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Abbott update : Shares of Abbott Laboratories were slightly higher Thursday, on pace for their third straight day of gains. The embattled cosmetics company was the top-performing Club stock in Thursday's session, boosted by an upgrade at Bank of America . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a 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.
Persons: Jim Cramer, Eli Lilly, Wegovy, Abbott, Louis, Jim, Reckitt's Mead Johnson, Mead, Johnson, Stanley Black, Decker, Estee Lauder, Lauder, there's, Jim Cramer's, AJ Mast Organizations: CNBC, Stocks, Bloomberg, Amazon Pharmacy, Rite, Abbott Laboratories, Abbott, NEC, Home, U.S, Bank of America, Jim Cramer's Charitable, Getty Locations: U.S, St, Illinois, China, Indianapolis , Indiana
Rite Aid reaches bankruptcy settlement with lenders, DOJ, McKesson
  + stars: | 2024-03-26 | by ( ) www.cnbc.com   time to read: +2 min
The Rite Aid logo is displayed above a Ride Aid store on December 21, 2022 in Los Angeles, California. Pharmacy chain Rite Aid has reached a settlement with its lenders, the U.S. Department of Justice, and drug supplier McKesson Corp , clearing a path for Rite Aid to complete its bankruptcy case by late April, a company lawyer said Tuesday. "We have reached an agreement on all key points with all key economic stakeholders," Rite Aid attorney Aparna Yenamandra said at a bankruptcy court hearing in Trenton, New Jersey. Before it filed for bankruptcy, Rite Aid faced over 1,600 lawsuits alleging that pharmacy chain ignored red flags and illegally filled prescriptions for addictive opioid medication. Rite Aid received bankruptcy court approval to sell its pharmacy benefit company, Elixir, in January.
Persons: Aparna Yenamandra, Yenamandra, Andrew Rosenberg, Joshua Sussberg, Michael Kaplan, Kaplan Organizations: Pharmacy, U.S . Department of Justice, McKesson Corp, Aid, Rite Aid, Aid's, Brigade Capital Management, HG Vora Capital Management, Morgan Investment Management, U.S Locations: Los Angeles , California, Trenton , New Jersey
Facial recognition frequently misidentifies people of colorMIT Media Lab researcher Joy Buolamwini found that facial recognition technology misidentified black women up to 35% of the time, the New York Times reported in 2018. When fewer photos of people from other racial and gender groups are used, facial recognition tech is less accurate at identifying people of those backgrounds, the study said. In some cases, it's possible to opt out of using facial recognition technology — and its high error rate. But sidestepping facial recognition often isn't possible, said Gideon Christian, a law professor at the University of Calgary who has written about the legal and societal aspects of facial recognition technology. AdvertisementThe FTC banned Rite Aid from using facial recognition technology in stores for five years as a result.
Persons: , Spark, Joy Buolamwini, shoplifters haven't, Gideon Christian, Samuel Levine, Christian Organizations: Service, TSA, Business, MIT Media, New York Times, MIT Technology Review, Walmart, CBP, University of Calgary, FTC, FTC's, Consumer Protection, Rite Aid Locations: India
There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, , isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND
But one firm in the wider ecosystem that's perhaps lesser known stands out to fund manager Freddie Lait, which is McKesson Corp — the U.S. pharmaceuticals distribution company. Calling the company an "exciting idea," Lait noted that the 100-year-old business is "very defensive and very diversified." Lait manages over $750 million collectively between two funds — the Latitude Horizon Fund and the Latitude Global Fund . Of the 19 analysts covering the stock, 14 give it a buy or overweight rating, while three have hold ratings and one has a sell rating. The average price target on the stock is $550.25, according to FactSet data, giving it potential upside of 6%.
Persons: Eli Lilly, Freddie Lait, Lait, , That's, … It's, McKesson, MCK, — CNBC's Michael Bloom Organizations: Novo Nordisk, Latitude Investment Management, CNBC, U.S, Cardinal Health, McKesson Corp, JPMorgan, Rite Aid, receivables, Leerink Partners, pharma
Rite Aid is planning to close 77 stores in 2024 as part of its Chapter 11 bankruptcy. Rite Aid has been shrinking its store count for years, losing ground to rivals Walgreens and CVS. AdvertisementMore Rite Aid stores are closing around the US as part of the retailer's voluntary bankruptcy. That adds to locations that the company previously said it would shutter, including about 150 Rite Aid stores that closed last fall. Since the drugstore chain filed for Chapter 11 bankruptcy in October, Rite Aid said it would close 431 stores, Masslive.com reported.
