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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

A person walks past an unpainted Boeing 737-8 MAX parked at Renton Municipal Airport adjacent to Boeing's factory in Renton, Washington on January 25, 2024. The company's 737 program head, Ed Clark, is leaving the company, Stan Deal, CEO of Boeing's commercial airplane unit, said in memo to employees. "Ed departs with my, and our, deepest gratitude for his many significant contributions over nearly 18 years of dedicated service to Boeing," Deal said. A month after the Alaska Airlines flight, Boeing said misdrilled holes on some Max planes would delay handovers of the aircraft to airlines. The door plug that blew out of the almost brand-new 737 Max 9 used for Alaska Airlines Flight 1282 has already brought increased scrutiny and restrictions from federal regulators.

Persons: Max, Ed Clark, Stan Deal, Katie Ringgold, Deal, Elizabeth Lund, Lund, Ed, it's Organizations: Renton Municipal Airport, Boeing, Alaska Airlines, National Transportation Safety, Federal Aviation Administration, Airbus, CNBC PRO Locations: Renton, Renton , Washington, Alaska, United

Sports streaming platform FuboTV is suing Disney , Fox and Warner Bros. Discovery over their recently announced joint venture, citing what the company calls "extreme suppression of competition in the U.S. sports-focused streaming market," according to a copy of the lawsuit obtained by CNBC. The joint venture, announced earlier this month, aims to offer viewers a new way to access marquee live sports. "These horizontal competitors are colluding to create a JV that will cause substantial harm to competition and consumers," the complaint reads. A spokesperson for the joint venture declined to comment.

Persons: David Gandler Organizations: Disney, Fox, Warner Bros, Discovery, CNBC, JV, ESPN, Hulu Locations: U.S

☆ JetBlue shares jump 15% as activist Carl Icahn reports stake and calls shares undervalued
▼ + stars: | 2024-02-12 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +2 min

Activist investor Carl Icahn on Monday reported a nearly 10% stake in JetBlue Airways , saying the airline stock is undervalued. Shares of JetBlue spiked more than 15% in extended trading. Icahn amassed the stake in a series of purchases in January and February, according to regulatory filings. He has had plans to continue discussions with the company "regarding the possibility of board representation," the records said. JetBlue has been cutting costs and working to improve operations in an effort to return to profitability after a post-Covid travel surge and a blocked merger with budget carrier Spirit Airlines.

Persons: Carl Icahn, Icahn, Joanna Geraghty, —, John Melloy, Leslie Josephs Organizations: JetBlue Airways, JetBlue, Icahn, TWA, Spirit Airlines, NYSE Arca, CNBC PRO

A general view of Super Bowl signage displayed in the NFL Super Bowl Experience ahead of Super Bowl LVIII on February 06, 2024 in Las Vegas, Nevada. Super Bowl 58 kicks off at 6:30 p.m. The Super Bowl is advertising's biggest stage, with companies jockeying for a limited supply of spots to get their products in front of millions of consumers. Even as linear ad revenue slips, companies know there's no opportunity guaranteed to reach more people than the Super Bowl. — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson and Jordan Novet contributed to CNBC's Super Bowl coverage.

Persons: Bob Iger, Jason Momoa, Quinta Brunson, Jenna Ortega, Tina Fey, Kate McKinnon, Pete Davidson, Addison Rae, Usher, — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson, Jordan Novet Organizations: NFL, Super, AFC, Kansas City Chiefs, NFC, San Francisco 49ers, Disney, CBS Locations: Las Vegas , Nevada, Las Vegas, U.S

☆ Paramount CEO announces layoffs as cost pressures, take-private talks build
▼ + stars: | 2024-01-25 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +2 min

Paramount CEO Bob Bakish announced layoffs at the media company Thursday, citing a need to "operate as a leaner company and spend less." Paramount did not immediately disclose how many jobs the company would cut. The company reports quarterly earnings at the end of February and plans to elaborate on its 2024 strategy then. The cuts come as a range of companies in the media industry and beyond announce layoffs while they push to trim costs. The layoffs also come as David Ellison's Skydance Media explores a deal to take Paramount private, CNBC reported Wednesday.

