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☆ Nordstrom shares jump more than 10% on report retailer is trying to go private
▼ + stars: | 2024-03-19 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

]Shoppers exit the Nordstrom at the Westfield Topanga mall on August 14, 2023. Nordstrom shares jumped more than 10% on Tuesday following a report that the department store chain is attempting to go private. Morgan Stanley declined to comment. A previous effort to take Nordstrom private fizzled out in 2018. Nordstrom said it expects full-year revenue to range from a 2% decline to a 1% increase from 2023.

Persons: Morgan Stanley, Nordstrom, Tuesday's, Nordstrom didn't Organizations: Westfield, Nordstrom, Centerview Partners, Reuters Locations: Westfield Topanga

☆ Altice USA shares spike 50% on report Charter is considering acquisition
▼ + stars: | 2024-02-26 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Altice USA shares spiked as much as about 50% on Monday following a report that Charter Communications is considering buying the broadband company. Charter is working with financial advisors as it considers whether it would make sense to buy Altice USA, Bloomberg reported Monday, citing people with knowledge of the matter. Charter declined to comment on the report, while Altice USA could not immediately be reached for comment. Altice USA shares had plunged more than 40% this year before their jump Monday, while Charter's stock has fallen about 25%. Altice USA owns brands led by broadband, TV and phone company Optimum.

Persons: — CNBC's Alex Sherman Organizations: Altice USA, Communications, Bloomberg, Altice Locations: USA, Altice USA

☆ Walmart to buy TV maker Vizio for $2.3 billion in move to grow its ad business
▼ + stars: | 2024-02-20 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +2 min

Walmart has agreed to buy TV maker Vizio , the companies announced Tuesday, as the largest U.S. retailer grows its high-profit ad business. Walmart will acquire Vizio for $2.3 billion, or $11.50 per share, in cash. But in buying the company, Walmart touted the potential to boost its ad business through Vizio's SmartCast Operating System, which allows users to stream free ad-supported content on their TVs. As it pushes for higher profits, the retail titan has tried to expand its media business Walmart Connect, which comes with bigger profit margins than selling groceries or clothing. In a news release, Walmart said Vizio's SmartCast system has 18 million active accounts.

Persons: Seth Dallaire Organizations: Walmart, Vizio, Walmart Connect, Walmart U.S, CNBC PRO Locations: Secaucus New Jersey, U.S

Walt Disney 's ESPN, Fox and Warner Bros. Disney, Fox and Warner Bros. It will consist of all the broadcast and cable networks owned by Disney, Fox and Warner Bros. Warner Bros. Fox will include the Fox broadcast station along with FS1, FS2 and BTN.

Persons: Walt Disney, Max Organizations: Disney, ESPN, Fox, Warner Bros, ESPN2, ABC, TNT, TBS Locations: Brooklyn, New York

☆ Walmart announces 3-for-1 stock split as shares hover below all-time high
▼ + stars: | 2024-01-30 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Walmart announced a three-for-one stock split on Tuesday as the retailer's shares sit just below their all-time high. Walmart said it chose to break up shares in part to allow more employees to buy into its stock purchase plan. Walmart shares rose about 1% in extended trading. Walmart shares have climbed about 5% this year. The stock split comes as Walmart tries to boost employee benefits and loyalty.

Persons: Doug McMillon Organizations: Walmart, CNBC PRO Locations: U.S

Jeans are displayed at a Levi Strauss store in New York, March 19, 2019. Levi Strauss will lay off at least 10% of its global corporate workforce as part of a restructuring, the apparel retailer said Thursday. The job cuts will take place in the first half of the year, and could affect up to 15% of corporate employees, Levi's said. The company had more than 19,000 employees as of November, but it is unclear how much of that workforce is in corporate offices. Macy's and Wayfair both announced job cuts this month, as both older and newer retailers try to kickstart sales and boost profits.

