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-Why foreign retailers like Primark and Mango are expanding across the U.S.,https://www.cnbc.com/2025/03/03/foreign-retailers-primark-mango-uniqlo-expand-in-the-us.html,2025-03-03T18:43:28+0000,"ELMHURST, NY — One of the newest additions to Queens Center is a store that many local mallgoers may not recognize.Along with well-known mall staples like Macy's, American Eagle and Bath & Body Works, the shopping center is now home to a Primark. The Ireland-based discount retailer, which sells clothing, shoes, purses and more, opened its doors there in December — and it has more U.S. stores on the way.Across the country, a growing number of malls and shopping centers are getting a dose of international influence. Retailers including Primark, Spain-based Mango, Canadian retailer Aritzia and Japan-based Uniqlo are adding new stores across the U.S. — and pushing into regions where they haven't gone before, outside of coastal cities like New York City or Los Angeles.Nearly 19,000 stores opened in the U.S. between 2018 and 2023 and about 28% of those were foreign-owned retailers, according to the most recent available figures from GlobalData, a market research firm.And in the past few years, retailers based in Europe or elsewhere around the world have announced ambitious U.S. expansion plans.Primark, which has 29 stores in the U.S., plans to reach 60 locations in the country by the end of next year. It has signed leases for new stores in diverse parts of the U.S., including El Paso, Texas; Memphis, Tennessee; Hyattsville, Maryland; and Miami, Florida.The retailer, known as Penneys in Ireland, has become a household name in Ireland, the U.K. and other parts of Europe since its first store opened in Dublin in 1969. The U.S. market has become an important place to break new ground as the company hits a ""maturity point"" in some European countries, president of Primark U.S. Kevin Tulip said in an interview with CNBC.""The U.S. is the number one consumer market,"" he said. ""So to be here and to get it right means a lot. But you really need to get it right.""Primark isn't the only one with big ambitions for the U.S.Barcelona-based retailer Mango announced a $70 million expansion last fall, including plans for 42 new storefronts in the U.S. in 2024, 20 more locations this year and a new logistics center outside of Los Angeles. Those locations will be scattered in parts of the Sun Belt and Northeast, Mango CEO Toni Ruiz told CNBC in an interview. Vancouver-based Aritzia's U.S. footprint is now nearly as large as its fleet of stores in its home country. Last year, the retailer opened 14 new stores, including three expansions or relocations, in North America. That brought its store count to 61 in the U.S., as it added boutiques in major cities like Chicago and Miami and smaller markets like Plano, Texas and Sacramento, California.And more stores are coming this year in cities including Scottsdale, Arizona and Murray, Utah, the company said.The U.S. has many ingredients that brands from Europe and other parts of the world look for, said Monique Pollard, a London-based retail analyst for Citi. The U.S. has a fragmented market of apparel retailers, and its consumer spending has proven more resilient than in some other inflation-weary markets like the United Kingdom, she said.Plus, fashion trends are going global more quickly as influencers on Instagram and TikTok and consumers' own travel influences what they wear. That can make it easier for a new brand to break into an unfamiliar region, said John Mercer, head of global research for Coresight Research.""There are fewer differences to kind of iron out between markets,"" he said, adding that foreign brands now ""stand a better chance"" than in previous years or decades.Social media has made it possible for brands with even a tiny footprint of physical stores to gain traction in the U.S. About 63% of consumers under 25 and 57% of those between 25 and 34 discover products or brands on social media at least weekly, according to a retail survey by research advisory group Forrester.Viral trends have fueled sales for some of the international newcomers, through products like Aritzia's Super Puff winter coat and Uniqlo's shoulder bag. Both companies credited social media for driving popularity of those items two years ago.Shrinking department stores and retail bankruptcies have left market share for foreign retailers to grab — and some empty stores in malls for them to fill. Macy's is in the middle of closing about 150 of its namesake locations across the U.S. Many specialty baby stores have also shuttered due to bankruptcies, including Buy Buy Baby, which was owned by Bed Bath & Beyond, and Babies R Us.Primark's Tulip said children's clothing has been one of company's strong categories in the U.S., saying the company has noticed higher demand and less competition.And some of its stores have replaced retailers like J.C. Penney that have shuttered some locations, or others such as Bed Bath & Beyond that have gone out of business.Mango, Aritzia, Uniqlo and Zara are all in the early innings of U.S. growth, though, with less than 100 stores each across the country. That means that at least for now, the U.S. businesses account for just a small piece of many of those companies' global business and a tiny fraction of the country's apparel market.The U.S. represents about 5% of global sales for Primark. Tulip said he expects that percentage to grow and already, that growth has begun to influence the retailer's product range. One change is that it's now making more leisurewear to suit American shoppers' tastes, he said.Yet in any new market, success isn't a guarantee — and relevance can fade.Sweden-based H&M paved the way for other foreign retailers when it opened the doors of its first U.S. store about 25 years ago on New York City's Fifth Avenue. Since then, the retailer has become a well-known mall name strongly associated with its fast fashion approach of quickly responding to trends and selling cheaper versions of hot items.But more recently, the Swedish retailer's sales have disappointed as it faces stiffer competition in the U.S. and abroad from low-priced Chinese online retailer Shein and Spanish rival Zara, which is owned by Inditex.Uniqlo owner Fast Retailing has gained traction in the U.S. after earlier pushes into the country fell flat. The Japanese retailer reported losses of roughly $71.5 million in fiscal 2016 from retiring assets and shuttering stores in the U.S.Now, the company is back in growth mode and has pledged to reach 200 stores in North America by 2027.For Primark, the U.S. has come with a learning curve, too, Tulip said. The retailer broke into the U.S. market in 2015 by opening a store in Boston, a city with a large Irish population that would recognize its brand. Then, he said, it moved cautiously to try to understand the U.S. shopper before opening more locations in the Northeast and then heading further to Southern states.At many of Primark's store openings, enthusiastic shoppers have turned up early and waited in a line before doors swung open, he said.Yet the Irish retailer has had missteps too, he said. Primark carries a lot of licensed merchandise, such as Disney and Marvel-themed clothing or jackets and T-shirts with the logos of popular NBA and NFL teams.But when it expanded to the U.S., that sports merchandise didn't land in the way it had hoped.""Initially we thought, you know, surely everyone in Europe loves the Dallas Cowboys and, you know, let's land that product into every [U.S.] store and everyone's going to absolutely go wild for it,"" he said. ""But we saw pretty quickly that actually people are very passionate about their local sports team.""He said Primark pivoted to carrying only relevant local sports teams, such as having Buffalo Bills items in upstate New York.Primark also has a unique quirk that could become a weakness: It sells exclusively through brick-and-mortar stores. Its lack of an e-commerce business in the U.S. could make it vulnerable to retailers like Amazon, Walmart and Shein, especially since those sites sell many low-priced wardrobe staples.More than 50% of Primark's clothes are everyday basics, such as underwear, T-shirts and socks, according to the company's website.As the newcomers have tried to gain traction with American shoppers, some brands have taken a different tack. Zara's net store count in the U.S. has stayed flat at just shy of 100 for the past five years. Instead of more locations, Zara's parent company has added more room in its stores. In 2013, the average store size for Inditex's retailers including Zara was around 6,000 square feet. That's shot up to an average of about 8,600 square feet a decade later, according to a Citi analysis based on data from company filings.While the growing international retailers have only a small footprint in the U.S., they have already proven influential, as they offer shoppers fresh choices and U.S. retailers new competition.One of Primark's next expansion moves show the company is not subtle about its ambitions: a store is set to open in New York City's Herald Square. It will be a less than two-block walk from Macy's iconic flagship store.On a recent day at Queens Center a few miles away, prospective customers browsed the aisles of the Primark store, and some left with an armful of purchases.Jeanette Torres, a retiree who lives in Brooklyn, heard about the brand from her son. She said the company's low prices convinced her to shop there. She purchased a T-shirt, underwear and winter hat, which cost a total of about $30.She said she likes that those prices don't come at the expense of the store experience. Primark has brighter lights and neater locations than off-price retailers like Burlington Stores, where she said ""everything is on top of everything.""Bruce Wolinsky, another retiree from Queens, made his first trip to Primark by accident. He went to the mall with his Macy's credit card, a 25% off coupon and a need for a new pair of shoes.He never made it to the department store. Instead, he walked into Primark and walked out with a $22 pair of lace-up navy blue and brown sneakers.— CNBC's Gabrielle Fonrouge contributed to this report.",CNBC,03/03/2025,"['ELMHURST, NY — One of the newest additions to Queens Center is a store that many local mallgoers may not recognize.', ""Along with well-known mall staples like Macy's, American Eagle and Bath & Body Works, the shopping center is now home to a Primark."", 'The Ireland-based discount retailer, which sells clothing, shoes, purses and more, opened its doors there in December — and it has more U.S. stores on the way.', 'Across the country, a growing number of malls and shopping centers are getting a dose of international influence.', ""Retailers including Primark, Spain-based Mango, Canadian retailer Aritzia and Japan-based Uniqlo are adding new stores across the U.S. — and pushing into regions where they haven't gone before, outside of coastal cities like New York City or Los Angeles."", 'Nearly 19,000 stores opened in the U.S. between 2018 and 2023 and about 28% of those were foreign-owned retailers, according to the most recent available figures from GlobalData, a market research firm.', 'And in the past few years, retailers based in Europe or elsewhere around the world have announced ambitious U.S. expansion plans.', 'Primark, which has 29 stores in the U.S., plans to reach 60 locations in the country by the end of next year.', 'It has signed leases for new stores in diverse parts of the U.S., including El Paso, Texas; Memphis, Tennessee; Hyattsville, Maryland; and Miami, Florida.', 'The retailer, known as Penneys in Ireland, has become a household name in Ireland, the U.K. and other parts of Europe since its first store opened in Dublin in 1969.', 'The U.S. market has become an important place to break new ground as the company hits a ""maturity point"" in some European countries, president of Primark U.S. Kevin Tulip said in an interview with CNBC.""The U.S. is the number one consumer market,"" he said. ""', 'So to be here and to get it right means a lot.', 'But you really need to get it right.', '""Primark isn\'t the only one with big ambitions for the U.S.Barcelona-based retailer Mango announced a $70 million expansion last fall, including plans for 42 new storefronts in the U.S. in 2024, 20 more locations this year and a new logistics center outside of Los Angeles.', 'Those locations will be scattered in parts of the Sun Belt and Northeast, Mango CEO Toni Ruiz told CNBC in an interview.', ""Vancouver-based Aritzia's U.S. footprint is now nearly as large as its fleet of stores in its home country."", 'Last year, the retailer opened 14 new stores, including three expansions or relocations, in North America.', 'That brought its store count to 61 in the U.S., as it added boutiques in major cities like Chicago and Miami and smaller markets like Plano, Texas and Sacramento, California.', 'And more stores are coming this year in cities including Scottsdale, Arizona and Murray, Utah, the company said.', 'The U.S. has many ingredients that brands from Europe and other parts of the world look for, said Monique Pollard, a London-based retail analyst for Citi.', 'The U.S. has a fragmented market of apparel retailers, and its consumer spending has proven more resilient than in some other inflation-weary markets like the United Kingdom, she said.', ""Plus, fashion trends are going global more quickly as influencers on Instagram and TikTok and consumers' own travel influences what they wear."", 'That can make it easier for a new brand to break into an unfamiliar region, said John Mercer, head of global research for Coresight Research.', '""There are fewer differences to kind of iron out between markets,"" he said, adding that foreign brands now ""stand a better chance"" than in previous years or decades.', 'Social media has made it possible for brands with even a tiny footprint of physical stores to gain traction in the U.S. About 63% of consumers under 25 and 57% of those between 25 and 34 discover products or brands on social media at least weekly, according to a retail survey by research advisory group Forrester.', ""Viral trends have fueled sales for some of the international newcomers, through products like Aritzia's Super Puff winter coat and Uniqlo's shoulder bag."", 'Both companies credited social media for driving popularity of those items two years ago.', 'Shrinking department stores and retail bankruptcies have left market share for foreign retailers to grab — and some empty stores in malls for them to fill.', ""Macy's is in the middle of closing about 150 of its namesake locations across the U.S. Many specialty baby stores have also shuttered due to bankruptcies, including Buy Buy Baby, which was owned by Bed Bath & Beyond, and Babies R Us."", ""Primark's Tulip said children's clothing has been one of company's strong categories in the U.S., saying the company has noticed higher demand and less competition."", 'And some of its stores have replaced retailers like J.C. Penney that have shuttered some locations, or others such as Bed Bath & Beyond that have gone out of business.', 'Mango, Aritzia, Uniqlo and Zara are all in the early innings of U.S. growth, though, with less than 100 stores each across the country.', ""That means that at least for now, the U.S. businesses account for just a small piece of many of those companies' global business and a tiny fraction of the country's apparel market."", 'The U.S. represents about 5% of global sales for Primark.', ""Tulip said he expects that percentage to grow and already, that growth has begun to influence the retailer's product range."", ""One change is that it's now making more leisurewear to suit American shoppers' tastes, he said."", ""Yet in any new market, success isn't a guarantee — and relevance can fade."", ""Sweden-based H&M paved the way for other foreign retailers when it opened the doors of its first U.S. store about 25 years ago on New York City's Fifth Avenue."", 'Since then, the retailer has become a well-known mall name strongly associated with its fast fashion approach of quickly responding to trends and selling cheaper versions of hot items.', ""But more recently, the Swedish retailer's sales have disappointed as it faces stiffer competition in the U.S. and abroad from low-priced Chinese online retailer Shein and Spanish rival Zara, which is owned by Inditex."", 'Uniqlo owner Fast Retailing has gained traction in the U.S. after earlier pushes into the country fell flat.', 'The Japanese retailer reported losses of roughly $71.5 million in fiscal 2016 from retiring assets and shuttering stores in the U.S.Now, the company is back in growth mode and has pledged to reach 200 stores in North America by 2027.For Primark, the U.S. has come with a learning curve, too, Tulip said.', 'The retailer broke into the U.S. market in 2015 by opening a store in Boston, a city with a large Irish population that would recognize its brand.', 'Then, he said, it moved cautiously to try to understand the U.S. shopper before opening more locations in the Northeast and then heading further to Southern states.', ""At many of Primark's store openings, enthusiastic shoppers have turned up early and waited in a line before doors swung open, he said."", 'Yet the Irish retailer has had missteps too, he said.', 'Primark carries a lot of licensed merchandise, such as Disney and Marvel-themed clothing or jackets and T-shirts with the logos of popular NBA and NFL teams.', ""But when it expanded to the U.S., that sports merchandise didn't land in the way it had hoped."", '""Initially we thought, you know, surely everyone in Europe loves the Dallas Cowboys and, you know, let\'s land that product into every [U.S.] store and everyone\'s going to absolutely go wild for it,"" he said. ""', 'But we saw pretty quickly that actually people are very passionate about their local sports team.', '""He said Primark pivoted to carrying only relevant local sports teams, such as having Buffalo Bills items in upstate New York.', 'Primark also has a unique quirk that could become a weakness: It sells exclusively through brick-and-mortar stores.', 'Its lack of an e-commerce business in the U.S. could make it vulnerable to retailers like Amazon, Walmart and Shein, especially since those sites sell many low-priced wardrobe staples.', ""More than 50% of Primark's clothes are everyday basics, such as underwear, T-shirts and socks, according to the company's website."", 'As the newcomers have tried to gain traction with American shoppers, some brands have taken a different tack.', ""Zara's net store count in the U.S. has stayed flatat just shy of 100for the past five years."", ""Instead of more locations, Zara's parent company has added more room in its stores."", ""In 2013, the average store size for Inditex's retailers including Zara was around 6,000 square feet."", ""That's shot up to an average of about 8,600 square feet a decade later, according to a Citi analysis based on data from company filings."", 'While the growing international retailers have only a small footprint in the U.S., they have already proven influential, as they offer shoppers fresh choices and U.S. retailers new competition.', ""One of Primark's next expansion moves show the company is not subtle about its ambitions: a store is set to open in New York City's Herald Square."", ""It will be a less than two-block walk from Macy's iconic flagship store."", 'On a recent day at Queens Center a few miles away, prospective customers browsed the aisles of the Primark store, and some left with an armful of purchases.', 'Jeanette Torres, a retiree who lives in Brooklyn, heard about the brand from her son.', ""She said the company's low prices convinced her to shop there."", ""She purchased a T-shirt, underwear and winter hat, which cost a total of about $30.She said she likes that those prices don't come at the expense of the store experience."", 'Primark has brighter lights and neater locations than off-price retailers like Burlington Stores, where she said ""everything is on top of everything.', '""Bruce Wolinsky, another retiree from Queens, made his first trip to Primark by accident.', ""He went to the mall with his Macy's credit card, a 25% off coupon and a need for a new pair of shoes."", 'He never made it to the department store.', 'Instead, he walked into Primark and walked out with a $22 pair of lace-up navy blue and brown sneakers.—', ""CNBC's Gabrielle Fonrouge contributed to this report.""]",0.1807011173167552,But we saw pretty quickly that actually people are very passionate about their local sports team.,"But more recently, the Swedish retailer's sales have disappointed as it faces stiffer competition in the U.S. and abroad from low-priced Chinese online retailer Shein and Spanish rival Zara, which is owned by Inditex.",0.4251162906487782,"Tulip said he expects that percentage to grow and already, that growth has begun to influence the retailer's product range.","But more recently, the Swedish retailer's sales have disappointed as it faces stiffer competition in the U.S. and abroad from low-priced Chinese online retailer Shein and Spanish rival Zara, which is owned by Inditex.",2025-03-03
-"Target strikes deal with sportswear brand Champion, as it tries to rev up apparel sales",https://www.cnbc.com/2025/02/26/target-strikes-deal-with-champion-as-it-tries-to-boost-apparel-sales-.html,2025-02-26T17:15:31+0000,"In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants. Authentic Brands Group bought Champion from HanesBrands last year.Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags. It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September. Most items will cost less than $40, the company said.Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods. The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%. The metric includes sales on Target's website and stores open at least 13 months. For Target, apparel trends turned positive year over year in the fiscal second quarter. The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business.Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.Target is scheduled to report its full holiday-quarter results on Tuesday.The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation. Yet he said Target has attracted customers' attention and dollars with fresh items.For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25. Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.Target has long used brand collaborations as a competitive differentiator. It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg.It's not the first time that Target has carried Champion. The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red. It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said.Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags. And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available.For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel. Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic. Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data. That's up about 6% compared with pre-pandemic 2019. Yet it's a sharp contrast from 2021, when sales jumped 32% year over year.Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces. For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis.""They're being very strategic about where they're spending,"" she said. ""It's really about what they find value in and some may find value in investing in things people notice.""",CNBC,26/02/2025,"['In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.', ""On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants."", 'Authentic Brands Group bought Champion from HanesBrands last year.', 'Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags.', 'It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September.', 'Most items will cost less than $40, the company said.', ""Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods."", 'The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.', 'The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%.', ""The metric includes sales on Target's website and stores open at least 13 months."", 'For Target, apparel trends turned positive year over year in the fiscal second quarter.', ""The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business."", 'Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.', 'Target is scheduled to report its full holiday-quarter results on Tuesday.', ""The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period."", 'In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation.', ""Yet he said Target has attracted customers' attention and dollars with fresh items."", 'For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25.', 'Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.', 'Target has long used brand collaborations as a competitive differentiator.', ""It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg."", ""It's not the first time that Target has carried Champion."", ""The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red."", ""It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said."", 'Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags.', 'And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.', ""Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available."", 'For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel.', 'Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic.', 'Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.', 'Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data.', ""That's up about 6% compared with pre-pandemic 2019."", ""Yet it's a sharp contrast from 2021, when sales jumped 32% year over year."", 'Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces.', ""For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis."", '""They\'re being very strategic about where they\'re spending,"" she said. ""', 'It\'s really about what they find value in and some may find value in investing in things people notice.""']",0.3043182674701968,"The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red.",,0.2141727672682868,That's up about 6% compared with pre-pandemic 2019.,The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.,2025-03-03
-Pending home sales drop to the lowest level on record in January,https://www.cnbc.com/2025/02/27/january-pending-home-sales-lowest-level-on-record.html,2025-02-27T18:15:11+0000,"High mortgage rates and elevated home prices combined to crush home sales in January.Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR's chief economist. ""However, it's evident that elevated home prices and higher mortgage rates strained affordability.""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures. Sales fell hardest in the South, which has been the most active region for home sales in recent years.Mortgage rates were also higher in January. The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising. It was solidly above 7% for all of January, according to Mortgage News Daily.Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""",CNBC,27/02/2025,"['High mortgage rates and elevated home prices combined to crush home sales in January.', 'Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.', 'Sales were down 5.2% from January 2024.', 'These sales are an indicator of future closings.', '""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR\'s chief economist. ""', ""However, it's evident that elevated home prices and higher mortgage rates strained affordability."", '""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.', 'Sales fell hardest in the South, which has been the most active region for home sales in recent years.', 'Mortgage rates were also higher in January.', 'The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising.', 'It was solidly above 7% for all of January, according to Mortgage News Daily.', 'Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.', 'This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.', '""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""', 'Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""']",0.0430437963473204,"This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.","However, it's evident that elevated home prices and higher mortgage rates strained affordability.",-0.139469563961029,"""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.","Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.",2025-03-03
-How digitally native companies like Rothy's are growing profitably in a new era for retail,https://www.cnbc.com/2025/02/25/rothys-posts-best-year-on-record-after-wholesale-expansion.html,2025-02-25T16:17:04+0000,"Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO. Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024. Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago. Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%. Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana. Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade. Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands. Wholesale partnerships are a critical customer acquisition tool, and stores still matter.As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably. ""A lot of people are like, why would you be on Amazon? Because people do a lot of searches on Amazon. If we weren't there, and they type in Rothy's, a competitor or somebody else would show up. So why wouldn't we want to be there?"" Ming told CNBC in an interview. ""To me, it's really thinking a little bit more holistically and broadly. What our customer would want from us is how we approach it … people shop very different today."" Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need. The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance.Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products. By 2019, it was Meghan Markle's flat of choice and it had developed a cult following. Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion. Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability. ""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right? I need stores. It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy's president. ""[With] an e-commerce model … all of your costs are variable, right? Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.""Ming, who served as Old Navy's president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy's board in 2022 and was later asked to take over as CEO. She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape. She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped. ""I literally went line by line … looking at what we should spend, what we shouldn't, you know, and rightsize marketing spend. There was things that, you know, we don't need,"" said Ming, citing office plants as one of the first things she cut. ""But the main thing is, driving profitability is really in revenue. You have to be growing your sales in order to really be profitable, right?"" That's where Rothy's new selling strategy came in. In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom.At the same time, it continued growing its store fleet. Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers. Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time.""If we were just digitally native forever and ever, you really just can't get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""Honestly, it's impossible."" Looking ahead, Rothy's is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy. Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person.""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It's additive. And we know that the lifetime value of those customers that engage with us IRL is really high."" Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they're taking a balanced approach to brick-and-mortar. The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck.Ming said Rothy's won't need hundreds of stores, but she'd like to see the fleet grow to 75, or perhaps even 100. ""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."" When asked if Rothy's will pursue an initial public offering or look to be acquired, Ming said the business isn't there yet — and her team doesn't need the distraction.""We had a really great year but ... I keep telling the team, one year doesn't make it a trend,"" said Ming. ""So we're really focused on this year. I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, 'What next?'""",CNBC,25/02/2025,"[""Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO.Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024."", 'Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.', ""Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%.Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana."", ""Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade."", 'Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands.', 'Wholesale partnerships are a critical customer acquisition tool, and stores still matter.', 'As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably.', '""A lot of people are like, why would you be on Amazon?', 'Because people do a lot of searches on Amazon.', ""If we weren't there, and they type in Rothy's, a competitor or somebody else would show up."", 'So why wouldn\'t we want to be there?""', 'Ming told CNBC in an interview. ""', ""To me, it's really thinking a little bit more holistically and broadly."", 'What our customer would want from us is how we approach it … people shop very different today.', '""Channel diversification will never be a panacea for a business that\'s inherently broken or doesn\'t serve a market need.', ""The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance."", ""Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products."", ""By 2019, it was Meghan Markle's flat of choice and it had developed a cult following."", ""Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion."", ""Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability."", '""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right?', 'I need stores.', 'It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy\'s president. ""[', 'With] an e-commerce model … all of your costs are variable, right?', 'Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.', '""Ming, who served as Old Navy\'s president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy\'s board in 2022 and was later asked to take over as CEO.', 'She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape.', ""She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped."", '""I literally went line by line … looking at what we should spend, what we shouldn\'t, you know, and rightsize marketing spend.', 'There was things that, you know, we don\'t need,"" said Ming, citing office plants as one of the first things she cut. ""', 'But the main thing is, driving profitability is really in revenue.', 'You have to be growing your sales in order to really be profitable, right?""That\'s where Rothy\'s new selling strategy came in.', ""In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom."", 'At the same time, it continued growing its store fleet.', 'Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers.', ""Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time."", '""If we were just digitally native forever and ever, you really just can\'t get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""', ""Honestly, it's impossible."", '""Looking ahead, Rothy\'s is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy.', ""Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person."", '""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It\'s additive.', 'And we know that the lifetime value of those customers that engage with us IRL is really high.', '""Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they\'re taking a balanced approach to brick-and-mortar.', ""The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck."", 'Ming said Rothy\'s won\'t need hundreds of stores, but she\'d like to see the fleet grow to 75, or perhaps even 100.""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""', ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."", '""When asked if Rothy\'s will pursue an initial public offering or look to be acquired, Ming said the business isn\'t there yet — and her team doesn\'t need the distraction.', '""We had a really great year but ... I keep telling the team, one year doesn\'t make it a trend,"" said Ming. ""', ""So we're really focused on this year."", 'I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, \'What next?\'""']",0.2542867306497408,"Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade.","""Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need.",0.7993941144509749,"Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.","Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability.",2025-03-03
-Musk praises Bezos' new rules for Washington Post opinion pages as top editor resigns,https://www.cnbc.com/2025/02/26/jeff-bezos-washington-post-opinion-markets-liberties-editor-resigns.html,2025-02-26T19:34:13+0000,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.""We'll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.""While the move garnered praise from some in President Donald Trump's administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.""I suggested to him that if the answer wasn't 'hell yes,' then it had to be 'no,'"" Bezos said of Shipley, adding, ""I respect his decision.""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.""Today, the internet does that job,"" Bezos wrote.""I'm confident that free markets and personal liberties are right for America,"" he added. ""I also believe these viewpoints are underserved in the current market of ideas and news opinion. I'm excited for us together to fill that void.""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC's requests for additional comment.By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition.Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund. While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida. The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change.Multiple staffers have recently quit the Post in protest. Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump. When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty.In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission.Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump. The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC. He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business.But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart.The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.""As I've stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""We ask hard questions and hold those in power to account. That's the job, whether those in power like it or not.""But chief economic reporter Jeff Stein called Bezos' decision a ""massive encroachment"" into the paper's opinion section that ""makes clear dissenting views will not be published or tolerated.""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests. Now I couldn't be more sad and disgusted.""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""",CNBC,26/02/2025,"['Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper\'s opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.', '""We\'ll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.', '""While the move garnered praise from some in President Donald Trump\'s administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.', '""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.', '""I suggested to him that if the answer wasn\'t \'hell yes,\' then it had to be \'no,\'"" Bezos said of Shipley, adding, ""I respect his decision.', '""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.', 'He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.', '""Today, the internet does that job,"" Bezos wrote.', '""I\'m confident that free markets and personal liberties are right for America,"" he added. ""', 'I also believe these viewpoints are underserved in the current market of ideas and news opinion.', ""I'm excited for us together to fill that void."", '""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC\'s requests for additional comment.', 'By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.', '""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.', ""The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition."", 'Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.', ""After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund."", 'While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.', 'Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida.', ""The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change."", 'Multiple staffers have recently quit the Post in protest.', 'Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump.', ""When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty."", ""In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission."", ""Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump."", 'The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.', ""It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC."", ""He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business."", ""But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart."", 'The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.', '""As I\'ve stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""', 'We ask hard questions and hold those in power to account.', ""That's the job, whether those in power like it or not."", '""But chief economic reporter Jeff Stein called Bezos\' decision a ""massive encroachment"" into the paper\'s opinion section that ""makes clear dissenting views will not be published or tolerated.', '""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.', '""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""', ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests."", ""Now I couldn't be more sad and disgusted."", '""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""']",0.0411626804867408,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.",Now I couldn't be more sad and disgusted.,-0.1290122696331569,I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests.,"Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.",2025-03-03
-Lowe's beats Wall Street expectations as it starts to break out of sales slump,https://www.cnbc.com/2025/02/26/lowes-low-q4-2024-earnings.html,2025-02-26T21:27:30+0000,"Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and said its sales slump should end in the year ahead.The home improvement retailer said it expects full-year total sales to range from $83.5 billion to $84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024. It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately $12.15 to $12.40.On the company's earnings call, CEO Marvin Ellison stressed that Lowe's still faces ""a challenging home improvement market.""He said high mortgage rates have created ""a significant gap between today's rates for homebuyers and the lower rates many homeowners currently enjoy,."" That's led to a ""lock-in effect"" that's kept consumers from buying and selling, he said.Even so, he said, Lowe's has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.""Here's what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe's shares rose nearly 2% on Wednesday, after the company's leaders said they expected sales trends to improve, but still be roughly flat from last year.In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period. Revenue fell from $18.60 billion in the year-ago quarter.Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings.Investors are looking for signs that the home improvement market is picking up again. Slower housing turnover and higher borrowing costs have kept some customers on the sidelines. Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year.In the fiscal fourth quarter, trends looked better. Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene. That slightly positive metric ended eight consecutive quarters of comparable sales declines. It also exceeded Wall Street's expectations. Analysts had anticipated a 1.8% decline in comparable sales.Still, Lowe's leaders said they have not seen changes in the housing backdrop. Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change. Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.""I can't give you the date, the time, but we think that we're gonna see that take place, and when it does, we're in a perfect position to capitalize on it,"" he said.With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners.Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call. He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code.Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call. Those items are on display near the front of stores.Last year, Lowe's launched a loyalty program for DIY customers. So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call.""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said.Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC. He described it as ""one of the most broken parts"" of Lowe's business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.Yet Lowe's pro business is smaller than Home Depot's. Sales from do-it-yourself customers account for roughly 70% of Lowe's sales. At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses.Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business.""We fixed our pro business,"" he said. ""We fixed our online business. We fixed our home service business. We dramatically improved our supply chain. The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic.""Shares of Lowe's closed Wednesday at $247.07. As of Wednesday's close, shares of the company are up less than 1% so far this year. That's nearly in line with the 1% gains of the S&P 500 during the same period.",CNBC,26/02/2025,"[""Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and saidits sales slump should end in the year ahead."", 'The home improvement retailer said it expects full-year total sales to range from$83.5billion to$84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024.', 'It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately$12.15to$12.40.On the company\'s earnings call, CEO Marvin Ellison stressed that Lowe\'s still faces ""a challenging home improvement market.', '""He said high mortgage rates have created ""a significant gap between today\'s rates for homebuyers and the lower rates many homeowners currently enjoy,.""', 'That\'s led to a ""lock-in effect"" that\'s kept consumers from buying and selling, he said.', 'Even so, he said, Lowe\'s has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.', '""Here\'s what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe\'s shares rose nearly 2% on Wednesday, after the company\'s leaderssaid they expected sales trends to improve, but still be roughly flat from last year.', ""In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period."", 'Revenue fell from $18.60 billion in the year-ago quarter.', ""Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings."", 'Investors are looking for signs that the home improvement market is picking up again.', 'Slower housing turnover and higher borrowing costs have kept some customers on the sidelines.', ""Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year."", 'In the fiscal fourth quarter, trends looked better.', 'Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene.', 'That slightly positive metric ended eight consecutive quarters of comparable sales declines.', ""It also exceeded Wall Street's expectations."", 'Analysts had anticipated a 1.8% decline in comparable sales.', ""Still, Lowe's leaders said they have not seen changes in the housing backdrop."", 'Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.', 'On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.', ""Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales."", ""Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change."", 'Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.', '""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.', '""I can\'t give you the date, the time, but we think that we\'re gonna see that take place, and when it does, we\'re in a perfect position to capitalize on it,"" he said.', ""With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners."", ""Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call."", ""He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code."", 'Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.', ""As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call."", 'Those items are on display near the front of stores.', ""Last year, Lowe's launched a loyalty program for DIY customers."", ""So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call."", '""It\'s clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe\'s,"" Boltz said.', ""During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said."", ""Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC."", 'He described it as ""one of the most broken parts"" of Lowe\'s business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.', ""Yet Lowe's pro business is smaller than Home Depot's."", ""Sales from do-it-yourself customers account for roughly 70% of Lowe's sales."", ""At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses."", ""Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business."", '""We fixed our pro business,"" he said. ""', 'We fixed our online business.', 'We fixed our home service business.', 'We dramatically improved our supply chain.', ""The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic."", '""Shares of Lowe\'s closed Wednesday at $247.07.', ""As of Wednesday's close, shares of the company are up less than 1% so far this year."", ""That's nearly in line with the 1% gains of the S&P 500 during the same period.""]",0.3421411528829495,"""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.","Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.",0.4867122983321165,"Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.",Analysts had anticipated a 1.8% decline in comparable sales.,2025-03-03
-Egg prices are threatening a classic holiday tradition: Easter dye kits,https://www.cnbc.com/2025/02/28/egg-prices-threaten-easter-dye-kit-sales.html,2025-02-28T15:30:02+0000,"The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday.The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday. For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue. Diminished sales could have a major impact on their bottom lines.""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""That remains to be seen, but I think it probably will be.""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana. More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher. Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning. So far this year, the company's retail partners have ordered only 7,000 kits.""It's definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years. Of the company's more than 40 products, the egg dye kit remains its ""absolute bestseller.""She noted that while the majority of Natural Earth Paint's sales come from retail locations, online sales typically pick up around three weeks before Easter. That leaves the chance that direct-to-consumer sales could get a boost in mid-March.Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits.Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day. She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.""The other concern is that, some of the grocery stories, if they don't sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell. That could potentially be very bad.""Phelps said 75% of Color Kitchen sales are from the shelf. The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.There are some companies that still expect to see solid business this Easter. The holiday takes place in late April, giving companies three more weeks of sales compared with last year.Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product. Last year, the company generated $14 million in sales, a 22% bump from the year prior.Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year. Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year.Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.""It's just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said.Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products. The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones. Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn't been affected,"" said McGill. ""It could get worse before it gets better. That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th.""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs. An earlier version mischaracterized the metric.",CNBC,28/02/2025,"[""The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday."", ""The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday."", 'For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue.', 'Diminished sales could have a major impact on their bottom lines.', '""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""', 'That remains to be seen, but I think it probably will be.', '""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana.', 'More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.', 'He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher.', 'Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.', 'The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.', 'Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning.', ""So far this year, the company's retail partners have ordered only 7,000 kits."", '""It\'s definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.', ""Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years."", 'Of the company\'s more than 40 products, the egg dye kit remains its ""absolute bestseller.', '""She noted that while the majority of Natural Earth Paint\'s sales come from retail locations, online sales typically pick up around three weeks before Easter.', 'That leaves the chance that direct-to-consumer sales could get a boost in mid-March.', ""Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits."", ""Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day."", 'She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.', '""The other concern is that, some of the grocery stories, if they don\'t sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""', ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell."", 'That could potentially be very bad.', '""Phelps said 75% of Color Kitchen sales are from the shelf.', 'The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.', 'There are some companies that still expect to see solid business this Easter.', 'The holiday takes place in late April, giving companies three more weeks of sales compared with last year.', 'Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product.', 'Last year, the company generated $14 million in sales, a 22% bump from the year prior.', 'Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year.', ""Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year."", 'Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.', 'Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.', '""It\'s just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.', 'The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.', '""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.', ""Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said."", ""Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products."", 'The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.', 'Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones.', ""Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over."", '""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn\'t been affected,"" said McGill. ""', 'It could get worse before it gets better.', ""That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th."", '""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'An earlier version mischaracterized the metric.']",0.1031364138607555,"Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.","More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.",0.0254699063301086,"Last year, the company generated $14 million in sales, a 22% bump from the year prior.",Diminished sales could have a major impact on their bottom lines.,2025-03-03
