Tag: November

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Latest Stock Market News Today: Stocks surge as inflation eases, 10-year Treasury below 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Sam Bankman-Fried’s FTX in freefall. | November 10, 2022

Latest Stock Market News Today: Stocks surge as inflation eases, 10-year Treasury below 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Sam Bankman-Fried’s FTX in freefall. | November 10, 2022
Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
I:DJI $33,715.37 1,201.43 3.70
CRM $155.87 13.80 9.72
HD $312.04 25.29 8.82
NKE $99.57 7.47 8.11
AMGN $291.19 1.54 0.53
MCD $276.06 -1.73 -0.62

The Dow Jones Industrial Average soared over a 1,201 points after October’s inflation data
eased slightly, a sign that could suggest rising prices are peaking. In response, the 10-year Treasury yield fell below 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the sharpest reversal since March 2009.

Salesforce.com, Home Depot and Nike topped the leader board, while Amgen and Nike lagged.

Nasdaq Composite Index.

$

11114.146834

The Nasdaq Composite surged over 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} the best performance ever following the CPI data.

LegalZoom.com beats Wall Street expectations

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
LZ $9.46 1.26 15.37

LegalZoom.com is higher in after-hours trading. The online platform for legal and compliance solutions topped Wall Street revenue and profit expectations.

Third quarter revenue rose 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $154.4 million, higher than the estimate of $149.9 million. Subscription revenue was $91.4 million, compared to $73.3 million in 2021, an increase of 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year.

The net loss for the three months ended September 30 was $10.1 million for the quarter, or 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of revenue, compared to $39.7 million or 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of revenue in 2021.

The basic and diluted non-GAAP net income per share was 5 cents for the quarter in 2022, better than the estimate of 4 cents.

Musk tells Twitter staff: Bankruptcy isn’t out of the question — report

Twitter owner Elon Musk told employees on Thursday that he is not sure how much run rate the company has and that bankruptcy is not out of the question, the Managing Editor of tech newsletter Platformer tweeted.

Musk is participating in an all-hands meeting with Twitter employees, a source told Reuters.

Twitter did not immediately reply to an emailed request for comment from Reuters.

TWITTER TURMOIL CONTINUES UNDER MUSK, TRIGGERING FTC WARNING

Homebuilder Beazer Homes tops Wall Street estimates

Beazer Homes Usa Inc.

$

12.51

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
BZH $12.53 1.54 14.01

Beazer Homes is higher in extended trading. The homebuilder beat Wall Street revenue and profit estimates.

Third quarter revenue rose to $827.67 million, up from $590.94 million a year ago.

Net income for the three months ended September 30 was $86.82 million, up from $48.36 million.

Diluted income per share came in at $2.82, topping the estimate of $2.06.

Chair and CEO Allan Merrill said the company is responding to a challenging homebuilding environment by increasing incentives and reduced base prices in most of communities.

“In the quarters ahead we will continue to adjust the included features, size, and pricing of our homes to compete for sales. At the same time, we expect to benefit from lower construction costs and shorter cycle times, as lower new home construction activity relieves some of the commodity, building product and labor constraints that have contributed to a significant increase in the cost of new homes,” Merrill said.

Vaping company Juul cuts 400 jobs amid growing setbacks

Embattled vaping company Juul Labs announced hundreds of layoffs Thursday as the company weathers lawsuits, government bans and increasing competition for its electronic cigarettes.

Juul said it has obtained new financing to stay in business and continue operations, which includes challenging plans by the Food and Drug Administration to ban its products.

The layoffs include 400 staffers and are part of a cost-saving plan to immediately cut Juul’s operating budget by 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 40{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, according to a person familiar with the plan who requested anonymity to discuss its details. The new cash infusion came from two early Juul investors: Nicholas Pritzker, head of Hyatt Hotels, and Riaz Valani, a private equity specialist based in San Francisco, according to the same person.

The Wall Street Journal first reported the news Thursday morning.

White House: ‘Cryptocurrencies risk harming everyday Americans’

The White House says it’s closely monitoring the chaos in cryptocurrencies.

Press secretary Karine Jean-Pierre said cryptocurrencies are something the Biden Administration sees as an important issue.

“The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed,” Jean-Pierre said.

“The administration has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans.”

Cryptocurrencies fell into turmoil after crypto exchange Binance backed out of a deal to buy rival FTX.

FTX is looking to raise $9.4 billion, Reuters reported.

DC AG sues Washington Commanders, Dan Snyder, NFL over ‘toxic workplace culture’

Washington, D.C. attorney general Karl Racine announced a new lawsuit
against the Washington Commanders, team owner Dan Snyder, the National Football League, and NFL Commissioner Roger Goodell.

The complaint accuses the parties of colluding to deceive District residents—Commanders’ core fans—about an investigation into toxic workplace culture and allegations of sexual assault to maintain a strong fanbase and increase profits.

The complaint seeks financial penalties and a court order forcing the NFL to release the findings from a 10-month independent investigation into the Commanders’ workplace culture, to give the fans and the public the truth and information they expected.

Keurig Dr Pepper CEO out over alleged code of conduct violations

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
KDP $37.92 0.35 0.94

The CEO of Keurig Dr Pepper has resigned due to violations of the company’s code of conduct. The alleged transgressions were unrelated to strategy, operations or financial reporting, the company said.

Ozan Dokmecioglu was replaced by Bob Gamgort, the Keurig Dr Pepper’s current executive chair and former CEO.

Gamgort will continue his role as chair.Dokmecioglu was promoted to CEO from CFO, effective July 29.

AstraZeneca no longer pursuing US approval for COVID vaccine

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
AZN $64.25 3.21 5.25

AstraZeneca is no longer pursuing U.S. approval of its COVID-19 vaccine, Chief Executive Pascal Soriot said in a media call on Thursday.

Demand for vaccines in the country is declining and the market is well served by the mRNA shots, he said.