Persons: Jeans, Levi Strauss, Levi's, Wayfair Organizations: LSEG Locations: New York

Netflix and TKO Group Holdings said Tuesday that the streaming platform will air the WWE's flagship program Raw starting next year, in Netflix's first major foray into live sports. Netflix, which is trying to drive revenue by cutting down on subscription sharing and pushing viewers toward its ad-tier membership, has made few attempts at live programming in its history. With WWE permission, Netflix could even develop movies or series around WWE characters, one of the people said. For TKO, the parent company of WWE, striking a deal with Netflix brings WWE wrestling to about 250 million global subscribers. WWE President Nick Khan has had Netflix on his radar as a potential landing spot for Raw for several years.

Persons: Dwayne Johnson, Mark Shapiro, Rupert Murdoch, Nick Khan, Khan Organizations: Netflix, Raw, WWE, SmackDown, NXT, USA Network, ESPN, Turner, NFL, Fox Locations: U.S, Canada, America

☆ Pfizer slashes full-year earnings and revenue guidance as Covid treatment, vaccine sales slump
▼ + stars: | 2023-10-13 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Pfizer slashed its full-year earnings and revenue guidance on Friday, as it said demand for its Covid products has waned. The company now expects 2023 sales of $58 billion to $61 billion, down from its previous guidance of $67 billion to $70 billion. Pfizer said it cut its revenue outlook "solely due to its Covid products." The biopharmaceutical company slashed its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share, from a previous $3.25 to $3.45 per share. It also said it anticipates sales of its vaccine, Comirnaty, will be $2 billion lower than previously expected because of lower-than-expected vaccination rates.

Persons: Albert Bourla Organizations: Pfizer, European Commission, BioNTech, U.S ., CNBC, YouTube Locations: U.S, Puurs, Belgium

The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General's former CEO Todd Vasos is coming out of retirement to helm the company, which aims to rebound from slowing growth and allegations of unsafe working conditions. During that time, Dollar General has seen a slowdown in its sales growth and has faced criticism from federal officials and activists for having unsafe stores that put employees at risk. Dollar General has more than 185,000 full- and part-time employees. Dollar General shares jumped more than 6% in extended trading Thursday.

Persons: Todd Vasos, Jeff Owen, Jeff, Michael Calbert, Owen Organizations: Company, Dollar Locations: Austin , Texas

☆ Peloton shares soar on digital content partnership with Lululemon
▼ + stars: | 2023-09-27 | by ( Jacob Pramuk | ) www.cnbc.com time to read: 1 min

In this articleJen Van Santvoord rides her Peloton exercise bike at her home in San Anselmo, California. Peloton shares spiked Wednesday as the company announced a five-year partnership to develop digital fitness content for Lululemon . The fitness company's stock soared as much as 30% in extended trading. Lululemon said it will stop selling the Studio Mirror device by the end of the year. Please check back for updates.

Persons: Jen Van Santvoord, Lululemon Locations: San Anselmo , California

☆ Wells Fargo announces $30 billion buyback, shares rise
▼ + stars: | 2023-07-25 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Wells Fargo shares popped Tuesday after the bank said it would buy back $30 billion in stock. The company also said its board of directors approved a previously announced dividend increase, to 35 cents per share from the previous 30 cents. Wells Fargo's stock rose more than 3% in extended trading Tuesday. The moves come after the bank beat second-quarter earnings and revenue expectations, driven by a 29% increase in net interest income. "Even with these significant investments, our capital levels are strong and we expect them to remain so, allowing us to return excess capital to our shareholders," Wells Fargo CEO Charlie Scharf said in a statement accompanying the bank's announcement.

Persons: Wells, Charlie Scharf Organizations: Federal Reserve, Democratic Locations: U.S

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

☆ Grizzlies star Ja Morant suspended for 25 games after latest gun video
▼ + stars: | 2023-06-16 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +2 min

The National Basketball Association suspended Ja Morant for 25 games after the Memphis Grizzlies star brandished a gun on a live video for the second time, the league said Friday. Morant, a 23-year-old NBA All-Star, first waved a gun in a livestream from a night club in March, prompting an eight-game suspension. He then displayed a firearm in a car with friends during a second video stream last month. In a statement to ESPN on Friday, Morant apologized and promised he is "going to be better." Morant is endorsed by Nike and Coca-Cola 's Powerade, but the drink company has pulled an ad featuring the NBA star and scrubbed him from social media.