-"Venu is done. Here's how Fox, Disney and WBD plan to go it alone in sports streaming",https://www.cnbc.com/2025/02/27/venu-fox-disney-wbd-sports-streaming-strategies.html,2025-02-27T19:49:03+0000,"In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.The joint venture originally planned to launch the platform ahead of the 2024 NFL season.However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers. While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans. Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms. Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed. ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers.This week, WBD executives doubled down on their existing strategy behind streaming service, Max.On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max. Initially, WBD planned to charge extra for sports. It's unclear if the reversal was directly related to the end of Venu. Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter.WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place. He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.""It's not a good consumer experience and the value creation over the last 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD's separate streaming bundle with Disney.Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars.Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines. The company plans to launch an app that offers both news and sports by the end of this year.The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn't be seen as a shift in strategy, noting that Fox isn't ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing. That is not our game.""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said. He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.But rampant cord cutting pushed Fox to step into the streaming game.""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences. This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open.WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights.""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday's call. ""But you know, we don't need any more sports anywhere in the world in order to support our business. We buy sports if we think it would enhance our business. And it's going to get more difficult...[because of] some of those prices being paid.""During an investor conference in December, Fox's Tomsic echoed a similar sentiment around sports rights.Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years. He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue.""We take a pretty financially hard-nosed view about them, and so we'll trade in and out of those sports as we see fit,"" Tomsic said in December.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.",CNBC,27/02/2025,"['In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.', ""Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges."", 'The joint venture originally planned to launch the platform ahead of the 2024 NFL season.', 'However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.', ""Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers."", ""While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans."", ""Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms."", 'Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.', 'Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed.', ""ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers."", 'This week, WBD executives doubled down on their existing strategy behind streaming service, Max.', 'On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max.', 'Initially, WBD planned to charge extra for sports.', ""It's unclear if the reversal was directly related to the end of Venu."", ""Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter."", ""WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place."", 'He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.', '""It\'snotagoodconsumerexperienceandthevaluecreationoverthelast 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD\'s separate streaming bundle with Disney.', ""Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars."", 'Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines.', 'The company plans to launch an app that offers both news and sports by the end of this year.', 'The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.', 'Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn\'t be seen as a shift in strategy, noting that Fox isn\'t ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing.', 'That is not our game.', '""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said.', 'He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.', 'But rampant cord cutting pushed Fox to step into the streaming game.', '""The reality is, as we sit here today, there\'s the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox\'s streamer won\'t compete with the general entertainment players.', 'Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences.', 'This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.', 'In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.', 'Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.', ""And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open."", ""WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights."", '""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday\'s call. ""', ""But you know, we don't need any more sports anywhere in the world in order to support our business."", 'We buy sports if we think it would enhance our business.', ""And it's going to get more difficult...[because of] some of those prices being paid."", '""During an investor conference in December, Fox\'s Tomsic echoed a similar sentiment around sports rights.', 'Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years.', ""He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue."", '""We take a pretty financially hard-nosed view about them, and so we\'ll trade in and out of thosesportsas we see fit,"" Tomsic said in December.', 'Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.']",0.1257309293232994,"""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.","However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.",0.4829663267502418,"This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.","Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.",2025-03-03
-Serena Williams joins WNBA ownership group in Toronto,https://www.cnbc.com/2025/03/03/serena-williams-wnba-ownership-group-toronto.html,2025-03-03T18:42:34+0000,"Tennis superstar Serena Williams is continuing her investment in women's sports with a new ownership stake in the Women's National Basketball Association's Toronto Tempo, the team announced Monday.The Tempo, the WNBA's first expansion team in Canada, will begin play in the 2026 season and is also owned by Larry Tanenbaum, chairman of Kilmer Sports Ventures.""I have always said that women's sports are an incredible investment opportunity. I am excited to partner with Larry and all of Canada in creating this new WNBA franchise and legacy,"" Williams said in a statement.The size of Williams' stake was not disclosed.As part of Williams' role with the team, she will play an active role in the team's visual look from jersey designs to merchandise collaborations.""Serena is a champion,"" said Teresa Resch, president of the Tempo Basketball Club. ""She's the greatest athlete of all time, and her impact on this team and this country is going to be incredible.""The deal is pending final approval from the league.Since retiring from tennis in August 2022, Williams, the former No. 1 tennis player with 23 Grand Slam singles championships, has been busy building her off-court portfolio.She is also a minority owner in the National Women's Soccer League's Angel City FC, the National Football League's Miami Dolphins and TGL's Los Angeles Golf Club.",CNBC,03/03/2025,"[""Tennis superstar Serena Williams is continuing her investment in women's sports with a new ownership stake in the Women's National Basketball Association's Toronto Tempo, the team announced Monday."", ""The Tempo, the WNBA's first expansion team in Canada, will begin play in the 2026 season and is also owned by Larry Tanenbaum, chairman of Kilmer Sports Ventures."", '""I have always said that women\'s sports are an incredible investment opportunity.', 'I am excited to partner with Larry and all of Canada in creating this new WNBA franchise and legacy,"" Williams said in a statement.', ""The size of Williams' stake was not disclosed."", ""As part of Williams' role with the team, she will play an active role in the team's visual look from jersey designs to merchandise collaborations."", '""Serena is a champion,"" saidTeresa Resch, president of the Tempo Basketball Club. ""', ""She's the greatest athlete of all time, and her impact on this team and this country is going to be incredible."", '""The deal is pending final approval from the league.', 'Since retiring from tennis in August 2022, Williams, the former No.', '1 tennis player with 23 Grand Slam singles championships, has been busy building her off-court portfolio.', ""She is also a minority owner in the National Women's Soccer League's Angel City FC, the National Football League's Miami Dolphins and TGL's Los Angeles Golf Club.""]",0.3307877798633871,"She's the greatest athlete of all time, and her impact on this team and this country is going to be incredible.","Since retiring from tennis in August 2022, Williams, the former No.",0.9384511113166808,"""I have always said that women's sports are an incredible investment opportunity.",,2025-03-03
-"WBD adds 6.4 million Max subscribers, forecasts 150 million subs by end of 2026",https://www.cnbc.com/2025/02/27/warner-bros-discovery-wbd-q4-2024-earnings.html,2025-02-27T22:01:12+0000,"In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year. Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026. Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company's earnings call Thursday.WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers. Initially WBD planned to charge an additional cost for sports.However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season. It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.""We don't need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize. CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.Shares of WBD rose nearly 5% Thursday.Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023. Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period. The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report. In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.Disclosure: MSNBC and CNBC are divisions of NBCUniversal.",CNBC,27/02/2025,"['In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.', 'Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year.', 'Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.', 'Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.', '""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company\'s earnings call Thursday.', 'WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers.', 'Initially WBD planned to charge an additional cost for sports.', 'However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.', 'While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.', 'Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season.', 'It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.', '""We don\'t need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.', 'On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize.', 'CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.', 'Shares of WBD rose nearly 5% Thursday.', ""Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023."", 'Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.', 'The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report.', 'In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.', 'For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.', 'Disclosure: MSNBC and CNBC are divisions of NBCUniversal.']",0.1377387530006132,"Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.","Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",0.1429852928434099,Shares of WBD rose nearly 5% Thursday.,"Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",2025-03-03
-Jamie Dimon calls U.S. government 'inefficient' and says Elon Musk's DOGE effort 'needs to be done',https://www.cnbc.com/2025/02/24/jamie-dimon-us-government-inefficient-touts-elon-musk-doge-effort.html,2025-02-24T20:41:11+0000,"In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency. He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""It's not just waste and fraud, it's outcomes.""The Trump administration's effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.""Why are we spending the money on these things? Are we getting what we deserve? What should we change?"" Dimon said. ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve.""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that's not legal, ""the courts will stop it.""""I'm hoping it's quite successful,"" he said.In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.",CNBC,24/02/2025,"['In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.', ""Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency."", 'He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.', '""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""', ""It's not just waste and fraud, it's outcomes."", '""The Trump administration\'s effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.', '""Why are we spending the money on these things?', 'Are we getting what we deserve?', 'What should we change?""', 'Dimon said. ""', ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve."", '""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that\'s not legal, ""the courts will stop it.', '""""I\'m hoping it\'s quite successful,"" he said.', ""In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.""]",0.0324484955139044,"""""I'm hoping it's quite successful,"" he said.","It's not just about the deficit, its about building the right policies and procedures and the government we deserve.",-0.4928240180015564,"""""I'm hoping it's quite successful,"" he said.",In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.,2025-03-03
-First-class seats are getting so fancy they're holding up new airplanes,https://www.cnbc.com/2025/03/02/first-class-seats-holding-up-new-airplanes.html,2025-03-02T13:16:19+0000,"In this articleHeated or cooled seats. Ultra-high-definition TV screens. Benches. Convertible beds. All-aisle access. And of course, the coveted privacy door.Ever-more luxurious first- and business-class cabins that have hundreds of parts and require regulator approval are the latest hold-up as new airplanes arrive late to customers, according to the heads of the world's biggest airplane manufacturers.Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world's longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.""It's getting the seats certified, and it's not actually the butt part of the seat,"" Ortberg continued. ""It's the cabinet and the doors ... for first class and business class. These are pretty complex systems, and getting those certified has taken both the seat suppliers and us longer than anticipated.""Similar issues are hitting Boeing's main rival Airbus, the CEO of the European manufacturer, Guillaume Faury, said on an earnings call the same day.""We have delays in seats"" as well as cabin ""monuments"" like galleys and closets that are ""delaying the time at which we can deliver a plane fully completed,"" Faury said.Together the companies account for the vast majority of the commercial airplane market.Aircraft deliveries are crucial for manufacturers' revenue because customers pay the bulk of a jetliner's price when they receive the plane, rather than when they first order it.Airlines and aerospace manufacturers are highly regulated, and new seat designs, some features and even cabin layouts must win approval from regulators before taking to the skies. Passengers also need to be able to safely exit those seats in the case of an emergency.Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree. The agency said the positions aren't ""safety critical,"" but didn't say whether staffing issues could further slow down aircraft or other certifications.Getting the state-of-the-art seats installed at the front of the cabin means millions in revenue for airlines. For example, Delta Air Lines on Friday was selling a round-trip standard economy ticket between New York and Paris during the first week of May for $816. Move to Delta One, the carrier's top-tier seat, and the same route jumps to $5,508.New planes' longer ranges compared with older models are opening up new nonstop routes for carriers.""No one is happy right now,"" about the delays, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. ""They're not able to get their new show ponies in.""A business-class seat can have about 1,500 parts, and weight is key, especially for an industry that has taken great pains to remove fuel-costing weight on board. That includes using thinner paper for seatback magazines to lighter cutlery.Germany's Recaro, a major airplane seat manufacturer, says its R7 business class seat weighs about 80 kilograms, or around 176 pounds.""You're trying to make everything as light as you can and also have a pleasing aesthetic value,"" said Harteveldt.Switzerland's flag carrier, Swiss, said the center of gravity shifted in some of its aircraft after testing out its new seat models, so it has to make design changes and is looking at a ""weight plate"" before the new seats can fly commercially.Customers ""clearly signal to us that it is time to modernize the cabin interiors of our long-haul fleet, especially the [Airbus] A330,"" a spokesman for Swiss said in an email. ""At the same time, we are working on solutions and observing trends and technologies that could allow us to achieve a different and more useful weight distribution.""New business class seats cost in the low-six digits apiece, which ""compares to the price of luxury car,"" according to Recaro.To airline executives they're worth it. They say customers, especially after the Covid-19 pandemic, have shown they are willing to pay up to sit toward the front of the cabin.Delta, for example, said in November that just 43% of its sales last year came from the main cabin, while 57% came from premium seats and its loyalty program. In 2010, 60% of revenue came from the main cabin.CEO Ed Bastian told CNBC in January that the trend toward premium travel is likely to continue.Airlines working to glow-up the front of their planes span the globe: Australia's Qantas, Delta, American, JetBlue and others. Lufthansa's new Allegris cabins on the Boeing 787s are held up in certification, a spokesman said.Singapore Airlines said in November that it will bring first-class seats to its longest flights, more than 17 hours. CEO Goh Choon Phong said in a news release that the offerings will ""push the boundaries of comfort, luxury, and modernity.""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner. A spokeswoman said the airline is working with regulators and that it plans to introduce the new suites on its Airbus A321XLR, a long-range version of a key Airbus plane, and its retrofitted Boeing 777-300ER later this year. It unveiled the seats in September 2022 and initially planned to debut them last year.""The biggest thing I can say on all those fronts though is that we are dependent on the supply chain. Right now, that supply chain, especially in regard to seats, is very tight,"" CEO Robert Isom said on an earnings call in October. He said the company's message to suppliers and partners is: ""'Work with us to make sure that we get those — that equipment — on dock as expected,' and we're really pushing to make sure that that's the case right now.""",CNBC,02/03/2025,"['In this articleHeated or cooled seats.', 'Ultra-high-definition TV screens.', 'Benches.', 'Convertible beds.', 'All-aisle access.', 'And of course, the coveted privacy door.', ""Ever-more luxurious first- and business-class cabins that have hundreds of parts and require regulator approval are the latest hold-up as new airplanes arrive late to customers, according to the heads of the world's biggest airplane manufacturers."", 'Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world\'s longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines\' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.', '""It\'s getting the seats certified, and it\'s not actually the butt part of the seat,"" Ortberg continued. ""', ""It's the cabinet and the doors ... for first class and business class."", 'These are pretty complex systems, and getting those certified has taken both the seat suppliers and us longer than anticipated.', '""Similar issues are hitting Boeing\'s main rival Airbus, the CEO of the European manufacturer, Guillaume Faury, said on an earnings call the same day.', '""We have delays in seats"" as well as cabin ""monuments"" like galleys and closets that are ""delaying the time at which we can deliver a plane fully completed,"" Faury said.', 'Together the companies account for the vast majority of the commercial airplane market.', ""Aircraft deliveries are crucial for manufacturers' revenue because customers pay the bulk of a jetliner's price when they receive the plane, rather than when they first order it."", 'Airlines and aerospace manufacturers are highly regulated, and new seat designs, some features and even cabin layouts must win approval from regulators before taking to the skies.', 'Passengers also need to be able to safely exit those seats in the case of an emergency.', 'Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.', 'In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree.', 'The agency said the positions aren\'t ""safety critical,"" but didn\'t say whether staffing issues could further slow down aircraft or other certifications.', 'Getting the state-of-the-art seats installed at the front of the cabin means millions in revenue for airlines.', 'For example, Delta Air Lines on Friday was selling a round-trip standard economy ticket between New York and Paris during the first week of May for $816.', ""Move to Delta One, the carrier's top-tier seat, and the same route jumps to $5,508.New planes' longer ranges compared with older models are opening up new nonstop routes for carriers."", '""No one is happy right now,"" about the delays, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. ""', ""They're not able to get their new show ponies in."", '""A business-class seat can have about 1,500 parts, and weight is key, especially for an industry that has taken great pains to remove fuel-costing weight on board.', 'That includes using thinner paper for seatback magazines to lighter cutlery.', ""Germany's Recaro, a major airplane seat manufacturer, says its R7 business class seat weighs about 80 kilograms, or around 176 pounds."", '""You\'re trying to make everything as light as you can and also have a pleasing aestheticvalue,"" said Harteveldt.', 'Switzerland\'s flag carrier, Swiss, said the center of gravity shifted in some of its aircraft after testing out its new seat models, so it has to make design changes and is looking at a ""weight plate"" before the new seats can fly commercially.', 'Customers ""clearly signal to us that it is time to modernize the cabin interiors of our long-haul fleet, especially the [Airbus] A330,"" a spokesman for Swiss said in an email. ""', 'At the same time, we are working on solutions and observing trends and technologies that could allow us to achieve a different and more useful weight distribution.', '""New business class seats cost in the low-six digits apiece, which ""compares to the price of luxury car,"" according to Recaro.', ""To airline executives they're worth it."", 'They say customers, especially after the Covid-19 pandemic, have shown they are willing to pay up to sit toward the front of the cabin.', 'Delta, for example, said in November that just 43% of its sales last year came from the main cabin, while 57% came from premium seats and its loyalty program.', 'In 2010, 60% of revenue came from the main cabin.', 'CEO Ed Bastian told CNBC in January that the trend toward premium travel is likely to continue.', ""Airlines working to glow-up the front of their planes span the globe: Australia's Qantas, Delta, American, JetBlue and others."", ""Lufthansa's new Allegris cabins on the Boeing 787s are held up in certification, a spokesman said."", 'Singapore Airlines said in November that it will bring first-class seats to its longest flights, more than 17 hours.', 'CEO Goh Choon Phong said in a news release that the offerings will ""push the boundaries of comfort, luxury, and modernity.', '""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner.', 'A spokeswoman said the airline is working with regulators and that it plans to introduce the new suites on its Airbus A321XLR, a long-range version of a key Airbus plane, and its retrofitted Boeing 777-300ER later this year.', 'It unveiled the seats in September 2022 and initially planned to debut them last year.', '""The biggest thing I can say on all those fronts though is that we are dependent on the supply chain.', 'Right now, that supply chain, especially in regard to seats, is very tight,"" CEO Robert Isom said on an earnings call in October.', 'He said the company\'s message to suppliers and partners is: ""\'Work with us to make sure that we get those — that equipment — on dock as expected,\' and we\'re really pushing to make sure that that\'s the case right now.""']",0.1415211726820409,"Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world's longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.","In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree.",-0.0645436366399129,"""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner.","Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.",2025-03-03
-"Consumer Financial Protection Bureau drops lawsuits against Capital One and Berkshire, Rocket Cos. units",https://www.cnbc.com/2025/02/27/cfpb-drops-capital-one-rocket-mortgage-affiliate-lawsuits.html,2025-02-28T20:02:59+0000,"The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director.In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos. unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case. It used similar language in the other cases.The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month. In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work.Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership. We are proud to put this matter behind us.""Shares of Capital One and Rocket climbed after the dismissals.Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history.""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there's only been one other case dismissed without relief for any consumers,"" Halperin said.On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers.""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing.""Mr. McKernan, literally while you've been sitting here and you've been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.",CNBC,28/02/2025,"[""The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director."", 'In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos.', 'unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.', '""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case.', 'It used similar language in the other cases.', 'The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month.', ""In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work."", ""Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans."", 'A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.', '""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership.', 'We are proud to put this matter behind us.', '""Shares of Capital One and Rocket climbed after the dismissals.', 'Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.', 'That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.', ""Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history."", '""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there\'s only been one other case dismissed without relief for any consumers,"" Halperin said.', ""On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers."", '""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.', '""Just from the cases that were dismissed today, there\'s billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.', ""The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing."", '""Mr.', 'McKernan, literally while you\'ve been sitting here and you\'ve been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.', '""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.']",-0.0637964813887178,"""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.","Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.",0.1026935047573513,"""Shares of Capital One and Rocket climbed after the dismissals.","""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.",2025-03-03
-"Elon Musk says he's sending Starlink tech to FAA while saying, without evidence, that air safety is 'at risk'",https://www.cnbc.com/2025/02/27/elon-musk-starlink-faa-safety-claims.html,2025-02-27T20:22:23+0000,"Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety.The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology.The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska. The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk's Starlink.Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly."" Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon."" He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.L3Harris didn't immediately return request for comment.Verizon said it is working on replacing older air traffic control technology.""Our Company is working on building the next generation system for the FAA which will support the Agency's mission for safe and secure air travel,"" Verizon said in its statement. ""We are at the beginning of a multi-year contract to replace antiquated, legacy systems. Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed. We continue to partner with the FAA on achieving its modernization objectives.""Musk didn't immediately respond to a request for comment.Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators.""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions. The FAA does not comment on ongoing certification work.""Airlines for years have pushed for air traffic modernization. Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers. Air travel demand hit records after the pandemic.""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""The government needs to do the same in an organized and timely way.""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft. It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.",CNBC,27/02/2025,"[""Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety."", ""The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology."", ""The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska."", 'The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""', 'This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.', '""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk\'s Starlink.', 'Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly.""', 'Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon.""', 'He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.', ""L3Harris didn't immediately return request for comment."", 'Verizon said it is working on replacing older air traffic control technology.', '""Our Company is working on building the next generation system for the FAA which will support the Agency\'s mission for safe and secure air travel,"" Verizon said in its statement. ""', 'We are at the beginning of a multi-year contract to replace antiquated, legacy systems.', ""Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed."", 'We continue to partner with the FAA on achieving its modernization objectives.', '""Musk didn\'t immediately respond to a request for comment.', ""Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators."", '""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk\'s dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.', 'Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.', '""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions.', 'The FAA does not comment on ongoing certification work.', '""Airlines for years have pushed for air traffic modernization.', ""Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers."", 'Air travel demand hit records after the pandemic.', '""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""', 'The government needs to do the same in an organized and timely way.', '""Musk\'s comments on air safety failures, which didn\'t include evidence, come after last month\'s fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.', 'It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.']",0.1037453100837895,"""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.","""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.",-0.2709029045971957,"""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""","Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers.",2025-03-03
-Trump’s proposed 'gold card' visa comes with a hidden tax break for the wealthy,https://www.cnbc.com/2025/02/27/trump-gold-card-visa-hidden-tax-benefit.html,2025-02-27T17:50:43+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.President Donald Trump's proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million. Attorneys who advise the wealthy on migration and investment visas say demand is already strong.""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""The U.S. remains the undisputed leader in private wealth creation and accumulation.""Volek and others who cater to the global rich say they've already fielded calls from clients wanting to purchase a Trump gold card. Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley. The United Arab Emirates and the U.S. typically top the list of destinations.""I think it's going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""It's a bargain.""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country. It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.Trump said gold-card holders would not be subject to taxes on their overseas income. The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens. Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy.Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy.""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The tax loophole is one reason the government can charge a premium for the gold card. At $5 million, the program would be among the most expensive in the world. Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million. New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million. Most investment visa programs around the world cost less than $1 million, attorneys say.About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley. Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project. The EB-5 program been plagued by delays and a history of fraud and abuse. The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high. The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department. The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands. There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say. Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.""Hundreds of thousands sounds high,"" Foote Reiff said. ""There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.""One big draw of the new program is tax benefits. Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.",CNBC,27/02/2025,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'President Donald Trump\'s proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.', 'Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.', 'Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million.', 'Attorneys who advise the wealthy on migration and investment visas say demand is already strong.', '""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""', 'The U.S. remains the undisputed leader in private wealth creation and accumulation.', '""Volek and others who cater to the global rich say they\'ve already fielded calls from clients wanting to purchase a Trump gold card.', ""Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley."", 'The United Arab Emirates and the U.S. typically top the list of destinations.', '""I think it\'s going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""', ""It's a bargain."", '""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country.', 'It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.', 'Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.', 'Trump said gold-card holders would not be subject to taxes on their overseas income.', 'The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens.', ""Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy."", ""Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy."", '""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""', ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The tax loophole is one reason the government can charge a premium for the gold card.', 'At $5 million, the program would be among the most expensive in the world.', ""Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million."", ""New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million."", 'Most investment visa programs around the world cost less than $1 million, attorneys say.', 'About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley.', 'Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.', ""At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project."", 'The EB-5 program been plagued by delays and a history of fraud and abuse.', 'The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.', 'When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high.', 'The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department.', 'The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.', 'While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands.', 'There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.', 'Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say.', 'Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.', '""Hundreds of thousands sounds high,"" Foote Reiff said. ""', 'There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.', '""One big draw of the new program is tax benefits.', 'Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.', ""Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.""]",0.2605946536160655,"The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.",The EB-5 program been plagued by delays and a history of fraud and abuse.,0.0957694378766146,Attorneys who advise the wealthy on migration and investment visas say demand is already strong.,The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.,2025-03-03
-"Trump administration, Musk’s DOGE plan to fire nearly all CFPB staff and wind down agency, employees say",https://www.cnbc.com/2025/02/28/cfpb-leaders-and-elon-musk-doge-planned-to-fire-nearly-all-staff.html,2025-02-28T17:39:02+0000,"The Consumer Financial Protection Bureau's Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency.""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases. It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.""Finally, the Bureau would 'reduce altogether' within 60-90 days by terminating most of its remaining staff,"" Doe said.The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending. Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau. After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing.The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a 'more streamlined and efficient bureau' is that there will continue to be a CFPB,"" he wrote.But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified.In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.""One Senior Executive said that CFPB will become a 'room at Treasury, White House, or Federal Reserve with five men and a phone in it,'"" Doe said.Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau's chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies. More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk's ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""The only reason it did not do so is because of this Court's order.""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified.While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints.CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you're departing Liverpool on the Titanic,"" Reed said. ""Good luck.""",CNBC,28/02/2025,"['The Consumer Financial Protection Bureau\'s Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.', ""In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency."", '""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.', ""Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases."", 'It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.', '""Finally, the Bureau would \'reduce altogether\' within 60-90 days by terminating most of its remaining staff,"" Doe said.', ""The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending."", 'Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.', 'The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.', ""The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau."", ""After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing."", 'The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.', 'In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a \'more streamlined and efficient bureau\' is that there will continue to be a CFPB,"" he wrote.', ""But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified."", 'In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.', '""One Senior Executive said that CFPB will become a \'room at Treasury, White House, or Federal Reserve with five men and a phone in it,\'"" Doe said.', 'Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau\'s chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.', '""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.', 'The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies.', 'More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.', 'In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.', 'For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk\'s ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""', ""The only reason it did not do so is because of this Court's order."", '""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.', ""Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified."", 'While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.', ""Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints."", 'CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.', 'On Thursday, Jonathan McKernan, President Donald Trump\'s pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency\'s creation, that he would ""fully and faithfully"" enforce laws related to the CFPB\'s mission.', 'McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.', '""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency\'s headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.', '""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you\'re departing Liverpool on the Titanic,"" Reed said. ""', 'Good luck.""']",-0.030165339100311,"On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.","The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.",-0.5007501443227133,"The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.","""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.",2025-03-03
-"Starbucks to lay off 1,100 corporate workers as sales sag",https://www.cnbc.com/2025/02/24/starbucks-to-lay-off-1100-corporate-workers.html,2025-02-24T14:35:45+0000,"In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday.The cuts will not affect workers at the company's cafes.In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""All with the goal of being more focused and able to drive greater impact on our priorities."" The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters. As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service.Starbucks had about 16,000 employees who work outside of store locations as of last year. The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.",CNBC,24/02/2025,"[""In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday."", ""The cuts will not affect workers at the company's cafes."", 'In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.', '""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""', 'All with the goal of being more focused and able to drive greater impact on our priorities.', '""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.', ""As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service."", 'Starbucks had about 16,000 employees who work outside of store locations as of last year.', 'The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.']",0.1961329182618708,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. """,The cuts will not affect workers at the company's cafes.,0.5956955790519715,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""","""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.",2025-03-03
-American Airlines to start testing free inflight Wi-Fi,https://www.cnbc.com/2025/02/28/american-airlines-free-inflight-wi-fi.html,2025-02-28T18:14:14+0000,"In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-Durham International Airport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport.More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity. American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when.Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways. United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses.""Through this test, we'll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American's chief customer officer, Heather Garboden, said in a staff memo Friday.In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",CNBC,28/02/2025,"['In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.', ""The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-DurhamInternationalAirport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport."", 'More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity.', ""American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when."", 'Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.', ""United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses."", '""Through this test, we\'ll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American\'s chief customer officer, Heather Garboden, said in a staff memo Friday.', 'In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.', '""While relatively small in scope, this is already a big stride in our organization\'s very critical work to give our customers what we know they want,"" Garboden said.']",0.4524854854128424,"Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.","""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",0.9991390705108644,"In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.",,2025-03-03
-Eli Lilly is selling higher-dose vials of Zepbound at a lower price to boost weight loss drug access,https://www.cnbc.com/2025/02/25/eli-lilly-offering-more-cheaper-vials-of-zepbound-weight-loss-drug.html,2025-02-25T16:46:27+0000,"In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions. Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August. Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site. The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery. Otherwise, those two doses will cost $599 and $699, respectively. Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50. The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release. Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance. Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off. Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials. The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments. ""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications. Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months. The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug. Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.""He said Tuesday's announcement helps to ensure that patients ""don't rely on knockoffs that are not approved by the FDA for safety, efficacy and quality."" Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.""He said Zepbound prescriptions filled through LillyDirect's self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market. Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added. He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number. LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. In December, direct-to-consumer health-care startup Ro said its platform will also offer single-dose vials of Zepbound through a new partnership with Eli Lilly.",CNBC,25/02/2025,"['In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.', ""It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions."", 'Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August.', ""Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site."", 'The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery.', 'Otherwise, those two doses will cost $599 and $699, respectively.', 'Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50.', 'The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release.', 'Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance.', 'Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off.', 'Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials.', 'The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments.', '""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications.', 'Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.', 'Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months.', 'The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.', 'Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.', '""He said Tuesday\'s announcement helps to ensure that patients ""don\'t rely on knockoffs that are not approved by the FDA for safety, efficacy and quality.', '""Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.', '""He said Zepbound prescriptions filled through LillyDirect\'s self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market.', ""Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added."", 'He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number.', 'LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'In December, direct-to-consumer health-care startup Ro said itsplatformwill also offer single-dose vialsof Zepbound through a new partnership withEli Lilly.']",0.1641874640621586,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.",Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.,0.3630305926005046,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.","The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.",2025-03-03
-Eli Lilly plans at least $27 billion in new U.S. manufacturing investments,https://www.cnbc.com/2025/02/26/eli-lilly-to-invest-27-billion-in-new-us-manufacturing.html,2025-02-26T21:23:30+0000,"In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains. He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy. The event featured several speakers from the Trump administration, including Kevin Hassett, director of the White House National Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies.Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America."" He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.""The move brings Eli Lilly's total U.S. manufacturing investments to more than $50 billion in recent years. The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs.  ""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas.""Shares of the company closed more than 1% higher on Wednesday.Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro. Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.""The fourth site will extend the company's global manufacturing network for future injectable therapies, he added.Eli Lilly has not decided on where the four new U.S. sites will be located, Ricks said. The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built. The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin.The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments. The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions.Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic. Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions. Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments. The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats. Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments. He called it ""essential that these policies are extended permanently this year.""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses. It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts. ""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.",CNBC,26/02/2025,"['In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.', 'It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains.', 'He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy.', ""The event featured several speakers from the Trump administration, including Kevin Hassett, directorof the White HouseNational Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies."", 'Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America.""', 'He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.', '""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.', '""The move brings Eli Lilly\'s total U.S. manufacturing investments to more than $50 billion in recent years.', ""The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs."", '""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""', ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas."", '""Shares of the company closed more than 1% higher on Wednesday.', ""Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro."", 'Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.', '""The fourth site will extend the company\'s global manufacturing network for future injectable therapies, he added.', 'Eli Lilly has not decided on wherethefournew U.S.sites will be located, Ricks said.', 'The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.', 'Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built.', ""The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin."", ""The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments."", ""The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions."", 'Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.', ""Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic."", 'Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.', 'During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.', '""Eli Lilly\'s efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.', ""Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments."", 'The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats.', 'Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump\'s 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company\'s manufacturing investments.', 'He called it ""essential that these policies are extended permanently this year.', '""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.', ""That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses."", 'It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts.', '""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.', 'Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.']",0.126865385961742,"""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.","Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments.",0.582808431982994,"""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.","Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.",2025-03-03