Facebook dials back the freebies

Facebook parent Meta is curbing a slew of company perks after CEO Mark Zuckerberg announced 11,000 employees would lose their jobs.

Meta Platforms Inc.

$

109.17

Nike’s Phil Knight says Kyrie relationship likely finished

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
NKE $98.62 6.52 7.08

Kyrie Irving’s comments may have cost the Brooklyn Net’s all-star has partnership with Nike.

Nike co-founder Phil Knight told CNBC: “I would doubt that we go back. But I don’t know for sure.”

Irving signed with Nike in 2011 and has had a signature line with the athletic apparel maker since 2014. His annual endorsement deal is said to be worth around $11 million.

Department store chain Dillard’s tops Wall Street expectations

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
DDS $326.11 12.81 4.09

Dillard’s is higher in Thursday trading. The department store operator topped Wall Street revenue and profit estimates.

Third quarter revenue rose 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $1.57 billion from a year ago; analysts expected $1.48 billion. Comparable store sales increased 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Net income for the three months ended October 29 was $187.9 million, down from $197.3 million.

Quarterly adjusted earnings of $10.96​​ per share for the quarter ended in October. The mean expectation of four analysts for the quarter was for earnings of $5.86 per share.

Dillard’s Chief Executive Officer William T. Dillard, II stated, “Inventory control remains a priority as we have seen its powerful effects on our business. To date this year, our net income is up 11{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} over last year’s strong performance and earnings per share is up 32{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.”

Reuters contributed to this report.

Developing Story

FTX’s Sam Bankman-Fried in crisis mode

Billionaire Sam Bankman-Fried is fighting for survival as his FTX cryptocurrency exchange spirals.

Airlines make changes as Tropical Storm Nicole disrupts air travel

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
AAL $14.83 0.85 6.08
DAL $35.69 2.23 6.66
JBLU $7.94 0.62 8.51
LUV $39.02 1.82 4.89
UAL $44.30 1.93 4.56

Airlines are scrambling to reroute passengers as Tropical Storm Nicole disrupts flights and closes airports.

More than 1,200 flights in, out of and across the United States were canceled as of 11:30 a.m. ET on Thursday as the storm brought strong winds and heavy rain, according to data from flight-tracking website FlightAware. 

Over 1,000 flights have been delayed.

Tether freezes $46M FTX wallet followiing law-enforcement request — report

Tether has reportedly frozen $46 million of USDT tokens, CoinDesk reported. The move came at the request of law enforcement.

A Tether executive told CoinDesk the stablecoin issuer was receiving requests by law enforcement to temporarily freeze assets.

Tron block explorer Tronscan said FTX owns the frozen wallet, the report said.

FTX reopened withdrawals Thursday, CoinDesk reported, citing on-chain data provided by analytics firm Nansen.

The company’s website, however, still displayed an earlier message that said it was unable to process withdrawals.

FTX Chief Executive Sam Bankman-Fried has launched an urgent push to raise funds to save his firm as the crypto exchange looks to plug a reported $8 billion hole in its finances, according to tweets and a memo to employees.

A spokesperson for the company did not immediately respond to a Reuters request for comment.

Reuters contributed to this report.

Theme park operator Six Flags agrees to allow larger investment by H Partners

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
SIX $21.86 2.72 14.21

Six Flags Entertainment is higher in Thursday trading. The world’s largest regional theme park company agreed to permit H Partners to increase its beneficial ownership of Six Flags common stock to 19.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, up from a cap of 14.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the original agreement, a regulatory filing said.

Separately, the largest operator of waterparks in North America reported third-quarter earnings of $115.8 million.

The Arlington, Texas-based company said it had net income of $1.39 per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.

The amusement park operator posted revenue of $504.8 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $565.4 million.

The Associated Press contributed to this report.

Mortgage rates are back above 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Symbol Price Change {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}Change
FMCC $0.48 0.00 0.02
RDFN $4.46 1.20 36.54
COMP $2.26 0.41 22.16

The average long-term U.S. mortgage rate returned to the 20-year highs of two weeks ago when rates breached 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the first time since 2002.

Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate rose to 7.08{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 6.95{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} last week. A year ago the average rate was 2.98{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

The rate for a 15-year mortgage, popular with those refinancing their homes, climbed to 6.38{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 6.29{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} last week. It was 2.27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} one year ago.

“As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.”

The latest numbers come after the Labor Department reported Thursday that the consumer inflation rose 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in October from the previous month. Prices climbed 7.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on an annual basis.

INFLATION HOLDS GRIP ON US ECONOMY IN OCTOBER AS PRICES REMAIN STUBBORNLY HIGH

The Associated Press contributed to this report.

Elon Musk to Twitter workers…

Elon Musk tells Twitter workers the work from home trend may be coming to an end, according to reports.

Breaking News

October’s CPI

Inflation for October at the consumer level eased a bit but remains near a 40-year high.

Cryptocurrencies stabilize after FTX deal turmoil

Cryptocurrency prices stabilized Thursday morning after a tumultuous couple of days sparked by news surrounding the collapse of a deal involving FTX Trading.

Crypto exchange Binance announced it was pulling out of a deal to purchase the failing rival.

The turmoil sent cryptocurrencies reeling.

The price of bitcoin plunged more than 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on Wednesday to $15,840, according to CoinDesk. The cryptocurrency fell for four straight days, dropping more than 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} during that time.

Bitcoin was trading around $16,000 Thursday morning.

Ethereum was trading around $1,200, after dropping more than 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the past week.

Dogecoin was trading around 8 cents, after losing 37{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the past week.

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Gasoline price slips slightly

The nationwide price for a gallon of gasoline slipped Thursday to $3.803, according to AAA.

The average price of a gallon of gasoline on Wednesday was $3.805.  

One week ago, a gallon of gasoline cost $3.778. A month ago, that same gallon of gasoline cost $3.919.

