FDA Approves Biogen, Eisai Remedy Lecanemab

MRI image of brain showing area of ​​Alzheimer’s patient.

Getty Images

The Food and Drug Administration on Friday granted accelerated approval for Alzheimer’s drug lecanemab, the second treatment out biogenic and its Japanese partner Eisai received the early green light in less than two years.

The FDA’s approval comes after clinical trial results released in November indicated that lecanemab may slow cognitive decline somewhat in people with mild impairment from Alzheimer’s disease, but the treatment also carries the risk of brain swelling and bleeding.

Eisai, who led the development of lecanemab, is pricing the treatment at $26,500 a year in the US. It is sold under the Leqembi name.

The FDA may expedite approval of a drug to get it to market quickly if it is expected to help patients with serious illnesses more than is currently available. Biogen and Eisai filed for accelerated approval in July.

“Alzheimer’s disease immeasurably impacts the lives of those who suffer from it and has a devastating impact on their loved ones,” said Dr. Billy Dunn, director of the FDA’s Division of Neuroscience, in a statement. “This treatment option is the latest therapy that targets and affects the underlying disease process of Alzheimer’s rather than just treating the symptoms of the disease.”

More than 6.5 million people in the US suffer from Alzheimer’s. The irreversible disease destroys memory, the ability to think, and eventually the ability to perform simple tasks.

The decision on lecanameb came after Congress released a damning report last week on how the FDA handled the controversial approval of another Alzheimer’s drug developed by Biogen and Eisai called Aduhelm. The 2021 approval of this treatment, which experts said showed no clear clinical benefit, was “riddled with irregularities,” according to the report.

The congressional report said the “FDA must act quickly to ensure that its processes for reviewing future treatments for Alzheimer’s disease do not raise the same doubts about the integrity of the FDA’s review.”

Slightly slows down the disease

Lecanemab is a monoclonal antibody that targets a protein called amyloid, which builds up in the brain of people with Alzheimer’s. The antibody is given intravenously every two weeks in doses based on a patient’s body weight, given 10 milligrams per kilogram.

The FDA approved lecanemab based on the reduction in amyloid plaque observed in clinical trial participants who received the treatment, the agency said in a statement. Participants who did not receive the treatment, the placebo arm, had no reduction in amyloid plaques.

The results of the clinical study, published in the New England Journal of Medicine, found that people who received lecanemab had a 27% slower rate of cognitive decline over 18 months than those who did not receive the treatment. The study was funded by Biogen and Eisai.

Cognitive decline was measured using a system called the Clinical Dementia Score, an 18-point scale, with a higher score indicating a higher level of impairment. It measures cognitive functions such as memory, judgment and problem solving.

Alzheimer’s disease progressed by an average of 1.21 points in the group that received lecanemab, compared with 1.66 points in the group that did not receive the treatment, a modest difference of 0.45 points.

Almost 1,800 people aged 50 to 90 with early-stage Alzheimer’s took part in the study, about half of whom received lecanemab and half did not.

security concerns

Although lecanemab may slow cognitive decline somewhat, the treatment also comes with risks.

Almost 13% of the patients who received lecanemab developed brain swelling, compared with around 2% in the group that did not receive the treatment. However, most of these cases were mild to moderate, did not cause symptoms, and usually resolved within four months.

About 3% of patients receiving lecanemab had more severe brain swelling, with symptoms such as headache, blurred vision and confusion.

Around 17% of the patients who received lecanemab had bleeding in the brain, compared with 9% in the group not taking the treatment. The most common symptom associated with the bleeding was dizziness.

Overall, 14% of people who received lecanemab experienced serious adverse events in the clinical study, compared with 11% of people who did not receive treatment.

The study authors said longer clinical trials are needed to determine the efficacy and safety of lecanemab in patients with early Alzheimer’s disease.

The FDA said the prescribing information for lecanemab will include a warning about a risk of swelling and bleeding, commonly referred to as amyloid-related imaging abnormalities.

The death of a participant in a clinical trial in the Chicago area could also potentially be linked to lecanemab, according to a research letter published this week in the New England Journal of Medicine.

The 65-year-old suffered a stroke and was hospitalized four days after the third lecanemab infusion. A CT scan performed after the patient’s stroke revealed severe bleeding in the brain. An MRI done 81 days before the stroke had found no bleeding.

The patient had also been given a drug called t-PA, which is used to break up blood clots that cause strokes. However, according to the physicians who wrote the research letter, extensive cerebral hemorrhage would be an unusual complication of this drug alone.

Researchers involved in the lecanemab clinical trial argued in a reply letter that the blood clot drug appeared to be the immediate cause of the patient’s death, with the first symptoms appearing 8 minutes after receiving an infusion of the blood clot breaker.