-Lucid CEO steps down; EV maker plans to more than double production in 2025,https://www.cnbc.com/2025/02/25/lucid-ceo-peter-rawlinson-steps-down-ev-maker-plans-to-double-production.html,2025-02-26T12:54:29+0000,"In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO. Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details.""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company's second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.Rawlinson's departure is unexpected. As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker. He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast. I've not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company's third-quarter call in November. ""So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.""Lucid's board has initiated a search to identify a new CEO, the company said.The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.Shares of Lucid were about 8% higher during afterhours trading Tuesday.As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.Lucid is largely backed by Saudi Arabia's Public Investment Fund. Its first product was the Air sedan, which it began delivering in late 2021.",CNBC,26/02/2025,"['In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.', ""Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO."", 'Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.', ""Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details."", '""It was Peter\'s decision after 12 years of, let\'s say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.', 'In a statementposted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company\'s second product, a three-row SUV called the Gravity.', 'He did not elaborate further on the decision in the lengthy post.', ""Rawlinson's departure is unexpected."", ""As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker."", 'He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast.', 'I\'ve not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company\'s third-quarter call in November. ""', 'So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.', '""Lucid\'s board has initiated a search to identifya new CEO, the company said.', ""The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results."", 'For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', 'Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.', 'During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.', 'The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year.', 'He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.', 'Shares of Lucid were about 8% higher during afterhours trading Tuesday.', 'As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration.', 'The stock declined by roughly 28% last year.', ""Lucid is largely backed by Saudi Arabia's Public Investment Fund."", 'Its first product was the Air sedan, which it began delivering in late 2021.']",0.089760780142549,"""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.","For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.",-0.4977042898535728,Shares of Lucid were about 8% higher during afterhours trading Tuesday.,Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.,2025-03-03
-"After abrupt departure of Lucid CEO, here are the EV maker's top priorities",https://www.cnbc.com/2025/02/26/lucid-priorities-ev-ceo-departure.html,2025-02-27T13:57:01+0000,"In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson.Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021. Investors considered Rawlinson to be the face of the company — and crucial to its success.The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts.""We think the departure of Lucid's (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.""Interim CEO Marc Winterhoff, formerly the company's chief operating officer, will attempt to ensure that's not the case for Lucid.Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course. His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.""We have a clear vision. Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company's fourth-quarter earnings call.Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.Its GAAP gross margin, which includes production and sales but does not factor in other expenses, for was a negative 114% in 2024, improvement from a negative 225% in 2023.""We expect a significant improvement in gross margin in line with what we see in 2024 compared to 2023. So, we are on the right trajectory,"" Gagan Dhingra, Lucid's interim CFO, told investors Tuesday.For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Lucid's first product was the Air sedan, which it began delivering in late 2021. The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.Winterhoff said production of the Gravity SUV will gradually build this year. He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent. He noted Gravity ordering for customers in Saudi Arabia began earlier this month.""We're expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company's investor call.Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth.As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.""I'm not planning to create a new vision or something like that for the company,"" he told CNBC. ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers. We will double down on marketing. You will see much more marketing from us.""The company's selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year. The company's total marketing and advertising expense wasn't immediately available.The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla's ""FSD"" or General Motors' ""Super Cruise."" Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.However, Lucid expects to release a new hands-free driving system for customers later this year.What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid's EV technologies but declined to provide additional details.",CNBC,27/02/2025,"[""In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson."", 'Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021.', 'Investors considered Rawlinson to be the face of the company — and crucial to its success.', ""The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts."", '""We think the departure of Lucid\'s (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""', 'We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.', '""Interim CEO Marc Winterhoff, formerly the company\'s chief operating officer, will attempt to ensure that\'s not the case for Lucid.', ""Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course."", 'His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.', '""We have a clear vision.', 'Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company\'s fourth-quarter earnings call.', 'Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.', 'Its GAAP gross margin, which includes production and sales but does not factor in other expenses, forwasa negative114% in 2024, improvement from anegative225%in2023.""Weexpectasignificantimprovementingrossmargininlinewithwhatweseein2024comparedto2023.So,weareontherighttrajectory,"" Gagan Dhingra, Lucid\'s interim CFO, told investors Tuesday.', 'For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', ""Lucid's first product was the Air sedan, which it began delivering in late 2021."", ""The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated."", 'Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.', 'Winterhoff said production of the Gravity SUV will gradually build this year.', 'He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent.', 'He noted Gravity ordering for customers in Saudi Arabia began earlier this month.', '""We\'re expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company\'s investor call.', ""Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth."", 'As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.', '""I\'m not planning to create a new vision or something like that for the company,"" he told CNBC. ""', ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers."", 'We will double down on marketing.', 'You will see much more marketing from us.', '""The company\'s selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year.', ""The company's total marketing and advertising expense wasn't immediately available."", 'The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla\'s ""FSD"" or General Motors\' ""Super Cruise.""', 'Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.', 'However, Lucid expects to release a new hands-free driving system for customers later this year.', 'What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.', 'Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.', 'Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid\'s EV technologies but declined to provide additional details.']",0.1703765069718236,"The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.","Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.",0.2499283291399479,"His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.","We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.",2025-03-03
-"GM raises quarterly dividend, initiates $6 billion stock buyback",https://www.cnbc.com/2025/02/26/gm-raises-dividend-initiates-stock-buyback.html,2025-02-26T14:36:34+0000,"In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor. The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April.Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval. The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program. The program is being executed by JPMorgan and Barclays.Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said. That includes $300 million from its last $6 billion stock buyback program from June.As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""The repurchase authorization our board approved continues a commitment to our capital allocation policy.""GM's 2025 guidance includes net income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023. A previous version of this article misstated that amount.",CNBC,26/02/2025,"['In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.', 'GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor.', ""The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April."", 'Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.', '""The GM team\'s execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.', 'Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval.', 'The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.', ""Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year."", 'Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.', ""GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program."", 'The program is being executed by JPMorgan and Barclays.', 'Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said.', 'That includes $300 million from its last $6 billion stock buyback program from June.', 'As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.', '""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""', 'The repurchase authorization our board approved continues a commitment to our capital allocation policy.', '""GM\'s2025 guidance includesnet income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.', 'Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023.', 'A previous version of this article misstated that amount.']",0.4705367832428884,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.",,0.1529056259563991,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.","Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.",2025-03-03
-"Home Depot earnings beat Wall Street estimates, as retailer breaks comparable sales losing streak",https://www.cnbc.com/2025/02/25/home-depot-hd-q4-2024-earnings.html,2025-02-25T21:01:55+0000,"In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects.For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%. Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates."" Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said. ""They tell us their lives are moving on,"" he said. ""Their families are growing. They're moving for a new job. They're upsizing their home. They want to upgrade their standard of living. Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.""Here's what the company reported for the fiscal fourth quarter compared with Wall Street's estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot's net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.  Revenue rose 14% from $34.79 billion in the year-ago period.Comparable sales, a metric also known as same-store sales, increased 0.8% across the company. Those results ended eight consecutive quarters of falling comparable sales. They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount. Comparable sales in the U.S. increased 1.3% year over year.Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period. Transactions rose to 400.4 million, up nearly 8% from the year-ago period. The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects. Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns. Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market. McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve. The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.""Where weather is good, we continue to see engagement,"" he said. ""Where weather is tough, projects get put on the shelf.""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business. Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business. He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers.McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year. Home Depot has also looked to home professionals as one of its major sales drivers. It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year. It marked the largest acquisition in the company's history.Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said.Shares of Home Depot closed Monday at $382.42. As of Monday's close, the company's shares have fallen about 2% so far this year. That trails behind the S&P 500's approximately 2% gains during the same period.This is a developing story. Please check back for updates.",CNBC,25/02/2025,"[""In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects."", 'For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%.', 'Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.', 'In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates.""', 'Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.', 'Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said.', '""They tell us their lives are moving on,"" he said. ""', 'Their families are growing.', ""They're moving for a new job."", ""They're upsizing their home."", 'They want to upgrade their standard of living.', 'Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.', '""Here\'s what the company reported for the fiscal fourth quarter compared with Wall Street\'s estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot\'s net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.', 'Revenue rose 14% from $34.79 billion in the year-ago period.', 'Comparable sales, a metric also known as same-store sales, increased 0.8% across the company.', 'Those results ended eight consecutive quarters of falling comparable sales.', ""They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount."", 'Comparable sales in the U.S. increased 1.3% year over year.', 'Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.', ""Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period."", 'Transactions rose to 400.4 million, up nearly 8% from the year-ago period.', 'The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.', 'Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects.', ""Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns."", 'Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.', ""Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market."", 'McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.', 'Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve.', 'The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.', ""Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said."", '""Where weather is good, we continue to see engagement,"" he said. ""', 'Where weather is tough, projects get put on the shelf.', '""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business.', ""Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business."", ""He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers."", 'McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year.', 'Home Depot has also looked to home professionals as one of its major sales drivers.', 'It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year.', ""It marked the largest acquisition in the company's history."", ""Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said."", 'Shares of Home Depot closed Monday at $382.42.', ""As of Monday's close, the company's shares have fallen about 2% so far this year."", ""That trails behind the S&P 500's approximately 2% gains during the same period."", 'This is a developing story.', 'Please check back for updates.']",0.1411745101256541,"""Where weather is good, we continue to see engagement,"" he said. ""","Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.",0.3162120655179024,"Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.",Those results ended eight consecutive quarters of falling comparable sales.,2025-03-03
-TJ Maxx parent company says it will benefit from chaotic market conditions after strong holiday,https://www.cnbc.com/2025/02/26/tjx-cos-tjx-q4-2025-earnings.html,2025-02-26T21:18:58+0000,"In this articleTJX Cos. on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I'm thinking there's more availability out there over the next six months, even more than there's been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""I'm excited about this. I'm excited about the sales and margin opportunity in this environment.""The discounter behind T.J. Maxx, Marshall's and HomeGoods beat Wall Street's expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do. It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier.Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier. In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024. Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount. For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount. Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents. Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said. TJX also expects currency trends to reduce margins. Those conditions have hurt other retailers such as Levi Strauss. Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher. Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger. The new duties will hit merchandise that the company was already committed to when the tariffs went into effect. While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term.TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down. During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said. For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point. The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink. Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.In December, CNBC reported that Walmart had deployed a similar program.The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook. Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for. That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies. To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.If they're ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings. Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity.For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share. When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns. Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions. When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.As TJX's growth has slowed in the U.S., the discounter has started expanding overseas. It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year. During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period. Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period. HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note.""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""This plays into the categories where HomeGoods and HomeSense play most strongly. As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""",CNBC,26/02/2025,"['In this articleTJX Cos.', 'on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.', 'In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.', '""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I\'m thinking there\'s more availability out there over the next six months, even more than there\'s been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""', ""I'm excited about this."", ""I'm excited about the sales and margin opportunity in this environment."", '""The discounter behind T.J. Maxx, Marshall\'s and HomeGoods beat Wall Street\'s expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do.', 'It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.', ""Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier."", 'Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier.', ""In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024."", 'Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount.', 'For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.', 'For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount.', 'Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.', ""TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents."", 'Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said.', 'TJX also expects currency trends to reduce margins.', 'Those conditions have hurt other retailers such as Levi Strauss.', ""Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher."", 'Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.', 'The new duties will hit merchandise that the company was already committed to when the tariffs went into effect.', ""While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term."", 'TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down.', 'During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said.', ""For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point."", 'The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.', 'Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink.', 'Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.', 'In December, CNBC reported that Walmart had deployed a similar program.', ""The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook."", ""Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for."", ""That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies."", 'To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.', 'If they\'re ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings.', ""Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity."", ""For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share."", 'When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns.', 'Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions.', 'When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.', ""As TJX's growth has slowed in the U.S., the discounter has started expanding overseas."", ""It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year."", 'During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period.', 'Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.', 'In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.', ""Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period."", 'HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.', ""The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note."", '""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""', 'This plays into the categories where HomeGoods and HomeSense play most strongly.', 'As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""']",0.2119076465257287,"For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share.","Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.",0.4403387502182361,"For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.",TJX also expects currency trends to reduce margins.,2025-03-03
-Lucid CEO steps down; EV maker plans to more than double production in 2025,https://www.cnbc.com/2025/02/25/lucid-ceo-peter-rawlinson-steps-down-ev-maker-plans-to-double-production.html,2025-02-26T12:54:29+0000,"In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO. Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details.""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company's second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.Rawlinson's departure is unexpected. As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker. He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast. I've not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company's third-quarter call in November. ""So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.""Lucid's board has initiated a search to identify a new CEO, the company said.The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.Shares of Lucid were about 8% higher during afterhours trading Tuesday.As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.Lucid is largely backed by Saudi Arabia's Public Investment Fund. Its first product was the Air sedan, which it began delivering in late 2021.",CNBC,26/02/2025,"['In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.', ""Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO."", 'Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.', ""Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details."", '""It was Peter\'s decision after 12 years of, let\'s say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.', 'In a statementposted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company\'s second product, a three-row SUV called the Gravity.', 'He did not elaborate further on the decision in the lengthy post.', ""Rawlinson's departure is unexpected."", ""As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker."", 'He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast.', 'I\'ve not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company\'s third-quarter call in November. ""', 'So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.', '""Lucid\'s board has initiated a search to identifya new CEO, the company said.', ""The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results."", 'For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', 'Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.', 'During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.', 'The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year.', 'He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.', 'Shares of Lucid were about 8% higher during afterhours trading Tuesday.', 'As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration.', 'The stock declined by roughly 28% last year.', ""Lucid is largely backed by Saudi Arabia's Public Investment Fund."", 'Its first product was the Air sedan, which it began delivering in late 2021.']",0.089760780142549,"""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.","For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.",-0.4977042898535728,Shares of Lucid were about 8% higher during afterhours trading Tuesday.,Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.,2025-03-02
-First-class seats are getting so fancy they're holding up new airplanes,https://www.cnbc.com/2025/03/02/first-class-seats-holding-up-new-airplanes.html,2025-03-02T13:16:19+0000,"In this articleHeated or cooled seats. Ultra-high-definition TV screens. Benches. Convertible beds. All-aisle access. And of course, the coveted privacy door.Ever-more luxurious first- and business-class cabins that have hundreds of parts and require regulator approval are the latest hold-up as new airplanes arrive late to customers, according to the heads of the world's biggest airplane manufacturers.Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world's longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.""It's getting the seats certified, and it's not actually the butt part of the seat,"" Ortberg continued. ""It's the cabinet and the doors ... for first class and business class. These are pretty complex systems, and getting those certified has taken both the seat suppliers and us longer than anticipated.""Similar issues are hitting Boeing's main rival Airbus, the CEO of the European manufacturer, Guillaume Faury, said on an earnings call the same day.""We have delays in seats"" as well as cabin ""monuments"" like galleys and closets that are ""delaying the time at which we can deliver a plane fully completed,"" Faury said.Together the companies account for the vast majority of the commercial airplane market.Aircraft deliveries are crucial for manufacturers' revenue because customers pay the bulk of a jetliner's price when they receive the plane, rather than when they first order it.Airlines and aerospace manufacturers are highly regulated, and new seat designs, some features and even cabin layouts must win approval from regulators before taking to the skies. Passengers also need to be able to safely exit those seats in the case of an emergency.Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree. The agency said the positions aren't ""safety critical,"" but didn't say whether staffing issues could further slow down aircraft or other certifications.Getting the state-of-the-art seats installed at the front of the cabin means millions in revenue for airlines. For example, Delta Air Lines on Friday was selling a round-trip standard economy ticket between New York and Paris during the first week of May for $816. Move to Delta One, the carrier's top-tier seat, and the same route jumps to $5,508.New planes' longer ranges compared with older models are opening up new nonstop routes for carriers.""No one is happy right now,"" about the delays, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. ""They're not able to get their new show ponies in.""A business-class seat can have about 1,500 parts, and weight is key, especially for an industry that has taken great pains to remove fuel-costing weight on board. That includes using thinner paper for seatback magazines to lighter cutlery.Germany's Recaro, a major airplane seat manufacturer, says its R7 business class seat weighs about 80 kilograms, or around 176 pounds.""You're trying to make everything as light as you can and also have a pleasing aesthetic value,"" said Harteveldt.Switzerland's flag carrier, Swiss, said the center of gravity shifted in some of its aircraft after testing out its new seat models, so it has to make design changes and is looking at a ""weight plate"" before the new seats can fly commercially.Customers ""clearly signal to us that it is time to modernize the cabin interiors of our long-haul fleet, especially the [Airbus] A330,"" a spokesman for Swiss said in an email. ""At the same time, we are working on solutions and observing trends and technologies that could allow us to achieve a different and more useful weight distribution.""New business class seats cost in the low-six digits apiece, which ""compares to the price of luxury car,"" according to Recaro.To airline executives they're worth it. They say customers, especially after the Covid-19 pandemic, have shown they are willing to pay up to sit toward the front of the cabin.Delta, for example, said in November that just 43% of its sales last year came from the main cabin, while 57% came from premium seats and its loyalty program. In 2010, 60% of revenue came from the main cabin.CEO Ed Bastian told CNBC in January that the trend toward premium travel is likely to continue.Airlines working to glow-up the front of their planes span the globe: Australia's Qantas, Delta, American, JetBlue and others. Lufthansa's new Allegris cabins on the Boeing 787s are held up in certification, a spokesman said.Singapore Airlines said in November that it will bring first-class seats to its longest flights, more than 17 hours. CEO Goh Choon Phong said in a news release that the offerings will ""push the boundaries of comfort, luxury, and modernity.""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner. A spokeswoman said the airline is working with regulators and that it plans to introduce the new suites on its Airbus A321XLR, a long-range version of a key Airbus plane, and its retrofitted Boeing 777-300ER later this year. It unveiled the seats in September 2022 and initially planned to debut them last year.""The biggest thing I can say on all those fronts though is that we are dependent on the supply chain. Right now, that supply chain, especially in regard to seats, is very tight,"" CEO Robert Isom said on an earnings call in October. He said the company's message to suppliers and partners is: ""'Work with us to make sure that we get those — that equipment — on dock as expected,' and we're really pushing to make sure that that's the case right now.""",CNBC,02/03/2025,"['In this articleHeated or cooled seats.', 'Ultra-high-definition TV screens.', 'Benches.', 'Convertible beds.', 'All-aisle access.', 'And of course, the coveted privacy door.', ""Ever-more luxurious first- and business-class cabins that have hundreds of parts and require regulator approval are the latest hold-up as new airplanes arrive late to customers, according to the heads of the world's biggest airplane manufacturers."", 'Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world\'s longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines\' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.', '""It\'s getting the seats certified, and it\'s not actually the butt part of the seat,"" Ortberg continued. ""', ""It's the cabinet and the doors ... for first class and business class."", 'These are pretty complex systems, and getting those certified has taken both the seat suppliers and us longer than anticipated.', '""Similar issues are hitting Boeing\'s main rival Airbus, the CEO of the European manufacturer, Guillaume Faury, said on an earnings call the same day.', '""We have delays in seats"" as well as cabin ""monuments"" like galleys and closets that are ""delaying the time at which we can deliver a plane fully completed,"" Faury said.', 'Together the companies account for the vast majority of the commercial airplane market.', ""Aircraft deliveries are crucial for manufacturers' revenue because customers pay the bulk of a jetliner's price when they receive the plane, rather than when they first order it."", 'Airlines and aerospace manufacturers are highly regulated, and new seat designs, some features and even cabin layouts must win approval from regulators before taking to the skies.', 'Passengers also need to be able to safely exit those seats in the case of an emergency.', 'Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.', 'In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree.', 'The agency said the positions aren\'t ""safety critical,"" but didn\'t say whether staffing issues could further slow down aircraft or other certifications.', 'Getting the state-of-the-art seats installed at the front of the cabin means millions in revenue for airlines.', 'For example, Delta Air Lines on Friday was selling a round-trip standard economy ticket between New York and Paris during the first week of May for $816.', ""Move to Delta One, the carrier's top-tier seat, and the same route jumps to $5,508.New planes' longer ranges compared with older models are opening up new nonstop routes for carriers."", '""No one is happy right now,"" about the delays, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. ""', ""They're not able to get their new show ponies in."", '""A business-class seat can have about 1,500 parts, and weight is key, especially for an industry that has taken great pains to remove fuel-costing weight on board.', 'That includes using thinner paper for seatback magazines to lighter cutlery.', ""Germany's Recaro, a major airplane seat manufacturer, says its R7 business class seat weighs about 80 kilograms, or around 176 pounds."", '""You\'re trying to make everything as light as you can and also have a pleasing aestheticvalue,"" said Harteveldt.', 'Switzerland\'s flag carrier, Swiss, said the center of gravity shifted in some of its aircraft after testing out its new seat models, so it has to make design changes and is looking at a ""weight plate"" before the new seats can fly commercially.', 'Customers ""clearly signal to us that it is time to modernize the cabin interiors of our long-haul fleet, especially the [Airbus] A330,"" a spokesman for Swiss said in an email. ""', 'At the same time, we are working on solutions and observing trends and technologies that could allow us to achieve a different and more useful weight distribution.', '""New business class seats cost in the low-six digits apiece, which ""compares to the price of luxury car,"" according to Recaro.', ""To airline executives they're worth it."", 'They say customers, especially after the Covid-19 pandemic, have shown they are willing to pay up to sit toward the front of the cabin.', 'Delta, for example, said in November that just 43% of its sales last year came from the main cabin, while 57% came from premium seats and its loyalty program.', 'In 2010, 60% of revenue came from the main cabin.', 'CEO Ed Bastian told CNBC in January that the trend toward premium travel is likely to continue.', ""Airlines working to glow-up the front of their planes span the globe: Australia's Qantas, Delta, American, JetBlue and others."", ""Lufthansa's new Allegris cabins on the Boeing 787s are held up in certification, a spokesman said."", 'Singapore Airlines said in November that it will bring first-class seats to its longest flights, more than 17 hours.', 'CEO Goh Choon Phong said in a news release that the offerings will ""push the boundaries of comfort, luxury, and modernity.', '""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner.', 'A spokeswoman said the airline is working with regulators and that it plans to introduce the new suites on its Airbus A321XLR, a long-range version of a key Airbus plane, and its retrofitted Boeing 777-300ER later this year.', 'It unveiled the seats in September 2022 and initially planned to debut them last year.', '""The biggest thing I can say on all those fronts though is that we are dependent on the supply chain.', 'Right now, that supply chain, especially in regard to seats, is very tight,"" CEO Robert Isom said on an earnings call in October.', 'He said the company\'s message to suppliers and partners is: ""\'Work with us to make sure that we get those — that equipment — on dock as expected,\' and we\'re really pushing to make sure that that\'s the case right now.""']",0.1415211726820409,"Boeing has 787 Dreamliners, a twin-aisle jetliner used on some of the world's longest flights, on the ground at its South Carolina factory ""that are held up for delivery for the seats, which obviously go in pretty late in the assembly process,"" CEO Kelly Ortberg said at a Barclays industry conference on Feb. 20.Part of the problem is airlines' rush to win over high-paying customers by offering comforts and more of the scarce space on board — even if a few extra inches.","In recent weeks, the Trump administration has fired hundreds of Federal Aviation Administration workers in a cost-cutting spree.",-0.0645436366399129,"""American Airlines, for its part, has been waiting for months to debut a new seat for its wide-body planes and just won approval for those on its 787-9 Dreamliner.","Some new aircraft cabins are still awaiting certification, and delays are adding to years of supply chain strains and labor shortages coming out of the pandemic.",2025-03-02
-"GM raises quarterly dividend, initiates $6 billion stock buyback",https://www.cnbc.com/2025/02/26/gm-raises-dividend-initiates-stock-buyback.html,2025-02-26T14:36:34+0000,"In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor. The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April.Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval. The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program. The program is being executed by JPMorgan and Barclays.Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said. That includes $300 million from its last $6 billion stock buyback program from June.As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""The repurchase authorization our board approved continues a commitment to our capital allocation policy.""GM's 2025 guidance includes net income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023. A previous version of this article misstated that amount.",CNBC,26/02/2025,"['In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.', 'GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor.', ""The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April."", 'Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.', '""The GM team\'s execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.', 'Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval.', 'The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.', ""Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year."", 'Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.', ""GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program."", 'The program is being executed by JPMorgan and Barclays.', 'Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said.', 'That includes $300 million from its last $6 billion stock buyback program from June.', 'As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.', '""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""', 'The repurchase authorization our board approved continues a commitment to our capital allocation policy.', '""GM\'s2025 guidance includesnet income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.', 'Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023.', 'A previous version of this article misstated that amount.']",0.4705367832428884,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.",,0.1529056259563991,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.","Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.",2025-03-02
-"Venu is done. Here's how Fox, Disney and WBD plan to go it alone in sports streaming",https://www.cnbc.com/2025/02/27/venu-fox-disney-wbd-sports-streaming-strategies.html,2025-02-27T19:49:03+0000,"In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.The joint venture originally planned to launch the platform ahead of the 2024 NFL season.However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers. While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans. Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms. Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed. ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers.This week, WBD executives doubled down on their existing strategy behind streaming service, Max.On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max. Initially, WBD planned to charge extra for sports. It's unclear if the reversal was directly related to the end of Venu. Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter.WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place. He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.""It's not a good consumer experience and the value creation over the last 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD's separate streaming bundle with Disney.Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars.Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines. The company plans to launch an app that offers both news and sports by the end of this year.The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn't be seen as a shift in strategy, noting that Fox isn't ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing. That is not our game.""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said. He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.But rampant cord cutting pushed Fox to step into the streaming game.""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences. This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open.WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights.""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday's call. ""But you know, we don't need any more sports anywhere in the world in order to support our business. We buy sports if we think it would enhance our business. And it's going to get more difficult...[because of] some of those prices being paid.""During an investor conference in December, Fox's Tomsic echoed a similar sentiment around sports rights.Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years. He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue.""We take a pretty financially hard-nosed view about them, and so we'll trade in and out of those sports as we see fit,"" Tomsic said in December.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.",CNBC,27/02/2025,"['In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.', ""Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges."", 'The joint venture originally planned to launch the platform ahead of the 2024 NFL season.', 'However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.', ""Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers."", ""While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans."", ""Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms."", 'Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.', 'Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed.', ""ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers."", 'This week, WBD executives doubled down on their existing strategy behind streaming service, Max.', 'On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max.', 'Initially, WBD planned to charge extra for sports.', ""It's unclear if the reversal was directly related to the end of Venu."", ""Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter."", ""WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place."", 'He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.', '""It\'snotagoodconsumerexperienceandthevaluecreationoverthelast 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD\'s separate streaming bundle with Disney.', ""Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars."", 'Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines.', 'The company plans to launch an app that offers both news and sports by the end of this year.', 'The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.', 'Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn\'t be seen as a shift in strategy, noting that Fox isn\'t ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing.', 'That is not our game.', '""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said.', 'He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.', 'But rampant cord cutting pushed Fox to step into the streaming game.', '""The reality is, as we sit here today, there\'s the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox\'s streamer won\'t compete with the general entertainment players.', 'Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences.', 'This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.', 'In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.', 'Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.', ""And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open."", ""WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights."", '""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday\'s call. ""', ""But you know, we don't need any more sports anywhere in the world in order to support our business."", 'We buy sports if we think it would enhance our business.', ""And it's going to get more difficult...[because of] some of those prices being paid."", '""During an investor conference in December, Fox\'s Tomsic echoed a similar sentiment around sports rights.', 'Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years.', ""He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue."", '""We take a pretty financially hard-nosed view about them, and so we\'ll trade in and out of thosesportsas we see fit,"" Tomsic said in December.', 'Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.']",0.1257309293232994,"""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.","However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.",0.4829663267502418,"This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.","Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.",2025-03-02
-Lowe's beats Wall Street expectations as it starts to break out of sales slump,https://www.cnbc.com/2025/02/26/lowes-low-q4-2024-earnings.html,2025-02-26T21:27:30+0000,"Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and said its sales slump should end in the year ahead.The home improvement retailer said it expects full-year total sales to range from $83.5 billion to $84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024. It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately $12.15 to $12.40.On the company's earnings call, CEO Marvin Ellison stressed that Lowe's still faces ""a challenging home improvement market.""He said high mortgage rates have created ""a significant gap between today's rates for homebuyers and the lower rates many homeowners currently enjoy,."" That's led to a ""lock-in effect"" that's kept consumers from buying and selling, he said.Even so, he said, Lowe's has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.""Here's what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe's shares rose nearly 2% on Wednesday, after the company's leaders said they expected sales trends to improve, but still be roughly flat from last year.In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period. Revenue fell from $18.60 billion in the year-ago quarter.Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings.Investors are looking for signs that the home improvement market is picking up again. Slower housing turnover and higher borrowing costs have kept some customers on the sidelines. Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year.In the fiscal fourth quarter, trends looked better. Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene. That slightly positive metric ended eight consecutive quarters of comparable sales declines. It also exceeded Wall Street's expectations. Analysts had anticipated a 1.8% decline in comparable sales.Still, Lowe's leaders said they have not seen changes in the housing backdrop. Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change. Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.""I can't give you the date, the time, but we think that we're gonna see that take place, and when it does, we're in a perfect position to capitalize on it,"" he said.With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners.Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call. He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code.Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call. Those items are on display near the front of stores.Last year, Lowe's launched a loyalty program for DIY customers. So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call.""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said.Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC. He described it as ""one of the most broken parts"" of Lowe's business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.Yet Lowe's pro business is smaller than Home Depot's. Sales from do-it-yourself customers account for roughly 70% of Lowe's sales. At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses.Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business.""We fixed our pro business,"" he said. ""We fixed our online business. We fixed our home service business. We dramatically improved our supply chain. The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic.""Shares of Lowe's closed Wednesday at $247.07. As of Wednesday's close, shares of the company are up less than 1% so far this year. That's nearly in line with the 1% gains of the S&P 500 during the same period.",CNBC,26/02/2025,"[""Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and saidits sales slump should end in the year ahead."", 'The home improvement retailer said it expects full-year total sales to range from$83.5billion to$84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024.', 'It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately$12.15to$12.40.On the company\'s earnings call, CEO Marvin Ellison stressed that Lowe\'s still faces ""a challenging home improvement market.', '""He said high mortgage rates have created ""a significant gap between today\'s rates for homebuyers and the lower rates many homeowners currently enjoy,.""', 'That\'s led to a ""lock-in effect"" that\'s kept consumers from buying and selling, he said.', 'Even so, he said, Lowe\'s has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.', '""Here\'s what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe\'s shares rose nearly 2% on Wednesday, after the company\'s leaderssaid they expected sales trends to improve, but still be roughly flat from last year.', ""In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period."", 'Revenue fell from $18.60 billion in the year-ago quarter.', ""Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings."", 'Investors are looking for signs that the home improvement market is picking up again.', 'Slower housing turnover and higher borrowing costs have kept some customers on the sidelines.', ""Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year."", 'In the fiscal fourth quarter, trends looked better.', 'Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene.', 'That slightly positive metric ended eight consecutive quarters of comparable sales declines.', ""It also exceeded Wall Street's expectations."", 'Analysts had anticipated a 1.8% decline in comparable sales.', ""Still, Lowe's leaders said they have not seen changes in the housing backdrop."", 'Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.', 'On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.', ""Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales."", ""Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change."", 'Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.', '""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.', '""I can\'t give you the date, the time, but we think that we\'re gonna see that take place, and when it does, we\'re in a perfect position to capitalize on it,"" he said.', ""With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners."", ""Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call."", ""He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code."", 'Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.', ""As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call."", 'Those items are on display near the front of stores.', ""Last year, Lowe's launched a loyalty program for DIY customers."", ""So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call."", '""It\'s clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe\'s,"" Boltz said.', ""During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said."", ""Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC."", 'He described it as ""one of the most broken parts"" of Lowe\'s business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.', ""Yet Lowe's pro business is smaller than Home Depot's."", ""Sales from do-it-yourself customers account for roughly 70% of Lowe's sales."", ""At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses."", ""Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business."", '""We fixed our pro business,"" he said. ""', 'We fixed our online business.', 'We fixed our home service business.', 'We dramatically improved our supply chain.', ""The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic."", '""Shares of Lowe\'s closed Wednesday at $247.07.', ""As of Wednesday's close, shares of the company are up less than 1% so far this year."", ""That's nearly in line with the 1% gains of the S&P 500 during the same period.""]",0.3421411528829495,"""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.","Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.",0.4867122983321165,"Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.",Analysts had anticipated a 1.8% decline in comparable sales.,2025-03-02