Persons: Organizations: Walgreens, CVS, Service, Aid, Rite Aid, Business
OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. I have not been a fan of this company because of its losses and its inability to pivot to profit. You have to add the DoorDash numbers to the Toast numbers to see the strength of the go-out and go-in parts of the economy. I am just saying that the Federal Reserve does not have a handle on how overheated this economy has become. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Todd Schneider, Kevin Hourican, Ralph Lauren, Ralph, That's, Lam, Barry Sternlicht, Otis, There's, Eaton, Parker, Uber, it's, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Walmart, Home, Philadelphia Eagles, Applied Materials, Federal Reserve, Simon Property Group, Costco, Property, Reuters, Saudi, Mastercard, American Express, Lam Research, Nvidia's, Waste Management, Starwood Capital, U.S, Fed, Jim Cramer's Charitable, CNBC Locations: DraftKings, China, Emerson, Dover, Cummins, , Wells Fargo, San Francisco
The Woonsocket, Rhode Island-based company also trimmed its full-year adjusted earnings forecast, citing the possibility of higher medical costs. For the three months ended Dec. 31, CVS Health earned $2.05 billion, or $1.58 per share. CVS Health officials said in November that investors should ground their expectations for 2024 adjusted earnings at the low end of a range of $8.50 to $8.70 per share. CVS Health now foresees 2024 adjusted earnings of at least $8.30 per share. Pharmacists and technicians — mostly for Walgreens and other big retailers like CVS Health — were involved.
Persons: That’s, Organizations: CVS, CVS Health, Zacks Investment Research, Revenue, CVS Health Corp, Company, Medicare, FactSet, Pharmacists, Walgreens, Rite Aid Locations: Woonsocket , Rhode Island
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA 61-year-old man is suing Macy's and the parent company of Sunglass Hut over the use of facial recognition tech that mistook him for an armed robber. This story is available exclusively to Business Insider subscribers. AdvertisementThe use of facial recognition technology in retail stores has come under growing scrutiny in recent years and fuelled fears that it may lead to more cases of mistaken arrests . Macy's and EssilorLuxottica did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
Persons: , Macy's, Harvey Murphy Jr, , Murphy, EssilorLuxottica Organizations: Service, Business, Washington Post, Federal Trade Commission Locations: Sunglass, Macy's, Sacramento
CNN —A Texas man is suing Macy’s and the parent company of Sunglass Hut after the two companies allegedly relied on error-prone facial recognition technology to falsely accuse him of armed robbery. “They were misled by Sunglass Hut and Macy’s and the reason why Murphy was jailed is because of the actions of these companies. In 2020, the American Civil Liberties Union challenged Detroit’s police department over what the group described as the first known wrongful arrest involving facial recognition. Facial recognition concernsFor years, civil liberties and privacy experts have warned of the risks of overly casual facial recognition use or an overreliance on the technology, and the possibility that algorithmic bias could lead to misidentification, racial discrimination or other unintended consequences. The FTC has similarly moved to restrict Instagram-parent Meta from using facial recognition technology, which Meta has challenged in court.
Persons: CNN —, Macy’s, Harvey Murphy Jr, Murphy’s, Murphy, , Daniel Dutko, , EssilorLuxottica didn’t, EssilorLuxottica, Dutko, ” Dutko, Sunglass, “ We’re, they’re, ‘ We’ve, Meta Organizations: CNN, The Washington Post, Houston police, Department of Motor Vehicles, Houston, American Civil Liberties Union, Office, Federal Trade Commission, Aid, FTC Locations: Texas, Sunglass, Harris County, Houston, Sacramento , California, Harris, EssilorLuxottica, Michigan, Detroit
As investors confront uncertain markets in the short term, dividend paying stocks could offer some portfolio stability and income. Civitas ResourcesFirst, there is independent oil and natural gas producer Civitas Resources (CIVI). This payment included a base dividend of $0.50 per share and a variable dividend of $1.09 per share. (See Civitas Insider Trading Activity on TipRanks)Williams CompaniesWe move to another energy dividend stock – Williams Companies (WMB). Williams recently acquired a portfolio of natural gas storage assets from Hartree Partners LP's affiliate for $1.95 billion.
