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+Starbucks poaches Nordstrom CFO as executive shake-up continues,https://www.cnbc.com/2025/03/04/starbucks-nordstrom-cfo-cathy-smith.html,2025-03-04T18:24:28+0000,"In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board. Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company.Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private. Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.Smith is expected to start next month, Niccol wrote in a letter to employees.Ruggeri has served as CFO for Starbucks since 2021. Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""Thank you, Rachel, for all you have done for our business, our culture and our partners.""Her departure is without cause, the company said in a regulatory filing. Ruggeri will stick around to help with Smith's transition into the role, according to Niccol.Correction: Smith is expected to start in the next month. A previous version of this story misstated the timeline.",CNBC,04/03/2025,"['In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.', 'The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.', ""So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board."", ""Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company."", 'Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private.', 'Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.', 'Smith is expected to start next month, Niccol wrote in a letter to employees.', 'Ruggeri has served as CFO for Starbucks since 2021.', 'Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I\'m personally grateful for the partnership we\'ve had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""', 'Thank you, Rachel, for all you have done for our business, our culture and our partners.', '""Her departure is without cause, the company said in a regulatory filing.', ""Ruggeri will stick around to help with Smith's transition into the role, according to Niccol."", 'Correction: Smith is expected to start in the next month.', 'A previous version of this story misstated the timeline.']",0.1398788998020125,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,,0.2350269556045532,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.,2025-03-07
+Goodyear Tire's transformation plan is underway — in the sky and on the ground,https://www.cnbc.com/2025/03/08/goodyear-tire-transformation-plan-investors.html,2025-03-09T01:42:45+0000,"AKRON, Ohio — Does the Goodyear blimp sell tires?That was one question veteran auto executive Mark Stewart had when he started as CEO of Goodyear Tire & Rubber Co. a little more than a year ago, seeking to lead a transformation plan for the quintessential American company.For a century, Goodyear Tire has used helium-filled airships to tout its brand. Stewart wanted to ensure consumers connected the blimps to the company's products and services, which it has increasingly done as Goodyear celebrates the 100-year anniversary of its first blimp, called Pilgrim, in 1925.""The answer is yes it can, and yes it does,"" Stewart told CNBC during an interview at the company's headquarters. ""It really is about using one of our most powerful marketing icon pieces, the blimp, both here as well as in Europe, to in fact sell tires.""The blimp question was an easy one to answer compared with the rest of the challenges Stewart, who has become known for transformation plans, has tackled since joining the company in January 2024.Much like automakers and related suppliers, Goodyear's business is rapidly changing with new technologies, increased competition from low-cost countries such as China and investor skepticism on whether a legacy company can transform itself to be more efficient, profitable and competitive.Goodyear's answer, which was prompted by activist investor Elliott Investment Management revealing a stake in the company in 2023, is ""Goodyear Forward"" — a two-year transformation plan that ends in December.The plan includes doubling operating income margin to 10%, enacting top-line and cost reductions of $1.5 billion, and bringing in gross proceeds of $2 billion in business asset sales. It's also reducing its debt load by $1.5 billion, net of approximately $1.1 billion for restructuring.To assist, the company is investing in and deploying artificial intelligence technologies and 3D-printing for things such as tread teeth, as well as using simulation to speed development and production of its products.Roughly halfway through the initial plan, Stewart said Goodyear is ahead of schedule for its benchmarks, including upping the cuts by $200 million. But investors remain skeptical amid geopolitical uncertainty such as tariffs and a disbelief in the longevity, or ""stickiness"" in tire terminology, of the changes.Stewart believes Goodyear is at a ""show me"" period with investors, which he plans to continue to deliver on as the company has reported five consecutive quarters of margin growth and its best retail performance in more than 20 years.""We're continuing to execute, and I think we're doing a better job of communicating in terms of our single and double hit wins as we go through the Goodyear Forward, and structurally changing the business,"" said Stewart, whose father worked at an Alabama plant for Goodyear's recently sold Dunlop brand. ""It's continuing to stack those up.""Shares of Goodyear received a 17% boost after the company reported its 2024 and fourth-quarter results. But shares of the company are down 30.3% since the plan's announcement, and 33.4% since Stewart became CEO.A spokesperson for Elliott, which has taken board seats at companies including Southwest Airlines and eBay, declined to comment on Goodyear. Goodyear reached a cooperation agreement with Elliott, which FactSet reports retains a roughly 9% stake in the company, that included adding three directors to its board.Stewart succeeded Goodyear CEO Richard Kramer, who retired after 14 years leading the company.What started out as a new emerging aeronautics business for Goodyear in 1910 has grown into a cultural icon as the company's Goodyear blimps have flown over major sporting events and historical landmarks.The first Goodyear blimp, called Pilgrim, took flight in 1925 from a hangar the company continues to use near Akron, Ohio.Goodyear has built more than 300 blimps, also known as airships, including over 200 for the U.S. Navy to patrol oceans during World War II.There have been five major generation changes of the blimps, according to Gerald Hissem, a chief pilot who has flown Goodyear blimps for 27 years.""The technology really has advanced,"" he told CNBC during a tour of the company's hangar in Ohio. ""It's totally different flying.""Today's airship debuted in 2014 and feature a ""fly-by-wire"" system that eliminate many physical parts, according to Hissem. They were designed by Zeppelin Luftschifftechnik GmbH in Germany to Goodyear's specifications, followed by a joint team constructing them in the U.S.The blimps are powered by three four-cylinder engines — left, right and back — that are each capable of 200 horsepower. They can travel at speeds of up to 73 miles per hour. Other blimp facts include:Airship bases: Pompano Beach, Florida; Carson, California; Suffield, Ohio; and Essen, Germany.Names: America, Columbia, Defender, Eagle, Enterprise, Europa, Mayflower, Pilgrim, Rainbow, Ranger, Reliance, Resolute, Spirit of Akron, Spirit of Goodyear, Volunteer.Longest flight? In March 1957, an airship called Snow Bird went 11 consecutive days in flight. It flew from Weymouth, Massachusetts, to Europe, Africa and Key West, Florida, without refueling or landing.Want to ride? Goodyear's current blimps have a bathroom, room for two pilots and typically six to eight passengers. To be a blimp passenger is by invitation only, but the company also donates ""ride certificates,"" largely for nonprofit causes.Goodyear is well on its way to achieving its plan, but its success is not guaranteed. In addition to achieving its own targets, it's unclear how changing regulations such as President Donald Trump's tariffs will impact the tire company's business.Stewart, prior to the implementation and then delay of 25% tariffs on Canada and Mexico for automakers and suppliers, declined to go into detail on Goodyear's preparation and potential contingency plans for such tariffs on North American operations as well as other countries.""We're running all the scenarios with that right now,"" Stewart said. ""And bottom line is we'll continue to add projects into Goodyear Forward to keep marching on our journey.""Goodyear has built up an international business from its humble beginnings 127 years ago in Akron, Ohio. The company employs about 68,000 people and manufactures its products in 53 facilities in 20 countries, with major operations in North and South America, Asia-Pacific and Europe.Its manufacturing operations in the Americas, which represented roughly half of its tire sales in 2024, include making tires in eight plants in the U.S., two plants in both Canada and Mexico and a plant each in Brazil, Chile, Colombia and Peru.The Goodyear Forward plan reaches across the operations, aiming to achieve the goals through a mix of cost cutting, headcount reductions and making the business more efficient through new processes and technologies.In addition to those targets, Stewart also has set priorities to re-establish focus on its retail business, increase fleet business, including telematics, and ink high-profile business deals such as Goodyear's first launch in decades on a Ferrari sports car.""Goodyear Forward is just getting embedded into our DNA,"" Stewart said. ""What's next for us is we are going to get aggressive about growth in retail and service. We are getting aggressive in growth in the high-end [tires].""Tires — Goodyear's main business — seem simple. Rubber is made into different shapes and treads, put on wheels and then put on a vehicle. They're literally where the rubber meets the road.But the process, material chemistry and production of tires continue to evolve. Goodyear has expanded its top-tier products to include massive tires for off-road vehicles such as the Jeep Wrangler and Ford Bronco, as well as the Tesla Cybertruck and large SUVs that feature 22-inch or 24-inch wheels such as the Cadillac Escalade.Such businesses are highly profitable for the company, which is investing an unspecified amount into a facility in Oklahoma to expand production by 10 million units annually and modernize the plant.""We will ensure we're running at the optimal level of output and efficiency, and we're running the products that will yield the highest opportunities for profitability this year,"" Stewart said last month on the company's quarterly call.In Asia–Pacific, where its newest plants are located, the company has been able to capitalize faster on such business. It increased its segment operating income by 37% last year to $277 million, with an operating margin of 11.4% — a juxtaposition from Western automakers with escalading problems in the region, specifically China.While its Asia–Pacific business is a tailwind at the moment, products from competitors and nearby nations are not. Similarly to how Chinese automakers have expanded outside their own country, tire manufacturers such as Sumitomo and Yokohama have been increasingly exporting products.Tires from that region have undercut Goodyear, as companies rushed to purchase them ahead of potential tariffs. Low-end imports outperformed the U.S. industry last year and grew 11%, CFO Christina Zamarro said during the company's quarterly earnings call.The company said low-cost imported tires are largely sourced from Southeast Asia, including from a number of countries that are either not subject to antidumping or countervailing duty tariffs.""As we look at the top line this past year, we've seen growth in the low-end imports impacting the consumer replacement industry in the U.S., Europe, as well Brazil,"" Stewart told investors. ""The inflows at the low-end of the market over the last two years are unprecedented.""Goodyear's the last major U.S. tire company: Its largest competitors globally are France-based Michelin; Bridgestone Corp., which is a subsidiary of a Japanese-based company; and German-based Continental.At Goodyear's headquarters, three floors of a historic building for the company that was built in 1916 continue to produce racing tires, most notably for NHRA professional classes and the top three series for NASCAR.The processes in this facility are traditional, with a lot of human interaction compared to newer plants with more automation like the company has at facilities in Luxembourg and China, and is expanding to the U.S.Down the road from the factory, which features wood floors similar to those in the factory in Detroit where Henry Ford started building the Model T in 1900s, is a different Goodyear.Walking into the nondescript building in the shadow of the headquarters is a glimpse into the future Stewart wants for the company.In the building is Goodyear's simulation machine, a multimillion investment that promises to cut research and development costs and time, while improving product profits.To be clear, no actual tires are used in the simulator and the ""vehicle"" cockpits — a hatchback and a pickup truck — are held up by hydraulics, surround by 270 degrees of screens.""The goal is to be able to evaluate and test tire designs and theories virtually before ever having to spend the money to build a mold or build the tire,"" said Patrick Renz, a senior engineer at Goodyear. ""We're really using this now to win [automaker business].""Goodyear has worked with many of the major automakers on such virtual development, including Ferrari, according to Renz. He said the earlier in the development Goodyear can work with a company, the more impactful the virtual testing can be.Mahesh Kavaturu, Goodyear senior director of global performance and simulation technology, said such simulations, as well as AI, aim to transform Goodyear's processes.""We actually have a lot of capabilities on physical tire testing, and now we are getting into artificial intelligence, machine learning,"" he told CNBC in the company's ""Innovation Center"" that includes conceptual and unique products made by the company such as airless tires. ""In Goodyear, [AI] is not a buzz word.""On Wall Street, hype is building for Goodyear, but many investors remain on the sidelines waiting to see if the company's recent efforts under Goodyear Forward can be ingrained in the company as much as its blimps.Goodyear's stock is rated overweight with a target price of $11.47 a share, according to nine analysts compiled by FactSet.""The company has reported inconsistent levels of profit growth over the past several years. But, we believe that an inflection point developed with the reporting of fourth quarter 2024 results, which were much better than we expected,"" Argus analyst Bill Selesky said in a Feb. 14 investor note upgrading Goodyear to buy.",CNBC,09/03/2025,"['AKRON, Ohio — Does the Goodyear blimp sell tires?That was one question veteran auto executive Mark Stewart had when he started as CEO of Goodyear Tire & Rubber Co. a little more than a year ago, seeking to lead a transformation plan for the quintessential American company.', 'For a century, Goodyear Tire has used helium-filled airships to tout its brand.', 'Stewart wanted to ensure consumers connected the blimps to the company\'s products and services, which it has increasingly done as Goodyear celebrates the 100-year anniversary of its first blimp, called Pilgrim, in 1925.""The answer is yes it can, and yes it does,"" Stewart told CNBC during an interview at the company\'s headquarters. ""', 'It really is about using one of our most powerful marketing icon pieces, the blimp, both here as well as in Europe, to in fact sell tires.', '""The blimp question was an easy one to answer compared with the rest of the challenges Stewart, who has become known for transformation plans, has tackled since joining the company in January 2024.Much like automakers and related suppliers, Goodyear\'s business is rapidly changing with new technologies, increased competition from low-cost countries such as China and investor skepticism on whether a legacy company can transform itself to be more efficient, profitable and competitive.', 'Goodyear\'s answer, which was prompted by activist investor Elliott Investment Management revealing a stake in the company in 2023, is ""Goodyear Forward"" — a two-year transformation plan that ends in December.', 'The plan includes doubling operating income margin to 10%, enacting top-line and cost reductions of $1.5 billion, and bringing in gross proceeds of $2 billion in business asset sales.', ""It's also reducing its debt load by $1.5 billion, net of approximately $1.1 billion for restructuring."", 'To assist, the company is investing in and deploying artificial intelligence technologies and 3D-printing for things such as tread teeth, as well as using simulation to speed development and production of its products.', 'Roughly halfway through the initial plan, Stewart said Goodyear is ahead of schedule for its benchmarks, including upping the cuts by $200 million.', 'But investors remain skeptical amid geopolitical uncertainty such as tariffs and a disbelief in the longevity, or ""stickiness"" in tire terminology, of the changes.', 'Stewart believes Goodyear is at a ""show me"" period with investors, which he plans to continue to deliver on as the company has reported five consecutive quarters of margin growth and its best retail performance in more than 20 years.', '""We\'re continuing to execute, and I think we\'re doing a better job of communicating in terms of our single and double hit wins as we go through the Goodyear Forward, and structurally changing the business,"" said Stewart, whose father worked at an Alabama plant for Goodyear\'s recently sold Dunlop brand. ""', ""It's continuing to stack those up."", '""Shares of Goodyear received a 17% boost after the company reported its 2024 and fourth-quarter results.', ""But shares of the company are down 30.3% since the plan's announcement, and 33.4% since Stewart became CEO.A spokesperson for Elliott, which has taken board seats at companies including Southwest Airlines and eBay, declined to comment on Goodyear."", 'Goodyear reached a cooperation agreement with Elliott, which FactSet reports retains a roughly 9% stake in the company, that included adding three directors to its board.', 'Stewart succeeded Goodyear CEO Richard Kramer, who retired after 14 years leading the company.', ""What started out as a new emerging aeronautics business for Goodyear in 1910 has grown into a cultural icon as the company's Goodyear blimps have flown over major sporting events and historical landmarks."", 'The first Goodyear blimp, called Pilgrim, took flight in 1925 from a hangar the company continues to use near Akron, Ohio.', 'Goodyear has built more than 300 blimps, also known as airships, including over 200 for the U.S. Navy to patrol oceans during World War II.There have been five major generation changes of the blimps, according to Gerald Hissem, a chief pilot who has flown Goodyear blimps for 27 years.', '""The technology really has advanced,"" he told CNBC during a tour of the company\'s hangar in Ohio. ""', ""It's totally different flying."", '""Today\'s airship debuted in 2014 and feature a ""fly-by-wire"" system that eliminate many physical parts, according to Hissem.', ""They were designed by Zeppelin Luftschifftechnik GmbH in Germany to Goodyear's specifications, followed by a joint team constructing them in the U.S.The blimps are powered by three four-cylinder engines — left, right and back — that are each capable of 200 horsepower."", 'They can travel at speeds of up to 73 miles per hour.', 'Other blimp facts include:Airship bases: Pompano Beach, Florida; Carson, California; Suffield, Ohio; and Essen, Germany.', 'Names: America, Columbia, Defender, Eagle, Enterprise, Europa, Mayflower, Pilgrim, Rainbow, Ranger, Reliance, Resolute, Spirit of Akron, Spirit of Goodyear, Volunteer.', 'Longest flight?', 'In March 1957, an airship called Snow Bird went 11 consecutive days in flight.', 'It flew from Weymouth, Massachusetts, to Europe, Africa and Key West, Florida, without refueling or landing.', 'Want to ride?', ""Goodyear's current blimps have a bathroom, room for two pilots and typically six to eight passengers."", 'To be a blimp passenger is by invitation only, but the company also donates ""ride certificates,"" largely for nonprofit causes.', 'Goodyear is well on its way to achieving its plan, but its success is not guaranteed.', ""In addition to achieving its own targets, it's unclear how changing regulations such as President Donald Trump's tariffs will impact the tire company's business."", ""Stewart, prior to the implementation and then delay of 25% tariffs on Canada and Mexico for automakers and suppliers, declined to go into detail on Goodyear's preparation and potential contingency plans for such tariffs on North American operations as well as other countries."", '""We\'re running all the scenarios with that right now,"" Stewart said. ""', ""And bottom line is we'll continue to add projects into Goodyear Forward to keep marching on our journey."", '""Goodyear has built up an international business from its humble beginnings 127 years ago in Akron, Ohio.', 'The company employs about 68,000 people and manufactures its products in 53 facilities in 20 countries, with major operations in North and South America, Asia-Pacific and Europe.', 'Its manufacturing operations in the Americas, which represented roughly half of its tire sales in 2024, include making tires in eight plants in the U.S., two plants in both Canada and Mexico and a plant each in Brazil, Chile, Colombia and Peru.', 'The Goodyear Forward plan reaches across the operations, aiming to achieve the goals through a mix of cost cutting, headcount reductions and making the business more efficient through new processes and technologies.', ""In addition to those targets, Stewart also has set priorities to re-establish focus on its retail business, increase fleet business, including telematics, and ink high-profile business deals such as Goodyear's first launch in decades on a Ferrari sports car."", '""Goodyear Forward is just getting embedded into our DNA,"" Stewart said. ""', ""What's next for us is we are going to get aggressive about growth in retail and service."", 'We are getting aggressive in growth in the high-end [tires].""Tires — Goodyear\'s main business — seem simple.', 'Rubber is made into different shapes and treads, put on wheels and then put on a vehicle.', ""They're literally where the rubber meets the road."", 'But the process, material chemistry and production of tires continue to evolve.', 'Goodyear has expanded its top-tier products to include massive tires for off-road vehicles such as the Jeep Wrangler and Ford Bronco, as well as the Tesla Cybertruck and large SUVs that feature 22-inch or 24-inch wheels such as the Cadillac Escalade.', 'Such businesses are highly profitable for the company, which is investing an unspecified amount into a facility in Oklahoma to expand production by 10 million units annually and modernize the plant.', '""We will ensure we\'re running at the optimal level of output and efficiency, and we\'re running the products that will yield the highest opportunities for profitability this year,"" Stewart said last month on the company\'s quarterly call.', 'In Asia–Pacific, where its newest plants are located, the company has been able to capitalize faster on such business.', 'It increased its segment operating income by 37% last year to $277 million, with an operating margin of 11.4% — a juxtaposition from Western automakers with escalading problems in the region, specifically China.', 'While its Asia–Pacific business is a tailwind at the moment, products from competitors and nearby nations are not.', 'Similarly to how Chinese automakers have expanded outside their own country, tire manufacturers such as Sumitomo and Yokohama have been increasingly exporting products.', 'Tires from that region have undercut Goodyear, as companies rushed to purchase them ahead of potential tariffs.', ""Low-endimportsoutperformedtheU.S. industrylast year andgrew11%, CFO Christina Zamarro said during the company's quarterly earnings call."", 'The company said low-cost imported tires are largely sourced from Southeast Asia, including from a number of countries that are either not subject to antidumping or countervailing duty tariffs.', '""As we look at the top line this past year, we\'ve seen growth in the low-end imports impacting the consumer replacement industry in the U.S., Europe, as well Brazil,"" Stewart told investors. ""', 'The inflows at the low-end of the market over the last two years are unprecedented.', '""Goodyear\'s the last major U.S. tire company: Its largest competitors globally are France-based Michelin; Bridgestone Corp., which is a subsidiary of a Japanese-based company; and German-based Continental.', ""At Goodyear's headquarters, three floors of a historic building for the company that was built in 1916 continue to produce racing tires, most notably for NHRA professional classes and the top three series for NASCAR.The processes in this facility are traditional, with a lot of human interaction compared to newer plants with more automation like the company has at facilities in Luxembourg and China, and is expanding to the U.S.Down the road from the factory, which features wood floors similar to those in the factory in Detroit where Henry Ford started building the Model T in 1900s, is a different Goodyear."", 'Walking into the nondescript building in the shadow of the headquarters is a glimpse into the future Stewart wants for the company.', ""In the building is Goodyear's simulation machine, a multimillion investment that promises to cut research and development costs and time, while improving product profits."", 'To be clear, no actual tires are used in the simulator and the ""vehicle"" cockpits — a hatchback and a pickup truck — are held up by hydraulics, surround by 270 degrees of screens.', '""The goal is to be able to evaluate and test tire designs and theories virtually before ever having to spend the money to build a mold or build the tire,"" said Patrick Renz, a senior engineer at Goodyear. ""', 'We\'re really using this now to win [automaker business].""Goodyear has worked with many of the major automakers on such virtual development, including Ferrari, according to Renz.', 'He said the earlier in the development Goodyear can work with a company, the more impactful the virtual testing can be.', ""Mahesh Kavaturu, Goodyear senior director of global performance and simulation technology, said such simulations, as well as AI, aim to transform Goodyear's processes."", '""We actually have a lot of capabilities on physical tire testing, and now we are getting into artificial intelligence, machine learning,"" he told CNBC in the company\'s ""Innovation Center"" that includes conceptual and unique products made by the company such as airless tires. ""', 'In Goodyear, [AI] is not a buzz word.', '""On Wall Street, hype is building for Goodyear, but many investors remain on the sidelines waiting to see if the company\'s recent efforts under Goodyear Forward can be ingrained in the company as much as its blimps.', ""Goodyear's stock is rated overweight with a target price of $11.47 a share, according to nine analysts compiled by FactSet."", '""The company has reported inconsistent levels of profit growth over the past several years.', 'But, we believe that an inflection point developed with the reporting of fourth quarter 2024 results, which were much better than we expected,"" Argus analyst Bill Selesky said in a Feb. 14 investor note upgrading Goodyear to buy.']",0.1735829456552653,"Stewart wanted to ensure consumers connected the blimps to the company's products and services, which it has increasingly done as Goodyear celebrates the 100-year anniversary of its first blimp, called Pilgrim, in 1925.""The answer is yes it can, and yes it does,"" Stewart told CNBC during an interview at the company's headquarters. ""","But investors remain skeptical amid geopolitical uncertainty such as tariffs and a disbelief in the longevity, or ""stickiness"" in tire terminology, of the changes.",0.6627129282270159,"""Shares of Goodyear received a 17% boost after the company reported its 2024 and fourth-quarter results.","Tires from that region have undercut Goodyear, as companies rushed to purchase them ahead of potential tariffs.",2025-03-07
+FAA briefly halts flights to several Florida airports after SpaceX rocket testing failure,https://www.cnbc.com/2025/03/06/faa-halts-flights-florida-airports-spacex-starsship-testing-failure.html,2025-03-07T14:51:59+0000,"The Federal Aviation Administration briefly halted flights to several Florida airports on Thursday night after a SpaceX Starship testing failure.The incident marks the second time this year that SpaceX experienced a mishap during a flight test of Starship resulting in debris raining down and commercial flights disrupted.Affected airports included Miami International Airport, which is an American Airlines hub, and airports serving Fort Lauderdale, West Palm Beach, and Orlando, Florida.The regulator said, in a statement on Thursday, it is now requiring SpaceX to ""perform a mishap investigation into the loss of the Starship vehicle during launch operations on March 6.""During the event, the FAA said, it ""activated a Debris Response Area and briefly slowed aircraft outside the area where space vehicle debris was falling or stopped aircraft at their departure location. Normal operations have resumed.""SpaceX said, in a post on X on Thursday night: ""During Starship's ascent burn, the vehicle experienced a rapid unscheduled disassembly and contact was lost. Our team immediately began coordination with safety officials to implement pre-planned contingency responses.""The Elon Musk-led aerospace and defense contractor also said it plans to ""review the data from today's flight test to better understand"" the root cause of the mishap.Starship took off from the company's spaceport near Brownsville, Texas, at 6:30 p.m. ET for its eighth test flight.In a livestream showing the test flight, several engines appeared to cut out as the upper-stage Starship vehicle was still climbing. The company then lost communication with the spacecraft but was able to successfully use the arms of its launch tower to catch the rocket's Super Heavy Booster.On Jan. 16, dozens of flights were diverted after SpaceX's Starship rocket broke up, and the FAA warned of ""space vehicle debris"" falling. The regulator had warned pilots of ""dangerous area for falling debris of rocket Starship.""Commercial airlines, private planes and the space industry compete for airspace, particularly in the congested area off of Florida.SpaceX was working on a mishap investigation into what caused the earlier incident but was allowed by the FAA to proceed with the eighth test flight before completing the inquiry.SpaceX did not immediately respond to a request for further information.The tallest and most powerful rocket ever launched, Starship is critical to SpaceX's ambitions. When it is stacked on the Super Heavy booster, Starship stands 403 feet tall and is about 30 feet in diameter.SpaceX founder Musk is also a senior Trump advisor, tasked by the president with making sweeping cuts to government agencies. His reach into regulatory agencies, including the FAA, has drawn criticism and concern from Democratic lawmakers worried about conflicts of interest, security risks and more.",CNBC,07/03/2025,"['The Federal Aviation Administration briefly halted flights to several Florida airports on Thursday night after a SpaceX Starship testing failure.', 'The incident marks the second time this year that SpaceX experienced a mishap during a flight test of Starship resulting in debris raining down and commercial flights disrupted.', 'Affected airports included Miami International Airport, which is an American Airlines hub, and airports serving Fort Lauderdale, West Palm Beach, and Orlando, Florida.', 'The regulator said, in a statement on Thursday, it is now requiring SpaceX to ""perform a mishap investigation into the loss of the Starship vehicle during launch operations on March 6.""During the event, the FAA said, it ""activated a Debris Response Area and briefly slowed aircraft outside the area where space vehicle debris was falling or stopped aircraft at their departure location.', 'Normal operations have resumed.', '""SpaceX said, in a post on X on Thursday night: ""During Starship\'s ascent burn, the vehicle experienced a rapid unscheduled disassembly and contact was lost.', 'Our team immediately began coordination with safety officials to implement pre-planned contingency responses.', '""The Elon Musk-led aerospace and defense contractor also said it plans to ""review the data from today\'s flight test to better understand"" the root cause of the mishap.', ""Starship took off from the company's spaceport near Brownsville, Texas, at 6:30 p.m. ET for its eighth test flight."", 'In a livestream showing the test flight, several engines appeared to cut out as the upper-stage Starship vehicle was still climbing.', ""The company then lost communication with the spacecraft but was able to successfully use the arms of its launch tower to catch the rocket's Super Heavy Booster."", 'On Jan. 16, dozens of flights weredivertedafter SpaceX\'s Starship rocket broke up, and the FAA warned of ""space vehicle debris"" falling.', 'The regulator had warned pilots of ""dangerous area for falling debris of rocket Starship.', '""Commercial airlines, private planes and the space industry compete for airspace, particularly in the congested area off of Florida.', 'SpaceX was working on a mishap investigation into what caused the earlier incident but was allowed by the FAA to proceed with the eighth test flight before completing the inquiry.', 'SpaceX did not immediately respond to a request for further information.', ""The tallest and most powerful rocket ever launched, Starship is critical to SpaceX's ambitions."", 'When it is stacked on the Super Heavy booster, Starship stands 403 feet tall and is about 30 feet in diameter.', 'SpaceX founder Musk is also a senior Trump advisor, tasked by the president with making sweeping cuts to government agencies.', 'His reach into regulatory agencies, including the FAA, has drawn criticism and concern from Democratic lawmakers worried about conflicts of interest, security risks and more.']",-0.0639575313967778,The company then lost communication with the spacecraft but was able to successfully use the arms of its launch tower to catch the rocket's Super Heavy Booster.,"The regulator had warned pilots of ""dangerous area for falling debris of rocket Starship.",-0.9557285990033833,,The incident marks the second time this year that SpaceX experienced a mishap during a flight test of Starship resulting in debris raining down and commercial flights disrupted.,2025-03-07
+"Trump's Mexico tariffs could raise produce prices in the next few days, Target CEO says",https://www.cnbc.com/2025/03/04/trump-mexico-tariffs-will-raise-produce-prices-target-ceo-cornell-says.html,2025-03-04T21:52:24+0000,"In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday.The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday.Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.""Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.""If there's a 25% tariff, those prices will go up,"" Cornell added.Cornell said prices could rise for produce like strawberries, avocados and bananas.During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.""I'll give you an example. We have $3 Christmas ornaments. We don't want to have $3.60 Christmas ornaments. We want to keep them at $3. That means we have to think about margin elsewhere. So maybe we'll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.Another example he cited was Target's ""$5 tees."" The company wants to continue charging $5 flat for T-shirts. So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.""So maybe we'll look at dresses a little bit differently,"" said Gomez. ""So it's actually not as simple as just like flowing through cost. We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped. High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses. The president and his advisors have contended the duties will not raise prices for consumers.When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry's lobbying arm to speak on Target's behalf.""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers. Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%. It's on pace to get that number down to below 25% by the end of the next year, added Gomez.The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere. Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez. That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China.Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter. The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f. Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.",CNBC,04/03/2025,"[""In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday."", ""The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday."", 'Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.', '""Those are categories where we\'ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.', '""If there\'s a 25% tariff, those prices will go up,"" Cornell added.', 'Cornell said prices could rise for produce like strawberries, avocados and bananas.', 'During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.', '""I\'ll give you an example.', 'We have $3 Christmas ornaments.', ""We don't want to have $3.60 Christmas ornaments."", 'We want to keep them at $3.', 'That means we have to think about margin elsewhere.', 'So maybe we\'ll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.', 'Another example he cited was Target\'s ""$5 tees.""', 'The company wants to continue charging $5 flat for T-shirts.', 'So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.', '""So maybe we\'ll look at dresses a little bit differently,"" said Gomez. ""', ""So it's actually not as simple as just like flowing through cost."", 'We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.', '""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped.', ""High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses."", 'The president and his advisors have contended the duties will not raise prices for consumers.', 'When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry\'s lobbying arm to speak on Target\'s behalf.', '""We\'ve certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""', 'So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.', '""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers.', 'Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%.', ""It's on pace to get that number down to below 25% by the end of the next year, added Gomez."", 'The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.', ""Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez."", ""That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China."", ""Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter."", ""The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f."", 'Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.']",0.1268012775291814,"""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""","High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses.",-0.006806630641222,The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.,"The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f.",2025-03-07
+"Gap shares spike 17% as retailer blows away expectations again, showing turnaround has staying power",https://www.cnbc.com/2025/03/06/gap-gap-earnings-q4-2024.html,2025-03-06T23:11:26+0000,"In this articleGap on Thursday posted another quarter that blew away expectations, indicating its turnaround under CEO Richard Dickson is working better – and faster – than Wall Street anticipated. Shares jumped 17% in extended trading Thursday.The apparel retailer behind Old Navy, Banana Republic, Athleta and its namesake banner beat expectations on the top and bottom lines during the all-important holiday quarter and saw comparable sales grow 3%, ahead of expectations of up 1%, according to StreetAccount.  Here's how Gap did in its fiscal 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 $206 million, or 54 cents per share, compared with $185 million, or 49 cents per share, a year earlier. Sales dropped to $4.15 billion, down about 3% from $4.30 billion a year earlier. Like other retailers, Gap benefited from an extra selling week in the year-ago period, which negatively skewed comparisons.In the year ahead, Gap is expecting sales to grow between 1% and 2%, in line with expectations of up 1.7%, according to LSEG. For the current quarter, its guidance was slightly weaker than anticipated. It's expecting sales to be ""flat to up slightly,"" compared to Wall Street estimates of up 1.5%, according to LSEG. ""We've been operating in a highly dynamic backdrop for the last few years, and we're expecting the same for fiscal 2025,"" said Gap's finance chief Katrina O'Connell on a call with analysts. ""As a result, we've taken a balanced view with our guidance and remain focused on controlling the controllables.""Like other retailers caught in the midst of President Donald Trump's trade war with China, Canada and Mexico, Gap has been working to figure out the impact new duties will have on the company. In an interview with CNBC, Dickson said less than 1% of its product comes from Canada and Mexico, combined, and less than 10% comes from China.When asked if the company will raise prices, Dickson said the ""goal is to minimize the impact to the consumer.""""We're going to be working with our suppliers. We're looking at our cost base, and we'll need to balance that with always protecting the structural economics of the business,"" said Dickson.O'Connell added tariffs, as they stood on Thursday, were embedded into the company's guidance and said any impact to margin is expected to be ""relatively minimal.""It's been about a year and a half since Dickson took over as Gap's CEO. Under his direction, the company has gotten back to growth and repaired its brand image — and in fiscal 2024, delivered its highest gross margin in more than 20 years at 41.3%. The former Mattel executive, credited with reviving the Barbie empire, has brought that same prowess to revitalizing Gap's brands. After a fourth straight quarter of strong results, it appears the strategy has staying power. Apparel from Zac Posen, Gap's creative designer, has been worn recently by celebrities like Timothee Chalamet, and even the company's underperforming Banana Republic brand has returned to growth. Its athleisure brand Athleta is still strugging, but the company has stabilized the bleed and it's no longer shrinking. Here's a closer look at how each brand performed during the quarter. Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount. The brand saw strength in denim and activewear. The namesake banner's comparable sales grew 7%, well ahead of estimates of up 0.8%, according to StreetAccount.""Gap is back in the cultural conversation,"" said Dickson on the call. ""This brand was built on strong product narratives with brilliant marketing expressed through big ideas, and over the past year, each of these were reignited.""The brand's longtime chief product officer Chris Goble left Gap in October for Dickie's, but the company filled the position internally after he left. Dickson told CNBC in an interview that the brand has ""great leadership"" and is ""staffed with extraordinary talent."" The safari chic, officewear brand saw comparable sales grow 4%, when analysts expected them to shrink by 1.5%, according to StreetAccount. It continued to build strength in men's apparel but is still without a CEO. Dickson expects the company to have an update on the role ""shortly."" In the year ahead, Gap will close 35 stores on a net basis, the majority of which will be Banana stores, the company said.The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson. Analysts didn't have expectations for Athleta's comparable sales.  ""We certainly have entered the cultural conversation again, and it reinforces that we do believe in this brand. We have long-term opportunities, but we do have work to do to reset the brand,"" said Dickson. ""In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers. We did a great job reactivating customers, but we lacked the depth of product interest for our core customer at that holiday time.""Dickson cautioned that the brand's performance is likely to remain ""choppy"" in the quarters ahead as it continues its reset.",CNBC,06/03/2025,"['In this articleGap on Thursday posted another quarter that blew away expectations, indicating its turnaround under CEO Richard Dickson is working better – and faster – than Wall Street anticipated.', 'Shares jumped 17% in extended trading Thursday.', 'The apparel retailer behind Old Navy, Banana Republic, Athleta and its namesake banner beat expectations on the top and bottom lines during the all-important holiday quarter and saw comparable sales grow 3%, ahead of expectations of up 1%, according to StreetAccount.', ""Here's how Gap did in its fiscal 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 $206 million, or 54 cents per share, compared with $185 million, or 49 cents per share, a year earlier."", 'Sales dropped to $4.15 billion, down about 3% from $4.30 billion a year earlier.', 'Like other retailers, Gap benefited from an extra selling week in the year-ago period, which negatively skewed comparisons.', 'In the year ahead, Gap is expecting sales to grow between 1% and 2%, in line with expectations of up 1.7%, according to LSEG.', 'For the current quarter, its guidance was slightly weaker than anticipated.', 'It\'s expecting sales to be ""flat to up slightly,"" compared to Wall Street estimates of up 1.5%, according to LSEG.""We\'ve been operating in a highly dynamic backdrop for the last few years, and we\'re expecting the same for fiscal 2025,"" said Gap\'s finance chief Katrina O\'Connell on a call with analysts. ""', ""As a result, we've taken a balanced view with our guidance and remain focused on controlling the controllables."", '""Like other retailers caught in the midst of President Donald Trump\'s trade war with China, Canada and Mexico, Gap has been working to figure out the impact new duties will have on the company.', 'In an interview with CNBC, Dickson said less than 1% of its product comes from Canada and Mexico, combined, and less than 10% comes from China.', 'When asked if the company will raise prices, Dickson said the ""goal is to minimize the impact to the consumer.', '""""We\'re going to be working with our suppliers.', 'We\'re looking at our cost base, and we\'ll need to balance that with always protecting the structural economics of the business,"" said Dickson.', 'O\'Connell added tariffs, as they stood on Thursday, were embedded into the company\'s guidance and said any impact to margin is expected to be ""relatively minimal.', '""It\'s been about a year and a half since Dickson took over as Gap\'s CEO.', ""Under his direction, the company has gotten back to growth and repaired its brand image — and in fiscal 2024, delivered its highest gross margin in more than 20 years at 41.3%.The former Mattel executive, credited with reviving the Barbie empire, has brought that same prowess to revitalizing Gap's brands."", 'After a fourth straight quarter of strong results, it appears the strategy has staying power.', ""Apparel from Zac Posen, Gap's creative designer, has been worn recently by celebrities like Timothee Chalamet, and even the company's underperforming Banana Republic brand has returned to growth."", ""Its athleisure brand Athleta is still strugging, but the company has stabilized the bleed and it's no longer shrinking."", ""Here's a closer look at how each brand performed during the quarter."", ""Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount."", 'The brand saw strength in denim and activewear.', ""The namesake banner's comparable sales grew 7%, well ahead of estimates of up 0.8%, according to StreetAccount."", '""Gap is back in the cultural conversation,"" said Dickson on the call. ""', 'This brand was built on strong product narratives with brilliant marketing expressed through big ideas, and over the past year, each of these were reignited.', '""The brand\'s longtime chief product officer Chris Goble left Gap in October for Dickie\'s, but the company filled the position internally after he left.', 'Dickson told CNBC in an interview that the brand has ""great leadership"" and is ""staffed with extraordinary talent.', '""The safari chic, officewear brand saw comparable sales grow 4%, when analysts expected them to shrink by 1.5%, according to StreetAccount.', ""It continued to build strength in men's apparel but is still without a CEO."", 'Dickson expects the company to have an update on the role ""shortly.', '""In the year ahead, Gap will close 35 stores on a net basis, the majority of which will be Banana stores, the company said.', ""The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson."", ""Analysts didn't have expectations for Athleta's comparable sales."", '""We certainly have entered the cultural conversation again, and it reinforces that we do believe in this brand.', 'We have long-term opportunities, but we do have work to do to reset the brand,"" said Dickson. ""', 'In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers.', 'We did a great job reactivating customers, but we lacked the depth of product interest for our core customer at that holiday time.', '""Dickson cautioned that the brand\'s performance is likely to remain ""choppy"" in the quarters ahead as it continues its reset.']",0.2060534939791179,"In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers.","The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson.",0.5979694979531425,"Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount.","For the current quarter, its guidance was slightly weaker than anticipated.",2025-03-07