CNBC Health & Science

Read CNBC’s latest global health coverage:

Damar Hamlin speaks publicly for the primary time since cardiac arrest

Damar Hamelin spoke up after his hospital stay.

Buffalo Bills security took to Instagram to share his first public statement since suffering cardiac arrest on the field during an NFL game earlier this week.

“When you put true love into the world, it comes back to you three times as much,” Hamlin wrote on Jan. 7. “The love was overwhelming, but I’m thankful for every single person who prayed for me and reached out to me.”

While recovering, Hamlin commented that he has confidence in the future of his health.

“We brought the world back together behind it,” he continued. “If you know me, you know it only makes me stronger. On a long way keep praying for me!”

Hamlin also took to his IG Story on January 7 to share a snap of himself on a video call, showing him grinning from ear to ear. He paired the screenshot with the words “Back Working Back Smiling!!!”

Who would purchase WWE when McMahon returns on board to drive gross sales?

World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.

Ethan Mueller | Getty Images

Vince McMahon has returned World Wrestling Entertainment Board of Directors to facilitate potential sales discussions prior to the renewal of the company’s media rights.

The idea of ​​selling WWE isn’t new. CNBC reported that it looked like a sell target in April and only looked more appealing in July following a sexual misconduct scandal. The rationale is pretty simple: WWE is valuable intellectual property.

Owning IP allows streaming services to offer content exclusively without the hassle of winning licensing rights in an auction every few years. WWE also has value to offer in the areas of merch and theme parks.

According to people familiar with the matter, WWE has hired JPMorgan to advise the company on a potential sale. JPMorgan declined to comment. A WWE spokesman could not be immediately reached for comment.

If a deal does come about, it would likely happen in the next three to six months, said the people, who asked not to be named because the talks are private. WWE plans to talk to potential buyers before making a decision on TV rights renewal deals.

facilitating a sale

McMahon’s return should help ensure a smooth sales process, though there could still be hiccups.

The former CEO and chairman is 77 years old and is WWE’s majority shareholder. He resigned after an investigation found he paid nearly $15 million to four women over 16 years to quash allegations of alleged sexual misconduct and infidelity. Returning to the board gives potential buyers the confidence that he supports the details of each transaction.

“My return will allow WWE, as well as all transaction partners, to participate in these processes knowing that they will have the support of the controlling shareholder,” McMahon said in a statement Thursday.

McMahon’s return does not affect the current lead. McMahon’s daughter Stephanie and former CAA agent Nick Khan are co-CEOs. However, it remains unclear what kind of role McMahon wants in WWE if he sells the company. WWE has told investors that McMahon’s role with the company is critical to “our ability to create beloved characters and creative storylines.” Currently, McMahon has no formal say over the company’s creative direction.

Mansoor (below) competes with Mustafa Ali during the World Wrestling Entertainment (WWE) Crown Jewel pay-per-view in the Saudi capital of Riyadh on October 21, 2021.

Fayez Nureldine | AFP | Getty Images

Whether a buyer would be ok with McMahon taking a more hands-on role at the company is unknown. But WWE is McMahon’s life’s work. It is possible that a sale will only take place under conditions to which at least some conditions are attached.

WWE has a market cap of more than $6 billion after rising nearly 17% percent on Friday, boosted by heightened speculative selling.

There are three categories of potential buyers for WWE – the legacy media companies, the streamers, and the entertainment holdings. Here’s who might be interested.

Komcast

Komcast, which owns NBCUniversal, is a potential buyer for WWE. McMahon’s company already has an exclusive streaming deal with Comcast’s streaming service Peacock and a cable TV deal with NBCUniversals USA Network. Comcast has a market cap of more than $160 billion and can easily afford the company — especially with a $9 billion (or more) check from Disney for a 33% stake in Hulu back in January 2024 comes.

Comcast can permanently ban WWE without paying for upcoming rights renewals and can use the company’s intellectual property for theme parks, movies and other spin-off series.

Still, Comcast CEO Brian Roberts said in October “the bar has never been higher when it comes to mergers and acquisitions,” and has repeatedly said the company is in no rush to pursue an acquisition.

Fox

Disney

Returning CEO Bob Iger may want to make a splashy acquisition when he reclaims the throne Disney. WWE suits Disney as well as Comcast. It would bolster Disney’s streaming ambitions (maybe ESPN+), it would support its linear network business, and it would add some weight to its merch and theme park businesses.

Not wanting Disney to walk away with Fox in 2019, Comcast drove the price up tens of billions by beating Iger’s original bid. Could Iger see WWE as the next IP match between Disney and its rival Comcast?

Disney CEO Bob Iger attends the European film premiere of ‘Star Wars: The Rise of Skywalker’ at Cineworld Leicester Square on December 18, 2019 in London, England.

