Daily Archives: August 20, 2021

Though vaccination rates are improving and booster shots will soon be available in the U.S., there is still much to be learned about how the coronavirus is evolving.

We have a higher level of uncertainty now than weve had since the spring of last year, Dr. Howard Forman, professor at the Yale School of Public Health, said on Yahoo Finance Live (video above). Because there are so many moving parts, we dont know whether the vaccines are causing waning immunity or rather whether waning immunity is occurring.

Some U.S. states are seeing hospitals overwhelmed with mostly unvaccinated individuals with COVID-19, and some government leaders have reverted back to measures that were implemented at the onset of the pandemic in order to mitigate the spread.

Governors and mayors have a lot of responsibility to manage their own locale as best they can, which may include masking, may include other measures, Forman said. We have to hope they take those measures at the right time to mitigate as much as possible. Whats going to happen after this wave is unknown to anybody. Were really still very much in the dark.

The Delta variant, a mutant strain of the virus that has proven to be significantly more contagious than the original strain, now accounts for over 98% of coronavirus cases in the U.S.

Nevertheless, Forman cautioned against questioning the effectiveness of the vaccines, especially since they were developed at a time when the Delta variant didnt yet exist.

Protection against infection appears across the board lower than we expected, Forman said. But that may be more about Delta than it is about the vaccines. The combination of these things means that we just have much more uncertainty than we would like to have.

People wearing masks cast shadows while walking in a patch of sunlight near a retail window in SoHo on March 19, 2021 in New York City.(Photo by Alexi Rosenfeld/Getty Images)

Though fully vaccinated individuals can experience breakthrough infections against the Delta variant, an overwhelming majority are still protected from the most serious effects of the virus.

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I would just caution people that the vaccines are actually holding up very well against severe disease and death, Forman said. Not as well against incidentally asymptomatic or mild infections.

Though preliminary data has indicated that booster shots could make a difference in developing immunity, specifically for the elderly and other vulnerable populations, Forman urged others to be patient about waiting their turn.

People are already going out for shots and basically misleading or just not telling the centers theyve already been fully vaccinated, Forman said. I would just tell people to have a little bit of caution right now about doing that so easily. The immunocompromised population is one that we have really good data that they did not respond well to two shots in the case of the mRNA vaccines or one shot with J&J. We had really good evidence of that.

Forman added that there is really good evidence that a booster shot does help them get a little bit closer to having vaccine immunity, so there are good reasons for that group. We also know that the most elderly did not have great immunity after the first shot went as compared with the youngest. So there may be a case to be made for getting a third shot in that group. But we dont have the evidence for that yet.

Forman suggested looking towards Israel, where 60% of the population is fully vaccinated and is now leading the way in providing boosters to anyone over the age of 50 (and will soon lower to 40).

One should make the case that if were going to use a third shot in [the U.S., it should be for very good reasons and not because people are panicking or thinking something that might not be true, he said.

Adriana Belmonte is a reporter and editor covering politics and health care policy for Yahoo Finance. You can follow her on Twitter @adrianambells and reach her at adriana@yahoofinance.com.

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Coronavirus: 'Were really still too much in the dark,' Yale professor says - Yahoo Finance

Top U.S. health officials laid out a plan to roll out booster shots for the general population, in a somewhat phased manner based on initial vaccinations, starting September 20.

But before then, the U.S. Food and Drug Administration (FDA) and the U.S. Centers for Disease Control and Prevention (CDC) must look through data and evaluate for safety and effectiveness.

The announcement from the White House Wednesday sparked debate over whether or not it was the right move.

On one hand, the U.S has a little over half of its population vaccinated, while poorer countries aren't even able to get their first doses to the most vulnerable of their population.

"We can take care of America and help the world at the same time," Biden said. And the country is on track to deliver on 600 million doses globally.

Meanwhile, early data from the U.S. as well as Israel and the U.K. show a slow decline in protection especially with the fast-spreading Delta variant after 6-8 months.

A joint statement from health officials at Heath and Human Services (HHS), the CDC, FDA, the National Institutes of Health, the U.S. Surgeon General and the COVID-19 Health Equity Task Force, explained the conclusion of reviewing the emerging data.

"The available data make very clear that protection against SARS-CoV-2 infection begins to decrease over time following the initial doses of vaccination, and in association with the dominance of the Delta variant, we are starting to see evidence of reduced protection against mild and moderate disease. Based on our latest assessment, the current protection against severe disease, hospitalization, and death could diminish in the months ahead, especially among those who are at higher risk," according to the statement.