+Here's how tariffs will hit the U.S. housing market,https://www.cnbc.com/2025/03/04/how-tariffs-will-hit-the-us-housing-market.html,2025-03-04T20:16:13+0000,"From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada. Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax. Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders. Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders.Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we've seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S. Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season. This will drive prices higher.""Lumber futures are up 5% in the past week and were rising steadily Tuesday.  Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes. The homebuilding industry took that as a win.""A stable and affordable supply of lumber is critically important for our industry to address the country's housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.""As for ramping up domestic production immediately, that's easier said than done. Jannke estimates it would take up to three years to build multiple new mills. He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom. High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""On top of that, once a mill was built, labor had to be found to operate the mill. These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill. This added another year before the mill was operating at full capacity.""The labor force, from logging to hauling, is already lean and decreasing. Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber. As for increasing production, ""that won't be a flip of a switch. You're taking a 40-year supply chain and trying to switch overnight – that's hard.""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.China is the market leader in household appliances. And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries. In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform. It primarily comes from Spain, Mexico and Canada.""Rising costs due to tariffs on imports will leave builders with few options. They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.""We may see buyers' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too. We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks. The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily. It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.The tariffs come at a time when the U.S. housing market is already under pressure. Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors. Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census. And prices are still stubbornly high, with the inventory of homes for sale still historically low.",CNBC,04/03/2025,"['From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.', ""The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada."", 'Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax.', 'Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders.', 'Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.', ""The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders."", 'Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.', '""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we\'ve seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""', 'With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.', 'This will drive prices higher.', '""Lumber futures are up 5% in the past week and were rising steadily Tuesday.', 'Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes.', 'The homebuilding industry took that as a win.', '""A stable and affordable supply of lumber is critically important for our industry to address the country\'s housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""', 'The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.', '""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.', '""As for ramping up domestic production immediately, that\'s easier said than done.', 'Jannke estimates it would take up to three years to build multiple new mills.', 'He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom.', 'High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.', '""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""', 'On top of that, once a mill was built, labor had to be found to operate the mill.', 'These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill.', 'This added another year before the mill was operating at full capacity.', '""The labor force, from logging to hauling, is already lean and decreasing.', 'Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.', '""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber.', 'As for increasing production, ""that won\'t be a flip of a switch.', ""You're taking a 40-year supply chain and trying to switch overnight – that's hard."", '""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.', 'China is the market leader in household appliances.', 'And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries.', 'In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform.', 'It primarily comes from Spain, Mexico and Canada.', '""Rising costs due to tariffs on imports will leave builders with few options.', 'They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.', 'Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.', '""We may see buyers\' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too.', 'We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.', 'While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks.', 'The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily.', 'It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.', 'Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.', 'The tariffs come at a time when the U.S. housing market is already under pressure.', 'Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors.', 'Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.', 'And prices are still stubbornly high, with the inventory of homes for sale still historically low.']",0.067426160234836,"The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.","With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.",-0.0348704436729694,"""Lumber futures are up 5% in the past week and were rising steadily Tuesday.","Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.",2025-03-07
+Foot Locker results show the sneaker industry — and Nike — still have more pain ahead,https://www.cnbc.com/2025/03/05/foot-locker-fl-q4-2024-earnings.html,2025-03-06T20:54:59+0000,"In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory. The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales. In the year ahead, it anticipates that trend will reverse. For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount. Shares rose more than 4% in early trading.Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier. Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share. Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier. In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results. While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace. It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG. Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount. ""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.""Foot Locker's expectations that promotional pressures will weigh on margins in the year ahead indicates that it's still having issues with Nike, its largest brand partner. The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory. When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales.In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit. The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions. For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website.Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115. That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales.During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand. Still, executives acknowledged the impact Nike's rough point is having on the business.""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg. During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits. Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales. It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company's store layout and approach. It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed.With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands. It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025. By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon's strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.Still, Foot Locker is shrinking. It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%. During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount. It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance. During the quarter, comparable sales at Champs grew 1.8%. At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%. Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner. In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach. In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.",CNBC,06/03/2025,"['In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory.', ""The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales."", 'In the year ahead, it anticipates that trend will reverse.', 'For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount.', 'Shares rose more than 4% in early trading.', ""Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier."", 'Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share.', 'Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.', 'In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results.', ""While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace."", ""It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG.Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount."", '""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""', 'Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.', '""Foot Locker\'s expectations that promotional pressures will weigh on margins in the year ahead indicates that it\'s still having issues with Nike, its largest brand partner.', ""The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory."", ""When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales."", 'In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit.', 'The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.', ""Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions."", ""For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website."", ""Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115.That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales."", 'During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies\' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand.', ""Still, executives acknowledged the impact Nike's rough point is having on the business."", '""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""', 'Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon\'s direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.', 'During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits.', 'Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.', ""Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales."", 'It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company\'s store layout and approach.', ""It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed."", 'With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands.', 'It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025.', 'By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.', 'Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon\'s strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.', 'Still, Foot Locker is shrinking.', ""It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%.During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount."", ""It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance."", 'During the quarter, comparable sales at Champs grew 1.8%.', ""At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner."", 'In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach.', ""In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.""]",0.2166175499042937,"Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.","At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner.",0.0312555041806451,"During the quarter, comparable sales at Champs grew 1.8%.","Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.",2025-03-07
+Abercrombie & Fitch shares plunge 15% after star retailer posts weak guidance for year ahead,https://www.cnbc.com/2025/03/05/abercrombie-fitch-anf-q4-2024-earnings.html,2025-03-05T15:20:28+0000,"In this articleAbercrombie & Fitch's growth story is starting to slow down.Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG. During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns. The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers. During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%. Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.""Last year we did have a bit of a flawless transition into spring, and this year it's a bit more normalized. [The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands. Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.When asked where macroeconomic conditions or something else is driving that slowdown, executives didn't really answer and said instead they're seeing ""green shoots for spring.""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street's expectations in its fiscal fourth quarter. Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier. Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier. Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period. That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week. Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter. Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount. In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook. Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast. Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide. However, not all of Abercrombie's guidance was a disappointment. During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG. For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share. Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside. The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz. It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade. Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes. Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs. In February, consumer confidence slipped to its lowest levels since 2021. The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead. It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant. The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f. Beauty. Like E.l.f., Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company's performance at the start of the year.Both of the companies rely heavily on TikTok for marketing. In February, E.l.f. CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren't posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value."" ""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world. Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales."" That suggestion came true on Wednesday when Abercrombie announced a new $1.3 billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.",CNBC,05/03/2025,"[""In this articleAbercrombie & Fitch's growth story is starting to slow down."", 'Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.', 'Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG.', ""During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns."", ""The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers."", 'During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%.', 'Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.', '""Last year we did have a bit of a flawless transition into spring, and this year it\'s a bit more normalized. [', ""The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands."", 'Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.', 'When asked where macroeconomic conditions or something else is driving that slowdown, executives didn\'t really answer and said instead they\'re seeing ""green shoots for spring.', '""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street\'s expectations in its fiscal fourth quarter.', ""Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier."", 'Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier.', 'Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period.', 'That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week.', 'Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter.', 'Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount.', 'In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook.', 'Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast.', 'Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide.', ""However, not all of Abercrombie's guidance was a disappointment."", 'During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.', 'For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share.', ""Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside."", ""The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz."", 'It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade.', 'Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes.', 'Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs.', 'In February, consumer confidence slipped to its lowest levels since 2021.The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead.', ""It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant."", 'The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f.', 'Beauty.', 'Like E.l.f.,', ""Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year."", 'Both of the companies rely heavily on TikTok for marketing.', 'In February, E.l.f.', 'CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren\'t posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.', 'In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value.', '""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we\'ve built,"" said Horowitz. ""', 'In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world.', 'Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales.', '""That suggestion came true on Wednesday when Abercrombie announced a new $1.3billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.']",0.2343071524979906,"""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""","Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year.",0.1889461729977582,"During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.","Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.",2025-03-07
+Best Buy shares plunge as CEO warns price increases are 'highly likely' due to Trump tariffs,https://www.cnbc.com/2025/03/04/best-buy-bby-q4-2025-earnings.html,2025-03-04T16:04:26+0000,"In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect.On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively.""Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.""Barry's comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy. She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing. She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.Shares of the company fell more than 13% on Tuesday morning.Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period. Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024. Best Buy had forecast a change ranging from flat to down 3%. In the U.S., quarterly comparable sales rose 0.2% year over year.Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024. Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added $735 million in revenue to its fiscal 2024 total.For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases. And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.Best Buy said the guidance does not account for the impact of recent or proposed tariffs. President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January. In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales.""We've never seen this kind of breadth of tariffs, and this of course impacts the whole industry. So it's not just a Best Buy question, it is a broad industry question. And I say that because that makes the estimation of the impact all the harder,"" Barry said.Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year. The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores. The company already has a third-party marketplace in Canada.""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas. While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items. Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment.Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday. An earlier version misstated the day.",CNBC,04/03/2025,"[""In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect."", ""On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively."", '""Trade is critically important to our business and industry.', 'The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""', 'We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.', '""Barry\'s comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy.', 'She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.', 'Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing.', 'She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.', '""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.', 'Shares of the company fell more than 13% on Tuesday morning.', ""Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago."", 'Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period.', 'Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.', 'Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024.', 'Best Buy had forecast a change ranging from flat to down 3%.', 'In the U.S., quarterly comparable sales rose 0.2% year over year.', 'Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024.', ""Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added$735 million in revenue to its fiscal 2024 total."", 'For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.', '""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases.', 'And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.', 'Best Buy said the guidance does not account for the impact of recent or proposed tariffs.', 'President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January.', 'In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.', ""On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales."", '""We\'ve never seen this kind of breadth of tariffs, and this of course impacts the whole industry.', ""So it's not just a Best Buy question, it is a broad industry question."", 'And I say that because that makes the estimation of the impact all the harder,"" Barry said.', 'Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year.', 'The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores.', 'The company already has a third-party marketplace in Canada.', '""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.', ""The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas."", ""While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday."", ""Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items."", ""Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment."", 'Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday.', 'An earlier version misstated the day.']",0.3513135751193914,"While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.","So it's not just a Best Buy question, it is a broad industry question.",-0.0995299427405647,"In the U.S., quarterly comparable sales rose 0.2% year over year.","Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.",2025-03-07
+"Costco reports mixed second-quarter earnings, comparable sales growth",https://www.cnbc.com/2025/03/06/costco-cost-q2-2025-earnings.html,2025-03-06T23:32:38+0000,"In this articleCostco on Thursday reported an earnings miss, but beat expectations for revenue for the second quarter as quarterly comparable sales rose.Shares ticked down over 1% in extended trading on Thursday evening.Here's how the wholesale company did compared with what Wall Street was expecting for the quarter ended Feb. 16, based on a survey of analysts by LSEG:Costco CEO Ron Vachris said although it's difficult to forecast the impact of tariffs, the company aims to minimize cost increases for members. A third of its U.S. sales are from imports, he said, and less than half of those come from China, Mexico and Canada.""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.Citing tariff implications for groceries specifically, Vachris said margins are ""much tighter"" in that area, but that Costco will work with suppliers to mitigate the fallout for consumers.President Donald Trump imposed 25% tariffs on Mexico and Canada and doubled his tariff on China to 20% this week, though the White House said Thursday that the U.S. will exempt goods that comply with the United States-Mexico-Canada Agreement on trade until April 2. Retailers like Target and Best Buy have warned that tariffs would likely lead to price increases.Costco's second-quarter revenue increased 9% to $63.72 billion, from $58.44 billion during the same quarter in fiscal 2024. Net sales for the quarter rose 9.1% to $62.53 billion, compared to $57.33 billion in the year-ago period.Membership fees for the quarter totaled $1.19 billion, up from $1.11 billion in the second quarter of 2024, with the company reporting 78.4 million paid memberships and 140.6 million total cardholders. Worldwide, Costco's membership renewal rate came in at 90.5%, an increase of 0.1% from last quarter.The retailer raised its annual membership fees for the U.S. and Canada in September for the first time since 2017, though CFO Gary Millerchip said the impact of the increase on this quarter's fee total was only 3%.Costco reported a net income for the second quarter of $1.79 billion, or $4.02 per share, compared with a net income of $1.74 billion, or $3.92 per share, during the second quarter of fiscal 2024.Quarterly comparable sales, which Costco defines as sales from warehouses and e-commerce sites open for more than a year, rose 6.8% year over year, compared with the StreetAccount estimate of 6.4%, and were up 8.3% in the U.S. Comparable sales for e-commerce rose 20.9% year over year.On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February. Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.Shopping traffic grew 5.7% year over year, with an increase of 5.6% in the U.S. The company's top sales categories included gold and jewelry, furniture, hardware and toys, all of which grew double digits year over year, according to Millerchip.Consumer behavior, Millerchip said, hasn't changed much over the past few quarters. Costco members are selective with the products they purchase, he said, and would become even more so if tariffs and inflation grow more significant.""We believe that the member is probably as much focused now on quality, value and newness as they have been for quite some time, but they are still showing that willingness to spend,"" Millerchip said.Costco's fresh foods category experienced growth in the high single digits, Millerchip said. Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef. Customers continued to spend more on food at home, he added.The meat and bakery sections drove the fresh foods category to lead Costco's categories in inflation, though overall inflation was in the low single digits, he added.",CNBC,06/03/2025,"['In this articleCostco on Thursday reported an earnings miss, but beat expectations for revenue for the second quarter as quarterly comparable sales rose.', 'Shares ticked down over 1% in extended trading on Thursday evening.', ""Here's how the wholesale company did compared with what Wall Street was expecting for the quarter ended Feb. 16, based on a survey of analysts by LSEG:Costco CEO Ron Vachris said although it's difficult to forecast the impact of tariffs, the company aims to minimize cost increases for members."", 'A third of its U.S. sales are from imports, he said, and less than half of those come from China, Mexico and Canada.', '""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.', 'Citing tariff implications for groceries specifically, Vachris said margins are ""much tighter"" in that area, but that Costco will work with suppliers to mitigate the fallout for consumers.', 'President Donald Trump imposed 25% tariffs on Mexico and Canada and doubled his tariff on China to 20% this week, though the White House said Thursday that the U.S. will exempt goods that comply with the United States-Mexico-Canada Agreement on trade until April 2.', 'Retailers like Target and Best Buy have warned that tariffs would likely lead to price increases.', ""Costco's second-quarter revenue increased 9% to $63.72 billion, from $58.44 billion during the same quarter in fiscal 2024."", 'Net sales for the quarter rose 9.1% to $62.53 billion, compared to $57.33 billion in the year-ago period.', 'Membership fees for the quarter totaled $1.19 billion, up from $1.11 billion in the second quarter of 2024, with the company reporting 78.4 million paid memberships and 140.6 million total cardholders.', ""Worldwide, Costco's membership renewal rate came in at 90.5%, an increase of 0.1% from last quarter."", ""The retailer raised its annual membership fees for the U.S. and Canada in September for the first time since 2017, though CFO Gary Millerchip said the impact of the increase on this quarter's fee total was only 3%.Costco reported a net income for the second quarter of $1.79 billion, or $4.02 per share, compared with a net income of $1.74 billion, or $3.92 per share, during the second quarter of fiscal 2024.Quarterly comparable sales, which Costco defines as sales from warehouses and e-commerce sites open for more than a year, rose 6.8% year over year, compared with the StreetAccount estimate of 6.4%, and were up 8.3% in the U.S. Comparable sales for e-commerce rose 20.9% year over year."", 'On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February.', 'Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.', ""Shopping traffic grew 5.7% year over year, with an increase of 5.6% in the U.S. The company's top sales categories included gold and jewelry, furniture, hardware and toys, all of which grew double digits year over year, according to Millerchip."", ""Consumer behavior, Millerchip said, hasn't changed much over the past few quarters."", 'Costco members are selective with the products they purchase, he said, and would become even more so if tariffs and inflation grow more significant.', '""We believe that the member is probably as much focused now on quality, value and newness as they have been for quite some time, but they are still showing that willingness to spend,"" Millerchip said.', ""Costco's fresh foods category experienced growth in the high single digits, Millerchip said."", 'Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef.', 'Customers continued to spend more on food at home, he added.', ""The meat and bakery sections drove the fresh foods category to lead Costco's categories in inflation, though overall inflation was in the low single digits, he added.""]",0.2291576699439066,"""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.","Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.",0.6665999747457958,"Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef.","On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February.",2025-03-07
+Walgreens to go private in roughly $10 billion deal with Sycamore Partners,https://www.cnbc.com/2025/03/06/walgreens-to-go-private-in-10-billion-deal-with-sycamore-partners.html,2025-03-06T22:56:15+0000,"In this articleStruggling drugstore chain Walgreens is going private. The company on Thursday said it inked a deal with private equity firm Sycamore Partners that will take it off the public market for an equity value of around $10 billion.Sycamore will pay $11.45 per share in cash for Walgreens, representing a roughly 8% premium to the stock's closing price on Thursday. Shareholders could also receive up to $3 more per share in the future from sales of Walgreens' primary-care businesses, including Village Medical, Summit Health and CityMD. Walgreens said the total value of the transaction would be up to $23.7 billion when including debt and possible payouts down the line.Walgreens and Sycamore expect to close the take-private deal in the fourth quarter of this year. Shares of Walgreens jumped more than 5% in after-hours trading on Thursday before being halted.The historic deal ends Walgreens' tumultuous run as a public company, which began in 1927. As of Thursday morning, shares of the company were up more than 15% for 2025, but the stock was still down more than 48% for the last year and had fallen 70% for the past three years. ""While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,"" Walgreens CEO Tim Wentworth, who stepped into the role in 2023, said in a release on Thursday. ""Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.Stefan Kaluzny, Sycamore's managing director, said in the release the transaction reflects the firm's confidence in Walgreens' ""pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.""Walgreens will maintain its headquarters in Chicago. The company currently has more than 310,000 employees globally and 12,500 retail pharmacy locations across the U.S., Europe and Latin America, according to the release. Walgreens still plans to release its second-quarter earnings on April 8.Walgreens's market value reached a peak of more than $100 billion in 2015 as investors gained confidence in its health-care business and expansion plans, making it one of the most prominent American retail companies. But the company's market cap shrank to under $8 billion in late 2024 due to competition from its main rival CVS, grocery chains, big-box retailers and Amazon, along with a slew of challenges. Walgreens has been squeezed by the transition out of the Covid pandemic, pharmacy reimbursement headwinds, softer consumer spending and a troubled push into health care.Both Walgreens and CVS have pivoted from years of store expansions to shuttering hundreds of retail pharmacy locations across the U.S. to shore up profits. But unlike CVS, which has diversified its business model by offering insurance and pharmacy benefits, Walgreens largely doubled down on its now-flailing retail pharmacy business. In October, Walgreens said it plans to close roughly 1,200 of its drugstores over the next three years, including 500 in fiscal 2025 alone. Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. The company has also scaled back its push into primary care by cutting its stake in provider VillageMD. Walgreens tapped health-care industry veteran Tim Wentworth as its new CEO in late 2023 to help regain its footing. The company has reportedly been seen as a potential private equity target in the past. In 2019, private equity firm KKR made a roughly $70 billion buyout offer to Walgreens, the Financial Times and Bloomberg reported at the time.",CNBC,06/03/2025,"['In this articleStruggling drugstore chain Walgreens is going private.', 'The company on Thursday said it inked a deal with private equity firm Sycamore Partners that will take it off the public market for an equity value of around $10 billion.', ""Sycamore will pay $11.45 per share in cash for Walgreens, representing a roughly 8% premium to the stock's closing price on Thursday."", ""Shareholders could also receive up to $3 more per share in the future from sales of Walgreens' primary-care businesses, including Village Medical, Summit Health and CityMD."", 'Walgreens said the total value of the transaction would be up to $23.7 billion when including debt and possible payouts down the line.', 'Walgreens and Sycamore expect to close the take-private deal in the fourth quarter of this year.', 'Shares of Walgreens jumped more than 5% in after-hours trading on Thursday before being halted.', ""The historic deal ends Walgreens' tumultuous run as a public company, which began in 1927."", 'As of Thursday morning, shares of the company were up more than 15% for 2025, but the stock was still down more than 48% for the last year and had fallen 70% for the past three years.', '""While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,"" Walgreens CEO Tim Wentworth, who stepped into the role in 2023, said in a release on Thursday. ""', 'Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.', 'Stefan Kaluzny, Sycamore\'s managing director, said in the release the transaction reflects the firm\'s confidence in Walgreens\' ""pharmacy-led model and essential role in driving better outcomes for patients, customers and communities.', '""Walgreens will maintain its headquarters in Chicago.', 'The company currently has more than 310,000 employees globally and 12,500 retail pharmacy locations across the U.S., EuropeandLatin America, according to the release.', ""Walgreens still plans to release its second-quarter earnings on April 8.Walgreens's market value reached a peak of more than $100 billion in 2015 as investors gained confidence in its health-care business and expansion plans, making it one of the most prominent American retail companies."", ""But the company's market cap shrank to under $8 billion in late 2024 due to competition from its main rival CVS, grocery chains, big-box retailers and Amazon, along with a slew of challenges."", 'Walgreens has been squeezed by the transition out of the Covid pandemic, pharmacy reimbursement headwinds, softer consumer spending and a troubled push into health care.', 'Both Walgreens and CVS have pivoted from years of store expansions to shuttering hundreds of retail pharmacy locations across the U.S. to shore up profits.', 'But unlike CVS, which has diversified its business model by offering insurance and pharmacy benefits, Walgreens largely doubled down on its now-flailing retail pharmacy business.', 'In October, Walgreens said it plans toclose roughly 1,200 of its drugstoresover the nextthree years, including 500 in fiscal 2025 alone.', 'Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'The company has also scaled back its push into primary care by cutting its stake inprovider VillageMD.Walgreens tapped health-care industry veteran Tim Wentworth as its new CEO in late 2023 to help regain its footing.', 'The company has reportedly been seen as a potential private equity target in the past.', 'In 2019, private equity firm KKR made a roughly $70 billion buyout offer to Walgreens, the Financial Times and Bloomberg reported at the time.']",0.2717442142228549,"""While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,"" Walgreens CEO Tim Wentworth, who stepped into the role in 2023, said in a release on Thursday. ""","As of Thursday morning, shares of the company were up more than 15% for 2025, but the stock was still down more than 48% for the last year and had fallen 70% for the past three years.",0.3318427483240763,"Walgreens still plans to release its second-quarter earnings on April 8.Walgreens's market value reached a peak of more than $100 billion in 2015 as investors gained confidence in its health-care business and expansion plans, making it one of the most prominent American retail companies.","Walgreens has been squeezed by the transition out of the Covid pandemic, pharmacy reimbursement headwinds, softer consumer spending and a troubled push into health care.",2025-03-07
+"Target to expand online marketplace, boost product assortment as it aims for $15 billion in sales growth by 2030",https://www.cnbc.com/2025/03/04/target-outlines-plans-to-grow-sales-by-15-billion-by-2030.html,2025-03-04T16:39:23+0000,"In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City. The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage. Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February. As of Monday's close, shares of the company are down nearly 11% this year. In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers. The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers. The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue. Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores. In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030. However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers.""Rather than opening the doors to any seller, we're focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target's strategy for bringing vendors onto the marketplace. ""But that hasn't prevented us from massive growth. Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030. The company said that unit drove more than $2 billion in value last year. That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth. Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks. ""There are some forever truths in retail. One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""And when you can find that fantastic combination of newness, style and value at Target, we win."" Having a wide range of fresh products is key to Target's success and has long been its primary competitive advantage. Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for.Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue. To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company. It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim. Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey. The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds. Those investments will include modernizing the company's legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release. ""We know there's no Tarzhay magic If you can't find the item you were looking for because we were out of stock or we didn't delight you in store,"" said Fiddelke. It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.",CNBC,04/03/2025,"['In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City.', ""The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage."", 'Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it\'s expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.', ""As of Monday's close, shares of the company are down nearly 11% this year."", ""In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers."", 'The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.', ""In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers."", ""The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue."", 'Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores.', 'In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030.', ""However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers."", '""Rather than opening the doors to any seller, we\'re focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.', 'That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.', '""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target\'s strategy for bringing vendors onto the marketplace. ""', ""But that hasn't prevented us from massive growth."", 'Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.', '""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030.', 'The company said that unit drove more than $2 billion in value last year.', ""That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth."", ""Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks."", '""There are some forever truths in retail.', 'One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""', 'And when you can find that fantastic combination of newness, style and value at Target, we win.', '""Having a wide range of fresh products is key to Target\'s success and has long been its primary competitive advantage.', ""Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for."", ""Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue."", 'To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company.', ""It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim."", 'Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey.', 'The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.', 'It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds.', 'Those investments will include modernizing the company\'s legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release.', '""We know there\'s no Tarzhay magic If you can\'t find the item you were looking for because we were out of stock or we didn\'t delight you in store,"" said Fiddelke.', 'It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.']",0.4638966742849588,"One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""","Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue.",0.6591097563505173,"Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.","Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.",2025-03-07
