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☆ After a tough quarter for global luxury, Barclays names 3 stocks to play the sector right now
▼ + stars: | 2024-05-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Consumers, particularly those in China, have been tightening their purse strings and cutting their spending on luxury goods in light of macroeconomic uncertainties. But Barclays notes that several companies in the sector make good plays right now. LVMH Barclays is bullish on French label LVMH and raised its target price by nearly 13.6% to 937 euros ($1,009.18). "We remain confident that Moncler will deliver above-market growth for the rest of 2024," the analysts wrote. Barclays' target price on the stock is 168 Swiss francs ($182.62), which gives it around 28.2% potential upside.

Persons: Christian Dior, Louis Vuitton, Dior, Tiffany, Moncler Organizations: Barclays, Tiffany, Vogue, Richemont Locations: China, Europe, Sephora, Switzerland

☆ Stocks making the biggest moves premarket: Walt Disney, Hims & Hers, Palantir and more
▼ + stars: | 2024-05-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Hims & Hers Health — The stock surged 14% after the telehealth consultation platform posted second-quarter revenue guidance that topped estimates. Hims & Hers Health anticipates revenue in the range between $292 million and $297 million, better than the LSEG consensus consensus estimate of $288 million. Gap — Shares gained 3.2% after Citi upgraded the apparel retailer to buy from neutral and raised its price target, saying Gap could surpass first-quarter earnings expectations. In the first quarter, the aerospace manufacturer posted revenue of $92.8 million, below the StreetAccount consensus estimate of $95 million. Simon Property Group — Shares rose 0.7% after Simon Property Group posted first-quarter revenue that beat expectations.

Persons: Walt Disney, Palantir, Lucid, Microship, — CNBC's Michelle Fox, Alex Harring, Tanaya Macheel Organizations: Walt Disney Company, Citi, UBS, LSEG, Revenue, Simon Property

☆ Life Time fitness leans into pickleball with Lululemon partnership, new courts and more
▼ + stars: | 2024-05-07 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

Life Time fitness is all in on pickleball. It is all part of the upscale fitness company's strategy to grow its brand by investing in pickleball. To continue that goal, Life Time on Tuesday announced it is teaming up with Lululemon , naming the company as an official apparel partner of Life Time pickleball and tennis. The relationship includes selling Lululemon apparel online at Life Time clubs, in addition to collaborating on key pickleball events. Life Time CEO and founder Bahram Akradi, an avid pickleball player himself, is betting that the hot, tennis-like sport will be that catalyst.

Persons: Ben Johns, Anna Bright, Andre Agassi, Celeste Burgoyne, Bahram Akradi Organizations: Penn Locations: Madison, New York City, pickleball, Americas

☆ Stocks making the biggest premarket moves: Berkshire Hathaway, Paramount, Spirit Air, Victoria's Secret and more
▼ + stars: | 2024-05-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Paramount — Shares popped 2.4% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Morgan Stanley downgraded Victoria's Secret to underweight and cut its price target, citing expectations for negative EPS revisions and a tough second half for specialty retail. EHang Holdings — The autonomous aircraft stock advanced 3.2% on the heels of a bullish initiation of research coverage from Morgan Stanley. United States Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded it to overweight from equal weight. U.S. Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note.

Persons: Warren Buffett, Li, Tyson, Howard Shultz, Morgan Stanley, Coinbase, Bausch, Johnson, —, Sarah Min, Tanaya Macheel, Jesse Pound, Michelle Fox, Samantha Subin Organizations: Berkshire Hathaway, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, Spirit Airlines, Li Auto, StreetAccount, Starbucks, EHang Holdings, United States Steel, . Steel, Nippon Steel, Barclays, UBS Locations: Berkshire, China, Pittsburgh

☆ Stocks making the biggest moves midday: Berkshire Hathaway, Micron, Tyson Foods, Spirit Airlines and more
▼ + stars: | 2024-05-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Spirit also forecast second-quarter revenue between $1.2 billion and $1.34 billion, below a FactSet estimate of $1.46 billion. Paramount — Shares popped 3.3% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo . U.S. Steel shares have room to rise due to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note. Morgan Stanley said the market is likely overlooking the Canadian-based company's progress on improving core profit margins. Morgan Stanley downgraded the intimate apparel maker to underweight due to expectations for negative earnings per share revisions.

