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Stocks picks for companies with 'boomerang CEOs'
  + stars: | 2024-05-03 | 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 EmailStocks picks for companies with 'boomerang CEOs'Victoria Greene, G Squared Private Wealth CIO, joins CNBC's 'The Exchange' to discuss how to play three companies that have re-hired their former CEOs: Square, Disney, Under Armour, and Starbucks.
Persons: Stocks, Victoria Greene, Armour Organizations: Private Wealth, Starbucks
New York CNN —Caitlin Clark is reportedly set to wear her own signature Nike sneaker in the WNBA. Now she’s set to sign an eight-year deal worth up to $28 million with Nike, according to the Wall Street Journal. The Athletic has reported that Clark’s deal includes a signature Nike shoe. CNN has not independently confirmed a deal between Clark and Nike. Nearly all major stars in the NBA have sneaker deals, including James, Kevin Durant and Luka Doncic with Nike and Stephen Curry with Under Armour.
Persons: Caitlin Clark, Clark, LeBron James, Serena Williams, Derek Jeter, James, Kevin Durant, Luka Doncic, Stephen Curry, Brian Nagel, Sabrina Ionescu, ” Brian Nagel Organizations: New, New York CNN, Nike, WNBA, Wall Street, CNN, State Farm, Gatorade, Panini, NBA, Oppenheimer, New York Liberty Locations: New York
But a new report from Consumer Reports said it recently compared the nutritional profiles of two Lunchables kits served in schools and found they have even higher levels of sodium than the Lunchables kits consumers can buy in stores. The non-profit consumer group said it has petitioned the US Department of Agriculture, which oversees the federally assisted school meal program, to remove Lunchables food kits from school cafeterias, as a result. The introduction of Lunchables in schools came amid proposed changes to school food guidelines by the USDA, which oversees the federally assisted school meal program. The proposed changes aimed to reduce added sugars and sodium levels in school-provided lunches. Food additives are considered “generally recognized as safe” (GRAS) by the US Food and Drug Administration, but not everyone agrees.
Persons: Lunchables, Armour LunchMakers, Oscar Mayer, can’t, , Brian Ronholm, Kraft Heinz, ” Kraft Heinz, Carlos Monteiro, Monteiro, ” Monteiro, Heinz “ Organizations: New, New York CNN, Consumer, Natural Meat, World Health Organization, US Centers for Disease Control, US Department of Agriculture, CNN, USDA, University of Sao, NOVA, US Food and Drug Administration, Center for Science, Environmental, Kraft Locations: New York, University of Sao Paulo, Brazil
But at least we found it.”Headstones at the Piney Grove Cemetery are seen amid trees and overgrowth. Melissa BuggA hub for Black communitiesAt the beginning of the 20th century, Piney Grove Cemetery was part of a thriving African American community. Fallen trees and overgrowth at the Piney Grove Cemetery in Atlanta. The lawsuit seeks a declaration from the court that Piney Grove is a public cemetery and an injunction mandating the HOA maintain and provide access to the cemetery. No.”A broken headstone is seen at the Piney Grove Cemetery in Atlanta.
Persons: Audrey Collins, Collins, that’s, HOA, ” Collins, Rhonda Jackson, , ” Jackson, Melissa Bugg, Jackson, CNN Collins, ” Kathryn Whitlock, Whitlock, ” John Wesley Wright, it’s, , Wright Mitchell, “ That’s, ” Mitchell, Bagley, , Organizations: Atlanta CNN, Georgia Trust, Historic Preservation, Piney Grove Baptist, Lenox Homeowners Association, Piney Grove Baptist Church, Atlanta City Council, CNN, HOA, Atlanta . Georgia Trust, Historic Locations: Piney Grove, Buckhead, Atlanta, Piney Grove Baptist Church, Georgia, HOA, , Piney, Atlanta ., Lynwood, Johnsontown
There are more heavily trafficked routes across the Baltimore Harbor than the Francis Scott Key Bridge. The Harbor Tunnel carries double the daily traffic of the Key Bridge and the Fort McHenry Tunnel much more than that. The six men who are missing were part of this tradition of working Baltimore: members of a construction crew, working overnight hours filling potholes on the bridge. One day in 1977, Mr. Metzger said, his father, a truck driver, was coming back home from his route and happened upon the bridge’s ribbon cutting. And the Key Bridge is gone.”