Persons: Bob Bakish, Bakish, David Ellison's Skydance Organizations: Paramount, Los Angeles Times, Business, Sports, CNBC, Hollywood, CNBC PRO

An Alaska Airlines Boeing 737 Max 9 aircraft is grounded at Los Angeles International Airport in California on Jan. 8, 2024. The FAA grounded dozens of the jets following that Alaska Airlines incident, and Boeing on Monday issued instructions for inspecting the jets, which were approved by the FAA. Upon receiving the revised version of instructions from Boeing the FAA will conduct a thorough review," the FAA said in a statement Tuesday. "Every Boeing 737-9 Max with a plug door will remain grounded until the FAA finds each can safely return to operation," the agency said. "The safety of the flying public, not speed, will determine the timeline for returning the Boeing 737-9 Max to service."

Persons: Max Organizations: Alaska Airlines Boeing, Max, Los Angeles International, Aircraft, Boeing, Alaska Airlines, United Airlines, Federal Aviation Administration, FAA, National Transportation Safety Board, NTSB, CNBC PRO Locations: California, Alaska, Washington, Oregon

Robin Hayes, CEO of JetBlue Airways, speaks to guests following the airline's inaugural flight from John F. Kennedy Airport in New York to London Heathrow Airport in London on Aug. 12, 2021. JetBlue CEO Robin Hayes will step down next month, the company said Monday. The airline's chief operating officer, Joanna Geraghty, will take the helm. Hayes, a more than three-decade airline industry veteran, cited the high-pressure nature of the job in announcing his resignation via a company statement. "It's bittersweet to retire from this airline I love, but I will always feel a part of the JetBlue team and be rooting for its continued success," Hayes said.

Persons: Robin Hayes, John F, Joanna Geraghty, Hayes, Geraghty Organizations: JetBlue Airways, Kennedy, London Heathrow Airport, JetBlue, Spirit Airlines, U.S . Department of Justice Locations: New York, London, Delta, Boston

☆ How an F1 spending cap made racing teams more investable
▼ + stars: | 2023-11-16 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

That's how the heads of Formula 1 racing see it, crediting a league-wide budget cap with making the team businesses more sustainable and boosting valuations. "When we got involved, literally, the bottom teams were being traded for zero. The budget cap — set at $135 million per team in 2023 — limits how much teams can spend on developing and building their race cars. Before it was introduced in 2021, the top teams in the league could spend multiples of that in a given year. It's a model similar to U.S. sports leagues, several of which limit what teams can spend on player salaries (though F1 driver salaries are excluded) — and it's the work of F1-owner Liberty Media, which bought the league in 2017.

Persons: Greg Maffei, CNBC's Sara Eisen, It's, Maffei Organizations: Liberty Media Locations: U.S

☆ FAA clears SpaceX to launch second Starship flight
▼ + stars: | 2023-11-15 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: 1 min

The SpaceX Starship lifts off from the launchpad during a flight test from Starbase in Boca Chica, Texas, on April 20, 2023. The Federal Aviation Administration has cleared Elon Musk's SpaceX to launch the second spaceflight attempt of its towering Starship rocket, the agency said Wednesday. The company needed approval from the FAA pending an environmental review led by the FAA and the U.S. Musk said earlier this week he expected to receive clearance to attempt another launch as early as this week. Please check back for updates.

Persons: Musk Organizations: SpaceX, Federal Aviation Administration, Elon, FAA, U.S . Fish, Wildlife Service Locations: Starbase, Boca Chica , Texas, U.S

Red Bull Racing's dominance in Formula 1 this year is translating directly to higher sales of its namesake energy drink, the team's principal and CEO, Christian Horner, told CNBC. The Red Bull team, which also counts tech giant Oracle as a title sponsor, has trounced the grid this season, winning 19 of the 20 Grand Prix weekends so far. The Red Bull team secured the constructors championship the weekend prior, in Japan. Red Bull declined to share specific sales metrics, but a company spokesperson reiterated the F1 "uplift" and said it's particularly noticeable in corresponding race markets. It's incredible the amount of consumption of Red Bull that is happening," Horner told CNBC.