Gas hit an all-time high of $5.016 on June 14.

Diesel gained to $5.362.

Oil whipsaws ahead of inflation report

Oil prices bounced around Thursday, following three days of declines as the impact of renewed COVID curbs in China weighed and traders await U.S. inflation data that may give direction on further interest rate increases.

U.S. West Texas Intermediate (WTI) crude futures were trading around $85.00 a barrel.

Brent crude futures traded around $92.00 a barrel.

WTI is down more than 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week.

Brent prices have dropped more than 6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Consumer price index (CPI) data for the United States will be released later on Thursday that is expected to show a slowdown in the inflation rate for both the monthly and yearly core numbers. 

That may have an impact on the size of futures interest rate hikes by the Federal Reserve.

Oil prices were also under pressure after a big build in U.S. crude inventories reported on Wednesday.

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Lucid Air Pure and Lucid Air Touring to be Unveiled During November 15 Online Global Launch Event; Make Public Debut in Los Angeles the Same Week

Lucid Air Pure and Lucid Air Touring to be Unveiled During November 15 Online Global Launch Event; Make Public Debut in Los Angeles the Same Week

‘In the Air and Past – A Lucid Start Event’ to spotlight new styles that spherical out the entire Air lineup, most recent developments for Air Sapphire, and Lucid’s reimagining of the luxury SUV section

  • Lucid Air Pure and Air Touring to debut in an online world wide start occasion on Tuesday, November 15, together with announcements about the Lucid business enterprise and foreseeable future styles, such as updates on Lucid’s subsequent power of character, the Challenge Gravity SUV
  • The total Air lineup will be dwell in community for the to start with time, with Lucid Air Pure and Air Touring showing up alongside Air Grand Touring, Grand Touring Functionality, and the extremely-superior-general performance Air Sapphire at the Lucid Studio Beverly Hills
  • Lucid to sponsor CDN’s LA Style and design Evening on Thursday, November 17, throughout Automobility LA, exhibiting the recently unveiled Lucid Air Pure together with Air Sapphire, the world’s most strong sedan

NEWARK, Calif., Nov. 3, 2022 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), location new standards with the longest-array, speediest-charging electric powered car or truck on the industry with the award-successful Lucid Air, now announced that Lucid Air Pure and Air Touring will be unveiled throughout an on the internet global launch function entitled In the Air and Beyond – A Lucid Launch Event, having area on Tuesday, November 15 at 10:00am PST/1:00pm EST, ahead of the 1st Air Touring shipping and delivery taking place that exact night at the company’s Beverly Hills Studio. In addition, the on-line party will also feature enjoyable bulletins about the Lucid enterprise and long run products, including the Project Gravity SUV that reimagines the luxurious SUV with the exact same in-home created technology that underpins the groundbreaking Lucid Air sedan.

In the Air and Beyond – A Lucid Launch Event
In the Air and Outside of – A Lucid Launch Celebration
In the Air and Beyond – A Lucid Launch Event
In the Air and Beyond – A Lucid Launch Function

Lucid Air Pure and Air Touring will make their general public debut the exact same week at the firm’s Beverly Hills Studio and at CDN Designer Night time, getting their spot in the Air lineup along with Lucid Air Grand Touring, the 1050-hp Air Grand Touring Overall performance, and the recently debuted extremely-substantial-efficiency Air Sapphire, the world’s most effective sedan. Buyers and lovers can sign-up to be a part of the debut at dreamahead.com.

Lucid Air Pure

Air Pure, the elemental Lucid Air, has a starting cost of $87,400 and is distinguished by its metal roof and Mojave PurLux inside. Air Pure will in the beginning launch with a twin-motor, all-wheel-drive configuration, with whole specs which include EPA-estimated range and more facts on the product to be shared on November 15.

Lucid Air Touring

Lucid Air Touring, with an MSRP of $107,400, is the quintessential Air, showcasing a fantastic equilibrium of general performance, luxury, design and style, and area. As these, it can be optioned with the exceptional Glass Canopy – a single piece of glass that reaches from the base of the windshield to around the heads of the entrance passengers for an unobstructed look at, as very well as DreamDrive Pro, Lucid’s advanced driver support method.  Full specs and further information for Lucid Air Touring will also be shared on November 15.

Lucid Things to do In the course of LA Auto Show 7 days

In addition to the on the web debut occasion for Lucid Air Pure and Air Touring, Lucid will be existing at a number of functions in and all over Los Angeles to rejoice the entire Air lineup.

  • During the 7 days of November 15, all five trim levels – from Air Pure to Air Sapphire – will be on show for media, consumers, and admirers at the Lucid Studio Beverly Hills. Lucid will also rejoice the international premiere at the Beverly Hills Studio the night of Tuesday, November 15, with a celebration occasion for decide on media, customers, and VIPs.
  • Derek Jenkins, Senior Vice President of Style and design and Brand, will be showcased at CDN Forum LA taking location through Automobility at the Los Angeles Automobile Clearly show on Thursday, November 17. Lucid is also a sponsor of CDN’s LA Design Evening that evening at the Los Angeles Convention Heart. Equally the recently unveiled Lucid Air Pure and Air Sapphire, the world’s most impressive sedan, will be on display.
  • Peter Rawlinson, CEO and CTO, will produce the opening keynote at the Automotive Information Entire world Congress on Friday, November 18, speaking about why efficiency is the new vital for electric powered motor vehicles and how it has been central to all facets of the advancement of just about every Lucid auto.

About Lucid Group 
Lucid’s mission is to inspire the adoption of sustainable power by generating advanced systems and the most fascinating luxurious electric motor vehicles centered about the human working experience. The firm’s initially car, Lucid Air, is a point out-of-the-art luxury sedan with a California-motivated style and design that attributes magnificent full-size interior space in a mid-size exterior footprint. Lucid Air Grand Touring attributes an official EPA-approximated 516 miles of array or 1,050 horsepower. Deliveries of Lucid Air, which is developed at Lucid’s manufacturing facility in Casa Grande, Arizona, are now underway to U.S. and Canadian prospects.