Viktor Szymanowicz Future Publishing | Getty Images

Warner Bros. Discovery

Netflix

Netflix has long shied away from sports and other live events, but has recently been open to the idea of ​​fully owning or taking a stake in a league. Owning a sports league would give Netflix the ability to smoothly create video games and spinoff series. Netflix’s success with its Formula 1 documentary series, Drive to Survive, gave co-CEO Reed Hastings confidence that certain sports offerings would resonate with Netflix’s massive global audience. But Netflix doesn’t own Formula 1, which limits its future options.

Acquiring WWE or any other sports league would be a way to offer live entertainment without renting content – much like Zaslav thinks.

“We haven’t seen a profit path to rent big sports,” co-CEO Ted Sarandos said at the UBS Global TMT Conference last month. “We’re not anti-sport, we’re just pro-profit.”

Amazon

Endeavor Group holdings

Make an efforthelmed by super agent Ari Emanuel could add WWE to its assets after agreeing to buy 100% of UFC in 2021.

Emanuel bought UFC to expand the talent agency’s business scope into live events. WME-IMG, now just part of Endeavour, represents many UFC athletes – as well as WWE Superstars. The UFC deal was a success for Endeavor, which paid out roughly seven times the $600 million in 2016 earnings in 2016. UFC generated more than $1 billion in revenue in 2022.

Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas Presented By Gucci at LACMA on November 4, 2017 in Los Angeles, California.

Stefanie Keenan | Getty Images Entertainment | Getty Images

Endeavor’s enterprise value of just about $11 billion makes WWE a big move for the company. The company’s relatively small balance sheet would likely prevent Endeavor from winning a bidding war against media giants. But McMahon’s oversized persona might suit brash Emanuel and UFC President Dana White.

Selling it to a third party would also allow WWE to increase the renewal of the rights every few years. That may or may not bode well for the company’s long-term future as the media distribution ecosystem changes.

freedom media

While Endeavor owns UFC, Liberty’s Formula 1 group owns Formula 1. John Malone, Liberty’s majority shareholder, and CEO Greg Maffei, along with Formula 1 CEO Stefano Domenicali, have figured out how to market the auto racing league globally, including breaking through American culture after decades of darkness.

Malone and Maffei have extensive track records of maximizing media ratings and acquiring media assets for less than $10 billion including Formula 1, Sirius XM and Pandora. The global success of Formula 1 could provide a roadmap for future WWE strategy.

Disclosure: Comcast owns NBCUniversal, CNBC’s parent company.

WATCH: Jim Cramer gives his take on how Disney could perform this year

Biden marks the anniversary of the pro-Trump riots on Jan. 6 with presidential medals

President Joe Biden on Friday marked the second anniversary of the Jan. 6, 2021 Capitol riots by presenting one of the country’s highest civilian honors to 14 people who have shown courage and selflessness during events surrounding the deadly riot.

At the White House ceremony, Biden presented the first Presidential Citizens Medal, awarded to Americans “who have rendered exemplary service to their country or their fellow citizens.”

The group included law enforcement officials, current and former politicians and campaign workers who were threatened after the 2020 presidential campaign. Three of the medals were posthumously awarded to officers who defended the Capitol on January 6, 2021 and died of injuries or suicide afterwards.

“America owes you everything, I mean it, a debt of gratitude,” Biden said during the impassioned remarks at Friday afternoon’s ceremony.

Recipients were honored for their actions before, during and after the riots, when a violent mob of supporters of former President Donald Trump stormed the US Capitol, fighting with officers, vandalizing and stealing property and threatening lawmakers. The attack came shortly after a joint session of Congress called to confirm Biden’s presidential victory over Trump, who had falsely claimed he won the 2020 election.

The mob forced lawmakers to flee their chambers for several hours, hampering the transfer of power. More than 100 officers were injured in the attack, and federal officials estimate the riot caused millions of dollars in damage.

“All of this was fueled by lies about the 2020 election,” Biden said Friday, without naming Trump. The former president, who remains a key force in the Republican Party, has already launched a campaign for the 2024 White House.

Democracy held up after Jan. 6 only because “we the people didn’t flinch, we the people persevered, we the people prevailed,” Biden said.

Among the honorees was Capitol Police Officer Eugene Goodman, who distracted a group of rioters who were racing toward the Senate chamber, which had not yet been fully evacuated. Several officers injured during the riot – Aquilino Gonell, Michael Fanone, Caroline Edwards and Daniel Hodges – also received awards, as did Officer Harry Dunn, who testified that he faced racial slurs and mob harassment.

Michigan Secretary of State Jocelyn Benson and former Arizona House Speaker Rusty Bowers were honored for resisting pressure from Trump’s allies to overturn their state election results. Bowers, a Republican, lost a state Senate bid to a Trump-backed opponent in 2022.

