CVS Well being says Covid vaccinations have peaked

A woman enters a CVS Covid-19 vaccine site in Monterey Park, California on April 27, 2021.

Frederic J. Brown | AFP | Getty Images

Karen Lynch, chief executive of CVS Health, said Wednesday that the peak of Covid-19 vaccinations was behind the company.

On a phone call, she said the drugstore chain had administered 30 million shots and was continuing to sell them in stores across the country. However, she said vaccination rates have slowed since April – although the delta coronavirus variant has led to a new surge in cases in parts of the country with a large unvaccinated population.

The company lowered its outlook for the number of vaccines it plans to deliver this year after the number of vaccines delivered fell below company expectations in May and June, CVS CFO Shawn Guertin said in the call. However, the retailer raised its overall guidance for the year.

CVS issued a vaccination update, sharing second quarter results during a turning point in the coronavirus pandemic. More than 70% of adults in the US have now received at least one dose of a Covid vaccine, but cases are rising rapidly in states like Florida and Texas, where vaccination rates remain low. The seven-day average of daily coronavirus cases in the country is now higher than last summer’s peak – a time the U.S. didn’t yet have an approved Covid vaccine.

The rising cases, fueled by the delta coronavirus variant, have led some retailers to reintroduce mask requirements, companies to require vaccinations and politicians to announce new safety measures. It has also created new uncertainty as companies attempt to bring workers back to the offices and make profit forecasts.

Drug store competitor Walgreens Boots Alliance announced Wednesday that vaccination rates have increased in recent weeks in lagging states like Alabama, Florida, Georgia and Kentucky. It said it had administered more than 29 million Covid vaccines in its stores.

Guertin said CVS is still trying to understand what the Delta option could mean for its business, which includes the acquired health insurer Aetna. He said booster vaccination was not included in the full-year outlook and included a limited contribution from pediatric vaccines.

CVS posted higher profits in the second quarter of last year compared to last quarter as healthcare facilities canceled elective surgeries to release hospital beds. Some have started to cancel these medical procedures again – but it’s too early to say how widespread that will be, Guertin said.

He said vaccinations were down in July compared to the previous month, but there had been an increase as the Delta variant inspires some people to get their first doses. Covid testing and in-store retail sales have remained strong, he said.

However, he said the company’s Covid-related costs have also been higher than expected on the company’s health benefits side – an expense that persists as more people need treatment.

Ashtyn Evans, a stock analyst at Edward Jones, said she doesn’t expect CVS to see the same levels of cost savings and revenue growth during this wave of pandemics. For example, she said, customers are unlikely to re-accumulate large supplies of prescriptions and health products. Plus, Evans said, elective surgeries, even if they are slow, can only be postponed for so long. She said the company would also face higher medical costs if more people were hospitalized for Covid-19.

Going forward, Evans said, CVS needs to drive growth and increase profits in other ways – e.g.

– Reuters contributed to this report.

Right here’s what billionaire Ray Dalio thinks

For Ray Dalio, bitcoin is like a digital version of gold — but the billionaire clearly values one higher than the other.

“If you put a gun to my head, and you said, ‘I can only have one,'” says Dalio. “I would choose gold.”

Dalio, who turns 72 on Sunday, revealed in May that he owns an undisclosed amount of bitcoin, after previously raising concerns about cryptocurrencies for years. Still, he isn’t completely sold on the concept.

“I own a very small amount of bitcoin. I’m not a big owner,” Dalio now tells CNBC Make It. “There are certain assets that you want to own to diversify the portfolio, and bitcoin is something like a digital gold.”

In 2017, Dalio stepped down as co-CEO of Bridgewater Associates after building his company into the world’s largest hedge fund. He now serves as Bridgewater’s chairman and co-chief investment officer, and reemerged into the entrepreneurial world last year by launching Principles, a people management software startup.

He has long been a bit of a gold bull: In 2019, he wrote on LinkedIn that adding gold can help balance one’s portfolio because it is both risk-reducing and return-enhancing. Last year, Bridgewater poured more than $400 million into gold during the second quarter.