Persons: Baird, Warren Buffett, Morgan Stanley, Tyson, StreetAccount, Bausch, Coinbase, Li Auto, Alex Harring, Jesse Pound, Samantha Subin, Hakyung Kim, Sarah Min, Matthew Staver Organizations: Berkshire Hathaway, Berkshire, Micron Technology, Spirit Airlines, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, United States Steel, . Steel, Nippon Steel, Medical Properties, Health Care, EHang Holdings, Barclays, Micron Technology Inc, Bloomberg, Getty Locations: The Boise , Idaho, Berkshire, Pittsburgh, China, Weibo, Boise , Idaho

☆ These Couples Survived a Lot. Then Came Retirement.
▼ + stars: | 2024-05-05 | by ( Susan Dominus | ) www.nytimes.com time to read: +1 min

Barbara and Joe met 13 years ago, two divorced people who had relentlessly climbed their way up from working-class backgrounds. Joe co-founded a delivery business that he sold in 2021 for an amount that meant he would never have to work again; he retired in January last year. Since retirement, she reported, Joe had found himself untethered. Now he also wanted her to look at the funny dog videos that made him laugh, and yes, funny pig videos too. “But I’m going crazy or going back to work, whichever comes first.”

Persons: Barbara, Joe, untethered, “, ”

For even more discounts, check out our roundup of the best Best Buy deals and the best Mother's Day sales. Amazon sale quicklinks Amazon Echo : Get up to 50% off select Echo speakers. Amazon Fire : Get up to 40% off select Fire TV streaming devices. : Get up to 40% off select Fire TV streaming devices. Shop at AmazonThis is just a small sample of this weekend's top Amazon sale picks.

Persons: I've, Ralph Lauren, De'Longhi, Siri, It's Organizations: Business, Walmart, Apple, Echo, Sporting, Amazon Apple, Apple Health, Amazon Bose, Google, Amazon Fire

☆ Rue21, a mall staple, files for bankruptcy and will close all of its stores
▼ + stars: | 2024-05-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks. The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon. Express filed for bankruptcy last month and announced it was closing about 100 stores. 99 Cents Only Stores, a discount chain, also said in April it was going out of business.

Persons: New York CNN —, Michele Pascoe, Rue21, ” Pascoe, “, Neil Saunders, ”, Rue21 didn’t, Joann Organizations: New, New York CNN, GlobalData, CNN Locations: New York, Pittsburgh, ”

☆ Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out
▼ + stars: | 2024-05-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed. McCarthy, who was named CEO just two years ago, will become a strategic advisor through the end of the year, Peloton said in a press release. In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime. Peloton also announced that it’s eliminating 400 jobs, which will help the company cut $200 million in costs. McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton.

Persons: Barry McCarthy, McCarthy, Lululemon Organizations: New, New York CNN, Spotify, Netflix, Consumer Product Safety, Sporting Goods Locations: New York

☆ How we test, review, and recommend products
▼ + stars: | 2024-05-02 | by ( Insider Reviews Team | Les Shu | ) www.businessinsider.com time to read: +6 min

Janelle LeesonBelow is a sampling of some of the core products and services the Reviews team tests. Reporters enlist their cats, dogs, and other pets to help test products, while pet health articles are medically reviewed by veterinarians and supported by expert interviews. Insider Reviews' health articles are medically reviewed by doctors and other health professionals, and supported by expert interviews. Molly Allen/InsiderThe Reviews team tests products the way people would use them in everyday life. In addition to our in-house and freelance testers, we also have an internal council of volunteers and freelancers who help us test products and offer additional perspectives.

