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Arkansas grocery store reopens in wake of mass shooting that left 4 dead 2024-07-02 19:44:29+00:00 - FORDYCE, Ark. (AP) — The sounds that filled the Mad Butcher grocery store on Tuesday — the beeping barcode scanners, the rattle of shopping carts and cash register drawers opening — were familiar ones for customers and employees of the only grocery store in the small Arkansas town of Fordyce. But this was not a normal day for the store, which reopened 11 days after a shooter killed four people and injured 10 others in Mad Butcher and its parking lot. Community leaders called Tuesday’s reopening an important part of the healing process for a town of 3,200 shocked by the mass shooting. “It’s more than a store,” said Dallas County Sheriff Mike Knoedl, who had responded to the shooting and was on hand for the store’s reopening. “It’s a meeting place. Every time I’m in this store, I’m in it two or three times a week, you’re talking to neighbors. Everybody knows everybody.” The store’s closure left Fordyce without a grocery store and few nearby alternatives in the aftermath of the shooting, prompting several food distribution sites to be set up throughout the community. Though the town has a Walmart and discount retailers with some food options, the closest grocery stores or supermarkets are located in neighboring cities at least half an hour away. “This is Fordyce,” said Dick Rinehart, a mechanic who went to the store Tuesday to buy ribs, bread and lunchmeat. “Without this grocery store, where would we go?” Employees and volunteers who were there for the reopening handed customers shirts that read #WeAreFordyceStrong. A banner with the same message has hung under the store’s green awning since the shooting occurred. Memorials to the victims of the shooting, including flowers and crosses, sit near the store’s parking lot. Kent J. Broughton, a pastor in Fordyce who was loading up his cart with watermelons, said the store’s reopening restores a place for many in the community to connect with family or friends. “If you’re bored and you need something to do, if you want to see somebody, just go to the grocery store,” Broughton said. “You’re going to run into somebody you know, a friend or cousin or something, and you pick up from there.” Police have not given a motive for the shooting. Travis Eugene Posey, 44, pleaded not guilty last week to four counts of capital murder and ten counts of attempted capital murder and is being held in a neighboring county’s jail without bond. Posey was injured after a shootout with police officers who responded to the attack, authorities said. Police have said Posey was armed with a handgun and a shotgun, and multiple gunshot victims were found in the store and its parking lot. Authorities have said Posey did not appear to have a personal connection to any of the victims. The Mad Butcher reopened more quickly than two other grocery stores that have been the sites of mass shootings in recent years. A Buffalo, New York, grocery store reopened two months after a gunman killed 10 Black people in 2022. A Boulder, Colorado, supermarket where 10 were killed in 2021 reopened nearly a year later. The Fordyce store reopened the day after the last of four funerals for the victims, who ranged in age from 23 to 81. Mayor John MacNichol said he never would have imagined a mass shooting occurring in his close-knit town, but said he’s been proud of the community’s response. “I think we’re doing OK. I ain’t saying we’re doing great,” MacNichol said. “But I think it’s bringing the community closer together and uniting us.”
FTC unanimously moves to block Tempur Sealy’s purchase of Mattress Firm 2024-07-02 19:42:56+00:00 - NEW YORK (AP) — The Federal Trade Commission has unanimously voted to bring a lawsuit against mattress maker Tempur Sealy to block its $4 billion acquisition of Mattress Firm, saying the deal would allow the world’s largest mattress supplier to suppress competition that would result in higher prices for shoppers. The deal was announced in May 2023. At the time, analysts had praised the acquisition and said it would allow Tempur Sealy to expand its distribution and reach more consumers at a crucial time for increasing sales. Acquiring Mattress Firm would also help Tempur Sealy buck the current slowdown in sales, caused by the cost-of-living crisis and many households having upgraded their mattresses during the pandemic, analysts said. Mattress Firm, Houston, operates more than 2,300 brick-and-mortar retail locations and an e-commerce platform. The combined companies would have a total of some 3,000 retail stores, 30 e-commerce platforms, 71 manufacturing facilities and four research and development facilities worldwide. But the FTC said Tuesday in its release that the acquisition would create “enormous power” at multiple parts of the mattress supply chain. By acquiring Mattress Firm, Tempur Sealy would wield significant power over its rival mattress suppliers, which include Serta Simmons Bedding and Purple Innovation Inc. and could cut or limit their access to Mattress Firm’s stores, the FTC alleged in the complaint. The deal would also enable Tempur Sealy’s mattress brands — which include Stearns & Foster and Tempur-Pedic — to dominate the market over those of its competitors, the FTC said. By cutting off rivals’ access to Mattress Firm as a retail channel, Tempur Sealy’s acquisition could result in higher mattress prices, decreased product quality and choice, or reduced innovation, FTC said. The FTC also alleged that the combined firm could also drive other rivals to bankruptcy. For example, it could limit present and future rivals’ access to Mattress Firm’s floor space, award sales workers higher commissions on Tempur Sealy products sold, or otherwise take steps meant to steer customers away from rivals’ products and toward Tempur Sealy’s mattresses. In a statement posted on its corporate website, Tempur Sealy said it was “disappointed” that it initiated litigation and noted it has been working constructively with the FTC to secure regulatory approval for this transaction. “We ultimately believe the FTC’s perspective does not reflect all the relevant facts and law,” Tempur Sealy said. The Lexington, Kentucky-based mattress company noted that the bedding industry is highly competitive, offering consumers a diverse selection of products, brands, price points, and purchasing channels. It added that there are thousands of brick-and-mortar storefronts across the U.S. where consumers can purchase bedding products, only a small fraction of which are operated by Mattress Firm. In addition, brick-and-mortar retailers and direct-to-consumer bedding brands sell millions of bedding products online each year. ___ AP Business Writer Wyatte Grantham-Philips in New York contributed to this report.
