s not worth it,” wrote Magdalene.

In a separate text-filled photo, Mary added:

“Now when I see extreme surgeries, I’m only reminded of bad things and traumatic events. So I totally lost interest in the extreme bimbo look. Far from being a fun happy hobby for me, now the surgery has become a nightmare.”

However, those hoping to see the model’s “new small boobs” will have to wait, says Magdalene.

“I won’t be disclosing the results for a while until I’ve recovered. The other surgery I had was to fix one side of my butt and I have a problem with that. I hope it’s just swelling. I’ll get into more detail on that over time.

The influencer says she also needs to have a “butt reconstruction” to achieve a “natural looking size” and have her lip fillers dissolved to be “free of this surgical prison.”

Here’s a look at Mary Magdalene before her implant ruptured:

In addition to warning about the financial stability required for cosmetic surgery, Mary also cautioned against making hasty decisions.

“…Please remember that as you get older, you probably won’t be interested in the same things as you are now. We are human, we grow and develop. A tattoo you get when you’re 16 will probably be considered pretty stupid by the time you’re 25. Most things are undoable, yes, but it takes a lot of time, energy, and money.

As much as I loved the bimbo look, for me personally, all that unnecessary stress/energy in life isn’t worth trying to conform my look to any type of aesthetic. It would have been so much easier to do nothing at all.”

Walmart and Dwelling Depot are getting ready for a client slowdown

If you’re curious about what this year could be like for the retail industry, look no further than Walmartcautious outlook.

The discounter slightly topped expectations for the Christmas quarter on Tuesday, but gave a weaker-than-expected outlook for the year ahead. home depot issued a similar guide. The home improvement retailer, which also announced fiscal fourth-quarter results on Tuesday, said it plans flat same-store sales as stubborn inflation and rising interest rates prompt consumers to watch their spending.

Home Depot’s shares slipped Tuesday morning while Walmart’s shares were virtually flat, anticipating an emerging theme: consumers are becoming harder to win over.

At Walmart, that means shoppers are buying more everyday essentials like groceries and lightbulbs than expensive items or necessities like electronics and home decor. At Home Depot, that could mean customers delaying a home project or opting for cheaper floor tiles or kitchen appliances.

Richard McPhail, Home Depot’s chief financial officer, said inflation is influencing customer decisions.

“We’ve seen an increasing level of price sensitivity throughout the year, which has actually been something of a prediction given ongoing inflation,” McPhail told CNBC.

Walmart factored in challenging dynamics in its full-year guidance, said John David Rainey, the company’s CFO. These include the Federal Reserve’s rate hikes and lower consumer savings rates and shakier balance sheets.

“We’re in a situation similar to what we’ve been in for the past several years, where there are a lot of unknowns,” he said in an interview with CNBC.

The advantages of Walmart and Home Depot

Speaking to investors, Rainey called food inflation “the most persistent of all categories.” He said Walmart expects this shift away from higher-margin general merchandise and toward lower-margin categories like groceries “to get a little worse” in the coming months.

However, Walmart CEO Doug McMillon said at an investor call that the big retailer is in a fortunate position regardless of the economy. He said the store, which sells everything from toothpaste to furniture, is “of course hedged”.

“When customers want more of something and less of something else, we shift our inventory,” he said. “When the economy is strong, our customers have more money and that’s great. When things are tough, they come to us to make some money.”

It’s picked up customers of all income levels — including those making more than $100,000 — at Sam’s Club and Walmart’s SuperCenters, he said. Nearly 60% of annual sales come from groceries, a category that drives foot traffic and is recession-proof.

And, he said, if they shop at Walmart stores or try curbside pickup or delivery services, the company hopes it will “lead them to choose us, even if inflation eventually eases.”

Home Depot’s McPhail said the company’s customers are typically homeowners with stable jobs and healthier finances. Plus, he said, as mortgage rates rise, some choose to renovate their current homes rather than buy new ones.

Another dynamic that could work for Home Depot? It sells items that people consider necessary such as: B. Supplies to fix a broken water heater or a washer/dryer that a family may need to replace.

Other retailers are likely in a more difficult position. Many mall players, such as Macy’s And north current, trend towards commodities such as clothing, handbags and shoes. These two companies have already warned investors about their holiday earnings. The companies are expected to report fourth-quarter results next week.

Jen Psaki is getting her personal Sunday MSNBC present

Former Biden White House press secretary Jen Psaki’s MSNBC show will debut Sunday, March 19 at 12 p.m. ET.

MSNBC announced:

Jen Psaki, the MSNBC anchor and former White House press secretary, will debut Inside with Jen Psaki on Sunday, March 19 at 12:00 p.m. ET on MSNBC and will stream on Peacock the next day.

Psaki will also contribute a regular column to the network’s morning newsletter, MSNBC Daily, and is developing a new original streaming and social show, both slated to launch this spring.