Persons: Janelle Leeson, Antonio Villas, Sally Kaplan, Molly Allen, James Brains, Erin Brains, Amir Ismael Organizations: Business Insider's Service Journalism, Tech, Samsung, Boas, Health

☆ Tiger Woods enters 'surging' golf apparel space with Sun Day Red
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTiger Woods enters 'surging' golf apparel space with Sun Day RedDavid Abeles, TaylorMade CEO, and CNBC's Dom Chu join 'The Exchange' to discuss Tiger Woods' new golf apparel brand, the potential for an IPO, and more.

Persons: Woods, David Abeles, CNBC's Dom Chu Organizations: Sun

☆ The 6-time Fittest Woman on Earth is rucking to train for the 2024 CrossFit Games. She says it's an easy way to stay fit and elevate workouts.
▼ + stars: | 2024-05-01 | by ( Rachel Hosie | ) www.businessinsider.com time to read: +5 min

Toomey-Orr gave birth to her first child, Willow, in May 2023, so missed last year's CrossFit Games. AdvertisementWhether walking, hiking, or running, traveling on foot while carrying weight is an accessible way to work out, which is partly why it has exploded in popularity in Silicon Valley in recent years. As she pursues her seventh title, Toomey-Orr, 30, told BI how she uses rucking to elevate her workouts — and how regular people can too. With that in mind, Toomey-Orr expects rucking to feature in the CrossFit Games in some capacity, but the workouts aren't announced in advance and change every year. Start light if you're new to ruckingWhile rucking is generally an accessible way to work out, Toomey-Orr recommends starting light, short, and building up.

Persons: —, Tia, Clair Toomey, Orr, Toomey, Invitationals, it's, rucking, Goruck Toomey, Willow, Shane Orr, " Toomey, aren't, they've Organizations: Service, Business, Wednesday, CrossFit Locations: Silicon Valley, Nashville

☆ A new Walmart in-store AI is giving employees advice on how to sell products before it's too late
▼ + stars: | 2024-04-30 | by ( Michelle Castillo | ) www.cnbc.com time to read: +6 min

The internally developed AI technology allows Walmart employees to scan produce like bananas to see how ripe the product is. Many clothing items are not recyclable, due to being made of blended fabrics. U.S. residents also discard about 11.3 million tons of clothing waste each year, according to Earth.org. Walmart isn't alone in using AI to tackle in-store waste, as several startups are creating tools to solve this growing problem. "When it comes to food waste, there is no silver bullet," said ReFED's executive director Dana Gunders, which has worked with Walmart for a few years on food waste solutions.

Persons: it's, Swati Kirti, Kirti, It's, UCLA Anderson, Sravana Karnati, Dana Gunders, Homer Swei, Swei, Karnati Organizations: Walmart, Walmart International Tech, UCLA, Walmart International Technology, Walmart Global Tech, Retailers Locations: Canada, U.S, United States, Mexico

☆ How ‘The Idea of You’ nailed age-gap dressing
▼ + stars: | 2024-04-30 | by ( Leah Dolan | ) edition.cnn.com time to read: +8 min

Films such as “What Price Hollywood” and “A Star is Born” first dabbled in the idea of famous and non-famous relations almost 100 years ago. Now, director Michael Showalter breathes new life into the trope with “The Idea of You,” out on Amazon Prime May 2. But more than just a piece of starry-eyed fan-fiction, “The Idea of You” is a Bildungsroman in disguise. It was the first look Hathaway tried on during fittings with Demetrio in New York. As for Hathaway, we find her in Chanel and leave her, happily ever after, in a rust-red Gabriela Hearst suit.