The Supreme Court Trump immunity decision broke its own rule 2024-07-02 19:42:52+00:00 - The Supreme Court ruled on Monday that former President Donald Trump is immune from criminal prosecution for official acts made while president. This partial immunity decision — presidents do not enjoy absolute immunity for unofficial actions taken while in office — is a stunning example of institutional hubris and reckless judicial activism. Instead of deciding specifically whether special counsel Jack Smith’s election interference criminal indictment against Trump is negated by presidential immunity, the court acknowledged a broader purpose. As majority author Chief Judge John Roberts pontificated: “[W]e cannot afford to fixate exclusively, or even primarily, on the present exigencies.” In plain English, the court refused to answer the question at the heart of Trump’s indictment, instead returning the case to the district court for further wrangling and debate. Instead of deciding specifically whether special counsel Jack Smith’s election interference criminal indictment against Trump is negated by presidential immunity, the court acknowledged a broader purpose. That’s a far cry from Roberts’ statement in his Senate confirmation hearing comparing his role to that of an umpire calling balls and strikes. The point of Roberts’ analogy was that justices don’t make rules, they are simply arbiters. But in this case, the court ignored the time-tested principle of judicial restraint. Instead, the court expanded the case’s scope beyond what either party had proposed. On the other hand, we already knew this was likely going to be the outcome. When the court converted Trump’s motion for a stay into a petition for certiorari, the justices drafted an overly broad question to decide, writing: “Whether and if so to what extent does a former President enjoy presidential immunity from criminal prosecution for conduct alleged to involve official acts during his tenure in office.” During the oral argument on April 25, Trump’s lawyer D. John Sauer acknowledged that the court had “expanded the question presented from what either of the parties submitted to discuss here.” This expansion directly led to the court’s inconclusive holding that a former president may be immune for some actions and not for others. In addition to prolonging the delay in Trump’s D.C. federal trial, the opinion now pushes the case back to Judge Tanya Chutkan. If the district court rules again that Trump is not immune, his lawyers will appeal again. And the seemingly endless loop of legal delays will continue. The court’s self-important drive to announce an all-encompassing principle was underscored by Justices Samuel Alito, Neil Gorsuch and Brett Kavanaugh during oral argument. The issue before the court was bigger than just one case, Alito intoned, because “whatever we decide is going to apply to all future presidents.” When Justice Department lawyer Michael Dreeben referred to the specific allegations of Trump’s case, Alito doubled down, saying, “As I said, this case will have effects that go far beyond this particular prosecution.” Gorsuch appeared to be coming from the same viewpoint, stating, “I’m not concerned about this case so much as future ones too.” And Kavanaugh, in dialogue with the Justice Department lawyer, said, “As you have indicated, this case has huge implications for the presidency, for the future of the presidency for the future of the country, in my view.” Deciding the scope of any potential presidential immunity in circumstances different from those alleged in Trump’s indictment was not part of this case. But deciding the scope of any potential presidential immunity in circumstances different from those alleged in Trump’s indictment was not part of this case. The court can and should be deciding constitutional questions using the specific facts presented to them. For example, in its 2000 Bush v. Gore ruling shutting down the Florida recount of votes and, practically, giving the presidential election to George Bush, the court wrote: “Our consideration is limited to the present circumstances, for the problem of equal protection in election processes generally presents many complexities.” Earlier in Roberts’ tenure as chief justice, according to a Congressional Research Service 2014 report, the Supreme Court in a “host of recent cases” employed rules “to avoid having the Supreme Court issue broad rulings on the Constitution.” That report recounted Harvard Law School professor Cass Sunstein’s advice that “in deciding cases, judges should say no more than necessary to justify an outcome and leave as much as possible undecided.” The court knows how to decide an appeal on narrow grounds, leaving further issues for a future case. Last month, the court in Chiaverini v. City of Napoleon, Ohio, upheld the legal validity of an arrestee’s Fourth Amendment constitutional claim, but Justice Elena Kagan wrote, “we leave for another day” how that rule would be applied at trial. It chose not to adhere to this principle in Trump’s case, to the detriment of both the law and American democracy. Not only did the majority sabotage the timely prosecution of Trump for his alleged role in attempting to stay in power after he lost the 2020 election, but it also revealed the court’s own sense of its self-importance.
FDA approval of Eli Lilly's Alzheimer's drug cements our decision not to take profits 2024-07-02 19:42:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Rally in markets: Stocks were higher across the board Tuesday afternoon, led by the Nasdaq Composite , which added 0.7% and was on pace for back-to-back record closes. The S & P 500 , which had been hovering near the flatline in earlier in the session, advanced around 0.4%. Shaking off earlier losses, the Dow Jones Industrial Average added about 100 points, or 0.25%. Big news for Lilly: The Food and Drug Administration on Tuesday approved Eli Lilly's Alzheimer's treatment donanemab. The drug will be sold under the brand name Kisunla and cost $32,000 for a 12-month course. Shares of Eli Lilly moved off session lows on the news. The stock was under more pressure earlier in the day due to President Joe Biden and Vermont Sen. Bernie Sanders criticizing the cost of the company's fast-growing weight-loss drug Zepbound. Kisunla is not expected to be a significant driver of growth for Eli Lilly this year or into 2025, especially when considering the billions of dollars in projected sales for Zepbound and its sister drug Mounjaro, which shares an active ingredient, tirzepatide, and is used to treat type 2 diabetes. Still, we have viewed the FDA approval of Lilly's Alzheimer's drug as an important catalyst for the company to achieve a $1 trillion market value . Analysts see $477 million of sales for Kisunla in 2025 and roughly $1 billion in 2026, according to FactSet. And already, Lilly has next-generation treatments to succeed Kisunla in the works. Lilly had hoped for Kisunla to be approved by the end of March, but the timeline was pushed back after the FDA surprisingly called a meeting of an advisory panel to take a closer look at the safety and efficacy data. The 11-member panel eventually met in June and offered unanimous support for the drug . Tuesday's approval represents a major breakthrough in Eli Lilly's expensive, decadeslong pursuit of treatments for Alzheimer's , a memory-robbing disease afflicting millions of Americans. Before Kisunla, Lilly had come up short on multiple other experimental drugs, most notably solanezumab, which failed a high-profile late-stage study in 2016 . The company officially ended development of that drug last year. Lilly's Kisunla is the second treatment of its kind to receive full FDA approval, following in the footsteps of Biogen and Eiasi's co-developed Leqembi in July 2023. The drugs seek to slow the disease progression in a similar way by reducing the buildup of so-called amyloid