-Trump’s proposed 'gold card' visa comes with a hidden tax break for the wealthy,https://www.cnbc.com/2025/02/27/trump-gold-card-visa-hidden-tax-benefit.html,2025-02-27T17:50:43+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.President Donald Trump's proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million. Attorneys who advise the wealthy on migration and investment visas say demand is already strong.""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""The U.S. remains the undisputed leader in private wealth creation and accumulation.""Volek and others who cater to the global rich say they've already fielded calls from clients wanting to purchase a Trump gold card. Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley. The United Arab Emirates and the U.S. typically top the list of destinations.""I think it's going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""It's a bargain.""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country. It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.Trump said gold-card holders would not be subject to taxes on their overseas income. The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens. Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy.Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy.""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The tax loophole is one reason the government can charge a premium for the gold card. At $5 million, the program would be among the most expensive in the world. Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million. New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million. Most investment visa programs around the world cost less than $1 million, attorneys say.About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley. Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project. The EB-5 program been plagued by delays and a history of fraud and abuse. The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high. The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department. The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands. There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say. Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.""Hundreds of thousands sounds high,"" Foote Reiff said. ""There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.""One big draw of the new program is tax benefits. Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.",CNBC,27/02/2025,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'President Donald Trump\'s proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.', 'Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.', 'Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million.', 'Attorneys who advise the wealthy on migration and investment visas say demand is already strong.', '""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""', 'The U.S. remains the undisputed leader in private wealth creation and accumulation.', '""Volek and others who cater to the global rich say they\'ve already fielded calls from clients wanting to purchase a Trump gold card.', ""Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley."", 'The United Arab Emirates and the U.S. typically top the list of destinations.', '""I think it\'s going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""', ""It's a bargain."", '""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country.', 'It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.', 'Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.', 'Trump said gold-card holders would not be subject to taxes on their overseas income.', 'The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens.', ""Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy."", ""Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy."", '""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""', ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The tax loophole is one reason the government can charge a premium for the gold card.', 'At $5 million, the program would be among the most expensive in the world.', ""Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million."", ""New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million."", 'Most investment visa programs around the world cost less than $1 million, attorneys say.', 'About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley.', 'Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.', ""At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project."", 'The EB-5 program been plagued by delays and a history of fraud and abuse.', 'The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.', 'When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high.', 'The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department.', 'The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.', 'While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands.', 'There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.', 'Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say.', 'Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.', '""Hundreds of thousands sounds high,"" Foote Reiff said. ""', 'There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.', '""One big draw of the new program is tax benefits.', 'Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.', ""Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.""]",0.2605946536160655,"The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.",The EB-5 program been plagued by delays and a history of fraud and abuse.,0.0957694378766146,Attorneys who advise the wealthy on migration and investment visas say demand is already strong.,The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.,2025-03-02
-"After abrupt departure of Lucid CEO, here are the EV maker's top priorities",https://www.cnbc.com/2025/02/26/lucid-priorities-ev-ceo-departure.html,2025-02-27T13:57:01+0000,"In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson.Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021. Investors considered Rawlinson to be the face of the company — and crucial to its success.The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts.""We think the departure of Lucid's (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.""Interim CEO Marc Winterhoff, formerly the company's chief operating officer, will attempt to ensure that's not the case for Lucid.Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course. His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.""We have a clear vision. Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company's fourth-quarter earnings call.Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.Its GAAP gross margin, which includes production and sales but does not factor in other expenses, for was a negative 114% in 2024, improvement from a negative 225% in 2023.""We expect a significant improvement in gross margin in line with what we see in 2024 compared to 2023. So, we are on the right trajectory,"" Gagan Dhingra, Lucid's interim CFO, told investors Tuesday.For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Lucid's first product was the Air sedan, which it began delivering in late 2021. The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.Winterhoff said production of the Gravity SUV will gradually build this year. He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent. He noted Gravity ordering for customers in Saudi Arabia began earlier this month.""We're expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company's investor call.Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth.As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.""I'm not planning to create a new vision or something like that for the company,"" he told CNBC. ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers. We will double down on marketing. You will see much more marketing from us.""The company's selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year. The company's total marketing and advertising expense wasn't immediately available.The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla's ""FSD"" or General Motors' ""Super Cruise."" Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.However, Lucid expects to release a new hands-free driving system for customers later this year.What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid's EV technologies but declined to provide additional details.",CNBC,27/02/2025,"[""In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson."", 'Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021.', 'Investors considered Rawlinson to be the face of the company — and crucial to its success.', ""The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts."", '""We think the departure of Lucid\'s (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""', 'We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.', '""Interim CEO Marc Winterhoff, formerly the company\'s chief operating officer, will attempt to ensure that\'s not the case for Lucid.', ""Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course."", 'His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.', '""We have a clear vision.', 'Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company\'s fourth-quarter earnings call.', 'Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.', 'Its GAAP gross margin, which includes production and sales but does not factor in other expenses, forwasa negative114% in 2024, improvement from anegative225%in2023.""Weexpectasignificantimprovementingrossmargininlinewithwhatweseein2024comparedto2023.So,weareontherighttrajectory,"" Gagan Dhingra, Lucid\'s interim CFO, told investors Tuesday.', 'For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', ""Lucid's first product was the Air sedan, which it began delivering in late 2021."", ""The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated."", 'Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.', 'Winterhoff said production of the Gravity SUV will gradually build this year.', 'He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent.', 'He noted Gravity ordering for customers in Saudi Arabia began earlier this month.', '""We\'re expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company\'s investor call.', ""Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth."", 'As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.', '""I\'m not planning to create a new vision or something like that for the company,"" he told CNBC. ""', ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers."", 'We will double down on marketing.', 'You will see much more marketing from us.', '""The company\'s selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year.', ""The company's total marketing and advertising expense wasn't immediately available."", 'The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla\'s ""FSD"" or General Motors\' ""Super Cruise.""', 'Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.', 'However, Lucid expects to release a new hands-free driving system for customers later this year.', 'What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.', 'Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.', 'Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid\'s EV technologies but declined to provide additional details.']",0.1703765069718236,"The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.","Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.",0.2499283291399479,"His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.","We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.",2025-03-02
-How digitally native companies like Rothy's are growing profitably in a new era for retail,https://www.cnbc.com/2025/02/25/rothys-posts-best-year-on-record-after-wholesale-expansion.html,2025-02-25T16:17:04+0000,"Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO. Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024. Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago. Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%. Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana. Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade. Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands. Wholesale partnerships are a critical customer acquisition tool, and stores still matter.As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably. ""A lot of people are like, why would you be on Amazon? Because people do a lot of searches on Amazon. If we weren't there, and they type in Rothy's, a competitor or somebody else would show up. So why wouldn't we want to be there?"" Ming told CNBC in an interview. ""To me, it's really thinking a little bit more holistically and broadly. What our customer would want from us is how we approach it … people shop very different today."" Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need. The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance.Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products. By 2019, it was Meghan Markle's flat of choice and it had developed a cult following. Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion. Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability. ""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right? I need stores. It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy's president. ""[With] an e-commerce model … all of your costs are variable, right? Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.""Ming, who served as Old Navy's president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy's board in 2022 and was later asked to take over as CEO. She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape. She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped. ""I literally went line by line … looking at what we should spend, what we shouldn't, you know, and rightsize marketing spend. There was things that, you know, we don't need,"" said Ming, citing office plants as one of the first things she cut. ""But the main thing is, driving profitability is really in revenue. You have to be growing your sales in order to really be profitable, right?"" That's where Rothy's new selling strategy came in. In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom.At the same time, it continued growing its store fleet. Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers. Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time.""If we were just digitally native forever and ever, you really just can't get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""Honestly, it's impossible."" Looking ahead, Rothy's is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy. Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person.""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It's additive. And we know that the lifetime value of those customers that engage with us IRL is really high."" Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they're taking a balanced approach to brick-and-mortar. The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck.Ming said Rothy's won't need hundreds of stores, but she'd like to see the fleet grow to 75, or perhaps even 100. ""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."" When asked if Rothy's will pursue an initial public offering or look to be acquired, Ming said the business isn't there yet — and her team doesn't need the distraction.""We had a really great year but ... I keep telling the team, one year doesn't make it a trend,"" said Ming. ""So we're really focused on this year. I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, 'What next?'""",CNBC,25/02/2025,"[""Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO.Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024."", 'Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.', ""Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%.Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana."", ""Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade."", 'Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands.', 'Wholesale partnerships are a critical customer acquisition tool, and stores still matter.', 'As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably.', '""A lot of people are like, why would you be on Amazon?', 'Because people do a lot of searches on Amazon.', ""If we weren't there, and they type in Rothy's, a competitor or somebody else would show up."", 'So why wouldn\'t we want to be there?""', 'Ming told CNBC in an interview. ""', ""To me, it's really thinking a little bit more holistically and broadly."", 'What our customer would want from us is how we approach it … people shop very different today.', '""Channel diversification will never be a panacea for a business that\'s inherently broken or doesn\'t serve a market need.', ""The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance."", ""Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products."", ""By 2019, it was Meghan Markle's flat of choice and it had developed a cult following."", ""Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion."", ""Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability."", '""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right?', 'I need stores.', 'It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy\'s president. ""[', 'With] an e-commerce model … all of your costs are variable, right?', 'Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.', '""Ming, who served as Old Navy\'s president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy\'s board in 2022 and was later asked to take over as CEO.', 'She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape.', ""She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped."", '""I literally went line by line … looking at what we should spend, what we shouldn\'t, you know, and rightsize marketing spend.', 'There was things that, you know, we don\'t need,"" said Ming, citing office plants as one of the first things she cut. ""', 'But the main thing is, driving profitability is really in revenue.', 'You have to be growing your sales in order to really be profitable, right?""That\'s where Rothy\'s new selling strategy came in.', ""In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom."", 'At the same time, it continued growing its store fleet.', 'Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers.', ""Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time."", '""If we were just digitally native forever and ever, you really just can\'t get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""', ""Honestly, it's impossible."", '""Looking ahead, Rothy\'s is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy.', ""Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person."", '""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It\'s additive.', 'And we know that the lifetime value of those customers that engage with us IRL is really high.', '""Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they\'re taking a balanced approach to brick-and-mortar.', ""The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck."", 'Ming said Rothy\'s won\'t need hundreds of stores, but she\'d like to see the fleet grow to 75, or perhaps even 100.""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""', ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."", '""When asked if Rothy\'s will pursue an initial public offering or look to be acquired, Ming said the business isn\'t there yet — and her team doesn\'t need the distraction.', '""We had a really great year but ... I keep telling the team, one year doesn\'t make it a trend,"" said Ming. ""', ""So we're really focused on this year."", 'I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, \'What next?\'""']",0.2542867306497408,"Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade.","""Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need.",0.7993941144509749,"Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.","Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability.",2025-03-02
-Pending home sales drop to the lowest level on record in January,https://www.cnbc.com/2025/02/27/january-pending-home-sales-lowest-level-on-record.html,2025-02-27T18:15:11+0000,"High mortgage rates and elevated home prices combined to crush home sales in January.Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR's chief economist. ""However, it's evident that elevated home prices and higher mortgage rates strained affordability.""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures. Sales fell hardest in the South, which has been the most active region for home sales in recent years.Mortgage rates were also higher in January. The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising. It was solidly above 7% for all of January, according to Mortgage News Daily.Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""",CNBC,27/02/2025,"['High mortgage rates and elevated home prices combined to crush home sales in January.', 'Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.', 'Sales were down 5.2% from January 2024.', 'These sales are an indicator of future closings.', '""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR\'s chief economist. ""', ""However, it's evident that elevated home prices and higher mortgage rates strained affordability."", '""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.', 'Sales fell hardest in the South, which has been the most active region for home sales in recent years.', 'Mortgage rates were also higher in January.', 'The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising.', 'It was solidly above 7% for all of January, according to Mortgage News Daily.', 'Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.', 'This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.', '""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""', 'Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""']",0.0430437963473204,"This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.","However, it's evident that elevated home prices and higher mortgage rates strained affordability.",-0.139469563961029,"""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.","Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.",2025-03-02
-"Home Depot earnings beat Wall Street estimates, as retailer breaks comparable sales losing streak",https://www.cnbc.com/2025/02/25/home-depot-hd-q4-2024-earnings.html,2025-02-25T21:01:55+0000,"In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects.For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%. Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates."" Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said. ""They tell us their lives are moving on,"" he said. ""Their families are growing. They're moving for a new job. They're upsizing their home. They want to upgrade their standard of living. Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.""Here's what the company reported for the fiscal fourth quarter compared with Wall Street's estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot's net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.  Revenue rose 14% from $34.79 billion in the year-ago period.Comparable sales, a metric also known as same-store sales, increased 0.8% across the company. Those results ended eight consecutive quarters of falling comparable sales. They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount. Comparable sales in the U.S. increased 1.3% year over year.Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period. Transactions rose to 400.4 million, up nearly 8% from the year-ago period. The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects. Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns. Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market. McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve. The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.""Where weather is good, we continue to see engagement,"" he said. ""Where weather is tough, projects get put on the shelf.""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business. Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business. He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers.McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year. Home Depot has also looked to home professionals as one of its major sales drivers. It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year. It marked the largest acquisition in the company's history.Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said.Shares of Home Depot closed Monday at $382.42. As of Monday's close, the company's shares have fallen about 2% so far this year. That trails behind the S&P 500's approximately 2% gains during the same period.This is a developing story. Please check back for updates.",CNBC,25/02/2025,"[""In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects."", 'For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%.', 'Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.', 'In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates.""', 'Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.', 'Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said.', '""They tell us their lives are moving on,"" he said. ""', 'Their families are growing.', ""They're moving for a new job."", ""They're upsizing their home."", 'They want to upgrade their standard of living.', 'Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.', '""Here\'s what the company reported for the fiscal fourth quarter compared with Wall Street\'s estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot\'s net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.', 'Revenue rose 14% from $34.79 billion in the year-ago period.', 'Comparable sales, a metric also known as same-store sales, increased 0.8% across the company.', 'Those results ended eight consecutive quarters of falling comparable sales.', ""They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount."", 'Comparable sales in the U.S. increased 1.3% year over year.', 'Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.', ""Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period."", 'Transactions rose to 400.4 million, up nearly 8% from the year-ago period.', 'The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.', 'Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects.', ""Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns."", 'Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.', ""Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market."", 'McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.', 'Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve.', 'The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.', ""Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said."", '""Where weather is good, we continue to see engagement,"" he said. ""', 'Where weather is tough, projects get put on the shelf.', '""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business.', ""Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business."", ""He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers."", 'McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year.', 'Home Depot has also looked to home professionals as one of its major sales drivers.', 'It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year.', ""It marked the largest acquisition in the company's history."", ""Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said."", 'Shares of Home Depot closed Monday at $382.42.', ""As of Monday's close, the company's shares have fallen about 2% so far this year."", ""That trails behind the S&P 500's approximately 2% gains during the same period."", 'This is a developing story.', 'Please check back for updates.']",0.1411745101256541,"""Where weather is good, we continue to see engagement,"" he said. ""","Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.",0.3162120655179024,"Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.",Those results ended eight consecutive quarters of falling comparable sales.,2025-03-02
-Egg prices are threatening a classic holiday tradition: Easter dye kits,https://www.cnbc.com/2025/02/28/egg-prices-threaten-easter-dye-kit-sales.html,2025-02-28T15:30:02+0000,"The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday.The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday. For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue. Diminished sales could have a major impact on their bottom lines.""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""That remains to be seen, but I think it probably will be.""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana. More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher. Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning. So far this year, the company's retail partners have ordered only 7,000 kits.""It's definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years. Of the company's more than 40 products, the egg dye kit remains its ""absolute bestseller.""She noted that while the majority of Natural Earth Paint's sales come from retail locations, online sales typically pick up around three weeks before Easter. That leaves the chance that direct-to-consumer sales could get a boost in mid-March.Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits.Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day. She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.""The other concern is that, some of the grocery stories, if they don't sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell. That could potentially be very bad.""Phelps said 75% of Color Kitchen sales are from the shelf. The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.There are some companies that still expect to see solid business this Easter. The holiday takes place in late April, giving companies three more weeks of sales compared with last year.Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product. Last year, the company generated $14 million in sales, a 22% bump from the year prior.Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year. Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year.Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.""It's just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said.Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products. The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones. Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn't been affected,"" said McGill. ""It could get worse before it gets better. That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th.""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs. An earlier version mischaracterized the metric.",CNBC,28/02/2025,"[""The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday."", ""The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday."", 'For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue.', 'Diminished sales could have a major impact on their bottom lines.', '""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""', 'That remains to be seen, but I think it probably will be.', '""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana.', 'More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.', 'He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher.', 'Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.', 'The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.', 'Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning.', ""So far this year, the company's retail partners have ordered only 7,000 kits."", '""It\'s definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.', ""Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years."", 'Of the company\'s more than 40 products, the egg dye kit remains its ""absolute bestseller.', '""She noted that while the majority of Natural Earth Paint\'s sales come from retail locations, online sales typically pick up around three weeks before Easter.', 'That leaves the chance that direct-to-consumer sales could get a boost in mid-March.', ""Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits."", ""Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day."", 'She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.', '""The other concern is that, some of the grocery stories, if they don\'t sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""', ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell."", 'That could potentially be very bad.', '""Phelps said 75% of Color Kitchen sales are from the shelf.', 'The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.', 'There are some companies that still expect to see solid business this Easter.', 'The holiday takes place in late April, giving companies three more weeks of sales compared with last year.', 'Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product.', 'Last year, the company generated $14 million in sales, a 22% bump from the year prior.', 'Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year.', ""Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year."", 'Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.', 'Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.', '""It\'s just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.', 'The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.', '""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.', ""Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said."", ""Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products."", 'The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.', 'Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones.', ""Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over."", '""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn\'t been affected,"" said McGill. ""', 'It could get worse before it gets better.', ""That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th."", '""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'An earlier version mischaracterized the metric.']",0.1031364138607555,"Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.","More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.",0.0254699063301086,"Last year, the company generated $14 million in sales, a 22% bump from the year prior.",Diminished sales could have a major impact on their bottom lines.,2025-03-02
-"WBD adds 6.4 million Max subscribers, forecasts 150 million subs by end of 2026",https://www.cnbc.com/2025/02/27/warner-bros-discovery-wbd-q4-2024-earnings.html,2025-02-27T22:01:12+0000,"In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year. Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026. Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company's earnings call Thursday.WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers. Initially WBD planned to charge an additional cost for sports.However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season. It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.""We don't need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize. CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.Shares of WBD rose nearly 5% Thursday.Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023. Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period. The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report. In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.Disclosure: MSNBC and CNBC are divisions of NBCUniversal.",CNBC,27/02/2025,"['In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.', 'Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year.', 'Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.', 'Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.', '""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company\'s earnings call Thursday.', 'WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers.', 'Initially WBD planned to charge an additional cost for sports.', 'However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.', 'While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.', 'Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season.', 'It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.', '""We don\'t need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.', 'On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize.', 'CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.', 'Shares of WBD rose nearly 5% Thursday.', ""Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023."", 'Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.', 'The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report.', 'In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.', 'For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.', 'Disclosure: MSNBC and CNBC are divisions of NBCUniversal.']",0.1377387530006132,"Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.","Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",0.1429852928434099,Shares of WBD rose nearly 5% Thursday.,"Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",2025-03-02
-TJ Maxx parent company says it will benefit from chaotic market conditions after strong holiday,https://www.cnbc.com/2025/02/26/tjx-cos-tjx-q4-2025-earnings.html,2025-02-26T21:18:58+0000,"In this articleTJX Cos. on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I'm thinking there's more availability out there over the next six months, even more than there's been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""I'm excited about this. I'm excited about the sales and margin opportunity in this environment.""The discounter behind T.J. Maxx, Marshall's and HomeGoods beat Wall Street's expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do. It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier.Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier. In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024. Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount. For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount. Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents. Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said. TJX also expects currency trends to reduce margins. Those conditions have hurt other retailers such as Levi Strauss. Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher. Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger. The new duties will hit merchandise that the company was already committed to when the tariffs went into effect. While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term.TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down. During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said. For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point. The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink. Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.In December, CNBC reported that Walmart had deployed a similar program.The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook. Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for. That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies. To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.If they're ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings. Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity.For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share. When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns. Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions. When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.As TJX's growth has slowed in the U.S., the discounter has started expanding overseas. It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year. During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period. Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period. HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note.""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""This plays into the categories where HomeGoods and HomeSense play most strongly. As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""",CNBC,26/02/2025,"['In this articleTJX Cos.', 'on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.', 'In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.', '""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I\'m thinking there\'s more availability out there over the next six months, even more than there\'s been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""', ""I'm excited about this."", ""I'm excited about the sales and margin opportunity in this environment."", '""The discounter behind T.J. Maxx, Marshall\'s and HomeGoods beat Wall Street\'s expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do.', 'It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.', ""Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier."", 'Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier.', ""In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024."", 'Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount.', 'For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.', 'For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount.', 'Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.', ""TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents."", 'Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said.', 'TJX also expects currency trends to reduce margins.', 'Those conditions have hurt other retailers such as Levi Strauss.', ""Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher."", 'Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.', 'The new duties will hit merchandise that the company was already committed to when the tariffs went into effect.', ""While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term."", 'TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down.', 'During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said.', ""For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point."", 'The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.', 'Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink.', 'Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.', 'In December, CNBC reported that Walmart had deployed a similar program.', ""The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook."", ""Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for."", ""That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies."", 'To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.', 'If they\'re ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings.', ""Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity."", ""For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share."", 'When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns.', 'Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions.', 'When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.', ""As TJX's growth has slowed in the U.S., the discounter has started expanding overseas."", ""It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year."", 'During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period.', 'Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.', 'In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.', ""Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period."", 'HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.', ""The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note."", '""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""', 'This plays into the categories where HomeGoods and HomeSense play most strongly.', 'As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""']",0.2119076465257287,"For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share.","Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.",0.4403387502182361,"For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.",TJX also expects currency trends to reduce margins.,2025-03-02
-Jamie Dimon calls U.S. government 'inefficient' and says Elon Musk's DOGE effort 'needs to be done',https://www.cnbc.com/2025/02/24/jamie-dimon-us-government-inefficient-touts-elon-musk-doge-effort.html,2025-02-24T20:41:11+0000,"In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency. He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""It's not just waste and fraud, it's outcomes.""The Trump administration's effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.""Why are we spending the money on these things? Are we getting what we deserve? What should we change?"" Dimon said. ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve.""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that's not legal, ""the courts will stop it.""""I'm hoping it's quite successful,"" he said.In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.",CNBC,24/02/2025,"['In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.', ""Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency."", 'He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.', '""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""', ""It's not just waste and fraud, it's outcomes."", '""The Trump administration\'s effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.', '""Why are we spending the money on these things?', 'Are we getting what we deserve?', 'What should we change?""', 'Dimon said. ""', ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve."", '""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that\'s not legal, ""the courts will stop it.', '""""I\'m hoping it\'s quite successful,"" he said.', ""In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.""]",0.0324484955139044,"""""I'm hoping it's quite successful,"" he said.","It's not just about the deficit, its about building the right policies and procedures and the government we deserve.",-0.4928240180015564,"""""I'm hoping it's quite successful,"" he said.",In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.,2025-03-02
-Musk praises Bezos' new rules for Washington Post opinion pages as top editor resigns,https://www.cnbc.com/2025/02/26/jeff-bezos-washington-post-opinion-markets-liberties-editor-resigns.html,2025-02-26T19:34:13+0000,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.""We'll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.""While the move garnered praise from some in President Donald Trump's administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.""I suggested to him that if the answer wasn't 'hell yes,' then it had to be 'no,'"" Bezos said of Shipley, adding, ""I respect his decision.""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.""Today, the internet does that job,"" Bezos wrote.""I'm confident that free markets and personal liberties are right for America,"" he added. ""I also believe these viewpoints are underserved in the current market of ideas and news opinion. I'm excited for us together to fill that void.""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC's requests for additional comment.By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition.Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund. While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida. The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change.Multiple staffers have recently quit the Post in protest. Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump. When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty.In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission.Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump. The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC. He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business.But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart.The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.""As I've stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""We ask hard questions and hold those in power to account. That's the job, whether those in power like it or not.""But chief economic reporter Jeff Stein called Bezos' decision a ""massive encroachment"" into the paper's opinion section that ""makes clear dissenting views will not be published or tolerated.""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests. Now I couldn't be more sad and disgusted.""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""",CNBC,26/02/2025,"['Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper\'s opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.', '""We\'ll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.', '""While the move garnered praise from some in President Donald Trump\'s administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.', '""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.', '""I suggested to him that if the answer wasn\'t \'hell yes,\' then it had to be \'no,\'"" Bezos said of Shipley, adding, ""I respect his decision.', '""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.', 'He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.', '""Today, the internet does that job,"" Bezos wrote.', '""I\'m confident that free markets and personal liberties are right for America,"" he added. ""', 'I also believe these viewpoints are underserved in the current market of ideas and news opinion.', ""I'm excited for us together to fill that void."", '""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC\'s requests for additional comment.', 'By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.', '""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.', ""The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition."", 'Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.', ""After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund."", 'While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.', 'Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida.', ""The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change."", 'Multiple staffers have recently quit the Post in protest.', 'Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump.', ""When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty."", ""In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission."", ""Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump."", 'The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.', ""It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC."", ""He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business."", ""But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart."", 'The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.', '""As I\'ve stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""', 'We ask hard questions and hold those in power to account.', ""That's the job, whether those in power like it or not."", '""But chief economic reporter Jeff Stein called Bezos\' decision a ""massive encroachment"" into the paper\'s opinion section that ""makes clear dissenting views will not be published or tolerated.', '""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.', '""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""', ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests."", ""Now I couldn't be more sad and disgusted."", '""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""']",0.0411626804867408,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.",Now I couldn't be more sad and disgusted.,-0.1290122696331569,I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests.,"Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.",2025-03-02