Persons: Francis Scott Key, , , Kurt L, Mr, Schmoke, Rafael Alvarez, Dali, Jim Lo Scalzo, Curtis Bay, Alvarez, Baltimoreans, James Metzger, Metzger, Metzger’s Organizations: Fort, University of Baltimore, Chesapeake, Washington , D.C, Bethlehem Steel Plant, Amazon Locations: Baltimore, Fort McHenry, Baltimore’s, Maryland, Washington ,, New York City, Shutterstock
Read previewThe collapse of the Francis Scott Key Bridge in Baltimore could have major effects on distribution and deliveries for businesses in the area. Baltimore's biggest bridge collapsed early on Tuesday morning after a cargo ship crashed into one of its support beams, prompting Maryland Gov. A spokesperson for Volkswagen said its operations were unaffected as its Baltimore facility was "located on the sea board of the bridge collapse." AdvertisementMcCormick, which manufactures spices and seasonings, said in 2020 that it expected its site at Tradepoint Atlantic to become its biggest distribution site. Local businesses prepare for ongoing disruptionThe Hard Yacht Cafe, located about a mile from the bridge, told BI that it wasn't yet clear how the collapse would affect its business.
Persons: , Francis Scott Key, Wes Moore, Kevin Cartwright, Neil Saunders, Baltimore's Francis Scott Key, Armour, McCormick, we're, Alexander DelSordo Organizations: Service, Maryland Gov, Baltimore Fire Department, Associated Press, Business, Bloomberg, Maryland Transportation Authority, Depot, FedEx, BMW, Volkswagen, Google, Amazon, Volkswagen Group, Audi, Lamborghini, Bentley, CBS, WJZ, Bay Locations: Baltimore, Port of Baltimore, Sparrows, Europe, Mexico, Hawkins
Auto companies like BMW and Volkswagen will likely be hit hardest at first, he added, given their heavy reliance on the Baltimore port. Regional economyFor the city of Baltimore, though, the economic impacts of the bridge collapse will hit harder and last longer. The Baltimore port directly employs over 15,000 workers and indirectly supports nearly 140,000 jobs via other port activities, according to Maryland Gov. Baltimore port employees could be temporarily furloughed, or see disruption in their work hours amid the shutdown. "The bridge collapse is the latest challenge for Northeast U.S. supply chains," said S&P Global Head of Supply Chain Research Chris Rogers.
Persons: Francis Scott Key, Roberto Schmidt, Baltimore's Francis Scott Key, Joseph Brusuelas, DALI, Joe Biden, Brusuelas, Mark Zandi, Wes Moore, Zandi, Research Chris Rogers, It's, we've Organizations: AFP, Getty, RSM, Auto, BMW, Volkswagen, Depot, IKEA, shipper FedEx, CNBC, Maryland Gov, Afp, Northeast, Supply, Research, Others Locations: Baltimore , Maryland, Singapore, Baltimore, of Baltimore, Port, United States, of LA, Northeast U.S, Sea, Panama
Canada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its "continued growth," the filing says. When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt. The layoffs at Canada Goose come after Nike, Macy's , Wayfair , Hasbro and Etsy all announced widespread layoffs over the past few months.
Persons: Goose, Dani Reiss, Reiss, Canada Goose Organizations: Canada, Armour, Nike, Hasbro, Etsy Locations: Canada
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Now, he's trying to turn the company around by stepping up for a second stint at its helm. The sportswear brand said March 13 that Plank will take over its CEO role again more than four years after he left the position. The company has also struggled to define itself against competitors — most notably Nike.