plaques on a patient's brain. These abnormal clumps of the amyloid protein have long been an indicator of Alzheimer's disease, though their exact role in the condition is not known. Both drugs are administered intravenously. Leqembi has encountered a slower-than-expected rollout as the U.S. health-care system worked to establish infrastructure to support this new class of treatment. Patients need to first see a doctor who can determine their eligibility for the anti-amyloid drug. Then, IV infusions need to be scheduled to deliver the drug every two weeks along with periodic MRI scans to monitor the side effects, which include brain swelling and bleeding. Leqembi is pricey, at more than $26,000 a year, so making sure insurance reimbursement is in place has been another important piece to the treatment puzzle. Biogen said in late April that uptake of Leqembi is accelerating, and executives offered encouraging commentary about hospital systems becoming better equipped to handle patients on the drug. Lillly's entrance into the Alzheimer's market may further accelerate that progress, according to Alisha Alaimo, the head of Biogen's North America business. "In a space like this, where there has been such a heavy lift by the physician community, a competitor or another option is always really a good thing," Alaimo said at a Goldman Sachs health-care conference June 12. "It's a good thing for physicians. It's a good thing for patients. But, more importantly, the market will develop faster with Lilly in play." We had debated taking profits in Eli Lilly earlier Tuesday but ultimately decided against it because any elevated political risk from Washington in the short run does not change the long-term story for the pharmaceutical giant. We've been saying for years its growth prospects were the best among large-cap peers, anchored by Mounjaro and Zepbound, and now Kisunla can officially be considered part of the story. Corona on tap: Club holding Constellation Brands is set to report quarterly results before the bell on Wednesday. The post-earnings conference call is set for 10:30 a.m. ET. While there has been some concern about poor weather around Memorial Day impacting Constellation's quarter, several analysts remain upbeat on the stock heading into the print. In a note to clients Friday, Goldman Sachs said investor expectations are low due to softer trends industrywide. But analysts said that based on feedback from their distributor and retailer contacts, the Corona and Modelo parent is primed for a beat on the top and bottom lines. Wall Street expects the company to earn $3.46 per share on revenues of $2.67 billion, according to estimates compiled by LSEG. We'll also be looking for commentary on how the summer is shaping up for its key Mexican beer brands, and whether there are any green shoots in Constellation's struggling wine-and-spirits business. Up next: The U.S. stock market closes early on Wednesday, at 1 p.m. ET, ahead of the Fourth of July. It is closed on Thursday in observance of the holiday. Before the break, though, we'll get a look at private payroll growth in June via ADP's employment survey on Wednesday morning along with weekly initial jobless claims. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
The Supreme Court's immunity decision could backfire for Trump 2024-07-02 19:35:31+00:00 - There was very bad news for Donald Trump in Monday’s Supreme Court decision, and arguably even worse news for candidate Trump. That’s because Mike Pence is going to walk into a federal courtroom, raise his right hand, take an oath to tell the truth, and testify against Trump in this case in September for an evidentiary hearing. What Monday’s decision did was give Trump absolute immunity applying to one paragraph of the indictment. The rest of the indictment goes back to Judge Tanya Chutkan’s courtroom, where the Supreme Court has ordered her to have a hearing about the evidence in the case to determine whether Trump’s actions were “official acts,” meaning they may be protected by immunity, or not. That goes for everything in the case, except for one conversation that Trump had with the acting attorney general. In this hearing, basically there’ll be some briefs on each side. And then the judge will schedule a day and say, “OK, we start today, Mr. Smith. Who’s your first witness?” It’s exactly like a prosecution. Sometimes, pretrial, in the evidentiary process, prosecutors don’t want to turn over all their cards. But Jack Smith is going to have to turn over every single one of them. Because the Supreme Court has said to him, in effect, "We need to see every single one of your cards." So every witness he has, he’s going to bring them into that courtroom. They’re all going to be under oath and the defense is going to be able to cross-examine them. The defense probably won’t bring in any witnesses at all. So you’re going to see this incredible Jan. 6 hearing on steroids possibly for six to eight weeks in September to October. This is an adapted excerpt from MSNBC's special coverage of the presidential immunity Supreme Court ruling on July 1.
July 4th gas prices expected to hit lowest level in 3 years 2024-07-02 19:11:00+00:00 - Low gas prices are something for drivers to celebrate this July 4th, with costs at the pump expected to hit their lowest levels since 2021. The average price of gasoline on Independence Day is expected to be $3.49 per gallon nationwide, the lowest price it's been on the busy travel holiday in three years, according to GasBuddy, a fuel savings platform. That could mean serious cost savings compared with a few years ago for the 60.6 million motorists who are expected to travel by car to celebrate the federal holiday, according to AAA. Last year, this national average price of gas was $3.50, just a penny higher than this year's projected price. In 2022, the average cost of gas was more than $1.30 higher than it's expected to be this year, driven up at the time by Russia's invasion of Ukraine in February which caused oil prices to spike. Where gas is cheapest Gas prices have ticked upward slightly since the beginning of June, when they fell to as low as $3.39 per gallon. Still, in some states fuel costs are significantly lower than the current national average. In Washington, average gas prices are down 71 cents a gallon compared with one year ago. "For those hitting the road to celebrate Independence Day, gas prices have seen modest recent fluctuations, but most states are seeing prices near or even well below where they were a year ago," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. But De Haan warned that hurricanes and other tropical weather events could disrupt refineries and cause prices at the pump to spike later in the summer. "While the first half of the summer has been relatively smooth sailing, the road ahead may be bumpy. Activity in the tropics has increased, and projections remain for a very busy hurricane season. Even after the holiday fireworks are over, we'll be watching for any potential fireworks at the pump that could be brought on by hurricanes disrupting refineries," he said. How to save on fuel costs For motorists looking to save money on upcoming road trips, there are ways to minimize gas usage while driving. Accelerating hard wastes fuel, while accelerating gently saves gas. Toyota offers this tip: "Aim to take about five seconds to accelerate your vehicle up to 15 miles per hour from a stop," the automaker said. Sudden changes in speed can increase gas consumption by up to 30% on the highway, so aim to drive at a steady pace, Toyota added. Progressive, the insurance company, adds that newer cars tend to be more fuel efficient than older models. A quick tuneup to clear your vehicle's clogged air filters will also enable more efficient fuel consumption, and potentially help you save on gas costs. Check your tire pressure, as underinflated tires can lower your fuel efficiency.
