Maj.-Gen. Dany Fortin said ‘despite the bumps,’ Canada’s vaccine effort is going well now with deliveries set to continue at large volumes into the spring
OTTAWA – Provinces will receive two million doses of desperately needed vaccines in the days ahead, as the federal government pushes out the last of 9.5 million doses Canada has received so far.
The Liberals’ first target for the rollout was six million doses by the end of the first quarter, which it then increased to 9.5 million earlier this month. Pfizer has met its total and on Thursday the government was shipping 1.5 million doses of AstraZeneca that arrived from the United States to provinces. Nearly 600,000 doses of Moderna’s vaccine that were originally set to arrive last week, were set to land in Canada on Friday morning and be sent to provinces over the weekend.
Maj.-Gen. Dany Fortin said Canada’s vaccine effort is going well now with deliveries set to continue at large volumes into the spring.
“Despite the bumps Canada has seen over the last three months, it’s important to note some great successes along the way,” he said. “By the end of this week, we can expect to have distributed approximately 9.5 million COVID-19 vaccine doses across the country.”
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Government officials speaking on background said the government was paying a premium to its shipping companies to get the newly arriving vaccines out quickly over the holiday weekend.
Announcing a one-month lockdown for his province that begins Saturday, Ontario Premier Doug Ford was less critical of the federal government’s rollout than he has been recently.
He said he was confident millions of doses would arrive in his province in the coming months and the province had to close down so the vaccines could catch up.
“We need more time for our vaccine program to take hold,” he said. “We need more runway to let our vaccination rollout get to where we need it.”
Fortin announced 300,000 doses of the AstraZeneca vaccine would also be arriving next week, through the COVAX facility. COVAX is an international partnership that has developing countries purchase vaccines for both themselves and the developing world. Canada is one of a few developed nations to actually draw on the facility.
There are another 1.5 million doses of AstraZeneca coming from the Serum Institute, an Indian manufacturer. A million of those doses were set to arrive in mid-April, and another 500,000 in May.
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Joelle Paquette, a director general with Public Services and Procurement Canada said they were expecting a delay, but could not provide any more details on that shortage.
“We’re working with the company on determining when the doses will arrive. We are expecting a delay in the shipment, but they are committed to meeting their contractual obligations,” she said.
As COVID-19 resurges in India, the country’s government has been less willing to see doses leave the country.
Paquette said they were also working with Johnson and Johnson to determine a delivery schedule for its one-dose vaccine. Procurement minster Anita Anand said she earlier this week they expected the first shipments in late April, but the company suffered a manufacturing setback on Wednesday.
Paquette said they don’t believe that issue will impact Canada’s shipments, but she did not have a specific date for deliveries.
The AstraZeneca vaccine is now limited to people over the age of 55 due to new evidence the vaccine can cause potentially fatal blood clots in younger people.
Dr. Howard Njoo, Canada’s deputy chief public health officer said Canada has seen no incidents of the rare blood clots and is limiting the vaccines use purely as a precaution due to evidence in Europe.
He said he understands why Canadians in the approved age group could be hesitant to take the vaccine, but he encouraged people to see it as the system working.
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“I encourage you to recognize this latest adjustment to guidance in the vaccine administration, what it is an outcome of our robust safety monitoring system and ongoing global collaboration,” he said.
Njoo said the vaccine is safe and effective and prevents hospitalizations and deaths. He said any Canadian offered it should take it.
“I have no hesitation in saying that, if the vaccine was offered to me tomorrow I would take it. Certainly this vaccine along with the other three approved vaccines have all been shown to be very effective in preventing serious illness and death.”
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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.
On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.
The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.
“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.
Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.
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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.
Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.
Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.
Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.
Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.
The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.
Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.
Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.
On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
Iranian media reported activating their air defense systems, not an Israeli strike.
Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.
Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.
The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.
Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.
However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.
Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.
The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.
The Isfahan province is home to Iran’s nuclear site for uranium enrichment.
“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.
The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”
At the time of writing Brent was trading at $87.34 and WTI at $83.14.