Biden also honored Ruby Freeman and her daughter Shaye Moss, two poll workers in Fulton County, Georgia, who have faced waves of harassment and threats related to unsubstantiated conspiracy theories of voter fraud in the state.

Officers Brian Sicknick, Howard Liebengood, and Jeffrey Smith received awards posthumously. Sicknick died a day after confronting rioters in the Capitol. His manner of death was determined to be of natural causes, but Washington Chief Medical Officer Francisco Diaz said at the time, “Everything that transpired played a role in his condition.” Liebengood and Smith both committed suicide after defending the Capitol.

Biden’s speech marking the anniversary of the uprising followed other ceremonies and commemorations on Capitol Hill, mostly by Democratic lawmakers.

“Today marks two years since a violent mob of insurgents — sanctioned by the former President — descended on the Capitol in an armed and deadly attempt to stop the peaceful transfer of power and reverse the outcome of a free and fair election,” Senate Majority Leader Chuck Schumer, DN.Y., said in a statement Friday morning. “To this day, Donald Trump continues his attempt to poison American democracy with his Big Lie.”

In a brief ceremony on the steps of the house, lawmakers gathered for a moment of silence with the families of officers who died in connection with the riots. Many others were injured or traumatized by the mob, noted Rep. Hakeem Jeffries of New York, the incoming Democratic House Speaker. “Because of these officials, we are here today with our democracy intact,” Jeffries said.

According to one report, only one Republican representative, Brian Fitzpatrick of Pennsylvania, attended the event.

The anniversary came as Republican House Leader Kevin McCarthy of California continued his fight to become Speaker of the House after failing to get enough votes from his party for three straight days. In the days following the Jan. 6 riots, McCarthy initially blamed Trump for the attack, saying the president “takes responsibility,” though he resisted Democrat efforts to impeach Trump a second time. But McCarthy soon backed down on this criticism.

The somber event at the White House was punctuated by a few moments of hilarity. After Biden fumbled with the pronunciation of Gonell’s name, the former USCP sergeant corrected him, prompting the president to shake the officer’s hand and joke, “He can call me President Bidden from now on.”

In another instance, Biden caused laughter when he acknowledged a technical difficulty that caused an echo in his audio.

Omicron XBB.1.5 is rising sooner than different sub-variants within the US

The Centers for Disease Control and Prevention on Friday revised down its estimate of how heavily subvariant omicron XBB.1.5 is circulating in the United States, although it continues to spread faster than other versions of Covid-19.

XBB.1.5 accounted for 27.6% of sequenced Covid cases nationwide for the week ended January 7, compared to 18.3% for the weekend ended December 31. The CDC previously reported that XBB.1.5 accounted for about 41% of the sequenced cases for the week ending December 31, more than any other variant.

Although the agency has revised down its estimate, XBB.1.5 remains the only Omicron subvariant currently showing significant growth in the US. It is second only to omicron BQ.1.1, which currently accounts for 34% of sequenced Covid cases in the US

XBB.1.5 accounts for more than 70% of sequenced cases in the Northeast US, which is often a frontrunner for the rest of the country.

People walk past a COVID-19 testing site in New York, the United States, on December 7, 2022.

Michael Nagel | Xinhua News Agency | Getty Images

The World Health Organization has described XBB.1.5 as the most transmissible version of Covid to date. Scientists say XBB.1.5 has a mutation that makes it bind better to human cells, potentially making it better at infecting humans than other variants.

dr Ashish Jha, who leads the White House Covid Task Force, said in a series of Twitter posts on Wednesday that the XBB.1.5 subvariant is likely more immune-avoidable and possibly also more inherently contagious because it binds more tightly to human cells .

Jha said it’s unclear if XBB.1.5 is more dangerous than previous variants. But dr Robert Califf, who heads the Food and Drug Administration, noted in a series of Twitter posts on Wednesday that cases are rising for now, with no evidence of increased disease severity.

Jha warned that people who last had a Covid vaccination before September or who had an infection before July are unlikely to have strong protection against XBB.1.5. Seniors who are not up to date with their vaccinations are increasingly vulnerable to serious illnesses, Jha said.

US health officials should soon have more data on how much protection the Omicron boosters offer against XBB.1.5, Jha said. Califf said the boosters should provide some protection against the subvariant based on studies looking at other subvariants in the same family, XBB and XBB.1.

“It is very likely that the current bivalent vaccines offer some protection against XBB, particularly in preventing serious illness and death,” Califf wrote on Twitter.

However, scientists from Columbia University found in a recent study that variants in the XBB family pose a serious threat to the Omicron boosters.

