Archives for April 2021

American, Russians dock at International Space Station

MOSCOW (AP) — A trio of Russian and American space travelers launched successfully and reached the International Space Station on Friday.

NASA astronaut Mark Vande Hei and Russian cosmonauts Oleg Novitskiy and Pyotr Dubrov blasted off as scheduled at 12:42 p.m. (0742 GMT, 3:42 a.m. EDT) aboard the Soyuz MS-18 spacecraft from the Russia-leased Baikonur launch facility in Kazakhstan.

They docked at the station after a two-orbit journey that lasted just over three hours.

It is the second space mission for Vande Hei and the third for Novitskiy, while Dubrov is on his first mission.

The launch came three days before the 60th anniversary of the first human flight to space by Soviet cosmonaut Yuri Gagarin and the 40th anniversary of the first launch of NASA’s space shuttle.

“When we started, we were competing with each other and that was one of the reasons we were so successful at the beginning of human space flight,” Vande Hei said at a pre-flight news conference Thursday. “And as time went on, we realized that by working together we can achieve even more. And of course, that’s continuing to this day and I hope that it will continue into the future.”

The three will work on hundreds of experiments in biology, biotechnology, physical science and Earth science.

On the International Space Station, they are joining NASA’s Kate Rubins, Michael Hopkins, Victor Glover and Shannon Walker, Russians Sergey Ryzhikov and Sergey Kud-Sverchkov and Japan Aerospace Exploration Agency astronaut Soichi Noguchi.

Rubins, Ryzhikov and Kud-Sverchkov arrived in a Soyuz ship in October; Hopkins, Glover, Walker and Noguchi — the crew of the SpaceX Crew Dragon Resilience — joined them in November.

Caitlyn Jenner considers run for California governor

LOS ANGELES (AP) — Caitlyn Jenner has been an Olympic hero, a reality TV personality and a transgender rights activist. Her next step could be candidate for California governor.

The 71-year-old longtime Republican has been consulting with GOP advisers as she considers joining the field of candidates hoping to replace Democratic Gov. Gavin Newsom in a likely recall election later this year. Jenner has spoken to Dave Rexrode, executive director of the Republican Governors Association, about a potential run, a spokesperson for the organization said.

The celebrity activist, who described herself as “economically conservative, socially progressive” in a People magazine interview last year, immediately would stand out in a field that so far has failed to attract a nationally known contender. Her potential run would come nearly two decades after the ascendancy of Arnold Schwarzenegger, another Republican who used his Hollywood fame as a springboard to the state’s highest office in a 2003 recall election.

Still, a potential run by first-time candidate Jenner also has spotlighted the many unknowns about her positions on critical issues facing the nation’s most populated state, from how she would manage the coronavirus pandemic to slowing a homelessness crisis.

If the recall qualifies for the ballot, as expected, voters would be asked two questions: first, whether Newsom should be removed from office. The second would be a list of replacement candidates to choose from, if more than 50% of voters support removing Newsom from office.

The effort has been largely fueled by criticism of Newsom’s handling of the pandemic. Republicans who have announced their intention to run include former San Diego Mayor Kevin Faulconer, former U.S. Rep. Doug Ose and businessman John Cox, who lost to Newsom in the 2018 governor’s race.

Jenner is evaluating key questions in a possible candidacy: Is she ready for the rigors of a statewide campaign, the pressure to raise tens of millions of dollars and ultimately, can she win? said people familiar with her plans or who had conversations with those advising her but were not authorized to speak publicly.

The team around her includes former President Donald Trump’s campaign manager, Brad Parscale, who is helping Jenner assemble an inner circle; longtime Republican strategist Ryan Erwin, a veteran of California and presidential politics who would become the campaign’s general consultant; and GOP fundraiser Caroline Wren.

California Republican National Committee member Harmeet Dhillon declined to comment on a Politico report saying she would serve as the campaign’s general counsel.

“My understanding is she is in the research phase, trying to assess her chances, trying to understand the pathway to victory,” said Jim Brulte, a former chairman of the California Republican Party. He has not spoken directly to Jenner.

Jenner made headlines in recent years with her back-and-forth relationship with Trump, who remains broadly unpopular in California outside his GOP base. Trump lost the heavily Democratic state to Joe Biden in November by over 5 million votes.

Jenner supported Trump in 2016 but later criticized his administration’s reversal of a directive on transgender access to public school bathrooms. She also criticized Trump after he said transgender people would not be allowed to serve in the U.S. military.

As an untested candidate in a potentially crowded field, it’s difficult to predict what her coalition of supporters might look like. Republican social conservatives, for example, might be hesitant to line up with a transgender candidate.

Newsom, who as San Francisco mayor ignored the law and issued marriage licenses to same-sex couples in 2004, has close ties to the LGBTQ community.