Persons: Armour, , Kevin Plank, Plank, Stephanie Linnartz, Armour wasn't Organizations: Service, Nike, Armour
Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. After the market closed Wednesday, SentinelOne posted stronger-than-expected quarterly results. Dick's Sporting Goods -- Shares moved 3.6% higher after the sporting goods retailer posted an earnings and revenue beat for its fourth quarter. MicroStrategy — Shares gained 1.6% after MicroStrategy said it's raising $500 million to buy additional bitcoin , and to use for other general corporate purposes.
Persons: Armour, Kevin Plank, Evercore, LSEG, Joe Biden, SentinelOne, Dick's, Goldman Sachs, MicroStrategy, , Alex Harring, Sarah Min, Michelle Fox Organizations: United States Steel, Nippon Steel Corp, Wall Street Journal, Dick's Sporting Goods, Citigroup —, Citi
Video emerged on social media of the audience loudly booing a conference sizzle reel that featured several industry leaders speaking positively about AI. The sizzle reel played before several film premieres at the festival, including "The Fall Guy" and "Immaculate," Variety reported. In a statement to BI, Carter said her SXSW panel on the future of AI was "a standout event." AdvertisementThe other panelists shown in the sizzle reel did not return requests for comment before publication. The growing impact of AI is a concern felt across the film industry.
Persons: , Guy, Peter Deng, OpenAI, Sandy Carter, didn't, 46OXfiIk0r — Marcelo, Rony Abovitz, Magic, Abovitz, OpenAI's Peter Deng, Carter, Variety, Ashley Landis, Sora, Tyler Perry, Armour Organizations: Service, SXSW, Business, Sun Locations: South, Southwest
Wall Street is not pleased that Under Armour founder Kevin Plank is returning as its CEO. Following the announcement, both Williams Trading and Evercore ISI downgraded Under Armour and lowered their price targets. Linnartz, a former Marriott International executive who took the helm last February, is the second CEO the company has cycled through in less than two years. Since she started at Under Armour, Linnartz had been focused on rehauling the company's C-suite, building out its loyalty program, UA Rewards, and pivoting the brand's assortment to a more athleisure-focused offering that had more stylish options for women. "All of the twists and turns have created a brand that has become increasingly confusing to consumers and to wholesale partners," Saunders continued.
Persons: Kevin Plank, Stephanie Linnartz, Plank, Evercore, Patrik Frisk, Armour, Linnartz, Plank's, Michael Binetti, William Blair, Neil Saunders, Saunders Organizations: Wall, Williams, Armour, Marriott International, Aldo, UA Locations: Houston , Texas, Plank, America, North America
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Cramer pointed to a strong quarter from Dick's Sporting Goods , saying Plank is probably wondering how Under Armour is "missing all this." "But that's only in relation to Dollar Tree," Cramer said, referring to rival Dollar Tree 's disastrous quarter and store closings announcement a day earlier. Robinhood : The financial services platform reported that stock trading activity was way up in February — an increase of 41% from a year ago. Williams-Sonoma : The home and kitchen products retailer gets all kinds of price target hikes after rallying nearly 18% on Wednesday on a strong quarter.
Persons: Jim Cramer's, Armour, Kevin Plank, Jim Cramer, Cramer, Plank, Eaton, Laura Alber Organizations: CNBC, Club, Dick's Sporting Goods, Dollar, TJX Companies, Truist, Caterpillar Locations: Robinhood, Sonoma
Dick's Sporting Goods — Shares jumped 14% after the sporting goods retailer posted fourth-quarter results that exceeded expectations. Dick's Sporting Goods reported earnings of $3.85 per share on revenue of $3.88 billion. Analysts surveyed by LSEG, formerly Refinitiv, had expected earnings per share of $3.35 on revenue of $3.80 billion. In its first quarter, Lennar reported revenue of $7.31 billion, weaker than the $7.39 billion expected by analysts polled by LSEG. UiPath — Shares tumbled 7.4% after the enterprise automation company posted revenue guidance that was weaker than expected.