Media Contacts 
[email protected]  

Logos

This interaction is made up of trademarks, provider marks, trade names and copyrights of Lucid Team, Inc. and its subsidiaries and other companies, which are the assets of their respective owners.

Ahead-Hunting Statements

This communication contains “ahead-hunting statements” in just the that means of the “protected harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Ahead-on the lookout statements may perhaps be recognized by the use of words and phrases this kind of as “estimate,” “prepare,” “job,” “forecast,” “intend,” “will,” “shall,” “be expecting,” “foresee,” “consider,” “look for,” “concentrate on,” “go on,” “could,” “may,” “may possibly,” “doable,” “likely,” “forecast” or other comparable expressions that forecast or show long term events or traits or that are not statements of historic issues. These ahead-searching statements incorporate, but are not constrained to, statements pertaining to strategies and anticipations with regard to Lucid Air Pure and Air Touring, such as selling price, timing of delivery and specs, Lucid’s functions during LA Vehicle Clearly show 7 days, and the promise of Lucid’s technological innovation. These statements are based on various assumptions, no matter whether or not discovered in this interaction, and on the existing anticipations of Lucid’s management. These forward-searching statements are not meant to serve as, and will have to not be relied on by any trader as, a ensure, an assurance, or a definitive assertion of actuality or chance. Real situations and situations are complicated or unattainable to forecast and may perhaps differ from these forward-wanting statements. Many real occasions and instances are past the manage of Lucid. These ahead-on the lookout statements are subject to a selection of pitfalls and uncertainties, which include individuals elements mentioned underneath the heading “Possibility Things” in Portion II, Product 1A of Lucid’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as well as other files Lucid has filed or will file with the Securities and Trade Commission. If any of these dangers materialize or Lucid’s assumptions establish incorrect, precise outcomes could vary materially from the outcomes implied by these forward-hunting statements. There may possibly be extra pitfalls that Lucid at present does not know or that Lucid now thinks are immaterial that could also trigger actual outcomes to differ from all those contained in the forward-hunting statements. In addition, ahead-seeking statements mirror Lucid’s anticipations, options or forecasts of foreseeable future situations and views as of the date of this interaction. Lucid anticipates that subsequent functions and developments will induce Lucid’s assessments to alter. Even so, whilst Lucid could elect to update these ahead-on the lookout statements at some level in the upcoming, Lucid exclusively disclaims any obligation to do so. These forward-seeking statements should really not be relied upon as symbolizing Lucid’s assessments as of any day subsequent to the day of this conversation. Appropriately, undue reliance ought to not be placed upon the forward-on the lookout statements.

Source Lucid Team

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November U.S. auto sales: Toyota, Honda, Hyundai, Kia sales fall 4th straight month; Ford rises 5.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Supply-chain disruptions, driven by the ongoing shortage of microchips that has dented new-vehicle stockpiles, undercut U.S. sales at Toyota Motor Corp., American Honda, Hyundai and Kia for the fourth straight month in November.

But there was another clear sign that the U.S. market is bottoming out. The seasonally adjusted annualized rate of sales (or SAAR), came in at 13.1 million units — unchanged from October, according to Motor Intelligence. The SAAR was 16.1 million a year ago.

Among automakers that reported November results, sales slipped 14 percent, but LMC said overall sales fell 16 percent, which was worse than previous forecasts that called for a drop of 11-12 percent.

For the recent month, volume dropped 25 percent at Toyota Motor, 17 percent at American Honda, 20 percent at Hyundai — its biggest decline of the current slump — and 5.4 percent at Kia last month, the companies said Wednesday.

Deliveries at Subaru skidded for the sixth consecutive month, down 35 percent in November.

Volvo, the last major automaker to report November results, on Friday said deliveries plunged 34 percent to 7,667 units.

Meanwhile, Ford Motor Co. said Thursday it was the top-selling automaker in the U.S. for a third consecutive month, posting a 5.8 percent increase in November light-vehicle sales that contrasted with declines for nearly all other companies that reported monthly results.

Ford’s utility vehicle sales jumped 21 percent from a year ago, and F-Series pickup sales rose 15 percent despite the ongoing microchip shortage that has thinned dealership inventories. The automaker said sales of its electrified vehicles grew at triple the rate of those from other manufacturers.

Ford said its total light-vehicle sales of 157,417 was enough to beat all other automakers, including General Motors and others that report on a quarterly basis, based on numbers those companies provide privately to analysts and industry data trackers. The last time Ford had such a streak at No. 1 was 1974, company officials said.

Toyota Motor, which has overtaken longtime U.S. market leader General Motors this year, has been forced to cut output in recent months because of tight chip supplies. It has now posted declines of 22 percent or more three consecutive months. Sales last month dropped 24 percent at the Toyota brand and 32 percent at Lexus.

The Toyota brand was hampered by a 47 percent drop in November car deliveries, with Corolla sales skidding 63 percent to 8,906 and Camry off 34 percent to 19,261 units. The brand’s top-selling light trucks also saw double-digit declines: RAV4, off 14 percent; Highlander, down 13 percent; and Tacoma, off 21 percent.

Toyota said it had 116,638 cars and light trucks in inventory — or an 18-day supply — at the end of November, down 67 percent from 349,639 units a year earlier.

Honda said volume dropped 17 percent at the Honda division and 21 percent at Acura, with American Honda car volume off 24 percent and light-truck deliveries down 13 percent. Honda Civic sales slid 26 percent and CR-V volume dropped 19 percent.

Hyundai said it ended November with just 17,096 units in stock, down from 19,894 at the end of October and 145,885 at the close of Nov. 2020. Some of the company’s top-sellers posted notable declines last month; Elantra, down 42 percent; Sonata, off 56 percent; Santa Fe, down 24 percent and Kona, off 37 percent.