While the latter part of that statement drew skepticism among some experts, it changed Dr. Eric Topol's mind on the issue.

A person who had previously been inoculated against the coronavirus disease (COVID-19) with Sinovac's Coronavac vaccine, gets a third dose of a Pfizer-BioNTech vaccine, in the Hospital de Clinicas, in Montevideo, Uruguay August 16, 2021. REUTERS/Mariana Greif

"I was against boosters, but the data I think are becoming abundantly clear that they could be helpful in this situation," said Topol, Scripps Research Institute executive vice president and scientist.

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One need look no further than Israel, now among the worst affected countries in fighting COVID-19, after once enjoying a zero-case period, Topol added.

"If we don't build back the Delta immunity wall this is specific to Delta, we never saw this problem in the previous strains we're going to be in for trouble," he said. "We don't have our house in order," Topol said.

And that extends beyond the battle against anti-vaxxers and other impediments to increasing the U.S. vaccination rate. Experts have criticized the CDC for not being able to efficiently collect the necessary data at the federal level instead largely relying on a network of state and local providers.

"Our data collection is, frankly, pathetic And were not functioning as a functional country," Topol said.

In order for the country to emerge from the pandemic, it must act swiftly on new data, but also strike a balance in its actions, he said.

"It's time to be ahead of this, rather than trailing it. If you're look for some peer-reviewed publications and journals, it's going to be many weeks before we see that," Topol said.

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U.S. data collection on COVID-19 is 'pathetic': Expert - Yahoo Finance

As the world continues to contend with COVID-19, much about the virus remains uncertain, including its interactions with cannabis.

In the early months of the pandemic, various studies linked pot to both adverse and beneficial results. The trend continues today, with little conclusively known about the cannabis-COVID medical connection if indeed there is one.

That said, it is much clearer to see that the pandemic created a significant beneficial impact on the marketplace.

Almost All Conclusions Require Additional Data

Several physicians and researchers tell Benzinga that little has been concluded regarding any cannabis-COVID connections, beneficial or adverse.

Dr. Samoon Ahmad is a professor of psychiatry at NYU Grossman School of Medicine, where he serves as the unit chief of the inpatient unit at Bellevue Hospital. He said that "Unfortunately, not a lot" is certain at this time.

Dr. Robert Milanes, a California-based cannabis physician of telehealth platform Heally, stated, "One thing we know conclusively is that cannabis cannot cure COVID-19."

Despite his assertion, cannabis entrepreneurs, like retired NFL player Kyle Turley, have claimed CBD can cure COVID-19. In late March 2020, the FDA warned Turley about making such claims.

Milanes pointed out that cannabis use increased during the pandemic. He noted a Margriet W. van Laar et al. study that saw 41.3% of respondents saying their cannabis use increased during the lockdown.

Beyond that, no one considered any findings to be verifiable at this time.

Ahmad, the author of a medical cannabis clinical handbook and an upcoming Wolters Kluwer-published book delving into the pandemic's psychosocial effects, noted that several studies of interest had been published in recent months.

He cited additional studies with various adverse and beneficial conclusions. They include possible elevated rates of adverse outcomes for older patients using the synthetic drugs nabilone and dronabinol to treat severe breathing problems. Ahmad countered the results, stating, "This is indirect evidence and tenuous at best."

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He also cited studies linking heavy cigarette use to worsened COVID symptoms, hypothesizing that heavy cannabis smoke could have the same effect. He warned that vaping risks are even more tenuous.

"I would err on the side of caution and recommend that individuals use tinctures or edibles should they choose to use cannabis, particularly if they have comorbidities associated with worse COVID-19 outcomes," Ahmad added.

Milanes also discussed various studies and their outcomes.

The physician cited one study that concluded cannabis users could be more vulnerable to contagion and worsening conditions due to COVID. He noted additional analyses that found people predisposed to cannabis use disorder saw an increased likelihood of hospitalization from the virus while other studies concluded that CBD might play a substantial role in lessening the severity of a cytokine storm. This is when the body's immune system goes into overdrive, of sorts, signaling an influx of cytokines to fight a pathogen.

Milanes called the occurrence "the most dangerous and potentially life-threatening event related to COVID-19."