-"IMAX CEO expects $1.2 billion in box office receipts this year, the best in the company's history",https://www.cnbc.com/2025/02/21/imax-ceo-2025-box-office-receipt-expectations.html,2025-02-21T16:42:31+0000,"In this articleAn ""embarrassment of riches"" at the box office could fuel a $1.2 billion year for IMAX, CEO Rich Gelfond told CNBC on Friday.That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.""I think it's going to be a very strong year,"" Gelfond said in an interview with CNBC's ""Squawk on the Street."" ""The first thing that drives that is the slate.""Gelfond pointed to several blockbuster titles slated for release in the next 10 months, including a new ""Mission Impossible,"" a live-action ""How to Train Your Dragon"" film, another ""Jurassic Park"" installment, a sequel to ""Zootopia"" and a third ""Avatar"" release.Hollywood production issues led to fewer theatrical releases and smaller ticket sales in 2024, with box office receipts down 3.4% from 2023 to $8.74 billion. Already, the 2025 slate appears more robust, with more titles and bigger franchise films.Aiding IMAX's lofty box office goals is the Chinese title ""Ne Zha 2,"" which has already garnered $1.6 billion globally. It is the first film to have topped $1 billion in a single country. Gelfond noted that IMAX accounted for $135 million of the film's total box office.""We've done more box office in China in the first six weeks of this year than we did the whole year last year,"" he said.He added that ""Ne Zha 2"" is doing ""like $100 million a day,"" and that IMAX has accounted for around 13% of the film's box office receipts.Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of ""How to Train Your Dragon"" and ""Jurassic World Rebirth.""",CNBC,21/02/2025,"['In this articleAn ""embarrassment of riches"" at the box office could fuel a $1.2 billion year for IMAX, CEO Rich Gelfond told CNBC on Friday.', 'That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.', '""I think it\'s going to be a very strong year,"" Gelfond said in an interview with CNBC\'s ""Squawk on the Street."" ""', 'The first thing that drives that is the slate.', '""Gelfond pointed to several blockbuster titles slated for release in the next 10 months, including a new ""Mission Impossible,"" a live-action ""How to Train Your Dragon"" film, another ""Jurassic Park"" installment, a sequel to ""Zootopia"" and a third ""Avatar"" release.', 'Hollywood production issues led to fewer theatrical releases andsmaller ticket sales in 2024,with box office receipts down 3.4% from 2023 to $8.74 billion.', 'Already, the 2025 slate appears more robust, with more titles and bigger franchise films.', 'Aiding IMAX\'s lofty box office goals is the Chinese title ""Ne Zha 2,"" which has already garnered $1.6 billion globally.', 'It is the first film to have topped $1 billion in a single country.', ""Gelfond noted that IMAX accounted for $135 million of the film's total box office."", '""We\'ve done more box office in China in the first six weeks of this year than we did the whole year last year,"" he said.', 'He added that ""Ne Zha 2"" is doing ""like $100 million a day,"" and that IMAX has accounted for around 13% of the film\'s box office receipts.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.', 'NBCUniversal is the distributor of ""How to Train Your Dragon"" and ""Jurassic World Rebirth.""']",0.2270888195132322,"That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.",,0.4861024692654609,"That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.","Hollywood production issues led to fewer theatrical releases andsmaller ticket sales in 2024,with box office receipts down 3.4% from 2023 to $8.74 billion.",2025-03-02
-"Shortage of Novo Nordisk's Wegovy and Ozempic drugs is resolved, FDA says",https://www.cnbc.com/2025/02/21/fda-shortage-of-novo-nordisks-wegovy-and-ozempic-drugs-is-resolved.html,2025-02-21T20:57:12+0000,"In this articleThe long-running U.S. shortage of Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes treatment Ozempic is resolved after more than two years, the U.S. Food and Drug Administration said Friday. The FDA's decision will threaten the ability of compounding pharmacies to make far cheaper, unbranded versions of the injections over the next few months. Many patients relied on unapproved versions of Wegovy and Ozempic since compounding pharmacies are allowed to make versions of branded medications in short supply. Novo Nordisk's stock closed about 5% higher on Friday. Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed. That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off. The FDA determined that Novo Nordisk's supply and manufacturing capacity for semaglutide injections can now meet the current and projected demand in the U.S. Still, the agency noted that patients and prescribers may still see ""intermittent and limited localized supply disruptions"" as products move through the supply chain to pharmacies. ""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk's executive vice president of U.S. operations and global business development, said in a statement.He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimate knockoff drugs that pose significant safety risks to patients.""The FDA's announcement comes just months after the agency declared the shortage of tirzepatide — the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes counterpart Mounjaro — was over. The FDA's decision on Friday could better position Novo Nordisk to compete with Eli Lilly in the booming weight loss drug market, which some analysts say could be worth more than $150 billion annually after 2030. The agency's decision, based on a comprehensive analysis, essentially marks the end of a period where compounding pharmacies could make, distribute or dispense unapproved versions of semaglutide without facing repercussions for violations related to the treatment's shortage status.Compounding pharmacies must stop making compounded versions of semaglutide in the next 60 to 90 days, depending on the type of facility, the agency said. That transition period will likely give patients time to switch to the branded versions of the medications. But, in compliance with FDA rules, compounders can still make alternative versions of the drugs if they modify doses, add other ingredients or change the method of giving the treatment to meet a specific patient's needs. Some patients rely on compounded versions because they do not have insurance coverage for Novo Nordisk's drugs and cannot afford their hefty price tags of roughly $1,000 a month. While Ozempic is covered by most health plans, weight loss drugs such as Wegovy are not currently covered by Medicare and other insurance.",CNBC,21/02/2025,"[""In this articleThe long-running U.S. shortage of Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes treatment Ozempic is resolved after more than two years, the U.S. Food and Drug Administration said Friday."", ""The FDA's decision will threaten the ability of compounding pharmacies to make far cheaper, unbranded versions of the injections over the next few months."", 'Many patients relied on unapproved versions of Wegovy and Ozempic since compounding pharmacies are allowed to make versions of branded medications in short supply.', ""Novo Nordisk's stock closed about 5% higher on Friday."", ""Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed."", 'That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off.', 'The FDA determined that Novo Nordisk\'s supply and manufacturing capacity for semaglutide injections can now meet the current and projected demand in the U.S. Still, the agency noted that patients and prescribers may still see ""intermittent and limited localized supply disruptions"" as products move through the supply chain to pharmacies.', '""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk\'s executive vice president of U.S. operations and global business development, said in a statement.', 'He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimateknockoff drugs that pose significantsafety risks to patients.', '""The FDA\'s announcement comes just months after the agency declared the shortage of tirzepatide — the active ingredient in Eli Lilly\'s weight loss injection Zepbound and diabetes counterpart Mounjaro — was over.', ""The FDA's decision on Friday could better position Novo Nordisk to compete with Eli Lilly in the booming weight loss drug market, which some analysts say could be worth more than $150 billion annually after 2030.The agency's decision, based on a comprehensive analysis, essentially marks the end of a period where compounding pharmacies could make, distribute or dispense unapproved versions of semaglutide without facing repercussions for violations related to the treatment's shortage status."", 'Compounding pharmacies must stop making compounded versions of semaglutide in the next 60 to 90 days, depending on the type of facility, the agency said.', 'That transition period will likely give patients time to switch to the branded versions of the medications.', ""But, in compliance with FDA rules, compounders can still make alternative versions of the drugs if they modify doses, add other ingredients or change the method of giving the treatment to meet a specific patient's needs."", ""Some patients rely on compounded versions because they do not have insurance coverage for Novo Nordisk's drugs and cannot afford their hefty price tags of roughly $1,000 a month."", 'While Ozempic is covered by most health plans, weight loss drugs such as Wegovy are not currently covered by Medicare and other insurance.']",-0.0605526260757713,"""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk's executive vice president of U.S. operations and global business development, said in a statement.","He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimateknockoff drugs that pose significantsafety risks to patients.",0.1456703941027323,That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off.,"Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed.",2025-03-02
-"Starbucks to lay off 1,100 corporate workers as sales sag",https://www.cnbc.com/2025/02/24/starbucks-to-lay-off-1100-corporate-workers.html,2025-02-24T14:35:45+0000,"In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday.The cuts will not affect workers at the company's cafes.In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""All with the goal of being more focused and able to drive greater impact on our priorities."" The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters. As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service.Starbucks had about 16,000 employees who work outside of store locations as of last year. The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.",CNBC,24/02/2025,"[""In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday."", ""The cuts will not affect workers at the company's cafes."", 'In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.', '""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""', 'All with the goal of being more focused and able to drive greater impact on our priorities.', '""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.', ""As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service."", 'Starbucks had about 16,000 employees who work outside of store locations as of last year.', 'The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.']",0.1961329182618708,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. """,The cuts will not affect workers at the company's cafes.,0.5956955790519715,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""","""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.",2025-03-02
-"UnitedHealth's rough stretch continues, with buyouts, a reported DOJ probe and a 23% drop in three months",https://www.cnbc.com/2025/02/21/unitedhealth-faces-doj-investigation-buyouts-stock-price-drop.html,2025-02-21T20:56:28+0000,"In this articleUnitedHealthcare is in hot water again as the insurance giant grapples with a reported government investigation of its Medicare billing practices, pursues employee buyouts and potential layoffs, and clashes publicly with billionaire Bill Ackman.Those developments in recent days extend a tumultuous past year for its parent company, UnitedHealth Group, marked by the killing of a top executive, a costly cyberattack against its subsidiary and high medical costs in its insurance arm. UnitedHealth Group is the biggest health-care conglomerate in the U.S. based on revenue and its more than $420 billion market cap, and UnitedHealthcare is the nation's largest private insurer. Shares of UnitedHealth Group have tumbled more than 20% over the last three months.The stock also closed 7% lower on Friday following a report about the probe, which was first reported by The Wall Street Journal. The Department of Justice has launched a civil fraud investigation in recent months into UnitedHealth's billing practices for its Medicare Advantage plans, according to the newspaper.The probe specifically examines whether diagnoses were routinely made to trigger extra payments in those plans, including at physician groups the insurer owns, the Journal said. It comes after a series of articles from the newspaper last year, which reported that Medicare paid UnitedHealth billions of dollars for questionable diagnoses. Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare. Those plans have been a source of high medical costs across the broader insurance industry over the last year.  In a statement, UnitedHealth called the Journal's reporting ""misinformation"" and said the company consistently performs at the industry's ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.In a research note Friday, RBC Capital Markets analyst Ben Hendrix called the reported investigation an ""incremental overhang"" but emphasized it will likely be a ""lengthy process and unlikely in our view to result in material financial headwinds in the near term."" He pointed to a probe the DOJ launched last year into the company's subsidiary Optum Rx for potential antitrust violations, which will similarly have an extended timeline before any resolution. Reports about the probe came two days after CNBC first reported that UnitedHealthcare is offering buyouts to employees and could pursue layoffs if resignation quotas aren't met. The move comes as the company tries to cut costs through efforts like leveraging digital technology. And earlier this month, Ackman, one of the world's most prominent investors, publicly pledged to cover the legal fees for a Texas doctor in a dispute with UnitedHealth Group over her claims that the company pulled her out of an operation to justify a patient's care.Ackman, who is CEO of Pershing Square Capital Management, later took down a post on X that was critical of the insurer after lawyers for UnitedHealth told him that the doctor's claims that he had amplified on social media were untrue. Ackman said he has no position in UnitedHealth. One of his earlier posts on the dispute called on the U.S. Securities and Exchange Commission to investigate the company and suggested that the insurer's ""profitability is massively overstated due to its denial of medically necessary procedures.""That's similar to the public blowback the company faced after the killing of UnitedHealthcare CEO Brian Thompson in December. It unleashed a wave of pent-up anger and resentment toward the insurance industry and renewed calls for reform to prevent denials of care.UnitedHealth is also still grappling with the fallout from a cyberattack on its subsidiary Change Healthcare, which processes medical claims. The cyberattack compromised the protected health information of around 190 million people, and UnitedHealth has paid out more than $3 billion to providers affected.UnitedHealth has said it became aware of the cyberattack a year ago to the day Friday.",CNBC,21/02/2025,"['In this articleUnitedHealthcare is in hot water again as the insurance giant grapples with a reported government investigation of its Medicare billing practices, pursues employee buyouts and potential layoffs, and clashes publicly with billionaire Bill Ackman.', 'Those developments in recent days extend a tumultuous past year for its parent company, UnitedHealth Group, marked by the killing of a top executive, a costly cyberattack against its subsidiary and high medical costs in its insurance arm.', ""UnitedHealth Group is the biggest health-care conglomerate in the U.S. based on revenue and its more than $420 billion market cap, and UnitedHealthcare is the nation's largest private insurer."", 'Shares of UnitedHealth Group have tumbled more than 20% over the last three months.', 'The stock also closed 7% lower on Friday following a report about the probe, which was first reported by The Wall Street Journal.', ""The Department of Justice has launched a civil fraud investigation in recent months into UnitedHealth's billing practices for its Medicare Advantage plans, according to the newspaper."", 'The probe specifically examines whether diagnoses were routinely made to trigger extra payments in those plans, including at physician groups the insurer owns, the Journal said.', 'It comes after a series of articles from the newspaper last year, which reported that Medicare paid UnitedHealth billions of dollars for questionable diagnoses.', 'Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare.', 'Those plans have been a source of high medical costs across the broader insurance industry over the last year.', 'In a statement, UnitedHealth called the Journal\'s reporting ""misinformation"" and said the company consistently performs at the industry\'s ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.', 'In a research note Friday, RBC Capital Markets analyst Ben Hendrix called the reported investigation an ""incremental overhang"" but emphasized it will likely be a ""lengthy process and unlikely in our view to result in material financial headwinds in the near term.""', ""He pointed to a probe the DOJ launched last year into the company's subsidiary Optum Rx for potential antitrust violations, which will similarly have an extended timeline before any resolution."", ""Reports about the probe came two days after CNBC first reported that UnitedHealthcare is offering buyouts to employees and could pursue layoffs if resignation quotas aren't met."", 'The move comes as the company tries to cut costs through efforts like leveraging digital technology.', ""And earlier this month, Ackman, one of the world's most prominent investors, publicly pledged to cover the legal fees for a Texas doctor in a dispute with UnitedHealth Group over her claims that the company pulled her out of an operation to justify a patient's care."", ""Ackman, who is CEO of Pershing Square Capital Management, later took down a post on X that was critical of the insurer after lawyers for UnitedHealth told him that the doctor's claims that he had amplified on social media were untrue."", 'Ackman said he has no position in UnitedHealth.', 'One of his earlier posts on the dispute called on the U.S. Securities and Exchange Commission to investigate the company and suggested that the insurer\'s ""profitability is massively overstated due to its denial of medically necessary procedures.', '""That\'s similar to the public blowback the company faced after the killing of UnitedHealthcare CEO Brian Thompson in December.', 'It unleashed a wave of pent-up anger and resentment toward the insurance industry and renewed calls for reform to prevent denials of care.', 'UnitedHealth is also still grappling with the fallout from a cyberattack on its subsidiary Change Healthcare, which processes medical claims.', 'The cyberattack compromised the protected health information of around 190 million people, and UnitedHealth has paid out more than $3 billion to providers affected.', 'UnitedHealth has said it became aware of the cyberattack a year ago to the day Friday.']",-0.0587352171872444,Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare.,"In a statement, UnitedHealth called the Journal's reporting ""misinformation"" and said the company consistently performs at the industry's ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.",-0.744643170099992,The move comes as the company tries to cut costs through efforts like leveraging digital technology.,Shares of UnitedHealth Group have tumbled more than 20% over the last three months.,2025-03-02
-"Consumer Financial Protection Bureau drops lawsuits against Capital One and Berkshire, Rocket Cos. units",https://www.cnbc.com/2025/02/27/cfpb-drops-capital-one-rocket-mortgage-affiliate-lawsuits.html,2025-02-28T20:02:59+0000,"The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director.In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos. unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case. It used similar language in the other cases.The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month. In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work.Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership. We are proud to put this matter behind us.""Shares of Capital One and Rocket climbed after the dismissals.Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history.""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there's only been one other case dismissed without relief for any consumers,"" Halperin said.On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers.""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing.""Mr. McKernan, literally while you've been sitting here and you've been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.",CNBC,28/02/2025,"[""The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director."", 'In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos.', 'unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.', '""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case.', 'It used similar language in the other cases.', 'The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month.', ""In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work."", ""Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans."", 'A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.', '""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership.', 'We are proud to put this matter behind us.', '""Shares of Capital One and Rocket climbed after the dismissals.', 'Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.', 'That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.', ""Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history."", '""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there\'s only been one other case dismissed without relief for any consumers,"" Halperin said.', ""On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers."", '""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.', '""Just from the cases that were dismissed today, there\'s billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.', ""The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing."", '""Mr.', 'McKernan, literally while you\'ve been sitting here and you\'ve been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.', '""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.']",-0.0637964813887178,"""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.","Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.",0.1026935047573513,"""Shares of Capital One and Rocket climbed after the dismissals.","""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.",2025-03-02
-Eli Lilly plans at least $27 billion in new U.S. manufacturing investments,https://www.cnbc.com/2025/02/26/eli-lilly-to-invest-27-billion-in-new-us-manufacturing.html,2025-02-26T21:23:30+0000,"In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains. He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy. The event featured several speakers from the Trump administration, including Kevin Hassett, director of the White House National Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies.Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America."" He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.""The move brings Eli Lilly's total U.S. manufacturing investments to more than $50 billion in recent years. The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs.  ""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas.""Shares of the company closed more than 1% higher on Wednesday.Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro. Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.""The fourth site will extend the company's global manufacturing network for future injectable therapies, he added.Eli Lilly has not decided on where the four new U.S. sites will be located, Ricks said. The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built. The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin.The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments. The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions.Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic. Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions. Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments. The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats. Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments. He called it ""essential that these policies are extended permanently this year.""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses. It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts. ""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.",CNBC,26/02/2025,"['In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.', 'It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains.', 'He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy.', ""The event featured several speakers from the Trump administration, including Kevin Hassett, directorof the White HouseNational Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies."", 'Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America.""', 'He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.', '""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.', '""The move brings Eli Lilly\'s total U.S. manufacturing investments to more than $50 billion in recent years.', ""The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs."", '""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""', ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas."", '""Shares of the company closed more than 1% higher on Wednesday.', ""Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro."", 'Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.', '""The fourth site will extend the company\'s global manufacturing network for future injectable therapies, he added.', 'Eli Lilly has not decided on wherethefournew U.S.sites will be located, Ricks said.', 'The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.', 'Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built.', ""The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin."", ""The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments."", ""The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions."", 'Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.', ""Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic."", 'Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.', 'During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.', '""Eli Lilly\'s efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.', ""Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments."", 'The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats.', 'Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump\'s 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company\'s manufacturing investments.', 'He called it ""essential that these policies are extended permanently this year.', '""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.', ""That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses."", 'It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts.', '""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.', 'Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.']",0.126865385961742,"""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.","Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments.",0.582808431982994,"""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.","Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.",2025-03-02
-"Elon Musk says he's sending Starlink tech to FAA while saying, without evidence, that air safety is 'at risk'",https://www.cnbc.com/2025/02/27/elon-musk-starlink-faa-safety-claims.html,2025-02-27T20:22:23+0000,"Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety.The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology.The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska. The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk's Starlink.Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly."" Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon."" He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.L3Harris didn't immediately return request for comment.Verizon said it is working on replacing older air traffic control technology.""Our Company is working on building the next generation system for the FAA which will support the Agency's mission for safe and secure air travel,"" Verizon said in its statement. ""We are at the beginning of a multi-year contract to replace antiquated, legacy systems. Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed. We continue to partner with the FAA on achieving its modernization objectives.""Musk didn't immediately respond to a request for comment.Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators.""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions. The FAA does not comment on ongoing certification work.""Airlines for years have pushed for air traffic modernization. Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers. Air travel demand hit records after the pandemic.""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""The government needs to do the same in an organized and timely way.""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft. It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.",CNBC,27/02/2025,"[""Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety."", ""The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology."", ""The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska."", 'The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""', 'This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.', '""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk\'s Starlink.', 'Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly.""', 'Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon.""', 'He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.', ""L3Harris didn't immediately return request for comment."", 'Verizon said it is working on replacing older air traffic control technology.', '""Our Company is working on building the next generation system for the FAA which will support the Agency\'s mission for safe and secure air travel,"" Verizon said in its statement. ""', 'We are at the beginning of a multi-year contract to replace antiquated, legacy systems.', ""Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed."", 'We continue to partner with the FAA on achieving its modernization objectives.', '""Musk didn\'t immediately respond to a request for comment.', ""Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators."", '""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk\'s dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.', 'Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.', '""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions.', 'The FAA does not comment on ongoing certification work.', '""Airlines for years have pushed for air traffic modernization.', ""Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers."", 'Air travel demand hit records after the pandemic.', '""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""', 'The government needs to do the same in an organized and timely way.', '""Musk\'s comments on air safety failures, which didn\'t include evidence, come after last month\'s fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.', 'It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.']",0.1037453100837895,"""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.","""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.",-0.2709029045971957,"""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""","Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers.",2025-03-02
-"Trump administration, Musk’s DOGE plan to fire nearly all CFPB staff and wind down agency, employees say",https://www.cnbc.com/2025/02/28/cfpb-leaders-and-elon-musk-doge-planned-to-fire-nearly-all-staff.html,2025-02-28T17:39:02+0000,"The Consumer Financial Protection Bureau's Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency.""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases. It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.""Finally, the Bureau would 'reduce altogether' within 60-90 days by terminating most of its remaining staff,"" Doe said.The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending. Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau. After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing.The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a 'more streamlined and efficient bureau' is that there will continue to be a CFPB,"" he wrote.But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified.In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.""One Senior Executive said that CFPB will become a 'room at Treasury, White House, or Federal Reserve with five men and a phone in it,'"" Doe said.Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau's chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies. More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk's ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""The only reason it did not do so is because of this Court's order.""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified.While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints.CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you're departing Liverpool on the Titanic,"" Reed said. ""Good luck.""",CNBC,28/02/2025,"['The Consumer Financial Protection Bureau\'s Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.', ""In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency."", '""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.', ""Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases."", 'It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.', '""Finally, the Bureau would \'reduce altogether\' within 60-90 days by terminating most of its remaining staff,"" Doe said.', ""The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending."", 'Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.', 'The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.', ""The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau."", ""After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing."", 'The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.', 'In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a \'more streamlined and efficient bureau\' is that there will continue to be a CFPB,"" he wrote.', ""But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified."", 'In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.', '""One Senior Executive said that CFPB will become a \'room at Treasury, White House, or Federal Reserve with five men and a phone in it,\'"" Doe said.', 'Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau\'s chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.', '""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.', 'The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies.', 'More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.', 'In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.', 'For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk\'s ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""', ""The only reason it did not do so is because of this Court's order."", '""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.', ""Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified."", 'While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.', ""Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints."", 'CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.', 'On Thursday, Jonathan McKernan, President Donald Trump\'s pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency\'s creation, that he would ""fully and faithfully"" enforce laws related to the CFPB\'s mission.', 'McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.', '""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency\'s headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.', '""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you\'re departing Liverpool on the Titanic,"" Reed said. ""', 'Good luck.""']",-0.030165339100311,"On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.","The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.",-0.5007501443227133,"The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.","""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.",2025-03-02
-"Target strikes deal with sportswear brand Champion, as it tries to rev up apparel sales",https://www.cnbc.com/2025/02/26/target-strikes-deal-with-champion-as-it-tries-to-boost-apparel-sales-.html,2025-02-26T17:15:31+0000,"In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants. Authentic Brands Group bought Champion from HanesBrands last year.Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags. It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September. Most items will cost less than $40, the company said.Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods. The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%. The metric includes sales on Target's website and stores open at least 13 months. For Target, apparel trends turned positive year over year in the fiscal second quarter. The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business.Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.Target is scheduled to report its full holiday-quarter results on Tuesday.The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation. Yet he said Target has attracted customers' attention and dollars with fresh items.For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25. Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.Target has long used brand collaborations as a competitive differentiator. It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg.It's not the first time that Target has carried Champion. The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red. It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said.Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags. And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available.For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel. Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic. Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data. That's up about 6% compared with pre-pandemic 2019. Yet it's a sharp contrast from 2021, when sales jumped 32% year over year.Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces. For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis.""They're being very strategic about where they're spending,"" she said. ""It's really about what they find value in and some may find value in investing in things people notice.""",CNBC,26/02/2025,"['In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.', ""On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants."", 'Authentic Brands Group bought Champion from HanesBrands last year.', 'Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags.', 'It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September.', 'Most items will cost less than $40, the company said.', ""Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods."", 'The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.', 'The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%.', ""The metric includes sales on Target's website and stores open at least 13 months."", 'For Target, apparel trends turned positive year over year in the fiscal second quarter.', ""The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business."", 'Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.', 'Target is scheduled to report its full holiday-quarter results on Tuesday.', ""The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period."", 'In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation.', ""Yet he said Target has attracted customers' attention and dollars with fresh items."", 'For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25.', 'Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.', 'Target has long used brand collaborations as a competitive differentiator.', ""It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg."", ""It's not the first time that Target has carried Champion."", ""The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red."", ""It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said."", 'Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags.', 'And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.', ""Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available."", 'For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel.', 'Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic.', 'Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.', 'Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data.', ""That's up about 6% compared with pre-pandemic 2019."", ""Yet it's a sharp contrast from 2021, when sales jumped 32% year over year."", 'Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces.', ""For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis."", '""They\'re being very strategic about where they\'re spending,"" she said. ""', 'It\'s really about what they find value in and some may find value in investing in things people notice.""']",0.3043182674701968,"The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red.",,0.2141727672682868,That's up about 6% compared with pre-pandemic 2019.,The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.,2025-03-02
-Eli Lilly is selling higher-dose vials of Zepbound at a lower price to boost weight loss drug access,https://www.cnbc.com/2025/02/25/eli-lilly-offering-more-cheaper-vials-of-zepbound-weight-loss-drug.html,2025-02-25T16:46:27+0000,"In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions. Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August. Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site. The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery. Otherwise, those two doses will cost $599 and $699, respectively. Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50. The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release. Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance. Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off. Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials. The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments. ""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications. Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months. The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug. Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.""He said Tuesday's announcement helps to ensure that patients ""don't rely on knockoffs that are not approved by the FDA for safety, efficacy and quality."" Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.""He said Zepbound prescriptions filled through LillyDirect's self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market. Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added. He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number. LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. In December, direct-to-consumer health-care startup Ro said its platform will also offer single-dose vials of Zepbound through a new partnership with Eli Lilly.",CNBC,25/02/2025,"['In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.', ""It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions."", 'Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August.', ""Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site."", 'The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery.', 'Otherwise, those two doses will cost $599 and $699, respectively.', 'Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50.', 'The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release.', 'Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance.', 'Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off.', 'Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials.', 'The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments.', '""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications.', 'Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.', 'Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months.', 'The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.', 'Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.', '""He said Tuesday\'s announcement helps to ensure that patients ""don\'t rely on knockoffs that are not approved by the FDA for safety, efficacy and quality.', '""Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.', '""He said Zepbound prescriptions filled through LillyDirect\'s self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market.', ""Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added."", 'He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number.', 'LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'In December, direct-to-consumer health-care startup Ro said itsplatformwill also offer single-dose vialsof Zepbound through a new partnership withEli Lilly.']",0.1641874640621586,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.",Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.,0.3630305926005046,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.","The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.",2025-03-02
-American Airlines to start testing free inflight Wi-Fi,https://www.cnbc.com/2025/02/28/american-airlines-free-inflight-wi-fi.html,2025-02-28T18:14:14+0000,"In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-Durham International Airport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport.More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity. American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when.Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways. United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses.""Through this test, we'll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American's chief customer officer, Heather Garboden, said in a staff memo Friday.In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",CNBC,28/02/2025,"['In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.', ""The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-DurhamInternationalAirport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport."", 'More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity.', ""American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when."", 'Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.', ""United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses."", '""Through this test, we\'ll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American\'s chief customer officer, Heather Garboden, said in a staff memo Friday.', 'In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.', '""While relatively small in scope, this is already a big stride in our organization\'s very critical work to give our customers what we know they want,"" Garboden said.']",0.4524854854128424,"Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.","""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",0.9991390705108644,"In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.",,2025-03-02
-Eli Lilly plans at least $27 billion in new U.S. manufacturing investments,https://www.cnbc.com/2025/02/26/eli-lilly-to-invest-27-billion-in-new-us-manufacturing.html,2025-02-26T21:23:30+0000,"In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains. He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy. The event featured several speakers from the Trump administration, including Kevin Hassett, director of the White House National Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies.Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America."" He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.""The move brings Eli Lilly's total U.S. manufacturing investments to more than $50 billion in recent years. The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs.  ""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas.""Shares of the company closed more than 1% higher on Wednesday.Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro. Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.""The fourth site will extend the company's global manufacturing network for future injectable therapies, he added.Eli Lilly has not decided on where the four new U.S. sites will be located, Ricks said. The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built. The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin.The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments. The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions.Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic. Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions. Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments. The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats. Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments. He called it ""essential that these policies are extended permanently this year.""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses. It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts. ""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.",CNBC,26/02/2025,"['In this articleEli Lilly on Wednesday said it will invest at least $27 billion to build four new manufacturing sites in the U.S., as demand for its blockbuster weight loss and diabetes injections soars and the company develops new drugs for other conditions.', 'It comes as drugmakers and companies across different industries work to build goodwill with President Donald Trump, who has emphasized reshoring manufacturing to the U.S. and reducing reliance on foreign supply chains.', 'He has threatened companies — and pharmaceutical businesses in particular — with tariffs if they do not manufacture products in the U.S.Eli Lilly made the announcement at an event in Washington, D.C. — emphasizing the political undertones of the strategy.', ""The event featured several speakers from the Trump administration, including Kevin Hassett, directorof the White HouseNational Economic Council, and Commerce Secretary Howard Lutnick, who explicitly tied the announcement to Trump's policies."", 'Lutnick said the investment is ""exactly what the Trump administration is all about, which is building and manufacturing and reshoring in America, investing in America, building in America.""', 'He thanked Eli Lilly for ""doing exactly what the president was hoping would happen.', '""Lutnick added that ""if you want to understand the tariff policy"" of the U.S., ""I have just articulated it.', '""The move brings Eli Lilly\'s total U.S. manufacturing investments to more than $50 billion in recent years.', ""The other $23 billion is from the company's investments in new plants and site expansions since 2020, which has helped ease supply shortages of its popular drugs."", '""This represents the largest pharmaceutical expansion investment in U.S. history,"" Eli Lilly CEO David Ricks said at the event. ""', ""We're making these investments ... to prepare for the demand we anticipate for future pipeline medicines across our therapeutic areas."", '""Shares of the company closed more than 1% higher on Wednesday.', ""Three of the future U.S. sites announced Wednesday will manufacture active ingredients in medications, such as tirzepatide, the active ingredient in Eli Lilly's obesity drug Zepbound and diabetes treatment Mounjaro."", 'Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.', '""The fourth site will extend the company\'s global manufacturing network for future injectable therapies, he added.', 'Eli Lilly has not decided on wherethefournew U.S.sites will be located, Ricks said.', 'The company will be accepting location submissions through March 13 and will announce decisions on new sites in the coming months.', 'Eli Lilly said the four new sites will create more than 3,000 jobs for workers such as engineers and scientists, along with 10,000 construction jobs as the plants are built.', ""The company's other U.S. plants include sites in North Carolina, Indiana and Wisconsin."", ""The new investments aren't solely dedicated to Eli Lilly's current and future obesity and diabetes treatments."", ""The company is charting its future beyond Zepbound and Mounjaro, with hopes to deliver drugs from its broad pipeline of products for cancer, Alzheimer's disease and other conditions."", 'Ricks said the company is optimistic about its pipeline across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience.', ""Still, the new investments build on the success of Zepbound and Mounjaro, which share dominance of the booming market for so-called GLP-1 drugs with Novo Nordisk's weight loss drug Wegovy and diabetes treatment Ozempic."", 'Some analysts expect the global obesity drug market to be worth more than $150 billion annually by the early 2030s, making it critical for both companies to maintain their share as other drugmakers scramble to join.', 'During the event, Ricks took a shot at cheaper compounded versions of its injectable drugs, saying ""America faces a growing threat from an influx of counterfeit and compounded medications.', '""Eli Lilly\'s efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.', ""Patients flocked to those unapproved copycats when the branded drugs were in short supply, or if they didn't have insurance coverage for the costly treatments."", 'The FDA has since declared the shortage of tirzepatide over, which will essentially bar many compounding pharmacies from making copycats.', 'Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump\'s 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company\'s manufacturing investments.', 'He called it ""essential that these policies are extended permanently this year.', '""Key provisions from that law are set to expire at the end of December — though a reduction in the corporate tax rate will remain in effect.', ""That legislation, passed by a majority-Republican Congress during Trump's first term, was the largest tax code overhaul in nearly three decades that slashed taxes for individuals and businesses."", 'It cut the corporate tax rate to 21%, capped deductions for state and local taxes at $10,000, and expanded the child tax credit, among other efforts.', '""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.', 'Novo Nordisk has similarly invested billions in manufacturing to ramp up supply of Wegovy and Ozempic, announcing in 2024 it would take over three sites from contract manufacturer Catalent for $11 billion.']",0.126865385961742,"""Long-term progress will also require U.S. policies to continue to protect the intellectual property rights and foster an innovative environment where we can do our work,"" Ricks said.","Hassett said the issue also ""disturbs the White House"" because offshore producers of copycat drugs are ""threatening lives in the U.S.""In another sign of the political goals of the announcement, Ricks touted Trump's 2017 Tax Cuts and Jobs Act, saying that the legislation has been ""fundamental"" to the company's manufacturing investments.",0.582808431982994,"""Eli Lilly's efforts to boost the supply of Zepbound and Mounjaro aim to ensure that eligible patients are safely accessing those branded treatments instead of cheaper compounded versions.","Ricks noted that there is a ""real gap in supply chain in the U.S. as it relates to active ingredient availability in our country.",2025-03-01
