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☆ A flurry of new rules from the Biden administration attempt to ban noncompetes, boost overtime pay, and increase refunds for delayed flights
▼ + stars: | 2024-04-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Read previewThe Biden administration this week pushed out a slate of rules it says are meant to boost competitiveness and put more money into workers' pockets. There are already challenges to at least one of the rules — but together they could land overtime pay for millions more workers, ban noncompetes that prevent workers from moving into jobs in similar industries, and help people get automatic refunds for delayed or canceled flights. More workers eligible for overtime payUnder the Department of Labor's new rule, many workers who make under $43,888 will be eligible for overtime pay effective July 1. A ban on noncompetes that keep workers from taking new jobsPerhaps the most sweeping action for workers came from the Federal Trade Commission, which finalized a rule to ban noncompetes in most cases. Will a ban on noncompetes, new overtime thresholds, or airline refunds affect your life?

Persons: —, Biden, Lael Brainard, That's, it's, Judy Conti, Pete Buttigieg, Brainard, Aaron, Ryan, John Smith, Suzanne Clark, Jeremy Merkelson, Davis Wright Tremaine, Merkelson, Elizabeth Wilkins, Wilkins Organizations: Service, Business, National Economic Council, Department of, National Employment Law, of Transportation, Federal Trade Commission, . Upjohn Institute, Employment Research, of Commerce, Texas Association of Business, Federal Trade, Chamber of Commerce, FTC

☆ Opinion | The Mostly Persuasive Logic Behind the New Ban on Noncompetes
▼ + stars: | 2024-04-26 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission used two very different rationales to get to its near-total ban this week on noncompete agreements. The easy prong of the ban for the F.T.C. to justify is the one that applies to nurses, hairdressers, truck drivers — actually, every kind of worker except for senior executives. They typically have some power in the employment negotiation and know how to use it. Many won’t sign a noncompete agreement unless they get something in return, such as a sweetened pay package.

Persons: ” Organizations: Federal Trade Commission, Federal, The Times, Street, Food

☆ Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices
▼ + stars: | 2024-04-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations. The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Natural gas prices have plummeted 35% this year due to a supply glut. International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.

Persons: Read Organizations: Chevron, LSEG, Wall, Energy Information Administration, Denver, Hess Corp, Exxon Mobil, Federal, PDC Energy Locations: U.S, Nigeria, Guyana

☆ The FTC says Jeff Bezos and Amazon execs used Signal to talk business — and it wants to know more
▼ + stars: | 2024-04-26 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Amazon execs used messaging app Signal to discuss business matters, the Federal Trade Commission said. The agency wants to know if execs told Amazon staff to delete messages, and when to use Signal. AdvertisementAmazon's top executives used the encrypted messaging app Signal to discuss "sensitive business matters," the Federal Trade Commission said in a court filing on Thursday. The founder said, "Are you on signal messaging app? "Amazon also recognizes that sellers believe 'that it has become more difficult over time to be profitable on Amazon,'" the FTC filing stated.

Persons: execs, —, Jeff Bezos, Andy Jassy, David Zapolsky, Jeff Wilke, Dave Clark, Tim Doyle, Mike Hopkins, Carlo Bertucci, Amazon's, Zapolsky Organizations: Federal Trade Commission, Amazon, Service, FTC, Amazon MGM Studios

☆ Who could buy TikTok?
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Still, the company is under such close scrutiny that it would be a poor candidate to buy TikTok, experts say. If you were to tell me it’s Verizon, or AT&T, maybe it’s not as big of a problem.”Jasmine Enberg, principal analyst at Emarketer, highlighted a paradox: Only the largest, most dominant tech giants may have the resources to buy TikTok. Microsoft had been one of the handful of contenders to buy TikTok in 2020 when President Donald Trump first pushed for a sale. A former Trump Cabinet official enters the frayIn a move that caught many by surprise, former Trump Treasury Secretary Steven Mnuchin announced last month that he is putting together a team of investors to buy TikTok. As with Mnuchin, O’Leary has said a potential acquisition of TikTok may have to exclude TikTok’s algorithm.