It’s also not known what role Trump might play in the election, if any, and how the GOP donor community that is crucial to funding a campaign would react. Jenner also could face questions about a 2015 fatal crash in which she rear-ended two cars. A 69-year-old woman was killed when her car was pushed into the path of an oncoming Hummer.

In a typical election, Jenner, as a Republican, would face long odds in a state dominated by Democrats. But with dozens of candidates expected to join the ballot in a likely recall election, the threshold to win would be far lower with the vote divided among many contenders.

Jenner’s celebrity status would be an advantage in what could be a chaotic two-month campaign. She’s widely known from shows including “Keeping Up with the Kardashians” and the spin-off “I Am Cait.”

With multiple candidates, California Republican national committeeman Shawn Steel said it’s possible that a winner could top the field with as little as 20% of the vote.

Jenner “is not to be discounted at all,” said Steel, who has not spoken with her about the race. If she enters the contest, “Caitlyn adds a whole new level of excitement.”

It’s not uncommon in California for residents to seek recalls, but they rarely get on the ballot — and even fewer succeed. Recent statewide polling has suggested that Newsom would hold his office.

County election officials are reviewing the signatures submitted by recall organizers to determine whether it will qualify. The vote likely would take place in the fall.

Axios first reported Jenner’s interest in running, and Politico on Thursday first reported her conversation with the Republican Governors Association and the hiring of several prominent Republican consultants.

A representative for Jenner could not immediately be reached.

Verizon recalls mobile hotspots sold to schools, in stores

NEW YORK (AP) — Verizon is recalling 2.5 million mobile hotspots after some reports of overheating and two reports of minor burns.

The 4G hotspots were used by schools and sold by stores. They are called Ellipsis Jetpack mobile hotspots and were imported by Franklin Wireless in San Diego.

The U.S. Consumer Product Safety Commission said Thursday that the lithium ion battery in the hotspots can overheat, posing fire and burn hazards.

Out of the 2.5 million units, there have been 15 reports of devices overheating, including six reports of fire damage to bedding or flooring and two reports of minor burn injuries.

The units were sold by Verizon stores in the U.S., other stores and school districts between April 2017 and March 2021. They were sold for $50 to $150.

Users can contact Verizon for a replacement. Parents whose children received the recalled Ellipsis Jetpack from their schools should contact their school for instructions on how to receive a replacement.

Verizon said that of2.5 million devices being recalled, just over 1 million are currently in use. Of those, several hundred thousand were purchased and are being used by schools.

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This story has been corrected to show that Verizon is only offering a replacement, not a refund.

Virus knocks 80% off Atlantic City casino profits in 2020

ATLANTIC CITY, N.J. (AP) — The coronavirus outbreak sent profits plunging at Atlantic City’s casinos by more than 80% last year, according to figures released Friday by New Jersey gambling regulators.

But despite those dismal numbers, seven of the nine casinos still managed to eke out a profit, no matter how small, in 2020.

The state Division of Gaming Enforcement reported the nine casinos collectively posted $117.5 million in gross operating profits in 2020. That was down from nearly $594 million a year earlier, before the pandemic forced casinos to close for 3 1/2 months, and limited their operations even after reopening.

Gross operating profit reflects earnings before interest, taxes, depreciation and other expenses, and is a widely accepted measure of profitability in the Atlantic City casino industry.

“Atlantic City and its casinos endured their most challenging year in history,” said James Plousis, chair of the New Jersey Casino Control Commission. Even after being allowed to reopen in July, the casinos’ earnings were limited by travel restrictions, limited amenities, and canceled entertainment, he added.

“Yet, through responsible management, the casinos proved that in-person gaming could happen safely,” Plousis said. “As tourists return to the shore, they can have every confidence Atlantic City is safe for the summer.”

The Ocean Casino Resort posted the largest operating profit at $21.8 million, up from $6.7 million in 2019. Its owners announced this week that the Ilitch family of Detroit, which owns the Little Caesars pizza chain, pro baseball and hockey teams and a Detroit casino, is buying half of the Ocean casino.

Ocean was the only Atlantic City casino to increase its profits during the pandemic year.

“Despite 2020’s extraordinary challenges, Ocean showed continued growth, emerging as an industry leader in gross gaming revenue,” Terry Glebocki, Ocean’s CEO, said in a statement. “Thanks to our team’s hard work and determination in the months before and after our temporary closure due to the global pandemic, Ocean had a successful year. As restrictions ease and we reopen additional areas of our business, I’m optimistic we’ll continue to see gaming growth throughout 2021.”

The Tropicana earned $18.7 million, but that was down more than 78% from a year earlier. Hard Rock earned $10.9 million, down nearly 72%, and Caesars earned $10.4 million, down more than 84%.