Analysts Rally Behind Waystar: Predict Robust Growth and Market Share Gains Following Competitor Setback - Waystar Holding (NASDAQ:WAY) 2024-07-02 19:01:00+00:00 - Loading... Loading... BofA Securities analyst Allen Lutz initiated coverage on Waystar Holding Corp. WAY with a Buy rating and price forecast of $27. According to Lutz, Waystar is well positioned for 10% revenue growth supported by steady end-market demand and recent competitive changes. In addition, the cybersecurity attack on competitor Change Healthcare could drive Waystar’s market share gains. Check This Out: Why Ocean Power Shares Are Gaining Today In response to the Change disruption in February, Waystar launched a program for impacted providers to expedite access to its platform within 2-3 days of contract execution. The company initially added 30K provider customers and could add more over the next few quarters, the analyst adds. Waystar operates in a $15 billion market, with stable ~40% margins over the next three years. Precisely, the company has a solid opportunity to expand its existing relationships with 18 of the top 22 hospitals and potential changes in the competitive environment can support further growth. Over time, Lutz projects a structural shift in health systems, reducing dependence on Change by diversifying with independent vendors to guard against future cyber breaches. The analyst projects FY24 EPS of $0.20. Goldman Sachs analyst Adam Hotchkiss initiated coverage on Waystar with a Buy rating and a $32 price forecast. Per Hotchkiss, Waystar’s comprehensive technology platform, addressing multiple points across the healthcare revenue cycle, is unique within a market dominated by point-solution technology vendors, manual processes, and healthcare IT services businesses. The analyst adds that Waystar’s deliberate combination of assets drives a more compelling sale to and partnership with larger hospitals and health systems. The analyst projects FY24 EPS of $0.21. William Blair analyst Ryan Daniels initiates coverage on Waystar Holding with an Outperform rating. For fiscal 2024, the analyst projects total revenue of $885 million, adjusted EBITDA of $351 million, and adjusted earnings per share of $0.19. For fiscal 2025, Daniels projects revenue of $971 million, adjusted EBITDA of $380 million, and adjusted earnings per share of $0.69. Price Action: WAY shares are trading higher by 0.46% to $21.61 at last check Tuesday. Image via Dall-E 3
Top Democrats Pelosi, Clyburn say Biden age concerns are 'legitimate' after debate 2024-07-02 19:01:00+00:00 - Rep. Nancy Pelosi, D-Calif., speaks during the anniversary of the Inflation Reduction Act event at the White House in Washington, Aug. 16, 2023. Former House Speaker Nancy Pelosi, of California, and House Rep. Jim Clyburn, of South Carolina, both Democrats, said Tuesday it is fair to raise concerns about President Joe Biden's fitness after he stumbled through his first debate with former President Donald Trump on Thursday. "I think it's a legitimate question to say, 'Is this an episode or is this a condition?'" Pelosi said in an MSNBC interview, noting that the question should be asked of both Biden and Trump. In a separate MSNBC interview shortly after, Clyburn echoed that it is reasonable to wonder whether Biden's debate performance is a signal of a larger medical issue: "I'll have to wait on the experts in medicine to give their opinion, because I'm not a doctor, so I have no idea the extent to which all of this may have occurred." Clyburn added he has a phone call with Biden scheduled for later Tuesday. In response to Pelosi and Clyburn's comments, the White House said questioning the president's cognitive abilities is "fair" but that the administration has been transparent enough about his medical records. "I get the question. It is a fair question to ask," White House Press Secretary Karine Jean-Pierre said at a Tuesday press briefing when asked about Pelosi's comments. "As it relates to his medical records, we have been transparent, we have released thorough reports from his medical team every year." She added that Biden's medical team does not find further cognitive testing warranted, despite his poor debate showing. Jean-Pierre also said that Biden's doctor, Kevin O'Connor, did not have any concerns about the president's medical status after the debate: "Not at all." Pelosi's and Clyburn's comments come as Democrats monitor the scale of damage from Biden's difficult debate. Several polls so far have found that the Biden-Trump rematch remains a near dead heat. A new CNN poll published Tuesday found Trump with a 6-point lead on Biden in a head-to-head matchup, unchanged from the survey's April results. The margin of error for that question was plus or minus 3.7 percentage points. The poll surveyed 1,045 registered voters from June 28 to 30, the three days following the debate, which means it represents respondents' immediate reactions. Both Democrats reiterated their support for Biden for as long as he stays in the presidential race. "I want this ticket to continue to be Biden-Harris, and then we'll see what happens after the next election," Clyburn said.
After Thursday’s Debate, Conservative Media Finds It Hard Not to Gloat 2024-07-02 18:58:14+00:00 - In the hours after last week’s presidential debate, a video clip began circulating that featured Jill Biden gingerly helping her husband step down from the event’s stage. The snippet spread quickly on conservative media, along with an emerging narrative about President Biden’s weak performance: That the debate was a sweeping validation of the alarm bells they’d been ringing for years about his age. Since well before he took office, pundits on the right have argued repeatedly that Mr. Biden, now 81, was too feeble for the job, playing up videos of him falling off a bike, tripping onstage or stumbling over words during speeches. On the occasions when Mr. Biden has outperformed expectations — such as March’s State of the Union address — conservative critics have hinted that he must have been using a performance enhancing substance or, as former President Donald J. Trump bluntly put it in speeches leading up to last week’s debate, “jacked up” on drugs.
FDA approves Eli Lilly Alzheimer’s drug, expanding treatment options in the U.S. 2024-07-02 18:56:00+00:00 - A sign with the company logo sits outside of the headquarters campus of Eli Lilly and Company on March 17, 2024 in Indianapolis, Indiana. The Food and Drug Administration on Tuesday approved Eli Lilly 's Alzheimer's drug donanemab, expanding the limited treatment options for the mind-wasting disease in the U.S. The agency approved the treatment, which will be sold under the brand name Kisunla, for adults with early symptomatic Alzheimer's disease, according to the company. Nearly 7 million Americans have the condition, the fifth-leading cause of death for adults over 65, according to the Alzheimer's Association. By 2050, that group is projected to rise to almost 13 million in the U.S. "This is real progress. Today's approval allows people more options and greater opportunity to have more time," said Joanne Pike, president and CEO of the Alzheimer's Association. "Having multiple treatment options is the kind of advancement we've all been waiting for — all of us who have been touched, even blindsided, by this difficult and devastating disease." It's a long-awaited win for Eli Lilly after donanemab faced obstacles in its path to market. The FDA rejected the drug's approval last year due to insufficient data, then surprisingly delayed it again in March. Last month, an advisory panel to the agency recommended the treatment for full approval, saying the benefits outweigh its risks.