Persons: Eric Greager, Wall, Nitin Kumar, Kumar, TipRanks, Williams, Selman Akyol, Akyol, KIM, Kimco Realty's, Simon Yarmak Organizations: Civitas Resources, NYSE, Williams, Hartree Partners, U.S, TipRanks, Kimco, RPT Realty, Aid, Kimco Realty Locations: Denver, Civitas, U.S, Transco, Kimco
CVS will close some Target pharmacy locations
  + stars: | 2024-01-11 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +2 min
New York CNN —CVS will close dozens of pharmacies located inside of Target stores in early 2024, a company spokesperson said on Thursday. The closures come as retail pharmacy chains in the US face increasing difficulties with their prescriptions business, workforces and more. Prior to the closing of any impacted location, prescriptions will be transferred to a nearby CVS Pharmacy, said Thibault. CVS purchased Target’s pharmacy business from the big box retailer in 2015 for $1.9 billion. CVS has about 9,000 pharmacy locations overall.
Persons: Amy Thibault, , Thibault Organizations: New, New York CNN, CVS, CVS Pharmacy, CNN, Rite, Labor, Target Locations: New York
Anderson Cancer Center in Houston, Dr. Jason Westin regularly witnesses the power of lifesaving cancer drugs. But because generic cancer drugs are often in shortage in the United States, he says, he and his patients have been put in a terrible position. Makers of generic drugs don’t have to share information about the supply chain, so buyers currently choose based only on price. Hernandez told the Senate committee that of the top 50 generic drugs paid for by Medicare Part D, 16 were marked up 1,000% or higher. Until there is some kind of legislation that addresses drug shortages, Wosińska and the other experts agreed, they will continue.
Persons: Jason Westin, ” Westin, that’s, they’d, Sen, Marsha Blackburn, Mike Crapo, Generics, ” Crapo, , , Crapo, Inmaculada Hernandez, ” Hernandez, Dr, Marta E, it’s, ” Wosińska, Ron Wyden, ” Wyden, Hernandez, Sanjay Gupta Organizations: CNN, Anderson Cancer Center, US, Finance, Vanderbilt, Tennessee Republican, Food and Drug Administration, Westin, Skaggs School of Pharmacy, Pharmaceutical Sciences, University of California, Centers, Medicare, Medicaid Services, Brookings Institution, CNN Health Locations: M.D, Houston, United States, Nashville, Idaho, China, India, San Diego, Oregon, generics
Munger, a billionaire investor and vice chairman of Buffett’s investment firm Berkshire Hathaway, died Tuesday morning at 99 years old. (Berkshire Hathaway shares, which didn’t have different classes then, ended 1977 at $138 a share.) Projections of Warren Buffett, Berkshire Hathaway Inc. chairman and chief executive officer, and Charles Munger, vice chairman of Berkshire Hathaway. Berkshire outperformed the S&P 500 during 31 of the 46 years Munger was at the company, according to Bespoke. The Christmas Price Index, now in its 40th year, is a tongue-in-cheek take on the Bureau of Labor Statistics’ Consumer Price Index and is meant to highlight market changes over time while educating consumers about the economy.
Persons: Charlie Munger, Warren Buffett, Berkshire Hathaway, Buffett, Munger, ” Munger, Charlie, Michael Broggie, , , Charles Munger, Daniel Acker, Buffett’s, – Munger, inflation’s, Alicia Wallace, Read, Jordan Valinsky, didn’t Organizations: CNN Business, Bell, New York CNN, Berkshire, Berkshire Hathaway, Investment, Harvard Law School, Berkshire Hathaway Inc, Bloomberg, Getty, Daily, PNC Financial Services, Bureau of Labor Statistics ’, Nevada . Rite, Rite Aid, Amazon, Walmart, Target, Costco Locations: New York, Munger, Omaha, Berkshire, California, Pennsylvania, Ohio , Virginia, Washington, Michigan , New Jersey , Oregon, Connecticut , Maryland, Nevada
Rite Aid is closing another 30 stores
  + stars: | 2023-11-29 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —Rite Aid is closing another roughly 30 locations across the US in addition to the 100 the bankrupt chain announced last month as part of its restructuring efforts. Rite Aid will have about 2,000 stores remaining when both rounds of closures are complete. Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses and its stock is down more than 90% for the year. That has forced Rite Aid and its rivals to reduce its physical footprint in recent years.