Persons: LSEG ., SentinelOne, LSEG, Robinhood, Wells, Joe Biden, Armour, Kevin Plank, Plank's, Evercore, MicroStrategy, Oprah Winfrey, , Lisa Kailai Han, Alex Harring, Pia Singh Organizations: Dick's, Dick's Sporting Goods, LSEG, . Steel, U.S, Steel, Nippon Steel Locations: Japanese
Evercore ISI reiterates Netflix as outperform Evercore raised its price target on Netflix to $640 per share from $600. Citi downgrades Chubb to neutral from buy Citi said it sees a more balanced risk/reward for the insurance company. Goldman Sachs upgrades Citi to buy from neutral Goldman said in its upgrade of Citi that shares are "compelling." Citi reiterates Nvidia as buy Citi said after a series of investor meetings that Nvidia is a "most favored name." Bernstein reiterates Nvidia and Broadcom as outperform Bernstein said Nvidia and Broadcom are still top picks at the firm.
Persons: Deere, Truist, Bernstein, Tesla, Citi downgrades Chubb, Goldman Sachs, Goldman, Wells, Berenberg, it's, Caterpillar, Morgan Stanley, Meta, Utz, Armour, Evercore, Kevin Plank, Stephanie Linnartz, Jack, Argus Organizations: Deere, UBS, Netflix, Citi, Logitech, Barclays, Thomson Reuters, Caterpillar, Nvidia, Micron, Facebook, Raytheon, Bank of America, of America, Utz, UAA, JPMorgan, IBM, Broadcom, VMware, Argus, Oracle, Oracle Corp Locations: Williams, Sonoma
Kevin Plank, founder of Under Armour, during a CNBC interview on "Mad Money" on Feb. 28, 2018. Under Armour announced on Wednesday that CEO Stephanie Linnartz is stepping down from her role just over a year after she started, and founder Kevin Plank will return as the brand's chief executive. Linnartz took over as Under Armour's CEO in February 2023 after spending nearly 30 years at Marriott International, most recently as its president. Plank will remain a director on Under Armour's board but will hand over the chair position to Mohamed El-Erian, chief economic advisor at Allianz, Pimco's parent company. In a statement, Linnartz said she feels "honored" to have served as Under Armour's CEO.
Persons: Kevin Plank, Armour, Stephanie Linnartz, Linnartz, Plank, Mohamed El, Stephanie Organizations: CNBC, Marriott International, Allianz, Armour's
UiPath — Shares popped 8% after the software company reported fourth-quarter results that beat analysts' expectations. UiPath posted adjusted earnings of 22 cents per share on $405 million in revenue, higher than the 16 cents per share on $384 million in revenue analysts polled by LSEG, formerly Refinitiv, had anticipated. SentinelOne — The cybersecurity name slipped 10% after posting guidance for the first quarter and full year that came in line with analysts' estimates, per LSEG. Robinhood — The trading platform's stock added about 8% after the company reported its selected monthly operating data for February 2024. The company posted a wider-than-expected loss in 2023 and missed its production targets by a considerable margin.
Persons: UiPath, SentinelOne, Armour, Stephanie Linnartz, Kevin Plank, Mohamed El, Robinhood, Fisker, Lennar, LSEG, , Christina Cheddar, Berk, Darla Mercado Organizations: LSEG, Street
Under Armour, the sports apparel company, said on Wednesday that its founder, Kevin Plank, would return as chief executive, in a leadership shake-up that will seek to revitalize the struggling brand. Mr. Plank, who founded Under Armour in 1996, had remained the company’s executive chair and controlling shareholder after exiting as chief executive at the end of 2019. He will take over on April 1 from Stephanie Linnartz, who led the company for just over a year. With sales slumping, the company’s stock has fallen by about 85 percent since reaching a record high in 2015. It rose slightly in after-hours trading after the news that Mr. Plank would be returning to lead the company after four years away from the job.