Persons: It’s, ”, Richard Curtis, Julia Roberts, Hugh Grant, lister, Michael Showalter, Robinne Lee, Anne Hathaway, Solène Marchand, Nicholas Galitzine, Hayes Campbell, Moon, Demetrio, Alisha Wetherill, Hayes, Solène, Harry Styles, Olivia Wilde, Lee, Styles, “, Jacqueline Demetrio, …, “ She’s, Hathaway, Isabel Marant cardigan, suede Isabel Marant, ’, Etro, Gabriella Hearst, Valentino, Demetrio —, Hathaway —, heartthrob, David Bowie, ” Demetrio, he’s Harry, “ Nick, Matty Healy, Loewe, Isabel Marant, it’s, Nick, Constance Bennett, Lowell Sherman, ” Grant, Roberts, Gabriela Hearst Organizations: CNN, Hollywood, Disney Channel, BBC, Amazon, Vogue, SXSW Locations: LA, Isabel, New York, streetwear, Coachella, cardigan, It’s, “

☆ A 101-year-old woman keeps getting mistaken for a baby on flights, and says it's because American Airlines' booking system can't handle her age
▼ + stars: | 2024-04-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

An elderly woman named Patricia says American Airlines keeps getting her age wrong. Patricia told the BBC: "It was funny that they thought I was only a little child and I'm an old lady!" AdvertisementBut she said it was not the first time American Airlines had mistaken her for a baby. American Airlines did not immediately respond to a request for comment from Business Insider. In 2022, 12,000 American Airlines flights were left without pilots after a glitch allowed them to drop assignments.

Persons: Patricia, — Organizations: American Airlines, Airlines, Service, BBC, BBC . American Airlines, Business Locations: Chicago, Marquette , Michigan, Europe

☆ Stocks making the biggest moves premarket: Tesla, Paramount, Domino's, Southwest Airlines and more
▼ + stars: | 2024-04-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Paramount — The entertainment company saw shares climb more than 5% in premarket trading after reports that its board is preparing to fire CEO Bob Bakish as soon as Monday morning. Domino's Pizza — Shares of the pizza chain jumped more than 5% after a first-quarter earnings beat. Domino's reported $3.58 in earnings per share versus the $3.39 expected by analysts polled by LSEG. Southwest Airlines — The airline stock dipped 1.2% after Jefferies downgraded shares to underperform from hold. The company also said it expects box office performance for the second quarter to remain pressured by last year's strikes.

Persons: Bob Bakish, Domino's, Jefferies, Sheila Kahyaoglu, Bernstein, Toni Sacconaghi, —, Sarah Min, Yun Li, Michelle Fox, Pia Singh, Jesse Pound Organizations: Paramount, LSEG, Southwest Airlines —, Apple, Barclays, AMC Locations: LSEG ., China

☆ Here are Monday's biggest analyst calls: Apple, Nvidia, AT&T, Tesla, Shopify, Super Micro Computer and more
▼ + stars: | 2024-04-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI reiterates Tesla as in line Evercore ISI lowered its price target on Tesla to $145 per share from $155. Barclays upgrades AT & T to overweight from equal weight Barclays sees "growth quality" for the telecommunications and wireless provider. Barclays downgrades Lululemon to equal weight from overweight Barclays downgraded the maker of athleisure wear due to rising competition. "We initiate coverage of Dave Inc. with a Market Outperform rating and $70 price target representing ~65% upside from the current price." "We are upgrading GWW from EW to OW, while raising our price target from $1,000 to $1,250."

Persons: Evercore, Tesla, Jefferies, LUV, Lululemon, LULU, Dave, Oppenheimer, Instacart, Bernstein, Goldman Sachs, William Blair, Eastman, Morgan Stanley, Berenberg, Melius, Price, Stephens, Grainger Organizations: Airlines, Jefferies, Southwest Airlines, Dynamics, Barclays, Dave Inc, JPMorgan, CART, Apple, Eastman Chemical, Arista Networks, Nvidia, Data, Citi Locations: Americas, China, Tulsa , Oklahoma, Kingsport , Tennessee

☆ Why Emily Blunt’s turnip dress is part of a fashion tradition
▼ + stars: | 2024-04-26 | by ( Leah Dolan | ) edition.cnn.com time to read: +4 min

CNN —Turnips, radishes, potatoes… This is not the beginning of Emily Blunt’s shopping list, but rather the items that appeared all over her latest red carpet outfit. And while radishes rarely get a turn on the red carpet, fashion has been committed to making sure we get our greens lately. “Luxury fashion houses are including more and more food/ grocery adjacent items this season because food is a luxury category,” wrote master’s student @kfesteryga. And while we may be seeing more food-themed fashion on runways and in retail stores, the reality is edible patterns are far from new. The turnip, potato and radish two piece is just one of Anderson's many food-themed fashion creations.