+"Kenvue settles proxy fight with activist Starboard, adding three directors to its board",https://www.cnbc.com/2025/03/05/kenvue-settles-proxy-fight-with-activist-starboard-sources-tell-cnbc.html,2025-03-05T15:35:36+0000,"In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division.""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo.J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant. It marked the biggest shake-up in J&J's nearly 140-year history.",CNBC,05/03/2025,"['In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.', ""Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division."", '""Sarah\'s brand building and digital marketing expertise, Erica\'s global consumer health industry experience, and Jeff\'s investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue\'s board, in a statement Wednesday.', 'CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.', ""Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo."", 'J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant.', ""It marked the biggest shake-up in J&J's nearly 140-year history.""]",0.0801694650094346,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",It marked the biggest shake-up in J&J's nearly 140-year history.,0.4983651787042618,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.,2025-03-07
+Women's pro tennis introduces paid maternity leave funded by Saudi sovereign wealth fund,https://www.cnbc.com/2025/03/06/womens-pro-tennis-paid-maternity-leave-saudi-pif.html,2025-03-06T20:03:34+0000,"Big changes are coming to professional women's tennis.The Women's Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday. Women's tennis is one of the last professional sports to provide these benefits, and players have been asking.As part of the program, eligible players will receive up to 12 months of paid maternity leave. Players will also have access to grants to cover fertility conception and egg freezing treatments. The WTA said the new policy will benefit 320 eligible players.""This initiative will provide the current and next generation of players the support and flexibility to explore family life, in whatever form they choose,"" Portia Archer, WTA CEO, said in a statement.The PIF WTA maternity fund program is the first and only maternity program in women's sports to be fully funded and supported by an external partner, the WTA said. PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.In May, the Saudi public investment fund and the WTA agreed to a multiyear partnership as Saudi Arabia looks to further its investment into sports. PIF also funds the LIV Golf league.The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses. The new policy could be an attempt by the PIF to show U.S. tennis fans that the Kingdom is changing.""PIF partnerships are designed to elevate every level of sport and leave a legacy of transformative impact on a global scale,"" said Alanoud Althonayan, head of events and sponsorships at PIF, in a statement.While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years.""Thinking back about my experience in 2008 when I had my daughter, there was no support,"" said Kim Clijsters, former WTA No. 1 player and a PIF Ambassador, in a statement. ""I think this is going to be a career-changing opportunity for a lot of players.""The Women's National Basketball Association's latest collective bargaining agreement with players guarantees women full pay during maternity leave. FIFA and the National Women's Soccer League also recently expanded their maternity benefits.Thursday's announcement has been a long time coming for former top-ranked star Victoria Azarenka. She has been advocating for maternity pay in tennis since giving birth to her son in 2016. Azarenka sits on the players' council advocating for increased benefits.""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. ""Ensuring that programs like this exist has been a personal mission of mine, and I'm excited to see the lasting impact it will have for generations to come.""",CNBC,06/03/2025,"[""Big changes are coming to professional women's tennis."", ""The Women's Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday."", ""Women's tennis is one of the last professional sports to provide these benefits, and players have been asking."", 'As part of the program, eligible players will receive up to 12 months of paid maternity leave.', 'Players will also have access to grants to cover fertility conception and egg freezing treatments.', 'The WTA said the new policy will benefit 320 eligible players.', '""This initiative will provide the current and next generation of players the support and flexibility to explore family life, in whatever form they choose,"" Portia Archer, WTA CEO, said in a statement.', ""The PIF WTA maternity fund program is the first and only maternity program in women's sports to be fully funded and supported by an external partner, the WTA said."", 'PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.', 'In May, the Saudi public investment fund and the WTA agreed to a multiyear partnership as Saudi Arabia looks to further its investment into sports.', 'PIF also funds the LIV Golf league.', ""The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses."", 'The new policy could be an attempt by the PIF to show U.S. tennis fans that the Kingdom is changing.', '""PIF partnerships are designed to elevate every level of sport and leave a legacy of transformative impact on a global scale,"" said Alanoud Althonayan, head of events and sponsorships at PIF, in a statement.', ""While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years."", '""Thinking back about my experience in 2008 when I had my daughter, there was no support,"" said Kim Clijsters, former WTA No.', '1 player and a PIF Ambassador, in a statement. ""', 'I think this is going to be a career-changing opportunity for a lot of players.', '""The Women\'s National Basketball Association\'s latest collective bargaining agreement with players guarantees women full pay during maternity leave.', ""FIFA and the National Women's Soccer League also recently expanded their maternity benefits."", ""Thursday's announcement has been a long time coming for former top-ranked star Victoria Azarenka."", 'She has been advocating for maternity pay in tennis since giving birth to her son in 2016.', ""Azarenka sits on the players' council advocating for increased benefits."", '""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. ""', 'Ensuring that programs like this exist has been a personal mission of mine, and I\'m excited to see the lasting impact it will have for generations to come.""']",0.2447998022654944,"""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. """,The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses.,0.6099663051691923,"While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years.",The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses.,2025-03-07
+NHL commissioner says league could be affected by U.S.-Canada tariffs,https://www.cnbc.com/2025/03/05/nhl-commissioner-gary-bettman-us-canada-tariffs.html,2025-03-05T18:23:21+0000,"National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.Bettman said 25% of the league's revenue comes from its Canadian clubs. Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC's Becky Quick on ""Squawk Box."" ""So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.""""I'm hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL's sponsors.The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season. The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion.""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""And we're in a good place because the game has never been better.""",CNBC,05/03/2025,"['National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.', ""Bettman said 25% of the league's revenue comes from its Canadian clubs."", 'Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.', '""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC\'s Becky Quick on ""Squawk Box."" ""', 'So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.', '""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.', '""""I\'m hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL\'s sponsors.', 'The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.', 'Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season.', 'The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.', ""According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion."", '""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""', 'And we\'re in a good place because the game has never been better.""']",0.0398578628670425,"""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",0.289622314274311,"The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",2025-03-07
+"Aviation industry pushes Congress for air traffic improvements, more hiring",https://www.cnbc.com/2025/03/04/aviation-industry-air-traffic-control.html,2025-03-04T18:06:37+0000,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government. But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees. The Department of Transportation said it didn't include air traffic controllers.""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk's so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""",CNBC,04/03/2025,"['Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.', ""Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy."", 'Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.', ""Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government."", ""But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees."", ""The Department of Transportation said it didn't include air traffic controllers."", '""This demoralizes the entire workforce and distracts from the agency\'s efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.', 'He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.', '""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk\'s so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""']",0.0047429110442302,"""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.","Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.",-0.1535607406071254,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.","Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.",2025-03-07
+Macy's turnaround hinges on revamping some stores and closing others. It appears to be working,https://www.cnbc.com/2025/03/06/macys-m-q4-2024-earnings.html,2025-03-06T15:13:37+0000,"In this articleMacy's delivered another quarter of mixed results on Thursday as investors wait and see how quickly CEO Tony Spring can pull off a turnaround of the business with yet another activist investor looking to take the chain private.Across the business, which includes the Macy's banner, Bloomingdale's and Blue Mercury, comparable sales during the all-important holiday quarter were down 1.1%. But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022. Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive.The two bright spots in an otherwise worse-than-expected set of results suggest Macy's turnaround is showing some signs of life – it just might not be working fast enough.For fiscal 2025, Macy's is expecting adjusted earnings per share of $2.05 to $2.25 and sales of between $21 billion and $21.4 billion, lower than Wall Street expectations of $2.31 per share and $21.8 billion, according to LSEG.Macy's shares fell slightly in early trading.Here's how the department store performed during its fiscal 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 $342 million, or $1.21 per share, compared with a loss of $128 million, or a loss of 47 cents per share, a year earlier. Excluding one-time items including impairments and settlement and restructuring charges, Macy's reported earnings of $507 million, or $1.80 per share. Sales dropped to $7.77 billion, down about 4% from $8.12 billion a year earlier. Like other retailers, Macy's benefited from an extra selling week in the year-ago period, which has skewed comparisons. For the current quarter, Macy's is expecting adjusted earnings per share of between 12 cents and 15 cents and sales of between $4.4 billion and $4.5 billion, far below estimates of 28 cents and $4.71 billion, according to LSEG. On a call with analysts, chief operating officer and chief financial officer Adrian Mitchell said the company is taking a ""prudent"" approach to guidance given the fluid nature of the turnaround plan, cautious consumer spending and uncertainties created by recent tariff increases between the U.S. and major trade partners. ""If we weren't in the environment that were operating in, I would be even more bullish on our potential,"" CEO Spring said during a call with analysts. ""But I think prudency is important at this point in time.""Macy's mixed results come just over a year into Spring's tenure as the legacy department store's chief executive and his three-year strategy to turn the business around. While Bloomingdale's and Blue Mercury saw another quarter of positive comparable sales, growing 4.8% and 6.2%, respectively, Macy's namesake banner continues to be the company's laggard with comps down 1.9%. To address long-standing issues at the legacy banner, Spring has implemented an aggressive store closure plan that includes shuttering 150 doors and a strategy to fix its better-performing locations. As Macy's and other department stores have shrunk over the years, it's faced criticism for neglecting its stores, not having enough staff and falling behind on the retail essentials that are necessary to win in any environment. Spring has started to address those issues by investing in 50 locations and providing better staffing, merchandising and visual presentation of the company's varied assortment. So far, the plan appears to be working. When Macy's added more staffing to the shoes and handbag departments at 100 test locations, those stores outperformed shops that didn't have those investments, Spring said Thursday. Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""Now we must scale these changes in order to achieve our long-term goals.""In fiscal 2024, comparable sales across Macy's business were still down by 0.9%, but that's an improvement of 5.1 percentage points compared to fiscal 2023. In the fourth quarter, comparable sales at the Macy's nameplate also saw a decline of 0.9%, up 3.8 percentage points from the prior year.Still, investors shouldn't expect a return to growth this year. The company is projecting comparable sales for the owned stores it's keeping open, plus its licensed businesses and online marketplace, to be down 2% to flat in fiscal 2025 compared to the prior year.Reimagined stores now make up 36% of the 350 Macy's locations that the business plans to keep open after it finishes closing underperforming locations. It will take time – and capital – to extend its strategy to the bulk of the chain. Spring has given the company two more years to pull it off, but whether investors have the patience to see the strategy play out — and whether macroeconomic conditions will slow it down — remains to be seen. In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio. It's the fourth activist push at the department store in the last decade.Like the activists that had come right before it, Arkhouse and Brigade, many suspect that Barington is mainly after Macy's lucrative real estate portfolio and is more interested in juicing it for profit than doing the work necessary to revitalize the chain. Still, Macy's must act in the interest of shareholders and if it's not doing enough to return value quickly an activist could eventually win out.Macy's on Thursday announced its intent to resume share buybacks under its remaining $1.4 billion share repurchase authorization, ""market conditions pending."" ""Building on our momentum, we continue to elevate the customer experience, deliver operational excellence and make prudent capital investments,"" said Mitchell. ""We remain committed to generating healthy free cash flow and returning capital to shareholders through share buybacks and predictable quarterly dividends.""",CNBC,06/03/2025,"[""In this articleMacy's delivered another quarter of mixed results on Thursday as investors wait and see how quickly CEO Tony Spring can pull off a turnaround of the business with yet another activist investor looking to take the chain private."", ""Across the business, which includes the Macy's banner, Bloomingdale's and Blue Mercury, comparable sales during the all-important holiday quarter were down 1.1%."", ""But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022.Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive."", ""The two bright spots in an otherwise worse-than-expected set of results suggest Macy's turnaround is showing some signs of life – it just might not be working fast enough."", ""For fiscal 2025, Macy's is expecting adjusted earnings per share of $2.05 to $2.25 and sales of between $21 billion and $21.4 billion, lower than Wall Street expectations of $2.31 per share and $21.8 billion, according to LSEG.Macy's shares fell slightly in early trading."", ""Here's how the department store performed during its fiscal 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 $342 million, or $1.21 per share, compared with a loss of $128 million, or a loss of 47 cents per share, a year earlier."", ""Excluding one-time items including impairments and settlement and restructuring charges, Macy's reported earnings of $507 million, or $1.80 per share."", 'Sales dropped to $7.77 billion, down about 4% from $8.12 billion a year earlier.', ""Like other retailers, Macy's benefited from an extra selling week in the year-ago period, which has skewed comparisons."", ""For the current quarter, Macy's is expecting adjusted earnings per share of between 12 cents and 15 cents and sales of between $4.4 billion and $4.5 billion, far below estimates of 28 cents and $4.71 billion, according to LSEG."", 'On a call with analysts, chief operating officer and chief financial officer Adrian Mitchell said the company is taking a ""prudent"" approach to guidance given the fluid nature of the turnaround plan, cautious consumer spending and uncertainties created by recent tariff increases between the U.S. and major trade partners. ""', 'If we weren\'t in the environment that were operating in, I would be even more bullish on our potential,"" CEO Spring said during a call with analysts. ""', 'But I think prudency is important at this point in time.', '""Macy\'s mixed results come just over a year into Spring\'s tenure as the legacy department store\'s chief executive and his three-year strategy to turn the business around.', ""While Bloomingdale's and Blue Mercury saw another quarter of positive comparable sales, growing 4.8% and 6.2%, respectively, Macy's namesake banner continues to be the company's laggard with comps down 1.9%.To address long-standing issues at the legacy banner, Spring has implemented an aggressive store closure plan that includes shuttering 150 doors and a strategy to fix its better-performing locations."", ""As Macy's and other department stores have shrunk over the years, it's faced criticism for neglecting its stores, not having enough staff and falling behind on the retail essentials that are necessary to win in any environment."", ""Spring has started to address those issues by investing in 50 locations and providing better staffing, merchandising and visual presentation of the company's varied assortment."", 'So far, the plan appears to be working.', ""When Macy's added more staffing to the shoes and handbag departments at 100 test locations, those stores outperformed shops that didn't have those investments, Spring said Thursday."", 'Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""', 'Now we must scale these changes in order to achieve our long-term goals.', '""In fiscal 2024, comparable sales across Macy\'s business were still down by 0.9%, but that\'s an improvement of 5.1 percentage points compared to fiscal 2023.', ""In the fourth quarter, comparable sales at the Macy's nameplate also saw a decline of 0.9%, up 3.8 percentage points from the prior year."", ""Still, investors shouldn't expect a return to growth this year."", ""The company is projecting comparable sales for the owned stores it's keeping open, plus its licensed businesses and online marketplace, to be down 2% to flat in fiscal 2025 compared to the prior year."", ""Reimagined stores now make up 36% of the 350 Macy's locations that the business plans to keep open after it finishes closing underperforming locations."", 'It will take time – and capital – to extend its strategy to the bulk of the chain.', 'Spring has given the company two more years to pull it off, but whether investors have the patience to see the strategy play out — and whether macroeconomic conditions will slow it down — remains to be seen.', ""In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio."", ""It's the fourth activist push at the department store in the last decade."", ""Like the activists that had come right before it, Arkhouse and Brigade, many suspect that Barington is mainly after Macy's lucrative real estate portfolio and is more interested in juicing it for profit than doing the work necessary to revitalize the chain."", ""Still, Macy's must act in the interest of shareholders and if it's not doing enough to return value quickly an activist could eventually win out."", 'Macy\'s on Thursday announced its intent to resume share buybacks under its remaining $1.4 billion share repurchase authorization, ""market conditions pending.', '""""Building on our momentum, we continue to elevate the customer experience, deliver operational excellence and make prudent capital investments,"" said Mitchell. ""', 'We remain committed to generating healthy free cash flow and returning capital to shareholders through share buybacks and predictable quarterly dividends.""']",0.2452788649462433,"But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022.Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive.","In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio.",0.2684937073634221,"Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""","""In fiscal 2024, comparable sales across Macy's business were still down by 0.9%, but that's an improvement of 5.1 percentage points compared to fiscal 2023.",2025-03-07
+Trump's tariffs could quickly cut North American auto production by a third,https://www.cnbc.com/2025/03/04/trump-tariffs-north-american-auto-production.html,2025-03-04T21:13:06+0000,"DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks.That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.""We have a new dawn, to a degree. This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.The affected production will vary by automaker, vehicle and plant location. It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.""I think we're going to see some plants drop shifts. We're going to see some plants just slow build rates,"" Brinley said. ""It won't be necessarily consistent across [automakers]. It's going to very much be about what they need and how much they need it.""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.A tariff is a tax on imports, or foreign goods, brought into the United States. The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.""This isn't hypothetical,"" the trade group's CEO, John Bozzella, said in a statement. ""All automakers will be impacted by these tariffs on Canada and Mexico. Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly. We remain hopeful that the sides can come to an agreement for a productive path forward.""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""So far what we're seeing is a lot of cost and a lot of chaos.""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.""It's difficult to calculate the total impact such tariffs will have on North American vehicle production.""It's one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.""The automotive industry is a complex global system that thrives on certainty. S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts. Parts may originate in anywhere from 50 to 120 countries.For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.Those parts come from at least 24 different countries, according to Caresoft.",CNBC,04/03/2025,"[""DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks."", 'That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.', 'The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.', '""We have a new dawn, to a degree.', 'This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.', 'S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.', 'The affected production will vary by automaker, vehicle and plant location.', 'It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.', '""I think we\'re going to see some plants drop shifts.', 'We\'re going to see some plants just slow build rates,"" Brinley said. ""', ""It won't be necessarily consistent across [automakers]."", ""It's going to very much be about what they need and how much they need it."", '""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.', 'A tariff is a tax on imports, or foreign goods, brought into the United States.', 'The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.', 'Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.', 'The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.', '""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.', 'The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.', '""This isn\'t hypothetical,"" the trade group\'s CEO, John Bozzella, said in a statement. ""', 'All automakers will be impacted by these tariffs on Canada and Mexico.', 'Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.', '""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly.', 'We remain hopeful that the sides can come to an agreement for a productive path forward.', '""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.', '""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""', ""So far what we're seeing is a lot of cost and a lot of chaos."", '""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.', 'Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.', '""It\'s difficult to calculate the total impact such tariffs will have on North American vehicle production.', '""It\'s one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""', 'The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.', '""The automotive industry is a complex global system that thrives on certainty.', ""S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts."", 'Parts may originate in anywhere from 50 to 120 countries.', 'For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.', 'Those parts come from at least 24 different countries, according to Caresoft.']",0.0065687880175178,We remain hopeful that the sides can come to an agreement for a productive path forward.,"The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.",-0.1655878782272339,"""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""","""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.",2025-03-07
+Airline stocks fall as possible economic 'soft patch' raises demand concerns,https://www.cnbc.com/2025/03/04/airline-stocks-tumble-amid-economic-concerns.html,2025-03-04T21:24:10+0000,"U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties. Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines. American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week. Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic 'soft patch,'"" Deutsche Bank said in a note Tuesday. ""To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.""Business is really robust,"" United Airlines CFO Mike Leskinen said at a Barclays industry conference last month. ""International leisure is very strong. Domestic leisure is kind of OK. It's fine. It's what we expected.""Leskinen said that government travel, which accounts for about 2% of United's revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.",CNBC,04/03/2025,"['U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.', 'The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties.', 'Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.', 'United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines.', 'American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.', 'Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.', 'U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.', 'Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.', '""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic \'soft patch,\'"" Deutsche Bank said in a note Tuesday. ""', 'To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.', '""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.', '""Business is really robust,"" United Airlines CFO Mike Leskinensaid at a Barclays industry conference last month. ""', 'International leisure is very strong.', 'Domestic leisure is kind of OK.', ""It's fine."", ""It's what we expected."", '""Leskinensaid that government travel, which accounts for about 2% of United\'s revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.', 'Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta\'s crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.', ""The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.""]",0.1249034151322922,Domestic leisure is kind of OK.,"Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.",-0.3687750808894634,"The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.","U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.",2025-03-07
+Amgen starts two critical late-stage trials for weight loss drug MariTide,https://www.cnbc.com/2025/03/05/amgen-weight-loss-drug-maritide-starts-two-phase-three-trials.html,2025-03-05T16:41:30+0000,"Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market. ""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program. MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables. They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF. Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said. The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetes The main goal of both studies is to measure the percentage of weight loss at 72 weeks. Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time. The company did not share a specific regimen for dosing in the trials. Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau. The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau. But the results were on the lower end of Wall Street's lofty expectations for the drug. Amgen will report more data on MariTide this year. The full results of the phase two trial will be presented at the American Diabetes Association conference in June. The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides. The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1. Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.",CNBC,05/03/2025,"['Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market.', '""We\'re delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen\'s executive vice president of research and development, said during a TD Cowen conference, using the name of the drug\'s phase three development program.', 'MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables.', 'They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.', 'About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF.', 'Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.', ""One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said."", 'The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetesThe main goal of both studies is to measure the percentage of weight loss at 72 weeks.', 'Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time.', 'The company did not share a specific regimen for dosing in the trials.', 'Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.', 'The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau.', ""But the results were on the lower end of Wall Street's lofty expectations for the drug."", 'Amgen will report more data on MariTide this year.', 'The full results of the phase two trial will be presented at the American Diabetes Association conference in June.', 'The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.', 'MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides.', ""The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1."", ""Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.""]",-0.151165517904489,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.","Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.",0.9984358429908752,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.",,2025-03-07
+Sen. Blumenthal asks Visa for records of its payments deal with Elon Musk’s X,https://www.cnbc.com/2025/03/07/blumenthal-asks-visa-for-details-on-elon-musk-x-payments-deal.html,2025-03-07T17:52:46+0000,"In this articleSen. Richard Blumenthal this week pressed Visa for detailed plans and documents related to its deal to provide payments services to Elon Musk's social media site, X, as it prepares to launch a digital wallet.Blumenthal, a Democrat from Connecticut and the ranking member of the Senate's Permanent Subcommittee on Investigations, pointed to Musk's role in hobbling the Consumer Financial Protection Bureau — the consumer watchdog that would be a key regulator of the X Money service — as among the reasons for the information request, according to a March 6 letter obtained by CNBC.""Given the unique position of X Chairman and Chief Technology Officer Elon Musk as leader of the Department of Government Efficiency and his recent role in gutting the Consumer Financial Protection Bureau … Visa stands to take advantage of the deep conflicts of interest and unscrupulous conduct of its new business partner,"" Blumenthal wrote.The Senate request is one of the first signs of scrutiny on Visa, which runs the world's largest credit card network, after a late January announcement that it had agreed to power peer-to-peer payments on X. Days after the deal was disclosed, operatives from Musk's Department of Government Efficiency gained access to CFPB data systems, leading to accusations that Musk wanted to kneecap a future regulator and that he could steal trade secrets of competitors to his nascent X Money service.The letter, addressed to Visa CEO Ryan McInerney, also cast doubts about whether a social media network known for ""bots, scams and hate speech"" would be able to prevent scams and fraud from proliferating on the site. Musk purchased the site in 2022, when it was known as Twitter.""These concerns raise questions about X's ability to protect consumers from fraud and scams as it ventures into the financial sector,"" Blumenthal wrote.""As the largest payment processor in the world, Visa has a legal responsibility to ensure its network is free of financial crime such as scams and fraud, money-laundering, terrorist financing, and more,"" he said.Blumenthal asked for a detailed description of Visa's plans to enable payments on X, including the business model of the service and Visa's role in compliance with regulatory requirements around money laundering and illicit remittances.He also pressed Visa for ""all records"" related to the deal and communications between X, Visa, DOGE and CFPB personnel.""We are currently reviewing the letter and will respond appropriately,"" a Visa spokesman said in a statement.A representative for X didn't immediately have comment.",CNBC,07/03/2025,"['In this articleSen.', ""Richard Blumenthal this week pressed Visa for detailed plans and documents related to its deal to provide payments services to Elon Musk's social media site, X, as it prepares to launch a digital wallet."", 'Blumenthal, a Democrat from Connecticut and the ranking member of the Senate\'s Permanent Subcommittee on Investigations, pointed to Musk\'s role in hobbling the Consumer Financial Protection Bureau — the consumer watchdog that would be a key regulator of the X Money service — as among the reasons for the information request, according to a March 6 letter obtained by CNBC.""Given the unique position of X Chairman and Chief Technology Officer Elon Musk as leader of the Department of Government Efficiency and his recent role in gutting the Consumer Financial Protection Bureau … Visa stands to take advantage of the deep conflicts of interest and unscrupulous conduct of its new business partner,"" Blumenthal wrote.', ""The Senate request is one of the first signs of scrutiny on Visa, which runs the world's largest credit card network, after a late January announcement that it had agreed to power peer-to-peer payments on X. Days after the deal was disclosed, operatives from Musk's Department of Government Efficiency gained access to CFPB data systems, leading to accusations that Musk wanted to kneecap a future regulator and that he could steal trade secrets of competitors to his nascent X Money service."", 'The letter, addressed to Visa CEO Ryan McInerney, also cast doubts about whether a social media network known for ""bots, scams and hate speech"" would be able to prevent scams and fraud from proliferating on the site.', 'Musk purchased the site in 2022, when it was known as Twitter.', '""These concerns raise questions about X\'s ability to protect consumers from fraud and scams as it ventures into the financial sector,"" Blumenthal wrote.', '""As the largest payment processor in the world, Visa has a legal responsibility to ensure its network is free of financial crime such as scams and fraud, money-laundering, terrorist financing, and more,"" he said.', ""Blumenthal asked for a detailed description of Visa's plans to enable payments on X, including the business model of the service and Visa's role in compliance with regulatory requirements around money laundering and illicit remittances."", 'He also pressed Visa for ""all records"" related to the deal and communications between X, Visa, DOGE and CFPB personnel.', '""We are currently reviewing the letter and will respond appropriately,"" a Visa spokesman said in a statement.', ""A representative for X didn't immediately have comment.""]",-0.1084182607990205,"Blumenthal, a Democrat from Connecticut and the ranking member of the Senate's Permanent Subcommittee on Investigations, pointed to Musk's role in hobbling the Consumer Financial Protection Bureau — the consumer watchdog that would be a key regulator of the X Money service — as among the reasons for the information request, according to a March 6 letter obtained by CNBC.""Given the unique position of X Chairman and Chief Technology Officer Elon Musk as leader of the Department of Government Efficiency and his recent role in gutting the Consumer Financial Protection Bureau … Visa stands to take advantage of the deep conflicts of interest and unscrupulous conduct of its new business partner,"" Blumenthal wrote.","The letter, addressed to Visa CEO Ryan McInerney, also cast doubts about whether a social media network known for ""bots, scams and hate speech"" would be able to prevent scams and fraud from proliferating on the site.",-0.3826399644215901,"The Senate request is one of the first signs of scrutiny on Visa, which runs the world's largest credit card network, after a late January announcement that it had agreed to power peer-to-peer payments on X. Days after the deal was disclosed, operatives from Musk's Department of Government Efficiency gained access to CFPB data systems, leading to accusations that Musk wanted to kneecap a future regulator and that he could steal trade secrets of competitors to his nascent X Money service.","The letter, addressed to Visa CEO Ryan McInerney, also cast doubts about whether a social media network known for ""bots, scams and hate speech"" would be able to prevent scams and fraud from proliferating on the site.",2025-03-07
+"Target warns February sales were soft, adding to concerns about consumer health",https://www.cnbc.com/2025/03/04/target-tgt-q4-2024-earnings.html,2025-03-04T14:43:04+0000,"In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs. The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season. But Target's tepid guidance comes after Walmart and E.l.f. Beauty raised concerns last month about a slower-than-usual start to the year.Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy.Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments. In a statement, Target's finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales. He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales. ""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.""Target CEO Brian Cornell also told CNBC that President Donald Trump's 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations.Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday.Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier.Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier. In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG. However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors. While it declined to share specific figures, Target said it's expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year."" Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales.That strategy ultimately impacted profits. During the quarter, Target's gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart. That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food. For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month. They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum. At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes. With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year.The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.",CNBC,04/03/2025,"['In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.', 'The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season.', ""But Target's tepid guidance comes after Walmart and E.l.f."", 'Beauty raised concerns last month about a slower-than-usual start to the year.', ""Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy."", ""Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments."", 'In a statement, Target\'s finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales.', 'He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.', '""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""', 'We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.', '""Target CEO Brian Cornell also told CNBC that President Donald Trump\'s 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.', ""Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations."", ""Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday."", ""Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier."", 'Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier.', 'In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.', 'For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG.', ""However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors."", 'While it declined to share specific figures, Target said it\'s expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year.""', ""Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales."", 'That strategy ultimately impacted profits.', 'During the quarter, Target\'s gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.', 'Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.', 'That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.', ""The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food."", 'For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month.', 'They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.', 'During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.', 'At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.', ""As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes."", ""With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year."", 'The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.', ""Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.""]",0.2131926771073621,"Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.","He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.",-0.112752641069478,"During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.","In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.",2025-03-07