Globally, central banks currently hold more than 35,000 metric tons of gold, about a fifth of all gold ever mined, according to Reuters. Typically central banks hold gold to diversify their reserves — and since gold is a finite physical commodity, it is a natural hedge against inflation.

Bitcoin can also help hedge against inflation, as Dalio himself told Coindesk in May. But if forced to choose between gold and bitcoin, he says he’d pick gold due to its long history as a “storehold of wealth,” meaning an asset that can be held and converted into money at a relatively similar rate as its purchase price.

In other words, bitcoin’s volatility is a concern for Dalio — and not his only one.

Fears of steep regulation — or worse

In Dalio’s mind, there is “a reasonable chance” that bitcoin could eventually be outlawed by the federal government. The nearly century-old precedent: In 1934, President Franklin D. Roosevelt signed the Gold Reserve Act, transferring all of the country’s privately held gold titles and certificates to the United States Department of Treasury.

At the time, the U.S. adhered to the gold standard; Roosevelt hoped to boost the country’s economy coming out of the Great Depression by devaluing the dollar. Any major economic downturn or inflationary event, Dalio told Yahoo Finance in March, could prompt similar action on bitcoin and other cryptocurrencies from federal governments across the world.

He’s not alone. Federal Reserve chair Jerome Powell isn’t a fan of cryptocurrencies either, calling them “vehicles for speculation” in April. Powell also compared cryptocurrencies to gold, noting that humans have long given gold “a special value that it doesn’t have.”

In recent months and years, many financial experts have warned of cryptocurrency’s volatility, recommending that people only invest money they can afford to lose. For Dalio, bitcoin is only one small piece of his larger investment puzzle. “I just think of it as diversification,” he says. “By and large, I don’t really know whether bitcoin is going to go up or down. I could argue both sides of that.”

The key, he says, is to continually reevaluate those investments — and avoid buying more of an asset like bitcoin just because it’s temporarily performing well. “Be careful about what you’re putting your money in⁠,” he says. “And make the diversification global, not just in the United States.”

As of Wednesday afternoon, one bitcoin is valued at roughly $39,000, down from its mid-April high of around $63,000, according to cryptocurrency tracker Coindesk. An ounce of gold is currently worth $1,800, up slightly from $1,776 over the same period.

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Spirit Airways cancels half its flights to ‘reboot’ operation

Spirit Airlines canceled half of its flights on Wednesday, in an effort to “reboot” its operations after a wave of disruptions that started over the weekend due to a mix of bad weather, staffing shortages and technology problems.

Spirit has canceled more than 1,000 flights since Sunday and hundreds more were delayed.

Furious customers complained on social media about the cancellations and difficulty reaching customer service agents. Some tweeted images of long lines at airports and travelers lying on the floor near gates.

The chaos is a major test for Spirit’s executives who have worked in recent years to improve the airline’s reliability and customer service.

Spirit said the disruptions were “exacerbated” by the surge in summer travel, which rebounded from the coronavirus pandemic faster than airline executives expected.  Fuller flights mean fewer options to rebook guests, the carrier said.

“The last three days were extremely difficult for our Guests and Team Members, and for that we sincerely apologize,” Spirit said in a statement.

More than 340 flights, half of its daily schedule, were canceled Wednesday, according to flight tracking site FlightAware.

Airlines sometimes scrub large numbers of flights to avoid further disruptions and get employees and planes into the right place to resume flights.

Spirit said it expects cancellations to “progressively drop” in the days to come.

American Airlines this week also canceled hundreds of flights after hours of severe weather that included high winds, lightning and hail hit Dallas/Fort Worth International Airport, its largest hub.

On Wednesday, American’s operation stabilized with about 100 cancellations, roughly 3% of the day’s schedule, down from 12% of canceled flights on Tuesday.

Spirit said it would learn from the meltdown.