Persons: Joe Biden, There’s, ”, Gene Kimmelman, Jasmine Enberg, ” Enberg, TikTok’s, Donald Trump, TikTok, Steven Mnuchin, Mnuchin, ” Oregon Democratic Sen, Ron Wyden, Trump, who’ve, Kevin O’Leary, O’Leary Organizations: CNN, Facebook, Google, Meta, Federal Trade Commission, FTC, Department, YouTube, Microsoft, Intel, Cisco, Verizon, Emarketer, Activision Blizzard, Walmart, Oracle, Project Texas, Texas, Trump Cabinet, Trump Treasury, Trump, ” Oregon Democratic, Washington Post, O’Leary Ventures Locations: United States, TikTok, ” Oregon

☆ FTC is sued by business groups over its ban on noncompete agreements, which may delay enforcement
▼ + stars: | 2024-04-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Another lawsuit was filed in federal court in the Northern District of Texas by business tax services firm Ryan. “The FTC contends that by using regulation they can simply declare common business practices to be ‘unfair methods of competition’ and thus illegal. “If the FTC can regulate noncompete agreements, then they can decide to regulate or even ban any other business practice. Long delays may be on tap before the rule takes effectThe FTC rule isn’t set to go into effect until 120 days from the day it is published in the Federal Register. In the near term, “I’m generally telling clients to take a wait-and-see approach with respect to the FTC rule while court challenges play out in the next few weeks,” Turinsky said.

Persons: Ryan, ”, Daniel Turinsky, DLA Piper, Lina Khan, Jake Tapper ”, isn’t, —, ” Turinsky, James Witz, ” Witz Organizations: New, New York CNN, Federal Trade Commission, US Chamber of Commerce, Business, Eastern District of Texas, Northern District of, US Chamber, FTC, Chamber, Longview Chamber, Commerce, Federal Locations: New York, United States, Eastern District, Northern District, Northern District of Texas, Longview, Longview , Texas, Texas, Littler

☆ Business Groups Sue to Stop F.T.C. From Banning Noncompete Clauses
▼ + stars: | 2024-04-24 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The lawsuit, filed in a U.S. District Court in Texas, argued that the F.T.C. The Chamber of Commerce was joined by three other business groups: the Business Roundtable, the Texas Association of Business and the Longview Chamber of Commerce. announced a final rule to ban the noncompete agreements. The rule was approved in a 3-to-2 vote, with both Republican commissioners voting against the measure. The Chamber of Commerce vowed to challenge the rule shortly after the vote.

Organizations: U.S . Chamber, Commerce, Federal Trade Commission, Business, Texas Association of Business, Longview Chamber of Commerce Locations: U.S, Texas, Longview

☆ The FTC is fighting for your right to job-hop
▼ + stars: | 2024-04-24 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe FTC wants to give Americans the freedom to job-hop without pesky noncompete contracts getting in the way. The Federal Trade Commission voted 3-2 on Tuesday to approve a nationwide ban on noncompete agreements, the agency announced in a press release. The move could help American workers make $300 billion more a year, the FTC has previously said. Companies can keep existing contracts for some senior executives, but that will only affect about 0.75% of workers, the FTC said.

Persons: —, pesky noncompete, Evan Starr, Lina M, Khan, Suzanne P, Clark Organizations: Service, Federal Trade Commission, FTC, Business, Employers, University of Maryland, New York Times, US, of Commerce, Commerce's, National Labor Relations Locations: California , Massachusetts, Illinois

☆ U.S. Chamber of Commerce, business groups sue FTC over ban on noncompete clauses
▼ + stars: | 2024-04-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

The U.S. Chamber of Commerce and several other business groups on Wednesday sued the Federal Trade Commission in Texas federal court over the commission's vote to ban noncompete clauses, which are used to block employees from leaving to work for competitors in the same industry. On Tuesday, the FTC voted to enact the ban on the basis that noncompete clauses stifle the efficiency of the labor market, hinder competition and can lead to higher prices for consumers. The business groups claimed that the FTC's ban, "breaks with centuries of state and federal law." In addition to the Chamber of Commerce, the Business Roundtable, Texas Association of Business and Longview Chamber of Commerce are all plaintiffs in the suit. The FTC suggested that instead of relying on noncompete clauses, companies should look to other safeguards of information, like nondisclosure agreements.