Weekly Covid cases have risen about 16% over the past week to 470,699, according to CDC data. According to the data, average daily hospitalizations have increased by 16% over the past week to more than 6,500. Weekly deaths were also up 8% the week before to more than 2,700.

CNBC Health & Science

Read CNBC’s latest global health coverage:

Glad Birthday HBI! Tiffany ‘New York’ Pollard’s high 7 moments

Tiffany “New York” Pollard is celebrating her 41st birthday today, so it’s only natural that we show some love to HBIC!

I turned 41 today. Y’all 🥳🙌🏾👑 My birthday was literally magical✨⚡️ I’ll explain later 🤣 pic.twitter.com/RcDVrr8z5W

— Tiffany Pollard (@TiffanyPollard) January 6, 2023

In honor of Tiffany “New York” Pollard, here are 7 standout moments from across the years that illustrate exactly why she’s so popular.

Becoming a meme queen after stealing the show on the taste of love

Of course, we have to start with Tiffany making her reality TV debut on Flavor of Love, where she earned her nickname “New York.”

An instant star, Tiffany’s time on the show was a reality TV game-changer, and she delivered memes galore.

“BEYONCE BEYONCE BEYONCE. Do you know what you really look like? You look like bloody Luther Vandross” https://t.co/CAu1NX70Vy pic.twitter.com/gkpgnwG0c9

— TheLimitDoesNotExist (@sylviaamphofe) December 30, 2020

I nod as if I understand, but I’m not sure I do Tiffany Pollard/New York pic.twitter.com/uLMGiTmjEB

— all reaction videos (@allreactionvids) September 18, 2022

Tiffany “New York” Pollard said, “They’re such a loud pack of … idiot bitches and I’m already sick of them.” pic.twitter.com/zp1vNVX16p

— Reaction Encyclopedia (@gay_reactions) September 26, 2021

She’s a sweet girl, you know, sweet next to gorgeous… gorgeous becomes, you know, sweet devour.

Tiffany New York Pollard reaction video Taste of Love Stan Twitter Meme pic.twitter.com/pyZdXNIoDG

— The Meme Archive (@TheMemesArchive) January 3, 2023

Giving Pumpkin the Blues

Pumkin was a major adversary during Tiffany’s time on the show, and the pair butted heads throughout the first season.

https://www.youtube.com/watch?v=7TbWVIH17zY

October 31: 🎃👻
Nov 1: pic.twitter.com/278XFSAdCR

— Noah 🇭🇹 (@DarienTaughtYou) November 1, 2020

When Pumkin was finally eliminated, she spat straight at Tiffany, which triggered her. However, New York tried to get her back at the reunion.

You know what I’m gonna do, but I’m gonna smack a bitch in your fucking ass

— Meme Dealer (@crack_cloud) November 13, 2020

pic.twitter.com/lE09RGgfjw

— all reaction videos (@allreactionvids) September 15, 2020

Being a Hell-raiser on Flavor Of Love 2

Tiffany returned for the second season of Flavor of Love (aka Flavor of Love 2), although she entered mid-series. Immediately upon entering the household, she let the others know that she is the HBIC and quickly began to call the shots.

Flavor of Love Season 2 was so ahead of its time. But there is something about New York’s first episode that is so hilarious 😭 https://t.co/jWaFsRYpbx pic.twitter.com/nFAiUh52Ak

— Whitley Gilbert (@Brandivo) October 21, 2021

vh1 The Flavor of Love 2 New York Tiffany Pollard You’re a weak ass bitch that’s the only thing I can tell you because it applies to the meme reaction video pic.twitter.com/XeE2du8vnP

— Reaction Videos (@memepatissier) September 23, 2022

Flava Flav also had to face the wrath of New York during her elimination, though the moment garnered a slamming reaction video to the internet.

Flavor of Love Season 2 – New York’s reaction to her loss for the second time at https://t.co/oaKgUUMECr pic.twitter.com/TZvggYx3Xf

— realitytvshow (@bgcslave) August 14, 2021

Shit – whatever I give a shit. I don’t give a fuck. Do I look like I care? Because I don’t. I don’t care, I don’t care. I am great. *gets in car and cries* Tiffany Pollard/New York on Flavor of Love after being eliminated Reaction Video Meme pic.twitter.com/ZI5hvbqkZf

— all reaction videos (@allreactionvidz) March 23, 2020

Dealing with all her haters at the reunion

After the conclusion of Season 2, New York had many enemies, although she was sure to perform at the reunion and be “FABULOUSSSS”.

To say New York was unimpressed would be an understatement, and she held her own against a room full of women who absolutely despised her. Well, THIS is how a queen does it!