+Novo Nordisk offers Wegovy for less than half the price through new direct-to-consumer pharmacy,https://www.cnbc.com/2025/03/05/novo-nordisk-offers-discounted-wegovy-through-direct-to-consumer-pharmacy.html,2025-03-05T18:45:15+0000,"In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection. It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug.The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug. Wegovy's list price before insurance and other rebates is almost $1,350 per month.The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner. NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovy at a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly. The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery. More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over. That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.",CNBC,05/03/2025,"['In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.', 'The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection.', ""It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug."", 'The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug.', ""Wegovy's list price before insurance and other rebates is almost $1,350 per month."", ""The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner."", 'NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.', '""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovyat a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.', 'Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.', ""The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly."", 'The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.', 'Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.', 'The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery.', 'More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.', 'In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.', 'That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.', 'NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.']",0.1280287394789138,"NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.",In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.,0.2066699981689453,"Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.","In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.",2025-03-07
+"CFPB drops lawsuit against JPMorgan Chase, Bank of America and Wells Fargo over Zelle fraud",https://www.cnbc.com/2025/03/04/cfpb-drops-jpmorgan-bank-of-america-wells-fargo-lawsuit.html,2025-03-04T21:47:50+0000,"In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuit against the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra. The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency.The CFPB said customers of the three banks have lost more than $870 million since the launch of Zelle in 2017. The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal. Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.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, former head of enforcement Eric Halperin told CNBC last week.A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",CNBC,04/03/2025,"['In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuitagainst the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.', 'The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.', 'The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.', 'Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra.', ""The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency."", 'The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.', 'The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal.', 'Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.', '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, former head of enforcement Eric Halperin told CNBC last week.', 'A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.', '""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.', '""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""', 'In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""']",-0.2412455294068504,"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, former head of enforcement Eric Halperin told CNBC last week.","The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.",0.0067916959524154,"In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.,2025-03-07
+These are the most competitive rental markets in the U.S.,https://www.cnbc.com/2025/03/05/most-competitive-rental-united-states.html,2025-03-05T18:34:18+0000,"New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market. Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census. That is the highest level since 1974 and a 34% increase from 2023. New York City, Dallas and Austin, Texas, led in the number of new rentals.Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index. That's in large part because a growing number of renters are not moving.Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe. Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year. In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report. As a result, each available apartment has an average of seven applicants.Looking locally, Miami has the highest occupancy rate. It is the most competitive, with an average 14 applicants for each unit.""Throughout the last few years, Miami has established itself as 'Wall Street South,' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."" The Midwest, however, leads in overall rental competitiveness. Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami. Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.Rents, which had been easing, are now on the rise again. Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList. February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer. Rents are still 0.4% lower than they were in February of last year, however. Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList. The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.",CNBC,05/03/2025,"['New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market.', 'Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.', 'Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census.', 'That is the highest level since 1974 and a 34% increase from 2023.', 'New York City, Dallas and Austin, Texas, led in the number of new rentals.', ""Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index."", ""That's in large part because a growing number of renters are not moving."", 'Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe.', 'Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.', 'Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year.', 'In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report.', 'As a result, each available apartment has an average of seven applicants.', 'Looking locally, Miami has the highest occupancy rate.', 'It is the most competitive, with an average 14 applicants for each unit.', '""Throughout the last few years, Miami has established itself as \'Wall Street South,\' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""', ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."", '""The Midwest, however, leads in overall rental competitiveness.', 'Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami.', 'Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.', 'Rents, which had been easing, are now on the rise again.', 'Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList.', 'February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer.', 'Rents are still 0.4% lower than they were in February of last year, however.', 'Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.', 'The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report\'s authors.']",0.1013443899529229,"The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.","Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.",0.4675750176111857,"Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index.","Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.",2025-03-07
+Trump grants automakers one-month exemption from tariffs,https://www.cnbc.com/2025/03/05/trump-grants-automakers-one-month-exemption-from-tariffs.html,2025-03-06T16:11:58+0000,"In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump's decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office.Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.The White House confirmed Thursday that the one-month exemption includes automotive parts, accessories and other supplier products in addition to completed vehicles.It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. ""That's a combination of the election win and tariffs.""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""Cars will get more expensive for consumers if tariffs continue for a long time.""S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.",CNBC,06/03/2025,"['In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.', ""Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin."", '""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.', 'The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump\'s decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.', '""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.', 'Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.', 'Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.', ""The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office."", 'Shares of GM, Ford and Stellantis were notably up following the announcement.', 'Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.The White House confirmed Thursday that the one-month exemption includes automotive parts, accessories and other supplier products in addition to completed vehicles.', ""It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay."", 'After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.', 'The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs.', 'It also more closely aligns with potential vehicle tariffs on imports from outside of North America.', 'Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.', '""We\'re going to have growth in the auto industry like nobody\'s ever seen,"" Trump said Tuesday night before a joint session of Congress. ""', ""That's a combination of the election win and tariffs."", '""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night.', 'The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.', 'Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.', '""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""', 'We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.', '""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.', 'There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.', 'Executives with France-based auto supplier Forvia on Wednesday said the companyand itscustomers, including automakers, have been planning different contingency plans for the tariffs.', 'That has included working with customers to reach parts agreements since the 25%tariffstook effect Tuesday.', '""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""', 'Cars will get more expensive for consumers if tariffs continue for a long time.', '""S&P Global Mobility on Tuesday predicted roughlya third of vehicle production in North America could be cut by next weekdue to the 25% tariffs.', 'The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.']",0.1015896210757481,Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.,It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay.,0.4112747365778142,"""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. """,There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.,2025-03-07
+Southwest Airlines closing 2 crew bases in cost-cutting push,https://www.cnbc.com/2025/03/04/southwest-airlines-closing-austin-fort-lauderdale-crew-bases.html,2025-03-04T19:15:18+0000,"In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport, according to a flight attendant union memo.""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta. Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control. The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",CNBC,04/03/2025,"['In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.', ""The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport,according to a flight attendant union memo."", '""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.', 'He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.', 'The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.', 'A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.', '""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.', 'The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.', 'Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.', 'The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control.', 'The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.']",0.1043762586908158,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",-0.1696451187133789,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.",2025-03-07
+"Aviation industry pushes Congress for air traffic improvements, more hiring",https://www.cnbc.com/2025/03/04/aviation-industry-air-traffic-control.html,2025-03-04T18:06:37+0000,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government. But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees. The Department of Transportation said it didn't include air traffic controllers.""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk's so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""",CNBC,04/03/2025,"['Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.', ""Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy."", 'Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.', ""Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government."", ""But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees."", ""The Department of Transportation said it didn't include air traffic controllers."", '""This demoralizes the entire workforce and distracts from the agency\'s efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.', 'He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.', '""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk\'s so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""']",0.0047429110442302,"""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.","Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.",-0.1535607406071254,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.","Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.",2025-03-06
+"Gap shares spike 17% as retailer blows away expectations again, showing turnaround has staying power",https://www.cnbc.com/2025/03/06/gap-gap-earnings-q4-2024.html,2025-03-06T23:11:26+0000,"In this articleGap on Thursday posted another quarter that blew away expectations, indicating its turnaround under CEO Richard Dickson is working better – and faster – than Wall Street anticipated. Shares jumped 17% in extended trading Thursday.The apparel retailer behind Old Navy, Banana Republic, Athleta and its namesake banner beat expectations on the top and bottom lines during the all-important holiday quarter and saw comparable sales grow 3%, ahead of expectations of up 1%, according to StreetAccount.  Here's how Gap did in its fiscal 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 $206 million, or 54 cents per share, compared with $185 million, or 49 cents per share, a year earlier. Sales dropped to $4.15 billion, down about 3% from $4.30 billion a year earlier. Like other retailers, Gap benefited from an extra selling week in the year-ago period, which negatively skewed comparisons.In the year ahead, Gap is expecting sales to grow between 1% and 2%, in line with expectations of up 1.7%, according to LSEG. For the current quarter, its guidance was slightly weaker than anticipated. It's expecting sales to be ""flat to up slightly,"" compared to Wall Street estimates of up 1.5%, according to LSEG. ""We've been operating in a highly dynamic backdrop for the last few years, and we're expecting the same for fiscal 2025,"" said Gap's finance chief Katrina O'Connell on a call with analysts. ""As a result, we've taken a balanced view with our guidance and remain focused on controlling the controllables.""Like other retailers caught in the midst of President Donald Trump's trade war with China, Canada and Mexico, Gap has been working to figure out the impact new duties will have on the company. In an interview with CNBC, Dickson said less than 1% of its product comes from Canada and Mexico, combined, and less than 10% comes from China.When asked if the company will raise prices, Dickson said the ""goal is to minimize the impact to the consumer.""""We're going to be working with our suppliers. We're looking at our cost base, and we'll need to balance that with always protecting the structural economics of the business,"" said Dickson.O'Connell added tariffs, as they stood on Thursday, were embedded into the company's guidance and said any impact to margin is expected to be ""relatively minimal.""It's been about a year and a half since Dickson took over as Gap's CEO. Under his direction, the company has gotten back to growth and repaired its brand image — and in fiscal 2024, delivered its highest gross margin in more than 20 years at 41.3%. The former Mattel executive, credited with reviving the Barbie empire, has brought that same prowess to revitalizing Gap's brands. After a fourth straight quarter of strong results, it appears the strategy has staying power. Apparel from Zac Posen, Gap's creative designer, has been worn recently by celebrities like Timothee Chalamet, and even the company's underperforming Banana Republic brand has returned to growth. Its athleisure brand Athleta is still strugging, but the company has stabilized the bleed and it's no longer shrinking. Here's a closer look at how each brand performed during the quarter. Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount. The brand saw strength in denim and activewear. The namesake banner's comparable sales grew 7%, well ahead of estimates of up 0.8%, according to StreetAccount.""Gap is back in the cultural conversation,"" said Dickson on the call. ""This brand was built on strong product narratives with brilliant marketing expressed through big ideas, and over the past year, each of these were reignited.""The brand's longtime chief product officer Chris Goble left Gap in October for Dickie's, but the company filled the position internally after he left. Dickson told CNBC in an interview that the brand has ""great leadership"" and is ""staffed with extraordinary talent."" The safari chic, officewear brand saw comparable sales grow 4%, when analysts expected them to shrink by 1.5%, according to StreetAccount. It continued to build strength in men's apparel but is still without a CEO. Dickson expects the company to have an update on the role ""shortly."" In the year ahead, Gap will close 35 stores on a net basis, the majority of which will be Banana stores, the company said.The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson. Analysts didn't have expectations for Athleta's comparable sales.  ""We certainly have entered the cultural conversation again, and it reinforces that we do believe in this brand. We have long-term opportunities, but we do have work to do to reset the brand,"" said Dickson. ""In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers. We did a great job reactivating customers, but we lacked the depth of product interest for our core customer at that holiday time.""Dickson cautioned that the brand's performance is likely to remain ""choppy"" in the quarters ahead as it continues its reset.",CNBC,06/03/2025,"['In this articleGap on Thursday posted another quarter that blew away expectations, indicating its turnaround under CEO Richard Dickson is working better – and faster – than Wall Street anticipated.', 'Shares jumped 17% in extended trading Thursday.', 'The apparel retailer behind Old Navy, Banana Republic, Athleta and its namesake banner beat expectations on the top and bottom lines during the all-important holiday quarter and saw comparable sales grow 3%, ahead of expectations of up 1%, according to StreetAccount.', ""Here's how Gap did in its fiscal 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 $206 million, or 54 cents per share, compared with $185 million, or 49 cents per share, a year earlier."", 'Sales dropped to $4.15 billion, down about 3% from $4.30 billion a year earlier.', 'Like other retailers, Gap benefited from an extra selling week in the year-ago period, which negatively skewed comparisons.', 'In the year ahead, Gap is expecting sales to grow between 1% and 2%, in line with expectations of up 1.7%, according to LSEG.', 'For the current quarter, its guidance was slightly weaker than anticipated.', 'It\'s expecting sales to be ""flat to up slightly,"" compared to Wall Street estimates of up 1.5%, according to LSEG.""We\'ve been operating in a highly dynamic backdrop for the last few years, and we\'re expecting the same for fiscal 2025,"" said Gap\'s finance chief Katrina O\'Connell on a call with analysts. ""', ""As a result, we've taken a balanced view with our guidance and remain focused on controlling the controllables."", '""Like other retailers caught in the midst of President Donald Trump\'s trade war with China, Canada and Mexico, Gap has been working to figure out the impact new duties will have on the company.', 'In an interview with CNBC, Dickson said less than 1% of its product comes from Canada and Mexico, combined, and less than 10% comes from China.', 'When asked if the company will raise prices, Dickson said the ""goal is to minimize the impact to the consumer.', '""""We\'re going to be working with our suppliers.', 'We\'re looking at our cost base, and we\'ll need to balance that with always protecting the structural economics of the business,"" said Dickson.', 'O\'Connell added tariffs, as they stood on Thursday, were embedded into the company\'s guidance and said any impact to margin is expected to be ""relatively minimal.', '""It\'s been about a year and a half since Dickson took over as Gap\'s CEO.', ""Under his direction, the company has gotten back to growth and repaired its brand image — and in fiscal 2024, delivered its highest gross margin in more than 20 years at 41.3%.The former Mattel executive, credited with reviving the Barbie empire, has brought that same prowess to revitalizing Gap's brands."", 'After a fourth straight quarter of strong results, it appears the strategy has staying power.', ""Apparel from Zac Posen, Gap's creative designer, has been worn recently by celebrities like Timothee Chalamet, and even the company's underperforming Banana Republic brand has returned to growth."", ""Its athleisure brand Athleta is still strugging, but the company has stabilized the bleed and it's no longer shrinking."", ""Here's a closer look at how each brand performed during the quarter."", ""Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount."", 'The brand saw strength in denim and activewear.', ""The namesake banner's comparable sales grew 7%, well ahead of estimates of up 0.8%, according to StreetAccount."", '""Gap is back in the cultural conversation,"" said Dickson on the call. ""', 'This brand was built on strong product narratives with brilliant marketing expressed through big ideas, and over the past year, each of these were reignited.', '""The brand\'s longtime chief product officer Chris Goble left Gap in October for Dickie\'s, but the company filled the position internally after he left.', 'Dickson told CNBC in an interview that the brand has ""great leadership"" and is ""staffed with extraordinary talent.', '""The safari chic, officewear brand saw comparable sales grow 4%, when analysts expected them to shrink by 1.5%, according to StreetAccount.', ""It continued to build strength in men's apparel but is still without a CEO."", 'Dickson expects the company to have an update on the role ""shortly.', '""In the year ahead, Gap will close 35 stores on a net basis, the majority of which will be Banana stores, the company said.', ""The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson."", ""Analysts didn't have expectations for Athleta's comparable sales."", '""We certainly have entered the cultural conversation again, and it reinforces that we do believe in this brand.', 'We have long-term opportunities, but we do have work to do to reset the brand,"" said Dickson. ""', 'In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers.', 'We did a great job reactivating customers, but we lacked the depth of product interest for our core customer at that holiday time.', '""Dickson cautioned that the brand\'s performance is likely to remain ""choppy"" in the quarters ahead as it continues its reset.']",0.2060534939791179,"In the fourth quarter, very specifically, you know, we needed to do more to excite our core consumer during the holiday period, we did a good job attracting new consumers.","The athleisure brand's comparable sales fell 2% during the quarter after it failed to offer the right types of products necessary for its core consumer, explained Dickson.",0.5979694979531425,"Gap's largest brand by revenue saw sales of $2.2 billion, with comparable sales up 3%, topping of expectations of up 0.7%, according to StreetAccount.","For the current quarter, its guidance was slightly weaker than anticipated.",2025-03-06
+"Target to expand online marketplace, boost product assortment as it aims for $15 billion in sales growth by 2030",https://www.cnbc.com/2025/03/04/target-outlines-plans-to-grow-sales-by-15-billion-by-2030.html,2025-03-04T16:39:23+0000,"In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City. The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage. Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February. As of Monday's close, shares of the company are down nearly 11% this year. In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers. The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers. The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue. Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores. In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030. However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers.""Rather than opening the doors to any seller, we're focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target's strategy for bringing vendors onto the marketplace. ""But that hasn't prevented us from massive growth. Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030. The company said that unit drove more than $2 billion in value last year. That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth. Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks. ""There are some forever truths in retail. One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""And when you can find that fantastic combination of newness, style and value at Target, we win."" Having a wide range of fresh products is key to Target's success and has long been its primary competitive advantage. Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for.Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue. To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company. It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim. Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey. The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds. Those investments will include modernizing the company's legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release. ""We know there's no Tarzhay magic If you can't find the item you were looking for because we were out of stock or we didn't delight you in store,"" said Fiddelke. It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.",CNBC,04/03/2025,"['In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City.', ""The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage."", 'Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it\'s expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.', ""As of Monday's close, shares of the company are down nearly 11% this year."", ""In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers."", 'The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.', ""In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers."", ""The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue."", 'Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores.', 'In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030.', ""However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers."", '""Rather than opening the doors to any seller, we\'re focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.', 'That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.', '""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target\'s strategy for bringing vendors onto the marketplace. ""', ""But that hasn't prevented us from massive growth."", 'Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.', '""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030.', 'The company said that unit drove more than $2 billion in value last year.', ""That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth."", ""Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks."", '""There are some forever truths in retail.', 'One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""', 'And when you can find that fantastic combination of newness, style and value at Target, we win.', '""Having a wide range of fresh products is key to Target\'s success and has long been its primary competitive advantage.', ""Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for."", ""Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue."", 'To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company.', ""It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim."", 'Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey.', 'The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.', 'It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds.', 'Those investments will include modernizing the company\'s legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release.', '""We know there\'s no Tarzhay magic If you can\'t find the item you were looking for because we were out of stock or we didn\'t delight you in store,"" said Fiddelke.', 'It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.']",0.4638966742849588,"One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""","Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue.",0.6591097563505173,"Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.","Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.",2025-03-06
+Trump's tariffs could quickly cut North American auto production by a third,https://www.cnbc.com/2025/03/04/trump-tariffs-north-american-auto-production.html,2025-03-04T21:13:06+0000,"DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks.That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.""We have a new dawn, to a degree. This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.The affected production will vary by automaker, vehicle and plant location. It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.""I think we're going to see some plants drop shifts. We're going to see some plants just slow build rates,"" Brinley said. ""It won't be necessarily consistent across [automakers]. It's going to very much be about what they need and how much they need it.""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.A tariff is a tax on imports, or foreign goods, brought into the United States. The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.""This isn't hypothetical,"" the trade group's CEO, John Bozzella, said in a statement. ""All automakers will be impacted by these tariffs on Canada and Mexico. Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly. We remain hopeful that the sides can come to an agreement for a productive path forward.""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""So far what we're seeing is a lot of cost and a lot of chaos.""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.""It's difficult to calculate the total impact such tariffs will have on North American vehicle production.""It's one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.""The automotive industry is a complex global system that thrives on certainty. S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts. Parts may originate in anywhere from 50 to 120 countries.For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.Those parts come from at least 24 different countries, according to Caresoft.",CNBC,04/03/2025,"[""DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks."", 'That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.', 'The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.', '""We have a new dawn, to a degree.', 'This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.', 'S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.', 'The affected production will vary by automaker, vehicle and plant location.', 'It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.', '""I think we\'re going to see some plants drop shifts.', 'We\'re going to see some plants just slow build rates,"" Brinley said. ""', ""It won't be necessarily consistent across [automakers]."", ""It's going to very much be about what they need and how much they need it."", '""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.', 'A tariff is a tax on imports, or foreign goods, brought into the United States.', 'The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.', 'Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.', 'The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.', '""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.', 'The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.', '""This isn\'t hypothetical,"" the trade group\'s CEO, John Bozzella, said in a statement. ""', 'All automakers will be impacted by these tariffs on Canada and Mexico.', 'Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.', '""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly.', 'We remain hopeful that the sides can come to an agreement for a productive path forward.', '""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.', '""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""', ""So far what we're seeing is a lot of cost and a lot of chaos."", '""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.', 'Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.', '""It\'s difficult to calculate the total impact such tariffs will have on North American vehicle production.', '""It\'s one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""', 'The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.', '""The automotive industry is a complex global system that thrives on certainty.', ""S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts."", 'Parts may originate in anywhere from 50 to 120 countries.', 'For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.', 'Those parts come from at least 24 different countries, according to Caresoft.']",0.0065687880175178,We remain hopeful that the sides can come to an agreement for a productive path forward.,"The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.",-0.1655878782272339,"""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""","""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.",2025-03-06
+Women's pro tennis introduces paid maternity leave funded by Saudi sovereign wealth fund,https://www.cnbc.com/2025/03/06/womens-pro-tennis-paid-maternity-leave-saudi-pif.html,2025-03-06T20:03:34+0000,"Big changes are coming to professional women's tennis.The Women's Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday. Women's tennis is one of the last professional sports to provide these benefits, and players have been asking.As part of the program, eligible players will receive up to 12 months of paid maternity leave. Players will also have access to grants to cover fertility conception and egg freezing treatments. The WTA said the new policy will benefit 320 eligible players.""This initiative will provide the current and next generation of players the support and flexibility to explore family life, in whatever form they choose,"" Portia Archer, WTA CEO, said in a statement.The PIF WTA maternity fund program is the first and only maternity program in women's sports to be fully funded and supported by an external partner, the WTA said. PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.In May, the Saudi public investment fund and the WTA agreed to a multiyear partnership as Saudi Arabia looks to further its investment into sports. PIF also funds the LIV Golf league.The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses. The new policy could be an attempt by the PIF to show U.S. tennis fans that the Kingdom is changing.""PIF partnerships are designed to elevate every level of sport and leave a legacy of transformative impact on a global scale,"" said Alanoud Althonayan, head of events and sponsorships at PIF, in a statement.While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years.""Thinking back about my experience in 2008 when I had my daughter, there was no support,"" said Kim Clijsters, former WTA No. 1 player and a PIF Ambassador, in a statement. ""I think this is going to be a career-changing opportunity for a lot of players.""The Women's National Basketball Association's latest collective bargaining agreement with players guarantees women full pay during maternity leave. FIFA and the National Women's Soccer League also recently expanded their maternity benefits.Thursday's announcement has been a long time coming for former top-ranked star Victoria Azarenka. She has been advocating for maternity pay in tennis since giving birth to her son in 2016. Azarenka sits on the players' council advocating for increased benefits.""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. ""Ensuring that programs like this exist has been a personal mission of mine, and I'm excited to see the lasting impact it will have for generations to come.""",CNBC,06/03/2025,"[""Big changes are coming to professional women's tennis."", ""The Women's Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday."", ""Women's tennis is one of the last professional sports to provide these benefits, and players have been asking."", 'As part of the program, eligible players will receive up to 12 months of paid maternity leave.', 'Players will also have access to grants to cover fertility conception and egg freezing treatments.', 'The WTA said the new policy will benefit 320 eligible players.', '""This initiative will provide the current and next generation of players the support and flexibility to explore family life, in whatever form they choose,"" Portia Archer, WTA CEO, said in a statement.', ""The PIF WTA maternity fund program is the first and only maternity program in women's sports to be fully funded and supported by an external partner, the WTA said."", 'PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.', 'In May, the Saudi public investment fund and the WTA agreed to a multiyear partnership as Saudi Arabia looks to further its investment into sports.', 'PIF also funds the LIV Golf league.', ""The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses."", 'The new policy could be an attempt by the PIF to show U.S. tennis fans that the Kingdom is changing.', '""PIF partnerships are designed to elevate every level of sport and leave a legacy of transformative impact on a global scale,"" said Alanoud Althonayan, head of events and sponsorships at PIF, in a statement.', ""While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years."", '""Thinking back about my experience in 2008 when I had my daughter, there was no support,"" said Kim Clijsters, former WTA No.', '1 player and a PIF Ambassador, in a statement. ""', 'I think this is going to be a career-changing opportunity for a lot of players.', '""The Women\'s National Basketball Association\'s latest collective bargaining agreement with players guarantees women full pay during maternity leave.', ""FIFA and the National Women's Soccer League also recently expanded their maternity benefits."", ""Thursday's announcement has been a long time coming for former top-ranked star Victoria Azarenka."", 'She has been advocating for maternity pay in tennis since giving birth to her son in 2016.', ""Azarenka sits on the players' council advocating for increased benefits."", '""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. ""', 'Ensuring that programs like this exist has been a personal mission of mine, and I\'m excited to see the lasting impact it will have for generations to come.""']",0.2447998022654944,"""This marks the beginning of a meaningful shift in how we support women in tennis, making it easier for athletes to pursue both their careers and their aspirations of starting a family,"" Azarenka said in a statement. """,The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses.,0.6099663051691923,"While the changes signal a positive step for women's tennis, the sport is following in the footsteps of other professional women's sports as maternity benefits have emerged as a key issue for players in recent years.",The partnership has drawn criticism from some current and former players due to Saudi Arabia's history of human rights abuses.,2025-03-06
+Airline stocks fall as possible economic 'soft patch' raises demand concerns,https://www.cnbc.com/2025/03/04/airline-stocks-tumble-amid-economic-concerns.html,2025-03-04T21:24:10+0000,"U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties. Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines. American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week. Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic 'soft patch,'"" Deutsche Bank said in a note Tuesday. ""To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.""Business is really robust,"" United Airlines CFO Mike Leskinen said at a Barclays industry conference last month. ""International leisure is very strong. Domestic leisure is kind of OK. It's fine. It's what we expected.""Leskinen said that government travel, which accounts for about 2% of United's revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.",CNBC,04/03/2025,"['U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.', 'The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties.', 'Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.', 'United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines.', 'American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.', 'Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.', 'U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.', 'Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.', '""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic \'soft patch,\'"" Deutsche Bank said in a note Tuesday. ""', 'To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.', '""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.', '""Business is really robust,"" United Airlines CFO Mike Leskinensaid at a Barclays industry conference last month. ""', 'International leisure is very strong.', 'Domestic leisure is kind of OK.', ""It's fine."", ""It's what we expected."", '""Leskinensaid that government travel, which accounts for about 2% of United\'s revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.', 'Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta\'s crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.', ""The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.""]",0.1249034151322922,Domestic leisure is kind of OK.,"Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.",-0.3687750808894634,"The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.","U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.",2025-03-06
+Southwest Airlines closing 2 crew bases in cost-cutting push,https://www.cnbc.com/2025/03/04/southwest-airlines-closing-austin-fort-lauderdale-crew-bases.html,2025-03-04T19:15:18+0000,"In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport, according to a flight attendant union memo.""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta. Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control. The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",CNBC,04/03/2025,"['In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.', ""The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport,according to a flight attendant union memo."", '""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.', 'He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.', 'The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.', 'A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.', '""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.', 'The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.', 'Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.', 'The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control.', 'The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.']",0.1043762586908158,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",-0.1696451187133789,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.",2025-03-06
+NHL commissioner says league could be affected by U.S.-Canada tariffs,https://www.cnbc.com/2025/03/05/nhl-commissioner-gary-bettman-us-canada-tariffs.html,2025-03-05T18:23:21+0000,"National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.Bettman said 25% of the league's revenue comes from its Canadian clubs. Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC's Becky Quick on ""Squawk Box."" ""So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.""""I'm hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL's sponsors.The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season. The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion.""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""And we're in a good place because the game has never been better.""",CNBC,05/03/2025,"['National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.', ""Bettman said 25% of the league's revenue comes from its Canadian clubs."", 'Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.', '""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC\'s Becky Quick on ""Squawk Box."" ""', 'So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.', '""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.', '""""I\'m hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL\'s sponsors.', 'The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.', 'Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season.', 'The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.', ""According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion."", '""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""', 'And we\'re in a good place because the game has never been better.""']",0.0398578628670425,"""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",0.289622314274311,"The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",2025-03-06