Persons: Lina Khan, Douglas Farrar Organizations: House Energy, Commerce, U.S . Chamber of Commerce, Wednesday, Federal Trade Commission, Federal, U.S . Chamber, Eastern District of Texas, Chamber of Commerce, Business Roundtable, Texas Association of Business, Longview Chamber, FTC, CNBC Locations: Texas, Eastern District

☆ Jamie Dimon fears for the future of the free world and US debt
▼ + stars: | 2024-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is worried about the future of the free world. “The geopolitical situation is probably the most complicated and dangerous since World War II,” Dimon said during a talk at the Economic Club of New York on Tuesday. “The world order that formed after WWII, Bretton Woods, WTO [the World Trade Organization], and the UN is kind of being challenged,” he said. This is not the first time Dimon has warned that the world is on the brink of a massive realignment. The country’s national debt is now over $34.5 trillion, or about $103,000 for every American.

Persons: Jamie Dimon, ” Dimon, Dimon, Bretton, ”, That’s, “, Jerome Powell, Niall Ferguson, Chris Isidore, Tesla, Elon Musk, Jeanne Sahadi, Joe Biden, “ won’t Organizations: CNN Business, Bell, New York CNN, JPMorgan, Economic, of New, World Trade Organization, UN, AAA, NATO, Atlantic Treaty Organization, Federal, Federal Trade Commission, FTC, of Commerce Locations: New York, of New York, Ukraine, NATO, Israel, US, China, Bretton Woods, WTO, Russia

☆ FTC votes to ban noncompete clauses that bar employees from working for competitors
▼ + stars: | 2024-04-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. The Federal Trade Commission on Tuesday voted 3-2 for a nationwide ban against noncompete agreements, which companies use to prevent employees from taking jobs with competitors in the same industry. The FTC estimates that 30 million American workers, or roughly 18%, are currently subject to a noncompete. The FTC initially proposed the noncompete ban in January 2023. Meanwhile, business trade groups claim that noncompetes help preserve intellectual property and company secrets.

Persons: Lina Khan, Joe Biden, Joe Biden's, Biden Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Federal, U.S . Chamber of Commerce, Workers, FTC, Department, DOJ Locations: Washington ,, U.S

☆ Japan is sending a 'sugar baby' to prison for 9 years for defrauding men out of $1M and selling a manual on how to do it
▼ + stars: | 2024-04-23 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

A 25-year-old Japanese 'sugar baby' has been sentenced to nine years in prison. A court ruled that Mai Watanabe defrauded men she met on dating apps out of more than $1 million. AdvertisementA 25-year-old "sugar baby" was handed a nine-year prison sentence for defrauding men she met on dating apps out of more than $1 million, and selling a manual on how to carry out similar scams. Mai Watanabe, also known as "itadaki joshi Riri-chan," which translates as "sugar baby Riri," was sentenced by the Nagoya District Court on Monday, The Japan Times reported. Being a sugar baby can be financially rewarding.

Persons: Mai Watanabe, Watanabe, —, itadaki joshi, they're Organizations: Service, Japan Times, Nippon, Kyodo, Press, Federal Trade Commission, FTC Locations: Nagoya, Tokyo's Kabukichō, swindling

☆ FTC bans employers from using noncompete clauses
▼ + stars: | 2024-04-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —The Federal Trade Commission on Tuesday voted to ban for-profit US employers from making employees sign agreements with noncompete clauses. And – with one exception – it makes currently existing noncompete agreements unenforceable after the rule’s effective date, which is set at 120 days from the rule’s publication in the Federal Register. The rule, however, does allow currently existing noncompete agreements for senior executives to remain in force. The ban would apply nationwide, overriding state laws regarding noncompete agreements. In December of last year, New York State Governor Kathleen Hochul vetoed a bill passed by the state legislature to completely ban noncompete agreements in that state.

Persons: Joe Biden, “ won’t, ”, Stefanie Camfield, Daryl Joseffer, “, ” Joseffer, Neil Bradley, Kathleen Hochul, Anne Clark, Vladeck, Raskin, Clark P.C, Amanda Wait, DLA Piper, Clark Organizations: New, New York CNN, Federal Trade Commission, FTC, of Commerce, Federal Register, Washington , D.C, Engage, Chamber’s Litigation, New York Locations: New York, California, North Dakota, Oklahoma, Washington ,, Colorado , Maryland , Oregon, Rhode

☆ F.T.C. Issues Ban on Worker Noncompete Clauses
▼ + stars: | 2024-04-23 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Tuesday banned employers from limiting their workers’ abilities to work for rivals, a sweeping change that the agency says could help raise wages and increase competition among businesses. The move bars contracts known as noncompetes, which prevent workers from leaving for a competitor for a certain amount of time, in most circumstances. The agency has said the proposal would raise wages by forcing companies to compete harder for talent. The proposal was approved by the agency in a 3-to-2 vote. She estimated the decision would lead to 8,500 new start-ups created in a year.

