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☆ Michael Jordan’s 23XI Racing, alongside Front Row Motorsports, file antitrust lawsuit against NASCAR and its CEO
▼ + stars: | 2024-10-02 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +4 min

In the federal antitrust lawsuit, filed Wednesday and obtained by CNN, the two teams said, “The France family and NASCAR are monopolistic bullies. 23XI Racing's Tyler Reddick (#45) and Front Row Motorsports' Michael McDowell (#34) battle in a NASCAR race. “Today’s action shows I’m willing to fight for a competitive market where everyone wins.”Bob Jenkins, owner of Front Row Motorsports, issued a similar sentiment. “I have been part of this racing community for 20 years and couldn’t be more proud of the Front Row Motorsports team and our success. Meg Oliphant/Getty ImagesThe lawsuit comes after more than two years of negotiations between NASCAR and racing teams.

Persons: Hall of Famer Michael Jordan, Jim France, ”, Denny Hamlin, “, 23XI Racing's Tyler Reddick, Michael McDowell, Jeff Robinson, Jordan, ” Bob Jenkins, ” Jenkins, ” Jordan, Meg Oliphant, Frances, NASCAR “, 23XI Organizations: CNN, NASCAR, Hall of Famer, Motorsports, Associated Press, 23XI, Sunday, Talladega Superspeedway Locations: North America, France, United States, Alabama

☆ Facebook owner Meta forms data-sharing pact with UK banks to counter scams
▼ + stars: | 2024-10-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Facebook parent company Meta on Wednesday said that it's working with two leading banks in the U.K. on an information-sharing arrangement to help protect consumers from fraud. Meta said that the tech has already been tested with multiple lenders in the U.K. "We will only beat these criminals if we work together and share relevant information related to scams. Meta has long faced calls from banks in the U.K. to do more to stop scammers from running rampant on its platforms, which include Facebook, Instagram, and WhatsApp. Meta already has policies in place banning promotion of financial fraud, such as loan scams and schemes promising high rates of returns.

Persons: Meta, scammers, Nathaniel Gleicher, Gleicher, Goldman Sachs Organizations: Facebook, Meta, Intelligence, Exchange, NatWest, Metro Bank . NatWest, Metro Bank, scammers Locations: British

☆ Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks
▼ + stars: | 2024-10-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves. A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan. Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said. "To be clear, rejecting these teams is not our preferred path," Diamond attorney Andrew Goldman said on Wednesday. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.

Persons: —, Diamond, Andrew Goldman, MLB's, James Bromley, Goldman, Diamond's Organizations: Bally, Atlanta Braves, Minnesota Twins, Major League Baseball, Sports, Bally Sports, MLB, U.S, Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Louis Cardinals, Tampa Bay Rays, Texas Rangers, Diamond, Wednesday Locations: Atlanta , Georgia

☆ The godfather of black-swan hedging explains why mounting US debt and the weaponization of the dollar are leading risks today
▼ + stars: | 2024-10-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

He criticizes the US for high debt and low growth, leading a fragile financial system. He highlighted the four categories of debt-based countries: those with low growth and high or low debt, and those with high growth and high or low debt. The US is in the category of low growth and high debt. However, if a country accumulates high debt, then continued growth is required to absorb it, he noted. At present, Taleb doesn't believe that the ballooning debt could be solved politically or by increased demand for US bonds.

Persons: Nassim Taleb, —, Nassim Nicholas Taleb, Scott Patterson, Patterson, Taleb, It's, Brandon Yarckin, isn't, Mark Spitznagel Organizations: Service, Universa Investments, Bank Locations: Russia, US

☆ Levi Strauss CEO says Beyoncé partnership could help boost growth in the women's category
▼ + stars: | 2024-10-02 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Levi Strauss CEO Michelle Gass told CNBC's Jim Cramer on Wednesday how the denim retailer will benefit from its partnership with Beyoncé, saying the ads could help boost sales of women's clothing. "Now you bring Beyoncé into the ecosystem, you know, we think we're just set up for the long term really, really well." The collaboration comes after Beyoncé released her newest album, "Cowboy Carter," in the spring that featured a track called "LEVII'S JEANS." She claimed wholesale, a large part of Levi's business in Mexico, was down because one of the company's "key customers" had a cybersecurity breach that impacted shipping. Gass also said that the Dockers brand has "underperformed for some time," and Levi's intends to sell the business.

