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☆ Cricket, a big business in India, brings star power to the U.S. with the country's first world cup
▼ + stars: | 2024-04-21 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +5 min

USA Cricket Vice-Captain Aaron Jones poses next to a giant cricket ball, installed at a marketplace to mark 100 days to go for the ICC Men's T20 World Cup, in Miami, Florida, on Feb. 22, 2024. But the sport has boomed in India, the world's most populous country, as well as some other former British colonies. And now, the U.S. men's national cricket team will represent the home country in this year's International Cricket Council Men's T20 World Cup. While traditional cricket matches can last as long as five days, a T20 match typically lasts around three hours. The early June world cup matchups will bring some of that star power to the U.S., with a high-profile India-Pakistan competition and culminating in a U.S.-India match.

Persons: Aaron Jones, Chandan Khanna, Peter Della Penna, it's, Disney, Forbes, RedBird, Jay Shah, Della Penna, —, Liam Plunkett, Dwayne Bravo, Mike Stobe, Tasmai Krishnan, Tasmai, he's Organizations: USA Cricket, ICC, Afp, Getty, U.S . Cricket, Major League Cricket, Los Angeles Knight Riders, MI, San Francisco Unicorns, Seattle, Seattle Orcas , Texas Super Kings, Washington, team, International Cricket Council, U.S, West, New York —, ESPN, Cricket, Disney Star Network, Indian Premier League, IPL, Rajasthan Royals, Control, NFL, BCCI, Angeles Olympic, Times, Icc, U.S . Locations: Miami , Florida, U.S, England, India, MI New York, Seattle Orcas , Texas, West Indies, —, Texas , Florida, New York, Success, Australia, New Zealand, Pakistan, South Africa, New York City

☆ Comcast launches prepaid and month-to-month internet and phone plans
▼ + stars: | 2024-04-17 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Comcast announced Wednesday that it is launching a prepaid and month-to-month low-cost internet and phone plan program called NOW. The new plan is designed to be simple for customers to opt into or cancel at any time using Xfinity and unlimited 5G. NOW TV, which offers Xfinity internet customers on-demand and live streaming from more than 40 networks for $20 per month. The NOW program supplements Comcast's long-standing low-income internet option, called Internet Essentials, which packages 50 Mbps for $9.95 per month. Comcast has been experiencing a lack of broadband growth over the past year, reporting net broadband losses in multiple quarters.

Persons: Dave Watson, we've, Watson Organizations: Comcast, NOW Mobile, CNBC

☆ Denver and its craft breweries embrace nonalcoholic beer, spirits
▼ + stars: | 2024-04-09 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +5 min

Denver Beer Co. Courtesy: Denver Beer Co. Alcohol-free beverage options have skyrocketed over the past few years, and that trend has especially picked up in the form of nonalcoholic beer in Denver, an epicenter for craft breweries. Courtesy: Ceria Brewing CompanyDenver's beer sceneFood trend expert Kara Nielsen said that because Denver is such a beer-centric city, the rise of nonalcoholic beer and spirits fits with the city's narrative. But then, he said, nonalcoholic and alcohol-free beer became trendy, attracting more mainstream customers.

Persons: Technomic, Keith Villa, Villa, Jodi, Keith, Jodi Villa, Kara Nielsen, Nielsen, It's, Niki Sawni, Sawni, he's, hasn't, Niki, Anika Sawni Organizations: Denver Beer, Denver Beer Co, Anheuser, Busch, Ceria Brewing Company, CNBC, Ceria Brewing, Grüvi Locations: Denver, Rocky, Technomic, NielsenIQ, Colorado

☆ Iowa-South Carolina NCAA women's final draws record 18.7 million viewers
▼ + stars: | 2024-04-08 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

March Madness branded Powerade bottles before the game between the Maryland Terrapins and the South Carolina Gamecocks during the Elite Eight round of the 2023 NCAA Women's Basketball Tournament held at Bon Secours Wellness Arena in Greenville, South Carolina, on March 27, 2023The NCAA Women's Championship between Iowa and South Carolina set a record on Sunday, drawing 18.7 million viewers on ABC and ESPN. The game peaked at 24 million viewers, ESPN said, and was the most-watched NCAA women's college basketball game since 1992. The championship, which saw Caitlin Clark-led Iowa fall to South Carolina, was the most-watched basketball game, either men's or women's and college or professional, since 2019. "With a record-setting audience of 18.7 million viewers, Sunday's Iowa-South Carolina title game was a fitting finale to the most-viewed ever NCAA Women's Basketball Tournament," said ESPN Chairman Jimmy Pitaro in a statement. The semifinals between Iowa and University of Connecticut last week also shattered viewership records, peaking at 17 million viewers, according to ESPN.