Persons: Armour, Kevin Plank, Plank, Stephanie Linnartz, Linnartz, Patrik Frisk, Organizations: Nike, LinkedIn
Founder Kevin Plank returning as Under Armour CEO
  + stars: | 2024-03-13 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFounder Kevin Plank returning as Under Armour CEOCNBC's Julia Boorstin joins 'Closing Bell Overtime' with news on a leadership shakeup in Under Armour.
Persons: Kevin Plank, CNBC's Julia Boorstin Organizations: Armour Locations: Armour
The Simplify Tail Risk ETF , which trades under the cheeky ticker "CYA," is headed for liquidation later this month after a brutal money-losing stretch. CYA 1Y mountain Simplify's Tail Risk ETF has been beaten down by the market rally. "Tail protection, which was heavily desired in 2020, has no bids right now. And that way if you're losing money on it, and it's a tail risk ETF where you're buying a put [option], then you understand why that's happening," Armour said. "A tail risk ETF is going to go potentially over a decade without working, and that's okay.
Persons: Michael Green, Green, subpar, Bryan Armour, Armour, CYA, Philip Toews, Vix, Toews Organizations: CNBC, Fidelity, North, Asset Management Locations: North America
Birkenstock on Thursday beat holiday quarter revenue expectations, reporting a 26% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% year-on-year to 81 million euros, with an adjusted EBITDA margin of 26.9%, down from 29.1% a year earlier. "However, in the medium-term, we are confident we will continue to deliver our objectives of a gross profit margin over 60% and an adjusted EBITDA margin in the low thirties percent." Within a few years, its sales nearly doubled and its market cap is now around $9.7 billion, double its 2021 valuation of $4.85 billion. Since going public, Birkenstock has used some of its proceeds to pay down debt.
Persons: Oliver Reichert, Reichert, Armour, Birkenstock, Johann Adam Birkenstock Organizations: LSEG, New York Stock Exchange, Nike, Catterton Locations: North America, Birkenstock
Trump launches sneaker line
  + stars: | 2024-02-17 | by ( Alexandra Marquez | Jason Abbruzzese | ) www.cnbc.com   time to read: +3 min
If anyone was waiting for the other shoe to drop in the upcoming presidential race, former President Donald Trump just did, launching his own line of tennis shoes on Saturday. "I've wanted to do this for a long time," Trump said when he announced the launch of a sneaker line at Sneaker Con in Philadelphia. In his brief remarks at the sneaker launch, Trump indicated the line could be an effort to reach out to younger supporters, saying, "We're going to turn this country around fast. The line, called Trump Sneakers, is available for preorder online. Sneaker Con, the venue where Trump debuted the sneaker collection, is an event that started in 2009 and has become one of the premiere events within the broader sneaker culture that has exploded in recent decades.
Persons: Donald Trump, I've, Trump, Sneaker, Joe Biden's, Michael Tyler, Con, Jared Moskowitz, Barack Obama, Armour, Steph Curry Organizations: North, North Charleston Convention Center, Sneaker Con, Trump, Trump Organization, CIC Ventures, Air Force Locations: North Charleston, North Charleston , South Carolina, Philadelphia, cologne
A junta spokesman did not respond to calls from Reuters seeking comment. The current size of the anti-junta resistance is now likely higher with the emergence of more resistance groups as the conflict drags on, analysts said. The Tatmadaw, as the military is known, has not publicly declared the size of its fighting force in recent years. A dozen people eligible to serve also told Reuters that they would rather leave the country than join the military. "They couldn't send backup troops in Rakhine battles," AA spokesman Khine Thu Kha told Reuters via phone.