Judge in Trump's hush money trial delays sentencing following Supreme Court immunity ruling 2024-07-02 18:55:00+00:00 - The judge overseeing Donald Trump's New York criminal trial on Tuesday approved a delay of the former president's sentencing after his lawyers asked for more time to argue that the Supreme Court's immunity decision calls for a new trial. The sentencing hearing, previously scheduled for July 11, will now take place on September 18 at the earliest, according to a letter posted on the court's docket. The delay guarantees Trump will not be sentenced until after he is formally nominated for president at the Republican National Convention, which begins July 15, and sentencing will happen less than two months before the presidential election. Trump's team moved quickly to leverage the Supreme Court's ruling on Monday, sending a letter to Merchan asking to brief him on how it impacts his felony conviction on 34 counts of falsified business records. In a letter Tuesday, prosecutors said they were not opposed to delaying the sentencing hearing, though they signaled they believe the effort to toss the verdict is "without merit." The Manhattan jury found Trump guilty of crimes that would normally be misdemeanors but were escalated to felonies in this case. Prosecutors argued he doctored his internal business records while serving in the White House to disguise the fact that as president-elect, he'd ordered his former lawyer Michael Cohen to pay off adult film star Stormy Daniels ahead of the 2016 election. In the letter to the judge Monday, Trump's team argued that prosecutors wrongly used evidence of his "official acts" at trial, which is now immunized conduct and prohibited under the Supreme Court's new decision. The justices concluded that while presidents enjoy no immunity for "unofficial" acts that don't involve core presidential duties, prosecutors cannot use any evidence or testimony concerning official acts to prosecute unofficial conduct. The crux of the issue for Merchan will now come down to whether some of the evidence, like the testimony of former Trump aide Hope Hicks describing a conservation she had with Trump while he was president, is off limits. If so, a new trial could be required unless the judge finds the error was harmless because Trump would have still been convicted. Merchan approved the delay in sentencing in a letter Tuesday to both Trump's lawyers and prosecutors from Manhattan District Attorney Alvin Bragg’s office, but Trump's team could face an uphill climb. The judge swiftly dismissed their previous attempt to get the case tossed on immunity grounds. He said would issue a ruling related to the immunity decision on Sept. 6. Trump faces a range of potential sentences, including prison time, probation and a fine. Bragg, who brought the case against Trump, has not yet indicated what kind of sentence he will seek.
BlackRock's Preqin Acquisition To Drive Revenue Synergies: Analyst Sees Expansion In Emerging Private Markets - BlackRock (NYSE:BLK) 2024-07-02 18:53:00+00:00 - Loading... Loading... Goldman Sachs analyst Alexander Blostein reiterated a Buy rating on BlackRock, Inc. BLK with a price forecast of $929. According to Blostein, BlackRock’s latest acquisition — buying Preqin, a private markets data and solutions provider, for$3.2 billion — will provide a meaningful opportunity for revenue synergies, primarily from increased distribution via BlackRock’s broader network. This transaction, funded with $3 billion of incremental debt, with just $200 million in cash, helps BlackRock expand into the emerging private markets data segment. Read Also: BlackRock’s Aladdin Gets Smarter – $3.2B Deal Adds Preqin’s Private Markets Data According to Preqin’s reported financials, the company generated $166 million in revenues in 2022, and BlackRock expects it will generate ~$240 million in revenues in 2024 (relative to Visible Alpha Consensus revenue estimates of $20 billion for BlackRock in 2024). The transaction implies a valuation of ~13X management’s 2024 revenue estimates, the analyst adds. BlackRock also called out that the deal will have no impact on the previously communicated pace of dividends and repurchases – BlackRock previously spoke to expectations of at least $375 million of quarterly repurchases for the remainder of the year. Over time, management sees opportunities to drive operating leverage and more profitable growth as Preqin is integrated into the BlackRock ecosystem, the analyst adds. Price Action: BLK shares are trading higher by 0.39% to $785.28 at last check Tuesday. Read Next: Image: Shutterstock
Why down-ballot Democrats are on their own in the 2024 election 2024-07-02 18:48:14+00:00 - It may be time to retire the idea of presidential coattails. Like the long fabric in the back of a knee-length coat that it's named after, the idea that a popular presidential candidate will sweep other members of his party into office is no longer in fashion. Republican candidates not named Donald Trump were already going to have to make their own case to voters this year. Now, in the wake of a disastrous debate performance last week, Democratic candidates not named Joe Biden are in the same boat. While I don't believe any of the ideas of replacing Biden at the top of the ticket are likely, they are a possibility. But either way, Democratic candidates for House and Senate are going to have to stand on their own if they want to win. Given the general unhappiness with both major-party nominees, it's likely that voter turnout across the board will be lower. Given the general unhappiness with both major-party nominees, it's likely that voter turnout across the board will be lower than the historic voter participation in the 2020 election. As I wrote back in March, presidential years are tougher for Republicans in blue states because turnout is so much higher than in midterm elections. In 2020, voter turnout in New York was 63%, compared with 43% in 2022. While it is extremely likely that Biden would win New York in 2024, it should be noted that Republicans were able to flip six congressional seats in 2022 that Biden won in 2020. At the beginning of the cycle, Democrats were hoping they could rely on a similar turnout to 2020 to win them back in 2024. However, with less enthusiasm for Biden, down-ballot Democrats will have to heavily rely on community issues and develop a stronger get-out-the-vote operation than typical — and one they probably aren't used to setting up. National issues tend to dominate the news, but if Democrats hope to flip the House and have a chance of holding the Senate, they'd better focus locally and start shaking as many hands as they can from now until November. Sign up for MSNBC’s new How to Win 2024 newsletter and get election insights like this delivered to your inbox weekly.
