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☆ Visa and Mastercard execs grilled by senators on 'duopoly,' high swipe fees
▼ + stars: | 2024-11-19 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +4 min

Interchange fees, also known as swipe fees, are paid from a merchant's bank account to the cardholder's bank, whenever a customer uses a credit card in a retail purchase. "In 2023 alone, Visa and Mastercard charged merchants more than $100 billion in credit card fees, mostly in the form of interchange fees," Durbin told the committee. Visa and Mastercard, however, stand by their swipe fees. But the current high credit card swipe fees for retailers translate to higher prices for consumers, the National Retail Federation told the committee in a letter ahead of the hearing. "Last year, the average American spent $1,100 in swipe fees, more than they spent on pets, coffee or alcohol."

Persons: Bill Sheedy, Linda Kirkpatrick, Democratic Illinois Sen, Dick Durbin, Durbin, Republican Kansas Sen, Roger Marshall, Ryan McInerney, Sheedy, Americas Linda Kirkpatrick, Dodd, Frank, Roger Alford, General Merrick Garland Organizations: Visa, Americas, Mastercard, Committee, Democratic Illinois, Republican Kansas, Credit, National Retail Federation, Notre Dame University Locations: Washington ,

☆ Trump may cede global climate leadership to China
▼ + stars: | 2024-11-14 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

After a campaign featuring promises to slash landmark climate legislation, and a first term record that included pulling the U.S. out of the Paris climate agreement, President-elect Donald Trump's win casts a shadow of doubt over the world of global climate policy. As an isolationist, Trump-led American foreign policy cedes global leadership on the issue, an increasingly willing China can assume the spot instead. Ceding global climate leadership to China "would be a mistake"China is looking to "play a more proactive role internationally on climate change," said Joanna Lewis, an associate professor at Georgetown University and expert in international climate policy. But "it would be a mistake for the United States to completely cede not just [its] leadership role on climate change. But the development of low carbon technologies, that's really the area that has been particularly competitive between China and the United States," said Lewis.

Persons: Donald Trump, Xi Jinping, Donald Trump's, Trump, Joanna Lewis, Lewis, Joe Biden Organizations: European Union, Republicans, United Nations, BMO Capital Markets, Georgetown University Locations: Osaka, Japan, Paris, China, United States

Republicans will keep control of the House of Representatives, NBC News projected Wednesday. Going into the election, House Republicans aimed to expand their razor-thin majority of 220 seats, compared to the 212 held by Democrats. That threadbare GOP majority gave Democrats high hopes to flip the chamber. Despite the massive fundraising effort, Democrats failed to gain the 218 seats needed for control of the House. In Pennsylvania's 8th Congressional District, Republican Rob Bresnahan unseated incumbent Democratic Rep. Matt Cartwright, and in the state's 7th District, Republican Ryan Mackenzie defeated incumbent Democratic Rep. Susan Wild, two particularly competitive races.

Persons: Mike Johnson, Donald Trump, Kamala Harris, Amy Walter, Republican Rob Bresnahan, Matt Cartwright, Republican Ryan Mackenzie, Susan Wild, Tom Barret, Elissa Slotkin, Trump, Barack Obama's Organizations: Republican National Convention, Republicans, Representatives, NBC News, Republican, GOP, Senate, Democrats, NBC, Congressional District, Democratic, Michigan Senate Locations: Milwaukee , Wisconsin, state's, Michigan

☆ Israel not in violation of U.S. law, but Gaza aid situation will be monitored: State Dept.
▼ + stars: | 2024-11-12 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +1 min

The United States announced Tuesday that there will be no significant policy shift towards Israel, at the conclusion of a 30-day U.S. deadline for improvement in humanitarian aid delivery to Gaza. We believe that, had it not been for U.S. intervention, these changes may not have ever taken place," said Patel. The demands and the deadline were laid out in a joint letter from Secretary of State Anthony Blinken and Defense Secretary Lloyd Austin, delivered Oct. 13. If Israel wants to continue to qualify for foreign military financing under U.S. law, Blinken and Austin wrote, at least 350 trucks per day of aid must be allowed to enter the war-ravaged Gaza Strip. The letter also called on Israel to provide heightened security for humanitarian sites, and an increase in the number of humanitarian pauses to its military operations.