Persons: Melissa Holyoak, Andrew N, Ferguson, ’, Lina M, Khan Organizations: Federal Trade Commission

☆ FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings
▼ + stars: | 2024-04-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The U.S. Federal Trade Commission on Monday sued to block the $8.5 billion acquisition of Capri Holdings by Coach and Kate Spade's parent company, Tapestry . With the transaction, the luxury brands could be poised to better compete with European luxury names, such as Burberry and LVMH's Louis Vuitton. Both Tapestry and Capri have been under pressure, as consumers continue to be choosier with discretionary spending. Yet Capri, in particular, has been more vulnerable because of its heavier reliance than Tapestry on department stores and other wholesale retailers. The vast majority of Tapestry's sales are through its own website and stores, with wholesale accounting for only about 10% of sales globally in the most recently reported fiscal quarter.

Persons: Kate Spade's, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, LVMH's Louis Vuitton, Joanne Crevoiserat, Tapestry, Crevoiserat Organizations: U.S . Federal Trade Commission, Capri Holdings, Burberry, Tapestry, CNBC Locations: Europe, Japan, Capri

☆ US sues to block Tapestry’s Capri deal citing handbag market domination
▼ + stars: | 2024-04-22 | by ( ) edition.cnn.com time to read: +1 min

The US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate competition. This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion dollar deals that might risk higher prices and affect consumers. US antitrust enforcers had also come out with new merger guidelines in December, in a bid to encourage fair, open and competitive markets. But the FTC requested more information from the firms on their deal in November. “Capri Holdings strongly disagrees with the FTC’s decision,” the company said in a statement.

Persons: Michael Kors, Capri, Tapestry, Louis Vuitton, “, Kate Spade, Jimmy Choo Organizations: US Federal Trade Commission, Capri, “ Capri Holdings, FTC, European Union, Japan

The Federal Trade Commission on Monday sued to block Tapestry’s $8.5 billion acquisition of Capri, a blockbuster fashion tie-up that would bring together Coach, Kate Spade, Michael Kors and Versace. The lawsuit is a rare move by the agency to block a fashion deal, given that the industry does not suffer from a lack of competition. In her time as the chair of the F.T.C., Lina Khan has prioritized taking on the power of big business in suits across industries. The agency has moved to block the supermarket merger between Kroger and Albertsons; Meta’s acquisition of the virtual reality start-up Within; and Microsoft’s bid for the gaming giant Activision. failed to block Microsoft’s deal and Meta’s acquisition, both of which closed last year.

Persons: Kate Spade, Michael Kors, Versace, Lina Khan, ” Henry Liu, ” Organizations: Federal Trade Commission, Kroger, Albertsons, Activision, “, Competition Locations: Capri, ’

☆ US soldier at Fort Bragg sentenced for running romance scam
▼ + stars: | 2024-04-21 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A federal judge sentenced a former Army service member to prison for running a romance scam. Romance scams cost Americans $1.3 billion in 2022. AdvertisementA US soldier will spend more than three years in federal prison for a romance scam in which police say he impersonated military officials. Before his arrest, Frimpong was an active-duty Army service member stationed at Fort Bragg, the department said. "The fact that an Army service member was involved in romance scams while serving as a soldier is appalling."

Persons: —, Sanda G, Frimpong, Kate Kleinert, Kleinart, Tom Tanner, Michael Easley Organizations: Army, Service, Department of Justice, Federal Trade Commission, Yahoo, Wired, Social Security, Justice Department, Business Locations: Fort, United States, Nigeria

☆ Special Education, Inc.
▼ + stars: | 2024-04-21 | by ( Meghan Morris | ) www.businessinsider.com time to read: +34 min

AdvertisementNate Smallwood for BITo some, private equity's business model appears antithetical to special education. (The average public school district in Pennsylvania, where New Story operates the most schools, spends about $23,000 per child across all types of public education. "Private equity has no place in education — especially special education," Sen. Sherrod Brown of Ohio told BI. For instance, two Pennsylvania education directors left in spring 2023, according to records obtained by BI — one after just months in the role. AdvertisementNickie Coomer, a Colorado College education professor who has written about the privatization of special education, told BI that this data gap is a major regulatory hole, one that private-equity companies are happy to exploit.