Ahmad added, "Preclinical evidence suggests that THC and CBD may reduce the severity of acute respiratory distress syndrome (ARDS), but clinical evidence is still lacking."

Good For Health, Probably Not. Good For Business? Yep. Sales Boomed During Pandemic

Though little to no medical research links cannabis use with COVID-19 relief, that is definitely not the case in business where the pandemic proved to be a boon for the emerging industry.

Jessica Lipton, a cannabis researcher and founder of gummies brand Elevate Delta 8, said

the essential status given to much of the industry led to significant expansion.

"Businesses boomed and were encouraged to maximize cash flow, develop contingency plans and hire more people," Lipton said. She expects the trend to continue, especially for brands selling both THC and CBD products.

Delivery services also increased or were introduced across most markets to adhere to social distancing rules.

"Although the relaxation of these guidelines is temporary, the success that we've seen may encourage legislative adjustments in the future," Lipton added.

An August 2021 report found sales increased between 2019 and 2020 across Alaska, Colorado, Oregon and Washington during COVID-19.

Photo: Artem Podrez from Pexels

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2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The Cannabis-COVID Connection: What We Know And What We Don't Know - Yahoo Finance

After nearly two decades in public service, James Stewart, a science teacher from Maryland, is fighting an uphill battle to deal with $122,000 in student loans.

It can be overwhelming, the Dorchester County Public Schools teacher told Yahoo Finance, explaining that he managed to avoid student debt for his undergraduate education and master's degree but took on loans for his doctoral degree in educational leadership at the for-profit chain University of Phoenix.

When he applied for Public Service Loan Forgiveness (PSLF) a few years ago, he held around $104,000 in loans. That pile continues to grow.

Stewart is just one of many educators facing this problem: Educators across America are heavily weighed down by student debt, according to a new report from the National Education Association (NEA).

(National Education Association)

The union's report, which surveyed nearly 2,500 educators between October 30 and December 14 of 2020, looked at educators loan status, repayment type, payment difficulties, debt relief and loan forgiveness, and personal negative impacts of student loan debt.

No matter what we look like, where we live, or whats in our wallets, all of us should be able to pursue our dreams at an affordable college or university, NEA President Becky Pringle said in a statement. But today, the cost of college imposes a teacher penalty on educators, saddling them with a lifetime of debt before they even enter the classroom.

Tuition inflation in the 21st century has led to heavy borrowing and a student debt crisis that some lawmakers are urging the White House to address through broad cancellation of some federally-backed debt.

According to the NEA, 45% of educators took out student loans averaging $55,800 to attend college. Out of this group, 14% with unpaid student loan debt have a current balance of $105,000 or more. And educators of color and younger educators have been particularly impacted.

Pringle called on the Education Department to immediately forgive all outstanding debt for educators with 10 or more years of experience as the Public Service Loan Forgiveness program was designed to do."

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The Public Service Loan Forgiveness (PSLF) program was designed by Congress to help government and nonprofit employees with federally-backed student loans apply for forgiveness after proof of 120 monthly payments under a qualifying repayment plan. It's also notoriously painful to navigate and regularly rejects the vast majority of applicants.

A mother wearing a mask walks with her daughter wearing a mask, cap and gown amid the coronavirus pandemic on May 14, 2020 in New York City. (Photo by Alexi Rosenfeld/Getty Images)

I'll be working still during my very last days, I guess, to pay the thing off, Stewart said about his debt. Unless I get lucky and become like a [Amazon CEO Jeff] Bezos or whatever.

Payments on federally-backed student debt are paused until January 31, 2022. Nevertheless, some lawmakers have expressed concern about whether borrowers will be able to smoothly transition back to repaying their loans or if the resumption of payments will cause spikes in delinquencies and defaults.

Senators Elizabeth Warren (D-MA), Chuck Schumer (D-NY), and Congresswoman Ayanna Pressley (D-MA) have repeatedly called on Biden to cancel $50,000 in student loan debt immediately via executive order.

The NEA noted significant disparities between the debt levels held by white borrowers and borrowers of color.

The study found that 56% of Black educators have taken out student loans, as compared to 44% of white educators. Black educators also took out significantly more debt than other groups, with an average initial total of $68,300, as compared to $54,300 taken out by white borrowers and $56,400 by Latino borrowers.

Furthermore, about 16% of Black borrowers with student loans hold more than $105,000 in debt, as compared to 11% of white borrowers.