Hyundai’s fleet shipments also dropped sharply last month — 97 percent, and represented less than 1 percent of overall volume.

Randy Parker, senior vice president for national sales at Hyundai Motor America, said “consumer demand remains exceptionally high” but “lingering availability issues persisted into November.”

At Kia, some of the brand’s key models — led by the Telluride, Seltos, Sportage and Soul — all posted declines. The company said it sold 77 percent of available U.S. inventory in November.

Three of Subaru top U.S. sellers — the Outback, down 19 percent; Crosstrek, off 51 percent and Forester, down 70 percent — suffered significant declines last month, leaving the company on pace to post back-to-back declines in annual U.S. volume for the first time since the 1990s.

Mazda said volume dropped 5.3 percent in November, its third straight decline.

Genesis, helped by an expanding product lineup, continued to rack up major gains, with November volume advancing 435 percent to 5,002 sedans and crossovers. 

General Motors, Stellantis, Nissan Motor Co., Volkswagen Group and the rest of the industry post U.S. sales quarterly.

Analysts had expected a more substantial finish to 2021 fueled by traditional year-end holiday discounts — after volume dropped 14 percent in 2020 at the onset of the pandemic.

The emergence of another COVID-19 variant also threatens to upend the spotty recovery to the extent supply chains and manpower are impacted by new travel and other possible operating restrictions.

Retail inventories remained below 1 million units in November for the fourth straight month, J.D. Power and LMC Automotive said.

“The typical Black Friday sales surge will be difficult to support,” this year, said J.D. Power analyst Thomas King. “The traditional year-end sales push will be somewhat non-traditional.”

Industry sales rose 13 percent through September behind a strong first quarter and a 4.96 percent rise in the second quarter, followed by a 13 percent decline in the third quarter.

Still, November sales are expected to increase slightly from October, rising less than a percent to reach an estimated 1.05 million, Cox Automotive said.

“The market is stuck in low gear,” said Cox Automotive Senior Economist Charlie Chesbrough. “There are potential buyers out there, but many are waiting on the sidelines, put off by limited selection and high prices.”

Even amid tight supplies, some automakers continue to pitch deals to keep consumers and buyers engaged.

Hyundai and Ford last month offered 0 percent financing and waived payments up to 90 days on select models, and BMW dangled up to $2,500 off on select new models through Nov. 30.

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Nutson’s Weekly Auto News Wrap-up: November 21, 2021;


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AUTO CENTRAL CHICAGO – November 21, 2021: Every Sunday Larry Nutson, The Chicago Car Guy and Executive Producer, with able assistance from senior editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel’s
“take” on this past week’s automotive news, condensed into easy to digest news Nuggets.

LEARN MORE: Full versions of today’s news nuggets along with almost a million pages of the past 25 year’s automotive content, news, articles, reviews and archived relevant stories residing in
The Auto Channel Automotive News Library can be found by just copying a headline and then inserting into any Site Search Box.

Nutson’s Automotive News Wrap-up – Week Ending November 20, 2021; Below are the past week’s important, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as
expertly crafted easy-to-digest news nuggets.

* President Biden signed into law the $1.2 trillion infrastructure bill. IHS Markit expects the U.S. infrastructure bill to supplement only 66 percent of required U.S. EV charger growth through 2026. Overall, only 63 percent of U.S. households have access to a garage and that figure is less in urban areas where more than 50 percent of EV sales occur. If EVs remain impractical for apartment, condo, and historic home dwellers, we cannot adequately reach the administration’s stated EV goals.

* GM ZERO: President Joe Biden got a tour of the retooled factory where GM will build all-electric vehicles. GM is opening the doors of Factory ZERO, the renovated aging Detroit-Hamtramck assembly plant. Biden’s visit comes on the heels of his signing into law a $1.2-trillion infrastructure bill he helped write.

* CALIFORNIA TAXPAYERS BUY EV CHARGERS: Meanwhile, California will spend $1.4 billion over the next three years to build up EV charging and hydrogen refueling infrastructure.

* EV’s BECOMING MORE APPEALING TO YOUNGER DRIVERS:A recent Cox Automotive study says sales of battery-powered electric vehicles (EVs) in the United States are on track to set an all-time record in 2021, with sales up more than 88{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} through the end of September. Despite the rapid growth, EVs will account for only 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the new-vehicle market this year. Vehicle range and price remain the top purchase barriers. Younger Millennial and Gen Z buyers are becoming more open to the idea of an electric vehicle future. 57{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of consumers point to a lack of charging stations in their area as a top barrier.

* APPLE CAR/TAXI ANNOUNCED:Bloomberg reports Apple Inc. is pushing to accelerate development of its electric car and is refocusing the project around full self-driving capabilities, according to people familiar with the matter, aiming to solve a technical challenge that has bedeviled the auto industry. In trying to master self-driving cars, Apple is chasing a holy grail within the industry. Tech and auto giants have spent years on autonomous vehicles, but the capabilities have remained elusive. Apple is internally targeting a launch of its self-driving car in four years, faster than the five- to seven-year timeline that some engineers had been planning for earlier this year. But the timing is fluid, and hitting that 2025 target is dependent on the company’s ability to complete the self-driving system — an ambitious task on that schedule.

* NEW EV’s AT 2021 LA AUTO SHOWThe Los Angeles auto show opened its doors this week in a scaled down format but for the first time in two years. New EV utility vehicles are all that’s in the spotlight with new models or concepts such as the Hyundai SEVEN, Kia EV9, Subaru Solterra, Toyota bZ4x, Fisker Ocean, and the Vietnamese auto maker VinFast. Many auto brands are conspicuously absent from the show, making for possible disappointment for those shopping for a vehicle now. A non-EV of note is the 493-hp mid-engined 2022 Porsche 718 Cayman GT4 RS.