Persons: Caitlin Clark, Jimmy Pitaro, Clark, that's Organizations: Maryland Terrapins, South Carolina Gamecocks, Secours Wellness, NCAA, ABC, ESPN, Iowa, University of Connecticut, Deloitte Locations: Greenville , South Carolina, Iowa, South Carolina

☆ Private equity firm Silver Lake to take entertainment company Endeavor private at $27.50 a share
▼ + stars: | 2024-04-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Private equity firm Silver Lake announced Tuesday that it's acquiring entertainment company Endeavor Group Holdings for $27.50 a share. Endeavor is being acquired at an equity value of $13 billion, according to a release from the entertainment company. Endeavor is also the majority owner of TKO Group Holdings , which owns the UFC and WWE. Silver Lake initially invested in Endeavor in 2012 and supported the company's acquisition of UFC in 2016. Silverlake's co-CEO Egon Durban and managing director Stephen Evans were members of Endeavor's board ahead of the acquisition.

Persons: Silver Lake, Egon Durban, Ariel Emanuel, Silver, Silverlake's, Stephen Evans Organizations: Silver Lake, Endeavor Group Holdings, Endeavor, Silver, WME, IMG Academy, Holdings, UFC, WWE

☆ Two Warner Bros. Discovery directors resign after antitrust probe
▼ + stars: | 2024-04-01 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

The exterior of the Warner Bros. Two Warner Bros. Discovery directors, Steven Miron and Steven Newhouse, are resigning following a U.S. Department of Justice investigation into a potential antitrust violation, according to a company release Monday. Both of their terms on the Warner Bros. board were set to expire in 2025. Rather than contesting the DOJ matter, the company said both Miron and Newhouse voluntarily elected to resign from their positions, effective immediately.

Persons: Steven Miron, Steven Newhouse, Miron, Newhouse, Rather Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, Warner Bros, Discovery, U.S . Department of Justice, Clayton Antitrust, Advance, Newhouse, DOJ Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, Clayton

☆ Delta is the latest airline to raise its checked bag fee
▼ + stars: | 2024-03-05 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

A Boeing 767 passenger aircraft of Delta airlines arrives from Dublin at JFK International Airport in New York as the Manhattan skyline looms in the background on February 7, 2024. Delta Airlines just became the latest airline to raise its checked bag fee — this time by $5 beginning Tuesday, according to the company. In a statement, the airline said the fee for both the first and second checked bag is increasing by $5 for most domestic and short-haul international routes. It will now cost travelers $35 for the first checked bag and $45 for the second checked bag. It's the first Delta baggage price increase since 2018, which the company said will help it stay on pace with rising industry costs.

Persons: Delta Organizations: Boeing, Delta, JFK International, Delta Airlines, Delta SkyMiles Medallion, American Airlines, United Airlines, JetBlue, Alaska Airlines Locations: Dublin, New York, Manhattan

Spirit Aerosystems had a market capitalization of $3.3 billion as of Thursday's close. "We do not comment on market speculation," a spokesperson for Spirit Aerosystems told CNBC. Boeing in 2005 spun off operations in Kansas and Oklahoma that became the present-day Spirit Aerosystems. It comes less than two months after a section of a Boeing 737 Max 9 plane blew out during an Alaska Airlines flight. It was the latest and most serious in a host of flaws on the Boeing 737 Max, Boeing's best-selling jet.

Persons: Aerosystems, Spirit Aerosystems, Boeing's, Max Organizations: Spirit AeroSystems Holdings Inc, Boeing, Spirit, CNBC, Airbus, Wall Street, Max, Alaska Airlines, Federal Aviation Administration, National Transportation Safety Board Locations: Wichita , Kansas, U.S, Kansas, Oklahoma, Boeing's Renton , Washington

☆ Paramount falls short of revenue expectations but posts surprise profit, strong streaming results
▼ + stars: | 2024-02-28 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +3 min

Paramount Global missed revenue expectations for the fourth quarter on Wednesday but posted a surprise quarterly profit and posted strong results from its streaming platform Paramount+. Paramount — home to brands such as CBS, Showtime, BET, Nickelodeon and its namesake movie studio — reported a 6% year-over-year revenue decline but posted notable strides in its streaming segment. Paramount+, its flagship streaming service, reached 67.5 million subscribers during the period, a net increase of 4.1 million, and recorded 69% revenue growth year over year. Subscription revenue in the fourth quarter grew 43%, partially driven by price increases, and revenue across its entire direct-to-consumer segment grew 34%. Paramount saw a 27% jump in global viewing hours across Paramount+ and Pluto TV during the fourth quarter.