-"WBD adds 6.4 million Max subscribers, forecasts 150 million subs by end of 2026",https://www.cnbc.com/2025/02/27/warner-bros-discovery-wbd-q4-2024-earnings.html,2025-02-27T22:01:12+0000,"In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year. Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026. Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company's earnings call Thursday.WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers. Initially WBD planned to charge an additional cost for sports.However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season. It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.""We don't need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize. CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.Shares of WBD rose nearly 5% Thursday.Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023. Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period. The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report. In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.Disclosure: MSNBC and CNBC are divisions of NBCUniversal.",CNBC,27/02/2025,"['In this articleWarner Bros. Discovery said Thursday it added 6.4 million global streaming subscribers in the fourth quarter for a total of 116.9 million subscribers.', 'Fourth-quarter revenue for the streaming segment, which is anchored by flagship service Max, totaled $2.65 billion, up 5% from $2.53 billion in the same quarter last year.', 'Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.', 'Max is set to launch on television service Sky in the United Kingdom and Ireland by the second quarter of 2026, and will debut in Germany and Italy in the first quarter of that year.', '""In this generational media disruption, only the global streamers will survive and prosper, and Max is just that,"" CEO David Zaslav said on the company\'s earnings call Thursday.', 'WBD announced Wednesday that Max would keep its B/R Sports and CNN content available at no additional cost to subscribers in its standard and premium tiers.', 'Initially WBD planned to charge an additional cost for sports.', 'However, it will pull both verticals from its basic, ad-supported tier beginning March 30.On the earnings call, JB Perrette, CEO and president of global streaming and games, said the company would continue to experiment with its news and sports business models.', 'While sports have increased their presence on streaming services recently, with platforms like Netflix adding to their live sports portfolios, Zaslav said the company is more focused on maximizing its returns than acquiring more sports content.', 'Warner Bros. Discovery is losing U.S. distribution rights to National Basketball Association games starting next season.', 'It still has a U.S. sports portfolio that includes the French Open, Major League Baseball, college football and the National Hockey League.', '""We don\'t need any more sports anywhere in the world in order to support our business,"" Zaslav said, adding that he expects it will become more difficult to obtain sports rights with increasing prices and competition.', 'On the news front, Zaslav said Warner Bros. Discovery expected CNN to see more benefit from the 2024 presidential election that ultimately did not materialize.', 'CNN, along with MSNBC, saw its ratings fall drastically after the election, while Fox News enjoyed strong ratings in that period.', 'Shares of WBD rose nearly 5% Thursday.', ""Here's how Warner Bros. Discovery performed in the fourth quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:WBD's overall fourth-quarter revenue fell 2% to $10.03 billion from $10.28 billion during the same quarter in 2023."", 'Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.', 'The company previously wrote down $9.1 billion for its networks business in its 2024 second-quarter earnings report.', 'In its shareholder letter, Warner Bros. Discovery noted that it expects further declines in cable subscribers and that the advertising market for U.S. linear television is shrinking faster than expected.', 'For the studios business, fourth-quarter revenue totaled $3.66 billion, an increase of 15% from $3.17 billion in the fourth quarter of 2023.""We are laser-focused on getting our studios back to a place of industry leadership,"" Zaslav said.', 'Disclosure: MSNBC and CNBC are divisions of NBCUniversal.']",0.1377387530006132,"Adjusted earnings before interest, taxes, depreciation and amortization for the unit came in at $409 million, compared with an adjusted EBITDA loss of $55 million in the fourth quarter of 2023.In a shareholder letter, the media and entertainment company forecast adjusted EBITDA of $1.3 billion for its streaming business for the year — roughly double the $677 million adjusted EBITDA it reported for 2024 — and said it has a ""clear path"" to hit 150 million global subscribers by the end of 2026.","Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",0.1429852928434099,Shares of WBD rose nearly 5% Thursday.,"Full-year 2024 revenue came in at $39.32 billion, down 5% from $41.32 billion in 2023.Warner Bros. Discovery reported a net loss of $494 million for the fourth quarter of 2024, or a loss of 20 cents per share, compared with a net loss of $400 million, or a loss of 16 cents per share, during the fourth quarter of 2023.TV networks revenue came in at $4.77 billion, compared with $5.04 billion in the year-earlier period.",2025-03-01
-"Starbucks to lay off 1,100 corporate workers as sales sag",https://www.cnbc.com/2025/02/24/starbucks-to-lay-off-1100-corporate-workers.html,2025-02-24T14:35:45+0000,"In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday.The cuts will not affect workers at the company's cafes.In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""All with the goal of being more focused and able to drive greater impact on our priorities."" The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters. As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service.Starbucks had about 16,000 employees who work outside of store locations as of last year. The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.",CNBC,24/02/2025,"[""In this articleStarbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain's CEO, Brian Niccol, said Monday."", ""The cuts will not affect workers at the company's cafes."", 'In a message to corporate employees, Niccol said Starbucks is ""simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.', '""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""', 'All with the goal of being more focused and able to drive greater impact on our priorities.', '""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.', ""As customers turn to cheaper rivals in Starbucks' two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service."", 'Starbucks had about 16,000 employees who work outside of store locations as of last year.', 'The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.']",0.1961329182618708,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. """,The cuts will not affect workers at the company's cafes.,0.5956955790519715,"""""Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,"" Niccol wrote. ""","""The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters.",2025-03-01
-Eli Lilly is selling higher-dose vials of Zepbound at a lower price to boost weight loss drug access,https://www.cnbc.com/2025/02/25/eli-lilly-offering-more-cheaper-vials-of-zepbound-weight-loss-drug.html,2025-02-25T16:46:27+0000,"In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions. Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August. Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site. The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery. Otherwise, those two doses will cost $599 and $699, respectively. Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50. The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release. Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves. That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance. Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off. Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials. The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments. ""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound. Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications. Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months. The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug. Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.""He said Tuesday's announcement helps to ensure that patients ""don't rely on knockoffs that are not approved by the FDA for safety, efficacy and quality."" Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.""He said Zepbound prescriptions filled through LillyDirect's self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market. Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added. He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number. LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible. The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients. In December, direct-to-consumer health-care startup Ro said its platform will also offer single-dose vials of Zepbound through a new partnership with Eli Lilly.",CNBC,25/02/2025,"['In this articleEli Lilly on Tuesday released higher doses of its weight loss drug Zepbound in single-dose vials at as much as half its usual monthly list price to reach more patients without insurance coverage for the blockbuster injection, such as those with Medicare.', ""It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions."", 'Eli Lilly is now offering higher doses of Zepbound in single-dose vials through a ""self-pay pharmacy"" section on its direct-to-consumer website, LillyDirect, which began offering lower doses of the drug in vials in August.', ""Eligible patients diagnosed by a health-care provider with obesity alone or along with obstructive sleep apnea — Zepbound's newly approved use — can pay for those vials themselves on the site."", 'The company is selling 7.5 milligram and 10 milligram vials of Zepbound for $499 per month when patients fill their first prescription, and any time they refill within 45 days of their previous delivery.', 'Otherwise, those two doses will cost $599 and $699, respectively.', 'Also on Tuesday, Eli Lilly said it is lowering the price of both of the lower-dose vials of Zepbound by $50.', 'The 2.5 milligram vial will now cost $349, and the 5 milligram vial will now be priced at $499, according to a release.', 'Patients must use a syringe and needle to draw up the medicine from a single-dose vial and inject themselves.', 'That differs from single-dose autoinjector pens, the currently available form of all Zepbound doses, which patients can directly inject under their skin with the click of a button.', 'Eli Lilly has said those vials will make more of the medication available because they are easier to manufacture than autoinjector pens, which cost roughly $1,000 per month before insurance.', 'Patients typically start treatment with a 2.5 milligram dose for four weeks, then gradually increase the amount per week and later take so-called maintenance doses to keep the weight off.', 'Eli Lilly does not currently offer the highest doses of Zepbound — 12.5 milligrams and 15 milligrams — in single-dose vials.', 'The lower price points for each of the single-dose vials will benefit patients who are willing to pay for Zepbound themselves and are enrolled in Medicare or employer-sponsored health plans that do not cover obesity treatments.', '""We are, in the absence of full coverage for people suffering from obesity like other chronic diseases, we are just trying to fill that room and provide a more affordable solution, particularly for the Medicare population because none of our affordability solutions can be applied to them,"" said Patrik Jonsson, president of Eli Lilly diabetes and obesity, in an interview.', ""Medicare beneficiaries are also not eligible for Eli Lilly's savings card programs for Zepbound."", 'Jonsson said ""in an ideal world,"" the Trump administration will enact a proposed rule from the Biden administration to have Medicare cover obesity medications.', 'Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.', 'Some people turned to compounding pharmacies that make even cheaper copies of Zepbound because the branded treatment has been too costly and was in shortage until recent months.', 'The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.', 'Jonsson said Eli Lilly is ""not price competing with the compounders,"" adding that the company does not believe ""there is still a market for the mass compounding anymore.', '""He said Tuesday\'s announcement helps to ensure that patients ""don\'t rely on knockoffs that are not approved by the FDA for safety, efficacy and quality.', '""Eli Lilly declined to say how many patients are ordering vials from LillyDirect so far, but Jonsson said ""the uptake has been really good.', '""He said Zepbound prescriptions filled through LillyDirect\'s self-pay pharmacy, which offers the single-dose vials, likely account for a low- to mid-single-digit percentage of the broader obesity market.', ""Around 10% of new patients in the obesity market who start a treatment are using Zepbound through LillyDirect's self-pay pharmacy, Jonsson added."", 'He said launching vials of the 7.5 milligram and 10 milligram doses will add to that number.', 'LillyDirect, which launched in January 2024, connects people with an independent telehealth company that can prescribe certain drugs if the patients are eligible.', ""The site also offers a home-delivery option if the prescribed treatment is Eli Lilly's, tapping a third-party online pharmacy to fill prescriptions and send them directly to patients."", 'In December, direct-to-consumer health-care startup Ro said itsplatformwill also offer single-dose vialsof Zepbound through a new partnership withEli Lilly.']",0.1641874640621586,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.",Secretary of the U.S. Department of Health and Human Services Robert F. Kennedy Jr. has been skeptical of weight loss drugs.,0.3630305926005046,"It expands the company's effort to boost the U.S. supply of Zepbound as demand soars, and to ensure eligible patients are safely accessing the real treatment instead of cheaper compounded versions.","The U.S. Food and Drug Administration has since declared the Zepbound shortage over, however, which will soon bar many compounding pharmacies from making those versions of the drug.",2025-03-01
-"Venu is done. Here's how Fox, Disney and WBD plan to go it alone in sports streaming",https://www.cnbc.com/2025/02/27/venu-fox-disney-wbd-sports-streaming-strategies.html,2025-02-27T19:49:03+0000,"In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.The joint venture originally planned to launch the platform ahead of the 2024 NFL season.However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers. While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans. Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms. Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed. ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers.This week, WBD executives doubled down on their existing strategy behind streaming service, Max.On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max. Initially, WBD planned to charge extra for sports. It's unclear if the reversal was directly related to the end of Venu. Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter.WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place. He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.""It's not a good consumer experience and the value creation over the last 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD's separate streaming bundle with Disney.Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars.Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines. The company plans to launch an app that offers both news and sports by the end of this year.The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn't be seen as a shift in strategy, noting that Fox isn't ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing. That is not our game.""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said. He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.But rampant cord cutting pushed Fox to step into the streaming game.""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences. This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open.WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights.""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday's call. ""But you know, we don't need any more sports anywhere in the world in order to support our business. We buy sports if we think it would enhance our business. And it's going to get more difficult...[because of] some of those prices being paid.""During an investor conference in December, Fox's Tomsic echoed a similar sentiment around sports rights.Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years. He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue.""We take a pretty financially hard-nosed view about them, and so we'll trade in and out of those sports as we see fit,"" Tomsic said in December.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.",CNBC,27/02/2025,"['In this articleWith Venu done before it even got out of the starting blocks, Fox Corp., Disney and Warner Bros. Discovery have been mapping out how to go it alone in live sports streaming.', ""Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges."", 'The joint venture originally planned to launch the platform ahead of the 2024 NFL season.', 'However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.', ""Investors have been keen to hear about each company's next steps as competition ramps up for streaming subscribers and the traditional TV bundle bleeds customers."", ""While Disney's ESPN already had a strong foothold in streaming live sports, Venu was a bigger piece of the future for Fox and WBD.In recent weeks, each company has been detailing their plans."", ""Disney's ESPN and WBD's Max appear to be putting more weight behind their already announced or existing platforms."", 'Meanwhile, Fox is taking the plunge into direct-to-consumer streaming.', 'Disney will shift its focus to the direct-to-consumer ESPN streaming platform, a yet-to-be-named flagship app separate from its ESPN+, that was already in the works before Venu collapsed.', ""ESPN's flagship app is expected to launch in the fall, and CNBC recently reported that it will add some user generated content in an attempt to attract younger viewers."", 'This week, WBD executives doubled down on their existing strategy behind streaming service, Max.', 'On Wednesday the company announced it would include sports and news at no additional cost on the standard and premium tiers of Max.', 'Initially, WBD planned to charge extra for sports.', ""It's unclear if the reversal was directly related to the end of Venu."", ""Including live sports in the standard Max cost had been part of WBD's larger strategy discussions for some time, according to a person familiar with the matter."", ""WBD CEO David Zaslav said during Thursday's earnings call with investors that one of the key drivers behind Venu was the motivation to put a big library of sports together in one place."", 'He seemed to lament the loss of a singular, sports-centric app, reiterating his belief that bundling content is the best value proposition for consumers and eliminates confusion in finding your favorite leagues or teams.', '""It\'snotagoodconsumerexperienceandthevaluecreationoverthelast 50 years almost always follows a better consumer experience,"" said Zaslav on Thursday, noting WBD\'s separate streaming bundle with Disney.', ""Finding the best value in the bundle has long been Fox's proposition when staying out of the streaming wars."", 'Fox took the biggest swing since the dissolution of Venu with plans for its own streaming platform following years of sitting on the sidelines.', 'The company plans to launch an app that offers both news and sports by the end of this year.', 'The company announced Thursday that it hired Pete Distad, who was previously in charge of Venu, to run its direct-to-consumer streaming service.', 'Earlier this week at an investor conference, Fox CFO Steve Tomsic said the impending launch of a streaming service shouldn\'t be seen as a shift in strategy, noting that Fox isn\'t ""trying to chase the [streaming] dream that Netflix and Disney and Peacock and Paramount+ are all chasing.', 'That is not our game.', '""Fox divested its entertainment assets — a key component to major streaming platforms — in the sale to Disney in 2019, removing Fox from that game, Tomsic said.', 'He added that streaming ""does nothing for the consumer"" of news and sports, due to how much is sliced and diced on varying platforms.', 'But rampant cord cutting pushed Fox to step into the streaming game.', '""The reality is, as we sit here today, there\'s the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox\'s streamer won\'t compete with the general entertainment players.', 'Live sports have played a pivotal role for media companies as the content that attracts the biggest audiences.', 'This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.', 'In response, the cost of sports rights has ballooned, and media companies have recently become more methodical in what they choose to spend on.', 'Last week, ESPN stepped away from its long-term relationship with MLB, in part because the price-per-game was getting hard to justify.', ""And last year, WBD's Turner Sports lost its rights to air NBA games starting with the 2025-2026 season, but it did pick up some new rights, including to certain college football games and the French Open."", ""WBD's Zaslav on Thursday's earnings call with investors also noted that the company wouldn't necessarily jump to pay for more sports rights."", '""There are sports rights that we can look at opportunistically and say we can make a real return on,"" Zaslav said on Thursday\'s call. ""', ""But you know, we don't need any more sports anywhere in the world in order to support our business."", 'We buy sports if we think it would enhance our business.', ""And it's going to get more difficult...[because of] some of those prices being paid."", '""During an investor conference in December, Fox\'s Tomsic echoed a similar sentiment around sports rights.', 'Tomsic said while sports are ""foundational"" to Fox, which notably has the NFL, college football and soccer, the company has ""traded in and out"" of it in recent years.', ""He highlighted, as examples, that Fox has dropped the NFL's Thursday Night Football, U.S. Golf and most recently WWE.When Fox thinks about what makes sense for its sports portfolio, Tomsic said the company looks at the size of the audience and the potential advertising revenue."", '""We take a pretty financially hard-nosed view about them, and so we\'ll trade in and out of thosesportsas we see fit,"" Tomsic said in December.', 'Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.']",0.1257309293232994,"""The reality is, as we sit here today, there's the better part of 50 million households in the U.S. that are now outside the bundle,"" Tomsic said this week, adding Fox's streamer won't compete with the general entertainment players.","However, when its debut got blocked by a U.S. judge, the companies went back to the drawing board, and despite appealing the decision, ultimately decided to move forward alone.",0.4829663267502418,"This has been true for both traditional TV viewership, as well as streaming platforms looking to grow their subscribers.","Last month the media giants called off the launch of Venu — a planned direct-to-consumer streaming offering of the entirety of the three companies' live sports — in the face of headwinds, including cost sensitivity and legal challenges.",2025-03-01
-Egg prices are threatening a classic holiday tradition: Easter dye kits,https://www.cnbc.com/2025/02/28/egg-prices-threaten-easter-dye-kit-sales.html,2025-02-28T15:30:02+0000,"The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday.The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday. For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue. Diminished sales could have a major impact on their bottom lines.""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""That remains to be seen, but I think it probably will be.""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana. More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher. Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning. So far this year, the company's retail partners have ordered only 7,000 kits.""It's definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years. Of the company's more than 40 products, the egg dye kit remains its ""absolute bestseller.""She noted that while the majority of Natural Earth Paint's sales come from retail locations, online sales typically pick up around three weeks before Easter. That leaves the chance that direct-to-consumer sales could get a boost in mid-March.Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits.Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day. She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.""The other concern is that, some of the grocery stories, if they don't sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell. That could potentially be very bad.""Phelps said 75% of Color Kitchen sales are from the shelf. The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.There are some companies that still expect to see solid business this Easter. The holiday takes place in late April, giving companies three more weeks of sales compared with last year.Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product. Last year, the company generated $14 million in sales, a 22% bump from the year prior.Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year. Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year.Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.""It's just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said.Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products. The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones. Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn't been affected,"" said McGill. ""It could get worse before it gets better. That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th.""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs. An earlier version mischaracterized the metric.",CNBC,28/02/2025,"[""The egg aisle is anything but cheaper by the dozen these days — and that's becoming a big problem ahead of the Easter holiday."", ""The makers of Easter egg dye kits are bracing for the potential fallout if the egg shortage doesn't begin to clear up before the April 20 holiday."", 'For many companies that specialize in these activity sets, egg dye kits and related products make up a significant share of annual revenue.', 'Diminished sales could have a major impact on their bottom lines.', '""I think sales will be down,"" said Ashley Phelps, founder and CEO of Color Kitchen, a plant-based baking decoration company. ""', 'That remains to be seen, but I think it probably will be.', '""Wholesale egg prices have eclipsed record levels, reaching a high of $8.58 per dozen amid a domestic bird flu outbreak, according to global commodity data firm Expana.', 'More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.', 'He noted that rising prices have slowed consumer demand as retail egg prices average around $6 per dozen or higher.', 'Additionally, many stores have implemented purchasing limits, restricting the number of cartons that customers can buy at one time.', 'The combination of inflated price and limited availability could curtail sales of eggs for the Easter holiday, ultimately affecting the demand for egg dye kits.', 'Natural Earth Paint, a company that manufactures natural art supplies and craft kits for kids, typically sells between 40,000 and 50,000 egg dye kits around the Easter holiday, according to founder Leah Fanning.', ""So far this year, the company's retail partners have ordered only 7,000 kits."", '""It\'s definitely a huge drop,"" Fanning said, noting that most buyers have cited the egg shortage for the smaller orders.', ""Fanning told CNBC that the egg dye kits have been Natural Earth Paint's bestselling product for 13 years and kept the company in business for its first eight years."", 'Of the company\'s more than 40 products, the egg dye kit remains its ""absolute bestseller.', '""She noted that while the majority of Natural Earth Paint\'s sales come from retail locations, online sales typically pick up around three weeks before Easter.', 'That leaves the chance that direct-to-consumer sales could get a boost in mid-March.', ""Color Kitchen said its Easter items represent 20% of the company's total stock of items and outpace sales of all other items, including its Christmas icing kits."", ""Phelps noted that most retailers order these egg kits months ahead of the holiday to ensure they are in stock immediately after Valentine's Day."", 'She said retailers ""took a little less product this year"" given sensitivity to the inflationary environment.', '""The other concern is that, some of the grocery stories, if they don\'t sell through, then we get charged back for product that goes discounted to try and move it out of the store,"" Phelps said. ""', ""So, that's where we'll get hit if the stuff that's already been shipped out to grocery stores does not sell."", 'That could potentially be very bad.', '""Phelps said 75% of Color Kitchen sales are from the shelf.', 'The remaining 25% is from direct-to-consumer sales on its website and on sites such as Amazon.', 'There are some companies that still expect to see solid business this Easter.', 'The holiday takes place in late April, giving companies three more weeks of sales compared with last year.', 'Hey Buddy Hey Pal, a company that makes the Eggmazing Egg Decorator, a crafting tool that spins eggs so kids can use markers to color them, generates between 85% and 90% of its annual revenue from its Easter product.', 'Last year, the company generated $14 million in sales, a 22% bump from the year prior.', 'Curtis McGill, co-founder of Hey Buddy Hey Pal, said retailers have ordered fewer of its products this year.', ""Still, the company said it expects another jump of 18% in annual revenue as it's set to sell between 600,000 and 700,000 egg decorators this year."", 'Even as egg prices boil over, some dye kit makers see egg decorating as an essential tradition that few families will opt to skip, even if they reduce the number of eggs they use.', 'Paas, the leader in the egg dye kit space, expects that some families will decorate fewer eggs this year, but said many will still participate in the tradition.', '""It\'s just such a sticky tradition,"" said Joe Ens, CEO of Signature Brands, which owns the 140-year-old iconic Paas brand.', 'The company recently completed a survey of 120 consumers and found that 94% of them still plan on decorating eggs this holiday.', '""And the reason for that, other than the tradition being so important to consumers, is if you really break down the cost of the tradition, it is arguably the most affordable family tradition during any holiday,"" he said.', ""Paas expects to sell more than 10 million kits this year, one of the company's strongest sell-ins ever, he said."", ""Arts and crafts store chain Michaels said it's already seeing shoppers opt for egg-inspired products."", 'The company told CNBC that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'Michaels said a particular craft egg kit designed to ""mimic the traditional egg-decorating experience"" is selling nearly three times faster than the company had anticipated.', 'Similarly, Hey Buddy Hey Pal expects some families may opt to purchase wooden eggs instead of real ones.', ""Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over."", '""A lot could happen between now and then, we can continue to see an outbreak of avian flu and some different egg farms that hadn\'t been affected,"" said McGill. ""', 'It could get worse before it gets better.', ""That's not the projections, but at this point ... I'm just gonna hold my breath until we get to April the 20th."", '""Correction: This story has been updated to correct, based on updated information from Michaels, that 43% of its planned Easter sales this year are for plaster, plastic and craft eggs.', 'An earlier version mischaracterized the metric.']",0.1031364138607555,"Though the alternatives are typically more expensive than real eggs, they're an opportunity to keep the creations around long after the holiday is over.","More than 52 million egg-laying birds have died, leaving the national flock at just 280 million, a critically low level, said Ryan Hojnowski, a market reporter at Expana.",0.0254699063301086,"Last year, the company generated $14 million in sales, a 22% bump from the year prior.",Diminished sales could have a major impact on their bottom lines.,2025-03-01
-"Elon Musk says he's sending Starlink tech to FAA while saying, without evidence, that air safety is 'at risk'",https://www.cnbc.com/2025/02/27/elon-musk-starlink-faa-safety-claims.html,2025-02-27T20:22:23+0000,"Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety.The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology.The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska. The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk's Starlink.Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly."" Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon."" He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.L3Harris didn't immediately return request for comment.Verizon said it is working on replacing older air traffic control technology.""Our Company is working on building the next generation system for the FAA which will support the Agency's mission for safe and secure air travel,"" Verizon said in its statement. ""We are at the beginning of a multi-year contract to replace antiquated, legacy systems. Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed. We continue to partner with the FAA on achieving its modernization objectives.""Musk didn't immediately respond to a request for comment.Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators.""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions. The FAA does not comment on ongoing certification work.""Airlines for years have pushed for air traffic modernization. Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers. Air travel demand hit records after the pandemic.""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""The government needs to do the same in an organized and timely way.""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft. It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.",CNBC,27/02/2025,"[""Elon Musk said Thursday that he's sending his Starlink satellite internet terminals to the Federal Aviation Administration while saying, without providing evidence, that current technology poses a risk to air travel safety."", ""The billionaire and top advisor to President Donald Trump, who has been tasked with cutting costs throughout the federal government, posted the claims on his social media platform, X.Executives at major airlines told CNBC on Thursday that they do not see risks to air travel safety because of the FAA's technology."", ""The FAA, which regulates Musk's company SpaceX, didn't immediately comment but earlier this week said it has been testing Starlink technology in Atlantic City, New Jersey, and in Alaska."", 'The White House referred a request for comment to the FAA.The FAA ""has been considering the use of Starlink since the prior administration to increase reliability at remote sites, including in Alaska,"" the agency said Monday. ""', 'This week, the FAA is testing one terminal at its facility in Atlantic City and two terminals at non-safety critical sites in Alaska.', '""The Washington Post reported on Wednesday that the FAA is close to canceling a contract with Verizon for new communication technology for air traffic control and giving it instead to Musk\'s Starlink.', 'Musk said Thursday on X: a ""Verizon communication system to air traffic control is breaking down very rapidly.""', 'Verizon said in a statement that ""the FAA systems currently in place are run by L3Harris and not Verizon.""', 'He later corrected himself and said that L3Harris is responsible for the ""rapidly declining"" system.', ""L3Harris didn't immediately return request for comment."", 'Verizon said it is working on replacing older air traffic control technology.', '""Our Company is working on building the next generation system for the FAA which will support the Agency\'s mission for safe and secure air travel,"" Verizon said in its statement. ""', 'We are at the beginning of a multi-year contract to replace antiquated, legacy systems.', ""Our teams have been working with the FAA's technology teams and our solution stands ready to be deployed."", 'We continue to partner with the FAA on achieving its modernization objectives.', '""Musk didn\'t immediately respond to a request for comment.', ""Some Democrat lawmakers have raised concerns about Musk's role in the Trump administration while also potentially working to provide technology to one of his regulators."", '""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk\'s dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.', 'Others have raised alarms after the Trump administration laid off hundreds of FAA employees, though they do not include air traffic controllers.', '""At a minimum, we need to know why this sudden reduction was necessary, what type of work these employees were doing, and what kind of analysis FAA conducted – if any – to ensure this would not adversely impact safety, increase flight delays or harm FAA operations,"" Sen. Tammy Duckworth, D-Ill., wrote to Rocheleau on Feb. 19.The FAA has said it has retained staff ""who perform safety critical functions.', 'The FAA does not comment on ongoing certification work.', '""Airlines for years have pushed for air traffic modernization.', ""Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers."", 'Air travel demand hit records after the pandemic.', '""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""', 'The government needs to do the same in an organized and timely way.', '""Musk\'s comments on air safety failures, which didn\'t include evidence, come after last month\'s fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.', 'It ended an unprecedented period of air travel safety in the U.S., marking the first fatal passenger airline crash in the country since 2009 and the deadliest since 2001.Last week, more than a dozen aviation industry groups and labor unions, urged lawmakers to approve ""emergency funding"" for air traffic control modernization and staffing.']",0.1037453100837895,"""While I support efforts to modernize our air traffic control system and improve aviation safety, this decision raises conflicts-of-interest concerns, given Elon Musk's dual position as Chief Executive Officer of SpaceX and wide-ranging role in the Trump administration,"" wrote Sen. Ed Markey, D-Mass., to Chris Rocheleau, acting head of the FAA, on Wednesday.","""Musk's comments on air safety failures, which didn't include evidence, come after last month's fatal collision between an American Airlines regional jet and an Army Black Hawk helicopter, killing all 67 people on board the two aircraft.",-0.2709029045971957,"""Carriers have made remarkable changes and significant investments in technologies, operations, product and people,"" Airlines for America, which represents major U.S. carriers, said Thursday. ""","Carriers have long complained about how older systems have not kept up with the industry's needs, leading to flight delays that cost both passengers and carriers.",2025-03-01
-Lowe's beats Wall Street expectations as it starts to break out of sales slump,https://www.cnbc.com/2025/02/26/lowes-low-q4-2024-earnings.html,2025-02-26T21:27:30+0000,"Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and said its sales slump should end in the year ahead.The home improvement retailer said it expects full-year total sales to range from $83.5 billion to $84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024. It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately $12.15 to $12.40.On the company's earnings call, CEO Marvin Ellison stressed that Lowe's still faces ""a challenging home improvement market.""He said high mortgage rates have created ""a significant gap between today's rates for homebuyers and the lower rates many homeowners currently enjoy,."" That's led to a ""lock-in effect"" that's kept consumers from buying and selling, he said.Even so, he said, Lowe's has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.""Here's what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe's shares rose nearly 2% on Wednesday, after the company's leaders said they expected sales trends to improve, but still be roughly flat from last year.In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period. Revenue fell from $18.60 billion in the year-ago quarter.Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings.Investors are looking for signs that the home improvement market is picking up again. Slower housing turnover and higher borrowing costs have kept some customers on the sidelines. Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year.In the fiscal fourth quarter, trends looked better. Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene. That slightly positive metric ended eight consecutive quarters of comparable sales declines. It also exceeded Wall Street's expectations. Analysts had anticipated a 1.8% decline in comparable sales.Still, Lowe's leaders said they have not seen changes in the housing backdrop. Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change. Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.""I can't give you the date, the time, but we think that we're gonna see that take place, and when it does, we're in a perfect position to capitalize on it,"" he said.With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners.Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call. He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code.Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call. Those items are on display near the front of stores.Last year, Lowe's launched a loyalty program for DIY customers. So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call.""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said.Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC. He described it as ""one of the most broken parts"" of Lowe's business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.Yet Lowe's pro business is smaller than Home Depot's. Sales from do-it-yourself customers account for roughly 70% of Lowe's sales. At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses.Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business.""We fixed our pro business,"" he said. ""We fixed our online business. We fixed our home service business. We dramatically improved our supply chain. The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic.""Shares of Lowe's closed Wednesday at $247.07. As of Wednesday's close, shares of the company are up less than 1% so far this year. That's nearly in line with the 1% gains of the S&P 500 during the same period.",CNBC,26/02/2025,"[""Lowe's topped Wall Street's quarterly earnings and revenue expectations on Wednesday and saidits sales slump should end in the year ahead."", 'The home improvement retailer said it expects full-year total sales to range from$83.5billion to$84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024.', 'It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately$12.15to$12.40.On the company\'s earnings call, CEO Marvin Ellison stressed that Lowe\'s still faces ""a challenging home improvement market.', '""He said high mortgage rates have created ""a significant gap between today\'s rates for homebuyers and the lower rates many homeowners currently enjoy,.""', 'That\'s led to a ""lock-in effect"" that\'s kept consumers from buying and selling, he said.', 'Even so, he said, Lowe\'s has pressed ahead with investments in its own strategy, such as attracting more business from home professionals, so it is ""well-positioned to capitalize on the home improvement recovery and take share when the market inflects.', '""Here\'s what the company reported for the fiscal fourth quarter compared with what Wall Street expected, based on a survey of analysts by LSEG:Lowe\'s shares rose nearly 2% on Wednesday, after the company\'s leaderssaid they expected sales trends to improve, but still be roughly flat from last year.', ""In the three-month period that ended Jan. 31, Lowe's net income was $1.13 billion, or $1.99 per share, compared with $1.02 billion, or $1.77 per share, in the year-ago period."", 'Revenue fell from $18.60 billion in the year-ago quarter.', ""Lowe's adjusted earnings per share figure excluded an $80 million pretax gain associated with the 2022 sale of its Canadian retail business, which added 6 cents per share to fourth-quarter earnings."", 'Investors are looking for signs that the home improvement market is picking up again.', 'Slower housing turnover and higher borrowing costs have kept some customers on the sidelines.', ""Lowe's net sales for the 2024 fiscal year totaled $83.67 billion, down 3% from the prior fiscal year."", 'In the fiscal fourth quarter, trends looked better.', 'Comparable sales rose 0.2%, boosted by online gains, high single-digit growth among home professionals and sales related to rebuilding efforts after hurricanes Milton and Helene.', 'That slightly positive metric ended eight consecutive quarters of comparable sales declines.', ""It also exceeded Wall Street's expectations."", 'Analysts had anticipated a 1.8% decline in comparable sales.', ""Still, Lowe's leaders said they have not seen changes in the housing backdrop."", 'Ellison said on the earnings call that the company is closely tracking two factors that would indicate a return to more typical home improvement spending: an increase in do-it-yourself spending on pricier merchandise and more services spending, such as paying for home installations.', 'On the earnings call, CFO Brandon Sink said the retailer expects a ""roughly flat"" home improvement market this year, with sales from home professionals outpacing do-it-yourself customers because of repair and maintenance projects.', ""Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales."", ""Yet Home Depot CFO Richard McPhail said the company doesn't expect the housing market or mortgage rates to change."", 'Instead, he told CNBC that he thinks consumers will gradually get used to elevated rates as ""a new normal.', '""Ellison echoed those sentiments on a call with CNBC, saying he expects homeowners and prospective homebuyers will hit a point when they accept the higher rates and decide to modernize the kitchen, finish the basement or build the deck anyways.', '""I can\'t give you the date, the time, but we think that we\'re gonna see that take place, and when it does, we\'re in a perfect position to capitalize on it,"" he said.', ""With that tougher backdrop in mind, Lowe's has tried to move the needle by investing in its online business, attracting more sales from contractors, electricians and other pros and expanding value-driven offers for homeowners."", ""Sales of major appliances, a category often driven by purchases after an item gets old or breaks, grew in the quarter compared to the year-ago period, said Bill Boltz, executive vice president of merchandising, on the company's earnings call."", ""He said Lowe's has doubled the number of next-day deliveries over the past few years, and it can deliver and install major appliances the next day in almost every U.S. zip code."", 'Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.', ""As customers seek value, Lowe's launched a new private brand called Lowe's Essentials with products that cost $10 or less, such as closet hangers, gardening tools and water cans, Boltz said on the earnings call."", 'Those items are on display near the front of stores.', ""Last year, Lowe's launched a loyalty program for DIY customers."", ""So far, it's attracted 30 million members, and they are outspending non-members by nearly 50%, Boltz said on the earnings call."", '""It\'s clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe\'s,"" Boltz said.', ""During the key spring selling season, Lowe's will offer exclusive deals and doorbusters for those members, he said."", ""Pros have been a growth area for Lowe's, too, mostly because it had a lot of room for improvement, Ellison told CNBC."", 'He described it as ""one of the most broken parts"" of Lowe\'s business when he started as CEO in 2018.The company has bulked up dedicated staffing for pros, adjusted its inventory to have the right mix of products and improved its website, so pros can easily place orders of items they buy frequently, he said.', ""Yet Lowe's pro business is smaller than Home Depot's."", ""Sales from do-it-yourself customers account for roughly 70% of Lowe's sales."", ""At Home Depot, pro sales account for about half of the company's sales and growing — especially after buying SRS Distribution, a company that sells supplies to professionals in the roofing, pool and landscaping businesses."", ""Ellison told CNBC that Lowe's is waiting to reap the full benefits of changes it's made across its business."", '""We fixed our pro business,"" he said. ""', 'We fixed our online business.', 'We fixed our home service business.', 'We dramatically improved our supply chain.', ""The only thing that hasn't happened for us is we haven't had a healthy DIY homeowner since coming out of the pandemic."", '""Shares of Lowe\'s closed Wednesday at $247.07.', ""As of Wednesday's close, shares of the company are up less than 1% so far this year."", ""That's nearly in line with the 1% gains of the S&P 500 during the same period.""]",0.3421411528829495,"""It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's,"" Boltz said.","Lowe's competitor, Home Depot, narrowly beat Wall Street's fourth-quarter estimates on Tuesday and also snapped an eight consecutive quarter losing streak with comparable sales.",0.4867122983321165,"Online sales grew 9.6% year over year, as customer traffic increased, especially on Black Friday and Cyber Monday.",Analysts had anticipated a 1.8% decline in comparable sales.,2025-03-01
-Lucid CEO steps down; EV maker plans to more than double production in 2025,https://www.cnbc.com/2025/02/25/lucid-ceo-peter-rawlinson-steps-down-ev-maker-plans-to-double-production.html,2025-02-26T12:54:29+0000,"In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO. Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details.""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company's second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.Rawlinson's departure is unexpected. As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker. He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast. I've not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company's third-quarter call in November. ""So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.""Lucid's board has initiated a search to identify a new CEO, the company said.The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.Shares of Lucid were about 8% higher during afterhours trading Tuesday.As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.Lucid is largely backed by Saudi Arabia's Public Investment Fund. Its first product was the Air sedan, which it began delivering in late 2021.",CNBC,26/02/2025,"['In this articleElectric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.', ""Lucid said Marc Winterhoff, the company's chief operating officer, has taken over as interim CEO."", 'Rawlinson will serve as a ""strategic technical advisor to the chairman of the board, stepping aside from his prior roles,"" the company said.', ""Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details."", '""It was Peter\'s decision after 12 years of, let\'s say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.', 'In a statementposted Tuesday on LinkedIn, Rawlinson said he decided it was ""finally the right time"" to step down after ""successfully"" launching the company\'s second product, a three-row SUV called the Gravity.', 'He did not elaborate further on the decision in the lengthy post.', ""Rawlinson's departure is unexpected."", ""As one of the company's largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker."", 'He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.""My mission and my dedication is steadfast.', 'I\'ve not sold a single damn share of this stock, except what was necessary for tax purposes,"" Rawlinson said during the company\'s third-quarter call in November. ""', 'So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.', '""Lucid\'s board has initiated a search to identifya new CEO, the company said.', ""The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results."", 'For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', 'Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.', 'During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.', 'The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.Winterhoff said production of the Gravity SUV will gradually build during the year.', 'He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.', 'Shares of Lucid were about 8% higher during afterhours trading Tuesday.', 'As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration.', 'The stock declined by roughly 28% last year.', ""Lucid is largely backed by Saudi Arabia's Public Investment Fund."", 'Its first product was the Air sedan, which it began delivering in late 2021.']",0.089760780142549,"""It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton,"" said Winterhoff, who joined Lucid from Roland Berger in December 2023.Rawlinson will get paid $120,000 per month for up to two years in his advisor role, plus a Lucid vehicle and other benefits, according to a filing with the U.S. Securities and Exchange Commission.","For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.",-0.4977042898535728,Shares of Lucid were about 8% higher during afterhours trading Tuesday.,Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.,2025-03-01
