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Andrew Kelly | ReutersAfter years of unbridled consumer spending on everything from home improvement to dream vacations, some companies are now finding the limits of their pricing power. Nike last week lowered its annual sales growth forecast and unveiled plans to cut costs by $2 billion over the next three years. "Goods companies don't have the pricing power they did in the pandemic, and some in the hotel and travel [industries] — they don't have the pricing power they did in the immediate post-Covid," he added. Sales growth for companies in the S&P 500 is on track to average 2.7% this year, according to mid-December analyst estimates posted by FactSet. Consumer spending on apparel and groceries rose 2.4% and 2.1%, respectively, from the year-earlier period, according to the survey.
Persons: Andrew Kelly, Mills, Joe Cavaretta, David Kelly, FactSet, Kelly, isn't, airfare, John F, Bob Jordan, Jordan, Ohsung Kwon Organizations: FedEx, Reuters, Shipping, Airlines, Target, Nike, Spirit Airlines, Hasbro, Fort Lauderdale Hollywood International, South Florida Sun Sentinel, Tribune, Service, Getty, Florida Sun, Morgan Asset Management, FactSet, Mastercard, Starbucks, Airline, U.S . Department of Labor, Kennedy International, Southwest, CNBC, Detroit automakers, Toyota, Cox Automotive, Bank of America Locations: New York, speedier, Fort, South
Florida cleans up after deluge strands cars, closes airport
  + stars: | 2023-04-13 | by ( ) www.cnbc.com   time to read: +1 min
Crews had worked through the night to attend rescue calls, but there were no immediate reports of injuries or deaths. Stranded cars littered streets around eastern Broward County, where rains started Monday, with the heaviest downpours coming Wednesday afternoon and evening. Fort Lauderdale City Hall remained closed Thursday with ground-floor flooding and no power. Fort Lauderdale Hollywood International Airport remained closed through at least noon Thursday, with many flights canceled and some passengers stranded. But the entrance to the lower-level, or arrivals, road remained closed, officials tweeted.
A JetBlue airliner lands past a Spirit Airlines jet on taxi way at Fort Lauderdale Hollywood International Airport on Monday, April 25, 2022. (Joe Cavaretta/Sun Sentinel/Tribune News Service via Getty Images)Spirit Airlines shareholders have approved a takeover by JetBlue Airways after a six-month battle to create the country's fifth-largest carrier, a deal that now faces a high hurdle with federal regulators. In April, JetBlue made a $3.8 billion all-cash offer for Spirit, derailing Spirit's plan for a cash-and-stock deal to merge with Frontier Airlines . If the takeover is approved, JetBlue plans to do away with the Spirit brand, known for its ultra-low airfares and bare-bones service with fees for add-ons like carry-on bags. "This is an important step forward on our path to closing a combination that will create the most compelling national low-fare challenger to the dominant U.S. carriers," Spirit Airlines CEO Ted Christie said in a release.
In this article ULCCJBLUSAVEwatch nowJetBlue Airways has reached a $3.8 billion deal to buy Spirit Airlines in a takeover that would create the country's fifth-largest airline and remove a fast-growing budget carrier from the market. Spirit lacked the shareholder support to win approval of the Frontier merger, which was first unveiled in February. If approved by regulators, JetBlue's takeover of Spirit would leave Frontier as the largest discount carrier in the U.S. It would also be the first major U.S. airline deal since 2016, when Alaska Airlines beat out JetBlue for Virgin America. A JetBlue airliner lands past a Spirit Airlines jet on taxi way at Fort Lauderdale Hollywood International Airport on Monday, April 25, 2022.
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