Persons: Ja Morant, Morant, Adam Silver, Silver Organizations: Memphis Grizzlies, Los Angeles Lakers, Western, FedExForum, National Basketball Association, NBA, ESPN, Nike, CNBC, YouTube Locations: Memphis , Tennessee

Christine McCarthy, Disney's chief financial officer, will step down from that role, the entertainment giant said Thursday. She will take a family medical leave of absence, and during that time, she will continue as a strategic advisor to Disney , the company said. Veteran Disney executive Kevin Lansberry, who currently works as finance chief for Disney's parks business, will become the company's interim CFO effective July 1. McCarthy, who started with Disney in 2000 and became CFO in 2015, leaves as Disney undergoes a broad restructuring during Bob Iger's second tenure as CEO. During McCarthy's tenure, Disney's streaming spending skyrocketed, and free cash flow fell.

Persons: Christine McCarthy, McCarthy, Disney, Kevin Lansberry, Bob, " McCarthy, Bob Iger's, Bob Chapek, Iger, Christine, — Organizations: Walt Disney Company's, Milken Institute Global, The Beverly Hilton Hotel, Disney, Veteran Disney, Chapek Locations: Beverly Hills , California

☆ Bowlero CEO calls discrimination claims made in EEOC investigation 'absurd'
▼ + stars: | 2023-06-15 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Bowlero CEO Tom Shannon on Wednesday called discrimination claims against the fast-growing bowling alley operator "absurd," but acknowledged the federal probe into those allegations may have hurt its stock price. They don't pass any common sense," Shannon told CNBC's "Mad Money with Jim Cramer." Equal Employment Opportunity Commission in January proposed to settle its sprawling investigation into age discrimination and retaliation claims against Bowlero for $60 million, CNBC reported last month. "Could [the investigation] be driving the stock down?" We have never been hit with anything, you know, in terms of evidentiary findings or anything like that," Shannon added.

Persons: Tom Shannon, Shannon, CNBC's, Jim Cramer, Bowlero, Cramer Organizations: Commission, Bowlero, CNBC

Bud Light trailed with a 7.3% share. Bud Light sales fell 24.6% in the period year over year, while Modelo sales jumped 10.2%, the data shows. Still, the Anheuser-Busch InBev brand Bud Light leads U.S. beer sales so far this year, according to Bump Williams. The company's shares have dropped nearly 15% since the start of April, when Mulvaney posted a video of a personalized Bud Light can, which sparked anti-LGBTQ+ outrage. The boycott against Bud Light comes as state and federal politicians increasingly push to claw back the rights of trans people.

Persons: Bud Light, influencer Dylan Mulvaney, Bump Williams, Mulvaney, Brendan Whitworth Organizations: Modelo, Constellation Brands, Anheuser, Busch InBev, Bud, Busch, Pride, Starbucks, Target Locations: Brooklyn Borough, New York, U.S

Donald Trump will surrender Tuesday on the first federal charges ever filed against a U.S. president, former or current. Trump will head to federal court in Miami, where he is expected to be arraigned at 3 p.m. Tuesday marks the second time in a little over two months that Trump will be arraigned on criminal charges. Justice Department special counsel Jack Smith, who brought charges against Trump in the documents probe, is also investigating efforts by Trump and his allies to overturn President Joe Biden's 2020 election win. Republicans have largely defended the former president's conduct and accused the Justice Department of running a politically motivated probe.

Persons: Donald Trump, Trump, Walt Nauta, Stormy Daniels, Jack Smith, Joe Biden's, Fani Willis, General Merrick Garland, Smith Organizations: Republican, White, Trump, Atlanta -, Republicans, Justice Department, Biden Locations: Miami, Doral , Florida, Bedminster , New Jersey, Manhattan, Atlanta, Fulton County, Georgia

The chair of the Speaker of the U.S. House of Representatives sits empty as the House embarks on another round of voting for a new House Speaker on the second day of the 118th Congress at the U.S. Capitol in Washington, U.S., January 4, 2023. The longer the infighting on Capitol Hill delays the election of a new House Speaker, the more havoc it will wreak on the federal government. While it doesn't necessarily pose an imminent threat to the U.S. economy, it paralyzes all action on the Hill. Without a speaker, the House can't vote on a rules package governing the new Congress. If the House does not pass rules by Jan. 13, committee staff could start to lose pay, according to guidance sent to those panels reported by Politico.