-"Shortage of Novo Nordisk's Wegovy and Ozempic drugs is resolved, FDA says",https://www.cnbc.com/2025/02/21/fda-shortage-of-novo-nordisks-wegovy-and-ozempic-drugs-is-resolved.html,2025-02-21T20:57:12+0000,"In this articleThe long-running U.S. shortage of Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes treatment Ozempic is resolved after more than two years, the U.S. Food and Drug Administration said Friday. The FDA's decision will threaten the ability of compounding pharmacies to make far cheaper, unbranded versions of the injections over the next few months. Many patients relied on unapproved versions of Wegovy and Ozempic since compounding pharmacies are allowed to make versions of branded medications in short supply. Novo Nordisk's stock closed about 5% higher on Friday. Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed. That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off. The FDA determined that Novo Nordisk's supply and manufacturing capacity for semaglutide injections can now meet the current and projected demand in the U.S. Still, the agency noted that patients and prescribers may still see ""intermittent and limited localized supply disruptions"" as products move through the supply chain to pharmacies. ""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk's executive vice president of U.S. operations and global business development, said in a statement.He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimate knockoff drugs that pose significant safety risks to patients.""The FDA's announcement comes just months after the agency declared the shortage of tirzepatide — the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes counterpart Mounjaro — was over. The FDA's decision on Friday could better position Novo Nordisk to compete with Eli Lilly in the booming weight loss drug market, which some analysts say could be worth more than $150 billion annually after 2030. The agency's decision, based on a comprehensive analysis, essentially marks the end of a period where compounding pharmacies could make, distribute or dispense unapproved versions of semaglutide without facing repercussions for violations related to the treatment's shortage status.Compounding pharmacies must stop making compounded versions of semaglutide in the next 60 to 90 days, depending on the type of facility, the agency said. That transition period will likely give patients time to switch to the branded versions of the medications. But, in compliance with FDA rules, compounders can still make alternative versions of the drugs if they modify doses, add other ingredients or change the method of giving the treatment to meet a specific patient's needs. Some patients rely on compounded versions because they do not have insurance coverage for Novo Nordisk's drugs and cannot afford their hefty price tags of roughly $1,000 a month. While Ozempic is covered by most health plans, weight loss drugs such as Wegovy are not currently covered by Medicare and other insurance.",CNBC,21/02/2025,"[""In this articleThe long-running U.S. shortage of Novo Nordisk's blockbuster weight loss injection Wegovy and diabetes treatment Ozempic is resolved after more than two years, the U.S. Food and Drug Administration said Friday."", ""The FDA's decision will threaten the ability of compounding pharmacies to make far cheaper, unbranded versions of the injections over the next few months."", 'Many patients relied on unapproved versions of Wegovy and Ozempic since compounding pharmacies are allowed to make versions of branded medications in short supply.', ""Novo Nordisk's stock closed about 5% higher on Friday."", ""Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed."", 'That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off.', 'The FDA determined that Novo Nordisk\'s supply and manufacturing capacity for semaglutide injections can now meet the current and projected demand in the U.S. Still, the agency noted that patients and prescribers may still see ""intermittent and limited localized supply disruptions"" as products move through the supply chain to pharmacies.', '""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk\'s executive vice president of U.S. operations and global business development, said in a statement.', 'He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimateknockoff drugs that pose significantsafety risks to patients.', '""The FDA\'s announcement comes just months after the agency declared the shortage of tirzepatide — the active ingredient in Eli Lilly\'s weight loss injection Zepbound and diabetes counterpart Mounjaro — was over.', ""The FDA's decision on Friday could better position Novo Nordisk to compete with Eli Lilly in the booming weight loss drug market, which some analysts say could be worth more than $150 billion annually after 2030.The agency's decision, based on a comprehensive analysis, essentially marks the end of a period where compounding pharmacies could make, distribute or dispense unapproved versions of semaglutide without facing repercussions for violations related to the treatment's shortage status."", 'Compounding pharmacies must stop making compounded versions of semaglutide in the next 60 to 90 days, depending on the type of facility, the agency said.', 'That transition period will likely give patients time to switch to the branded versions of the medications.', ""But, in compliance with FDA rules, compounders can still make alternative versions of the drugs if they modify doses, add other ingredients or change the method of giving the treatment to meet a specific patient's needs."", ""Some patients rely on compounded versions because they do not have insurance coverage for Novo Nordisk's drugs and cannot afford their hefty price tags of roughly $1,000 a month."", 'While Ozempic is covered by most health plans, weight loss drugs such as Wegovy are not currently covered by Medicare and other insurance.']",-0.0605526260757713,"""We are pleased the FDA has declared that supply of the only real, FDA-approved semaglutide medicines is resolved,"" Dave Moore, Novo Nordisk's executive vice president of U.S. operations and global business development, said in a statement.","He added that ""no one should have to compromise their health due to misinformation and reach for fake or illegitimateknockoff drugs that pose significantsafety risks to patients.",0.1456703941027323,That has forced Novo Nordisk and its rival Eli Lilly to invest heavily to expand their manufacturing footprints for their respective weight loss and diabetes drugs — and it may be paying off.,"Meanwhile, shares of Hims & Hers, a telehealth company offering compounded Wegovy and Ozempic, fell more than 25%.The active ingredient in both of Novo Nordisk's injectable drugs, semaglutide, has been in shortage in the U.S. since 2022 after demand skyrocketed.",2025-03-01
-Trump’s proposed 'gold card' visa comes with a hidden tax break for the wealthy,https://www.cnbc.com/2025/02/27/trump-gold-card-visa-hidden-tax-benefit.html,2025-02-27T17:50:43+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.President Donald Trump's proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million. Attorneys who advise the wealthy on migration and investment visas say demand is already strong.""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""The U.S. remains the undisputed leader in private wealth creation and accumulation.""Volek and others who cater to the global rich say they've already fielded calls from clients wanting to purchase a Trump gold card. Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley. The United Arab Emirates and the U.S. typically top the list of destinations.""I think it's going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""It's a bargain.""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country. It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.Trump said gold-card holders would not be subject to taxes on their overseas income. The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens. Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy.Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy.""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences.""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. The tax loophole is one reason the government can charge a premium for the gold card. At $5 million, the program would be among the most expensive in the world. Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million. New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million. Most investment visa programs around the world cost less than $1 million, attorneys say.About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley. Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project. The EB-5 program been plagued by delays and a history of fraud and abuse. The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high. The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department. The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands. There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say. Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.""Hundreds of thousands sounds high,"" Foote Reiff said. ""There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.""One big draw of the new program is tax benefits. Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country. The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.",CNBC,27/02/2025,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'President Donald Trump\'s proposed $5 million ""gold card"" for U.S. residency would be one the most expensive in the world, according to experts.', 'Yet it also includes a tax loophole that would give the new-card holders a lucrative benefit not available to American citizens, experts say.', 'Trump this week announced the creation of a new investment visa that gives the overseas wealthy permanent residency and a path to citizenship in return for $5 million.', 'Attorneys who advise the wealthy on migration and investment visas say demand is already strong.', '""The introduction of the gold card visa program represents a unique opportunity for high-net-worth individuals looking to secure U.S. residence with a pathway to citizenship,"" said Dominic Volek, head of private clients at Henley & Partners. ""', 'The U.S. remains the undisputed leader in private wealth creation and accumulation.', '""Volek and others who cater to the global rich say they\'ve already fielded calls from clients wanting to purchase a Trump gold card.', ""Approximately 135,000 of the world's millionaires are projected to migrate to a new country in 2025, according to Henley."", 'The United Arab Emirates and the U.S. typically top the list of destinations.', '""I think it\'s going to sell like crazy,"" Trump said at his first Cabinet news conference Wednesday. ""', ""It's a bargain."", '""While the details remain unclear, the proposal would radically change the U.S. residency path for the global rich, who currently have to navigate a patchwork of programs with tight restrictions to stay in the country.', 'It would also mark a major potential tax change for the global rich living in the U.S., carving out a new loophole for gold-card holders.', 'Currently, U.S. citizens, permanent residents, and green-card holders are required to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.', 'Trump said gold-card holders would not be subject to taxes on their overseas income.', 'The provision means that gold-card residents will be able to purchase a tax benefit not available to U.S. citizens.', ""Advisors say they're waiting on clearer directives, since the program could create dual classes of taxpayers among the American wealthy."", ""Yet the international income carve-out makes it far more attractive to the world's ultra-wealthy."", '""This would be a big departure"" in tax treatment, said Laura Foote Reiff, an attorney at Greenberg Traurig who specializes in business immigration. ""', ""There are many wealthy individuals who are invested in U.S. companies or have families here that do not become permanent residents because they don't want the tax consequences."", '""The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'The tax loophole is one reason the government can charge a premium for the gold card.', 'At $5 million, the program would be among the most expensive in the world.', ""Volek said Singapore's Global Investor Program requires an investment of 10 million Singapore dollars, or about $7.5 million."", ""New Zealand's most expensive program requires an investment of up to 10 million New Zealand dollars, or about $5.7 million."", 'Most investment visa programs around the world cost less than $1 million, attorneys say.', 'About 100 countries offer some type of investment visa program, with about 60 jurisdictions actively promoting their programs, according to Henley.', 'Roughly 30 programs dominate the $20 billion a year investment migration business, with Malta, the UAE, Portugal, Italy and several jurisdictions in the Caribbean being the most popular.', ""At Wednesday's news conference, Trump and Commerce Secretary Howard Lutnick said the U.S. gold card would replace the current investment visa program, called EB-5, which offers green cards to those who invest at least $900,000 or $1.8 million, depending on the area and project."", 'The EB-5 program been plagued by delays and a history of fraud and abuse.', 'The program was renewed by Congress in 2022 with major changes that required the investments to be channeled to more rural, poor areas and to infrastructure projects.', 'When it comes to applicants, China has been far and away the largest source of those seeking EB-5 visas, with Taiwan, Vietnam and India also ranking high.', 'The U.S. issued just more than 12,000 EB-5 visas last year, with two-thirds going to Chinese nationals, according to the State Department.', 'The wealthy Chinese are also the dominant users of investment visa programs around the world, including in Europe, Australia and New Zealand.', 'While Trump said the U.S. could sell a million gold cards, attorneys say the likely demand is a fraction of that total – perhaps thousands but not hundreds of thousands.', 'There are about 424,000 people in the world worth $30 million or more, with 148,000 of them in the U.S., leaving about 277,000 overseas ultra-wealthy who could reasonably afford the program.', 'Yet only a small fraction of them would likely apply to live in the U.S., immigration attorneys say.', 'Last year, the U.S. had a net inflow of about 3,800 millionaires according to Henley.', '""Hundreds of thousands sounds high,"" Foote Reiff said. ""', 'There may be businesses that would pay to bring in top talent, like research scientists that they want to bring here and not be subject to quotas.', '""One big draw of the new program is tax benefits.', 'Historically, permanent residents in the U.S. have to pay income tax on their U.S. earnings as well as any income they earn overseas, including in their home country.', 'The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.', ""Trump said he expects the biggest demand will be from companies (especially in tech, like Apple) seeking to hire top college graduates in the U.S. who come from India, China or other countries but can't get proper visas.""]",0.2605946536160655,"The U.S. tax on worldwide income has traditionally made U.S. residency or citizenship far less attractive for the global rich, who have businesses spread across the world and often sheltered in tax havens.",The EB-5 program been plagued by delays and a history of fraud and abuse.,0.0957694378766146,Attorneys who advise the wealthy on migration and investment visas say demand is already strong.,The U.S. tax on worldwide income makes it far less attractive for the global rich who have businesses spread across the world and often sheltered in tax havens.,2025-03-01
-"Home Depot earnings beat Wall Street estimates, as retailer breaks comparable sales losing streak",https://www.cnbc.com/2025/02/25/home-depot-hd-q4-2024-earnings.html,2025-02-25T21:01:55+0000,"In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects.For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%. Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates."" Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said. ""They tell us their lives are moving on,"" he said. ""Their families are growing. They're moving for a new job. They're upsizing their home. They want to upgrade their standard of living. Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.""Here's what the company reported for the fiscal fourth quarter compared with Wall Street's estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot's net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.  Revenue rose 14% from $34.79 billion in the year-ago period.Comparable sales, a metric also known as same-store sales, increased 0.8% across the company. Those results ended eight consecutive quarters of falling comparable sales. They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount. Comparable sales in the U.S. increased 1.3% year over year.Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period. Transactions rose to 400.4 million, up nearly 8% from the year-ago period. The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects. Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns. Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market. McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve. The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.""Where weather is good, we continue to see engagement,"" he said. ""Where weather is tough, projects get put on the shelf.""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business. Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business. He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers.McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year. Home Depot has also looked to home professionals as one of its major sales drivers. It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year. It marked the largest acquisition in the company's history.Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said.Shares of Home Depot closed Monday at $382.42. As of Monday's close, the company's shares have fallen about 2% so far this year. That trails behind the S&P 500's approximately 2% gains during the same period.This is a developing story. Please check back for updates.",CNBC,25/02/2025,"[""In this articleHome Depot on Tuesday topped Wall Street's quarterly sales expectations, even as elevated interest rates and housing prices dampened consumer demand for large remodels and pricier projects."", 'For the full year ahead, the company said it expects total sales to grow by 2.8% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to increase by about 1%.', 'Home Depot projected adjusted earnings per share will decline about 2% compared with the prior year.', 'In an interview with CNBC, Chief Financial Officer Richard McPhail said ""housing is still frozen by mortgage rates.""', 'Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.', 'Home Depot anticipates consumers will stop putting off projects as they gradually get used to higher interest rates, rather than waiting for them to fall, McPhail said.', '""They tell us their lives are moving on,"" he said. ""', 'Their families are growing.', ""They're moving for a new job."", ""They're upsizing their home."", 'They want to upgrade their standard of living.', 'Home improvement always persists, and so the question, I think, will be around the mindset of whether long-term rates have gotten to a new normal.', '""Here\'s what the company reported for the fiscal fourth quarter compared with Wall Street\'s estimates, according to a survey of analysts by LSEG:Home Depot shares closed on Tuesday at $393.29, up nearly 3%.In the three-month period that ended Feb. 2, Home Depot\'s net income climbed to $3.0 billion, or $3.02 per share, from $2.80 billion, or $2.82 per share, in the year-ago period.', 'Revenue rose 14% from $34.79 billion in the year-ago period.', 'Comparable sales, a metric also known as same-store sales, increased 0.8% across the company.', 'Those results ended eight consecutive quarters of falling comparable sales.', ""They also exceeded analysts' expectations of a decline of 1.7%, according to StreetAccount."", 'Comparable sales in the U.S. increased 1.3% year over year.', 'Regions hit by hurricanes Helene and Milton contributed about 0.6% to comparable sales, McPhail said.', ""Customers spent more and visited Home Depot's stores and website more in the quarter compared with the year-ago period."", 'Transactions rose to 400.4 million, up nearly 8% from the year-ago period.', 'The average ticket was $89.11 in the quarter, up slightly from $88.87 in the prior-year quarter.', 'Home Depot has faced a more difficult backdrop for selling supplies for home improvement projects.', ""Sales growth slowed in 2023, after consumers' huge appetite for home renovations during the Covid pandemic returned to more typical patterns."", 'Inflation and a shift back to spending on services like vacations and restaurants also dinged consumer demand for larger projects and pricier items.', ""Since roughly the middle of 2023, Home Depot's leaders have pinned the company's problems on a tougher housing market."", 'McPhail told CNBC that the same challenge persisted in the fourth quarter, as consumers still showed reluctance to splurge on bigger projects, such as redoing a kitchen or installing new flooring.', 'Mortgage rates have remained high, despite interest rate cuts by the Federal Reserve.', 'The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January, according to the National Association of Realtors.', ""Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said."", '""Where weather is good, we continue to see engagement,"" he said. ""', 'Where weather is tough, projects get put on the shelf.', '""Even so, he said Home Depot has focused on ways it can move the needle, such as opening new stores and investing in its e-commerce business.', ""Online sales rose 9% in the fourth quarter compared with the year-ago period, McPhail said, the strongest quarter of the year for Home Depot's digital business."", ""He chalked that up to the company's investments in faster deliveries, particularly with getting appliances and power tools to customers."", 'McPhail said Home Depot opened 12 new stores in 2024, and it plans to open 13 new locations in the coming year.', 'Home Depot has also looked to home professionals as one of its major sales drivers.', 'It bought SRS Distribution, a Texas-based company that sells supplies to professionals in the roofing, pool and landscaping businesses, for $18.25 billion last year.', ""It marked the largest acquisition in the company's history."", ""Some pro-heavy categories, such as roofing, drywall and lumber, saw sales increases in the quarter because of Home Depot's push to serve contractors and other home pros better, McPhail said."", 'Shares of Home Depot closed Monday at $382.42.', ""As of Monday's close, the company's shares have fallen about 2% so far this year."", ""That trails behind the S&P 500's approximately 2% gains during the same period."", 'This is a developing story.', 'Please check back for updates.']",0.1411745101256541,"""Where weather is good, we continue to see engagement,"" he said. ""","Tougher weather also hurt the company's sales in January, and that's carried into February in some parts of the country, McPhail said.",0.3162120655179024,"Yet he said Home Depot saw broad-based growth, as sales increased in about half of its merchandise categories and 15 of its 19 U.S. geographic regions.",Those results ended eight consecutive quarters of falling comparable sales.,2025-03-01
-"Trump administration, Musk’s DOGE plan to fire nearly all CFPB staff and wind down agency, employees say",https://www.cnbc.com/2025/02/28/cfpb-leaders-and-elon-musk-doge-planned-to-fire-nearly-all-staff.html,2025-02-28T17:39:02+0000,"The Consumer Financial Protection Bureau's Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency.""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases. It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.""Finally, the Bureau would 'reduce altogether' within 60-90 days by terminating most of its remaining staff,"" Doe said.The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending. Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau. After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing.The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a 'more streamlined and efficient bureau' is that there will continue to be a CFPB,"" he wrote.But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified.In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.""One Senior Executive said that CFPB will become a 'room at Treasury, White House, or Federal Reserve with five men and a phone in it,'"" Doe said.Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau's chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies. More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk's ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""The only reason it did not do so is because of this Court's order.""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified.While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints.CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you're departing Liverpool on the Titanic,"" Reed said. ""Good luck.""",CNBC,28/02/2025,"['The Consumer Financial Protection Bureau\'s Trump-appointed leadership plans to fire nearly all its 1,700 employees while ""winding down"" the agency, according to testimony from employees.', ""In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk's so-called Department of Government Efficiency."", '""My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,"" said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.', ""Doe said the plan from CFPB leaders and DOGE was to cut the bureau's workforce in three phases."", 'It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.', '""Finally, the Bureau would \'reduce altogether\' within 60-90 days by terminating most of its remaining staff,"" Doe said.', ""The workers' testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending."", 'Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.', 'The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.', ""The filings containing the employee statements were made in the case started by a CFPB union, which led to a judge suspending acting Director Russell Vought's moves to shutter the bureau."", ""After the CFPB fired about 200 probationary and term employees, the agency's actions were put on hold until a March 3 hearing."", 'The documents show an apparent disconnect between some of the external messaging from Vought and the behind-the-scenes activity at the bureau.', 'In a motion filed Monday in the case, Vought pushed back against the idea that he planned to eliminate the CFPB.""The predicate to running a \'more streamlined and efficient bureau\' is that there will continue to be a CFPB,"" he wrote.', ""But the Trump administration's plan was to take the CFPB down to the barest minimum staffing required under law: Just five CFPB employees would remain, either in a stand-alone office or folded into another regulatory body, the workers testified."", 'In meetings between Feb. 18 and Feb. 25, ""staff were told by Senior Executives that the CFPB would be eliminated except for the five statutorily mandated positions,"" said another current CFPB employee, this one identified as Drew Doe.', '""One Senior Executive said that CFPB will become a \'room at Treasury, White House, or Federal Reserve with five men and a phone in it,\'"" Doe said.', 'Another CFPB employee said that he or she attended a Feb. 13 meeting in which the bureau\'s chief operating officer, Adam Martinez, stated that the agency was in ""wind-down mode.', '""The CFPB employees said that, if directed to by the court, they would provide their names and titles under seal.', 'The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies.', 'More recently, Musk has taken up the cause; he posted on his X platform, ""RIP CFPB,"" earlier this month just as his DOGE operatives began their work.', 'In several instances in the testimony, senior CFPB staff appeared to defer to DOGE employees for critical matters.', 'For instance, DOGE worker Jordan Wick ""specifically stated"" that Musk\'s ad hoc group wanted a massive round of layoffs by Feb. 14.""The Bureau intended to comply and fire the vast majority of remaining employees on February 14th,"" Alex Doe said. ""', ""The only reason it did not do so is because of this Court's order."", '""In other instances, DOGE workers asked CFPB staff about how deeply they could cut operations while adhering to statutory requirements in areas like consumer response, per testimony from CFPB worker Matthew Pfaff.', ""Despite gaining full access to CFPB systems and data on Feb. 7, the DOGE employees haven't yet completed the cybersecurity and privacy training required by the agency, the employees testified."", 'While Musk and Vought have openly advocated for the termination of the CFPB, only Congress can truly shutter the agency, which was created after lawmakers passed the 2010 Dodd-Frank Act.', ""Vought's moves appear to allow him to claim the CFPB still exists, while sidelining its role by drastically curtailing its ability to supervise companies and respond to complaints."", 'CFPB employees question whether a handful of employees could credibly fulfill the dozens of statutory requirements of the agency, which include responding to millions of consumer complaints filed via web and phone lines, as well as maintaining advocacy offices for military veterans and senior citizens.', 'On Thursday, Jonathan McKernan, President Donald Trump\'s pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency\'s creation, that he would ""fully and faithfully"" enforce laws related to the CFPB\'s mission.', 'McKernan added that if confirmed by the Senate, he would ""rightsize"" the CFPB, as well as ""refocus it"" and ""make it accountable.', '""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency\'s headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.', '""""You do not appear to have much presidential support or OMB support, and I have this sinking feeling that you\'re departing Liverpool on the Titanic,"" Reed said. ""', 'Good luck.""']",-0.030165339100311,"On Thursday, Jonathan McKernan, President Donald Trump's pick to take over at the CFPB for Vought, told lawmakers including Sen. Elizabeth Warren, the Massachusetts Democrat credited with spurring the agency's creation, that he would ""fully and faithfully"" enforce laws related to the CFPB's mission.","The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.",-0.5007501443227133,"The department has also reversed course on several cases where it accused financial firms including Capital One of ripping off customers, dismissing at least four cases Thursday involving billions of dollars in alleged consumer harm.","""Noting that Vought, who is also head of the Office of Management and Budget, has canceled the lease on the agency's headquarters, Sen. Jack Reed, D.-R.I., told McKernan that he was in a ""very difficult position.",2025-03-01
-Yankees throw out one of baseball's most notorious traditions: Players can now grow beards,https://www.cnbc.com/2025/02/21/ny-yankees-beard-ban-is-over.html,2025-02-21T17:25:42+0000,"Start spreading the news: For the first time in nearly 50 years, the New York Yankees are allowing players to grow beards.In a statement Friday, Yankees owner Hal Steinbrenner said he spoke to former and current players about the long-standing policy preventing most facial hair and has decided the team will now permit ""well-groomed beards.""""These most recent conversations are an extension of ongoing internal dialogue that dates back several years,"" Steinbrenner wrote. ""It is the appropriate time to move beyond the familiar comfort of our former policy.""The news comes days after pitcher Devin Williams, whom the Yankees acquired from the Milwaukee Brewers during the offseason, sported some forbidden facial hair in an official team photo. Williams previously maintained a beard during his time with the Brewers.The Yankees' facial hair policy was first implemented by George Steinbrenner, the former Yankees owner and father of Hal Steinbrenner, in the 1970s. The policy banned any facial hair other than mustaches, with exceptions for religious reasons, and scalp hair below the collar for players, coaches and male executives.George Steinbrenner, who died in 2010, justified the rule as a way of instilling discipline in the team, reportedly telling The New York Times in 1978 that he wanted to ""to develop pride in the players as Yankees.""Since then, all players have abided by the policy, though not without some resistance. Famously, Yankees captain Don Mattingly was benched in 1991 for refusing to get a haircut, an incident mocked on a 1992 episode of ""The Simpsons."" Former Yankee Andrew McCutchen said in 2020 that it would have been difficult for him to join the team when he still had dreadlocks, which he wore during the early years of his career with the Pittsburgh Pirates, and called on the franchise to change the rule.The tradition has also turned some prospective Yankees away. General manager Brian Cashman said in 2013 that he ruled out trading for relief pitcher Brian Wilson because Wilson refused to shave his beard. Pitcher David Price said in 2013 that he did not want to play for the Yankees due to the policy.Many past and present players got rid of their beards when they joined the Yankees from another team, including Gerrit Cole, Johnny Damon and current offseason acquisitions Paul Goldschmidt and Cody Bellinger.",CNBC,21/02/2025,"['Start spreading the news: For the first time in nearly 50 years, the New York Yankees are allowing players to grow beards.', 'In a statement Friday, Yankees owner Hal Steinbrenner said he spoke to former and current players about the long-standing policy preventing most facial hair and has decided the team will now permit ""well-groomed beards.', '""""These most recent conversations are an extension of ongoing internal dialogue that dates back several years,"" Steinbrenner wrote. ""', 'It is the appropriate time to move beyond the familiar comfort of our former policy.', '""The news comes days after pitcher Devin Williams, whom the Yankees acquired from the Milwaukee Brewers during the offseason, sported some forbidden facial hair in an official team photo.', 'Williams previously maintained a beard during his time with the Brewers.', ""The Yankees' facial hair policy was first implemented by George Steinbrenner, the former Yankees owner and father of Hal Steinbrenner, in the 1970s."", 'The policy banned any facial hair other than mustaches, with exceptions for religious reasons, and scalp hair below the collar for players, coaches and male executives.', 'George Steinbrenner, who died in 2010, justified the rule as a way of instilling discipline in the team, reportedly telling The New York Times in 1978 that he wanted to ""to develop pride in the players as Yankees.', '""Since then, all players have abided by the policy, though not without some resistance.', 'Famously, Yankees captain Don Mattingly was benched in 1991 for refusing to get a haircut, an incident mocked on a 1992 episode of ""The Simpsons.""', 'Former Yankee Andrew McCutchen said in 2020 that it would have been difficult for him to join the team when he still had dreadlocks, which he wore during the early years of his career with the Pittsburgh Pirates, and called on the franchise to change the rule.', 'The tradition has also turned some prospective Yankees away.', 'General manager Brian Cashman said in 2013 that he ruled out trading for relief pitcher Brian Wilson because Wilson refused to shave his beard.', 'Pitcher David Price said in 2013 that he did not want to play for the Yankees due to the policy.', 'Many past and present players got rid of their beards when they joined the Yankees from another team, including Gerrit Cole, Johnny Damon and current offseason acquisitions Paul Goldschmidt and Cody Bellinger.']",-0.0602555153607416,It is the appropriate time to move beyond the familiar comfort of our former policy.,"Famously, Yankees captain Don Mattingly was benched in 1991 for refusing to get a haircut, an incident mocked on a 1992 episode of ""The Simpsons.""",-0.7671583145856857,,The tradition has also turned some prospective Yankees away.,2025-03-01
-Musk praises Bezos' new rules for Washington Post opinion pages as top editor resigns,https://www.cnbc.com/2025/02/26/jeff-bezos-washington-post-opinion-markets-liberties-editor-resigns.html,2025-02-26T19:34:13+0000,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.""We'll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.""While the move garnered praise from some in President Donald Trump's administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.""I suggested to him that if the answer wasn't 'hell yes,' then it had to be 'no,'"" Bezos said of Shipley, adding, ""I respect his decision.""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.""Today, the internet does that job,"" Bezos wrote.""I'm confident that free markets and personal liberties are right for America,"" he added. ""I also believe these viewpoints are underserved in the current market of ideas and news opinion. I'm excited for us together to fill that void.""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC's requests for additional comment.By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition.Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund. While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida. The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change.Multiple staffers have recently quit the Post in protest. Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump. When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty.In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission.Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump. The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC. He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business.But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart.The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.""As I've stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""We ask hard questions and hold those in power to account. That's the job, whether those in power like it or not.""But chief economic reporter Jeff Stein called Bezos' decision a ""massive encroachment"" into the paper's opinion section that ""makes clear dissenting views will not be published or tolerated.""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests. Now I couldn't be more sad and disgusted.""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""",CNBC,26/02/2025,"['Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper\'s opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.', '""We\'ll cover other topics too of course,"" Bezos said in an email to Post staffers that he posted on X. ""But viewpoints opposing those pillars will be left to be published by others.', '""While the move garnered praise from some in President Donald Trump\'s administration, such as Elon Musk, it was panned by some current and former Post staffers, including former editor Marty Baron, who said he was ""disgusted.', '""Bezos said that editorial page editor David Shipley, who had held the job for over two years, decided to resign rather than lead the opinion section under the new policy.', '""I suggested to him that if the answer wasn\'t \'hell yes,\' then it had to be \'no,\'"" Bezos said of Shipley, adding, ""I respect his decision.', '""The Post will be ""searching for a new Opinion Editor to own this new direction,"" Bezos said.', 'He asserted that while a major newspaper might once have considered it a service to offer its readers ""a broad-based opinion section that sought to cover all views,"" that is no longer the case.', '""Today, the internet does that job,"" Bezos wrote.', '""I\'m confident that free markets and personal liberties are right for America,"" he added. ""', 'I also believe these viewpoints are underserved in the current market of ideas and news opinion.', ""I'm excited for us together to fill that void."", '""Representatives for Bezos and the Post, as well as Shipley, did not immediately return CNBC\'s requests for additional comment.', 'By erecting new parameters around what opinions the Post can print, Bezos will likely draw fresh accusations that he is seeking to curry favor with Trump, who has long attacked the paper as ""Fake News.', '""Less than two weeks before the 2024 presidential election between the Republican Trump and Democratic nominee Kamala Harris, the Post announced that it would not endorse either candidate, breaking with decades of recent precedent.', ""The Post in a news article at the time reported that the paper's editorial staff had planned to endorse Harris, and that Bezos himself made the decision to end the tradition."", 'Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.', ""After Trump won the election, Bezos' Amazon joined with numerous other tech giants in donating hefty sums to the then-president-elect's inaugural fund."", 'While Bezos stepped down as CEO of the company in 2021, he still serves as its executive chairman.', 'Bezos was also spotted dining with Trump at his Mar-a-Lago home and club in Florida.', ""The tech megabillionaire later attended Trump's inauguration on Jan. 20, standing alongside Meta boss Mark Zuckerberg, Apple CEO Tim Cook, Google leader Sundar Pichai and Musk, the Tesla and SpaceX CEO.Musk, who leads Trump's government-slashing task force known as DOGE, praised Bezos for implementing the editorial change."", 'Multiple staffers have recently quit the Post in protest.', 'Cartoonist Ann Telnaes left the paper in early January, after accusing her bosses of killing her drawing of businessmen — including one resembling Bezos — genuflecting at an altar of Trump.', ""When she resigned the same month, columnist Jennifer Rubin accused Bezos and other rich media moguls of enabling Trump and betraying their audiences' loyalty."", ""In reacting to Bezos' announcement Wednesday morning, some have noted that Amazon is currently involved in an antitrust lawsuit brought by the U.S. Federal Trade Commission."", ""Prior to Trump's inauguration, Puck News first reported that Amazon would pay $40 million to license a documentary about first lady Melania Trump."", 'The Wall Street Journal reported this month that Melania will pocket more than 70% of that total.', ""It is not unprecedented for a newspaper's owner to involve themselves in editorial decisions, New York University journalism professor Adam Penenberg told CNBC."", ""He pointed to the New York Post's conservative shift after Rupert Murdoch's takeover in 1976, and Sheldon Adelson's push to make the Las Vegas Review-Journal more pro-business."", ""But Penenberg noted that Bezos' order for his paper's editorial pages to comply with specific ideological views sets him apart."", 'The announcement spurred a range of initial responses from reporters at the Post — some of whom said the news department will not be affected.', '""As I\'ve stated before: Nothing changes,"" wrote Dan Lamothe, who covers military affairs, on X later Wednesday morning. ""', 'We ask hard questions and hold those in power to account.', ""That's the job, whether those in power like it or not."", '""But chief economic reporter Jeff Stein called Bezos\' decision a ""massive encroachment"" into the paper\'s opinion section that ""makes clear dissenting views will not be published or tolerated.', '""""I still have not felt encroachment on my journalism on the news side of coverage, but if Bezos tries interfering with the news side I will be quitting immediately and letting you know,"" Stein wrote on X.Baron, who retired as editor of the Post in 2021 after eight years in the role, slammed Bezos in a scathing statement to the Daily Beast later Wednesday.', '""What Bezos is doing today runs counter to what he said, and actually practiced, during my tenure at The Post,"" Baron said. ""', ""I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests."", ""Now I couldn't be more sad and disgusted."", '""Philip Bump, a current Post opinion columnist, wrote on Bluesky: ""What the actual f---.""']",0.0411626804867408,"Jeff Bezos, the Amazon founder and owner of the Washington Post, said Wednesday that his newspaper's opinion pages would now be dedicated to supporting ""personal liberties and free markets,"" and that the organization would not publish opposing views.",Now I couldn't be more sad and disgusted.,-0.1290122696331569,I have always been grateful for how he stood up for The Post and an independent press against Trump's constant threats to his business interests.,"Four days later, the newspaper reported that at least 250,000 of its readers had canceled their subscriptions following the policy shift.",2025-03-01
-Jamie Dimon calls U.S. government 'inefficient' and says Elon Musk's DOGE effort 'needs to be done',https://www.cnbc.com/2025/02/24/jamie-dimon-us-government-inefficient-touts-elon-musk-doge-effort.html,2025-02-24T20:41:11+0000,"In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency. He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""It's not just waste and fraud, it's outcomes.""The Trump administration's effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.""Why are we spending the money on these things? Are we getting what we deserve? What should we change?"" Dimon said. ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve.""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that's not legal, ""the courts will stop it.""""I'm hoping it's quite successful,"" he said.In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.",CNBC,24/02/2025,"['In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.', ""Dimon was asked by CNBC's Leslie Picker whether he supported efforts by Elon Musk's advisory body, the Department of Government Efficiency."", 'He declined to give what he called a ""binary"" response, but made comments that supported the overall effort.', '""The government is inefficient, not very competent, and needs a lot of work,"" Dimon told Picker. ""', ""It's not just waste and fraud, it's outcomes."", '""The Trump administration\'s effort to rein in spending and scrutinize federal agencies ""needs to be done,"" Dimon added.', '""Why are we spending the money on these things?', 'Are we getting what we deserve?', 'What should we change?""', 'Dimon said. ""', ""It's not just about the deficit, its about building the right policies and procedures and the government we deserve."", '""Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that\'s not legal, ""the courts will stop it.', '""""I\'m hoping it\'s quite successful,"" he said.', ""In the wide-ranging interview, Dimon also addressed his company's push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.""]",0.0324484955139044,"""""I'm hoping it's quite successful,"" he said.","It's not just about the deficit, its about building the right policies and procedures and the government we deserve.",-0.4928240180015564,"""""I'm hoping it's quite successful,"" he said.",In this articleJPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.,2025-03-01
-"UnitedHealth's rough stretch continues, with buyouts, a reported DOJ probe and a 23% drop in three months",https://www.cnbc.com/2025/02/21/unitedhealth-faces-doj-investigation-buyouts-stock-price-drop.html,2025-02-21T20:56:28+0000,"In this articleUnitedHealthcare is in hot water again as the insurance giant grapples with a reported government investigation of its Medicare billing practices, pursues employee buyouts and potential layoffs, and clashes publicly with billionaire Bill Ackman.Those developments in recent days extend a tumultuous past year for its parent company, UnitedHealth Group, marked by the killing of a top executive, a costly cyberattack against its subsidiary and high medical costs in its insurance arm. UnitedHealth Group is the biggest health-care conglomerate in the U.S. based on revenue and its more than $420 billion market cap, and UnitedHealthcare is the nation's largest private insurer. Shares of UnitedHealth Group have tumbled more than 20% over the last three months.The stock also closed 7% lower on Friday following a report about the probe, which was first reported by The Wall Street Journal. The Department of Justice has launched a civil fraud investigation in recent months into UnitedHealth's billing practices for its Medicare Advantage plans, according to the newspaper.The probe specifically examines whether diagnoses were routinely made to trigger extra payments in those plans, including at physician groups the insurer owns, the Journal said. It comes after a series of articles from the newspaper last year, which reported that Medicare paid UnitedHealth billions of dollars for questionable diagnoses. Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare. Those plans have been a source of high medical costs across the broader insurance industry over the last year.  In a statement, UnitedHealth called the Journal's reporting ""misinformation"" and said the company consistently performs at the industry's ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.In a research note Friday, RBC Capital Markets analyst Ben Hendrix called the reported investigation an ""incremental overhang"" but emphasized it will likely be a ""lengthy process and unlikely in our view to result in material financial headwinds in the near term."" He pointed to a probe the DOJ launched last year into the company's subsidiary Optum Rx for potential antitrust violations, which will similarly have an extended timeline before any resolution. Reports about the probe came two days after CNBC first reported that UnitedHealthcare is offering buyouts to employees and could pursue layoffs if resignation quotas aren't met. The move comes as the company tries to cut costs through efforts like leveraging digital technology. And earlier this month, Ackman, one of the world's most prominent investors, publicly pledged to cover the legal fees for a Texas doctor in a dispute with UnitedHealth Group over her claims that the company pulled her out of an operation to justify a patient's care.Ackman, who is CEO of Pershing Square Capital Management, later took down a post on X that was critical of the insurer after lawyers for UnitedHealth told him that the doctor's claims that he had amplified on social media were untrue. Ackman said he has no position in UnitedHealth. One of his earlier posts on the dispute called on the U.S. Securities and Exchange Commission to investigate the company and suggested that the insurer's ""profitability is massively overstated due to its denial of medically necessary procedures.""That's similar to the public blowback the company faced after the killing of UnitedHealthcare CEO Brian Thompson in December. It unleashed a wave of pent-up anger and resentment toward the insurance industry and renewed calls for reform to prevent denials of care.UnitedHealth is also still grappling with the fallout from a cyberattack on its subsidiary Change Healthcare, which processes medical claims. The cyberattack compromised the protected health information of around 190 million people, and UnitedHealth has paid out more than $3 billion to providers affected.UnitedHealth has said it became aware of the cyberattack a year ago to the day Friday.",CNBC,21/02/2025,"['In this articleUnitedHealthcare is in hot water again as the insurance giant grapples with a reported government investigation of its Medicare billing practices, pursues employee buyouts and potential layoffs, and clashes publicly with billionaire Bill Ackman.', 'Those developments in recent days extend a tumultuous past year for its parent company, UnitedHealth Group, marked by the killing of a top executive, a costly cyberattack against its subsidiary and high medical costs in its insurance arm.', ""UnitedHealth Group is the biggest health-care conglomerate in the U.S. based on revenue and its more than $420 billion market cap, and UnitedHealthcare is the nation's largest private insurer."", 'Shares of UnitedHealth Group have tumbled more than 20% over the last three months.', 'The stock also closed 7% lower on Friday following a report about the probe, which was first reported by The Wall Street Journal.', ""The Department of Justice has launched a civil fraud investigation in recent months into UnitedHealth's billing practices for its Medicare Advantage plans, according to the newspaper."", 'The probe specifically examines whether diagnoses were routinely made to trigger extra payments in those plans, including at physician groups the insurer owns, the Journal said.', 'It comes after a series of articles from the newspaper last year, which reported that Medicare paid UnitedHealth billions of dollars for questionable diagnoses.', 'Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare.', 'Those plans have been a source of high medical costs across the broader insurance industry over the last year.', 'In a statement, UnitedHealth called the Journal\'s reporting ""misinformation"" and said the company consistently performs at the industry\'s ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.', 'In a research note Friday, RBC Capital Markets analyst Ben Hendrix called the reported investigation an ""incremental overhang"" but emphasized it will likely be a ""lengthy process and unlikely in our view to result in material financial headwinds in the near term.""', ""He pointed to a probe the DOJ launched last year into the company's subsidiary Optum Rx for potential antitrust violations, which will similarly have an extended timeline before any resolution."", ""Reports about the probe came two days after CNBC first reported that UnitedHealthcare is offering buyouts to employees and could pursue layoffs if resignation quotas aren't met."", 'The move comes as the company tries to cut costs through efforts like leveraging digital technology.', ""And earlier this month, Ackman, one of the world's most prominent investors, publicly pledged to cover the legal fees for a Texas doctor in a dispute with UnitedHealth Group over her claims that the company pulled her out of an operation to justify a patient's care."", ""Ackman, who is CEO of Pershing Square Capital Management, later took down a post on X that was critical of the insurer after lawyers for UnitedHealth told him that the doctor's claims that he had amplified on social media were untrue."", 'Ackman said he has no position in UnitedHealth.', 'One of his earlier posts on the dispute called on the U.S. Securities and Exchange Commission to investigate the company and suggested that the insurer\'s ""profitability is massively overstated due to its denial of medically necessary procedures.', '""That\'s similar to the public blowback the company faced after the killing of UnitedHealthcare CEO Brian Thompson in December.', 'It unleashed a wave of pent-up anger and resentment toward the insurance industry and renewed calls for reform to prevent denials of care.', 'UnitedHealth is also still grappling with the fallout from a cyberattack on its subsidiary Change Healthcare, which processes medical claims.', 'The cyberattack compromised the protected health information of around 190 million people, and UnitedHealth has paid out more than $3 billion to providers affected.', 'UnitedHealth has said it became aware of the cyberattack a year ago to the day Friday.']",-0.0587352171872444,Medicare Advantage plans are offered by private insurers who are paid a set rate by the government to manage health care for seniors looking for extra benefits not covered in traditional Medicare.,"In a statement, UnitedHealth called the Journal's reporting ""misinformation"" and said the company consistently performs at the industry's ""highest levels"" when it comes to government compliance reviews of Medicare Advantage plans""Any suggestion that our practices are fraudulent is outrageous and false,"" the company said.",-0.744643170099992,The move comes as the company tries to cut costs through efforts like leveraging digital technology.,Shares of UnitedHealth Group have tumbled more than 20% over the last three months.,2025-03-01