* EPA SAYS EMISSION SKY IS NOT FALLING: The latest EPA report on U.S. vehicle fuel efficiency (CO2 emissions) says overall, the fuel economy of the U.S. vehicle fleet improved by 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2019 to 2020, rising to 25.4 MPG from 24.9 MPG. Preliminary EPA data forecast that fuel economy for GM is down 6.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and Ford is down 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} because microchip shortages led to building large pickups and SUVs instead of smaller, less profitable vehicles. Only Tesla, Subaru and Honda met current federal mileage requirements without using regulatory credits.

* OCTOBER US SALES SCORECARD Transportation researcher Dr. Michael Sivak of Sivak Applied Research reports that due to the covid pandemic Delta variant the rebound of travel by road, air, rail, and public transit stalled in August. The population-adjusted changes for August 2021 compared with August 2019 are: Road vehicle miles down 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Air passenger miles down 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Rail passenger miles down 34{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, Trips on public transit down 50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. October 2021 compared with October 2019 has vehicle sales down 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and the price of gasoline up 17{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The report can be viewed here. (https://www.greencarcongress.com/2020/10/20200923-sivakindex.html).

* ROOKIE LUCID NAMED CAR OF THE YEAR MotorTrend announced that the Lucid Air has won the 2022 MotorTrend Car of the Year, the first instance in which the initial product from a new automotive brand has been awarded the “Golden Calipers.” MotorTrend Car of the Year judges evaluated six key criteria for Car of the Year, with Lucid Air excelling at each: efficiency, value, advancement in design, engineering excellence, safety, and performance of the intended function. The Lucid Air was evaluated side by side with 24 highly-regarded vehicles, coming out on top against finalists that included the Mercedes-Benz S-Class, Mercedes-Benz EQS, Porsche Taycan, Honda Civic, and many more.

* NACTOY FINALISTS NAMED: The finalists that will compete for the 2022 North American Car, Truck and Utility Vehicle of the Year (NACTOY) awards were announced at the Los Angeles Auto Show. North American Car of the Year finalists are Honda Civic, Lucid Air and Volkswagen Golf Mk VIII (Golf R/Golf GTI). North American Truck of the Year finalists are Ford Maverick, Hyundai Santa Cruz and Rivian R1T. North American Utility Vehicle of the Year finalists are Ford Bronco, Genesis GV70 and Hyundai IONIQ 5. The three winners will be announced in January 2022.

* US NEWS NAMES BEST VEHICLE BRAND<:> U.S. News & World Report unveiled its Best Vehicle Brand awards and Best Certified Pre-Owned Program award for 2022. The Best Vehicle Brand awards, evaluating 36 brands, recognize industry-wide excellence for cars, SUVs, trucks and luxury vehicles. Honda is Best Car Brand, Hyundai is Best SUV Brand, Ram is Best Truck Brand, Porsche is Best Luxury Brand, and Best Certified Pre-Owned Program is Lexus.

* MAZDA CX50 PREMIERE: Mazda North American Operations hosted the virtual world premiere of the first-ever Mazda CX-50. A completely new model, CX-50 is the first Mazda vehicle to be built at the new Mazda Toyota Manufacturing (MTM) plant in Huntsville, Alabama, with production beginning in January 2022. As a new addition to the Mazda lineup, CX-50 maintains key attributes expected of all Mazda vehicles, including superior driving dynamics and beautiful design. In addition, Mazda has extended this vehicle’s capability to enable drivers to venture further into the outdoors and various terrains. At launch, CX-50 will be available with Mazda’s efficient powertrains, Skyactiv-G 2.5 naturally aspirated engine or Skyactiv-G 2.5 Turbo engine and paired with a six-speed automatic transmission. In the coming years, the CX-50 will also be offered with electrified powertrains, including a traditional hybrid model.

* HOT DODGE PERSONALIZATION: Dodge brand is breaking all the rules, unlocking new, unrestricted, personalization options with new Jailbreak models for 2022 Dodge Charger and Challenger SRT Hellcat Redeye Widebodies. The Jailbreak models unlock color-combination ordering restrictions and add new factory-custom options to deliver enthusiasts the freedom to create a Dodge performance vehicle that perfectly fits their individual style. Jailbreak models include unique badging and boost SRT Hellcat Redeye Widebody output to 807 horsepower with a revised powertrain calibration.

* MISSPELLED CAR BRANDS:The business finance team at money.co.uk, used online analytics tool Ahrefs to find some of the most misspelled brand names on the internet. The top three were all auto brands. Money.co.uk found that popular South Korean automotive manufacturer Hyundai is one of the most misspelled brands on the internet, with an average of 605,000 incorrect global online searches per month. In second place is Lamborghini and Ferrari is the third most misspelled. https://www.money.co.uk/business-loans.htm

*RAM DIESEL RECALL: Stellantis NA is recalling nearly 250,000 heavy-duty Ram diesel trucks globally for an issue with the fuel pumps that may cause the vehicles to stall or prevent them from starting. The affected vehicles are certain 2019 and 2020 Ram 2500 and 3500 heavy-duty pickups and Ram 3500, 4500 and 5500 chassis cab trucks that are equipped with 6.7-liter Cummins turbodiesel engines. The recall covers an estimated 222,410 vehicles in the U.S., 20,539 in Canada and 3,525 in other markets outside of North America.

* CONSUMER REPORTS: Consumer Reports published its annual Auto Reliability Study with Lexus, Mazda and Toyota taking the top three spots for most reliable brands. The top ten ranks include eight Japanese brands, one Domestic brand (Buick) and one European brand (MINI).