+Macy's turnaround hinges on revamping some stores and closing others. It appears to be working,https://www.cnbc.com/2025/03/06/macys-m-q4-2024-earnings.html,2025-03-06T15:13:37+0000,"In this articleMacy's delivered another quarter of mixed results on Thursday as investors wait and see how quickly CEO Tony Spring can pull off a turnaround of the business with yet another activist investor looking to take the chain private.Across the business, which includes the Macy's banner, Bloomingdale's and Blue Mercury, comparable sales during the all-important holiday quarter were down 1.1%. But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022. Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive.The two bright spots in an otherwise worse-than-expected set of results suggest Macy's turnaround is showing some signs of life – it just might not be working fast enough.For fiscal 2025, Macy's is expecting adjusted earnings per share of $2.05 to $2.25 and sales of between $21 billion and $21.4 billion, lower than Wall Street expectations of $2.31 per share and $21.8 billion, according to LSEG.Macy's shares fell slightly in early trading.Here's how the department store performed during its fiscal 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 $342 million, or $1.21 per share, compared with a loss of $128 million, or a loss of 47 cents per share, a year earlier. Excluding one-time items including impairments and settlement and restructuring charges, Macy's reported earnings of $507 million, or $1.80 per share. Sales dropped to $7.77 billion, down about 4% from $8.12 billion a year earlier. Like other retailers, Macy's benefited from an extra selling week in the year-ago period, which has skewed comparisons. For the current quarter, Macy's is expecting adjusted earnings per share of between 12 cents and 15 cents and sales of between $4.4 billion and $4.5 billion, far below estimates of 28 cents and $4.71 billion, according to LSEG. On a call with analysts, chief operating officer and chief financial officer Adrian Mitchell said the company is taking a ""prudent"" approach to guidance given the fluid nature of the turnaround plan, cautious consumer spending and uncertainties created by recent tariff increases between the U.S. and major trade partners. ""If we weren't in the environment that were operating in, I would be even more bullish on our potential,"" CEO Spring said during a call with analysts. ""But I think prudency is important at this point in time.""Macy's mixed results come just over a year into Spring's tenure as the legacy department store's chief executive and his three-year strategy to turn the business around. While Bloomingdale's and Blue Mercury saw another quarter of positive comparable sales, growing 4.8% and 6.2%, respectively, Macy's namesake banner continues to be the company's laggard with comps down 1.9%. To address long-standing issues at the legacy banner, Spring has implemented an aggressive store closure plan that includes shuttering 150 doors and a strategy to fix its better-performing locations. As Macy's and other department stores have shrunk over the years, it's faced criticism for neglecting its stores, not having enough staff and falling behind on the retail essentials that are necessary to win in any environment. Spring has started to address those issues by investing in 50 locations and providing better staffing, merchandising and visual presentation of the company's varied assortment. So far, the plan appears to be working. When Macy's added more staffing to the shoes and handbag departments at 100 test locations, those stores outperformed shops that didn't have those investments, Spring said Thursday. Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""Now we must scale these changes in order to achieve our long-term goals.""In fiscal 2024, comparable sales across Macy's business were still down by 0.9%, but that's an improvement of 5.1 percentage points compared to fiscal 2023. In the fourth quarter, comparable sales at the Macy's nameplate also saw a decline of 0.9%, up 3.8 percentage points from the prior year.Still, investors shouldn't expect a return to growth this year. The company is projecting comparable sales for the owned stores it's keeping open, plus its licensed businesses and online marketplace, to be down 2% to flat in fiscal 2025 compared to the prior year.Reimagined stores now make up 36% of the 350 Macy's locations that the business plans to keep open after it finishes closing underperforming locations. It will take time – and capital – to extend its strategy to the bulk of the chain. Spring has given the company two more years to pull it off, but whether investors have the patience to see the strategy play out — and whether macroeconomic conditions will slow it down — remains to be seen. In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio. It's the fourth activist push at the department store in the last decade.Like the activists that had come right before it, Arkhouse and Brigade, many suspect that Barington is mainly after Macy's lucrative real estate portfolio and is more interested in juicing it for profit than doing the work necessary to revitalize the chain. Still, Macy's must act in the interest of shareholders and if it's not doing enough to return value quickly an activist could eventually win out.Macy's on Thursday announced its intent to resume share buybacks under its remaining $1.4 billion share repurchase authorization, ""market conditions pending."" ""Building on our momentum, we continue to elevate the customer experience, deliver operational excellence and make prudent capital investments,"" said Mitchell. ""We remain committed to generating healthy free cash flow and returning capital to shareholders through share buybacks and predictable quarterly dividends.""",CNBC,06/03/2025,"[""In this articleMacy's delivered another quarter of mixed results on Thursday as investors wait and see how quickly CEO Tony Spring can pull off a turnaround of the business with yet another activist investor looking to take the chain private."", ""Across the business, which includes the Macy's banner, Bloomingdale's and Blue Mercury, comparable sales during the all-important holiday quarter were down 1.1%."", ""But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022.Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive."", ""The two bright spots in an otherwise worse-than-expected set of results suggest Macy's turnaround is showing some signs of life – it just might not be working fast enough."", ""For fiscal 2025, Macy's is expecting adjusted earnings per share of $2.05 to $2.25 and sales of between $21 billion and $21.4 billion, lower than Wall Street expectations of $2.31 per share and $21.8 billion, according to LSEG.Macy's shares fell slightly in early trading."", ""Here's how the department store performed during its fiscal 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 $342 million, or $1.21 per share, compared with a loss of $128 million, or a loss of 47 cents per share, a year earlier."", ""Excluding one-time items including impairments and settlement and restructuring charges, Macy's reported earnings of $507 million, or $1.80 per share."", 'Sales dropped to $7.77 billion, down about 4% from $8.12 billion a year earlier.', ""Like other retailers, Macy's benefited from an extra selling week in the year-ago period, which has skewed comparisons."", ""For the current quarter, Macy's is expecting adjusted earnings per share of between 12 cents and 15 cents and sales of between $4.4 billion and $4.5 billion, far below estimates of 28 cents and $4.71 billion, according to LSEG."", 'On a call with analysts, chief operating officer and chief financial officer Adrian Mitchell said the company is taking a ""prudent"" approach to guidance given the fluid nature of the turnaround plan, cautious consumer spending and uncertainties created by recent tariff increases between the U.S. and major trade partners. ""', 'If we weren\'t in the environment that were operating in, I would be even more bullish on our potential,"" CEO Spring said during a call with analysts. ""', 'But I think prudency is important at this point in time.', '""Macy\'s mixed results come just over a year into Spring\'s tenure as the legacy department store\'s chief executive and his three-year strategy to turn the business around.', ""While Bloomingdale's and Blue Mercury saw another quarter of positive comparable sales, growing 4.8% and 6.2%, respectively, Macy's namesake banner continues to be the company's laggard with comps down 1.9%.To address long-standing issues at the legacy banner, Spring has implemented an aggressive store closure plan that includes shuttering 150 doors and a strategy to fix its better-performing locations."", ""As Macy's and other department stores have shrunk over the years, it's faced criticism for neglecting its stores, not having enough staff and falling behind on the retail essentials that are necessary to win in any environment."", ""Spring has started to address those issues by investing in 50 locations and providing better staffing, merchandising and visual presentation of the company's varied assortment."", 'So far, the plan appears to be working.', ""When Macy's added more staffing to the shoes and handbag departments at 100 test locations, those stores outperformed shops that didn't have those investments, Spring said Thursday."", 'Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""', 'Now we must scale these changes in order to achieve our long-term goals.', '""In fiscal 2024, comparable sales across Macy\'s business were still down by 0.9%, but that\'s an improvement of 5.1 percentage points compared to fiscal 2023.', ""In the fourth quarter, comparable sales at the Macy's nameplate also saw a decline of 0.9%, up 3.8 percentage points from the prior year."", ""Still, investors shouldn't expect a return to growth this year."", ""The company is projecting comparable sales for the owned stores it's keeping open, plus its licensed businesses and online marketplace, to be down 2% to flat in fiscal 2025 compared to the prior year."", ""Reimagined stores now make up 36% of the 350 Macy's locations that the business plans to keep open after it finishes closing underperforming locations."", 'It will take time – and capital – to extend its strategy to the bulk of the chain.', 'Spring has given the company two more years to pull it off, but whether investors have the patience to see the strategy play out — and whether macroeconomic conditions will slow it down — remains to be seen.', ""In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio."", ""It's the fourth activist push at the department store in the last decade."", ""Like the activists that had come right before it, Arkhouse and Brigade, many suspect that Barington is mainly after Macy's lucrative real estate portfolio and is more interested in juicing it for profit than doing the work necessary to revitalize the chain."", ""Still, Macy's must act in the interest of shareholders and if it's not doing enough to return value quickly an activist could eventually win out."", 'Macy\'s on Thursday announced its intent to resume share buybacks under its remaining $1.4 billion share repurchase authorization, ""market conditions pending.', '""""Building on our momentum, we continue to elevate the customer experience, deliver operational excellence and make prudent capital investments,"" said Mitchell. ""', 'We remain committed to generating healthy free cash flow and returning capital to shareholders through share buybacks and predictable quarterly dividends.""']",0.2452788649462433,"But comparable sales across its owned and licensed businesses, plus its online marketplace, were up 0.2%, which is the highest the metric has been since the first quarter of 2022.Plus, the so-called First 50 locations – the stores that Macy's is devoting more resources to as part of its turnaround plan – saw comparable sales up 0.8%, marking the fourth quarter in a row the metric has been positive.","In December, activist investor Barington Capital revealed it has a position in Macy's and wants the company to cut spending, explore selling its luxury brands and take a hard look at its real estate portfolio.",0.2684937073634221,"Storewide, the first 50 locations have continued to outperform the bulk of the chain, and in February, the company added an additional 75 stores to the program, bringing the total number of ""reimagined"" locations to 125.""Performance of both the first 50 and the 100 test stores illustrate that when we invest in the customer experience, we can grow sales,"" said Spring. ""","""In fiscal 2024, comparable sales across Macy's business were still down by 0.9%, but that's an improvement of 5.1 percentage points compared to fiscal 2023.",2025-03-06
+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.",,2025-03-06
+"Target warns February sales were soft, adding to concerns about consumer health",https://www.cnbc.com/2025/03/04/target-tgt-q4-2024-earnings.html,2025-03-04T14:43:04+0000,"In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs. The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season. But Target's tepid guidance comes after Walmart and E.l.f. Beauty raised concerns last month about a slower-than-usual start to the year.Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy.Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments. In a statement, Target's finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales. He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales. ""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.""Target CEO Brian Cornell also told CNBC that President Donald Trump's 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations.Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday.Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier.Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier. In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG. However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors. While it declined to share specific figures, Target said it's expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year."" Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales.That strategy ultimately impacted profits. During the quarter, Target's gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart. That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food. For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month. They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum. At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes. With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year.The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.",CNBC,04/03/2025,"['In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.', 'The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season.', ""But Target's tepid guidance comes after Walmart and E.l.f."", 'Beauty raised concerns last month about a slower-than-usual start to the year.', ""Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy."", ""Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments."", 'In a statement, Target\'s finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales.', 'He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.', '""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""', 'We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.', '""Target CEO Brian Cornell also told CNBC that President Donald Trump\'s 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.', ""Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations."", ""Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday."", ""Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier."", 'Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier.', 'In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.', 'For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG.', ""However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors."", 'While it declined to share specific figures, Target said it\'s expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year.""', ""Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales."", 'That strategy ultimately impacted profits.', 'During the quarter, Target\'s gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.', 'Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.', 'That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.', ""The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food."", 'For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month.', 'They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.', 'During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.', 'At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.', ""As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes."", ""With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year."", 'The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.', ""Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.""]",0.2131926771073621,"Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.","He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.",-0.112752641069478,"During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.","In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.",2025-03-06
+"Costco reports mixed second-quarter earnings, comparable sales growth",https://www.cnbc.com/2025/03/06/costco-cost-q2-2025-earnings.html,2025-03-06T23:32:38+0000,"In this articleCostco on Thursday reported an earnings miss, but beat expectations for revenue for the second quarter as quarterly comparable sales rose.Shares ticked down over 1% in extended trading on Thursday evening.Here's how the wholesale company did compared with what Wall Street was expecting for the quarter ended Feb. 16, based on a survey of analysts by LSEG:Costco CEO Ron Vachris said although it's difficult to forecast the impact of tariffs, the company aims to minimize cost increases for members. A third of its U.S. sales are from imports, he said, and less than half of those come from China, Mexico and Canada.""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.Citing tariff implications for groceries specifically, Vachris said margins are ""much tighter"" in that area, but that Costco will work with suppliers to mitigate the fallout for consumers.President Donald Trump imposed 25% tariffs on Mexico and Canada and doubled his tariff on China to 20% this week, though the White House said Thursday that the U.S. will exempt goods that comply with the United States-Mexico-Canada Agreement on trade until April 2. Retailers like Target and Best Buy have warned that tariffs would likely lead to price increases.Costco's second-quarter revenue increased 9% to $63.72 billion, from $58.44 billion during the same quarter in fiscal 2024. Net sales for the quarter rose 9.1% to $62.53 billion, compared to $57.33 billion in the year-ago period.Membership fees for the quarter totaled $1.19 billion, up from $1.11 billion in the second quarter of 2024, with the company reporting 78.4 million paid memberships and 140.6 million total cardholders. Worldwide, Costco's membership renewal rate came in at 90.5%, an increase of 0.1% from last quarter.The retailer raised its annual membership fees for the U.S. and Canada in September for the first time since 2017, though CFO Gary Millerchip said the impact of the increase on this quarter's fee total was only 3%.Costco reported a net income for the second quarter of $1.79 billion, or $4.02 per share, compared with a net income of $1.74 billion, or $3.92 per share, during the second quarter of fiscal 2024.Quarterly comparable sales, which Costco defines as sales from warehouses and e-commerce sites open for more than a year, rose 6.8% year over year, compared with the StreetAccount estimate of 6.4%, and were up 8.3% in the U.S. Comparable sales for e-commerce rose 20.9% year over year.On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February. Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.Shopping traffic grew 5.7% year over year, with an increase of 5.6% in the U.S. The company's top sales categories included gold and jewelry, furniture, hardware and toys, all of which grew double digits year over year, according to Millerchip.Consumer behavior, Millerchip said, hasn't changed much over the past few quarters. Costco members are selective with the products they purchase, he said, and would become even more so if tariffs and inflation grow more significant.""We believe that the member is probably as much focused now on quality, value and newness as they have been for quite some time, but they are still showing that willingness to spend,"" Millerchip said.Costco's fresh foods category experienced growth in the high single digits, Millerchip said. Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef. Customers continued to spend more on food at home, he added.The meat and bakery sections drove the fresh foods category to lead Costco's categories in inflation, though overall inflation was in the low single digits, he added.",CNBC,06/03/2025,"['In this articleCostco on Thursday reported an earnings miss, but beat expectations for revenue for the second quarter as quarterly comparable sales rose.', 'Shares ticked down over 1% in extended trading on Thursday evening.', ""Here's how the wholesale company did compared with what Wall Street was expecting for the quarter ended Feb. 16, based on a survey of analysts by LSEG:Costco CEO Ron Vachris said although it's difficult to forecast the impact of tariffs, the company aims to minimize cost increases for members."", 'A third of its U.S. sales are from imports, he said, and less than half of those come from China, Mexico and Canada.', '""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.', 'Citing tariff implications for groceries specifically, Vachris said margins are ""much tighter"" in that area, but that Costco will work with suppliers to mitigate the fallout for consumers.', 'President Donald Trump imposed 25% tariffs on Mexico and Canada and doubled his tariff on China to 20% this week, though the White House said Thursday that the U.S. will exempt goods that comply with the United States-Mexico-Canada Agreement on trade until April 2.', 'Retailers like Target and Best Buy have warned that tariffs would likely lead to price increases.', ""Costco's second-quarter revenue increased 9% to $63.72 billion, from $58.44 billion during the same quarter in fiscal 2024."", 'Net sales for the quarter rose 9.1% to $62.53 billion, compared to $57.33 billion in the year-ago period.', 'Membership fees for the quarter totaled $1.19 billion, up from $1.11 billion in the second quarter of 2024, with the company reporting 78.4 million paid memberships and 140.6 million total cardholders.', ""Worldwide, Costco's membership renewal rate came in at 90.5%, an increase of 0.1% from last quarter."", ""The retailer raised its annual membership fees for the U.S. and Canada in September for the first time since 2017, though CFO Gary Millerchip said the impact of the increase on this quarter's fee total was only 3%.Costco reported a net income for the second quarter of $1.79 billion, or $4.02 per share, compared with a net income of $1.74 billion, or $3.92 per share, during the second quarter of fiscal 2024.Quarterly comparable sales, which Costco defines as sales from warehouses and e-commerce sites open for more than a year, rose 6.8% year over year, compared with the StreetAccount estimate of 6.4%, and were up 8.3% in the U.S. Comparable sales for e-commerce rose 20.9% year over year."", 'On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February.', 'Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.', ""Shopping traffic grew 5.7% year over year, with an increase of 5.6% in the U.S. The company's top sales categories included gold and jewelry, furniture, hardware and toys, all of which grew double digits year over year, according to Millerchip."", ""Consumer behavior, Millerchip said, hasn't changed much over the past few quarters."", 'Costco members are selective with the products they purchase, he said, and would become even more so if tariffs and inflation grow more significant.', '""We believe that the member is probably as much focused now on quality, value and newness as they have been for quite some time, but they are still showing that willingness to spend,"" Millerchip said.', ""Costco's fresh foods category experienced growth in the high single digits, Millerchip said."", 'Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef.', 'Customers continued to spend more on food at home, he added.', ""The meat and bakery sections drove the fresh foods category to lead Costco's categories in inflation, though overall inflation was in the low single digits, he added.""]",0.2291576699439066,"""In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices, and our teams will continue to rise to this challenge by leveraging our global buying power, strong supplier relationships and innovation,"" Vachris said.","Extreme weather last month caused ""some hits here and there,"" Vachris said, but the company recovered most of that lost business.",0.6665999747457958,"Continuing a trend from last quarter, sales of meat increased by double digits, Millerchip said, as consumers shifted toward lower-cost proteins like ground beef.","On a monthly basis, comparable sales growth did fall from 7.5% in January to 6.5% in February.",2025-03-06
+"CFPB drops lawsuit against JPMorgan Chase, Bank of America and Wells Fargo over Zelle fraud",https://www.cnbc.com/2025/03/04/cfpb-drops-jpmorgan-bank-of-america-wells-fargo-lawsuit.html,2025-03-04T21:47:50+0000,"In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuit against the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra. The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency.The CFPB said customers of the three banks have lost more than $870 million since the launch of Zelle in 2017. The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal. Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.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, former head of enforcement Eric Halperin told CNBC last week.A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",CNBC,04/03/2025,"['In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuitagainst the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.', 'The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.', 'The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.', 'Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra.', ""The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency."", 'The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.', 'The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal.', 'Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.', '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, former head of enforcement Eric Halperin told CNBC last week.', 'A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.', '""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.', '""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""', 'In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""']",-0.2412455294068504,"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, former head of enforcement Eric Halperin told CNBC last week.","The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.",0.0067916959524154,"In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.,2025-03-06
+Here's how tariffs will hit the U.S. housing market,https://www.cnbc.com/2025/03/04/how-tariffs-will-hit-the-us-housing-market.html,2025-03-04T20:16:13+0000,"From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada. Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax. Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders. Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders.Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we've seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S. Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season. This will drive prices higher.""Lumber futures are up 5% in the past week and were rising steadily Tuesday.  Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes. The homebuilding industry took that as a win.""A stable and affordable supply of lumber is critically important for our industry to address the country's housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.""As for ramping up domestic production immediately, that's easier said than done. Jannke estimates it would take up to three years to build multiple new mills. He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom. High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""On top of that, once a mill was built, labor had to be found to operate the mill. These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill. This added another year before the mill was operating at full capacity.""The labor force, from logging to hauling, is already lean and decreasing. Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber. As for increasing production, ""that won't be a flip of a switch. You're taking a 40-year supply chain and trying to switch overnight – that's hard.""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.China is the market leader in household appliances. And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries. In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform. It primarily comes from Spain, Mexico and Canada.""Rising costs due to tariffs on imports will leave builders with few options. They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.""We may see buyers' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too. We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks. The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily. It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.The tariffs come at a time when the U.S. housing market is already under pressure. Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors. Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census. And prices are still stubbornly high, with the inventory of homes for sale still historically low.",CNBC,04/03/2025,"['From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.', ""The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada."", 'Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax.', 'Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders.', 'Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.', ""The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders."", 'Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.', '""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we\'ve seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""', 'With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.', 'This will drive prices higher.', '""Lumber futures are up 5% in the past week and were rising steadily Tuesday.', 'Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes.', 'The homebuilding industry took that as a win.', '""A stable and affordable supply of lumber is critically important for our industry to address the country\'s housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""', 'The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.', '""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.', '""As for ramping up domestic production immediately, that\'s easier said than done.', 'Jannke estimates it would take up to three years to build multiple new mills.', 'He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom.', 'High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.', '""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""', 'On top of that, once a mill was built, labor had to be found to operate the mill.', 'These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill.', 'This added another year before the mill was operating at full capacity.', '""The labor force, from logging to hauling, is already lean and decreasing.', 'Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.', '""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber.', 'As for increasing production, ""that won\'t be a flip of a switch.', ""You're taking a 40-year supply chain and trying to switch overnight – that's hard."", '""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.', 'China is the market leader in household appliances.', 'And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries.', 'In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform.', 'It primarily comes from Spain, Mexico and Canada.', '""Rising costs due to tariffs on imports will leave builders with few options.', 'They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.', 'Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.', '""We may see buyers\' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too.', 'We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.', 'While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks.', 'The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily.', 'It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.', 'Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.', 'The tariffs come at a time when the U.S. housing market is already under pressure.', 'Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors.', 'Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.', 'And prices are still stubbornly high, with the inventory of homes for sale still historically low.']",0.067426160234836,"The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.","With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.",-0.0348704436729694,"""Lumber futures are up 5% in the past week and were rising steadily Tuesday.","Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.",2025-03-06
+Best Buy shares plunge as CEO warns price increases are 'highly likely' due to Trump tariffs,https://www.cnbc.com/2025/03/04/best-buy-bby-q4-2025-earnings.html,2025-03-04T16:04:26+0000,"In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect.On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively.""Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.""Barry's comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy. She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing. She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.Shares of the company fell more than 13% on Tuesday morning.Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period. Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024. Best Buy had forecast a change ranging from flat to down 3%. In the U.S., quarterly comparable sales rose 0.2% year over year.Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024. Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added $735 million in revenue to its fiscal 2024 total.For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases. And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.Best Buy said the guidance does not account for the impact of recent or proposed tariffs. President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January. In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales.""We've never seen this kind of breadth of tariffs, and this of course impacts the whole industry. So it's not just a Best Buy question, it is a broad industry question. And I say that because that makes the estimation of the impact all the harder,"" Barry said.Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year. The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores. The company already has a third-party marketplace in Canada.""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas. While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items. Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment.Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday. An earlier version misstated the day.",CNBC,04/03/2025,"[""In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect."", ""On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively."", '""Trade is critically important to our business and industry.', 'The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""', 'We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.', '""Barry\'s comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy.', 'She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.', 'Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing.', 'She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.', '""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.', 'Shares of the company fell more than 13% on Tuesday morning.', ""Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago."", 'Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period.', 'Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.', 'Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024.', 'Best Buy had forecast a change ranging from flat to down 3%.', 'In the U.S., quarterly comparable sales rose 0.2% year over year.', 'Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024.', ""Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added$735 million in revenue to its fiscal 2024 total."", 'For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.', '""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases.', 'And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.', 'Best Buy said the guidance does not account for the impact of recent or proposed tariffs.', 'President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January.', 'In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.', ""On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales."", '""We\'ve never seen this kind of breadth of tariffs, and this of course impacts the whole industry.', ""So it's not just a Best Buy question, it is a broad industry question."", 'And I say that because that makes the estimation of the impact all the harder,"" Barry said.', 'Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year.', 'The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores.', 'The company already has a third-party marketplace in Canada.', '""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.', ""The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas."", ""While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday."", ""Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items."", ""Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment."", 'Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday.', 'An earlier version misstated the day.']",0.3513135751193914,"While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.","So it's not just a Best Buy question, it is a broad industry question.",-0.0995299427405647,"In the U.S., quarterly comparable sales rose 0.2% year over year.","Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.",2025-03-06
+"Kenvue settles proxy fight with activist Starboard, adding three directors to its board",https://www.cnbc.com/2025/03/05/kenvue-settles-proxy-fight-with-activist-starboard-sources-tell-cnbc.html,2025-03-05T15:35:36+0000,"In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division.""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo.J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant. It marked the biggest shake-up in J&J's nearly 140-year history.",CNBC,05/03/2025,"['In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.', ""Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division."", '""Sarah\'s brand building and digital marketing expertise, Erica\'s global consumer health industry experience, and Jeff\'s investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue\'s board, in a statement Wednesday.', 'CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.', ""Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo."", 'J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant.', ""It marked the biggest shake-up in J&J's nearly 140-year history.""]",0.0801694650094346,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",It marked the biggest shake-up in J&J's nearly 140-year history.,0.4983651787042618,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.,2025-03-06
+Trump grants automakers one-month exemption from tariffs,https://www.cnbc.com/2025/03/05/trump-grants-automakers-one-month-exemption-from-tariffs.html,2025-03-06T16:11:58+0000,"In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump's decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office.Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.The White House confirmed Thursday that the one-month exemption includes automotive parts, accessories and other supplier products in addition to completed vehicles.It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. ""That's a combination of the election win and tariffs.""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""Cars will get more expensive for consumers if tariffs continue for a long time.""S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.",CNBC,06/03/2025,"['In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.', ""Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin."", '""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.', 'The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump\'s decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.', '""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.', 'Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.', 'Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.', ""The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office."", 'Shares of GM, Ford and Stellantis were notably up following the announcement.', 'Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.The White House confirmed Thursday that the one-month exemption includes automotive parts, accessories and other supplier products in addition to completed vehicles.', ""It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay."", 'After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.', 'The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs.', 'It also more closely aligns with potential vehicle tariffs on imports from outside of North America.', 'Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.', '""We\'re going to have growth in the auto industry like nobody\'s ever seen,"" Trump said Tuesday night before a joint session of Congress. ""', ""That's a combination of the election win and tariffs."", '""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night.', 'The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.', 'Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.', '""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""', 'We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.', '""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.', 'There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.', 'Executives with France-based auto supplier Forvia on Wednesday said the companyand itscustomers, including automakers, have been planning different contingency plans for the tariffs.', 'That has included working with customers to reach parts agreements since the 25%tariffstook effect Tuesday.', '""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""', 'Cars will get more expensive for consumers if tariffs continue for a long time.', '""S&P Global Mobility on Tuesday predicted roughlya third of vehicle production in North America could be cut by next weekdue to the 25% tariffs.', 'The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.']",0.1015896210757481,Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.,It's unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay.,0.4112747365778142,"""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. """,There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.,2025-03-06