Persons: Bob Bakish, we've, CNBC's Alex Sherman Organizations: Paramount Global, Paramount, CBS, Showtime, BET, Nickelodeon, Warner Bros, Discovery, CNBC PRO Locations: LSEG

☆ Norwegian Cruise Line reports first profitable year since 2019
▼ + stars: | 2024-02-27 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

The Norwegian Viva is docked at PortMiami's Terminal B ahead of its christening ceremony on Nov. 29, 2023, in Miami. Norwegian Cruise Line Holdings on Tuesday reported its first profitable year since 2019 as fourth-quarter losses narrowed dramatically. The cruise company reported strong growth and ticket demand with an encouraging 2024 forecast. Adjusting for one-time items, Norwegian reported a loss per share of 18 cents. "Norwegian Cruise Line Holding experienced a momentous year of growth and achievement in 2023," CEO Harry Sommer said in a statement.

Persons: Harry Sommer, it's, LSEG Organizations: Norwegian Cruise Line Holdings, Norwegian, Cruise Line, Royal Caribbean Cruises, Carnival Corp Locations: Norwegian, Miami, LSEG, Gaza

☆ Carvana stock surges on first annual profit, pair of analyst upgrades
▼ + stars: | 2024-02-23 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Vehicles are seen on a display at a Carvana dealership on February 20, 2023 in Austin, Texas. The used-car retailer has been trimming inventory and expenses as it rebounds from the fall-off from a pandemic peak. Its total gross profit per unit more than doubled to $5,283, up from $2,219 in the year-ago period, according to the quarterly report. Analysts at Raymond James upgraded their rating on the stock to "market perform" on Friday, highlighting the encouraging GPU trends. Garcia said on CNBC that Carvana, with its 1% market share, is still focused on its current inventory despite the last year's growth and profit.

Persons: Covid, Carvana, Raymond James, William Blair, Garcia, we've, we're Organizations: CNBC Locations: Austin , Texas

☆ Shake Shack stock surges 20% on fourth-quarter profit, strong 2024 outlook
▼ + stars: | 2024-02-15 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

With Thursday morning's gains, the stock reached a new 52-week high of $95.80 and is up more than 50% in the last twelve months. Earnings per share increased to a 15-cent profit from a 20-cent loss during the year-ago period. Adjusting for one-time items, Shake Shack reported earnings per share of 2 cents. The burger chain also saw a 20% increase in revenue year-over-year and opened 15 new restaurants during the quarter. "Our leadership teams are energized and excited as we embark on our 2024 Strategic Priorities and target another year of strong growth and margin expansion."

Persons: Shake Shack, Randy Garutti Organizations: Shake, Shack, Shake Shack Locations: LSEG

☆ Hasbro stock plunges after revenue drop, downbeat outlook
▼ + stars: | 2024-02-13 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Toy company Hasbro reported a more than 20% hit to its fourth-quarter revenue and issued a downbeat 2024 forecast Tuesday morning. Here's how Hasbro performed in the fourth quarter compared with estimates from LSEG, formerly known as Refinitiv:Earnings per share: 38 cents vs. 66 cents per share expected. 38 cents vs. 66 cents per share expected. Revenue: $1.29 billion vs. $1.36 billion expected. Hasbro expects further revenue declines in the year ahead.

Persons: Gina Goetter Organizations: Hasbro, Brand, ExCel, Toy, Revenue Locations: London, England, LSEG

☆ Travelers ride the rails to save money (and the planet) as Amtrak chases pre-Covid ridership
▼ + stars: | 2024-02-11 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +3 min

As domestic travel rebounds from pandemic lows and prices soar, some travelers opting for trains over planes. Those advantages and others are driving riders to Amtrak, the government-backed U.S. rail service, as it tries to revive pre-Covid ridership and smooth out operations. One of those passengers is Leonor Grave, who lives in New York City and often travels home to Washington, D.C., on Amtrak trains rather than flying. "I don't glamorize Amtrak as a corporation – there's a lot they could do to improve its services," Grave said. It's an exciting future for train travel."

Persons: Clint Henderson, Guy, Henderson, he's, doesn't, Leonor Grave, she's, they've Organizations: Amtrak, Alaska Airlines, Boeing, Max, Washington , D.C, Penn Locations: New York, New York City, Washington ,, New

☆ Warner Music to cut 600 jobs, or 10% of staff
▼ + stars: | 2024-02-07 | by ( Laya Neelakandan | ) www.cnbc.com time to read: 1 min

Warner Music is laying off 600 employees, or about 10% of its workforce, according to a Wednesday filing. The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and "accelerate the company's growth for the next decade." The layoffs are expected to save the company $200 million by the end of fiscal 2025. The majority of the savings will be allocated toward increasing investment in Warner Music's core music units and new technologies. The company expects to complete its $85 million in severance payments by the end of 2026.