Persons: Levi Strauss, Michelle Gass, CNBC's Jim Cramer, Beyoncé, Levi's, " Gass, Cowboy Carter, Gass Organizations: Destiny's, Dockers Locations: China, Mexico

☆ We live right next to my parents. They babysit for free and I love how close my kids are to their grandparents.
▼ + stars: | 2024-10-02 | by ( Lily Bowles Leo | ) www.businessinsider.com time to read: +4 min

The kids can come and go between the houses, but my parents need to ask to come into ours. Well, not with my parents — but with my husband and young kids in a home that backs up to my parents', in Presidio Heights in San Francisco. I don't know anyone in San Francisco who has a living situation like ours, but it works for our family. This is particularly important to my husband and me as his parents are deceased and will never know our kids. One rule is while the kids can come and go from either house as they please, my parents must ask to come into our home.

Persons: —, Gigi, It's, I've, it's, barbequing Organizations: Service Locations: San Francisco, Presidio Heights, LA

☆ Mining giant Fortescue says it's time to walk away from the 'proven fantasy' of net zero
▼ + stars: | 2024-10-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says it is time for the world to walk away from the "proven fantasy" of net zero emissions by 2050 and to embrace "real zero" by 2040 instead. Someone with a bit of ticker because the technology is there," he continued. "We know the world can go real zero 2040 and I'm reaching out to the business people and politicians across our planet to say it is time now to walk away from this proven fantasy [of] net zero 2050 and adopt real zero 2040," Forrest said. Net zero refers to the goal of achieving a state of balance between the carbon emitted into the atmosphere and the carbon removed from it. More than 140 countries, including major polluters such as the U.S., India and the European Union, have adopted plans to reach net zero.

Persons: Andrew Forrest, Fortescue, Forrest Organizations: I'm, European Union Locations: U.S, India

☆ Tesla posts first sales gain of the year
▼ + stars: | 2024-10-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla reported an increase in sales for the first time this year, although its year-to-date sales still trail the same period of 2023. But GM still had only a fraction of Tesla’s sales, with US EV sales coming in at 32,000 vehicles. Tesla doesn’t break out sales by market so it’s precise US sales are not known. During this latest quarter, Tesla stayed ahead of Chinese automaker BYD, which briefly passed Tesla in worldwide EV sales last year. BYD reported global third quarter battery electric sales of 313,000, and year-to-date sales of 1.2 million EVs.

Persons: New York CNN — Tesla, Tesla, BYD Organizations: New, New York CNN, General Motors, GM, US, ’, BYD, Tesla Locations: New York, Europe

☆ Think allergy season is over? Not so fast, a doctor says
▼ + stars: | 2024-10-02 | by ( Katia Hetter | ) edition.cnn.com time to read: +7 min

For many with allergies, fall is peak season that’s now probably compounded by a warming planet. Allergy season is starting earlier and lasting longer, which scientists attribute to a variety of causes, including the climate crisis. With respiratory viruses also prevalent in colder weather, how can people distinguish between seasonal allergies and a virus? Common symptoms of fall allergies can include a runny or stuffy nose as well as sniffling, sneezing, watery eyes and coughing. Ragweed season typically begins in August and peaks in September but can last into November.

Persons: that’s, Leana Wen, Wen, Jeff Pachoud Organizations: CNN, US Centers for Disease Control, George Washington University, Getty Locations: United States, AFP

☆ We are more skewed to the positive now, says Trivariate's Adam Parker
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are more skewed to the positive now, says Trivariate's Adam ParkerAdam Parker, Trivariate Research founder, joins 'Closing Bell' to discuss markets, earnings and China's stimulus impact on U.S. equities.

Persons: Trivariate's Adam Parker Adam Parker Organizations: Trivariate Research

☆ Gen Z's New Side Hustle: Getting Rich As Airbnb Super Hosts
▼ + stars: | 2024-10-02 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +11 min

Arbitrage hosts like Anderson take to TikTok, YouTube, and Instagram to offer advice and promote paid courses on how to start and build your own short-term-rental empire. A 25-year-old TikToker with the handle @airbbnbmastery101 titled one video "How to quit your job in 2024 and get rich." There's no way to know for sure how popular Airbnb arbitrage is. Related storiesBut Airbnb arbitrage, in theory, isn't illegal; it depends on local laws governing how short-term-rental properties are licensed. DeRose says that he regrets working in short-term-rental arbitrage and that "it's very clearly hurting" the housing market.