“By taking an in-depth look at the challenges we’re facing, we have identified opportunities for improvement that will help us operate a more resilient network and better serve our Guests,” it said in a statement.

Thunderstorms complicated Spirit’s efforts to recalibrate on Wednesday. Gate and taxi delays at Spirit’s main base in Fort Lauderdale, Florida, topped an hour, according to the Federal Aviation Administration.

See a MDLNY Dealer Child Playdate With Ryan & Steve’s Daughters

Yes, there is such a thing as a broker baby playdate. 

Million Dollar Listing New York’s Ryan Serhant and Steve Gold have no problem mixing business with pleasure when it comes to working on the weekends with their two toddler daughters in tow. And yes, these future real estate moguls drive Bentleys!

In this exclusive sneak peek at tomorrow’s episode, airing Aug. 5, Ryan’s wife Emilia brings their two-year-old daughter Zena over to Steve’s loft to play with his one-year-old, Rose.

“Rosie, are you ready to see your friend Zena?” Steve coos as he welcomes Emilia and Zena into his home.

During a confessional, Steve gushes over his daughter’s bond with Ryan’s tot. “Zena and Rose, they are besties now,” he explains. “Zena calls her Ro Ro, Ro Ro calls her Z.” 

Steve’s girlfriend Luiza praises Zena’s “cute outfit” as Steve throws a zinger towards Ryan, who is late to their meeting-slash-playdate.

“Yeah, those are cool shoes,” he says with a laugh. “You have much better style than your father.” 

Vanguard says it’s going to give its staff $ 1,000 to get a Covid-19 vaccine

Avant-garde signage at a Morningstar Investment Conference.

M. Spencer Green | AP

Vanguard is offering its employees $ 1,000 to get vaccinated against Covid-19, the company has confirmed.

The wealth management giant is following Facebook, Google, Microsoft, and other employers as they urge workers to get the coronavirus vaccine amid growing concerns about the rapid spread of the Delta variant.

“Vanguard recognizes that vaccines are the best way to stop the spread of this virus and strongly encourages the crew to get vaccinated,” said Charles Kurtz, a spokesman for Vanguard, in a statement shared with CNBC. “As such, we offer a vaccination incentive for crew members who provide evidence of COVID-19 vaccination. The incentive recognizes crews who have taken the time to vaccinate themselves, each other and our communities. “

Kurtz also confirmed that the company’s 16,500 eligible employees have until October 1 to receive the vaccine, which Bloomberg first reported on Wednesday.

The Walgreens Boots Alliance announced Wednesday that the number of vaccines it has administered has increased more than 30% in recent weeks in certain states, including Alabama, Florida, Georgia and Kentucky.

That number could rise if the Food and Drug Administration grants the vaccines full approval over the emergency approval they are aiming for next month for the Pfizer vaccine. Still, companies like Vanguard encourage employees not to wait.

Pentagon policeman dies in knife wounds, attacker shot lifeless

A Pentagon police officer has died after being stabbed multiple times in the neck outside the Pentagon Tuesday, officials familiar with the incident told NBC News.

Identified as George Gonzales, the officer has served as an officer in the Pentagon Force Protection Agency since 2018 and rose to the rank of senior officer in 2020.

Gonzales was a military and police veteran who previously served with the Federal Bureau of Prisons, the Transportation Security Administration, and the United States Army. He also received an Army Commendation Medal for his services in Iraq.

He opened fire on the attacker after the attack began outside the entrance to the Pentagon’s metro, according to NBC News. The attacker was shot dead by the police, but it is not yet clear which officer killed the attacker.

At the time of the shooting, Secretary of Defense Lloyd Austin and General Mark Milley, Chairman of the Joint Chiefs of Staff, were at the White House to meet President Joe Biden.

Austin expressed condolences for the officer’s death in a statement Tuesday, saying the flags on the Pentagon reservation would fly at half mast in honor of his loss.

“This fallen officer died on duty and helped protect the tens of thousands of people who work – and visit – the Pentagon every day,” Austin said in the statement.