Persons: didn’t, , Kavilanz, Nathaniel Meyerson Organizations: New, New York CNN —, Nevada . Rite, Rite Aid, Amazon, Walmart, Target, Costco, Aid, Solutions, CVS, Walgreens, McKinsey Locations: New York, California, Pennsylvania, Ohio , Virginia, Washington, Michigan , New Jersey , Oregon, Connecticut , Maryland, Nevada
What’s open and closed on Thanksgiving Day 2023
  + stars: | 2023-11-22 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +3 min
New York CNN —Thanksgiving Day has looked different in recent years. Sights of people lining up at 5 pm Thanksgiving Day at large retailers to catch Black Friday deals are rare since the onset of the pandemic. Here’s what’s open and closed on Thanksgiving Day 2023. RetailTarget is closed on Thanksgiving Day. Brendan Smialowski/AFP/Getty ImagesPharmaciesMost Walgreens locations will be closed, marking the first time the pharmacy chain has closed stores on Thanksgiving day, it said.
Persons: Here’s, , Brian Cornell, We’ll, John Furner, Nordstrom, Brendan Smialowski, Tom Thumb, Kroger, Felix Mizioznikov, – CNN’s Jennifer Korn Organizations: New, New York CNN, Walmart, NBC, CVS, Getty, Walgreens, CVS Health, ., Aid, Foods, Albertsons, Safeway, Aldi, Costco, Nasdaq, New York Stock Exchange, UPS, FedEx Locations: New York, Washington ,, AFP, Brenham , TX, USA, Texas, Alamy
Shrink includes customer theft, but it also accounts lost or destroyed inventory and employee theft, to name a couple of other examples. But companies such as Target and Walgreens have cumulatively reported billions of dollars in losses from theft by citing shrink numbers. Often, company executives use "shrink" and "theft" interchangeably, while providing no breakdown of how much of their shrink is attributable to theft. Retailers could be pointing to theft to prompt government action or distract from operational issuesIf so many elements contribute to shrink, then why are some retailers pointing to theft only? Do you work at a major retail store such as Walmart and have a story idea to share?
Persons: , Matthew Schroeder, Melodie van der, William Blair, Gillian Flaccus, der Baan, van der Baan, Jennifer Ortakales Dawkins, Blair Organizations: Service, Target, Walgreens, Aid, Home Depot, Max Retail, National Retail Federation, Walmart, AP Locations: Harlem , New York, Manhattan , New York
FDA officials don't have the legal authority to force manufacturers to recall their products, and instead rely on companies to “voluntarily” do so. The FDA previously stated it recommended the manufacturer recall the eyedrops on Oct. 25. That suggests agency officials may still be finalizing documentation from the inspection that triggered the latest recall. Agency records show FDA didn't conduct any inspections in India during fiscal year 2021, at the height of the pandemic. CVS Health said in a statement that it previously “stopped the sale in-store and online” of all the eyedrops cited by the FDA.
Persons: , weren't Organizations: WASHINGTON, CVS Health, Target, Rite, Kilitch Healthcare, Food and Drug Administration, FDA, Healthcare, U.S, Velocity Pharma, Agency, COVID, CVS, Cardinal Health, Delsam Pharma, Centers for Disease Control, CDC, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: U.S, Kilitch Healthcare India, Mumbai, Farmingdale, N.Y, India, India’s, Tamil Nadu
WeWork's bankruptcy announcement is particularly rosy about its future. It seems WeWork certainly took that advice to heart when it wrote its announcement of its November 6 bankruptcy filing. But from the bankruptcy announcement, you wouldn't know all that. Rite Aid — which, like WeWork — plans to stay in business, also had a more somber announcement when it filed last month. But if any company is going to seem mildly delusional in its bankruptcy announcement, WeWork certainly has the precedent for it.
Persons: Adam Neumann, David Tolley, , Adam Neumann's, WeWork, Tolley, Bello, Kirstin Bell, Dax Shepard's Organizations: Service, Sears
Pharmacy closures have been a problem for years. “You had a routine: You would go to a pharmacy that was geographically accessible — ideally affordable — was probably preferred for your health insurance plan. Thompson, who himself lives close to a pharmacy in the South Side, said there is now more pressure on remaining locations. But chain closures aren’t likely to lead to more business for independents, which face challenges apart from competition from national chains. Recently, pharmacy workers have been staging walkouts over working conditions they say put patients at risk.