Persons: Hailie Anderson, factly, Anderson, —, Donald Trump, Dave Ramsey, Trump, Inayah McMillan, — tycoons, TikTok, she's, Airbnb, Jamie Lane, Alfred, They're, there's, Lane, Konrad Bicher, Wolf, Bicher, Tom DeRose, It's, it's Organizations: YouTube, HGTV, Target Locations: Austin, Salt Lake City, Nashville, Florida, New York, Cities, Barcelona, Europe, Asia

☆ Stocks making the biggest moves midday: Tesla, Nike, Humana and more
▼ + stars: | 2024-10-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Tesla — Shares declined about 4% after the electric vehicle company fell short of third-quarter delivery estimates . Chinese stocks — Chinese stocks continued to rally on the back of sweeping stimulus measures in the country. Lamb Weston Holdings — Shares of the french fry giant rose more than 2% after its fiscal first quarter topped estimates. Analysts surveyed by LSEG expected 72 cents per share in earnings and $1.56 billion in revenue. The company posted revenue of $2.79 billion, versus a FactSet estimate of $2.84 billion.

Persons: Humana, That's, JD.com, Davidson, Lamb, Lamb Weston, LSEG, CNBC's Lisa Han, Yun Li, Jesse Pound, Michelle Fox, Sean Conlon Organizations: Nike, Exchange, KraneShares CSI China Internet, Baird, Lamb Weston Holdings —, Barclays, Endeavor Energy Resources, Conagra

☆ Tesla reversed its sales slowdown, but not enough to calm investors' nerves
▼ + stars: | 2024-10-02 | by ( Graham Rapier | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla reported third-quarter sales on Wednesday. AdvertisementTesla reported third-quarter sales of 462,890 on Wednesday morning, its first quarter-over-quarter gains this year. Analysts had expected 462,000 vehicle deliveries for the period ending September 30. AdvertisementStill, Tesla will have to make monumental increases in the final three months of the year to put 2024's figures ahead of the previous year,Reversing the sales slowdown at Tesla is a much-needed win for Musk's car company. AdvertisementAnd as new vehicle sales fall regardless of powertrain, Musk has touted autonomy as the latest driver of Tesla's growth story and one that investors should pay more attention to than sales.

Persons: Tesla, —, Elon Musk, Dan Ives Organizations: Global EV, Service Locations: Wedbush

☆ Here are JPMorgan's top stock picks heading into October
▼ + stars: | 2024-10-02 | by ( Sean Conlon | ) www.cnbc.com time to read: +4 min

For October, the additions include Best Buy and Carmax , while Wayfair , CarGurus and First Citizens BancShares are among those removed. The bank cited positive existing home sales, and an expansion in AI adoption, believing Best Buy will see continued growth in average selling prices . Analyst Christopher Horvers says Best Buy will increase its profitability over time, noting an uptick in operating margins to 5% from last year's 4.1%. He has an overweight rating on the stock, and his price target of $111 implies more than 9% upside from Tuesday's close. The bank's price target for Schwab implied about 22% upside and for Ulta Beauty about 18% potential appreciation, based on Tuesday's close.

Persons: JPMorgan's, Christopher Horvers, BBY, Eli Lilly, Lilly, Charles Schwab, Schwab Organizations: JPMorgan, Nasdaq, Dow Jones, Wall, AT, TPG Locations: Israel, Richland , Minnesota, Dallas, DirectTV, Lilly, Ireland

☆ Goldman Sachs discusses the impact of China's stimulus measures
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs discusses the impact of China's stimulus measuresMichelle Cheng, co-head of Asia consumer research and managing director at Goldman Sachs, says there's still "limited upside" on earnings, adding that there needs to be more policy execution and a restoration of consumer confidence.