“He and his fellow officers are members of the Pentagon family and are known to all of us as professional, competent, and brave. This tragic death today is a powerful reminder of the dangers they face and the sacrifices they make, ”he continued.

Milley also issued a statement Tuesday expressing condolences to the late officer’s family and commending him for his work.

“We are forever grateful for the professionalism, dedication and courage that he and each officer show to ensure the safety and well-being of all of us who serve in the Pentagon,” said Milley.

The Pentagon was locked down Tuesday morning after multiple shots were fired near the building, but reopened after more than an hour.

Woodrow Kusse, the chief of police for the Pentagon Force Protection Agency, said at a press conference that “the incident resulted in multiple injuries,” but did not provide details.

Kusse said authorities are not actively looking for another suspect: “The incident is over, the scene is safe and most importantly, there is no ongoing threat to our community,” he said.

The FBI is investigating the incident as the reasons are still unknown.

“At this point it would be premature to speculate about motives, and in order to protect the integrity of the investigation, we cannot provide any further details at this time,” said a statement from the FBI’s Washington Field Office. “There is no ongoing threat to the public.”

The incident took place on a subway bus platform that is part of the Pentagon Transit Center, steps from the Pentagon building in Arlington County, Virginia.

“The Pentagon metro station is probably one of the busiest on the transportation system. It is a hub for commuters and building users, ”said Kusse at the press conference.

While the lockdown was being lifted, the Pentagon Force Protection Agency tweeted that the public should stay away from the subway entrance and bus platform as it is “still an active crime scene.”

Transportation in the Pentagon will now be diverted to Pentagon City, the agency added.

Senator Mark Warner, a Democrat from Virginia, expressed condolences on the official’s death in a Twitter post Tuesday.

“I am incredibly sad to hear of the death of a Pentagon police officer who was killed this morning in a senseless act of violence outside the Pentagon,” Warner wrote on Twitter.

“My heart goes out to the policeman’s family and friends and the entire Pentagon police force,” said Warner, chairman of the Senate Intelligence Committee.

Fairfax County Police also issued a statement regarding the death of the police officer.

The last time a significant incident occurred at the Pentagon Metro Center was in 2010, according to Kusse.

A gunman opened fire at the entrance to the Pentagon in March 2010 and wounded two officers from the Pentagon Force Protection Agency. The officers who survived fatally shot the man shortly afterwards.

CVS Well being (CVS) Q2 2021 revenue exceeds estimates

A peek outside a CVS pharmacy store on July 16, 2020 in Miramar, Florida.

Johnny Louis | Getty Images

CVS Health exceeded analyst expectations for second quarter results on Wednesday and increased its guidance for the year as customers returned to doctor’s offices and more typical shopping patterns.

Still, the company’s shares fell 4.8% in early trading as CVS said it will focus on investing for future growth rather than increasing dividend payments or share buybacks. CVS said it will increase employee wages, expand health services in stores, and add more digital options to customers.

The drugstore chain and health insurer said their business has started to normalize as customers buy more items in front of the store and pharmacists fill out more prescriptions. It is also said that health service use has returned to a more typical pattern as people resume medical visits and procedures.

Revenue in the same store increased 12.3% year over year in the second quarter.

However, with Covid-19 cases rising and the proliferation of the Delta variant, CEO Karen Lynch said CVS remains committed to expanding the access and reach of vaccines.

The company said it ran nearly 17 million Covid vaccines and more than 6 million tests in the second quarter.

Here’s what the company reported for the three months ended June 30, compared to analyst expectations based on an analyst survey conducted by Refinitiv:

  • Earnings per share: $ 2.42 adjusted vs. $ 2.06 expected
  • Revenue: $ 72.62 billion versus $ 70.3 billion expected

CVS reported net income of $ 2.78 billion, or $ 2.10 per share, for the second quarter, compared to $ 2.98 billion or $ 2.26 per share last year.

Without items, it made $ 2.42 per share, more than the $ 2.06 per share that Refinitiv polled analysts had expected.