(National Education Association)

There's also a generational divide in terms of how much student loan debt educators take on: 65% of educators between 18 and 35 have taken out student loans, as compared to just 27% of those above 61.

For younger educators, paying the debt off has impacted their ability to buy a home, go back to school, or start a family, the report said.

That said, older educators are also being impacted by student debt. More than a quarter of educators above the age of 61 who took out student debt still have a balance. And almost four in ten have $45,000 or more left to pay off, the report noted.

For this age group, two-thirds of educators with outstanding student loans also said their debt has affected their ability to save for retirement.

(National Education Association)

One consumer advocate recently called for immediate action after a Consumer Financial Protection Bureau (CFPB) report flagged legal violations by student loan servicers that administer the PSLF program.

In October 2019, the New York attorney general sued the Pennsylvania Higher Education Assistance Agency (PHEAA), the loan servicer who handles the PSLF program, for "failing to properly administer" the program. The suit alleged that the servicer engaged in "deceptive, unfair, and abusive practices in administering the federal program."

New York Attorney General James speaks at the Protecting Student Loan Borrowers and the Economy in Upcoming Transitions hearing.

In response, PHEAA recently announced that it was quitting the business as of December this year.

"The federal government should take action to cancel a substantial amount of federal student debt," Attorney General James stated. She also noted that she co-led 17 state Attorneys General in February this year, urging the adoption of House and Senate resolutions that call for the cancellation of up to $50,000 in federal student debt for all federal student loan borrowers.

"Canceling this debt will help free borrowers burdened by loan payments, and allow them to move forward with their lives, as well as helped to close the racial and gender wealth gap," James added. "The student debt crisis has been exacerbated by misconduct by student loan servicers."

Aarthi is a reporter for Yahoo Finance. She can be reached at aarthi@yahoofinance.com. Follow her on Twitter @aarthiswami.

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Student loans: A 'teacher penalty' is crushing generations of educators with debt - Yahoo Finance

By Janet Yellen, U.S. Secretary of the Treasury

For more than a generation, America has underinvested in the public goods that are the foundation of our economic growth: infrastructure, education, childcare.

Our funding for them has been on a downward trajectory for nearly forty years. In 2019, it was about three-quarters of what it was in the 1970s. On Tuesday, the United States Senate began to turn the page on this unfortunate chapter in our economic history and, with two pieces of legislation, started building the economy that Americans should and can have.

The first development happened in the late morning when the chamber passed the Infrastructure Investment and Jobs Act, which as its name indicates will commence the largest modernization of American infrastructure since Eisenhower built the Interstate Highway System.

Its history is written in concrete and fiber optic cable. In addition to repairing roads and extending transit lines, the bill will connect every home to broadband internet and dot the American landscape with half-a-million electric vehicle charging stations, part of a down payment on a greener, more resilient economy.

Later Tuesday evening, the Senate made history a second time when it began consideration of a broader set of investments, including childcare, education, health care, and housing. This broader legislation and the infrastructure package are pieces of President Bidens Build Back Better family of proposals.

Its important to understand how Build Back Better fits into our economic history. During the postwar years, the United States was almost certainly the best place to start a business or a family. But about a generation ago, economists started to observe a set of worrying trends that threatened the proposition.

Some have asked: 'Are we overinvesting here?' My response is 'no,' and there are at least three compelling reasons.Janet Yellen, Treasury Secretary

The percentage of prime-age workers who participated in the labor force started declining. There was a divergence in wages. High-earners saw pay go up, while lower-earners watched it stagnate. The racial wealth gap remained stubbornly persistent. When I started studying economics in 1963, the average Black familys wealth was roughly 15 percent of the average white familys. Six decades later, the data point is the same.

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Underinvestment in public goods like infrastructure and childcare likely didnt set these trends in motion, but it has perpetuated that motion and in some cases, like the decline in labor force participation accelerated it. More women leave the workforce in America than in many other wealthy countries, meaning that our economy loses out on their talents, and their families lose out on a paycheck. One study looked at the connection between this trend and our nations lack of funding for family-friendly policies like paid parental leave and childcare. It found that underinvestment in things that help parents balance work and life accounted for nearly one-third of the decline in U.S. womens labor force participation.