Persons: Goldman Sachs, Michelle Cheng, there's Locations: Asia

☆ Google tells employees it won't follow Amazon's strict RTO policy — as long as they stay productive
▼ + stars: | 2024-10-02 | by ( Hugh Langley | ) www.businessinsider.com time to read: +4 min

Google leaders tried to assuage fears that it will follow Amazon's new strict RTO mandate. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . It also raised concern among employees at some of Amazon's more hybrid-friendly rivals, including Google, where staff are expected in the office just three days a week. 'Google chases the industry'Despite leadership's comments, some employees still fear they will eventually be called back to the office full time. During the most recent all-hands, Pichai noted that some employees, such as some of Google's hardware teams, are back four days a week.

Persons: Sundar Pichai, —, assuaging, John Casey, they're, Pichai, Casey, Dell, Kirk Van Houten Organizations: Service, Google, Amazon, Microsoft Locations: Nature

☆ Israel could launch a counterattack on Iran within days — but there's a key reason Netanyahu has less to fear this time
▼ + stars: | 2024-10-02 | by ( Mikhaila Friel | Thibault Spirlet | ) www.businessinsider.com time to read: +7 min

Iran launched a massive missile attack on Israel on Tuesday. AdvertisementIsrael may carry out a revenge attack on Iran within days, targeting oil sites, nuclear facilities, and key political figures, according to security experts. It comes in the wake of Iran's attack on Tuesday, in which Tehran reportedly fired nearly 200 missiles at Israel. "It is likely that the Israeli leadership has already anticipated the Iranian attack and has prepared for it," Voller said. Israeli Prime Minister Benjamin Netanyahu holds a meeting with the Security Cabinet after Iran's missile attacks on Israel in West Jerusalem on October 1, 2024.

Persons: Benjamin Netanyahu, —, Chris Doyle, Israel, Clionadh, underestimating, Doyle, Voller, Avi Ohayon, Axios, Ameneh, who's, ACLED Organizations: Service, Business, UK's University of Kent, Council, Center for Strategic, International Studies, Getty, US Central Command, Islamic Revolutionary Guard Corps Locations: Iran, Israel, Tehran, Israeli, Middle East, Lebanon, British, Clionadh Raleigh, West Jerusalem, Anadolu, United States, East, Raleigh

☆ Daniel Day-Lewis ends acting retirement for a movie directed by his son
▼ + stars: | 2024-10-02 | by ( Story Associated Press | ) edition.cnn.com time to read: +2 min

New York AP —Daniel Day-Lewis is coming out of retirement, seven years after his last movie, for a film directed by his son Ronan Day-Lewis. The project was announced Tuesday by Focus Features and Plan B, which are partnering on “Anemone.” The film, Ronan Day-Lewis’ directorial debut, will star his father along with Sean Bean and Samantha Morton. Earlier Tuesday, Daniel Day-Lewis and Bean were spotted riding a motorbike through Manchester, England, stoking intrigue about his impending return to acting. After making Paul Thomas Anderson’s 2017 film “Phantom Thread,” the 67-year-old had said he was quitting acting. “We could not be more excited to partner with a brilliant visual artist in Ronan Day-Lewis on his first feature film alongside Daniel Day-Lewis as his creative collaborator,” said Peter Kujawski, chair of Focus Features.

Persons: Daniel Day, Lewis, Ronan Day, Lewis ’, Sean Bean, Samantha Morton, Bean, Paul Thomas Anderson’s, ”, Martin Scorsese, ” Ronan, “, Peter Kujawski Organizations: York AP, Focus, Magazine, National Board Locations: Manchester, England, York, New York, Hong Kong

☆ Levi Strauss trims guidance as it weighs sale of Dockers business
▼ + stars: | 2024-10-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. "We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently." Direct gainsBeyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers. During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.

Persons: LEVI, Justin Sullivan, Levi Strauss, Levi's, Levi, khakis, …, Harmit Singh, Singh, Beyoncé, Michelle Gass Organizations: Dockers, LSEG, CNBC, of America Locations: U.S

☆ October is already living up to its volatile reputation
▼ + stars: | 2024-10-02 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The S & P 500 fell nearly 1% to kick off the new month of trading. The Nasdaq Composite shed more than 1.5%, and the Dow Jones Industrial Average lost 0.4%, or 173 points. The Cboe Volatility Index , Wall Street's preferred fear gauge, swelled abpve 20 — its highest level since Sept. 11. I am bracing for added volatility and the market to over-trade daily headlines and themes," he said in a note to clients Wednesday. CNBC Pro found that the S & P 500 averages a daily move of 1.3% in either direction in October, based on FactSet data going back to 1950.