Organizations: Warner Music, Warner, CNBC PRO

☆ New York sues Citibank for alleged failure to reimburse fraud victims
▼ + stars: | 2024-01-30 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud, according to a Tuesday release. The suit claims that Citi does not have strong protections in place to prevent unauthorized account takeovers, misleads victims of fraud and illegally denies reimbursements. The attorney general's office said the alleged failure on Citi's part has cost New York account holders millions of dollars, and in some cases, their entire life savings. In a statement, Citi said the bank "works extremely hard" to prevent threats and assist customers who become victims of fraud. James alleged in the lawsuit that Citi must reimburse victims of fraud under the Electronic Fund Transfer Act.

Persons: Letitia James, Banks, James, we've Organizations: New, Citibank, Citi, Electronic Locations: York

☆ UPS announces 12,000 job cuts, says package volume slipped last quarter
▼ + stars: | 2024-01-30 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024. The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call. Adjusting for one-time items related to pensions and intangible assets, UPS earned $2.47 per share. The company reported a 7.4% drop in average daily volume domestically and an 8.3% decrease internationally.

Persons: Carol Tomé, Tomé Organizations: United Parcel Service, UPS, Teamsters Locations: Cape Cod, Orleans , Massachusetts, Europe

☆ Starbucks olive oil-infused Oleato drinks to launch across the U.S.
▼ + stars: | 2024-01-29 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

Starbucks is launching its beverages called Oleato in all U.S. stores. Starbucks is launching its olive oil-infused drinks in all U.S. stores beginning Tuesday, the company said. The beverages, named Oleato, debuted in Italy in February 2023 after former CEO Howard Schultz visited the country and noticed locals drinking olive oil daily. The line of olive oil-infused coffee drinks launched the next month in select U.S. Starbucks stores and met negative early reviews, with The New Yorker saying the drink "tasted like a large spoonful of olive oil in coffee." It also features the Oleato Golden Foam, which the company said is a vanilla sweet cream infused with Partanna extra virgin olive oil that can be added to any Starbucks drink.

Persons: Howard Schultz, customizations Organizations: Starbucks, Yorker, North America, CNBC PRO Locations: Italy, North

☆ Severe winter weather dampens home sales, keeping prices high, Redfin says
▼ + stars: | 2024-01-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Photographer:Severe winter weather is hindering home sales across the country, according to a Thursday report from real estate company Redfin . The median U.S. home-sale price has been steadily increasing, rising around 5% in the first four weeks of January, alongside asking prices, Redfin reported. While low inventory – down 4% year over year – and increased purchasing power have contributed to the high price tags, Redfin said winter weather has also factored into sluggish sales. Pending home sales are down more than 8% year over year, which Redfin reported as the biggest decline in four months. With potential homebuyers in areas facing severe winter weather staying home, that number has continued to climb.

Persons: Redfin, Christine Kooiker Organizations: National Association Of Realtors, Midwest, National Association of Realtors Locations: Geneseo , Illinois, U.S, California, Michigan, Redfin, Anaheim , California, New Brunswick , New Jersey, Miami , Florida

☆ American Airlines posts narrow fourth-quarter profit
▼ + stars: | 2024-01-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Boeing 787-9 Dreamliner, from American Airlines company, taking off from Barcelona airport, in Barcelona on 24th February 2023. American Airlines on Thursday posted a $19 million profit for the last three months of 2023, topping Wall Street estimates on the top and bottom lines. 29 cents adjusted vs. 10 cents per share expected. For the last three months of 2023, American Airlines reported net income of $19 million, down from $803 million the year prior. "The American Airlines team produced an exceptionally strong performance in 2023," CEO Robert Isom said in a statement Thursday.

Persons: Robert Isom Organizations: Boeing, American Airlines, LSEG, Revenue, United Airlines, Max, Federal Aviation Administration, Alaska Airlines Locations: Barcelona, Southwest, Alaska

People raise their hands after a successful moon landing by the Smart Lander for Investigating Moon (SLIM), in a public viewing event in Sagamihara, south of Tokyo, Japan January 20, 2024. Japan staked a claim among national space powers on Friday, as its SLIM spacecraft reached the lunar surface. The country's SLIM lander launched in September and touched down on the lunar surface around 10:20 a.m. Japan's SLIM, which stands for "Smart Lander for Investigating Moon," is a cargo research mission. It carries a variety of scientific payloads, including an analysis camera and a pair of lunar rovers.