Persons: Emily, Sarah, Nate Smallwood, Sarah didn't, —, Mergermarket, Shanon Taylor, Taylor, Sen, Sherrod Brown, Bob Casey of Pennsylvania, Casey, Paul Volosov, Volosov, Jim Grinnen, Rachel Wisniewski, Christina Spielbauer, Spielbauer, Nathaniel Garnick, Garnick, sully, Craig Richards, He's, Richards, they're, " Richards, Judith McKinney, Grinnen, Donnell McLean, McLean, Natalie Stoup, Blackstone, haven't, Biden, of Education spokespeople, Nickie, …, that's, didn't, Hill, Amy Hall Kostoff, Kostoff, Green, she'd Organizations: Business, State College ,, New, BI, Audax Group, Kentucky, Pennsylvania State Employees, Schools, Audax, Rock Academy, University of Nevada, Ohio, Pennsylvania Department of Education, Rock, Reading School District, River Rock Academy, Virginia's Department of Education, Green Tree, Pay, Tree, Autism, Forbes, NBC News, Federal Trade Commission, of Education, Colorado College, Tree School, Pennsylvania's Department of Education, Pennsylvania, In State College Locations: State College , Pennsylvania, Boston, Pennsylvania, Reno, —, Ohio, New Story's, Rock, Virginia, , Ohio, New Jersey , Pennsylvania, New Story's New Cumberland , Pennsylvania, CARD's Virginia, Philadelphia, Rochelle Park , New Jersey

☆ Romance scammers are now building trust with AI-generated deepfakes. Here's how to spot them.
▼ + stars: | 2024-04-20 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

It might be because he's a romance scammer called a "Yahoo Boy" who wants to steal your life savings. Once gaining the victims' trust, the scammers use a pretense to solicit money, like the need to pay an emergency medical expense. Last year alone, the FBI's Internet Crime Report estimated that Americans lost more than $650 million to romance scams. Kate Kleinert, a 69-year-old widow, previously told BI that she lost $39,000 to an online romance scam. Over the last two years, the Yahoo Boys started experimenting with deepfake video clips and video calls, according to Wired.

Persons: —, Kate Kleinert, Kleinart, David Maimon, Trina Higgins, Higgins, haven't Organizations: Service, Yahoo, Yahoo Boys, Department of Justice, Business, Federal Trade Commission, Social Security, Wired, Georgia State University, CNN, Nigerian, Prosecutors, Justice Department Locations: Nigeria, Hong Kong, Salt Lake City, Utah

☆ Elizabeth Warren is asking a major student-loan company to cancel debt for borrowers with 'decades-old predatory private' loans. Here's how.
▼ + stars: | 2024-04-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A major private student-loan company is leaving the servicing industry. But before that happens, a group of Democratic lawmakers want it to give some borrowers debt relief. On Wednesday, Sen. Elizabeth Warren led eight of her Democratic colleagues in sending a letter — first reviewed by Business Insider — to Navient's CEO David Yowan, requesting that the company cancel "decades-old predatory private student loans" using a consumer protection law established by the Federal Trade Commission. AdvertisementBut there might be an avenue to still get those borrowers debt cancellation. "Navient should stop making borrowers apply for relief and instead automatically cancel student debt using information the company already has about whether borrowers attended schools that would entitle them to relief," they wrote.

Persons: Sen, Elizabeth Warren, David Yowan, Navient, Warren, Holder Organizations: Service, Democratic, Business, Federal Trade Commission, Family Education, Education Department, Minnesota Attorney Locations: Minnesota, MOHELA, Navient

☆ Stocks making the biggest premarket moves: Eli Lilly, Travelers, United Airlines, Alcoa and more
▼ + stars: | 2024-04-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Travelers — Shares fell nearly 5% after the insurance company reported an earnings and revenue miss for its first quarter. Revenue was $10.18 billion compared with the $10.51 billion expected. J.B. Hunt Transport Services — Shares sank 8% a day after the transportation and logistics company reported an earnings and revenue miss for its first quarter. ASML Holding — U.S.-listed shares sank 5% after the Dutch semiconductor company posted revenue and new bookings that came in below consensus estimates. Omnicom — The stock added nearly 3% a day after the communications company reported an earnings and revenue beat for its first quarter.