Flavor of Love 2 Reunion – New York vs. All
whole episode ( https://t.co/oaKgUUMECr ) pic.twitter.com/yJcRHevmct

— realitytvshow (@bgcslave) February 7, 2021

During Celebrity Big Brother they ruthlessly attack Gemma

During her time on Celebrity Big Brother season 17, Tiffany got into a fight with her roommate Gemma Collins, and her piercing delivery was truly impressive!

Tiffany downloading Gemma is definitely a top-flight reality TV fight, and she’s provided a wealth of golden quotes for fans.

New York vs. Gemma Collins. My FAVORITE Tiffany Pollard moment!!! pic.twitter.com/K0xcd498G5

— Keef (@__justkeith) July 24, 2020

Be an outspoken LGBTQ+ ally

Tiffany’s time at CBB also spawned a moment that many of her LGBTQ fans love dearly: taking a stand against her roommate Winston McKenzie’s homophobic views.

Tiffany “New York” Pollard, first of her name, straight queen, mother of memes, protector of gays, the Khaleesi of Twitter, the undragged and breaker of homophobia pic.twitter.com/u1t4KXiHjV

— Southern Homo (@SouthernHomo) April 11, 2019

Her appearance as a guest judge on Ru Paul’s Drag Race and her role as a supporting aunt on DTLA are also notable.

Kill it in the studio

While many may be used to seeing Tiffany Pollard on the TV screen, you can also hear her drop some wisdom on a few different tracks!

Recently she was in Flo Milli’s You Still Here, Ho? album, and she also graced a few tracks on Goon Platoon, Vol. 1 by TeJohn Anex and Sav made it.

Greetings to Tiffany “New York” Pollard and we wish her many more birthday celebrations!

Macy’s warns that gross sales will come to mild within the vacation quarter

Macy’s flagship store in Herald Square in New York, December 23, 2021.

Scott Mill | CNBC

Macy’s on Friday, the company warned that sales will be lighter in the holiday quarter, saying consumer budgets are under pressure and it expects that pressure to continue this year.

The department store operator said net sales are now expected to come in at the low-to-mid point of its previously expected range of $8.16 billion to $8.4 billion. Adjusted diluted earnings per share are expected to be in the previously reported range of $1.47 to $1.67.

For the same period last year, Macy’s reported revenue of $8.67 billion and adjusted earnings per share of $2.45.

Shares of the company fell more than 4% in aftermarket trading on Friday.

Macy’s is the latest retailer to offer consumer cues as investors await holiday results and look for signs of whether demand will hold up amid persistently high inflation.

CEO Jeff Gennette said Macy’s had strong Black Friday and Cyber ​​Monday sales and saw strength in giftware and occasionwear, but “off-peak holiday week breaks were deeper than expected.”

He said in a press release that the retailer, which owns high-end department store chain Bloomingdale’s and beauty chain Bluemercury, was taking action to prepare for what could be a tougher year. For example, he said, it has managed its inventory closely so it can remain agile and have the merchandise customers want.

Bloomingdale’s and Bluemercury have outperformed the rest of the business, Gennette said, and the company expects gross margins for the holiday season to be about in line with expectations.

Total quarter-end inventories are on track to be slightly down year-on-year and down by the mid-teens compared to 2019, Macy’s said.

Gennette said it uses customer data when ordering inventory to select the goods to sell and caters to customers looking for fashion items as well as value.

However, the retailer expects a tougher selling environment, Gennette said.

“Based on current macroeconomic indicators and our proprietary credit card data, we believe consumer pressure will continue into 2023, particularly in the first half, and have planned inventory mix and depth of initial purchases accordingly.”

Macy’s previewed fourth-quarter expectations ahead of the ICR meeting. Gennette, Macy’s Chief Financial Officer Adrian Mitchell and Chief Merchandising Officer Nata Dvir will attend next week’s investor conference.

The company will report its results for the holiday quarter and full fiscal year in early March.

“An Wonderful Trifecta of Good Information”

The order numbers released on Friday were exceptional. Once again. Under President Joe Biden, the unemployment rate has hit a new 50-year low, strengthening working-class communities normally left behind.

Justin Wolfers, a professor in the University of Michigan’s Economics Department, wrote of the new jobs numbers: “Wait a minute, I just calculated the unemployment rate to extra decimal places, and the December rate of 3.468% is a new 50-YEAR LOW, the lowest rate since 1969.”

The household survey shows a crazy rate of job growth (+717k), bringing it closer to the remarkable recent growth in the payroll survey.

Over the course of 2022, the household survey shows overall job growth of 3.2 million, while the wages and salaries survey says 4.5 million jobs have been created. Either is 🔥🔥🔥

Let me take back my earlier tweet… Wage growth of 0.27% this month translates to an annualized rate of 3.4% and if that continues our inflation woes would resolve. The Fed should be *very* glad that this month’s wage numbers are unlikely to be inflationary.