Persons: drugstores, Jenny Guadamuz, , , Guadamuz, Melvin Thompson, Thompson, We’re, Angus Mordant, Omolola Adepoju, University of Houston’s Tilman J, Douglas Hoey, PBMs, Hoey, JC Scott, ” Hoey Organizations: New, New York CNN, CVS, Walgreens, Aid, UC Berkeley School of Public Health, Health Policy, Management, Endelo Institute, Bloomberg, Getty, National Community Pharmacists Association, USC, University of, Fertitta Family College of Medicine, Rite, Walmart, Target, Pharmacy, Pharmaceutical Care Management Association Locations: New York, Chicago, United States
Walgreens on Tuesday sent out a notice to staff announcing that annual bonuses would not be funded. Tuesday was the second day of a planned three-day series of scattered walkouts by Walgreens pharmacy staff. A Walgreens representative clarified to CNN that only managers were eligible for bonuses at pharmacies. “We are building on the company’s pharmacy strength and trusted brand to evolve healthcare delivery. Stefano Pessina, the former Walgreens CEO and current executive chair of the board, worth nearly $7 billion, made more than $8 million in compensation last year, according to Walgreens compensation filings with the Securities and Exchange Commission.
Persons: Manmohan Mahajan, , Fraser Engerman, Tim Wentworth, Neal Sample, Rosalind Brewer, Vincent Alban Vincent Alban, Reddit, Stefano Pessina, Shane Jerominski Organizations: New, New York CNN, Walgreens, Employees, CNN, Walgreens Boots Alliance, , Rite, CVS, REUTERS, Reuters, Securities and Exchange Commission, Labor, Reuters Labor, Workers, American Pharmacists Association Locations: New York, Deerfield , Illinois, U.S, Southern California, Deerfield, Il, Arizona , Washington , Massachusetts, Oregon
CVS on Wednesday reported third-quarter adjusted earnings and revenue that topped Wall Street's expectations, lifted in part by strong revenue from the company's health services business. CVS booked sales of $89.76 billion for the quarter, up nearly 11% from the same period a year ago. The company reported net income of $2.27 billion, or $1.75 per share, for the third quarter. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $2.21 for the quarter. However, it maintained its forecast on an adjusted basis, guiding to full-year adjusted earnings of $8.50 to $8.70 per share.
Organizations: CVS, LSEG, Walgreens, Aid, CNBC, Oak Street Health Locations: Monday's
Some pharmacy workers are calling in sick or walking off the job this week to protest what they call inadequate staffing and increasing work requirements, according to protest organizers, and say it’s harder to do their jobs safely. The protests by nonunion workers, called Pharmageddon on social media, are affecting some CVS and Walgreens locations, according to organizers and workers. They are happening during a period of increasing labor activism by workers in other sectors, including the auto industry and Hollywood. Bled Tanoe, a pharmacist in Oklahoma City who used to work for Walgreens and now works for a hospital, said she was helping to spread the word about the walkouts because she was concerned that pharmacy chains had been telling workers for years to “work faster and work with less help.”“Pharmacies are not OK,” Ms. Tanoe said. “Your local Walgreens and CVS and Rite Aid is not OK. It’s a soup of danger, with ingredients from companies who have lost the core belief of what we do, which is patient care and patient focus.”
Persons: Ms, Tanoe, Organizations: Walgreens, Hollywood, CVS Locations: Bled, Oklahoma City
The facade of seasonal Halloween decor store Spirit Halloween at a shopping center in Dublin, California, on Aug. 23, 2018. Smith Collection | Archive Photos | Getty ImagesHalloween is over, and your local Spirit Halloween is about to become a ghost town. The retailer opened a record 1,506 stores this season, up more than 50 stores from 2022, Spirit Halloween told CNBC. These become opportunities for Spirit Halloween, then, as the company pays to use the abandoned space for the Halloween season. Drew Richardson | CNBC"We have built great relationships with our real estate partners over the years," a representative for Spirit Halloween told CNBC.
Persons: it'll, Steven Silverstein, Silverstein, Drew Richardson, Maria, Jane, Neil Saunders, Saunders, Lana, I'm Organizations: Spirit, Spencer Spirit Holdings, Halloween, CNBC, Rite, CVS, Harmon, CVS Pharmacy, National Retail Federation Locations: Dublin , California, It's, New York, Manhattan's, New York City, New, Brooklyn Heights, Russia
The Food and Drug Administration advisory applies to lubricating drops sold by six companies, including CVS Health, Target, Rite Aid and Cardinal Health. Consumers should stop using the products immediately and avoid purchasing any that remain on pharmacy and store shelves, the FDA said in a statement Friday. The agency asked the companies to recall their products last week, because FDA inspectors found unsanitary conditions and bacteria at the facility producing the drops. Earlier this year, federal officials linked an outbreak of drug-resistant bacteria to eyedrops from two companies, EzriCare and Delsam Pharma. ___The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group.
Organizations: WASHINGTON, , Drug, CVS Health, Target, Rite Aid, Cardinal Health, Consumers, FDA, Delsam Pharma, Centers for Disease Control, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: — U.S, U.S, India
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