Persons: Eli Lilly, ResMed, Eli Lilly's, Zepbound, J.B, Hunt, Joe Biden, TD Cowen, Ferrari, Bernstein, —, Dealbook, Kate Spade, Jesse Pound, Hakyung Kim, Sarah Min, Fred Imbert Organizations: LSEG, Revenue, Travelers, United Airlines, Hunt Transport, ASML, Urban, Jefferies, Autodesk, Alcoa, United Steelworkers, Ferrari, Abbott, Abbott Laboratories, New York Times, Federal Trade Commission Locations: J.B, China, Pittsburgh

☆ Stocks making the biggest moves midday: United Airlines, Travelers, Abbott Laboratories and more
▼ + stars: | 2024-04-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Quarterly revenue came in at $12.54 billion, topping an LSEG estimate of $12.45 billion. Travelers said it generated $4.69 in earnings per share on $10.18 billion in revenue. Interactive Brokers — Shares popped 3% after Interactive Brokers posted quarterly results that came in slightly ahead of Wall Street's expectations. J.B. Hunt posted earnings of $1.22 per share on $2.94 billion in revenue. Alcoa is set to report earnings after the bell.

Persons: LSEG, Eli Lilly, ASML, Hunt, Kate Spade, Abbott, Joe Biden's, Jefferies, —, Jesse Pound, Hakyung Kim, Pia Singh, Michelle Fox, Alex Harring, Sarah Min Organizations: United Airlines —, Travelers Companies, Travelers, U.S, Interactive, Hunt Transport Services, The New York Times, Federal Trade Commission, Versace, Capri Holdings, Autodesk —, Autodesk, Bancorp — U.S, Bancorp, Abbott Laboratories, FactSet, Alcoa Locations: China

☆ F.T.C. Said to Consider Blocking Major Fashion Merger
▼ + stars: | 2024-04-17 | by ( Lauren Hirsch | More About Lauren Hirsch | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission is preparing to sue to block a luxury fashion mega merger, Tapestry’s $8.5 billion takeover of Capri Holdings, two people with knowledge of the matter said. The F.T.C.’s five commissioners are expected to meet next week to discuss the case, a move that could precede a formal vote on whether to file a lawsuit, the people said. The people, who were not authorized to discuss the deliberations, said that it was still possible that the agency could opt not to sue. Monopoly cases in the fashion industry are rare, because there is no shortage of new labels looking to undercut legacy brands. “It is the paradigmatic part of the economy where there is ample competition,” said Howard Hogan, the chair of the fashion, retail and consumer practice at the law firm Gibson Dunn.

Persons: ’, Kate Spade, Capri’s Versace, Michael Kors, Louis Vuitton’s, ”, Howard Hogan, Gibson Dunn Organizations: Federal Trade Commission, Capri Holdings, Gucci, Monopoly Locations: American

☆ Jim Cramer shares his thoughts on United Airlines, J.B. Hunt, ASML, Tapestry and Alcoa
▼ + stars: | 2024-04-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

United Airlines : Shares surged more than 10% after the airline reported a smaller-than-expected quarterly loss and offered upbeat guidance for the second quarter. It wants them to be able to raise a lot, and that's what you got," Jim Cramer said. J.B. Hunt : Shares tumbled more than 9% after the company missed Wall Street expectations on the top and bottom lines. "One of the absolute few situations where the Fed is winning, but that's because there's too much supply," Cramer said. Tapestry owns the Coach, Kate Spade and Stuart Weitzman brands.

Persons: Jim Cramer's, Jim Cramer, J.B, Cramer, Michael Kors, Kate Spade, Stuart Weitzman, Joe Biden Organizations: CNBC, Club, United Airlines, ASML, Federal Trade Commission, Capri Holdings, The New York Times . Tapestry, Alcoa Locations: Pittsburgh

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