Persons: Emily Blunt’s, Guy, ”, Blunt, Ganni, Loewe, Jonathon Anderson didn’t, Jess Cartner, Morley, piquantés, Gabbana's, Chris Moore, Hubert de Givenchy, Cynthia Rowley, Phoebe Philo, Marc Piasecki, JW Anderson —, “ Organizations: CNN, Northwestern University, Gabbana, Milan Fashion, Getty, Vogue Locations: Paris, Danish, New York, ”, artichoke, Gabbana's Milan, TikTok

Nvidia Eddie George picked chipmaker darling Nvidia for its long-term prospects. Oracle shares are up roughly 9% this year. Apple George selected Apple for his second pick. Faced with waning demand and rising competitive pressures, Apple stock has shed nearly 12% this year, making it a weak link among the "Magnificent Seven" tech cohort. The company's legacy of sustainable excellence has also paved the way for cutting-edge technology like Apple Pay and the Apple Watch.

Persons: gunning, Breanna Stewart, Stewart, Mark Zuckerberg, Nvidia Eddie George, George, Jensen Huang, Charlotte Flair, Flair, Oz Pearlman, bitcoin, Pearlman, It's, Caterpillar's, Ekeler, Schulman, Carter, Microsoft Jillian Michaels, Giancarlo Chersich, Michaels, Nancy Pelosi's, Oracle Joey Chestnut, Larry Ellison, Wall, DraftKings, Karen Finerman, Apple George, Apple, DraftKings Eddie George, Apple Charlotte Flair, IBM Oz Pearlman, Carvana Austin, Intel Nev Schulman, Crocs Jillian Michaels, Google Joey, Starbucks Kenny, Smith Organizations: Meta, Nvidia, Tennessee Titans, Tennessee State University, Computer WWE, Computer, Micro, IBM, bitcoin, Caterpillar, Washington, Microsoft, Oracle, FactSet, CNBC, Apple, Apple Watch, Intel, JPMorgan Druski, Nike, Google, Starbucks, Warner Bros, Delta Air Locations: American, Nashville

☆ Raine details 3 themes driving its sports investing as it hunts for more deals
▼ + stars: | 2024-04-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Raine was an early investor in DraftKings — which helped establish the US sports-betting sector — and has been investing at a rate of about three companies a year. Raine is looking to take stakes in leagues with rights they can monetize in various ways and invest in growing, founder-led companies. Raine says college sports still hold a big opportunity for outside investors, even if the structure of college athletics adds complexity. In 2019, Raine helped the Pac-12 Conference explore raising private equity (which it ultimately decided against doing). Raine also helped the PGA Tour raise $3 billion this year through a for-profit entity.

Persons: Joe Ravitch, Jeff Sine's, It's, Raine, Colin Neville, that's, Garrett Gomes, Raine isn't, Banks, JPMorgan Chase, Neville Organizations: Imagine, Business, Apple, Premiere Lacrosse League, RCX Sports, Private, Florida State, Sixth, JPMorgan, CNBC, PGA Locations: DraftKings, Florida

Analyst Edward Kelly upgraded the discount retailer to overweight from equal weight and opened a $180 price target. Yefremov's $400 price target indicates shares can jump 31.7% from Wednesday's closing price. Analyst Andrea Teixeira downgraded the energy drink maker to neutral from overweight and cut her price target by $7 to $59. — Alex Harring 5:38 a.m.: Wall Street reacts to Meta earnings Meta Platforms disappointed investors with its weak revenue guidance , sending shares down about 13% in premarket trading. His price target of $55 implies upside of 22% over the next 12 months.