Let me draw a line under today’s jobs report: fast job growth, record low unemployment and wage growth at levels likely to cool inflation is a stunning combination of good news.

Oh, you’re saying that ain’t interesting when the Republicans over there in the House of Representatives put on their lowest clown show yet? That could be a problem.

It would be a great disservice to the working class to ignore this good news and not tell the story about the Biden economy on the basis of Biden/Democratic values ​​and policies.

The White House sent a statement to PoliticusUSA drawing attention to the fact that many of these wins impacted people who were usually left behind:

Unemployment is near record lows for blacks and Hispanics.
Unemployment among people with disabilities is at a record low.
Hourly wages rose 0.3% in December after five months of real wage increases.
Manufacturing employment continued to grow, with the addition of 8,000 manufacturing jobs last month, representing 750,000 manufacturing jobs added since Biden took office.
The labor force grew as labor force participation in this recovery continues to grow faster than in previous periods, particularly for prime-aged workers.

750,000 jobs in manufacturing – that’s a lot. Trump promised that and didn’t keep it.

Sign up for our newsletter for more stories like these:

On Thursday, President Biden was in Kentucky to celebrate and advocate for his bipartisan infrastructure bill. Biden pointed out that the law reads, “…we do all this with American workers and American products that are made in America. It’s a simple concept. I can sum it up in two words: Buy American.”

“I don’t sign anything that Congress passes unless it buys something American.”

Biden said, “We’re making sure the iron, steel and structural materials that they’re building for this bridge are made here in America, in the United States — made in Ohio, made in Kentucky — and employing thousands of people throughout.” by itself.”

And here we come in part via unions. In many ways, unions can be seen as an antidote to the encroachment of authoritarianism, because they empower workers against the oligarchs and help inoculate people from the desperation that leaves them vulnerable to conspiracies and charlatans.

“And most of that work we will do, and most of it will be done by the unions. Not worker, union. I can say the word “Union”. (Applause.) Laborers, electricians, carpenters, cement workers, iron workers, steel workers, communications workers, auto workers, and so much more. These are good jobs to raise a family and most don’t require a college degree.”

“All of this is about investing in America’s heartland, in America’s people, in America’s future.”

The Heartland. “Transfer country.” Forget the country. The country where Trumpism unexpectedly took root.

America’s greatest generation has understood the importance of buying American. It means well-paying jobs, it means a working class who can buy a house and feel financially secure in their old age. It means dignity for the working class.

If we don’t discuss how this happened, if we don’t acknowledge it and celebrate a great victory for working people in this country by allowing dysfunctional Republicans to once again suck all the oxygen in the newsroom, we are setting the stage for one another Trump.

What we focus on the most is what is being increased. We need to train ourselves to focus on what’s working and what’s broken, or we’re ripe for another fake artificial-turf populist puppet.

Chris Hayes pointed out that this is an opportunity for the left to tell a story about this economy, as the right said about Reagan: “Obviously inflation remains high and it’s not like all the problems of American capitalism have been solved were – far from it! — but it really feels like this should be an opportunity for leftists/liberals to tell a story about this economy like the one the right told about Reagan.”

As a matter of fact.

President Biden said in a statement to PoliticusUSA, “Today’s jobs report shows the economy added 223,000 jobs over the past month – capping the two strongest years of job growth in history. This is just the latest sign that President Biden’s economic plan is working as we continue the transition to steadier, more resilient growth without giving up all of the historic gains made for American workers.”

Joe Biden is the Reagan of the left.

Biden has shifted the perspective of economics to focus on the working class instead of Reagan’s “trickle down” theory.

Republicans still cling to the debunked “trickle-down” theory because it justifies the gift of tremendous economic welfare to the wealthy and corporate. It does this by deregulating corporations and giving even more tax cuts to the rich and corporations under the guise that one fine day they would magically trickle down.

As we saw when Trump and the Republicans did this in 2017, it didn’t work. Yet this is still a country that’s been brainwashed into believing it licks the top 1% to such an extent that we’re okay with bad actors getting huge government contracts and tax subsidies while hard-working Americans don’t be able to afford a day-care center one day.

This is a fundamental change with long-term implications. Joe Biden somehow managed to get about 19 Republicans to join all 50 Democrats and Independents to pass his infrastructure bill in the Senate. Only 13 House Republicans managed to muster the diligence to invest in our nation’s infrastructure and jobs, but even that was an achievement given the state of the modern Republican Party.

The majority of Republicans in the House of Representatives have pledged to obstruct everything this President does and even impeach him with conspiracies. They will do so with an attitude against good-paying jobs in America, against investment in our own country, and against economic security for the working class.

Joe Biden has always been a champion of working people. He redeemed the broken Trump promise to the economically dependent. This will transform people’s lives for years to come and deserves recognition and must be championed if we are to continue.