Persons: Richard Horsey, Nobel, Aung, Suu Kyi, Ye Myo Hein, Generals, Anthony Davis, Miemie Winn Byrd, Htet Myat, Min Aung Hlaing, Andrew Selth, Selth, Khine Thu Kha, Devjyot, Miral Fahmy Organizations: Reuters, United States Institute of Peace, British, U.S ., Griffith Asia Institute, Arakan Army, Reuters Staff Locations: China, Bangladesh, Myanmar, Suu, U.S, Rakhine
Fran Horowitz, Abercrombie & Fitch CEO: The future of retail is small, efficient, omni stores, and they're located where the customer tells us. I get really, really excited about what this means in the operations of the business, using predictive analytics to help us forecast demand. They're worldwide, a zillion stores, and their operations and execution, aside from their merchandising, I think they're always on top of the game. I think you're going to see an interaction with someone in a setting that doesn't look like retail, but looks like a fantastic experience. Nicholas of Sam's Club: Another retail standard that is really going to be important beyond the customer is energy.
Persons: Christina Locopo, Fran Horowitz, Abercrombie, Patrick MacLeod, WWD, Michelle Gass, Levi Strauss, they're, Jens Grede, Geoffroy van Raemdonck, Neiman Marcus, there'll, Trina, Patrick T, Fallon, Chris Nicholas, Kara Trent, Levi's Gass, Tom Ward, Erin Black, CNBC Abercrombie's Horowitz, Marc Lore, Mickey Drexler, TikTok, Adam Jeffery, Dave Kimbell, It's, Scott Mlyn, CNBC Neiman's van, you've, Yael Cosset, , Ulta's, Arturo Holmes, Trent, That's, we've, Kroger's, Abercrombie's Horowitz, I've, Dia Dipasupil, Neiman's van, who's, Lulu, Drexler, Armour's, Dior, Louis Vuitton, Hermes, Armour Levi's Gass, Emma Grede, Kardashian, Kim, Geoffroy van Raemdonck Patrick Mckleod, Nicholas of Organizations: CNBC, Abercrombie, Fitch, Abercrombie & Fitch Co, Penske Media, Getty, Milken Institute Global Conference, AFP, Sam's, Technology, Walmart U.S, Walmart, New York Times, Navy, WWD, Young, Nike, TJX, Zara, Armour's Trent, Americas, Nicholas of Sam's, Sam's Club Locations: they're, Beverly Hills , California, New York City, America, New York, U.S, Skims, Inditex, Kara, Walmart's
Damron’s design rocketing to internet fame is just one story of how women’s fan apparel has found itself in the spotlight. Within a month, that jacket's designer, Kristin Juszczyk, would score a NFL licensing deal. These meteoric success stories have illustrated the potency of a market for women’s sports apparel that merges fashion and fan culture. “I’m glad more of this stuff can start being made,” Robinson, a Black designer who runs Boujee Basics, says. The upfront costs were too steep for another Black designer, De'fron Fobb, 45, who wanted to craft items when the New Orleans Saints made the Super Bowl in 2010.
Persons: Jake Browning’s, Taylor Damron, Browning’s, Stephanie Niles, ” Damron, Taylor Swift, Travis Kelce’s, Kristin Juszczyk, Swift, Kyle Juszczyk, Simone Biles, Taylor Lautner, Brittany Mahomes, Juszczyk, , Tayler Adigun, Adigun, Mariah Carey, Larena Hoeber, ” Hoeber, “ What’s, , Niles, Frankie, Sara Gourlay, Zak Miller, they've, Kristin, she’s, ” Miller, Armour, Kiya Tomlin, Mike Tomlin, Alexis Robinson, “ I’m, ” Robinson, , it’s, De'fron Fobb, He’s, ‘ We’re Organizations: Cincinnati Bengals, Cleveland Browns, Kansas City Chiefs, Miami Dolphins, San Francisco 49ers, NFL, National Breast Cancer Foundation, NBA, Baltimore Sun, Sports, University, Regina, Adidas, Nike, National Hockey League, Pittsburgh Steelers, New Orleans Saints Locations: Carolina, Baltimore, Louisiana
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