Inside with Jen Psaki will leverage Psaki’s wide-ranging expertise to tackle the week’s biggest issues, including one-on-one interviews with newsmakers. Every Sunday she will break down and understand the most complex political discussions taking place in the nation’s capital, from the debt ceiling to political campaigning to the war in Ukraine and more. In a special recurring segment, “Weekend Routine,” Psaki will lift the curtain on the everyday lives of notable lawmakers and influential thought leaders. She will accompany each newsmaker in their usual activities of talking about their work, career and personal life, highlighting a unique and often unseen side.

Jen Psaki’s role is expanding at MSNBC

MSNBC has steadily increased Psaki’s presence on the network. She is a regular contributor to coverage of major events such as the recent State Of The Union and appears regularly on other programs on the network. Psaki’s show sounds unique and has the potential to be different from the other Sunday shows.

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There is a clear opening for a Sunday show to air at 12 p.m., as CNN is currently airing a 12 p.m. repeat of its 9 p.m. show, and the other network programs have already ended.

The network appears to be grooming Psaki as its next potential star, which MSNBC desperately needs since Rachel Maddow’s departure from the nightly program has caused a hole in ratings and a drop in viewership.

If Psaki’s Sunday and streaming shows do well, she’ll be joining MSNBC’s primetime lineup in the near future.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Moderna CEO Bancel is ready to testify earlier than the Senate on the Covid vaccine worth hike

Modern CEO Stéphane Bancel is due to testify before the Senate Health Committee in March about the company’s price for its Covid-19 vaccine if the shots are sold on the private market.

Senator Bernie Sanders, chair of the health panel, confirmed in a statement Wednesday that Bancel would appear at a hearing titled, “Taxpayers paid billions for it: so why would Moderna consider quadrupling the price of the COVID vaccine?” “

Bancel will testify at 10 a.m. ET on March 22.

Moderna’s CEO caused controversy last month when he said the company could raise the price of the syringes to between $110 and $130 per dose, well above the $26 the US government is paying for the Omicron boosters. Sanders sent a letter to the CEO calling the proposed price increase “outrageous.”

Moderna said in a statement Wednesday it would be making the vaccines available to the uninsured free of charge as part of a patient assistance program.

“For uninsured or underinsured individuals, Moderna’s patient assistance program will provide COVID-19 vaccines at no cost,” the company said.

In a letter to Bancel last month, Sanders criticized the proposed price hike as “outrageous” because the vaccine was being developed in collaboration with the National Institutes of Health using taxpayers’ money.

“I find your decision particularly offensive given that the vaccine was co-developed in partnership with scientists at the National Institutes of Health, a U.S. government agency funded by U.S. taxpayers,” Sanders wrote to Bancel.

Sanders said raising the price of vaccines would negatively impact Medicare and Medicaid budgets and increase private health insurance premiums, but he said the uninsured would feel the biggest impact.

“Perhaps most importantly, quadrupling prices will make the vaccine inaccessible to millions of uninsured and underinsured Americans who cannot afford it,” Sanders said. “How many of these Americans will die from Covid-19 because of limited access to these life-saving vaccines?”

Bancel has sold more than $400 million worth of company stock from the start of the pandemic through March 2022. The Covid vaccine is Moderna’s only commercially available product at this time.

The federal government has guaranteed free Covid vaccines to everyone in the country regardless of insurance status since vaccinations were introduced in December 2020. The vaccines will remain free for people who have Medicare, Medicaid and private insurance under the Affordable Care Act even after the federal law The Covid vaccination program ends.

The US still has 120 million Omicron boosters that have not been used. The uninsured will still have free access to these recordings, but it’s unclear how long the supply will last.

If the federal supply runs out, uninsured adults may have to pay full price for the shots. The White House has said it is developing plans to help.

There is a free government immunization program for children whose families or caregivers cannot afford the immunizations.

Ana de Armas on why social media ruined the ‘idea of a film star’

Ana de Armas is all about bringing mystery back to Hollywood.

As she pondered the notion of fame over the decades, the Knives Out actress pointed her finger at social media to change the way fans view celebrities.

“I feel like the new generations because of social media don’t have that concept of mystery around fame,” Ana told Vanity Fair in an interview published Feb. 15. “There is so much information out there and too much shared – a movie star is someone untouchable you only see on screen. That mystery is gone.”

She added, “For the most part, we’ve done this to ourselves — nobody’s hiding anything from anyone anymore.”

And Ana knows a thing or two about Hollywood’s golden era, as she portrayed it Marilyn Monroe in the Netflix film Blonde. Looking back on the iconic bombshell’s career, the 34-year-old said: “There was a lot to relate to.”

She continued, “If you put Marilyn Monroe, the movie star, aside, she’s just an actress trying to navigate life and this system that is so difficult for anyone to navigate.”