+Abercrombie & Fitch shares plunge 15% after star retailer posts weak guidance for year ahead,https://www.cnbc.com/2025/03/05/abercrombie-fitch-anf-q4-2024-earnings.html,2025-03-05T15:20:28+0000,"In this articleAbercrombie & Fitch's growth story is starting to slow down.Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG. During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns. The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers. During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%. Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.""Last year we did have a bit of a flawless transition into spring, and this year it's a bit more normalized. [The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands. Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.When asked where macroeconomic conditions or something else is driving that slowdown, executives didn't really answer and said instead they're seeing ""green shoots for spring.""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street's expectations in its fiscal fourth quarter. Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier. Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier. Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period. That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week. Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter. Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount. In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook. Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast. Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide. However, not all of Abercrombie's guidance was a disappointment. During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG. For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share. Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside. The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz. It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade. Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes. Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs. In February, consumer confidence slipped to its lowest levels since 2021. The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead. It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant. The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f. Beauty. Like E.l.f., Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company's performance at the start of the year.Both of the companies rely heavily on TikTok for marketing. In February, E.l.f. CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren't posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value."" ""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world. Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales."" That suggestion came true on Wednesday when Abercrombie announced a new $1.3 billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.",CNBC,05/03/2025,"[""In this articleAbercrombie & Fitch's growth story is starting to slow down."", 'Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.', 'Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG.', ""During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns."", ""The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers."", 'During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%.', 'Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.', '""Last year we did have a bit of a flawless transition into spring, and this year it\'s a bit more normalized. [', ""The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands."", 'Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.', 'When asked where macroeconomic conditions or something else is driving that slowdown, executives didn\'t really answer and said instead they\'re seeing ""green shoots for spring.', '""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street\'s expectations in its fiscal fourth quarter.', ""Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier."", 'Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier.', 'Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period.', 'That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week.', 'Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter.', 'Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount.', 'In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook.', 'Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast.', 'Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide.', ""However, not all of Abercrombie's guidance was a disappointment."", 'During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.', 'For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share.', ""Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside."", ""The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz."", 'It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade.', 'Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes.', 'Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs.', 'In February, consumer confidence slipped to its lowest levels since 2021.The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead.', ""It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant."", 'The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f.', 'Beauty.', 'Like E.l.f.,', ""Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year."", 'Both of the companies rely heavily on TikTok for marketing.', 'In February, E.l.f.', 'CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren\'t posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.', 'In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value.', '""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we\'ve built,"" said Horowitz. ""', 'In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world.', 'Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales.', '""That suggestion came true on Wednesday when Abercrombie announced a new $1.3billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.']",0.2343071524979906,"""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""","Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year.",0.1889461729977582,"During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.","Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.",2025-03-06
+Amgen starts two critical late-stage trials for weight loss drug MariTide,https://www.cnbc.com/2025/03/05/amgen-weight-loss-drug-maritide-starts-two-phase-three-trials.html,2025-03-05T16:41:30+0000,"Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market. ""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program. MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables. They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF. Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said. The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetes The main goal of both studies is to measure the percentage of weight loss at 72 weeks. Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time. The company did not share a specific regimen for dosing in the trials. Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau. The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau. But the results were on the lower end of Wall Street's lofty expectations for the drug. Amgen will report more data on MariTide this year. The full results of the phase two trial will be presented at the American Diabetes Association conference in June. The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides. The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1. Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.",CNBC,05/03/2025,"['Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market.', '""We\'re delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen\'s executive vice president of research and development, said during a TD Cowen conference, using the name of the drug\'s phase three development program.', 'MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables.', 'They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.', 'About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF.', 'Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.', ""One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said."", 'The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetesThe main goal of both studies is to measure the percentage of weight loss at 72 weeks.', 'Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time.', 'The company did not share a specific regimen for dosing in the trials.', 'Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.', 'The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau.', ""But the results were on the lower end of Wall Street's lofty expectations for the drug."", 'Amgen will report more data on MariTide this year.', 'The full results of the phase two trial will be presented at the American Diabetes Association conference in June.', 'The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.', 'MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides.', ""The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1."", ""Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.""]",-0.151165517904489,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.","Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.",0.9984358429908752,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.",,2025-03-06
+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.",2025-03-06
+These are the most competitive rental markets in the U.S.,https://www.cnbc.com/2025/03/05/most-competitive-rental-united-states.html,2025-03-05T18:34:18+0000,"New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market. Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census. That is the highest level since 1974 and a 34% increase from 2023. New York City, Dallas and Austin, Texas, led in the number of new rentals.Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index. That's in large part because a growing number of renters are not moving.Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe. Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year. In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report. As a result, each available apartment has an average of seven applicants.Looking locally, Miami has the highest occupancy rate. It is the most competitive, with an average 14 applicants for each unit.""Throughout the last few years, Miami has established itself as 'Wall Street South,' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."" The Midwest, however, leads in overall rental competitiveness. Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami. Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.Rents, which had been easing, are now on the rise again. Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList. February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer. Rents are still 0.4% lower than they were in February of last year, however. Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList. The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.",CNBC,05/03/2025,"['New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market.', 'Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.', 'Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census.', 'That is the highest level since 1974 and a 34% increase from 2023.', 'New York City, Dallas and Austin, Texas, led in the number of new rentals.', ""Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index."", ""That's in large part because a growing number of renters are not moving."", 'Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe.', 'Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.', 'Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year.', 'In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report.', 'As a result, each available apartment has an average of seven applicants.', 'Looking locally, Miami has the highest occupancy rate.', 'It is the most competitive, with an average 14 applicants for each unit.', '""Throughout the last few years, Miami has established itself as \'Wall Street South,\' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""', ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."", '""The Midwest, however, leads in overall rental competitiveness.', 'Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami.', 'Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.', 'Rents, which had been easing, are now on the rise again.', 'Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList.', 'February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer.', 'Rents are still 0.4% lower than they were in February of last year, however.', 'Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.', 'The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report\'s authors.']",0.1013443899529229,"The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.","Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.",0.4675750176111857,"Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index.","Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.",2025-03-06
+Starbucks poaches Nordstrom CFO as executive shake-up continues,https://www.cnbc.com/2025/03/04/starbucks-nordstrom-cfo-cathy-smith.html,2025-03-04T18:24:28+0000,"In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board. Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company.Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private. Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.Smith is expected to start next month, Niccol wrote in a letter to employees.Ruggeri has served as CFO for Starbucks since 2021. Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""Thank you, Rachel, for all you have done for our business, our culture and our partners.""Her departure is without cause, the company said in a regulatory filing. Ruggeri will stick around to help with Smith's transition into the role, according to Niccol.Correction: Smith is expected to start in the next month. A previous version of this story misstated the timeline.",CNBC,04/03/2025,"['In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.', 'The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.', ""So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board."", ""Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company."", 'Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private.', 'Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.', 'Smith is expected to start next month, Niccol wrote in a letter to employees.', 'Ruggeri has served as CFO for Starbucks since 2021.', 'Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I\'m personally grateful for the partnership we\'ve had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""', 'Thank you, Rachel, for all you have done for our business, our culture and our partners.', '""Her departure is without cause, the company said in a regulatory filing.', ""Ruggeri will stick around to help with Smith's transition into the role, according to Niccol."", 'Correction: Smith is expected to start in the next month.', 'A previous version of this story misstated the timeline.']",0.1398788998020125,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,,0.2350269556045532,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.,2025-03-06
+Foot Locker results show the sneaker industry — and Nike — still have more pain ahead,https://www.cnbc.com/2025/03/05/foot-locker-fl-q4-2024-earnings.html,2025-03-06T20:54:59+0000,"In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory. The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales. In the year ahead, it anticipates that trend will reverse. For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount. Shares rose more than 4% in early trading.Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier. Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share. Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier. In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results. While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace. It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG. Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount. ""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.""Foot Locker's expectations that promotional pressures will weigh on margins in the year ahead indicates that it's still having issues with Nike, its largest brand partner. The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory. When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales.In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit. The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions. For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website.Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115. That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales.During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand. Still, executives acknowledged the impact Nike's rough point is having on the business.""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg. During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits. Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales. It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company's store layout and approach. It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed.With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands. It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025. By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon's strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.Still, Foot Locker is shrinking. It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%. During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount. It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance. During the quarter, comparable sales at Champs grew 1.8%. At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%. Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner. In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach. In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.",CNBC,06/03/2025,"['In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory.', ""The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales."", 'In the year ahead, it anticipates that trend will reverse.', 'For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount.', 'Shares rose more than 4% in early trading.', ""Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier."", 'Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share.', 'Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.', 'In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results.', ""While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace."", ""It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG.Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount."", '""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""', 'Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.', '""Foot Locker\'s expectations that promotional pressures will weigh on margins in the year ahead indicates that it\'s still having issues with Nike, its largest brand partner.', ""The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory."", ""When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales."", 'In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit.', 'The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.', ""Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions."", ""For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website."", ""Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115.That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales."", 'During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies\' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand.', ""Still, executives acknowledged the impact Nike's rough point is having on the business."", '""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""', 'Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon\'s direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.', 'During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits.', 'Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.', ""Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales."", 'It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company\'s store layout and approach.', ""It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed."", 'With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands.', 'It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025.', 'By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.', 'Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon\'s strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.', 'Still, Foot Locker is shrinking.', ""It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%.During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount."", ""It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance."", 'During the quarter, comparable sales at Champs grew 1.8%.', ""At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner."", 'In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach.', ""In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.""]",0.2166175499042937,"Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.","At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner.",0.0312555041806451,"During the quarter, comparable sales at Champs grew 1.8%.","Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.",2025-03-06
+Novo Nordisk offers Wegovy for less than half the price through new direct-to-consumer pharmacy,https://www.cnbc.com/2025/03/05/novo-nordisk-offers-discounted-wegovy-through-direct-to-consumer-pharmacy.html,2025-03-05T18:45:15+0000,"In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection. It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug.The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug. Wegovy's list price before insurance and other rebates is almost $1,350 per month.The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner. NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovy at a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly. The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery. More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over. That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.",CNBC,05/03/2025,"['In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.', 'The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection.', ""It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug."", 'The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug.', ""Wegovy's list price before insurance and other rebates is almost $1,350 per month."", ""The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner."", 'NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.', '""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovyat a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.', 'Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.', ""The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly."", 'The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.', 'Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.', 'The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery.', 'More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.', 'In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.', 'That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.', 'NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.']",0.1280287394789138,"NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.",In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.,0.2066699981689453,"Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.","In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.",2025-03-06
+"Trump's Mexico tariffs could raise produce prices in the next few days, Target CEO says",https://www.cnbc.com/2025/03/04/trump-mexico-tariffs-will-raise-produce-prices-target-ceo-cornell-says.html,2025-03-04T21:52:24+0000,"In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday.The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday.Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.""Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.""If there's a 25% tariff, those prices will go up,"" Cornell added.Cornell said prices could rise for produce like strawberries, avocados and bananas.During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.""I'll give you an example. We have $3 Christmas ornaments. We don't want to have $3.60 Christmas ornaments. We want to keep them at $3. That means we have to think about margin elsewhere. So maybe we'll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.Another example he cited was Target's ""$5 tees."" The company wants to continue charging $5 flat for T-shirts. So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.""So maybe we'll look at dresses a little bit differently,"" said Gomez. ""So it's actually not as simple as just like flowing through cost. We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped. High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses. The president and his advisors have contended the duties will not raise prices for consumers.When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry's lobbying arm to speak on Target's behalf.""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers. Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%. It's on pace to get that number down to below 25% by the end of the next year, added Gomez.The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere. Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez. That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China.Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter. The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f. Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.",CNBC,04/03/2025,"[""In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday."", ""The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday."", 'Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.', '""Those are categories where we\'ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.', '""If there\'s a 25% tariff, those prices will go up,"" Cornell added.', 'Cornell said prices could rise for produce like strawberries, avocados and bananas.', 'During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.', '""I\'ll give you an example.', 'We have $3 Christmas ornaments.', ""We don't want to have $3.60 Christmas ornaments."", 'We want to keep them at $3.', 'That means we have to think about margin elsewhere.', 'So maybe we\'ll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.', 'Another example he cited was Target\'s ""$5 tees.""', 'The company wants to continue charging $5 flat for T-shirts.', 'So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.', '""So maybe we\'ll look at dresses a little bit differently,"" said Gomez. ""', ""So it's actually not as simple as just like flowing through cost."", 'We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.', '""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped.', ""High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses."", 'The president and his advisors have contended the duties will not raise prices for consumers.', 'When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry\'s lobbying arm to speak on Target\'s behalf.', '""We\'ve certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""', 'So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.', '""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers.', 'Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%.', ""It's on pace to get that number down to below 25% by the end of the next year, added Gomez."", 'The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.', ""Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez."", ""That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China."", ""Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter."", ""The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f."", 'Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.']",0.1268012775291814,"""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""","High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses.",-0.006806630641222,The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.,"The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f.",2025-03-06
+UConn star Paige Bueckers touts financial literacy as NIL boosts women's sports,https://www.cnbc.com/2025/03/04/uconn-star-paige-bueckers-on-nil-and-womens-sports.html,2025-03-04T16:28:04+0000,"University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No. 1 pick, is taking her talents to the realm of financial literacy.The star Huskies guard has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.""I know how important financial literacy is, and learning how to manage your income, your taxes and making smart financial decisions, so for me to be able to share that opportunity with others, I think was very important,"" Bueckers told CNBC.As part of Intuit's new campaign, the financial technology platform will be offering a suite of financial education programs with the purpose of helping students navigate their financial future. The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.Bueckers, 23, is part of one of the first classes of student-athletes to take full advantage of the new policies allowing for NIL deals. Beginning in 2021, the NCAA relaxed its rules and for the first time began allowing students to profit off their name, image and likeness. It has dramatically changed the model for college student-athletes.She said she has learned most of her financial literacy through a financial advisor.""I've been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete. But definitely, I think at first when NIL came into play, I didn't really know much about finances,"" she said.To date, Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.In December, she made history by becoming the first NIL athlete to launch a shoe with Nike.Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall.""It's done great things to the women's game,"" she said, ""in terms of the visibility of seeing people on commercials, ads and all over social media.""",CNBC,04/03/2025,"['University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No.', '1 pick, is taking her talents to the realm of financial literacy.', 'The star Huskies guard has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.', '""I know how important financial literacy is, and learning how to manage your income, your taxes and making smart financial decisions, so for me to be able to share that opportunity with others, I think was very important,"" Bueckers told CNBC.As part of Intuit\'s new campaign, the financial technology platform will be offering a suite of financial education programs with the purpose of helping students navigate their financial future.', 'The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.', 'Bueckers, 23, is part of one of the first classes of student-athletes to take full advantage of the new policies allowing for NIL deals.', 'Beginning in 2021, the NCAA relaxed its rules and for the first time began allowing students to profit off their name, image and likeness.', 'It has dramatically changed the model for college student-athletes.', 'She said she has learned most of her financial literacy through a financial advisor.', '""I\'ve been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete.', 'But definitely, I think at first when NIL came into play, I didn\'t really know much about finances,"" she said.', 'To date, Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.In December, she made history by becoming the first NIL athlete to launch a shoe with Nike.', ""Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall."", '""It\'s done great things to the women\'s game,"" she said, ""in terms of the visibility of seeing people on commercials, ads and all over social media.""']",0.4088440504586677,"""I've been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete.","University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No.",0.9203615869794574,"Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall.",,2025-03-06
+"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.",2025-03-05
+These are the most competitive rental markets in the U.S.,https://www.cnbc.com/2025/03/05/most-competitive-rental-united-states.html,2025-03-05T18:34:18+0000,"New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market. Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census. That is the highest level since 1974 and a 34% increase from 2023. New York City, Dallas and Austin, Texas, led in the number of new rentals.Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index. That's in large part because a growing number of renters are not moving.Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe. Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year. In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report. As a result, each available apartment has an average of seven applicants.Looking locally, Miami has the highest occupancy rate. It is the most competitive, with an average 14 applicants for each unit.""Throughout the last few years, Miami has established itself as 'Wall Street South,' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."" The Midwest, however, leads in overall rental competitiveness. Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami. Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.Rents, which had been easing, are now on the rise again. Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList. February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer. Rents are still 0.4% lower than they were in February of last year, however. Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList. The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.",CNBC,05/03/2025,"['New apartment construction hit a record high last year, but all that new supply is apparently not enough to cool the competition in the market.', 'Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.', 'Last year, developers completed close to 600,000 multifamily units, according to the U.S. Census.', 'That is the highest level since 1974 and a 34% increase from 2023.', 'New York City, Dallas and Austin, Texas, led in the number of new rentals.', ""Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index."", ""That's in large part because a growing number of renters are not moving."", 'Lease renewal rates rose to 63.1% in the early part of this year, compared with 61.5% in the early part of last year, according to RentCafe.', 'Much of that is likely due to higher mortgage rates and elevated prices in the for-sale housing market.', 'Apartment occupancy is also holding firm at 93.3%, slightly higher than at the beginning of last year.', 'In addition, landlords are offering longer lease periods, which then lead to extended renewal periods, according to the report.', 'As a result, each available apartment has an average of seven applicants.', 'Looking locally, Miami has the highest occupancy rate.', 'It is the most competitive, with an average 14 applicants for each unit.', '""Throughout the last few years, Miami has established itself as \'Wall Street South,\' attracting major banking institutions and investment firms, while existing industries like tech and healthcare continue to grow, bringing in more workers,"" wrote Veronica Grecu, senior creative writer and researcher for RentCafe, in the report. ""', ""Plus, Miami's lack of income tax and its location at the crossroads of the Americas remain major draws for professionals and businesses."", '""The Midwest, however, leads in overall rental competitiveness.', 'Ten of the top 20 hottest rental markets are in the region, with suburban Chicago coming in second behind Miami.', 'Others include Detroit, Lansing and Grand Rapids in Michigan, as well as Cincinnati; Milwaukee; and Minneapolis-St. Paul in Minnesota.', 'Rents, which had been easing, are now on the rise again.', 'Nationwide, rents increased 0.3% in February, the first monthly advance in rents following six consecutive months of declines, according to ApartmentList.', 'February is the start of the historically busy season in the rental market, and rents are expected to rise throughout the summer.', 'Rents are still 0.4% lower than they were in February of last year, however.', 'Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.', 'The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report\'s authors.']",0.1013443899529229,"The typical rent price, however, is still 20% higher than it was in January 2021.""Year-over-year rent growth has now been negative since June 2023, but in recent months, there are signs that a return to positive growth is on the horizon,"" according to the ApartmentList report's authors.","Getting a rental is actually becoming even more difficult, according to a new report from RentCafe, an apartment search site.",0.4675750176111857,"Despite that, on a national level, rental competitiveness rose at the start of this year, according to RentCafe's Rental Competitiveness Index.","Following a period of record-setting rent growth in 2021 and the first half of 2022, the national median rent has now fallen below its August 2022 peak by a total of 4.6%, or $67 per month, according to ApartmentList.",2025-03-05
+NHL commissioner says league could be affected by U.S.-Canada tariffs,https://www.cnbc.com/2025/03/05/nhl-commissioner-gary-bettman-us-canada-tariffs.html,2025-03-05T18:23:21+0000,"National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.Bettman said 25% of the league's revenue comes from its Canadian clubs. Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC's Becky Quick on ""Squawk Box."" ""So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.""""I'm hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL's sponsors.The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season. The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion.""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""And we're in a good place because the game has never been better.""",CNBC,05/03/2025,"['National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.', ""Bettman said 25% of the league's revenue comes from its Canadian clubs."", 'Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.', '""All players, no matter which country they play in, get paid in U.S. dollars,"" Bettman told CNBC\'s Becky Quick on ""Squawk Box."" ""', 'So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.', '""Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a ""policy issue,"" with Canadians and Americans getting ""caught in the middle.', '""""I\'m hoping that this is a moment in time and both countries find a way to work through this,"" Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL\'s sponsors.', 'The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.', 'Despite the uncertainty, Bettman said the league is expecting to exceed revenue of $7 billion in mixed currency for the current 2024-25 season.', 'The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.', ""According to CNBC's 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion."", '""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""', 'And we\'re in a good place because the game has never been better.""']",0.0398578628670425,"""Our ratings are strong and we have great media partners in Canada and the United States,"" Bettman said. ""","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",0.289622314274311,"The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.","So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.",2025-03-05
+"CFPB drops lawsuit against JPMorgan Chase, Bank of America and Wells Fargo over Zelle fraud",https://www.cnbc.com/2025/03/04/cfpb-drops-jpmorgan-bank-of-america-wells-fargo-lawsuit.html,2025-03-04T21:47:50+0000,"In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuit against the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra. The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency.The CFPB said customers of the three banks have lost more than $870 million since the launch of Zelle in 2017. The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal. Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.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, former head of enforcement Eric Halperin told CNBC last week.A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",CNBC,04/03/2025,"['In this articleThe Consumer Financial Protection Bureau on Tuesday dismissed its lawsuitagainst the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it.', 'The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.', 'The CFPB ""dismisses this action against Defendants Early Warning Services, LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, N.A., with prejudice,"" the regulator said in its filing.', 'Since acting Director Russell Vought has taken over the CFPB, the agency has dropped at least a half dozen cases brought by his predecessor, Rohit Chopra.', ""The agency is now embroiled in a legal battle after a union representing CFPB employees sued to halt mass firings and the purging of data that would've happened under Vought and Elon Musk's Department of Government Efficiency."", 'The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.', 'The service was started to provide bank customers an alternative to peer-to-peer platforms including PayPal.', 'Last year Zelle crossed $1 trillion in total volume, which it said was the most ever for a peer-to-peer platform.', '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, former head of enforcement Eric Halperin told CNBC last week.', 'A spokeswoman for the Zelle brand said they welcomed the dismissal and reiterated an assertion that the CFPB lawsuit was ""legally and factually flawed.', '""A JPMorgan spokeswoman said that while ""banks play a crucial role in scam prevention and consumer education.... this is a national security problem that requires a collective effort across the public and private sectors.', '""""Banks have consistently followed the law in offering services through Zelle,"" Lindsey Johnson, president of the Consumer Bankers Association, said in a statement after the dismissal. ""', 'In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""']",-0.2412455294068504,"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, former head of enforcement Eric Halperin told CNBC last week.","The CFPB sued Early Warning Services, which runs the peer-to-peer payments network, as well as JPMorgan Chase, Bank of America and Wells Fargo in December, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.",0.0067916959524154,"In a time when fraud and scam activity is surging ... we look forward to moving past finger-pointing and political grandstanding and instead working constructively with policymakers to counter the root causes of these threats.""",The CFPBsaidcustomers of the three banks have lost more than $870 million since the launch of Zelle in 2017.,2025-03-05
+UConn star Paige Bueckers touts financial literacy as NIL boosts women's sports,https://www.cnbc.com/2025/03/04/uconn-star-paige-bueckers-on-nil-and-womens-sports.html,2025-03-04T16:28:04+0000,"University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No. 1 pick, is taking her talents to the realm of financial literacy.The star Huskies guard has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.""I know how important financial literacy is, and learning how to manage your income, your taxes and making smart financial decisions, so for me to be able to share that opportunity with others, I think was very important,"" Bueckers told CNBC.As part of Intuit's new campaign, the financial technology platform will be offering a suite of financial education programs with the purpose of helping students navigate their financial future. The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.Bueckers, 23, is part of one of the first classes of student-athletes to take full advantage of the new policies allowing for NIL deals. Beginning in 2021, the NCAA relaxed its rules and for the first time began allowing students to profit off their name, image and likeness. It has dramatically changed the model for college student-athletes.She said she has learned most of her financial literacy through a financial advisor.""I've been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete. But definitely, I think at first when NIL came into play, I didn't really know much about finances,"" she said.To date, Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.In December, she made history by becoming the first NIL athlete to launch a shoe with Nike.Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall.""It's done great things to the women's game,"" she said, ""in terms of the visibility of seeing people on commercials, ads and all over social media.""",CNBC,04/03/2025,"['University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No.', '1 pick, is taking her talents to the realm of financial literacy.', 'The star Huskies guard has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.', '""I know how important financial literacy is, and learning how to manage your income, your taxes and making smart financial decisions, so for me to be able to share that opportunity with others, I think was very important,"" Bueckers told CNBC.As part of Intuit\'s new campaign, the financial technology platform will be offering a suite of financial education programs with the purpose of helping students navigate their financial future.', 'The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.', 'Bueckers, 23, is part of one of the first classes of student-athletes to take full advantage of the new policies allowing for NIL deals.', 'Beginning in 2021, the NCAA relaxed its rules and for the first time began allowing students to profit off their name, image and likeness.', 'It has dramatically changed the model for college student-athletes.', 'She said she has learned most of her financial literacy through a financial advisor.', '""I\'ve been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete.', 'But definitely, I think at first when NIL came into play, I didn\'t really know much about finances,"" she said.', 'To date, Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.In December, she made history by becoming the first NIL athlete to launch a shoe with Nike.', ""Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall."", '""It\'s done great things to the women\'s game,"" she said, ""in terms of the visibility of seeing people on commercials, ads and all over social media.""']",0.4088440504586677,"""I've been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete.","University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No.",0.9203615869794574,"Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women's sports overall.",,2025-03-05
+"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.",2025-03-05
+"Aviation industry pushes Congress for air traffic improvements, more hiring",https://www.cnbc.com/2025/03/04/aviation-industry-air-traffic-control.html,2025-03-04T18:06:37+0000,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government. But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees. The Department of Transportation said it didn't include air traffic controllers.""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk's so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""",CNBC,04/03/2025,"['Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.', ""Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy."", 'Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.', ""Duffy's comments come as President Donald Trump has tasked his billionaire advisor Elon Musk with cost-cutting throughout the federal government."", ""But Musk's involvement has raised concerns about conflicts of interest from Democratic lawmakers, especially since the FAA is one of the regulators of Musk's company SpaceX.The cost cuts have included layoffs of about 300 FAA employees."", ""The Department of Transportation said it didn't include air traffic controllers."", '""This demoralizes the entire workforce and distracts from the agency\'s efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.', 'He said, ""blanket changes, indiscriminate dismissals or other arbitrary edicts will not help this country maintain the safest air traffic control system.', '""For his part, Nick Calio, head of Airlines for America, which represents major U.S. airlines including United Airlines, American Airlines, Southwest Airlines and others, recommended relying on Musk\'s so-called Department of Government Efficiency or ""procurement experts from the private sector to revise the procurement standards, policies, practices and procedures of the FAA to reduce any impediments to the acquisition of commercial products and commercial services, or other sources, as required.""']",0.0047429110442302,"""This demoralizes the entire workforce and distracts from the agency's efforts to modernize and improve the aviation system — as well as taking away from the primary mission of the FAA to ensure the safety and effectiveness of the U.S. aviation system and ultimately, the safety of the American flying public,"" David Spero, president of Professional Aviation Safety Specialists, said in written testimony.","Their testimony was delivered to a House committee hearing about a month after an American Airlines regional jet and an Army Black Hawk helicopter collided near Ronald Reagan Washington National Airport, killing all 67 people on board the two aircraft in the deadliest U.S. airline crash since 2001.Transportation Secretary Sean Duffy said last week that the Trump administration is taking steps to increase air traffic controller staffing, raising starting salaries by 30% for staff who go through the Federal Aviation Administration's academy.",-0.1535607406071254,"Aviation industry members on Tuesday again urged lawmakers for newer air traffic control technology and more hiring of air traffic controllers as airlines continue to complain about longtime shortfalls, while air travel demand has boomed.","Air traffic controller staffing is down about 9% from 2012, while air travel demand has hit records, according to testimony from Nick Daniels, president of the National Air Traffic Controllers Association.",2025-03-05