Joe Biden: The President who actually leaked it by doing the opposite of Reaganomics.

Listen to Sarah on the PoliticusUSA Pod on The Daily’s newsletter podcast here.

Sarah was accredited to report on President Barack Obama, then-Vice President Joe Biden, 2016 Democratic presidential nominee Hillary Clinton, and she exclusively interviewed spokeswoman Nancy Pelosi multiple times and exclusively reported on her first appearance at home after the first impeachment of then President Donald Trump.

Sarah is a two-time Telly Award-winning video producer and a member of the Society of Professional Journalists.

Connect with Sarah on Post, Mastodon @PoliticusSarah@Journa.Host and Twitter.

Biden proposes stricter limits on lethal soot air pollution

Seen from the window of an Amtrak train, smoke billows from power plants alongside the tracks in Northern Virginia.

Andrea Lichtenstein | Corbis Historical | Getty Images

The U.S. Environmental Protection Agency on Friday proposed a rule that would tighten federal limits on carbon black, one of the country’s deadliest air pollutants that disproportionately affects the health of low-income and minority communities.

The proposal is the Biden administration’s latest move to better address environmental justice and air pollution. Research shows that exposure to fine particulate matter, known as PM 2.5, leads to heart attacks, asthma attacks and premature death. Studies have also linked long-term exposure to carbon black to higher death rates from Covid-19.

Communities of color are systematically exposed to higher concentrations of black carbon and other air pollutants because they are more likely to be near highways, oil and gas wells, and other industrial sources.

The EPA proposal aims to limit pollution from industrial fine carbon black particles – which are less than 2.5 microns in diameter – from the current 12 micrograms per cubic meter per year to a level between 9 and 10 micrograms per cubic meter, like the EPA announced is based on the latest health data and scientific knowledge. However, officials said they are also considering public comments on annual levels as low as 8 micrograms per cubic meter and as high as 11 micrograms per cubic metre.

The Trump administration had declined to tighten existing Obama-era rules set in 2012, despite warnings from EPA scientists it could save thousands of US lives

“The 2012 standards are no longer sufficient,” EPA Administrator Michael Regan told reporters during a Thursday briefing. “This government is committed to ensuring that all people have clean air to breathe, clean water to drink and the opportunity to live healthy lives.”

If the proposal is finalized, a stricter annual PM 2.5 standard at levels of 9 micrograms per cubic meter – the lower end of the agency’s proposed range – would prevent up to 4,200 premature deaths per year and result in net health of up to $43 billion in lead benefits in 2032, according to the EPA.

Some public health advocates criticized the proposed standards for not going far enough. Paul Billings, senior vice president of the American Lung Association, said black carbon standards need to be lowered to an annual protective level of 8 micrograms per cubic meter to best protect public health.

“Eliminating deadly particles is critical to protecting public health,” Billings said. “Failing to set standards at the protection levels that public health organizations are demanding would result in harm to health that could have been avoided and would miss a crucial opportunity to meet President Biden’s environmental justice commitments.”

Air pollution shortens average global life expectancy by more than two years, according to the University of Chicago’s Energy Policy Institute. Sixty percent of particulate matter air pollution comes from burning fossil fuels, while 18% comes from natural sources such as dust, sea salt and wildfires, and 22% from other human activities.

PM 2.5 particles can be emitted directly from the source, including construction sites, dirt roads, fields or chimneys, or form in the atmosphere as a result of reactions of chemicals such as sulfur dioxide and nitrogen oxides, which are pollutants emitted by industrial power plants are facilities and vehicles, according to an EPA bulletin.

Industries such as oil and gas companies and automakers have long opposed a stricter soot pollution standard. During the Trump administration, a number of industry groups argued against scientific evidence on the public health effects of PM 2.5 exposure, urging the government to keep the existing standard.

The EPA will accept public comments for 60 days after the proposal is published in the Federal Register. The agency is expected to publish a final rule by August.

Nordstrom’s greatest semi-annual magnificence offers for simply $17

We have independently selected these offers and products because we love them and we think you might like them at these prices. E! has affiliate relationships, so we may earn a commission if you buy something through our links. Items are sold by the retailer, not E!. Prices are correct at time of publication.

The Nordstrom semi-annual sale runs until January 9th. If you’ve bought clothing and accessories from the sale, don’t forget to check out Nordstrom’s beauty and wellness offerings too!

There are some must-have products from the best beauty brands like MAC, Origins, Mermade Hair, Lancôme, Wander Beauty and more. We’re talking all things makeup, skincare, candles, makeup brush sets and limited edition products you need to get your hands on before they sell out.

If you don’t know where to begin your search for the best beauty deals from the Nordstrom semi-annual sale, our roundup is for you. Keep scrolling to shop our top picks!