* ROUTE 66 HISTORY: From ClassiCars.com we read the Route 66 Road Ahead Partnership has published a new “more accurate history” of Route 66 in conjunction with the Research Encyclopedia on American History from the Oxford University Press. The Route 66 centennial celebration is scheduled for 2026. Established in 2015 with support from the National Park Service and the World Monuments’ Fund, The Road Ahead Partnership set a mission of sustaining and revitalizing Route 66 as a national and global icon. https://oxfordre.com/americanhistory/view/10.1093/acrefore/9780199329175.001.0001/acrefore-9780199329175-e-967

*2021 NHRA CHAMPIONSHIP: Dodge Charger SRT Hellcat driver Ron Capps and Don Schumacher Racing earned the 2021 National Hot Rod Association (NHRA) Funny Car World Championship in the season finale at the Auto Club Raceway at Pomona, California. It is the veteran driver’s second Funny Car title of his 27-year career, following his first championship win in 2016, and the seventh of the 19-year partnership between DSR and the Mopar and Dodge//SRT brands. DSR driver Matt Hagan drove his Direct Connection Dodge Charger SRT Hellcat to the semifinals at Auto Club Raceway and closed out the 2021 NHRA season as runner-up in the Funny Car championship to teammate Capps. In late news, Capps announced he will be leaving the DSR team.

* 2021 NHRA CHAMPIONSHIP: Other title winners in the 2021 NHRA season are Steve Torrance in Top Fuel, Greg Anderson in Pro Stock, Matt Smith in ProStock Motorcycle, and Pro Stock driver Dallas Glenn was named Rookie of the Year.

Stay safe. Be Well.

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Top Stock Market News For Today November 22, 2021

Stock Market Futures Ticked Higher Ahead Of The Holiday-Shortened Week

U.S. stock futures edged higher on early morning Monday, pointing to a positive start for the stock market this week. Adding optimism to the bull market is the possible easing measures by China’s central bank to support the slowing economy. With the holiday season at our door, do note that the U.S. market will be closed on Thanksgiving Day. Against the backdrop, the biggest market moving event is likely going to be President Joe Biden’s nomination for the next Federal Reserve chief.

“I do think in the shortened week, that is probably going to be the biggest driver of market action,” said Jeff Schulze, ClearBridge Investments investment strategist. “If Brainard is nominated as Fed chair, it wouldn’t be a surprise to me to see some near-term volatility. Usually, the market tests a Fed chair.”

Meanwhile, cloud-based telecom company Vonage (NASDAQ: VG) stock soared in pre-market trading after agreeing on a $6.2 billion deal to be bought by Ericsson (NASDAQ: ERIC). As of 7:08 a.m. ET, the Dow, S&P 500, and Nasdaq futures are rising by 0.30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, 0.32{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and 0.98{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} respectively

Monster Beverage (MNST) Exploring Merger Deal With Constellation Brands (STZ)

Energy drinks maker Monster Beverage (NASDAQ: MNST) is exploring a merger deal with Constellation Brands (NYSE: STZ), according to a report from Bloomberg news. The exact structure of the potential merger is yet to be available to the general public. Of course, a deal between these two beverage giants could be interesting. But, investors shouldn’t speculate on such rumors as it is still unclear if the deal would eventually materialize. 

Despite the supply chain challenges, Monster Beverage reported record third-quarter sales earlier this month. The energy drinks maker, which has Coca-Cola (NYSE: KO) as its major shareholder, will need to assess if such a merger could bring any positive synergy. Right now, it’s unclear if such a deal could jeopardize Monster’s exclusive distribution agreement with Coca-Cola. And if it does, it could affect Monster’s international growth ambitions. 

“I see little synergy between these two companies, as regulators would not welcome drinks that combine caffeine and alcohol. The products produced would have to leverage their respective brands but be mindful of the limitations with product formulations”- Kenneth Shea, Senior Analyst for beverage and tobacco companies at Bloomberg Intelligence.

[Read More] 5 Metaverse Stocks To Watch In November 2021

Ford (F), Rivian (RIVN) Cancel Plans To Jointly Develop An EV

Ford (NYSE: F) and Rivian (NASDAQ: RIVN) no longer plan to co-develop an electric vehicle, the companies confirmed Friday evening. The two companies initially announced development of a joint vehicle when Ford invested in the EV start up in 2019. With the plan scrapped, some electric vehicle stock investors are wondering what the impact of the decision is. 

According to Ford CEO Jim Farley, part of the breakup was due to the complexities of marrying their hardware and software together. In light of this, the company also reiterated that such a decision has not affected their relationship. Ford continues to believe in the company’s future, retaining a 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} stake in the EV start-up. The legendary automaker aims to produce 600,000 vehicles per year by the end of 2023. What’s more, Ford has several interesting products including the Mustang Mach-E SUV and the F-150 Lightning pickup truck. If anything, the old dog seems to be learning new tricks quickly. 

The decision to cancel the joint development was mutual, according to Rivian. “As Ford has scaled its own EV strategy and demand for Rivian vehicles has grown, we’ve mutually decided to focus on our own projects and deliveries. Our relationship with Ford is an important part of our journey, and Ford remains an investor and ally on our shared path to an electrified future,” the company said in an email statement.

[Read More] Top Stocks To Buy Now? 4 Renewable Energy Stocks For Your Watchlist

Zoom (ZM) Reports Earnings After The Closing Bell 

Zoom Video Communications (NASDAQ: ZM) will report its earnings after the stock market closes today. There’s no question that ZM stock has been under pressure heading into that announcement. Investors are less enthusiastic about the company’s short-term growth as more people return to the office. In addition to that, the increased competition from other players in the video conferencing space may unnerve some investors. In light of all this, it shouldn’t come as a surprise that ZM stock remains under considerable selling pressure.

From its second quarter, sales came in 54{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} higher year-over-year to $1.02 billion. Now, Wall Street is expecting the same revenue level when it reports today, with non-GAAP earnings of $1.07 to $1.08 per share. It’s also worth keeping an eye on how quickly customers are taking up new offerings like Zoom Phone, the company’s cloud-based telephony business. In addition to that, investors will also focus on the company’s operating margin. The profitability metric came in at 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of sales in the second quarter. And investors are hoping to see a modest boost later today. 