+Southwest Airlines closing 2 crew bases in cost-cutting push,https://www.cnbc.com/2025/03/04/southwest-airlines-closing-austin-fort-lauderdale-crew-bases.html,2025-03-04T19:15:18+0000,"In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport, according to a flight attendant union memo.""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta. Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control. The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",CNBC,04/03/2025,"['In this articleSouthwest Airlines is closing two flight attendant bases amid its cost-cutting push that has also led to its first mass layoffs in its more than 50 years of flying.', ""The airline is closing the satellite bases at Florida's Fort Lauderdale-Hollywood International Airport and at Texas' Austin-Bergstrom International Airport,according to a flight attendant union memo."", '""While the Company is within its rights to make this decision, it is not without impact on Flight Attendants,"" said TWU Local 556 President Bill Bernal.', 'He said the union and company agreed to move the closure back one month, making it effective on July 1.""This allows affected Members more time to make arrangements for this change in their professional and personal lives,"" Bernal said.', 'The airports are so-called satellite bases for flight attendants, not pilots, and smaller than its main bases.', 'A Southwest spokesman said the carrier opened the bases in early 2018 and that the 280 flight attendants who will be affected can transfer to the 12 main bases.', '""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.', 'The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.', 'Last month, the airline said it was will cut 15% of corporate staff, or 1,750 people, that would save it about $210 million this year.', 'The moves come after the airline settled last year with activist investor Elliott Investment Management, which won five Southwest board seats, short of control.', 'The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.']",0.1043762586908158,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The firm had also pushed for Bob Jordan to be replaced as CEO, though it was not successful.",-0.1696451187133789,"""This change will ultimately help strengthen our Crew network and support a more reliable operation for our Employees and Customers,"" the airline said in a statement.","The Dallas-based carrier has been slashing unprofitable routes, affecting hundreds of front-line employees, including in Atlanta.",2025-03-05
+Abercrombie & Fitch shares plunge 15% after star retailer posts weak guidance for year ahead,https://www.cnbc.com/2025/03/05/abercrombie-fitch-anf-q4-2024-earnings.html,2025-03-05T15:20:28+0000,"In this articleAbercrombie & Fitch's growth story is starting to slow down.Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG. During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns. The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers. During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%. Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.""Last year we did have a bit of a flawless transition into spring, and this year it's a bit more normalized. [The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands. Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.When asked where macroeconomic conditions or something else is driving that slowdown, executives didn't really answer and said instead they're seeing ""green shoots for spring.""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street's expectations in its fiscal fourth quarter. Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier. Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier. Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period. That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week. Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter. Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount. In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook. Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast. Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide. However, not all of Abercrombie's guidance was a disappointment. During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG. For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share. Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside. The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz. It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade. Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes. Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs. In February, consumer confidence slipped to its lowest levels since 2021. The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead. It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant. The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f. Beauty. Like E.l.f., Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company's performance at the start of the year.Both of the companies rely heavily on TikTok for marketing. In February, E.l.f. CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren't posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value."" ""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world. Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales."" That suggestion came true on Wednesday when Abercrombie announced a new $1.3 billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.",CNBC,05/03/2025,"[""In this articleAbercrombie & Fitch's growth story is starting to slow down."", 'Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.', 'Abercrombie is expecting sales to rise between 3% and 5% in fiscal 2025, well below estimates of 6.8% growth, according to LSEG.', ""During its current quarter, the company anticipates earnings per share will be between $1.25 and $1.45, short of expectations of $1.97.A slowdown at Abercrombie's namesake brand is compounding concerns."", ""The segment had been leading the company's growth in prior quarters more than Hollister, its chain that caters more to teenagers."", 'During the quarter, sales at Abercrombie grew just 2%, while Hollister sales jumped 16%.', 'Comparable sales at Abercrombie rose 5%, while Hollister comps spiked 24%.Abercrombie brand sales continued to decelerate into February and turned negative for the month, CEO Fran Horowitz said on a call with analysts.', '""Last year we did have a bit of a flawless transition into spring, and this year it\'s a bit more normalized. [', ""The full company's sales are] positive for the month of February, seeing a little bit of a difference between the brands."", 'Hollister came in very strong off of a very, very strong Q4 and Abercrombie is a bit negative,"" Horowitz said.', 'When asked where macroeconomic conditions or something else is driving that slowdown, executives didn\'t really answer and said instead they\'re seeing ""green shoots for spring.', '""Beyond guidance and slowing growth, Abercrombie narrowly beat Wall Street\'s expectations in its fiscal fourth quarter.', ""Here's how the retailer performed 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 $187 million, or $3.57 per share, compared with $158 million, or $2.97 per share, a year earlier."", 'Sales rose to $1.58 billion, up 9% from $1.45 billion a year earlier.', 'Like other retailers, Abercrombie benefited from an extra selling week in the year-ago period.', 'That negatively skewed comparisons for many companies, but Abercrombie sales jumped even with one less selling week.', 'Beyond sales and earnings, Abercrombie said it expects another key metric – operating margin – to be lower than Wall Street anticipated in the current quarter.', 'Abercrombie is expecting its operating margin to be in a range of between 8% and 9%, well behind estimates of 12.8%, according to StreetAccount.', 'In January, Abercrombie offered investors a glimpse into its holiday performance when it released an early set of results and raised its fourth-quarter outlook.', 'Still, its stock tumbled that day because the forecast showed that Abercrombie was expecting its growth to moderate and thought its operating margin would not increase beyond its previous forecast.', 'Concerns around its operating margin are now likely increasing after Abercrombie issued its fiscal first-quarter guide.', ""However, not all of Abercrombie's guidance was a disappointment."", 'During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.', 'For the full year, it anticipates earnings will be between $10.40 and $11.40 per share, which at the mid to high end is higher than expectations of $10.83 per share.', ""Following about two years of explosive stock and sales growth, Abercrombie's business appears to be leveling out, and the markets may be turning away from retail's biggest star in favor of names with more immediate upside."", ""The company is still growing, and working to build out its international market, but it's unclear if it's still going to see the blockbuster numbers it's been putting out after implementing a turnaround under CEO Horowitz."", 'It faces tough prior-year comparisons, and some of the buzz from the turnaround might be starting to fade.', 'Plus, consumers have been noticeably cautious since the start of the year, which is always going to pressure specialty retailers that sell discretionary goods like clothes.', 'Geopolitics, unseasonably cool weather and mass tragedies like the wildfires in Los Angeles have dampened consumer demand, but shoppers are also concerned about things like rising prices from tariffs.', 'In February, consumer confidence slipped to its lowest levels since 2021.The fact that Hollister is now growing faster than Abercrombie, and accounting for the majority of sales, marks a turning point for the company and indicates the teen-focused brand could once again be a more important growth driver ahead.', ""It also puts pressure on management to do more to stimulate the Abercrombie brand and ensure it doesn't go stagnant."", 'The start of the year has been a bit worse than expected for a number of other companies, including Target and E.l.f.', 'Beauty.', 'Like E.l.f.,', ""Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year."", 'Both of the companies rely heavily on TikTok for marketing.', 'In February, E.l.f.', 'CEO Tarang Amin told CNBC that he suspects the proposed ban impacted cosmetics sales because people weren\'t posting things like ""get ready with me"" videos or clothing hauls, which can drive sales.', 'In a news release in January, Horowitz signaled that moving forward, Abercrombie will be more focused on boosting profits than sales as it looks to ""drive long-term shareholder value.', '""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we\'ve built,"" said Horowitz. ""', 'In 2025, we will look to continue sustainable, profitable growth through the execution of our playbooks to win and retain customers around the world.', 'Our goal is to leverage our healthy margin structure and balance sheet to grow operating income dollars and earnings per share at rates faster than sales.', '""That suggestion came true on Wednesday when Abercrombie announced a new $1.3billion share repurchase authorization and said it expects to spend $400 million on stock buybacks in 2025.']",0.2343071524979906,"""""Following an expected two years of double-digit top and bottom-line growth, I am as confident as ever in the power of our brands and operating model as we move forward, supported by the outstanding capabilities we've built,"" said Horowitz. ""","Abercrombie could have seen an impact from the proposed TikTok ban, which dragged on the cosmetics company'sperformance at the start of the year.",0.1889461729977582,"During its current quarter, it expects sales to rise between 4% and 6%, in line with expectations of 5.8%, according to LSEG.","Shares of the apparel retailer plummeted 15% on Wednesday after the company issued weaker-than-expected guidance for its current quarter and fiscal 2025, and said it expects its sales will grow more slowly than Wall Street anticipated.",2025-03-05
+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.",,2025-03-05
+"Target to expand online marketplace, boost product assortment as it aims for $15 billion in sales growth by 2030",https://www.cnbc.com/2025/03/04/target-outlines-plans-to-grow-sales-by-15-billion-by-2030.html,2025-03-04T16:39:23+0000,"In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City. The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage. Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February. As of Monday's close, shares of the company are down nearly 11% this year. In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers. The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers. The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue. Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores. In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030. However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers.""Rather than opening the doors to any seller, we're focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target's strategy for bringing vendors onto the marketplace. ""But that hasn't prevented us from massive growth. Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030. The company said that unit drove more than $2 billion in value last year. That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth. Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks. ""There are some forever truths in retail. One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""And when you can find that fantastic combination of newness, style and value at Target, we win."" Having a wide range of fresh products is key to Target's success and has long been its primary competitive advantage. Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for.Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue. To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company. It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim. Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey. The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds. Those investments will include modernizing the company's legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release. ""We know there's no Tarzhay magic If you can't find the item you were looking for because we were out of stock or we didn't delight you in store,"" said Fiddelke. It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.",CNBC,04/03/2025,"['In this articleTarget plans to double down on its third-party marketplace, media network and same day delivery services to drive more than $15 billion in revenue growth over the next five years, it said Tuesday at an investor meeting in New York City.', ""The retailer's plans to grow its business and better compete against rivals like Walmart and Amazon come as Target finds itself in a rough patch, struggling to grow sales of high-margin discretionary merchandise and reclaim its competitive advantage."", 'Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it\'s expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.', ""As of Monday's close, shares of the company are down nearly 11% this year."", ""In the company's presentation to investors and analysts, Target outlined a robust growth strategy to reclaim the so-called Tarzhay magic that has long made it a favorite among consumers."", 'The company is aiming to improve the store experience, introduce new and exciting products and invest in its supply chain to make it more efficient.', ""In prepared remarks, CEO Brian Cornell touted the company's plans to grow its third-party marketplace so it can offer a wider range of items to consumers."", ""The strategy takes a page out from Walmart, which has looked to mimic Amazon's model to boost revenue."", 'Both of the legacy retailers are turning to digital sales – and the unlimited supply that comes from third-party sellers – as paths to growth as more consumers shop online and they run out of space to build new stores.', 'In a press release, Target said it plans to ""dramatically expand the size"" of its marketplace and grow third-party digital sales from about $1 billion in 2024 to more than $5 billion in 2030.', ""However, it's taking a different approach to growing it than Amazon and Walmart have, with a larger emphasis on major brand names than on small third-party resellers."", '""Rather than opening the doors to any seller, we\'re focused on building relevance and trust by working with partners that complement our assortment and also help us provide more of the breadth consumers are looking for,"" said Chief Commercial Officer Rick Gomez.', 'That includes bringing in household names like Peloton, Daily Harvest and Honest Baby Clothing to the platform.', '""To be clear, we still believe our intentional, invitation only approach is the right strategy, both now and in the long haul for Target,"" said chief guest experience officer Cara Sylvester, referencing Target\'s strategy for bringing vendors onto the marketplace. ""', ""But that hasn't prevented us from massive growth."", 'Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.', '""Beyond marketplace, Target is also going to work to double the size of its in-house media company Roundel by 2030.', 'The company said that unit drove more than $2 billion in value last year.', ""That's another strategy deployed by Walmart, which has turned to its own in-house advertising platform, Walmart Connect, as one of its novel paths to growth."", ""Beyond these extraneous businesses, Cornell said the company will also double down on the retail fundamentals it's been criticized for falling behind on: fresher products, revamped stores and better in-stocks."", '""There are some forever truths in retail.', 'One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""', 'And when you can find that fantastic combination of newness, style and value at Target, we win.', '""Having a wide range of fresh products is key to Target\'s success and has long been its primary competitive advantage.', ""Fans of the company say that one doesn't enter a Target store with a shopping list – they discover new products while buying the essentials they came in for."", ""Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue."", 'To work to remedy that, Target is planning to expand its gaming, sports and toys assortment and boost its home selection, another key, high-margin category for the company.', ""It's also going to grow its owned brands with a new series of Good & Gather Collabs, as part of its private label brand, with celebrity chefs like Ann Kim."", 'Target plans to unveil 600 new food and beverage items across Good & Gather and Favorite Day, another private label brand, and revamp its pet supplies brand, Boots & Barkey.', 'The company aims to fix its apparel supply chain to reduce the time it takes to design, source and get products on shelves so it can respond more quickly to trends and better compete with Chinese e-tailers like Shein and Temu.', 'It plans to invest between $4 billion and $5 billion into stores, supply chain and technology to reduce out-of-stocks and implement new delivery methods to boost delivery speeds.', 'Those investments will include modernizing the company\'s legacy inventory management system with ""AI-powered technology solutions,"" it said in a press release.', '""We know there\'s no Tarzhay magic If you can\'t find the item you were looking for because we were out of stock or we didn\'t delight you in store,"" said Fiddelke.', 'It also plans to open 20 new stores, the majority of which will be large formats, and invest in remodels across the fleet.']",0.4638966742849588,"One of them is, retail is about product, and the best product at the best value wins,"" Chief Operating Officer Michael Fiddelke said during the meeting. ""","Over the last couple of years, Target has seen discretionary sales lag even as they've grown at Walmart, indicating its assortment is the problem – not a greater macroeconomic issue.",0.6591097563505173,"Target Plus now generates over $1 billion in [gross merchandise value], having grown more than 35% in the past year alone.","Shares of Target fell more than 5% in early trading on Tuesday after the company issued its fiscal 2024 fourth quarter earnings and told investors it's expecting to see a ""meaningful"" drop in profits during its current quarter because of soft sales in February.",2025-03-05
+Starbucks poaches Nordstrom CFO as executive shake-up continues,https://www.cnbc.com/2025/03/04/starbucks-nordstrom-cfo-cathy-smith.html,2025-03-04T18:24:28+0000,"In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board. Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company.Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private. Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.Smith is expected to start next month, Niccol wrote in a letter to employees.Ruggeri has served as CFO for Starbucks since 2021. Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""Thank you, Rachel, for all you have done for our business, our culture and our partners.""Her departure is without cause, the company said in a regulatory filing. Ruggeri will stick around to help with Smith's transition into the role, according to Niccol.Correction: Smith is expected to start in the next month. A previous version of this story misstated the timeline.",CNBC,04/03/2025,"['In this articleStarbucks announced Tuesday that Nordstrom Chief Financial Officer Cathy Smith will join the company as its new CFO, replacing longtime veteran Rachel Ruggeri.', 'The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.', ""So far, noteworthy departures during Niccol's tenure have included the company's North American CEO, North American president, chief supply officer and the former chair of the board."", ""Meanwhile, many executives with ties to Niccol from his time leading Chipotle Mexican Grill and Yum Brands' Taco Bell have joined the company."", 'Smith, 61, joins Starbucks after two years at Nordstrom, which is also based in Seattle and recently announced a $6.25 billion deal to go private.', 'Throughout her decades-long career, Smith has also served as CFO for Bright Health Group, Target, Express Scripts, Walmart International, GameStop, Centex, Kennametal, Textron and Raytheon.', 'Smith is expected to start next month, Niccol wrote in a letter to employees.', 'Ruggeri has served as CFO for Starbucks since 2021.', 'Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I\'m personally grateful for the partnership we\'ve had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. ""', 'Thank you, Rachel, for all you have done for our business, our culture and our partners.', '""Her departure is without cause, the company said in a regulatory filing.', ""Ruggeri will stick around to help with Smith's transition into the role, according to Niccol."", 'Correction: Smith is expected to start in the next month.', 'A previous version of this story misstated the timeline.']",0.1398788998020125,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,,0.2350269556045532,"Excluding two brief stints at other companies, she has worked at the coffee chain since 2001.""I'm personally grateful for the partnership we've had over the last 6 months since I joined Starbucks,"" Niccol said in the letter. """,The executive change is the latest for Starbucks after Brian Niccol joined the company as chief executive in September with the goal of turning around slumping coffee sales.,2025-03-05
+"Kenvue settles proxy fight with activist Starboard, adding three directors to its board",https://www.cnbc.com/2025/03/05/kenvue-settles-proxy-fight-with-activist-starboard-sources-tell-cnbc.html,2025-03-05T15:35:36+0000,"In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division.""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo.J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant. It marked the biggest shake-up in J&J's nearly 140-year history.",CNBC,05/03/2025,"['In this articleKenvue settled its proxy fight with activist Starboard Value, adding three new directors to its board.', ""Starboard's Jeff Smith will join the board of the Johnson & Johnson spinoff, along with Sarah Hofstetter, president of Profitero, an e-commerce performance analytics platform, and Erica Mann, former head of pharmaceutical company Bayer's consumer health division."", '""Sarah\'s brand building and digital marketing expertise, Erica\'s global consumer health industry experience, and Jeff\'s investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue\'s board, in a statement Wednesday.', 'CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.', ""Kenvue is the maker of iconic brands familiar to both investors and the broader public, such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol and J&J's namesake baby powder and shampoo."", 'J&J completed its separation from Kenvue in August 2023, and has since sold all of its remaining stake in the consumer goods giant.', ""It marked the biggest shake-up in J&J's nearly 140-year history.""]",0.0801694650094346,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",It marked the biggest shake-up in J&J's nearly 140-year history.,0.4983651787042618,"""Sarah's brand building and digital marketing expertise, Erica's global consumer health industry experience, and Jeff's investor perspective and extensive service on corporate boards will further strengthen the Board with complementary, value-additive skillsets,"" said Larry Merlo, chair of Kenvue's board, in a statement Wednesday.",CNBC reported in October that Starboard had amassed a significant stake in the company and expressed disappointment in its management and share price performance.,2025-03-05
+"Trump's Mexico tariffs could raise produce prices in the next few days, Target CEO says",https://www.cnbc.com/2025/03/04/trump-mexico-tariffs-will-raise-produce-prices-target-ceo-cornell-says.html,2025-03-04T21:52:24+0000,"In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday.The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday.Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.""Those are categories where we'll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.""If there's a 25% tariff, those prices will go up,"" Cornell added.Cornell said prices could rise for produce like strawberries, avocados and bananas.During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.""I'll give you an example. We have $3 Christmas ornaments. We don't want to have $3.60 Christmas ornaments. We want to keep them at $3. That means we have to think about margin elsewhere. So maybe we'll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.Another example he cited was Target's ""$5 tees."" The company wants to continue charging $5 flat for T-shirts. So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.""So maybe we'll look at dresses a little bit differently,"" said Gomez. ""So it's actually not as simple as just like flowing through cost. We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped. High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses. The president and his advisors have contended the duties will not raise prices for consumers.When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry's lobbying arm to speak on Target's behalf.""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers. Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%. It's on pace to get that number down to below 25% by the end of the next year, added Gomez.The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere. Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez. That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China.Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter. The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f. Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.",CNBC,04/03/2025,"[""In this articleShoppers will likely see produce prices increase in the coming days due to President Donald Trump's tariffs on Mexican imports, Target CEO Brian Cornell said Tuesday."", ""The Trump administration's 25% levies on goods from Mexico and Canada, along with an additional 10% duty on Chinese imports, took effect Tuesday."", 'Cornell said Target relies heavily on Mexican produce during the winter months, and the tariffs could force the company to raise prices on fruits and vegetables as soon as this week.', '""Those are categories where we\'ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,"" he told CNBC in an interview after Target released its fiscal fourth-quarter earnings.', '""If there\'s a 25% tariff, those prices will go up,"" Cornell added.', 'Cornell said prices could rise for produce like strawberries, avocados and bananas.', 'During an investor day later that morning, Chief Commercial Officer Rick Gomez said it was too early to provide more specifics on the products and categories that will see price increases because ""teams are working through it in real time"" and the company has to look at pricing holistically.', '""I\'ll give you an example.', 'We have $3 Christmas ornaments.', ""We don't want to have $3.60 Christmas ornaments."", 'We want to keep them at $3.', 'That means we have to think about margin elsewhere.', 'So maybe we\'ll take pricing up a little bit on stockings to cover where we are in Christmas ornaments,"" said Gomez.', 'Another example he cited was Target\'s ""$5 tees.""', 'The company wants to continue charging $5 flat for T-shirts.', 'So while it may leave that price unchanged, it has more flexibility to hike prices for other products, such as dresses.', '""So maybe we\'ll look at dresses a little bit differently,"" said Gomez. ""', ""So it's actually not as simple as just like flowing through cost."", 'We have to think about this from a consumer perspective and make sure that our pricing architecture makes sense and puts us in a place where we are competitive and we have affordable options.', '""While inflation has eased in recent months, price increases have not moderated as much as the Federal Reserve has hoped.', ""High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses."", 'The president and his advisors have contended the duties will not raise prices for consumers.', 'When asked if he had spoken to Trump directly about the impact tariffs will have on prices, Cornell told CNBC he has ""not had that conversation"" with the president and instead has relied on the retail industry\'s lobbying arm to speak on Target\'s behalf.', '""We\'ve certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""', 'So we worked very closely with [the NRF and the Retail Industry Leaders Association] to make sure that collectively, our voice is being heard and we can share some of our insights and potential implications.', '""When asked about China, Cornell downplayed concerns about how the cumulative 20% duties on goods from the region will affect shoppers.', 'Cornell said Target has reduced its reliance on China to about 30% of imports from more than 60%.', ""It's on pace to get that number down to below 25% by the end of the next year, added Gomez."", 'The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.', ""Currently, only 17% of Target's apparel — a key high-margin category for the company — is manufactured in China after production was shifted to countries like Guatemala and Honduras, said Gomez."", ""That shift in supply chain is key to getting products to customers faster and also doesn't come with the same raw material concerns associating with sourcing cotton in China."", ""Cornell's comments come after Target posted fiscal fourth-quarter earnings and revenue that topped Wall Street's expectations but cast a pall over the current quarter."", ""The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f."", 'Beauty and Home Depot in giving weaker-than-expected first-quarter or full-year guidance.']",0.1268012775291814,"""We've certainly been very active in Washington making sure that we provide our point of view, and we rely on [the National Retail Federation] and the industry to provide our perspective to a broad number of members of the administration,"" said Cornell. ""","High costs for food and housing have continued to stretch consumer budgets, and Trump's tariffs have raised fears that households will face even higher expenses.",-0.006806630641222,The company has been able to reduce its reliance on China by turning to emerging manufacturing markets in the Western Hemisphere.,"The company said it's bracing for a weak current quarter in part because of how tariff concerns are impacting shopping, along with sliding consumer confidence, which dropped in February to its lowest level since 2021.Target's guidance is the latest warning sign about the health of the economy, as it joined other retailers like Walmart, E.l.f.",2025-03-05
+Trump's tariffs could quickly cut North American auto production by a third,https://www.cnbc.com/2025/03/04/trump-tariffs-north-american-auto-production.html,2025-03-04T21:13:06+0000,"DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks.That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.""We have a new dawn, to a degree. This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.The affected production will vary by automaker, vehicle and plant location. It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.""I think we're going to see some plants drop shifts. We're going to see some plants just slow build rates,"" Brinley said. ""It won't be necessarily consistent across [automakers]. It's going to very much be about what they need and how much they need it.""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.A tariff is a tax on imports, or foreign goods, brought into the United States. The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.""This isn't hypothetical,"" the trade group's CEO, John Bozzella, said in a statement. ""All automakers will be impacted by these tariffs on Canada and Mexico. Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly. We remain hopeful that the sides can come to an agreement for a productive path forward.""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""So far what we're seeing is a lot of cost and a lot of chaos.""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.""It's difficult to calculate the total impact such tariffs will have on North American vehicle production.""It's one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.""The automotive industry is a complex global system that thrives on certainty. S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts. Parts may originate in anywhere from 50 to 120 countries.For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.Those parts come from at least 24 different countries, according to Caresoft.",CNBC,04/03/2025,"[""DETROIT — Roughly a third of vehicle production in North America could be cut by next week as a result of President Donald Trump's 25% tariffs on Mexico and Canada, as automakers attempt to mitigate increased costs and buyers hold off on purchasing new cars and trucks."", 'That lost production would equate to roughly 20,000 units per day, according to a new analysis from prominent data and forecasting firm S&P Global Mobility.', 'The production impact as well as possibility of layoffs would continue to grow if the tariffs, which Trump implemented Tuesday, are not changed or lifted.', '""We have a new dawn, to a degree.', 'This is a significant move,"" Stephanie Brinley, associate director in AutoIntelligence at S&P Global Mobility, said during a webinar with the Automotive Press Association.', 'S&P Global Mobility reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.', 'The affected production will vary by automaker, vehicle and plant location.', 'It could mean a plant is completely idled or that it produces fewer vehicles that rely on parts that cross borders multiple times in different forms before being installed in a vehicle.', '""I think we\'re going to see some plants drop shifts.', 'We\'re going to see some plants just slow build rates,"" Brinley said. ""', ""It won't be necessarily consistent across [automakers]."", ""It's going to very much be about what they need and how much they need it."", '""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.', 'A tariff is a tax on imports, or foreign goods, brought into the United States.', 'The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.', 'Several automakers this week declined to comment directly on the 25% tariffs, relying on past comments or trade associations to speak on their behalf.', 'The American Automotive Policy Council, which represents Ford Motor, General Motors and Stellantis — all of which are heavily affected by the tariffs — argues that vehicles and parts that meet the stringent domestic and regional content requirements of the United States-Mexico-Canada Agreement, or USMCA, should be exempt from the tariff increase.', '""Our American automakers, who invested billions in the U.S. to meet these requirements, should not have their competitiveness undermined by tariffs that will raise the cost of building vehicles in the United States and stymie investment in the American workforce, while our competitors from outside of North America benefit from easy access to our home market,"" said former Missouri Gov. Matt Blunt, president of AAPC, in a statement Monday night.', 'The Alliance for Automotive Innovation, a trade group representing the vast majority of automakers selling vehicles in the U.S., warned that no automakers will come out unscathed, resulting in increased consumer costs.', '""This isn\'t hypothetical,"" the trade group\'s CEO, John Bozzella, said in a statement. ""', 'All automakers will be impacted by these tariffs on Canada and Mexico.', 'Most anticipate the price of some vehicle models will increase — by as much as 25 percent — and the negative impact on vehicle price and vehicle availability will be felt almost immediately.', '""Nissan Motor late Monday said, ""Sustained tariffs of this magnitude will have a negative impact for automotive manufacturers, and we are evaluating how we will take action accordingly.', 'We remain hopeful that the sides can come to an agreement for a productive path forward.', '""Several automotive executives and Wall Street analysts have described the tariffs as inserting unneeded chaos into the automotive industry.', '""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""', ""So far what we're seeing is a lot of cost and a lot of chaos."", '""Supporters of the tariffs have argued they are a way to help level trade disparities with the countries, while potentially serving as a leverage to renegotiate USMCA, which Trump originally negotiated during his first term as president.', 'Automakers have been relatively quiet about the financial impacts they expect from such tariffs, however GM CEO Mary Barra in February said the automaker believes it could mitigate short-term impacts of between 30% and 50% of additional costs ""without deploying any capital.', '""It\'s difficult to calculate the total impact such tariffs will have on North American vehicle production.', '""It\'s one of the most fluid situations that the auto industry has ever really seen ... on top of a few years of unexpected Covid situations, supply situations,"" Brinley said. ""', 'The industry itself has developed to be a little bit more agile than maybe it was seven or eight years ago ... but a lot of it is still very uncertain.', '""The automotive industry is a complex global system that thrives on certainty.', ""S&P Global Mobility reports there are on average 20,000 parts in a vehicle when it's torn down to its nuts and bolts."", 'Parts may originate in anywhere from 50 to 120 countries.', 'For example, the Ford F-150 is exclusively assembled in the U.S. but has roughly 2,700 main billable parts, which exclude many small pieces, according to Caresoft, an engineering benchmarking and consulting firm.', 'Those parts come from at least 24 different countries, according to Caresoft.']",0.0065687880175178,We remain hopeful that the sides can come to an agreement for a productive path forward.,"The companies importing the goods pay the tariffs, and some experts fear the companies would simply pass any additional costs on to consumers — raising the cost of vehicles and potentially reducing demand.",-0.1655878782272339,"""President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation in the U.S., and if his administration can achieve that, it would be one of ... the most signature accomplishments,"" Ford CEO Jim Farley said in February during the Wolfe Research investor conference. ""","""Shares of automotive stocks fell more than the broader market Tuesday as a result of the tariffs.",2025-03-05
+Trump grants automakers one-month exemption from tariffs,https://www.cnbc.com/2025/03/05/trump-grants-automakers-one-month-exemption-from-tariffs.html,2025-03-05T22:06:25+0000,"In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump's decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office.Shares of GM, Ford and Stellantis were notably up following the announcement. Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.It was not immediately clear whether just vehicles will be exempt, or if automotive parts would also be included. It's also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay. After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs. It also more closely aligns with potential vehicle tariffs on imports from outside of North America.Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. ""That's a combination of the election win and tariffs.""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night. The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.Executives with France-based auto supplier Forvia on Wednesday said the company and its customers, including automakers, have been planning different contingency plans for the tariffs. That has included working with customers to reach parts agreements since the 25% tariffs took effect Tuesday.""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""Cars will get more expensive for consumers if tariffs continue for a long time.""S&P Global Mobility on Tuesday predicted roughly a third of vehicle production in North America could be cut by next week due to the 25% tariffs.The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day. A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.",CNBC,05/03/2025,"['In this articleThe White House on Wednesday announced a one-month North American tariff exemption for automakers after President Donald Trump spoke a day earlier with heads of General Motors, Ford Motor and Stellantis.', ""Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin."", '""Reciprocal tariffs will still go into effect on April 2, but at the request of the companies associated with USMCA, the president is giving them an exemption for one month so they are not at an economic disadvantage,"" Press Secretary Karoline Leavitt said on behalf of Trump.', 'The American Automotive Policy Council, a trade group representing the ""Big 3"" Detroit automakers, applauded Trump\'s decision ""recognizing that vehicles and parts that meet the high US and regional USMCA content requirements should be exempt from these tariffs.', '""Leavitt said the president is ""open"" to hearing requests from other industries seeking exemptions as well.', 'Leavitt also confirmed the ""Big 3"" Detroit automakers requested the Tuesday call with Trump, who mentioned it during his address to Congress later in the day.', 'Two sources on Wednesday confirmed to CNBC that GM CEO Mary Barra, Stellantis Chairman John Elkann, Ford CEO Jim Farley and Ford Chair Bill Ford participated in the call.', ""The White House said it granted a one-month delay for tariffs on automakers whose cars comply with USMCA, which was negotiated under Trump's first term in office."", 'Shares of GM, Ford and Stellantis were notably up following the announcement.', 'Stellantis closed Wednesday up 9.2%, followed by GM up 7.2% and Ford higher by 5.8%.It was not immediately clear whether just vehicles will be exempt, or if automotive parts would also be included.', ""It's also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay."", 'After campaigning for Trump, Musk has been one of his closest advisors and a nearly constant presence by his side.', 'The exemption allows for additional preparation and discussions between the White House and automotive industry on tariffs.', 'It also more closely aligns with potential vehicle tariffs on imports from outside of North America.', 'Trump previously said those tariffs would be confirmed on April 2, in a push for automakers to invest more in the U.S. for vehicle production.', '""We\'re going to have growth in the auto industry like nobody\'s ever seen,"" Trump said Tuesday night before a joint session of Congress. ""', ""That's a combination of the election win and tariffs."", '""Trump erroneously touted a ""new"" plant investment in Indiana for Honda Motor during his speech Tuesday night.', 'The company operates a large assembly plant in the state, but its most recent major investments have been in Ohio.', 'Honda on Wednesday thanked the president for acknowledging the company, but confirmed it ""did not announce plans for a new plant in the U.S. at this time.', '""""We have invested over $3 billion in advanced vehicle manufacturing in America in just the past three years, with a cumulative total of more than $24.7 billion,"" Honda said in an emailed statement. ""', 'We look forward to continuing to invest locally and build quality products in America, as Honda has been doing for the past 45 years.', '""The American Automotive Policy Council earlier this week argued that vehicles and parts that meet USMCA requirements should be exempt from the tariff increase.', 'There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.', 'Executives with France-based auto supplier Forvia on Wednesday said the companyand itscustomers, including automakers, have been planning different contingency plans for the tariffs.', 'That has included working with customers to reach parts agreements since the 25%tariffstook effect Tuesday.', '""The whole supply chain cannot swallow 25%,"" Forvia CEO Martin Fischer said during a media event. ""', 'Cars will get more expensive for consumers if tariffs continue for a long time.', '""S&P Global Mobility on Tuesday predicted roughlya third of vehicle production in North America could be cut by next weekdue to the 25% tariffs.', 'The data and forecasting firm reports 25 automakers on average produce 63,900 light-duty passenger vehicles in North America per day.', 'A majority of those, roughly 65%, are assembled in the U.S., followed by 27% in Mexico and 8% in Canada.']",0.0951895004646719,Automakers have urged Trump to waive 25% tariffs on Mexico and Canada on vehicles that comply with the United States-Mexico-Canada Agreement's trade rules of origin.,It's also unclear how much if any input Tesla CEO Elon Musk had on the tariffs or the delay.,0.4112632274627685,"""We're going to have growth in the auto industry like nobody's ever seen,"" Trump said Tuesday night before a joint session of Congress. """,There was major concern among automotive executives and experts that prolonged tariffs would quickly eat into company profits and production plans.,2025-03-05