Persons: SLIM, Smart Lander Organizations: Smart, SLIM, Japan Aerospace Exploration Agency, JAXA, Engineers, Japan Locations: Sagamihara, Tokyo, Japan, Russia, Soviet Union, U.S, China, India

☆ Birkenstock shares slump as shoe company warns on profit outlook during first earnings since IPO
▼ + stars: | 2024-01-18 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

A Birkenstock banner hangs outside the New York Stock Exchange in New York on Oct. 11, 2023, as Birkenstock launches an initial public offering. Birkenstock shares slumped 7% Thursday after the company warned about its 2024 outlook during its first earnings report since its initial public offering. In its earnings report, Birkenstock said it aims to substantially grow and invest nearly 150 million euros in retail store expansion and production capacity in 2024. Reichert said he plans to tap into "significant" geographic and production expansion while the company remains "undeterred" by the broader macroeconomic landscape. The debut came nearly 250 years after the company was founded by German cobbler Johann Adam Birkenstock.

Persons: Birkenstock, Oliver Reichert, Reichert, Johann Adam Birkenstock Organizations: New York Stock Exchange, Company, CNBC PRO Locations: New York

Activist investor Nelson Peltz is stating his case for joining Disney 's board. The proxy battle comes as Iger tries to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable. Peltz reiterated in a CNBC "Squawk Box" interview Thursday morning that he believes Disney's current board oversight is "awful." Peltz and Rasulo aim to execute a clear vision for the brand's theme parks, targeting "high-single digit operating income growth," according to the filing. Peltz told CNBC on Thursday that he paid a visit to Disney World last week.

Persons: Nelson Peltz, Peltz's, Peltz, Jay Rasulo, they'd, Rasulo, Bob Iger's, Bob Chapek, Trian, Iger, that's Organizations: Disney, Peltz's Trian Fund Management, Netflix, CNBC, ESPN, Hollywood Studios, CNBC PRO Locations: Kingdom

☆ Nashville hot chicken is everywhere, but it's still at the heart of its hometown's culture
▼ + stars: | 2023-11-29 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +7 min

Prince's Hot Chicken Courtesy: Prince's Hot ChickenNashville hot chicken had its humble beginnings nearly a century ago. At the same time, large fast-food companies such as KFC, Baja Fresh, Dave's Hot Chicken and more are increasingly featuring Nashville hot chicken on their menus. The Nashville hot chicken origin storyBut Nashville hot chicken isn't just a spicy new trend. Owner Andre Prince of Prince's Hot Chicken Courtesy: Prince's Hot ChickenThough the city has changed a lot since Thornton Prince's first hot chicken, Prince's has remained one of the city's classic treasures. 400 Degrees Hot Chicken Photo: Aqui HinesOne of those hot chicken enthusiasts is lifelong Nashville resident Aqui Hines, the owner and chef at 400 Degrees, a hot chicken restaurant in the city.

Persons: Thornton Prince, Semone Jeffries, Read, Prince's, Jeffries, Andre Prince, Thornton Prince's, Kara Nielsen, it's, Nielsen, Hines, Aqui Hines, she's, you've, Eric White, White, he's, It's, I'm, Mike Calia Organizations: KFC, Baja, Nashville, CNBC Locations: Tennessee, Technomic, Nashville, Black, Prince's, Florida, India, Canada, Germany, Manhattan

☆ It's TikTok Shop's first Christmas, and shoppers are torn between hot deals and ethics
▼ + stars: | 2023-11-24 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +4 min

TikTok has officially launched its e-commerce service TikTok Shop in the US. The platform introduced TikTok Shop in the U.S. in September as an in-app shopping experience, capitalizing on the #TikTokMadeMeBuyIt trend. Though TikTok Shop previously faced backlash and was forced to shut down in Indonesia, consumers are increasingly trending toward buying off of social media. And 86% of Gen Z shoppers say social media influences their shopping habits, according to an ICSC report. One of those TikTok Shop enthusiasts is 29-year-old Chuck Vaughn, who called the TikTok Shop phenomenon "a gold rush."

Persons: TikTok, Pew Research Center –, Chuck Vaughn, Vaughn, he's, hashtag, Ant Duffin, Duffin Organizations: Nurphoto, Getty, Consumers, Gallup, Pew Research Center, Tennessee, CNBC, Social, U.S . Department of Commerce, Gartner Locations: U.S, Indonesia

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