Persons: Bernstein, Wells, Edward Kelly, shrinkflation, Kelly, — Alex Harring, Sherwin, Williams, Aleksey Yefremov, Yefremov, Doug Creutz, Creutz, Judas, Goldman, bullish, Goldman Sachs, Brooke Roach, Roach, Andrea Teixeira, Alex Harring, Ford, Wells Fargo, Colin Langan, Langan, LSEG, Eric Sheridan, Brian Nowak, Morgan Stanley, Doug Anmuth, Ronald Josey, Daniel Roeska, Roeska, General Motors, Fred Imbert Organizations: CNBC, General Motors, Traders, Grand Theft, Sony, Electronic Arts, TJX, TJX Companies, JPMorgan, Monster Beverage, Ford, Ford Pro, Facebook, Meta, Citi, mojo, General, GM Locations: Wells Fargo, Thursday's, Wednesday's, Michigan

☆ 26-year-old's side hustle brings in $38,500 a month, takes 20 minutes a day: This can be 'passive all year long'
▼ + stars: | 2024-04-25 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Francisco Rivera quit his tutoring job in December after his side hustle brought in six-figures in 2023. DON'T MISS: The ultimate guide to earning passive income online Rivera estimates 30% to 50% of each sale is profit. The success of Rivera's Etsy shop allowed him to quit his tutoring job in December. Leveraging existing skillsAfter college, Rivera worked in Apple stores in the Dallas-Fort Worth area for three years. Rivera started seeking new ways to make income when demand for online tutoring waned after the pandemic, he says.

Persons: Francisco Rivera, Francisco Rivera's, Rivera, Rivera's, he's, Bali —, That's Organizations: Sail University, Apple, CNBC, Outschool Locations: Bali, Dallas, Fort Worth, Orlando

☆ Here are Thursday's biggest analyst calls: Nvidia, Meta, Tesla, IBM, UPS, Five Below, Amazon, TJX Companies and more
▼ + stars: | 2024-04-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Evercore ISI reiterates Nvidia as outperform Evercore ISI said investors should use any weakness in the stock to buy the dip. HSBC upgrades UPS to buy from hold HSBC said UPS is "getting back to earnings growth" following the company's earnings report. Bank of America downgrades Deckers to neutral from buy Bank of America said it sees a better risk/reward elsewhere in the firm's coverage. Bank of America reiterates IBM as buy Bank of America said it is sticking with its buy rating following earnings on Wednesday. Deutsche Bank reiterates Tesla as hold Deutsche Bank raised its price target on the stock to $136 per share from $123.

Persons: Sherwin, Williams, Bernstein, Goldman Sachs, Wells, Wells Fargo, Morgan Stanley, Ford, Needham, D.A, Davidson, ServiceNow, Tesla Organizations: Motors, GM, Nvidia, ISI, AMD, JPMorgan, Monster Beverage, Beverage, AMC, HSBC, UPS, USPS, Companies, UBS, UDR, Amazon, AWS, Bank of America, Meta, Laboratories, Manhattan Associates, IBM, Deutsche Bank Locations: 2Q24, Dearborn, Manhattan

☆ JD Sports to buy U.S. rival Hibbett in $1.08 billion sportswear retail deal
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +2 min

(Photo by May James/SOPA Images/LightRocket via Getty Images)JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as Britain's biggest sportswear retailer looks to expand across the southeastern U.S. The deal comes as shares in athletic clothing retailers come under pressure globally after weak outlooks from sports apparel makers such as Nike and Puma. It will pay $87.50 per Hibbett share in cash, representing a premium of about 20% to the U.S. firm's last closing price. JD Sports shares, which have fallen more than 20% so far this year, were up 6% by 0900 GMT. The deal is expected to add to the British firm's earnings in the first full year of ownership, with cost savings expected to be at least $25 million, JD said.

Persons: May James, Foot Locker, Dominic Platt, JD Organizations: UNITED, Getty, Hibbett Inc, Nike, Puma, Adidas, JD Sports, Paris Olympics Locations: UNITED KINGDOM, England, premarket U.S, U.S, North America, Bury, Greater Manchester

☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

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