President Biden pays a shock go to to Kiev simply days earlier than the one-year anniversary of the Ukraine battle

US President Joe Biden on February 16, 2023.

Kevin Lamarque | Reuters

US President Joe Biden paid a surprise visit to Kiev, Ukraine on Monday to show solidarity, almost a year after Russia began its all-out invasion of the country.

Biden said in a White House statement that he was meeting with Ukrainian President Volodymyr Zelenskyy to “reaffirm our unwavering and unwavering commitment to the democracy, sovereignty and territorial integrity of Ukraine.”

“I will announce another shipment of critical equipment including artillery ammunition, anti-tank systems and air surveillance radars to protect the Ukrainian people from air strikes,” he added. “And I’ll let you know later this week that we’ll be announcing additional sanctions against elites and corporations that seek to circumvent or augment Russia’s war machine.”

The Kremlin was informed a few hours before his departure about the US president’s trip for “conflict resolution purposes,” said White House national security adviser Jake Sullivan on Monday, without going into detail.

Zelenskyy described Biden’s visit – the first by a US president in almost 15 years – as “the most important visit in the history of Ukrainian-US relations”.

“At this time, when our country is fighting for its freedom and freedom for all Europeans, for all people of the free world, this underlines how much we have already achieved and what historic results we are achieving together with the whole world, with Ukraine can , with the United States, with all of Europe,” he said on Telegram, according to an NBC translation.

According to the Associated Press, the US head of state left the Ukrainian capital after a visit lasting more than five hours. Biden said he will continue to Poland, where he will meet his counterpart Andrzej Duda. The Polish president could push Biden for post-war “security guarantees” for Ukraine, which he described as “important” for Kiev to the Financial Times on Sunday.

Biden’s visit to Ukraine comes after a concerted demonstration of international support by global leaders and politicians during the Munich Security Conference in recent days. Allied forces have pledged financial support and arms to Ukraine, but have not responded to Zelenskyy’s requests for jet fighters.

On February 18, Biden’s second-in-command, Vice President Kamala Harris, announced that Washington had determined that Russia had committed crimes against humanity in Ukraine, amending the US administration’s March statement that Moscow had committed war crimes.

The latest round of US sanctions follows the EU’s tenth round of penalties against Russia over its war in Ukraine. European Commission President Ursula von der Leyen said last week that the sanctions will target 11 billion euros ($11.78 billion) worth of exports, dual-use and advanced technology items, and Russian propagandists. The latest EU package is subject to approval by EU member countries.

NATO Secretary General Jens Stoltenberg expressed doubts to CNBC’s Hadley Gamble on Saturday but the financial fallout will deter Putin.

“What we have seen is that Russia is actually willing to pay a heavy price for this war,” he said.

“There is no sign that President Putin is preparing or planning peace. He’s preparing for more war or a new offensive, mobilizing more troops, disrupting the Russian economy and actually turning to other authoritarian regimes like North Korea and Iran for more weapons.”

United needs to make it simpler for households to sit down collectively free of charge

A United Airlines plane departs Newark International Airport in Newark, New Jersey on January 11, 2023.

Kena Betancur AFP | Getty Images

United Airlines said Monday the new technology will open up more seats on its flights, allowing children to sit with an adult in their party without paying a fee, a type of fee that has been under scrutiny by the Biden administration in recent months was taken.

United will show parents or other adult travelers traveling with a child under the age of 12 access to “preferred” seating at the time of booking, as well as regular economy seating if needed, so they can be seated together.

The change applies to travelers on Standard and Basic Economy tickets and will be fully effective next month, although United has already increased some seat availability.

The airline also does not charge customers a fare difference if they transfer to a flight to the same destination with adjacent seats.

Airlines have been charging travelers for booking seats in “preferred” locations on flights in recent years. They do not have extra legroom or other perks, but are often located in front of the aircraft, although they can cover a significant number of seats on an aircraft.

President Joe Biden has urged lawmakers to “speed up the ban on family seating fees,” the White House said earlier this month. In July, the Department of Transportation urged US airlines to “do everything in their power” to ensure travelers under the age of 13 sit next to an accompanying adult at no additional cost.

“Baggage fees are bad enough,” Biden said during his State of the Union address earlier this month. “Airlines can’t treat your child like a piece of luggage.”

Such seats usually vary in price. On a return flight between Newark, New Jersey and Los Angeles in August, preferred seats on a United flight were shown as $37 each way for one person.

Delta Airlines said it blocks certain rows of seats so families can sit together.

“Delta does not collect family seating fees and will always work with customers on a case-by-case basis, regardless of the class of ticket purchased, to ensure their family seating needs are met,” a spokesman said in a statement Monday.

American AirlinesThe booking platform automatically searches for available seats for Main Cabin and Basic Economy passengers at the time of booking. Preferred seating and the extra legroom section, Main Cabin Extra, open up the day of departure if needed, a spokesman told CNBC.