Revenue rose to $ 72.62 billion from $ 65.34 billion a year ago, beating expectations of $ 70.3 billion.

CVS raised its guidance for the year, expecting earnings per share of $ 6.35 to $ 6.45 in 2021 and, after adjustments, of $ 7.70 to $ 7.80.

At the close of trading on Tuesday, CVS’s shares were up approximately 23% that year. The shares closed at $ 84 on Tuesday, bringing the company’s market value to $ 110.59 billion.

Read the full press release here.

Akademiks Takes To Social Media To Converse On DaBaby Repeatedly Being Dropped From Music Festivals—“They All Appear Like Hypocrites”

Roommates, although the incident happened well over a week ago, the intense fallout from DaBaby’s controversial comments during his set at the Rolling Loud Festival continue to see him receive major consequences—and now Akademiks has offered his take on the situation. Taking to Twitter, Akademiks posted a lengthy observation of DaBaby being cancelled and called out the festivals for being “hypocrites.”

Akademiks wrote the following message about DaBaby in a series of tweets:

“Its just weird how Festivals are putting out these elaborate statements about how much they care about humanity and because of that can’t have da baby on their show for what he said. Yet 90% of the artists they book.. music is about drugs and murder.. n its totally fine to them.

These companies gotta choose whether they are prioritizing the art or morality. Because they all seem like hypocrites when they try to get on a high horse cancelling artists…Hip hop is a genre filled with imperfect individuals telling stories. Why even fw it if u want saints.”

As we previously reported, DaBaby has now been dropped from seven music festivals and many are wondering if he will be welcomed at the MTV VMAs next month in Brooklyn, New York.

He also issued a second apology regarding his comments that he posted to his Instagram account:

“Social media moves so fast that people want to demolish you before you even have the opportunity to grow, educate, and learn from your mistakes. As a man who has had to make his own way from very difficult circumstances, having people I know publically working against me— knowing that what I needed was education on these topics and guidance— has been challenging.

I appreciate the many people who came to me with kindness, who reached out to me privately to offer wisdom, education, and resources. That’s what I needed and it was received. I want to apologize to the LGBTQ+ community for the hurtful and triggering comments I made. Again, I apologize for my misinformed comments about HIV/AIDS and I know education on this is important. Love to all. God bless.”

It appears that DaBaby is continuing on with his remaining shows, including one he just had with 50 Cent.

 

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Kroger companions with Kitchen United for ghost kitchens in its grocery shops

A depiction of a Kitchen United room in a Kroger grocery store

Source: Kroger

Kroger, the country’s largest supermarket chain, and the ghost kitchen start-up Kitchen United are working together to prepare takeaway and delivery in some of its grocery stores.

The partnership announced on Wednesday combines Kitchen United’s goal of aggressive expansion with Kroger customer demand for more freshly cooked meals.

Both companies saw demand spurt during the pandemic but are now facing challenges as consumers return to dining in restaurants. Industry experts predict slowing delivery sales that could dampen restaurants’ desire to partner with Kitchen United, while Kroger and its portfolio of brands could lead consumers to cut their grocery spend.

Ghost kitchens, also known as cloud, commissary or dark kitchens, allow restaurants to prepare food for delivery only, sometimes with multiple brands under one roof that share a kitchen. The model is touted as more efficient and reduces labor and rental costs for restaurants. The pandemic’s delivery boom has fueled investor and operator interest in ghost kitchens, but some experts are concerned about increased competition and oversaturation.

The first kitchen center under the partnership is due to open this fall at a Ralphs location in Los Angeles, with additional locations planned for the remainder of the year. Kroger’s extensive portfolio includes Harris Teeter and King Soopers.

The kitchens will feature a mix of up to six local, regional and national restaurants. Customers can order their food to be picked up or delivered.

“Our collaboration gives participating restaurants access to millions of Kroger customers and the ability to better serve off-premises demand in a convenient supermarket format – a common destination for most consumers,” said Michael Montagano, CEO of Kitchen United, in an explanation.