Harrah’s earned $8.5 million, down more than 90%; Golden Nugget earned $7.2 million, down nearly 74%, and the Borgata posted an operating profit of just $650,000 for the year, down 99.7% from 2019. It was the last Atlantic City casino to reopen last year, several weeks after the rest.

Resorts had an operating loss of $10.5 million, compared to a profit of $17.6 million in 2019. Resorts is in the process of extending its management agreement with the Mohegan tribe in Connecticut to manage its Atlantic City casino operations.

Bally’s had a $10 million operating loss, compared to a $27.5 million profit in 2019.

Among internet-only entities, Resorts Digital had an operating profit of over $21 million, up from $8.5 million in 2019. Caesars Interactive Entertainment-NJ had a profit of nearly $20 million, up more than 45%, and Golden Nugget Online Gaming, which was spun off last year, showed an $18.6 million profit.

For the fourth quarter of 2020, whose results also were released Friday, Atlantic City’s casinos reported a collective gross operating profit of $57.8 million, down over 53% from 2019.

Ocean also had the most expensive average hotel room rate in 2020 at nearly $202. The Borgata was a distant second at $160.

Resorts had the lowest average room rate at $101, followed by Hard Rock at $112.

Ocean also had the highest occupancy rate in 2020 at 84%. The city as a whole averaged nearly 62% occupancy.

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Follow Wayne Parry at http://twitter.com/WayneParryAC

Tech company gains help push S&P 500 to record high

Wall Street capped another week of gains with more milestones Friday, as strength in technology and health care stocks helped push the S&P 500 and Dow Jones Industrial Average to all-time highs.

The S&P 500 rose 0.8% for its fourth record high this week and third straight weekly gain. The Dow’s latest milestone followed an all-time high on Monday.

Stocks have benefited this week as bond yields, which had been steadily ticking higher, retreated from highs hit earlier in the month. Higher yields can slow down the economy by pushing up interest rates, making it more expensive for people and businesses to borrow money. Bond yields rose Friday, but that didn’t weigh on stocks.

“The S&P 500 finished at another all-time high today as investors have become comfortable enough with the current level of interest rates and inflation to keep putting money into equities,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

A late-afternoon burst of buying pushed the major stock indexes higher. The S&P 500 rose 31.63 points to 4,128.80. The Dow gained 297.03 points, or 0.9%, to 33,800.60. The Nasdaq composite picked up 70.88 points, or 0.5%, to 13,900.19.

Small company stocks, which have outgained the broader market this year, lagged behind on Friday. The Russell 2000 index of smaller companies inched up 0.88 points, or less than 0.1%, to 2,243.47. Still, the index is up 13.6% so far this year, while the S&P 500, which tracks large companies, is up 9.9%.

Big Tech stocks were among the better performers. Apple rose 2%, Microsoft gained 1% and Intel added 1.8%. Health care companies also helped lift the market. UnitedHealth climbed 3.1% and Cigna rose 3.3%.

Financial companies also rose, aided by the rise in bond yields, which translates into higher interest rates lenders can charge on mortgages and other loans. State Street gained 2.4% and Wells Fargo added 1.2%.

The yield on the 10-year U.S. Treasury note, which influences interest rates on mortgages and other loans, rose to 1.66% from 1.63% late Thursday. It had been as high as 1.75% on Monday.

Most analysts expect inflation to increase as the economy improves.

“We’re seeing some evidence of inflation creeping into the market place, but it’s not problematic,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.

The market’s latest gains are in line with the market’s upward tack this week as investors weigh concerns about the virus tripping up a steady economic recovery against progress in vaccinations and business re-openings.

Investors are showing cautious optimism about the economic recovery, especially in the U.S., where vaccine distribution as been ramping up and President Joe Biden has advanced the deadline for states to make doses available to all adults to April 19.

“There’s optimism on the horizon that overall economic growth will continue as the year unfolds,” Sandven said.

But it’s clear the recovery has a long way to go. The number of Americans who filed for unemployment benefits last week rose again last week, as many businesses remain closed or partially shut down due to the pandemic.

In remarks to the International Monetary Fund Thursday, Federal Reserve Chair Jerome Powell said a number of factors are putting the nation “on track to allow a full reopening of the economy fairly soon.”

Investors will turn their attention to quarterly results next week, when earnings season gets underway. The major banks are among the first to report their results, including JPMorgan, Wells Fargo and Bank of America. Analysts polled by FactSet have hiked their profit forecasts during the quarter. They expect growth of just over 24%, compared with the view back in September that companies in the S&P 500 would see 13% growth.

“On balance, we’re seeing earnings accelerate to provide valuation support,” Sandven said.

Archives for April 2021

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