+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.",2025-03-05
+"Target warns February sales were soft, adding to concerns about consumer health",https://www.cnbc.com/2025/03/04/target-tgt-q4-2024-earnings.html,2025-03-04T14:43:04+0000,"In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs. The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season. But Target's tepid guidance comes after Walmart and E.l.f. Beauty raised concerns last month about a slower-than-usual start to the year.Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy.Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments. In a statement, Target's finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales. He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales. ""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.""Target CEO Brian Cornell also told CNBC that President Donald Trump's 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations.Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday.Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier.Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier. In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG. However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors. While it declined to share specific figures, Target said it's expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year."" Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales.That strategy ultimately impacted profits. During the quarter, Target's gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart. That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food. For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month. They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum. At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes. With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year.The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.",CNBC,04/03/2025,"['In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.', 'The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season.', ""But Target's tepid guidance comes after Walmart and E.l.f."", 'Beauty raised concerns last month about a slower-than-usual start to the year.', ""Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target's guidance is the latest warning sign about the health of the consumer and the U.S. economy."", ""Plenty of Target's troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments."", 'In a statement, Target\'s finance chief, Jim Lee, said February sales were ""soft"" and ""declining consumer confidence"" hurt discretionary sales.', 'He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.', '""We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,"" said Lee. ""', 'We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.', '""Target CEO Brian Cornell also told CNBC that President Donald Trump\'s 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise prices on produce like bananas, strawberries and avocados in the coming days.', ""Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street's expectations."", ""Here's how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's shares fell nearly 5% in morning trading Tuesday."", ""Target's net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier."", 'Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier.', 'In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.', 'For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG.', ""However, it's expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.Target's first-quarter guidance will also likely surprise investors."", 'While it declined to share specific figures, Target said it\'s expecting ""to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year.""', ""Meanwhile, analysts were expecting profit to grow 0.9%, according to LSEG.In the lead-up to Target's earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales."", 'That strategy ultimately impacted profits.', 'During the quarter, Target\'s gross margin fell about 0.4 percentage point due in part to ""higher promotional and clearance markdown rates,"" it said in a press release.', 'Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.', 'That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.', ""The company has said that it's been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food."", 'For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month.', 'They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.', '""When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,"" Gomez said.', 'During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.', 'At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.', ""As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that's designed more for lounging and living, rather than proper gym clothes."", ""With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand's products online, with a larger rollout planned for next year."", 'The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.', ""Even though the agreements were announced at the beginning of the year, they won't officially launch until the second half of 2025.""]",0.2131926771073621,"Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates, and steep competition from online discounters and rival Walmart.","He also blamed ""uncharacteristically cold weather,"" saying it affected apparel sales.",-0.112752641069478,"During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared with the third quarter and Target is looking to sustain that momentum.","In this articleTarget on Tuesday warned that it expects a ""meaningful"" drop in first-quarter profit compared with the year-ago period as it contends with ""ongoing consumer uncertainty,"" soft sales in February and concerns around tariffs.",2025-03-05
+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.,2025-03-05
+Amgen starts two critical late-stage trials for weight loss drug MariTide,https://www.cnbc.com/2025/03/05/amgen-weight-loss-drug-maritide-starts-two-phase-three-trials.html,2025-03-05T16:41:30+0000,"Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market. ""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program. MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables. They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF. Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said. The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetes The main goal of both studies is to measure the percentage of weight loss at 72 weeks. Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time. The company did not share a specific regimen for dosing in the trials. Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau. The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau. But the results were on the lower end of Wall Street's lofty expectations for the drug. Amgen will report more data on MariTide this year. The full results of the phase two trial will be presented at the American Diabetes Association conference in June. The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides. The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1. Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.",CNBC,05/03/2025,"['Amgen on Wednesday said it has started two critical late-stage trials for its experimental weight loss injection MariTide, another step in its bid to enter the booming obesity drug market.', '""We\'re delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen\'s executive vice president of research and development, said during a TD Cowen conference, using the name of the drug\'s phase three development program.', 'MariTide is a monthly injection that investors hope could compete against existing weight loss drugs from Novo Nordisk and Eli Lilly, which are weekly injectables.', 'They are part of a class of drugs called GLP-1s, which mimic certain hormones produced in the gut to tamp down appetite and regulate blood sugar.', 'About 6% of U.S. adults, or more than 15 million people, were using a prescription for GLP-1s as of May, according to a survey from health policy organization KFF.', 'Some analysts expect the market for GLP-1s to be worth more than $150 billion annually by the early 2030s.', ""One of the new phase three trials is examining Amgen's drug in around 3,500 people with obesity or who are overweight without Type 2 diabetes, Bradner said."", 'The second study examines MariTide in 999 patients who are obese or overweight and have Type 2 diabetesThe main goal of both studies is to measure the percentage of weight loss at 72 weeks.', 'Amgen will study three target doses of MariTide and plans to use dose escalation, or starting patients at a lower dose of the drug and increasing that amount over time.', 'The company did not share a specific regimen for dosing in the trials.', 'Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.', 'The drug also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year with no plateau.', ""But the results were on the lower end of Wall Street's lofty expectations for the drug."", 'Amgen will report more data on MariTide this year.', 'The full results of the phase two trial will be presented at the American Diabetes Association conference in June.', 'The company is also continuing to study patients in an extension of that trial that will read out in the second half of this year.', 'MariTide brings a new approach to weight loss compared with the existing drugs on the market because it is a so-called peptide antibody conjugate, which refers to a monoclonal antibody linked to two peptides.', ""The peptides activate receptors of a gut hormone called GLP-1, while the antibody blocks receptors of another hormone called GIP.That's unlike Eli Lilly's obesity drug, Zepbound, which activates both GIP and GLP-1."", ""Novo Nordisk's Wegovy activates GLP-1 but does not target GIP, which may also affect how the body breaks down sugar and fat.""]",-0.151165517904489,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.","Amgen in November said MariTide helped patients with obesity lose up to 20% of their weight on average after a year in a phase two trial, with no weight loss plateau.",0.9984358429908752,"""We're delighted to share that these trials have now been initiated, and really, the progression of the MARITIME program is going very, very well,"" Dr. Jay Bradner, Amgen's executive vice president of research and development, said during a TD Cowen conference, using the name of the drug's phase three development program.",,2025-03-05
+Here's how tariffs will hit the U.S. housing market,https://www.cnbc.com/2025/03/04/how-tariffs-will-hit-the-us-housing-market.html,2025-03-04T20:16:13+0000,"From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada. Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax. Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders. Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders.Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we've seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S. Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season. This will drive prices higher.""Lumber futures are up 5% in the past week and were rising steadily Tuesday.  Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes. The homebuilding industry took that as a win.""A stable and affordable supply of lumber is critically important for our industry to address the country's housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.""As for ramping up domestic production immediately, that's easier said than done. Jannke estimates it would take up to three years to build multiple new mills. He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom. High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""On top of that, once a mill was built, labor had to be found to operate the mill. These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill. This added another year before the mill was operating at full capacity.""The labor force, from logging to hauling, is already lean and decreasing. Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber. As for increasing production, ""that won't be a flip of a switch. You're taking a 40-year supply chain and trying to switch overnight – that's hard.""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.China is the market leader in household appliances. And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries. In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform. It primarily comes from Spain, Mexico and Canada.""Rising costs due to tariffs on imports will leave builders with few options. They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.""We may see buyers' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too. We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks. The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily. It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.The tariffs come at a time when the U.S. housing market is already under pressure. Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors. Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census. And prices are still stubbornly high, with the inventory of homes for sale still historically low.",CNBC,04/03/2025,"['From lumber to drywall to appliances to finishings, much of what goes into a U.S. home comes from outside American borders.', ""The cost of those products is about to go up, as President Donald Trump's administration imposes tariffs on China, Mexico and Canada."", 'Goods from China are now subject to a 20% tax, an increase from a previous 10% tax, and those from Canada and Mexico face a 25% tax.', 'Canadian lumber was already subject to separate duties of 14.5%.The new tariffs could increase builder costs anywhere from $7,500 to $10,000 per home, said Rob Dietz, chief economist at the National Association of Home Builders, citing estimates from U.S. homebuilders.', 'Last year the NAHB estimated that every $1,000 increase in the median price of a new home prices out roughly 106,000 potential buyers.', ""The greatest impact to homebuilders will be from lumber cost increases, which are expected to total about $4,900 per home on average, according to Leading Builders of America, the trade group representing most of the nation's publicly traded homebuilders."", 'Roughly a third of the lumber used in U.S. homebuilding comes from Canada, and domestic lumber producers are expected to raise their prices to match the imported supply.', '""Since Trump first imposed the tariffs on Feb. 1, which were then delayed, we\'ve seen some increase in buying with prices for Western Spruce-Pine-Fir two-by-fours increasing 13%,"" said Paul Jannke, principal at Forest Economic Advisors. ""', 'With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.', 'This will drive prices higher.', '""Lumber futures are up 5% in the past week and were rising steadily Tuesday.', 'Trump on Saturday issued an executive order to increase domestic lumber production through a streamlining of regulatory and permitting processes.', 'The homebuilding industry took that as a win.', '""A stable and affordable supply of lumber is critically important for our industry to address the country\'s housing supply crisis,"" wrote Ken Gear, CEO of the LBA, in a statement. ""', 'The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.', '""The NAHB, which represents small to mid-sized private builders, ""welcomed"" the move, but said in a statement, ""Any additional tariffs on lumber could further increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices.', '""As for ramping up domestic production immediately, that\'s easier said than done.', 'Jannke estimates it would take up to three years to build multiple new mills.', 'He explained that there are a limited number of companies that manufacture sawmill machinery and even fewer, perhaps one or two, that can build a mill top to bottom.', 'High demand during the first years of the Covid-19 pandemic, when homebuilders were going gangbusters, had lumber producers rushing to expand.', '""However, so many folks wanted to build [or] expand mills, that the lead times from equipment manufacturers moved out to two years,"" Jannke said. ""', 'On top of that, once a mill was built, labor had to be found to operate the mill.', 'These mills are in rural areas that tend not to have the skilled labor force needed to operate a modern sawmill.', 'This added another year before the mill was operating at full capacity.', '""The labor force, from logging to hauling, is already lean and decreasing.', 'Opening up new land and deregulating the industry is one thing, but finding the workers to bring U.S. lumber to market is another.', '""In the short term it is going to be very volatile from a pricing perspective,"" said Kyle Little, chief operating officer at Melville, New York-based Sherwood Lumber.', 'As for increasing production, ""that won\'t be a flip of a switch.', ""You're taking a 40-year supply chain and trying to switch overnight – that's hard."", '""Beyond lumber, the homebuilding industry is subject to rising costs across the sector.', 'China is the market leader in household appliances.', 'And, the majority of drywall, or gypsum, used in both commercial and residential construction is imported from other countries.', 'In 2023, the U.S. imported $215 million in gypsum, becoming the largest importer of the product in the world, according to OEC World, a trade data platform.', 'It primarily comes from Spain, Mexico and Canada.', '""Rising costs due to tariffs on imports will leave builders with few options.', 'They can choose to pass higher costs along to consumers, which will mean higher home prices, or try to use less of these materials, which will mean smaller homes,"" said Danielle Hale, chief economist at Realtor.com.', 'Hale noted that while new construction will see the biggest impact, tariffs will change the landscape of the housing market overall, including existing homes.', '""We may see buyers\' willingness to pay rise for existing homes as newly built homes get pricier, which would mean rising prices for existing homes, too.', 'We may also see a lower appetite for major remodeling projects that would rely on these tariff affected inputs, hamstringing the ability of consumers to remake their homes to fit their current needs,"" she added.', 'While costs for home construction will certainly rise, the Trump administration is touting lower mortgage interest rates in the past few weeks.', 'The average rate on the 30-year fixed hit its most recent high of 7.26% on Jan. 13, according to Mortgage News Daily.', 'It is now down to about 6.64%.""I think thus far, one of the biggest wins for the American people is since Election Day, and since Inauguration, mortgage rates have come down dramatically,"" said Treasury Secretary Scott Bessent in an interview Tuesday on Fox News.', 'Bessent noted the spread between the 10-year Treasury and mortgage rates narrowed, though that spread has in fact widened significantly since Trump took office.', 'The tariffs come at a time when the U.S. housing market is already under pressure.', 'Signed contracts on existing homes dropped to the lowest level on record in January, according to the National Association of Realtors.', 'Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.', 'And prices are still stubbornly high, with the inventory of homes for sale still historically low.']",0.067426160234836,"The domestic lumber industry cannot meet current demand, so we applaud President Trump for exploring opportunities to increase domestic supply as a long term solution.","With the re-imposition of the 25% tariff on Canadian goods shipped to the U.S., we expect Canadian producers will stop shipping lumber to the U.S.Meanwhile, dealers, who have been hesitant to buy given uncertainty around the tariffs, will need to step up purchases ahead of the coming building season.",-0.0348704436729694,"""Lumber futures are up 5% in the past week and were rising steadily Tuesday.","Sales of newly built homes fell 10% in January, compared with December, according to the U.S. Census.",2025-03-05
+Airline stocks fall as possible economic 'soft patch' raises demand concerns,https://www.cnbc.com/2025/03/04/airline-stocks-tumble-amid-economic-concerns.html,2025-03-04T21:24:10+0000,"U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties. Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines. American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week. Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic 'soft patch,'"" Deutsche Bank said in a note Tuesday. ""To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.""Business is really robust,"" United Airlines CFO Mike Leskinen said at a Barclays industry conference last month. ""International leisure is very strong. Domestic leisure is kind of OK. It's fine. It's what we expected.""Leskinen said that government travel, which accounts for about 2% of United's revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.",CNBC,04/03/2025,"['U.S. airline stocks tumbled Tuesday to their lowest levels since late last year after data showed some economic concerns, hitting what had been a bright spot for consumer spending.', 'The moves also come after President Donald Trump imposed new tariffs on Mexico and Canada and raised tariffs on Chinese goods, actions that were met with plans for retaliatory duties.', 'Some executives, including the heads of Best Buy and Target, warned the tariffs could mean higher prices for consumers.', 'United Airlines, which has the most exposure to China of the U.S. airlines, fell about 6%, along with Delta Air Lines.', 'American Airlines dropped close to 4% for the day, while domestic-focused carriers JetBlue Airways lost nearly 6%, Allegiant Air shed more than 9%, and ultra-low-cost carrier Frontier Airlines ended more than 4% lower.', 'Airlines, especially full-service carriers with big international networks, had been a bright spot thanks to strong demand and moderating domestic flight growth, but some analysts are now anticipating potential demand impacts, particularly for more price-sensitive customers ahead of the crucial spring travel season.', 'U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.', 'Earlier in February, its retail sales report from a month earlier showed a bigger-than-expected drop.', '""While we continue to remain constructive on the supply backdrop – which we still believe is favorable – our attention has shifted to what appears to be an emerging economic \'soft patch,\'"" Deutsche Bank said in a note Tuesday. ""', 'To what extent and duration are not clear at the present, however, we do think it will likely weigh on demand for air travel, particularly the domestic discretionary segment.', '""The bank said it has not seen any signs of weakness in corporate or long-haul international travel.', '""Business is really robust,"" United Airlines CFO Mike Leskinensaid at a Barclays industry conference last month. ""', 'International leisure is very strong.', 'Domestic leisure is kind of OK.', ""It's fine."", ""It's what we expected."", '""Leskinensaid that government travel, which accounts for about 2% of United\'s revenue has ""fallen off"" after government layoffs and other cost-cutting measures since Trump took office.', 'Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta\'s crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.', ""The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.""]",0.1249034151322922,Domestic leisure is kind of OK.,"Delta ""saw softness"" in domestic demand last month because of slower government travel, bad weather and in the wake of the deadly American Airlines regional jet collision in January, as well as Delta's crash landing in Toronto last month, in which all survived, Raymond James said in a note on Tuesday.",-0.3687750808894634,"The carrier's spring break bookings were strong, however, as was near-term international demand, particularly for U.S.-Europe trips, Raymond James said following meetings with a Delta's head of network planning and revenue.","U.S. consumer spending fell in January for the first time in almost two years, the U.S. Commerce Department said last week.",2025-03-05
+Foot Locker results show the sneaker industry — and Nike — still have more pain ahead,https://www.cnbc.com/2025/03/05/foot-locker-fl-q4-2024-earnings.html,2025-03-05T16:45:18+0000,"In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory. The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales. In the year ahead, it anticipates that trend will reverse. For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount. Shares rose more than 4% in early trading.Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier. Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share. Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier. In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results. While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace. It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG. Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount. ""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.""Foot Locker's expectations that promotional pressures will weigh on margins in the year ahead indicates that it's still having issues with Nike, its largest brand partner. The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory. When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales.In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit. The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions. For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website.Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115. That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales.During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand. Still, executives acknowledged the impact Nike's rough point is having on the business.""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg. During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits. Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales. It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company's store layout and approach. It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed.With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands. It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025. By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon's strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.Still, Foot Locker is shrinking. It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%. During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount. It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance. During the quarter, comparable sales at Champs grew 1.8%. At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%. Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner. In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach. In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.",CNBC,05/03/2025,"['In this articleFoot Locker said Wednesday it expects another year of deep discounts in the sneaker industry as its largest brand partner Nike continues its reset and relies on markdowns to clear through stale inventory.', ""The footwear giant delivered mix results for its holiday quarter, beating Wall Street's expectations on earnings but falling short on sales."", 'In the year ahead, it anticipates that trend will reverse.', 'For fiscal 2025, Foot Locker is expecting profits to be lower than Wall Street estimated, while the high end of its comparable sales guidance is better than analysts had forecast, according to LSEG and StreetAccount.', 'Shares rose more than 4% in early trading.', ""Here's how Foot Locker performed in its fiscal 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 $49 million, or 51 cents per share, compared with a loss of $389 million, or $4.13 per share, a year earlier."", 'Excluding one-time items related to impairment charges and net losses from discontinued operations, Foot Locker reported adjusted earnings per share of $82 million, or 86 cents per share.', 'Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.', 'In the year-ago period, Foot Locker – like other retailers — benefited from an extra week, which has skewed comparison results.', ""While Foot Locker improved profits by more than 100% compared with the prior quarter, it's not expecting that trend to continue in its current fiscal year, thanks to deep promotional activity across the sneaker marketplace."", ""It's expecting adjusted earnings per share to be between $1.35 and $1.65, well behind Wall Street estimates of $1.77, according to LSEG.Meanwhile, it's projecting comparable sales to rise between 1% and 2.5%, which at the high end beats expectations of up 1.9%, according to StreetAccount."", '""While we expect consumer and category promotional pressures to remain uncertain into 2025, especially within the first half, our Lace Up Plan strategies continue to resonate with our customers and brand partners,"" CEO Mary Dillon said in a statement. ""', 'Our return to positive comparable sales growth, gross margin expansion, and positive free cash flow in fiscal 2024 serve as proof points that our Lace Up Plan is working.', '""Foot Locker\'s expectations that promotional pressures will weigh on margins in the year ahead indicates that it\'s still having issues with Nike, its largest brand partner.', ""The sneaker giant is in the midst of a turnaround under its new CEO Elliott Hill, and said previously it's relying on deep discounts to clear out inventory."", ""When Nike is promotional, it impacts Foot Locker's business because the brand still represents about 60% of sales."", 'In December, Hill outlined his strategy to return Nike to growth and said deep discounting was to blame for declining revenue and profit.', 'The company is aiming to drive full-price sales on its website, but first, it said it needs to aggressively liquidate old inventory through ""less profitable channels,"" executives said.', ""Plus, just because Nike shoes are selling for a discount on its own website doesn't mean that Foot Locker's website will run those same promotions."", ""For example, a Nike Air Force 1 '07 model – the type of legacy style that Nike is trying to clear out of in favor of new, more innovative sneakers – is selling for as much as 39% off on Nike's website."", ""Meanwhile, the same silhouette, albeit in different colors, is selling for full price on Foot Locker's website for $115.That's a problem for Foot Locker because it makes it more likely that a customer will just buy from Nike directly, which is part of the challenge of running a multi-brand company in the age of direct-to-consumer sales."", 'During a call with analysts, Dillon offered a rosy take on the situation with Nike, saying the companies\' relationship is ""strong and fully reset,"" and Foot Locker believes in the work Hill is doing to revitalize the brand.', ""Still, executives acknowledged the impact Nike's rough point is having on the business."", '""As Nike rebalances their product portfolio and inventory levels in the short term in an effort to make way for future innovation, we are continuing to navigate some impacts on our business,"" said Chief Commercial Officer Frank Bracken. ""', 'Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon\'s direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.', 'During the quarter, sales of Adidas, New Balance, On, Hoka, ASICS, Saucony, Crocs, Ugg and Timberland were up a combined double digits.', 'Those strides help protect Foot Locker from the whims of any one brand, such as Nike, which infamously pulled back on wholesale partners like Foot Locker only to reverse course when it saw the impact it was having on sales and profits.', ""Foot Locker is also doing a better job of keeping brands happy now that it's working to refresh and remodel its aging store fleet, which is still responsible for more than 80% of sales."", 'It now has eight ""reimagined"" locations across North America, Europe and Asia, which are top to bottom remodels of the company\'s store layout and approach.', ""It's expecting to open or convert an additional 80 reimagined locations by the end of 2025 after seeing how well the new formats performed."", 'With more than 2,400 locations across 26 countries, Foot Locker cannot bring its new concept to every store, so the company instead has focused on smaller refreshes, which update existing stores with new signage and a segmentation across brands.', 'It completed about 400 of those makeovers in 2024 and plans to do about 300 more in 2025.', 'By the end of 2026, it aims to have 65% of its fleet refreshed with the new brand standard.', 'Fixing those stores, and moving them to better locations outside of malls, is a critical component of Dillon\'s strategy, and the company expects to spend another $270 million on ""customer-facing"" capital expenditures in the year ahead.', 'Still, Foot Locker is shrinking.', ""It's expecting the number of stores to decline by 4% in fiscal 2025 and square footage to fall 2%.During the quarter, Foot Locker's comparable sales climbed 2.6%, beating an expected rise of 2.3%, according to StreetAccount."", ""It's also seeing more signs of life from its Champs Sports banner, which has been dragging down Foot Locker's overall performance."", 'During the quarter, comparable sales at Champs grew 1.8%.', ""At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner."", 'In August, Foot Locker said it was closing its stores and e-commerce operations in South Korea, Denmark, Norway and Sweden, and will rely on a third party for operations in Greece and Romania, where it plans to expand its reach.', ""In all, 30 of Foot Locker's 140 stores in the Asia-Pacific region and 629 in Europe were slated to close or go under a new operator as part of the changes.""]",0.2166175499042937,"Throughout this process, we continue to align closely with them to optimize our merchandise mix and inventory levels to support full price sales and partner with them to bring health back to critical consumer franchises like Air Force 1, Dunk and the AJ1.""Under Dillon's direction, Foot Locker has worked to diversify its brand mix and is now doing a lot more business with buzzy companies like On Running and Hoka and legacy stalwarts like Ugg.","At Foot Locker's namesake chain, comparable sales rose 5.5% but the metric overall was dragged down by its WSS banner, where comparable sales declined 3.3%.Foot Locker's biggest weak spot was its Asia-Pacific region, where sales dropped 14.1% during the quarter, driven by a 24% decline at its atmos banner.",0.0312555041806451,"During the quarter, comparable sales at Champs grew 1.8%.","Sales dropped to $2.25 billion, down nearly 6% from $2.38 billion a year earlier.",2025-03-05
+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.",,2025-03-05
+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,2025-03-04T21:58:58+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.""Correction: A caption in this story has been updated to correctly identify a business class cabin on Qatar Airways. A previous version mischaracterized the cabin.",CNBC,04/03/2025,"['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.', '""Correction: A caption in this story has been updated to correctly identify a business class cabin on Qatar Airways.', 'A previous version mischaracterized the cabin.']",0.1358603257747592,"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.",2025-03-05
+Best Buy shares plunge as CEO warns price increases are 'highly likely' due to Trump tariffs,https://www.cnbc.com/2025/03/04/best-buy-bby-q4-2025-earnings.html,2025-03-04T16:04:26+0000,"In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect.On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively.""Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.""Barry's comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy. She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing. She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.Shares of the company fell more than 13% on Tuesday morning.Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period. Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024. Best Buy had forecast a change ranging from flat to down 3%. In the U.S., quarterly comparable sales rose 0.2% year over year.Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024. Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added $735 million in revenue to its fiscal 2024 total.For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases. And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.Best Buy said the guidance does not account for the impact of recent or proposed tariffs. President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January. In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales.""We've never seen this kind of breadth of tariffs, and this of course impacts the whole industry. So it's not just a Best Buy question, it is a broad industry question. And I say that because that makes the estimation of the impact all the harder,"" Barry said.Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year. The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores. The company already has a third-party marketplace in Canada.""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas. While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items. Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment.Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday. An earlier version misstated the day.",CNBC,04/03/2025,"[""In this articleBest Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump's tariffs on China and Mexico go into effect."", ""On Best Buy's earnings call, Barry said China and Mexico are the company's top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively."", '""Trade is critically important to our business and industry.', 'The consumer electronic supply chain is highly global, technical and complex,"" Barry said. ""', 'We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.', '""Barry\'s comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy.', 'She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.', 'Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing.', 'She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.', '""The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,"" Best Buy CFO Matt Bilunas said on the call.', 'Shares of the company fell more than 13% on Tuesday morning.', ""Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago."", 'Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period.', 'Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.', 'Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024.', 'Best Buy had forecast a change ranging from flat to down 3%.', 'In the U.S., quarterly comparable sales rose 0.2% year over year.', 'Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024.', ""Best Buy's fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added$735 million in revenue to its fiscal 2024 total."", 'For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.', '""We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases.', 'And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,"" Bilunas said in a news release.', 'Best Buy said the guidance does not account for the impact of recent or proposed tariffs.', 'President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January.', 'In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.', ""On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn't necessarily result in a 2% reduction in comparable sales."", '""We\'ve never seen this kind of breadth of tariffs, and this of course impacts the whole industry.', ""So it's not just a Best Buy question, it is a broad industry question."", 'And I say that because that makes the estimation of the impact all the harder,"" Barry said.', 'Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year.', 'The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores.', 'The company already has a third-party marketplace in Canada.', '""It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,"" Barry said.', ""The retailer's computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas."", ""While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday."", ""Amid sluggish home sales in the U.S., Bilunas said Best Buy's appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items."", ""Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy's international segment."", 'Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday.', 'An earlier version misstated the day.']",0.3513135751193914,"While the phone refresh cycle hasn't impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.","So it's not just a Best Buy question, it is a broad industry question.",-0.0995299427405647,"In the U.S., quarterly comparable sales rose 0.2% year over year.","Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.",2025-03-05
+Novo Nordisk offers Wegovy for less than half the price through new direct-to-consumer pharmacy,https://www.cnbc.com/2025/03/05/novo-nordisk-offers-discounted-wegovy-through-direct-to-consumer-pharmacy.html,2025-03-05T18:45:15+0000,"In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection. It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug.The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug. Wegovy's list price before insurance and other rebates is almost $1,350 per month.The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner. NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovy at a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly. The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery. More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over. That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.",CNBC,05/03/2025,"['In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.', 'The cash-pay offering is available to millions of patients without insurance coverage for the blockbuster injection.', ""It aims to make Wegovy available to more people, while also ensuring that patients use the branded medication instead of cheaper compounded copycats that exploded in popularity during a recently resolved U.S. shortage of Novo Nordisk's drug."", 'The pharmacy, called NovoCare, will allow patients to pay $499 in cash per month for the weekly drug.', ""Wegovy's list price before insurance and other rebates is almost $1,350 per month."", ""The site can also ship Wegovy prescriptions directly to patients' homes through a specialty pharmacy partner."", 'NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.', '""Patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovyat a reduced cost in our high-quality pen,"" Dave Moore, executive vice president of U.S. operations and global business development, said in a statement.', 'Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.', ""The Danish drugmaker's move follows a similar strategy from its main rival Eli Lilly."", 'The two companies are fighting to dominate the market for so-called GLP-1s, which mimic certain gut hormones to suppress appetite and regulate blood sugar.', 'Eli Lilly in January 2024 launched its own direct-to-consumer online pharmacy, LillyDirect, to help patients access its weight loss drug Zepbound.', 'The website allows eligible patients to get a prescription through a telehealth provider and can provide home delivery.', 'More recently, LillyDirect also started offering Zepbound in single-dose vials that are half or even less than its usual $1,000 monthly list price.', 'In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.', 'That decision will prevent certain compounding pharmacies from creating unapproved versions of the injections.', 'NovoCare helps patients ""avoid the significant risks that can be posed by the compounding marketplace, as warned by respected organizations, experts in the medical community, and the FDA,"" Novo Nordisk said in a statement.']",0.1280287394789138,"NovoCare will also offer refill reminders and access to live support from a case manager at the company, among other patient support services.",In this articleNovo Nordisk on Wednesday said it will offer its weight loss drug Wegovy for less than half of its usual price per month through a new direct-to-consumer online pharmacy.,0.2066699981689453,"Notably, the company said in the ""near future"" it will extend the new savings offer for Wegovy to cash-paying patients who use traditional retail pharmacies so they can also pay a lower price.","In recent months, the Food and Drug Administration has declared the U.S. shortages of both Zepbound and Wegovy over.",2025-03-05