☆ House speaker election: Here's how the debacle is paralyzing the U.S. Congress
▼ + stars: | 2023-01-05 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

The chair of the Speaker of the U.S. House of Representatives sits empty as the House embarks on another round of voting for a new House Speaker on the second day of the 118th Congress at the U.S. Capitol in Washington, U.S., January 4, 2023. Kibben wasn't the only one worried about how the government would function after the new Republican majority failed to elect a House speaker during the first two days of the 118th Congress. The once-in-a-century stalemate has frozen governance in one of the two chambers of Congress. The longer the infighting prevents the election of a speaker, the more havoc it will wreak on the federal government. While the lack of a speaker doesn't pose an imminent threat to the U.S. economy, it paralyzes all action on the Hill.

☆ Trump's tax returns released by House Ways and Means Committee
▼ + stars: | 2022-12-30 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +1 min

Documents arrive as the House Ways & Means Committee holds a hearing regarding tax returns from former President Donald Trump on Capitol Hill in Washington, Tuesday, Dec. 20, 2022. The House Ways and Means Committee released six years of former President Donald Trump's tax returns on Friday, offering the most detailed account yet of his finances while in the White House. The Ways and Means Committee last month obtained Trump's personal and federal income tax returns for the years 2015 to 2020. The committee released a report summarizing the ex-president's returns earlier this month. The Democratic-led panel released the returns only days before Republicans are set to take control of the House and the Ways and Means Committee.

Ukraine's President Volodymyr Zelenskyy called on Russian forces to withdraw from Ukraine this Christmas. Addressing leaders of the Group of Seven (G-7) who met virtually on Monday, Zelenskyy said Russia could prove it could use the season of goodwill to abandon its aggression toward Ukraine. I see no reason why Russia should not do it now – at Christmas. The answer from Moscow will show what they really want – further confrontation with the world or finally [a] cessation of the aggression. The one who brought the war upon us has to take it away," Zelenskyy said.

Senate Majority Leader Chuck Schumer (D-NY) gestures, walking out of the Senate Chamber, celebrating the passage of the Inflation Reduct Act at the U.S. Capitol on Sunday, Aug. 7, 2022 in Washington, DC. TDemocrats will hold their razor-thin majority in the U.S. Senate, NBC News projects, staving off a full-bore effort by Republicans to leverage economic volatility and public discontent into control of the upper chamber of Congress. The party will hold at least 50 seats in the Senate in the next Congress, after incumbents held their ground in key races and Democratic Lt. Gov. Democrats currently control the Senate split 50-50 by party through Vice President Kamala Harris' tiebreaking vote. Mark Kelly of Arizona and Catherine Cortez Masto of Nevada both prevailed in their closely contested races, NBC projected after days of counting in both states, clinching the chamber for Democrats.

☆ Congress treats the Congressional Budget Office like a crystal ball for legislation, but one economist says their models are built on flawed assumptions
▼ + stars: | 2022-03-12 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

In a recent episode, he spoke with economist Mark Paul about the role of the Congressional Budget Office. They run these economic models that I think are the most important policy models out there." The CBO's models are built from flawed assumptions that don't necessarily reflect how legislation might actually behave in the real world. "In the economics literature, what we find is that on average public investment is at least as productive as private investment — and often more so," Paul said. "In fact, there's this really well-known review that shows that public investment is 50% more productive on average than private investment."

☆ 'Real men wear masks': Nancy Pelosi urges caution as the economy reopens
▼ + stars: | 2020-06-04 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +3 min

House Speaker Nancy Pelosi speaks during her weekly press conference at the US Capitol in Washington, DC on June 4, 2020. House Speaker Nancy Pelosi pushed Thursday for a robust coronavirus testing and tracing operation, along with sustained precautions such as wearing face coverings, as the U.S. reopens businesses during the pandemic. "Real men wear masks," the California Democrat told CNBC's Jim Cramer on "Mad Money," in response to a question about some men shunning face coverings in public. On "Mad Money," Pelosi again pushed for aid for state and local governments so they do not have to cut essential services as they face budget shortfalls during the pandemic. The House bill would extend the provision through January.

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