Admittedly, the pandemic acted as a huge catalyst for the company in 2020. But it’s normal for investors to be concerned about its ability to maintain its impressive growth rate. The company, however, is reportedly looking to diversify its revenue stream by entering the contact center market. Nevertheless, for ZM stock to rebound to its previous high, Zoom will have to issue a strong outlook for its business. That includes the new initiatives, which are critical to growing and maintaining its ecosystem. 

[Read More] 5 Biotech Stocks To Check Out In The Stock Market Now

Earnings To Watch In The Stock Market Today

If investors have been worried that inflation, supply chain and labor shortages would dampen corporate profits, they’ve been wrong so far. And bullish investors continue to gain from the strong corporate earnings thus far. As the market enters the holiday-shortened week, there’s no shortage of companies reporting their earnings. In the pre-market hours, we have Cerence (NASDAQ: CRNC), Niu Technologies (NASDAQ: NIU), Avaya (NYSE: AVYA), and Zhihu (NYSE: ZH), just to name a few.

Alternatively, for those anticipating the earnings after the closing bell, there are notable tech names reporting as well. Amongst them are Zoom Video Communications, Agilent Technologies (NYSE: A), Keysight Technologies (NYSE: KEYS) and Arrowhead Pharmaceuticals (NASDAQ: ARWR). Whether it is following corporate news, keeping up with earnings, or speculating who the next Fed chair is, there is enough to keep you occupied as we kick start the holiday-shortened week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Coronavirus Today – November 10


By Anne Blythe

Mandy Cohen, secretary of the state Department of Health and Human Services, has talked about her daughters many times as she helped steer the state through the COVID-19 pandemic.

Now the state gets to see them in a public service announcement about the kid-sized Pfizer COVID-19 vaccine that has just become available for children ages 5 to 11.

Cohen, the proud mother of a 7- and 9-year-old, took her children on Saturday to get a first dose of the two-dose Pfizer vaccine approved last week for emergency use by the Food and Drug Administration and the Centers for Disease Control and Prevention.

“Like most kids, my daughters don’t like shots,” Cohen told reporters at a briefing on Wednesday. “But we talked as a family about the reasons it was important to protect them from COVID just like we protect them from flu and other childhood illnesses like chicken pox.”

Then she showed a video that she said she hopes will help persuade other parents of the safety and efficacy of the vaccine. In clinical trials, according to data reviewed by Cohen, the CDC and FDA, the kid-sized dose of the Pfizer vaccine, a third of the amount in the vaccines given to anyone 12 and older, is 90 percent effective at preventing COVID infection in the younger children.

“We love our kids so much and we want to make good decisions for them and their health, and I was really happy that we have a safe and effective COVID vaccine,” Cohen says in a video showing her hugging her daughters. “And I was really proud of them today that they got their vaccine. It was a huge sigh of relief for mom. So I hope everyone goes out and gets their COVID vaccine for their kids as soon as possible.”

Cohen posted photos of her daughters to her Twitter account on Saturday. There is one of her older daughter getting her vaccine. Another one shows the two girls together after getting their shots. The 9-year-old gave a thumbs-up while revealing the colorful Band-Aid covering the spot on her left arm where she got the shot. The younger girl is smiling with her hands raised in the air.

They might have been celebrating, too, because chocolate milk was coming to them after their shots, their mother said.

Cohen’s girls are among the more than 24,000 children in North Carolina who have received their first dose of the newly available vaccine. Though children can experience side effects such as a sore arm, fever, headaches or feeling tired for a few days, Cohen said her daughters experienced no side effects.

“We have plenty of vaccine supply across the state. Kids can get vaccinated at any location that has a smaller dose of the Pfizer vaccine available,” Cohen said. “This includes their pediatrician or doctor’s office or hospital. Unlike other vaccines, younger children can also get vaccinated at local pharmacies and grocery stores, making it even easier for parents to find a convenient location for them.”

Additionally, DHHS has worked with community partners to set up nine family COVID-19 vaccination centers in historically underserved communities that will be open for the next six weeks. The centers will be open on weekends and during the evening so parents don’t have to take their children out of school or miss work to get a vaccine.

The centers also will have vaccines available for people older than 12, as well as boosters. Spanish interpreters will be there, too.

Cohen and Charlene Wong, a Duke pediatrician and the DHHS assistant secretary for children and families, know that many parents might have questions about the vaccine and tried to provide answers to many at the briefing with reporters. They also encouraged parents to talk with their pediatricians and other trusted health care providers about any concerns they have.

Here are some of the questions and answers:

Q: Two physicians asserted in a recent Wall Street Journal opinion piece that a low number of children in this country have been hospitalized or died from COVID infections. But the piece also cited data that have not been peer reviewed and have been contested.

So, what’s the urgency to get the younger children vaccinated?

A: To date, North Carolina has seen more than 1,300 hospitalizations and 11 deaths in children under the age of 17, out of 244,902 cases, according to data on the DHHS COVID-19 dashboard. Cohen and Wong made the point that although the risks of hospitalization and death from COVID are rare in children in that age group, the virus can make them very sick.

Some children infected with COVID have come down with the multi-system inflammatory syndrome, or Mis-C, a rare condition in which their organs can become inflamed and in some cases can be deadly.

Children also can experience long-COVID symptoms such as fatigue, headaches, insomnia, trouble concentrating, muscle and joint pain, as well as a lingering cough, months after infection, according to the CDC. 

“We are seeing that children can have longer-term side effects, fatigue, headache, muscle aches, lethargy, again, different kinds of tiredness. So we are seeing that in children and adults,” Cohen said. “And so I think what we want to do is say we have a tool here that is safe and effective at preventing your child from getting COVID in the first place. Let’s use that safe and effective tool to make sure they don’t get COVID.”

Q: How prevalent is long-COVID in children?