Mississippi Judge Upholds State Law Mandating Drug Discounts for Low-Income Patients - Novartis (NYSE:NVS) 2024-07-02 18:44:00+00:00 - Loading... Loading... On Tuesday, a federal judge in Mississippi reportedly upheld a state law mandating drugmakers to provide discounts on medications dispensed by third-party pharmacies contracting with hospitals and clinics serving low-income populations. U.S. District Judge denied preliminary injunctions in lawsuits filed by the Pharmaceutical Research and Manufacturers of America (PhRMA) and Novartis AG NVS. Also Read: Walgreens Boots Alliance Expected To Close 25% Of Stores, But Financial Benefit Visible Only Next Year-Analyst. These lawsuits are part of a broader legal battle, with similar cases pending in Maryland and West Virginia. The judge found that PhRMA and Novartis were unlikely to succeed in their claim that the state law conflicts with federal regulations governing the 340B program. The 340B program requires pharmaceutical companies to offer discounts to hospitals and clinics that serve low-income patients in exchange for receiving funds from government health insurance programs such as Medicare and Medicaid. Judge Ozerden stated that the law might support the 340B program’s goal of ensuring patients can easily access their medications. Novartis expressed disagreement with the decision and announced plans to appeal, Reuters noted. Many providers eligible for the 340B program utilize contract pharmacies to dispense prescription drugs, avoiding the need to maintain in-house pharmacies. The U.S. Department of Health and Human Services updated its guidance in 2010, allowing 340B providers to use an unlimited number of contract pharmacies, which replaced the earlier limit of one such pharmacy per provider. Drug manufacturers have long argued that the extensive use of contract pharmacies within the 340B program results in reduced transparency and increases the risk of improper discounts or duplicate discounts on the same drug. In 2020, several drugmakers began imposing restrictions on 340B drug sales via contract pharmacies. Novartis, for instance, limited its dealings to contract pharmacies within a 40-mile radius of a 340B provider, while other companies implemented various other restrictions. Previously, pharmaceutical companies had successfully challenged federal guidelines that mandated compliance with contract pharmacies under the 340B program. Following these legal victories, states such as Maryland, West Virginia, Mississippi, Kansas, and Louisiana enacted laws requiring drugmakers to provide 340B discounts on drugs dispensed by contract pharmacies. Read Next: Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image credit: Dall-E 3
Japanese airlines outline behaviors that could get you kicked off a plane 2024-07-02 18:42:00+00:00 - Two Japanese airlines have outlined exactly what kind of behavior won't fly in the air — and could get passengers kicked off the plane, or prevent them from boarding. Japan Airlines (JAL) and All Nippon Airways (ANA) have posted explicit policies around "customer harassment" on their websites in an effort to protect airline employees from being disrespected and even abused by customers. The new rules come in the wake of a wave of unruly passenger incidents both in Asia and the U.S. Last June, a Japanese passenger on a China Airlines flight from Fukuoka to Taipei shouted at crew members for not speaking to her in her native language, the South China Morning Post reported. In the U.S., there have been 915 cases of unruly passengers, from Jan. 1, 2024 to June 9, 2024, including 106 cases of passenger disturbances due to intoxication, according to the Federal Aviation Administration. ANA, on its website, explains that it formulated the new customer harassment policy "in order to ensure that the human rights of employees and customers are mutually respected, and to create a safe and comfortable environment for all." What counts as harassment? The airline outlines three broad types of behavior it says constitutes harassment of airline workers, including: Behavior that that seeks to exploit a "superior" position Any illegal activities, or unreasonable demands Actions that harm the working environment of employees "We consider any behavior that meets these requirements mentioned above as customer harassment," the airline states. ANA also specifically lists nine types of actions that rise to the level of harassment, including hurling insults at airline staff and "acts of voyeurism." The list is as follows: Verbal abuse, yelling, insults, discriminatory remarks, defamation Threatening or intimidating behavior Excessive demands Physical violence, property damage or other aggressive behavior Actions that disrupt business operations Unauthorized access to workspaces Deceptive behavior toward employees Actions that damage the company's or employee's credibility Acts of voyeurism, stalking, indecent behavior, obscene remarks or sexual harassment ANA said it based its definitions and examples of harassment on a manual issued by Japan's Ministry of Health, Labour and Welfare, but added that behavior that rises to the level of customer harassment is not limited to these examples. JAL Group's policy on customer harassment is similar, stating that the airline "will not tolerate any verbal abuse, assault or nuisance, as we consider such behaviors to be harmful to our staff and will act accordingly to protect the safety of our employees." Behavior JAL won't tolerate from customers includes slander, unreasonable demands of staff, sexual harassment and more. Customers who violate the policies may be refused boarding, among other disciplinary measures. In the U.S., airlines are governed by the FAA's zero-tolerance policy for misbehavior, implemented in January 2021 after a sharp uptick in bad behavior on airplanes. Under the order, unruly passengers are fined of up to $37,000 per violation, versus receiving warnings and counseling. For fliers looking to be star passengers, the FAA has issued guidance. In a blog post, the aviation authority advises passengers to be courteous of others, respect crew members' instructions, and if consuming alcohol, to do so in moderation.
Comcast Expands Spanish Streaming With NOW TV Latino - Comcast (NASDAQ:CMCSA), Walt Disney (NYSE:DIS) 2024-07-02 18:38:00+00:00 - Loading... Loading... Comcast CMCSA has made a significant move in the streaming market with the launch of NOW TV Latino, a new service targeting Spanish-speaking audiences. Priced at $10 per month with no contract or additional fees, the offering includes more than 25 live Spanish-language streaming channels and access to Peacock Premium. This strategic initiative aims to provide a comprehensive and affordable entertainment package for Hispanic viewers, combining live TV, on-demand content and popular streaming services. NOW TV Latino showcases a wide range of content, including Spanish-language movies and TV shows from channels like Cinelatino, Sony Cine and Pasiones, as well as live news from Estrella News, Caracol Televisión and various Telemundo channels. The inclusion of Peacock Premium at no additional cost adds substantial value, providing access to a vast library of English and Spanish content, including live sports events like Premier League soccer and the upcoming Paris 2024 Olympics. Customers can purchase NOW TV Latino as a standalone service or integrate it with other Xfinity streaming offerings, such as NOW TV, NOW StreamSaver, or Xfinity StreamSaver. This allows users to create customized entertainment packages that cater to bilingual households and diverse viewing preferences. For instance, combining NOW TV Latino with Xfinity StreamSaver for $25 per month adds Apple TV+ and Netflix Standard with ads to the package. This Zacks Rank #3 (Hold) company emphasized the ease of adding NOW TV Latino to existing Xfinity broadband products, positioning it as a cost-effective solution for streaming entertainment. The service leverages Comcast's existing infrastructure, with content accessible through the Xfinity Stream app and Peacock app. Additionally, customers can opt for a Xumo Stream Box at no extra monthly cost for the first box, providing a unified streaming experience. NOW TV Latino Intensifies Competition in the Latin Streaming Market As the streaming landscape continues to evolve, Comcast's NOW TV Latino marks a significant attempt to capture a share of the Spanish-language market. Its performance could have broader implications for CMCSA's strategy in the increasingly competitive media and entertainment industry. Comcast's launch of NOW TV Latino places it in direct competition with several established players in the Latin streaming market, particularly Netflix NFLX, Disney DIS and Alphabet GOOGL-owned Google's YouTube. Netflix has invested heavily in producing original Spanish-language series and films, particularly from Latin America. Shows like Narcos, La Casa de Papel (Money Heist) and Elite have gained international popularity. Disney owns a controlling stake in Hulu, which has been expanding its Spanish-language content. Disney's Star+ service, available in Latin America, offers more adult-oriented content and live sports. YouTube is a significant player in the Latin streaming market, offering a vast array of free, ad-supported content in Spanish. It's particularly popular for music videos, vlogs and user-generated content. By offering a tailored package with competitive pricing and no contractual obligations, Comcast is positioning itself to compete more effectively in this demographic segment. The company's existing relationships with content providers and its strong network infrastructure could provide advantages as it seeks to carve out a significant share of the Latin streaming market. The Zacks Consensus Estimate for CMCSA's second-quarter earnings is pegged at $1.12 per share, which has declined by a cent in the past 60 days. The consensus mark for 2024 earnings is pegged at $4.21 per share, which has declined by 2 cents in the past 60 days. However, the success of NOW TV Latino will likely depend on factors, such as content quality, user experience, marketing effectiveness and its ability to compete with established Spanish-language networks and streaming services. To read this article on Zacks.com click here.