Kitchen United has raised $ 50 million in funding since its inception in 2017 and has Alphabet’s Google Ventures among its investors. So far, it has opened six locations nationwide and plans to open its first New York kitchen in midtown Manhattan this fall.

Kitchen United’s presence already includes a contract with another retail company. Earlier this year, California’s Westfield Valley Fair Mall announced it would use Kitchen United’s technology to facilitate take-out orders. Other malls have also turned to ghost kitchens to increase pedestrian traffic and boost restaurant sales. In 2020, shopping mall operator Simon Property and hotelier Accor teamed up to create C3, a virtual kitchen company.

Nor is this the first partnership that Kroger has had with a ghost kitchen company. In 2020, an agreement was made with ClusterTruck, which has a different business model than Kitchen United, to open kitchens on-site at Kroger locations. Other investments to bring fresh meals to its customers include the acquisition of Home Chef in 2018 and an agreement to bring a handful of Saladworks restaurants to stores in the Midwest.

Kroger’s shares are up 34% this year, giving the company a market value of $ 31.8 billion.

Do you wish to begin your individual enterprise? Listed here are eight suggestions from the professionals

Maskot | DigitalVision | Getty Images

Gen Z is one of the most entrepreneurial generations in history. More than half of Generation Zers who participated in a recent EY study said they hope to own their own business in the next 10 years. However, as any seasoned entrepreneur knows, there are significant risks involved in starting your own business – especially for those who are investing their own savings, borrowing, or raising capital by selling equity.

More of College votes:
Generation Hustle: Young entrepreneurs got creative during the pandemic
How college students turn hobbies into jobs – and extra cash
This is how you set up a start-up while you are still studying

I spoke to three seasoned entrepreneurs – Javier Saade, a former official in the Small Business Administration; Beatriz Acevedo, CEO and Co-Founder of Suma Wealth, a wealth-building digital platform for the Latinx community; and Jenny Poon, the founder of the co-working space CO + HOOTS and the entrepreneurial resource platform HUUB. Here’s her advice to young entrepreneurs willing to be their own boss:

1. Make the most of the time you have. You are young and free and unencumbered, so spend your extra time wisely. Invest in yourself, get a part-time job, explore opportunities, say “yes” to difficult things so that you can see the world differently and apply what you learn.

2. Keep an ideas booklet. Every time you see a problem that bothers you, write it down. Write down why you are bothered by what you would do to solve the problem. If putting wet laundry in the dryer is annoying, what’s the solution? Is there a washer / dryer-in-one solution? If not, why then? If it exists, why isn’t it everywhere in every household?

3. Network. Talk to people who have done what you want to do (but are mostly listening).

4th Get smart. Keep learning, researching, and researching. You need to be overly prepared, especially if you are not a household name, proven founder, or someone with a referral.

5. Write a business plan. Get your concept down on paper and refine it non-stop.

6th Talk about your idea. Don’t be afraid of judgments. Feedback is necessary and important. Your idea will change many times before it gets stuck. Talk about it and get feedback from potential customers before investing too much in your original idea.

7th Be proud of who you are. Lean hard into your differences because this will set you apart from everyone else. Do you know what your superpower is.

8th. Be resilient. Every day will be a very different path than you imagined. Be okay with change, be okay with panning, and be okay with falling and getting up quickly.

And remember: it won’t be easy.

“It’s hard to build the courage to continue on a journey, and entrepreneurship is hard. It gets overly glorified and you have to be willing to invest the time, energy, and work chasing an idea and testing your assumptions, ”Poon said. “Don’t give up too quickly when the going gets tough.”

CNBC’s “College Voices” is a series written by CNBC interns from universities across the country about getting their college education, managing their own money, and starting their careers during these extraordinary times. Ryan Waterman Aldana is a talent development intern at CNBC in the summer of 2021. He recently completed his bachelor’s degree summa cum laude from James Madison University. The series is edited by Cindy Perman.