Persons: Bull, Christian Horner, Horner, CNBC's Sara Eisen, Max Verstappen, Sergio Perez, Verstappen, Red Bull Organizations: CNBC, Red Bull Locations: Saudi Arabia, Azerbaijan, Qatar, Japan, Las Vegas, Abu Dhabi, Red

☆ SpaceX reportedly turned a profit in the first quarter
▼ + stars: | 2023-08-17 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

SpaceX turned a profit during the first quarter due to surging revenue, The Wall Street Journal reported Thursday, citing documents detailing the privately held company's quarterly and annual results. The Journal reports that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion. For the full year 2022, Elon Musk's rocket company posted a loss of $559 million on revenue of $4.6 billion, the report says. SpaceX tallied $5.2 billion in total expenses last year, up from $3.3 billion the year earlier, according to the Journal. Read the full report at The Wall Street Journal.

Persons: Elon, SpaceX didn't Organizations: SpaceX, Street, Elon Musk's, Journal, Wall Street

☆ Twitter says rate limits were to help thwart bots, 'small percentage' of users currently affected
▼ + stars: | 2023-07-04 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Recent usage limits on Twitter were implemented to "detect and eliminate bots and other bad actors," the company said Tuesday, adding that only a "small percentage" of users are currently affected. "To ensure the authenticity of our user base we must take extreme measures to remove spam and bots from our platform," Twitter said in a blog post. Twitter billed the restrictions as temporary, and they were tiered based on a user's verification status on the platform. The update came as many Twitter users encountered error messages when trying to access the platform. "Currently, the restrictions affect a small percentage of people using the platform, and we will provide an update when the work is complete.

Persons: Twitter, Elon Musk Organizations: Twitter

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow Boarding: Should you be worried about turbulence? On this episode of "Now Boarding" Leslie and Erin discuss turbulence: what causes it, whether it's getting worse and why it's usually nothing to worry about. While serious injuries from turbulence are rare, it's always important to follow crew safety instructions. "Now Boarding" is a videocast about air travel and the business of flying. CNBC airlines reporter Leslie Josephs and CNBC senior producer Erin Black delve into topics like, airline status, boarding, jumbo jets and all things aviation.

Persons: Leslie, Erin, Leslie Josephs, Erin Black Organizations: CNBC

☆ Cava prices IPO at $22 per share, above stated range
▼ + stars: | 2023-06-14 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share, above a previously stated range, the company said Wednesday. Cava said it sold 14.4 million shares, which at a price of $22 per share, raises nearly $318 million. At $22 per share, the company is valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares. Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior. However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.

Persons: Cava, — CNBC's Amelia Lucas Locations: Cava, Pasadena , California

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow Boarding: Why airlines are bringing back jumbo jets (sort of)On this episode of "Now Boarding" Leslie and Erin discuss the rise and fall of jumbo jets, like the Boeing 747 and the Airbus A380. "Now Boarding" is a videocast about air travel and the business of flying. CNBC airlines reporter Leslie Josephs and CNBC senior producer Erin Black delve into topics like turbulence, airline status, boarding, jumbo jets and all things aviation. Watch this episode and others on CNBC's YouTube channel every Sunday.

Persons: Leslie, Erin, Leslie Josephs, Erin Black Organizations: Boeing, Airbus, CNBC, YouTube

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow Boarding: Why flying with weed is complicatedOn this episode of "Now Boarding," Leslie and Erin discuss how conflicting state and federal marijuana laws collide at U.S. airports. "Now Boarding" is a weekly podcast about air travel and the business of flying. CNBC airlines reporter Leslie Josephs and CNBC senior producer Erin Black delve into topics like turbulence, airline status, boarding, jumbo jets and all things aviation. Watch this episode and others on CNBC's YouTube channel every Sunday.

Persons: Leslie, Erin, Leslie Josephs, Erin Black Organizations: CNBC, YouTube

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow Boarding: Why you may be flying on bigger planes this summerOn this episode of "Now Boarding" Leslie and Erin discuss how airlines are growing by using bigger planes that fit more passengers to grow while airport congestion, high costs and pilot shortage limits their ability to add flights. "Now Boarding" is a weekly podcast about air travel and the business of flying. CNBC airlines reporter Leslie Josephs and CNBC senior producer Erin Black delve into topics about all things aviation. Watch this episode and others on CNBC's YouTube channel every Sunday.

Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" at the Economic Club of Washington in Washington, D.C., March 22, 2023. Citigroup said Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, scuttling a 16-month effort to find a buyer for the unit. The bank expects to complete the separation in the second half of 2024, with a public offering likely to follow in 2025, Citigroup said in a release. It hasn't yet decided on a listing destination, but a dual listing in Mexico and the U.S. is possible, a source familiar with the plans told CNBC. Plans to sell or IPO Banamex were disclosed in January 2022.

Space fans walk the dunes as workers prepare the SpaceX's Starship spacecraft and Super Heavy rocket as they attempt to schedule another launch launch from Starbase after it was scrubbed on April 17, 2023. SOUTH PADRE ISLAND, Texas — Elon Musk's SpaceX is again attempting to launch of its towering Starship rocket to space after scrubbing an attempt earlier this week. The Starship orbital launch, out of a private facility in Texas along the Gulf Coast, represents the culmination of years of regulatory work and technological tests. The company had hoped to conduct the first orbital Starship launch as early as summer 2021, but faced delays in development and in winning FAA approval, which came late Friday. Watch SpaceX's live stream below and follow along for live updates out of South Texas.

SOUTH PADRE ISLAND, Texas — Elon Musk's SpaceX is attempting to launch its towering Starship rocket to space for the first time Monday from a private facility in Texas along the Gulf Coast. SpaceX had hoped to conduct the first orbital Starship launch as early as summer 2021, but delays in development and FAA approval pushed back the timeline. Starship is designed to carry cargo and people beyond Earth and is critical to NASA's plan to return astronauts to the moon. Two years ago, SpaceX won a nearly $3 billion contract from NASA to use Starship as a crewed lunar lander. Watch the run-up to the launch below and follow along for live updates from South Texas.

☆ Boeing warns of reduced 737 Max production and deliveries due to parts issue
▼ + stars: | 2023-04-13 | by ( Sara Salinas | ) www.cnbc.com time to read: +3 min

Boeing 737 Max airplanes sit parked at the company's production facility on November 18, 2020 in Renton, Washington. It said the issue affects certain 737 Max 8 planes, the company's most popular model, with customers including American Airlines and Southwest Airlines . It also affects certain 737 Max 7, the 737 8200 and P-8 planes. "We expect lower near-term 737 MAX deliveries while this required work is completed. "We're aware of the issue and working with Boeing to understand how it may impact our MAX deliveries," an American Airlines spokesman said in statement.

Ohio sued rail company Norfolk Southern over the derailment of a train carrying toxic materials in the town of East Palestine last month, the state's attorney general announced Tuesday. The state is seeking damages, civil penalties and a "declaratory judgement that Norfolk Southern is responsible," he said. "This derailment was entirely avoidable," Yost said, adding that Norfolk Southern has seen an 80% increase in accidents over the past decade. According to the complaint, filed in the U.S. District Court for the Northern District of Ohio, the derailment is one of a "long string" of Norfolk Southern derailments and hazmat incidents. Since 2015, at least 20 Norfolk Southern derailments involved chemical discharge, the state claims.

☆ Rivian is revisiting its exclusivity agreement with Amazon for EV delivery trucks
▼ + stars: | 2023-03-13 | by ( Sara Salinas | ) www.cnbc.com time to read: +2 min

One of Amazons new electric delivery vans from Rivian gets ready to leave the Amazon Distribution Facility on Cyber Monday on November 28, 2022 in Aurora, Colorado. Rivian and Amazon are in discussions to adjust the exclusivity clause of their agreement for the EV maker's electric delivery trucks, a company spokeswoman said Monday. Rivian spokeswoman Marina Norville said in a statement the company's relationship with Amazon has and continues to be a positive one. Rivian and Amazon struck a deal in 2019 to hand over 100,000 electric trucks to the e-commerce giant. Amazon began delivering packages with the vehicles in July, and Rivian last month touted 10 million packages delivered via the vans.

The American shopper is still feeling "stressed" by inflation, but the effects aren't being felt evenly across categories, Walmart CEO Doug McMillon said Tuesday. "We've got some customers who are more budget-conscious that have been under inflation pressure now for months," he told CNBC's "Squawk Box." "That sustained pressure in some categories, I think, is something customers are having to deal with as we approach Christmas." Shoppers are being more selective about their purchases, McMillon said, and skipping some electronics, for example, in favor of staples. As the nation's largest grocer, Walmart has used low-priced groceries to attract customers — including wealthier ones.

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