Persons: Street's, Scott Rubner, Goldman Sachs, Baird, Harley, Davidson Organizations: Nasdaq, Dow Jones Industrial, West Texas, CNBC Pro Locations: Iran, Israel, Lebanon, Milwaukee

☆ Gold prices flat as dollar strength counters safe-haven demand
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

Gold bar bullions ingot, selective focus, crisis safe haven for investment or reserve for country economics. Gold prices were flat on Wednesday, as a firmer dollar partially offset safe-heaven demand amid heightened Middle East tensions, while investors awaited U.S. data for further economic cues. Spot gold held its ground at $2,659.79 per ounce, as of 0325 GMT, after rising more than 1% in the previous session. "Gold benefited from safe-haven demand during a risk-off session on Tuesday. Meanwhile, physical demand for gold in key markets has dropped due to high prices, with some retail consumers selling their holdings to lock in profits, industry players and analysts said.

Persons: Benjamin Netanyahu, Bullion, Matt Simpson, payrolls, Simpson Organizations: Israel, Index, Federal Reserve, NFP, Traders Locations: Iran, Tehran

☆ Fmr. US Secretary of Defense: A broader Middle East war could tip global economies into recession
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. US Secretary of Defense: A broader Middle East war could tip global economies into recessionWilliam Cohen, former U.S. secretary of defense, joins CNBC's 'Money Movers' to discuss the aftermath of Iran's attack on Israel, economic implications of a potentially broader war, and more.

Persons: William Cohen Organizations: of Defense Locations: U.S, Israel

☆ Singapore’s ex-minister S. Iswaran sentenced to jail in rare corruption case for squeaky clean country
▼ + stars: | 2024-10-02 | by ( ) edition.cnn.com time to read: +2 min

S. Iswaran, who was a cabinet member for 13 years and has held the trade, communications and transport portfolios, had pleaded guilty to four counts of improperly receiving gifts and one of obstructing justice. The court said Iswaran, 62, would be allowed to remain on bail for the next few days and begin his jail term on Monday. The case has shocked Singapore, which prides itself on having a well-paid and efficient bureaucracy as well as strong and squeaky clean governance. Iswaran resigned as transport minister after less than three years in the job when he was first charged in January. The prosecution had initially charged him with 35 offenses but proceeded with only five.

Persons: Iswaran Organizations: Singapore Reuters —, English Premier League soccer Locations: Singapore

Michael Jordan, NBA Hall of Famer and co-owner of 23XI Racing looks on during the NASCAR Cup Series FireKeepers Casino 400 at Michigan International Speedway on August 18, 2024 in Brooklyn, Michigan. 23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport. Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott. "Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.

Persons: Michael Jordan, 23XI, Jordan, Denny Hamlin, Curtis Polk, Bob Jenkins, Michael Jordan's, Jim France, Tyler Reddick, Jenkins, he's, Jeff Gordon, Wendell Scott Organizations: Hall of Famer, 23XI, NASCAR, Michigan International Speedway, Michael Jordan's NASCAR, Row Motorsports, Deck Toyota, Cook, Darlington Raceway, SC, Fox, NBC, Amazon, Warner Bros, Hendrick Motorsports Locations: Brooklyn , Michigan, France, Darlington, North America

☆ Entering my 30s, I still had no skincare routine. Doing these 7 things faded my forehead lines and dark spots.
▼ + stars: | 2024-10-02 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +7 min

At 31, I still didn't have a real skincare routine and didn't even wear daily sunscreen. I had forehead lines, oily skin, and dark spots from acne that made me self-conscious. AdvertisementAt 31, I had no skincare routine. I was self-conscious about my forehead lines and post-acne dark spots, yet overwhelmed by 12-step nighttime regimens. I found a sunscreen I love putting onEltaMD UV Clear sunscreen with no makeup (left) and with makeup (right).

Persons: —, Julia Pugachevsky, I've Organizations: Service Locations: TikTok

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