Fortunately, fiscal policy works both ways. The lack of it can amplify destructive economic forces, but its ambitious use can unwind them. That is the big idea underneath President Bidens economic proposals. The Build Back Better agenda, much of which is contained in the reconciliation bill expected to move through the Senate this fall, will increase labor force participation because it makes those long-overdue investments in families. It expands access to high-quality childcare, provides universal pre-K, and expands the Child and Dependent Care Tax Credit all of which reduce the cost of raising families.

The Verrazzano-Narrows bridge connecting the Brooklyn and Staten Island boroughs is pictured in morning fog in New York City, New York, U.S., June 26, 2021. Picture taken June 26, 2021. REUTERS/Nick Zieminski

This new bill makes community college tuition-free for two years, which will help workers especially younger ones better compete in the labor market. And it will help Americans whove never been able to build wealth obtain the most important asset for doing so: the family home. The Build Back Better agenda calls for half-a-million new affordable homes, and one million new rental units (which should alleviate the housing crisis).

As the Senate moves forward, I know there is a good-faith debate about how much spending is too much. The Senate just passed a once-in-a-generation infrastructure funding bill, and now were proposing another set of ambitious investments.

Some have asked: Are we overinvesting here? My response is no, and there are at least three compelling reasons.

First, if we are going to make these investments, now is the right time. Real interest rates are currently negative, and payment on our public debt, as a share of the economy, is expected to remain below historic levels for at least a decade.

Second, the Build Back Better proposals are fiscally responsible. The investments are spread out over time, and total around one percent of our gross domestic product over the course of the decade. Theyre also paid for over the long-term through a reformation of the tax code that will make it fairer, without touching Americans who make less than $400,000 a year.

Third, and most importantly, we have to consider the opportunity cost of not making these investments. Weve grown used to America as the worlds greatest economic power, but we arent destined to stay that way.

U.S. President Joe Biden meets virtually with governors, mayors, and other state and local elected officials to discuss the bipartisan Infrastructure Investment and Jobs Act, in the South Court Auditorium at the White House in Washington, U.S., August 11, 2021. REUTERS/Evelyn Hockstein

I question whether we can if we remain a country where renting a home eats up the lions share of your paycheck, and owning one is out of the question; where young people cant gain the skills to compete in the job market because they cant afford the tuition bill; or where Americans must make a choice: have children or have a job.

The Build Back Better agenda will address these challenges. It will bolster our economic growth and productivity, while bringing down some of the largest cost drivers for American families.

Indeed, the crucial question isnt What if we make these big investments? It is: What if we dont?

We are now engaged in the most important economic project in recent history: Repairing the broken foundations of our economy, and on top of them, building something stronger and fairer than what came before.

Janet Yellen is the former Federal Reserve Chair and the current 78th United States Secretary of the Treasury.

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Janet Yellen: Biden's infrastructure plan is a down payment on the economy America can and should have - Yahoo Finance

Krispy Kreme (DNUT) will look to take a price increase in September as it battles to protect margins from higher costs for key commodities such as edible oils and sugar.

CEO Mike Tattersfield said on Yahoo Finance Live the price hikes won't be exorbitant, owing likely to the price-sensitive consumer that frequents the donut-hawking brand.

"We are really disciplined on pricing. We are a dozens business, so we do always pay attention to an accessible price point. So when you think about the pricing that will happen on a dozen you won't really see it that much," explained Tattersfield on the looming price increases.

Tattersfield said the cost for an individual donut will still be about a $1.

"We do have pricing power, and we are really thoughtful," Tattersfield added.

Krispy Kreme CEO Mike Tattersfield talks during the doughnut company's IPO at the Nasdaq Opening Bell, Thursday, July 1, 2021, in New York. (AP Photo/Mark Lennihan)

Despite the pressure on the business, Krispy Kreme notched a solid second quarter its first since going public in July.

Organic sales growth clocked in at 22.5% from a year ago as the company gained more shelf space at the likes of Walmart in the U.S. and also saw strength at international stores. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 77.8% year-over-year.

Here is how Krispy Kreme performed compared to Wall Street estimates for the second quarter:

Krispy Kreme shares settled at $13.77 in Wednesday's session, below the $17 pricing of its IPO. The stock had hit a high of more than $21 soon after its July market debut.

For the full year, Krispy Kreme sees sales rising 19.4% to 23% to a range of $1.34 billion to $1.38 billion. Adjusted EBITDA is expected to be in a range of $178 million to $185 million, or up 22.4% to 27.2% from a year earlier.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Krispy Kreme is raising prices in September because of inflation - Yahoo Finance