mRNA Technology Promises To Make A Long-Time Coming Turning Point In Cancer Treatment - Moderna (NASDAQ:MRNA) 2024-07-02 18:34:00+00:00 - Loading... Loading... The medical and pharmaceutical community continues to embrace emerging technologies, beginning with mRNA that rose to fame during the COVID-19 pandemic. The beauty of mRNA technology is that it opens the door to a more personalized and effective treatment as messenger RNA instructs the patient’s cells how to combat diseases like cancer. Moderna Inc MRNA and Merck & Co MRK joined forces to advance cancer treatment with an experimental mRNA vaccine, used in combination with Merck’s blockbuster immunotherapy drug Keytruda. With promising mid-stage trial results in the battle against melanoma, the duo is also conducting a late-stage study to validate their findings and expand their research scope to other types of cancer, beginning with a non-small form of lung cancer. But mRNA technology is also being used to revolutionize cancer diagnostics. Moving the needle in early cancer diagnostics. A molecular genetics diagnostic company specializing in the early detection of cancer, Mainz Biomed N.V. MYNZ, today reviewed its major accomplishments from the first half of the year. Its flagship product, colorectal cancer at-home screening test, ColoAlert is already marketed across Europe. At ASCO 2024, Mainz Biomed confirmed the results from its previous ColoFuture and eAArly DETECT studies. The pooled study was a third consecutive confirmation of the effectiveness of its tool in detecting CRC and precancerous lesions. By integrating the Fecal Immunochemical Test with proprietary mRNA biomarkers and advanced AI and machine learning algorithm, Mainz Biomed’s test showed 92% for colorectal cancer, along with 82% sensitivity for advanced adenomas which are a well-known cancer precursor, including 95.8% detection of high-grade dysplasia. While being the second most lethal cancer in the U.S. and Europe, CRC is also the most preventable cancer type as early detection results in survival rates that exceed 90%. But Mainz Biomed went even a step further as determining lesions in a pre-cancerous stage can change the entire CRC diagnostic field, as it allows to treat the patient before the polyps even progress to a cancerous stage. With its innovative approach and a positive outcome of the FDA study, Mainz Biomed has the potential to disrupt the CRC diagnostic screening landscape and set a new gold standard. Ahead of its pivotal FDA trial, Mainz Biomed was also awarded a Poster of Distinction at Digestive Disease Week presenting data from its eAArly DETECT study. The poster showed the study’s results of 97% sensitivity for colorectal cancer and 82% for advanced precancerous lesions. Mainz Biomed’s results for the six-month period ended on June 30th, 2024 are to be released in September. Merck and Merck and promising to advance treatment of more than one cancer type. Merck and Moderna’s combined treatment showed strong results in patients diagnosed with melanoma. In a mid-stage trial that involved 157 patients, their combined treatment resulted in a 96% overall survival rate after two and a half years, while Keytruda alone resulted in 90.2% survival rate. In addition, 75% of patients who underwent the combined treatment that consists of the experimental mRNA vaccine and Keytruda enjoyed recurrence-free survival, while this figure was brought down to 55.6% for those patients who only received Keytruda. The Moderna-Merck revolutionary cancer treatment represents a potential revolution on the oncology front. Cancer is a very complex disease that comes in more than 200 different types, which is why the medical and scientific front have been struggling for way too long in an effort to find a cure, marking it as a type of disease we may never be able to cure completely. But, with the help of mRNA, a more efficient treatment is on the horizon and finally, a turning point in cancer treatment. The broader picture is that by using emerging technology, pharmaceutical companies seem to finally have the tool that gives them the power to redefine cancer treatment. DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice. This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Car dealerships still struggling from impact of CDK cyberattack 2 weeks after hack 2024-07-02 18:32:00+00:00 - Most U.S. car dealerships are still struggling to sell cars, with repercussions from a cyberattack on software provider CDK Global lingering two weeks after the breach. Hackers took down CDK's sales and client management software tools two weeks ago, crippling the auto industry in what the company called a "ransom event." CDK has not disclosed whether or not it has paid the group behind the ransom attack, but said it has been successful in slowly restoring automated sales tools for its dealership clients. Still, the hack has taken a sizable chunk out of June car sales — more than 5% compared with June 2023, according to an estimate from J.D. Power. Tom Maoli, who runs a number of dealerships, including a Lexus dealership in New Jersey, said the cyberattack has slowed sales in what's usually a very busy month for him and other auto dealers. "Right now, just on our new car sales, we're down 50% this month," Maoli told CBS senior consumer investigative correspondent Anna Werner. He has yet to calculate the full financial impact of the CDK Global outage. Even oil changes are a challenge Indeed, that hack has taken a toll on all of the roughly 15,000 auto dealers that rely on CDK Global software to run their service departments, process financing for car purchases, generate sales leads and manage customer relationships. For example, would-be car buyers are unable to close deals in a timely manner, as transactions that would typically take only a few hours are put on hold while systems are down. "The DMS system that's been targeted in this attack is the backbone of an automotive dealership," Tyson Jominy, vice president of data and analytics at J.D. Power told CBS News. "It basically links together all the new vehicle, used vehicle sales, along with the finance office and even down to the service department. So consumers right now may even be having trouble getting oil changes, and getting warranty work done at a dealership. Two customers visiting Maoli's New Jersey dealership Monday told CBS News they were able to drive off the lot with a new SUV — in about six hours. The dealership's finance and insurance manager, Tony Carlucci, processed the sale by hand and gave the couple a paper receipt. "Since the system has been down, it's taking at least double the amount of time for us to do everything that we need to do," Carlucci told CBS News. CDK Global said it expects all dealers' systems to be back up and running by the morning of July 4. Until then, both car buyers and sellers are advised to be patient.