-"Consumer Financial Protection Bureau drops lawsuits against Capital One and Berkshire, Rocket Cos. units",https://www.cnbc.com/2025/02/27/cfpb-drops-capital-one-rocket-mortgage-affiliate-lawsuits.html,2025-02-28T20:02:59+0000,"The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director.In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos. unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case. It used similar language in the other cases.The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month. In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work.Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership. We are proud to put this matter behind us.""Shares of Capital One and Rocket climbed after the dismissals.Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history.""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there's only been one other case dismissed without relief for any consumers,"" Halperin said.On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers.""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing.""Mr. McKernan, literally while you've been sitting here and you've been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.",CNBC,28/02/2025,"[""The Consumer Financial Protection Bureau's new leadership on Thursday dismissed at least four enforcement lawsuits undertaken by the previous administration's director."", 'In legal filings, the CFPB issued a notice of voluntary dismissal for cases involving Capital One; Berkshire Hathaway-owned Vanderbilt Mortgage & Finance; a Rocket Cos.', 'unit called Rocket Homes Real Estate; and a loan servicer named Pennsylvania Higher Education Assistance Agency.', '""The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants,"" the agency said in the Capital One case.', 'It used similar language in the other cases.', 'The moves are the latest sign of the abrupt shift at the agency since acting CFPB Director Russell Vought took over this month.', ""In conjunction with Elon Musk's Department of Government Efficiency, the CFPB has shuttered its Washington headquarters, fired about 200 employees and told those who remain to stop nearly all work."", ""Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans."", 'A Capital One spokesman said the bank welcomed the dismissal of its case, which it ""strongly disputed.', '""A spokesman for Rocket also lauded the news: ""Rocket Homes has always connected buyers with top-performing agents based only on objective criteria like how well they helped homebuyers achieve their dream of homeownership.', 'We are proud to put this matter behind us.', '""Shares of Capital One and Rocket climbed after the dismissals.', 'Current and former CFPB employees have told CNBC that legal cases with upcoming docket dates would likely be dismissed as the agency disavows most of what Chopra has done.', 'That began late last week, when the agency dismissed its case against SoLo Funds, a fintech lender it had earlier accused of gouging customers.', ""Eric Halperin, the CFPB's former head of enforcement, said in a phone interview Thursday that the spate of CFPB dismissals was unprecedented in the bureau's history."", '""Five cases have been dismissed so far by this administration, whereas in the entire history of the bureau, there\'s only been one other case dismissed without relief for any consumers,"" Halperin said.', ""On Friday, the CFPB also dropped its case against TransUnion that accused the credit agency of violating a 2017 order related to the company's marketing of its credit tools to consumers."", '""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.', '""Just from the cases that were dismissed today, there\'s billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.', ""The Thursday filings began appearing at the same time that senators were grilling Jonathan McKernan, President Donald Trump's pick to lead the CFPB on a permanent basis, during a nomination hearing."", '""Mr.', 'McKernan, literally while you\'ve been sitting here and you\'ve been talking about the importance of following the law, we get the news that the CFPB is dropping lawsuits against companies that are cheating American families, or alleged to be cheating American families,"" Sen. Elizabeth Warren, D-Mass., said.', '""It seems to me the timing of that announcement is designed to embarrass you,"" Warren said.']",-0.0637964813887178,"""We are pleased with the dismissal of this case, which reflects our long-standing view of the facts and our ongoing work to support consumers,"" a TransUnion spokesperson wrote in a statement to CNBC.Since the recent cases were dismissed with prejudice, the CFPB has agreed to never bring these claims again, shutting off the possibility of clawing back funds for consumer relief, Halperin added.","Under former Director Rohit Chopra, the CFPB accused Capital One of bilking customers out of more than $2 billion in interest; it said Vanderbilt ignored signs that customers couldn't afford its mortgages; it accused Rocket of providing illegal kickbacks to real estate agents; and it said that loan servicer Pennsylvania Higher Education Assistance Agency improperly collected loans.",0.1026935047573513,"""Shares of Capital One and Rocket climbed after the dismissals.","""Just from the cases that were dismissed today, there's billions of dollars in consumer harm that the CFPB will never be able to get back for consumers,"" he said.",2025-03-01
-"Target strikes deal with sportswear brand Champion, as it tries to rev up apparel sales",https://www.cnbc.com/2025/02/26/target-strikes-deal-with-champion-as-it-tries-to-boost-apparel-sales-.html,2025-02-26T17:15:31+0000,"In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants. Authentic Brands Group bought Champion from HanesBrands last year.Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags. It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September. Most items will cost less than $40, the company said.Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods. The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%. The metric includes sales on Target's website and stores open at least 13 months. For Target, apparel trends turned positive year over year in the fiscal second quarter. The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business.Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.Target is scheduled to report its full holiday-quarter results on Tuesday.The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation. Yet he said Target has attracted customers' attention and dollars with fresh items.For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25. Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.Target has long used brand collaborations as a competitive differentiator. It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg.It's not the first time that Target has carried Champion. The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red. It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said.Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags. And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available.For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel. Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic. Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data. That's up about 6% compared with pre-pandemic 2019. Yet it's a sharp contrast from 2021, when sales jumped 32% year over year.Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces. For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis.""They're being very strategic about where they're spending,"" she said. ""It's really about what they find value in and some may find value in investing in things people notice.""",CNBC,26/02/2025,"['In this articleTarget will soon have another brand to dangle as the discounter tries to convince more shoppers to buy clothing and other discretionary merchandise — Champion.', ""On Wednesday, the cheap chic retailer announced that it's struck a multiyear deal with the sportswear brand long associated with hoodies and sweatpants."", 'Authentic Brands Group bought Champion from HanesBrands last year.', 'Starting in August, Target will carry an exclusive line of more than 500 items from Champion in most stores and online, including apparel for adults and kids, sporting goods, accessories and bags.', 'It will also have a limited-time collection of varsity-inspired apparel for women and men from Champion in September.', 'Most items will cost less than $40, the company said.', ""Target's deal with Champion comes as the Minneapolis-based retailer tries to rev up its stock performance and its sales, particularly in more profitable categories like apparel and home goods."", 'The company raised its sales forecast for the fiscal fourth quarter, but not its profit outlook, as deals drew holiday shoppers in November and December.', 'The big-box retailer said in January that it expected comparable sales in the holiday quarter to grow by about 1.5%.', ""The metric includes sales on Target's website and stores open at least 13 months."", 'For Target, apparel trends turned positive year over year in the fiscal second quarter.', ""The category's sales decelerated by about 4 percentage points sequentially in the fiscal third quarter, but company leaders blamed challenging weather and called out strength in its women's apparel business."", 'Momentum with apparel sales contributed to the company hiking its holiday-quarter sales forecast in January, Chief Commercial Officer Rick Gomez said.', 'Target is scheduled to report its full holiday-quarter results on Tuesday.', ""The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period."", 'In an interview with CNBC, Gomez said shoppers have remained selective after years of feeling pinched by inflation.', ""Yet he said Target has attracted customers' attention and dollars with fresh items."", 'For example, he said, customers responded in November when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25.', 'Shoppers also responded to the redesign of bras for Auden, its intimates and sleepwear line, he said.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" he said.', 'Target has long used brand collaborations as a competitive differentiator.', ""It has long-term partnerships with Levi's, Ulta Beauty and Kendra Scott, and had limited-time collections with other brands, such as Diane von Furstenberg."", ""It's not the first time that Target has carried Champion."", ""The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red."", ""It's made up of sportswear that's designed to lounge or live in, rather than performance wear meant for the gym, he said."", 'Items will cover a wide range, including baseball caps, sweatshirts, skorts and duffel bags.', 'And the limited-time collection will include merchandise like a varsity-themed cardigan sold with patches that customers can add to customize their look.', ""Target draws about 15% of its annual sales from apparel and accessories, according to the company's fiscal 2023 filing, which is the most recent available."", 'For the past two years, the apparel category has been on a bumpy ride, said Kristen Classi-Zummo, industry analyst at market research firm Circana who specializes in fashion and apparel.', 'Consumers pulled back on purchases because they had refreshed their wardrobes at the end of the Covid pandemic.', 'Then, she said, spending took a hit in 2023 as households looked for ways to trim the budget because of higher prices of necessities like groceries and housing.', 'Apparel sales totaled $240.6 billion in 2024, down 2% year over year, according to Circana data.', ""That's up about 6% compared with pre-pandemic 2019."", ""Yet it's a sharp contrast from 2021, when sales jumped 32% year over year."", 'Classi-Zummo said U.S. consumers have tended to look for ways to save on basics, such as new pajamas and underwear, and splurge on trendier statement pieces.', ""For example, she said, men's underwear packs under $20 and women's denim over $150 have both driven sales growth, according to Circana's analysis."", '""They\'re being very strategic about where they\'re spending,"" she said. ""', 'It\'s really about what they find value in and some may find value in investing in things people notice.""']",0.3043182674701968,"The big-box retailer sold C9 by Champion for about 15 years, but replaced it with All In Motion, Target's own brand of workout clothing, in 2020.Gomez said the new Champion line will have a more fashion-forward feel, premium fabrics and unique details, like the Champion logo in Target's signature red.",,0.2141727672682868,That's up about 6% compared with pre-pandemic 2019.,The results will come as shares of the retailer have fallen about 16% over the past year compared with the S&P 500's roughly 17% gain during the same period.,2025-03-01
-Pending home sales drop to the lowest level on record in January,https://www.cnbc.com/2025/02/27/january-pending-home-sales-lowest-level-on-record.html,2025-02-27T18:15:11+0000,"High mortgage rates and elevated home prices combined to crush home sales in January.Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR's chief economist. ""However, it's evident that elevated home prices and higher mortgage rates strained affordability.""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures. Sales fell hardest in the South, which has been the most active region for home sales in recent years.Mortgage rates were also higher in January. The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising. It was solidly above 7% for all of January, according to Mortgage News Daily.Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""",CNBC,27/02/2025,"['High mortgage rates and elevated home prices combined to crush home sales in January.', 'Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.', 'Sales were down 5.2% from January 2024.', 'These sales are an indicator of future closings.', '""It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,"" said Lawrence Yun, NAR\'s chief economist. ""', ""However, it's evident that elevated home prices and higher mortgage rates strained affordability."", '""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.', 'Sales fell hardest in the South, which has been the most active region for home sales in recent years.', 'Mortgage rates were also higher in January.', 'The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising.', 'It was solidly above 7% for all of January, according to Mortgage News Daily.', 'Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.', 'This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.', '""More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,"" noted Hannah Jones, an economist with Realtor.com. ""', 'Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.""']",0.0430437963473204,"This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.","However, it's evident that elevated home prices and higher mortgage rates strained affordability.",-0.139469563961029,"""While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures.","Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.",2025-03-01
-TJ Maxx parent company says it will benefit from chaotic market conditions after strong holiday,https://www.cnbc.com/2025/02/26/tjx-cos-tjx-q4-2025-earnings.html,2025-02-26T21:18:58+0000,"In this articleTJX Cos. on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I'm thinking there's more availability out there over the next six months, even more than there's been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""I'm excited about this. I'm excited about the sales and margin opportunity in this environment.""The discounter behind T.J. Maxx, Marshall's and HomeGoods beat Wall Street's expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do. It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier.Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier. In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024. Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount. For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount. Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents. Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said. TJX also expects currency trends to reduce margins. Those conditions have hurt other retailers such as Levi Strauss. Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher. Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger. The new duties will hit merchandise that the company was already committed to when the tariffs went into effect. While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term.TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down. During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said. For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point. The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink. Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.In December, CNBC reported that Walmart had deployed a similar program.The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook. Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for. That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies. To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.If they're ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings. Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity.For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share. When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns. Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions. When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.As TJX's growth has slowed in the U.S., the discounter has started expanding overseas. It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year. During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period. Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period. HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note.""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""This plays into the categories where HomeGoods and HomeSense play most strongly. As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""",CNBC,26/02/2025,"['In this articleTJX Cos.', 'on Wednesday posted a better-than-expected holiday quarter driven entirely by customer transactions, indicating the off-price giant is still taking market share from department stores and other discounters as price-conscious consumers hunt for deals.', 'In a conference call with analysts, executives added that the company is poised to benefit from the chaotic state of the market, which has been racked by tariff concerns, sliding consumer confidence and persistent inflation.', '""I guess the silver lining is, with consumer confidence down and a bit of a rocky environment out there... I\'m thinking there\'s more availability out there over the next six months, even more than there\'s been, which is going to create more buying opportunities for our teams,"" CEO Ernie Herrman told analysts. ""', ""I'm excited about this."", ""I'm excited about the sales and margin opportunity in this environment."", '""The discounter behind T.J. Maxx, Marshall\'s and HomeGoods beat Wall Street\'s expectations on the top and bottom lines, but it gave cautious guidance for the current fiscal year and current quarter, which the retailer has a tendency to do.', 'It said unfavorable currency exchange rates, plus the new tariffs on goods imported from China, are included in its guidance.', ""Here's how TJX did in its fiscal 2025 fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Feb. 1 was $1.40 billion, or $1.23 per share, roughly flat compared with $1.40 billion, or $1.22 per share, a year earlier."", 'Sales were basically unchanged at $16.35 billion, compared with $16.41 billion a year earlier.', ""In the year-ago period, TJX benefited from an extra selling week that it didn't have in fiscal 2025.While sales were flat during the quarter, TJX posted just about the same in revenue in 13 weeks in fiscal 2025 as it did in 14 weeks in fiscal 2024."", 'Comparable sales, a key industry indicator that excludes new stores and online sales, also grew 5% during its fiscal fourth quarter, well ahead of estimates of 3.1%, according to StreetAccount.', 'For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.', 'For its fiscal 2026, TJX is planning for comparable sales to rise between 2% and 3%, below Wall Street expectations of up 3.4%, according to StreetAccount.', 'Its fiscal 2026 earnings guidance of between $4.34 and $4.43 per share is well below estimates of $4.59 per share, according to LSEG, and its forecast for its current quarter also looks weaker than expected.', ""TJX is expecting comparable sales to climb between 2% and 3%, behind StreetAccount estimates of 3.4%, and it's expecting earnings per share to be between 87 cents and 89 cents."", 'Analysts were looking for 99 cents per share, according to LSEG.A strong U.S. dollar and unfavorable exchange rates are expected to weigh on earnings growth by 3% and hurt sales growth by 1% in fiscal 2026, the company said.', 'TJX also expects currency trends to reduce margins.', 'Those conditions have hurt other retailers such as Levi Strauss.', ""Wall Street doesn't appear to be punishing TJX over its outlook, as its shares closed nearly 2% higher."", 'Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.', 'The new duties will hit merchandise that the company was already committed to when the tariffs went into effect.', ""While TJX executives expect the duties to hit its business in the short term, they don't expect it to have a major impact on the medium and long term."", 'TJX has previously said it was seeing high rates of theft and other forms of inventory loss, known as shrink, in its stores, but those trends appear to be slowing down.', 'During the quarter, its pretax profit margin and gross margin benefited from ""lower than expected inventory shrink expense,"" the company said.', ""For fiscal 2025, lower shrink expenses increased TJX's gross profit margin by 0.2 percentage point."", 'The company said it expects to see more savings in the future as it implements new strategies to combat shrink and analyzes the performance of programs that are already underway.', 'Last year, TJX said it had deployed body cameras in some of its stores, and said the devices had been effective in reducing shrink.', 'Executives have said the cameras were an effective de-escalation tool, and people were less likely to behave badly when they knew they were being videotaped.', 'In December, CNBC reported that Walmart had deployed a similar program.', ""The discounter behind T.J. Maxx, Marshall's and HomeGoods has been on a torrid growth path over the last couple of years as consumers look for cheaper options amid persistent inflation, high interest rates and an uncertain economic outlook."", ""Shoppers who've long gone to department stores like Macy's, Kohl's and even discounter Target have looked to TJX to buy not just clothes, but also household goods and other discretionary items they want but aren't willing to pay full price for."", ""That trade-down effect has been a boon to TJX, and even as its growth begins to slow, it's one of the few retailers that stands to benefit from President Donald Trump's tariff policies."", 'To avoid paying high duties for imports out of China, and potentially Mexico and Canada, some companies have been stocking up and over-ordering deliveries.', 'If they\'re ultimately unable to sell through that inventory and end up needing to liquidate it in off-price channels, that could be advantageous to TJX, which has long benefited from supply chain disruptions and other ""chaos"" in the market, Herrman told analysts in November when the company reported fiscal third-quarter earnings.', ""Herrman reiterated similar comments on Wednesday and said department store closures, sliding consumer confidence and the rocky state of the market isn't a threat to TJX's business, but rather an opportunity."", ""For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share."", 'When others, like Big Lots, declare bankruptcy, it creates a chance for the company to relocate to a store that might have better shopping patterns.', 'Plus, when consumers are feeling uncertain, they tend to spend less and prioritize value when they do, which is another opportunity for TJX.TJX has also previously benefited from chaotic market conditions.', 'When supply chain disruptions led to high inventories across the retail industry, TJX benefited because many brands used it as a liquidation channel.', ""As TJX's growth has slowed in the U.S., the discounter has started expanding overseas."", ""It's taken a stake in Brands for Less, a Dubai-based off-price chain, and also plans to enter Spain early next year."", 'During the quarter, comparable sales at TJX Canada grew 10%, on top of 6% growth in the prior-year period.', 'Comparable sales at TJX International, which includes Europe and Australia, climbed 7%, after 3% growth last year.', 'In Canada and Europe, holiday sales got a lift because of how stores strategically ordered inventory and had it delivered in the days right before Christmas, ensuring that fresh new merchandise was available when consumers were doing last-minute shopping, the company said.', ""Comparable sales growth at Marmaxx, which includes TJ Maxx, Marshall's and Sierra, slowed slightly to 4%, compared with 5% in the year ago period."", 'HomeGoods and Homesense also posted lower comparable sales growth of 5%, compared with 7% in the year-ago period.', ""The TJX home goods brands did manage to outperform the overall market, indicating the company is taking share in an environment that's been particularly tough for furniture and home retailers, said GlobalData managing director Neil Saunders in a research note."", '""The positioning here is helpful in that the emphasis from consumers was firmly on making smaller updates to decor and refreshing things like soft furnishings or lighting in rooms,"" said Saunders. ""', 'This plays into the categories where HomeGoods and HomeSense play most strongly.', 'As ever, good levels of newness – especially in seasonal decor – were very helpful in driving foot traffic to stores.""']",0.2119076465257287,"For example, when stores like Macy's close their doors, it's an opportunity for TJX to expand into that area and pick up market share.","Further, while TJX said imports from China make up a very small portion of its business, its full-year guidance ""assumes a small negative impact in the first half of the year"" from newly enacted 10% tariffs on imports from China, said finance chief John Klinger.",0.4403387502182361,"For the full fiscal year, TJX sales grew 4% to $56.4 billion with one less selling week than the year-ago period.",TJX also expects currency trends to reduce margins.,2025-03-01
-"After abrupt departure of Lucid CEO, here are the EV maker's top priorities",https://www.cnbc.com/2025/02/26/lucid-priorities-ev-ceo-departure.html,2025-02-27T13:57:01+0000,"In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson.Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021. Investors considered Rawlinson to be the face of the company — and crucial to its success.The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts.""We think the departure of Lucid's (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.""Interim CEO Marc Winterhoff, formerly the company's chief operating officer, will attempt to ensure that's not the case for Lucid.Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course. His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.""We have a clear vision. Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company's fourth-quarter earnings call.Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.Its GAAP gross margin, which includes production and sales but does not factor in other expenses, for was a negative 114% in 2024, improvement from a negative 225% in 2023.""We expect a significant improvement in gross margin in line with what we see in 2024 compared to 2023. So, we are on the right trajectory,"" Gagan Dhingra, Lucid's interim CFO, told investors Tuesday.For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.Lucid's first product was the Air sedan, which it began delivering in late 2021. The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.Winterhoff said production of the Gravity SUV will gradually build this year. He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent. He noted Gravity ordering for customers in Saudi Arabia began earlier this month.""We're expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company's investor call.Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth.As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.""I'm not planning to create a new vision or something like that for the company,"" he told CNBC. ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers. We will double down on marketing. You will see much more marketing from us.""The company's selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year. The company's total marketing and advertising expense wasn't immediately available.The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla's ""FSD"" or General Motors' ""Super Cruise."" Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.However, Lucid expects to release a new hands-free driving system for customers later this year.What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid's EV technologies but declined to provide additional details.",CNBC,27/02/2025,"[""In this articleShares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company's stock by Bank of America and the abrupt departure of CEO Peter Rawlinson."", 'Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021.', 'Investors considered Rawlinson to be the face of the company — and crucial to its success.', ""The company – majority owned by Saudi Arabia's Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts."", '""We think the departure of Lucid\'s (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,"" BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. ""', 'We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.', '""Interim CEO Marc Winterhoff, formerly the company\'s chief operating officer, will attempt to ensure that\'s not the case for Lucid.', ""Winterhoff said in an interview with CNBC his objective is to build upon Lucid's success rather than change its course."", 'His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.', '""We have a clear vision.', 'Now my focus will be on execution,"" Winterhoff told CNBC Tuesday ahead of speaking to investors on the company\'s fourth-quarter earnings call.', 'Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.', 'Its GAAP gross margin, which includes production and sales but does not factor in other expenses, forwasa negative114% in 2024, improvement from anegative225%in2023.""Weexpectasignificantimprovementingrossmargininlinewithwhatweseein2024comparedto2023.So,weareontherighttrajectory,"" Gagan Dhingra, Lucid\'s interim CFO, told investors Tuesday.', 'For the fourth quarter, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.', ""Lucid's first product was the Air sedan, which it began delivering in late 2021."", ""The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated."", 'Winterhoff said the company will continue to produce Air sedans as it begins to ramp up production of its second product, an SUV called Gravity.', 'Winterhoff said production of the Gravity SUV will gradually build this year.', 'He declined to speculate Tuesday on what percentage of the 20,000-unit production target the vehicle would represent.', 'He noted Gravity ordering for customers in Saudi Arabia began earlier this month.', '""We\'re expanding our footprint and markets we are very active in, and then absolutely increasing the ramp of Gravity, which is a big, big focus for us right now,"" he said during the company\'s investor call.', ""Lucid also is in the midst of developing a new midsize vehicle platform that's expected to launch at the end of 2026, which both Winterhoff and Rawlinson have described as critical to the automaker's growth."", 'As the automaker increases production and the number of vehicles it offers, Winterhoff said Lucid will ""double down"" on marketing and advertising to increase customer awareness.', '""I\'m not planning to create a new vision or something like that for the company,"" he told CNBC. ""', ""What I'm still focusing on is simply operational topics, like, for instance, increasing the deliveries for our customers."", 'We will double down on marketing.', 'You will see much more marketing from us.', '""The company\'s selling, general and administrative expenses were $900 million in 2024, including a $19.9 million increase in sales and marketing expenses over the prior year.', ""The company's total marketing and advertising expense wasn't immediately available."", 'The Lucid Air has been criticized for its lack of advanced driver-assistant systems such as Tesla\'s ""FSD"" or General Motors\' ""Super Cruise.""', 'Certain Air models cost tens of thousands of dollars more than vehicles from competitors with such technologies.', 'However, Lucid expects to release a new hands-free driving system for customers later this year.', 'What Lucid lacks in driver-assistant technologies, it arguably makes up for in battery efficiency, as its cars are among the most efficient EVs in the U.S., according to federal data.', 'Lucid has attempted to capitalize on its EV technologies by offering to sell them to other companies as a way to increase scale and revenue.', 'Winterhoff said the company remains in ""constant discussions"" with companies about using Lucid\'s EV technologies but declined to provide additional details.']",0.1703765069718236,"The pricey car has been praised for its styling and technologies, but demand for the vehicle hasn't been as strong as anticipated.","Lucid remains far from profitable, but it has been narrowing its gross losses by increasing scale and making its products more efficient.",0.2499283291399479,"His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings.","We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.",2025-03-01
-"GM raises quarterly dividend, initiates $6 billion stock buyback",https://www.cnbc.com/2025/02/26/gm-raises-dividend-initiates-stock-buyback.html,2025-02-26T14:36:34+0000,"In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor. The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April.Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval. The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program. The program is being executed by JPMorgan and Barclays.Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said. That includes $300 million from its last $6 billion stock buyback program from June.As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""The repurchase authorization our board approved continues a commitment to our capital allocation policy.""GM's 2025 guidance includes net income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023. A previous version of this article misstated that amount.",CNBC,26/02/2025,"['In this articleDETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.', 'GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor.', ""The higher dividend is expected to take effect with the company's next planned payout, scheduled to be announced in April."", 'Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.', '""The GM team\'s execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.', 'Barra last month suggested the company would continue to return capital to shareholders this year, pending board approval.', 'The automaker has announced $16 billion in stock buyback programs since 2023 that have resulted in the retiring of more than 400,000 shares outstanding, according to FactSet.', ""Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year."", 'Wall Street analysts have cited plateauing industry sales, regulatory uncertainty around tariffs and a lack of potential growth opportunities as all weighing on the stock.', ""GM said the total number of shares ultimately bought back the $2 billion accelerated share repurchase will be based on the average of the daily volume-weighted price of GM's common stock during the term of the program."", 'The program is being executed by JPMorgan and Barclays.', 'Outside of the accelerated program, GM will have another $4.3 billion of capacity remaining under its share repurchase authorizations ""for additional, opportunistic share repurchases,"" the company said.', 'That includes $300 million from its last $6 billion stock buyback program from June.', 'As of the end of last year, GM had fewer than 1 billion shares outstanding – achieving a target announced earlier in the year by GM CFO Paul Jacobson.', '""We feel confident in our business plan, our balance sheet remains strong, and we will be agile if we need to respond to changes in public policy,"" Jacobson said in a statement. ""', 'The repurchase authorization our board approved continues a commitment to our capital allocation policy.', '""GM\'s2025 guidance includesnet income attributable to stockholders in a range of $11.2 billion to $12.5 billion, or $11 to $12 per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow of between $11 billion and $13 billion.', 'Correction: GM has retired more than 400,000 outstanding shares since the beginning of 2023.', 'A previous version of this article misstated that amount.']",0.4705367832428884,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.",,0.1529056259563991,"""The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,"" said GM CEO Mary Barra in a news release.","Despite such actions and reporting strong quarterly results, including regularly outperforming Wall Street's expectations, shares of GM are down more than 12% this year.",2025-03-01
-"IMAX CEO expects $1.2 billion in box office receipts this year, the best in the company's history",https://www.cnbc.com/2025/02/21/imax-ceo-2025-box-office-receipt-expectations.html,2025-02-21T16:42:31+0000,"In this articleAn ""embarrassment of riches"" at the box office could fuel a $1.2 billion year for IMAX, CEO Rich Gelfond told CNBC on Friday.That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.""I think it's going to be a very strong year,"" Gelfond said in an interview with CNBC's ""Squawk on the Street."" ""The first thing that drives that is the slate.""Gelfond pointed to several blockbuster titles slated for release in the next 10 months, including a new ""Mission Impossible,"" a live-action ""How to Train Your Dragon"" film, another ""Jurassic Park"" installment, a sequel to ""Zootopia"" and a third ""Avatar"" release.Hollywood production issues led to fewer theatrical releases and smaller ticket sales in 2024, with box office receipts down 3.4% from 2023 to $8.74 billion. Already, the 2025 slate appears more robust, with more titles and bigger franchise films.Aiding IMAX's lofty box office goals is the Chinese title ""Ne Zha 2,"" which has already garnered $1.6 billion globally. It is the first film to have topped $1 billion in a single country. Gelfond noted that IMAX accounted for $135 million of the film's total box office.""We've done more box office in China in the first six weeks of this year than we did the whole year last year,"" he said.He added that ""Ne Zha 2"" is doing ""like $100 million a day,"" and that IMAX has accounted for around 13% of the film's box office receipts.Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of ""How to Train Your Dragon"" and ""Jurassic World Rebirth.""",CNBC,21/02/2025,"['In this articleAn ""embarrassment of riches"" at the box office could fuel a $1.2 billion year for IMAX, CEO Rich Gelfond told CNBC on Friday.', 'That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.', '""I think it\'s going to be a very strong year,"" Gelfond said in an interview with CNBC\'s ""Squawk on the Street."" ""', 'The first thing that drives that is the slate.', '""Gelfond pointed to several blockbuster titles slated for release in the next 10 months, including a new ""Mission Impossible,"" a live-action ""How to Train Your Dragon"" film, another ""Jurassic Park"" installment, a sequel to ""Zootopia"" and a third ""Avatar"" release.', 'Hollywood production issues led to fewer theatrical releases andsmaller ticket sales in 2024,with box office receipts down 3.4% from 2023 to $8.74 billion.', 'Already, the 2025 slate appears more robust, with more titles and bigger franchise films.', 'Aiding IMAX\'s lofty box office goals is the Chinese title ""Ne Zha 2,"" which has already garnered $1.6 billion globally.', 'It is the first film to have topped $1 billion in a single country.', ""Gelfond noted that IMAX accounted for $135 million of the film's total box office."", '""We\'ve done more box office in China in the first six weeks of this year than we did the whole year last year,"" he said.', 'He added that ""Ne Zha 2"" is doing ""like $100 million a day,"" and that IMAX has accounted for around 13% of the film\'s box office receipts.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.', 'NBCUniversal is the distributor of ""How to Train Your Dragon"" and ""Jurassic World Rebirth.""']",0.2270888195132322,"That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.",,0.4861024692654609,"That volume would mark the best box office haul for the company, which specializes in high-resolution cameras, film formats, projectors and theaters.","Hollywood production issues led to fewer theatrical releases andsmaller ticket sales in 2024,with box office receipts down 3.4% from 2023 to $8.74 billion.",2025-03-01
-How digitally native companies like Rothy's are growing profitably in a new era for retail,https://www.cnbc.com/2025/02/25/rothys-posts-best-year-on-record-after-wholesale-expansion.html,2025-02-25T16:17:04+0000,"Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO. Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024. Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago. Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%. Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana. Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade. Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands. Wholesale partnerships are a critical customer acquisition tool, and stores still matter.As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably. ""A lot of people are like, why would you be on Amazon? Because people do a lot of searches on Amazon. If we weren't there, and they type in Rothy's, a competitor or somebody else would show up. So why wouldn't we want to be there?"" Ming told CNBC in an interview. ""To me, it's really thinking a little bit more holistically and broadly. What our customer would want from us is how we approach it … people shop very different today."" Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need. The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance.Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products. By 2019, it was Meghan Markle's flat of choice and it had developed a cult following. Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion. Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability. ""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right? I need stores. It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy's president. ""[With] an e-commerce model … all of your costs are variable, right? Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.""Ming, who served as Old Navy's president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy's board in 2022 and was later asked to take over as CEO. She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape. She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped. ""I literally went line by line … looking at what we should spend, what we shouldn't, you know, and rightsize marketing spend. There was things that, you know, we don't need,"" said Ming, citing office plants as one of the first things she cut. ""But the main thing is, driving profitability is really in revenue. You have to be growing your sales in order to really be profitable, right?"" That's where Rothy's new selling strategy came in. In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom.At the same time, it continued growing its store fleet. Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers. Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time.""If we were just digitally native forever and ever, you really just can't get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""Honestly, it's impossible."" Looking ahead, Rothy's is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy. Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person.""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It's additive. And we know that the lifetime value of those customers that engage with us IRL is really high."" Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they're taking a balanced approach to brick-and-mortar. The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck.Ming said Rothy's won't need hundreds of stores, but she'd like to see the fleet grow to 75, or perhaps even 100. ""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."" When asked if Rothy's will pursue an initial public offering or look to be acquired, Ming said the business isn't there yet — and her team doesn't need the distraction.""We had a really great year but ... I keep telling the team, one year doesn't make it a trend,"" said Ming. ""So we're really focused on this year. I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, 'What next?'""",CNBC,25/02/2025,"[""Direct-to-consumer footwear brand Rothy's just recorded its best year on record after the company appointed retail veteran Jenny Ming, one of the co-founders of Old Navy, as its CEO.Ming took the helm of the flats maker from co-founder Stephen Hawthornthwaite in January 2024."", 'Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.', ""Comparable sales at its stores grew 20% and it posted positive EBITDA for the full year, with margins above 10%.Rothy's outperformed the U.S. footwear market, which was flat in 2024 compared with 2023, according to Circana."", ""Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade."", 'Once considered the future of the industry, these online-only businesses are now leaning into the retail fundamentals that have long been the building blocks of emerging brands.', 'Wholesale partnerships are a critical customer acquisition tool, and stores still matter.', 'As these plucky startups contend with the challenges that come with an online-only business, the winners are adapting to a new reality where stores, wholesale partnerships and e-commerce all need to be part of the mix to ensure they can operate profitably.', '""A lot of people are like, why would you be on Amazon?', 'Because people do a lot of searches on Amazon.', ""If we weren't there, and they type in Rothy's, a competitor or somebody else would show up."", 'So why wouldn\'t we want to be there?""', 'Ming told CNBC in an interview. ""', ""To me, it's really thinking a little bit more holistically and broadly."", 'What our customer would want from us is how we approach it … people shop very different today.', '""Channel diversification will never be a panacea for a business that\'s inherently broken or doesn\'t serve a market need.', ""The footwear industry and specialty retail overall is more competitive than ever, and Rothy's needs to continue its efforts to diversify, scale and expand into new categories to keep up its performance."", ""Soon after Rothy's launched in 2016, it quickly made a name for itself with its ubiquitous Instagram and Facebook advertisements and an innovative approach on sustainable shoe manufacturing that included using recycled plastic to make machine washable products."", ""By 2019, it was Meghan Markle's flat of choice and it had developed a cult following."", ""Buoyed by a record year for valuations and 0% interest rates, Brazilian footwear company Alpargatas took a 49.9% stake in Rothy's in 2021 that resulted in a post-investment valuation of $1 billion."", ""Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability."", '""Once we sort of emerged from the pandemic, you could see a lot of these digitally native brands now sort of saying, OK, now what, right?', 'I need stores.', 'It is so expensive to acquire customers online,"" said Dayna Quanbeck, Rothy\'s president. ""[', 'With] an e-commerce model … all of your costs are variable, right?', 'Where you really find scale and you really find profitability is where you can leverage your fixed costs, which is stores, really, and wholesale.', '""Ming, who served as Old Navy\'s president between 1996 and 2006 and later became the CEO of Charlotte Russe, joined Rothy\'s board in 2022 and was later asked to take over as CEO.', 'She said no at first, but later agreed to take the helm after she spent a few months consulting and saw the early innings of a transformation beginning to take shape.', ""She immediately started focusing on improving profitability and generating sales momentum by making sure Rothy's was selling the types of products that its customers wanted – and in the places they shopped."", '""I literally went line by line … looking at what we should spend, what we shouldn\'t, you know, and rightsize marketing spend.', 'There was things that, you know, we don\'t need,"" said Ming, citing office plants as one of the first things she cut. ""', 'But the main thing is, driving profitability is really in revenue.', 'You have to be growing your sales in order to really be profitable, right?""That\'s where Rothy\'s new selling strategy came in.', ""In 2024, it began testing with a select number of wholesale partners – Anthopologie, Bloomingdale's, Amazon and toward the end of the year, Nordstrom."", 'At the same time, it continued growing its store fleet.', 'Now, a business that drew about 99% of its revenue from its website does about 70% of sales online, with the rest balanced between stores and wholesalers.', ""Combining profitable stores with strong wholesale partnerships, Rothy's has been able to grow sales and become more profitable at the same time."", '""If we were just digitally native forever and ever, you really just can\'t get there with the cost of acquisition, with the cost of, you know, just showing up these days,"" said Quanbeck. ""', ""Honestly, it's impossible."", '""Looking ahead, Rothy\'s is planning to build on its wholesale partnerships and has made stores, along with international expansion, a central part of its strategy.', ""Quanbeck said it's hard to sell customers on everything that makes the brand appealing without them being able to see it in person."", '""But when you can walk into the store and you can see it visually, you have a great customer experience where we can really tell the story,"" said Quanbeck ""It\'s additive.', 'And we know that the lifetime value of those customers that engage with us IRL is really high.', '""Quanbeck and Ming, who are alumni of now-bankrupt Charlotte Russe, know all too well the perils of overexpanding unprofitable store fleets, and said they\'re taking a balanced approach to brick-and-mortar.', ""The 26 stores Rothy's has are small and all are profitable and the company plans to open another eight to 10 doors this year, said Quanbeck."", 'Ming said Rothy\'s won\'t need hundreds of stores, but she\'d like to see the fleet grow to 75, or perhaps even 100.""But we also want to make sure our wholesale partners is in the picture,"" said Ming. ""', ""We're going to be in [Nordstrom] in March … they have more stores than we will ever have, so they might be in markets that we might not decide to open a store but then we still have a partner for our customer to shop in."", '""When asked if Rothy\'s will pursue an initial public offering or look to be acquired, Ming said the business isn\'t there yet — and her team doesn\'t need the distraction.', '""We had a really great year but ... I keep telling the team, one year doesn\'t make it a trend,"" said Ming. ""', ""So we're really focused on this year."", 'I think if we have another great year, you know, maybe a year or two, I think then we could really step back and say, \'What next?\'""']",0.2542867306497408,"Rothy's growth, which came from an expansion into wholesale and a focus on brick-and-mortar stores, comes as direct-to-consumer darlings find it harder than ever to survive with the pure-play models that once wowed investors at the turn of the decade.","""Channel diversification will never be a panacea for a business that's inherently broken or doesn't serve a market need.",0.7993941144509749,"Under her direction, the company grew sales 17% to $211 million last year, its best volume year since it launched nearly a decade ago.","Rothy's used the investment to build out a store fleet, but by that time, the company's growth had stagnated and it was struggling to reach profitability.",2025-03-01
-American Airlines to start testing free inflight Wi-Fi,https://www.cnbc.com/2025/02/28/american-airlines-free-inflight-wi-fi.html,2025-02-28T18:14:14+0000,"In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-Durham International Airport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport.More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity. American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when.Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways. United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses.""Through this test, we'll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American's chief customer officer, Heather Garboden, said in a staff memo Friday.In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",CNBC,28/02/2025,"['In this articleAmerican Airlines is planning to test complimentary inflight Wi-Fi starting next week as pressure mounts on carriers to offer the service free of charge.', ""The tests will be available on three flights: Between hub Charlotte Douglas International Airport in North Carolina and Raleigh-DurhamInternationalAirport; Charlotte and Jacksonville International Airport in Florida; and between Miami International Airport and Chicago O'Hare International Airport."", 'More and more carriers have either launched or are preparing to offer free inflight Wi-Fi, making it harder for competitors to charge for connectivity.', ""American's prices vary and are some of the U.S. industry's highest, with flight passes often topping $20.It was not immediately clear whether American will expand complimentary service to larger swaths of its network, and if so, when."", 'Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.', ""United Airlines plans to offer complimentary Wi-Fi on board this year using Elon Musk's Starlink satellite Wi-Fi, a service Hawaiian Airlines, which was acquired by Alaska Airlines, also uses."", '""Through this test, we\'ll be assessing customer take rates for inflight Wi-Fi, evaluating our provider and aircraft capacity, and – perhaps most important – measuring the impact to customer satisfaction,"" American\'s chief customer officer, Heather Garboden, said in a staff memo Friday.', 'In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.', '""While relatively small in scope, this is already a big stride in our organization\'s very critical work to give our customers what we know they want,"" Garboden said.']",0.4524854854128424,"Delta Air Lines two years ago announced it would make Wi-Fi free for members of its SkyMiles loyalty program, following JetBlue Airways.","""While relatively small in scope, this is already a big stride in our organization's very critical work to give our customers what we know they want,"" Garboden said.",0.9991390705108644,"In addition to facing more competition for a complimentary service, Fort Worth, Texas-based American has been in the process of working to win back customers after a failed business travel sales strategy last year.",,2025-03-01