Starmer urges minister to meet Royal Mail over postal vote delay fears 2024-07-02 18:27:00+00:00 - Keir Starmer has called on a government minister to meet the postal service over concerns that hundreds of people could miss out on casting their vote on polling day after their ballots failed to arrive. The Labour leader said the Post Office minister, Kevin Hollinrake, should “get on with the job” of sorting out the problem that is believed to have hit Scotland, where the school holidays have already started, particularly badly. Hollinrake was said to be “urgently” investigating a failure to get ballot packs to people in some constituencies in time for polling day. However, Royal Mail sources said on Tuesday that he had not yet raised his concerns. Earlier, he had suggested Royal Mail should have anticipated extra demand for postal votes during the summer holidays amid fears that some could be left disfranchised because they are already overseas. Royal Mail has hit back at criticism, insisting there was “no backlog” before the general election, as experts warned any delay could hit the Conservatives hardest. However, Starmer told reporters on the campaign trail in Derbyshire: “I think [ministers] should actually get on with the job of sorting this out. It’s rather indicative, if it’s true, of the way the government has been run. “If you’re in government, and they are in government, at least for the time being, they need to sort it out and get on with sorting it out. We can’t have these people who are entitled to a vote not being able to exercise it. “So get on with the job, I’d say, and if the Post Office minister hasn’t met them, do it now in the next hour or two. Seriously, though, I mean, we’re running out of time. It’s not something you can do tomorrow.” Scotland’s first minister, John Swinney, has pushed for a review of the timetable for general elections as a result of the issues with Scottish voters receiving postal ballots. The election falls in the first full week of the school summer holidays in most parts of Scotland, with delays in receiving postal votes resulting in some Scots being left without a vote owing to already-planned holidays abroad. In a letter to Rishi Sunak, Swinney said the issues had been caused by a combination of the prime minister’s decision to hold the vote on an “unsuitable date”, and the timetable for elections leaving “little room in it to address issues” which might arise. A Royal Mail spokesperson said: “We have no backlog of postal service and, whilst we are not complacent, we remain confident that postal votes handed to us on time will be delivered prior to polling day. skip past newsletter promotion Sign up to Election Edition Free daily newsletter Make sense of the UK election campaign with Archie Bland's daily briefing, direct to your inbox at 5pm (BST). Jokes where available Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion “Where specific concerns have been raised, we have investigated and confirmed ballot packs are being delivered as soon as they arrive in our network. “We would welcome a review into the timetable for future elections with all stakeholders to ensure that the system for printing and administering postal votes before they are handed to Royal Mail works as smoothly as possible.” The Local Government Association has called for a review of the already “overburdened” system put under extra pressure by an “unprecedented increase” in people voting by post. On Monday, the prime minister’s official spokesperson said he was not concerned that some people could be deprived of a vote as a result.
NHL free agency shows teams in states with no income tax have an advantage 2024-07-02 18:22:31+00:00 - When the Tampa Bay Lightning made moves at the NHL draft to clear salary cap space, general manager Julien BriseBois hoped a variety of factors would entice players to sign as free agents. One, of course, was the organization’s penchant for winning and the talent already on the roster. Another, he pointed out, was the “favorable taxation situation.” It has become difficult to deny the impact of favorable tax situations around the league in recent years. Four of the past five Stanley Cup champions are based in places with no state income tax, and that benefit continues to draw free agents who know they will take home more money there than elsewhere around North America. “There is a distinct advantage for those teams that are in states with no tax — always,” said Alan Pogroszewski, who has studied and worked with players on tax matters for more than a decade. “There will always be an advantage.” It is not necessarily the deciding factor for a player, but it certainly doesn’t hurt. The $69 million contract Sam Reinhart got to re-sign with the reigning champion Florida Panthers is worth more there than it would have been had he signed for the same terms in many other markets. Averaging out Reinhart’s salary to $8.625 million annually, he owes $3.15 million in taxes in Florida. He would pay $1.1 million more in California, $1.5 million more in New York and $1.4 million more in Toronto, according to a calculator provided publicly by Cardinal Point Athlete Advisors. Over the length of the contract that could save him up to $12 million. “That’s part of the reality,” San Jose Sharks general manager Mike Grier said. “I think it is an advantage for those teams: They can obviously pay guys a little bit less, and guys are happy to go there. So not to their fault or anything, those teams take advantage of the situation as they should.” And they do. Nashville, Florida, Tampa Bay, Dallas, Vegas and Seattle — the six teams in the 32-team NHL in states with no income tax — combined to spend nearly a quarter of the $1 billion-plus in salaries committed Monday when free agency opened. Winger Jake Guentzel, who played his first seven-plus seasons with Pittsburgh before being traded to Carolina in March, just signed a seven-year deal worth $63 million with the Lightning. Their winning culture was part of the draw, along with the lack of winter weather, but tax experts will point out that he’s coming out ahead financially, too. “I guess that’s always a good thing if you can make more money,” Guentzel said. “There’s just the positives about Tampa, and there just seems to be so many of them: living the lifestyle, the atmosphere in the rink is unbelievable and if that’s part of it, too, that’s great. There’s just a lot of things behind the scenes that you’re really excited for.” Pogroszewski, the founder, president and CEO of AFP Consulting LLC, which specializes in the tax preparation and consulting for pro athletes, said he and his colleagues have debated for years how much of a factor financial matters such as these should play in free agent decisions. Pogroszewski said the New York Rangers or Islanders would need to offer a contract exceeding $88 million to net the same amount as Reinhart’s $69 million contract with the Panthers. He points out there are things players can do to even the playing field — retirement compensation arrangements in Canada being one of them and establishing residency in a no- or low-tax state is another. Grier said players and agents are all aware of tax differences by state, acknowledging “that definitely figures into everything.” Veteran defenseman Chris Tanev’s situation featured a different variable. After finishing last season with the Dallas Stars, moving there and becoming a U.S. resident would have triggered Canada’s departure tax on capital gains, while remaining a resident of Ontario would have mitigated the tax advantage of working in Texas. “That plays a role into it,” said Tanev, who played his first 14 years in Canada with Vancouver and Calgary and is now heading to Toronto after half a season with Dallas. “And family reasons. Just coming to a good team is obviously a big part of that. I didn’t want to leave Dallas and go to a team that wasn’t trying to win, and that was a huge reason why this happened.” Some good teams do not have big-time tax benefits, such as the Oilers who went to the Cup final and pushed the Panthers to a Game 7. The Canadian dollar also plays a major role in league finances, with player salaries paid in U.S currency. The vast majority of the league simply has to deal with paying players while considering state or provincial tax implications. “If you can get New York state to go tax-free, I’m in,” Buffalo’s Kevyn Adams joked, before explaining his philosophy. “You try to focus your attention on building an organization the right way, where people recognize that and say, ‘That’s the culture, that’s the place that I want to play.’ ... If there’s players that flat out just don’t want to be in cold weather or don’t want to be in a state that has higher taxes, then they are probably not for us anyway.” ___ AP Hockey Writer John Wawrow contributed to this report. ___ AP NHL: https://apnews.com/hub/NHL