Persons: Antony Blinken, Vedant Patel, Patel, State Anthony Blinken, Lloyd Austin, Israel, Austin, Philippe Lazarini Organizations: Palestinian, Hamas, United States, Israel, Department, State, United Nations Locations: Tel Aviv, Israel, Gaza, Washington, U.S

☆ Election Day 2024 Live Updates: Voters cast their ballots today as Trump and Harris keep low profiles
▼ + stars: | 2024-11-05 | by ( Dan Mangan Kevin Breuninger Rebecca Picciotto Ece Yildirim Annie Nova | Dan Mangan | Kevin Breuninger | ) www.cnbc.com time to read: 1 min

Election Day is here, and over the next few hours more than 70 million Americans are expected to cast ballots in person. Voting has already begun along the East Coast. Former President Donald Trump is spending his day at his Mar-a-Lago resort in Palm Beach, Florida. For more state-by-state poll hours and voting information, click here. CNBC reporters are covering Election Day and night live from the floor of the New York Stock Exchange, our headquarters in Englewood Cliffs, New Jersey and bureaus around the world.

Persons: Donald Trump, Kamala Harris, NBC's Organizations: East Coast, Howard University, CNBC, New York Stock Exchange Locations: East, Lago, Palm Beach , Florida, Washington ,, Kentucky, Indiana, Englewood Cliffs , New Jersey

☆ Bitcoiners celebrate as $40 million campaign brings down Ohio Sen. Sherrod Brown
▼ + stars: | 2024-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Republican nominee for U.S. Senate Bernie Moreno addresses supporters at Brecksville Community Center on November 4, 2024 in Brecksville, Ohio. He voted against pro-crypto legislation, called for more regulation of the sector, and regularly posted anti-crypto rhetoric on social media. According to the tracker, 224 pro-crypto candidates have been elected to the House, against 106 anti-crypto House candidates that have won. In the Senate, 14 pro-crypto candidates have been elected, while nine anti-crypto candidates have been victorious. "Americans disproportionately care about crypto and want clear rules of the road for digital assets," Armstrong wrote.

Persons: Bernie Moreno, Crypto, Sherrod Brown, Brown, Moreno, Sen, Elizabeth Warren, Chris Larsen, Joe Biden, Warren, I'm, Tyler Winklevoss, Gary Gensler crony, Winklevoss, Brian Armstrong, Armstrong, Coinbase, Gensler, Elect Moreno's, Bitcoin, Donald Trump Organizations: U.S, Brecksville, Center, Ohio Senate, U.S . Senate, CNBC, Politico, SEC, Senate, Crypto Alliance, NBC, Commodities, Trading Commission, Fairshake, Defend, Jobs, Republican, —, Yildirim Locations: Brecksville , Ohio, Ohio

☆ Election 2024 live updates: Harris and Trump make last appeals to battleground voters
▼ + stars: | 2024-11-04 | by ( Dan Mangan Kevin Breuninger Jake Piazza Annie Nova Rebecca Picciotto Ece Yildirim | Dan Mangan | Kevin Breuninger | ) www.cnbc.com time to read: 1 min

The closing day of the 2024 presidential campaign is underway, and CNBC is covering the final hours of the race live. Former President Donald Trump begins his day in Raleigh, North Carolina, before attending rallies in Reading, Pennsylvania and Pittsburgh, and finishing out the night in Grand Rapids, Michigan. Vice President Kamala Harris will also hold rallies in Reading and Pittsburgh, part of a four-stop barnstorm of Pennsylvania that will culminate in a massive rally and concert on the steps of the Philadelphia Art Museum. More than 75 million people have already voted in person early or by mail, according to NBC's early vote tracker. For more state by state poll hours and voting information, click here.

Persons: Donald Trump, Kamala Harris, NBC's Organizations: CNBC, Philadelphia Art Museum Locations: Raleigh , North Carolina, Reading , Pennsylvania, Pittsburgh, Grand Rapids , Michigan, Reading, Pennsylvania, Kentucky, Indiana

☆ Trump and Harris vie for the Latino vote on eve of election
▼ + stars: | 2024-11-01 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

Former President Donald Trump and Vice President Kamala Harris campaigned around southwestern states this week as they sought to shore up the Latino vote with only five days until Election Day. Latino voters account for %14.7 of all eligible voters in the upcoming election, according to Pew Research Center. New Mexico, where Trump campaigned on Thursday, has the highest share of Latino voters with around 45% the population. The states with the next largest share of Latino voters include California, Texas, Arizona and Nevada. Although Democrats tend to have a historical advantage among Latino voters, that advantage has declined over the past four presidential cycles, according to a national NBC News/Telemundo/CNBC poll from September, especially as Trump makes strides with Latino men.

Persons: Donald Trump, Kamala Harris, Trump, Harris, Joe Biden, Hillary Clinton, Tony Hinchcliffe, Hinchcliffe Organizations: Pew Research Center, NBC News, Telemundo, CNBC, Trump Locations: New Mexico, California , Texas, Arizona, Nevada, While California, Texas, Albuquerque , New Mexico, America, Trump's, Puerto Rico

☆ Harris, Liz Cheney tour battleground states to reach Republicans down on Trump
▼ + stars: | 2024-10-21 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

Vice President and Democratic presidential candidate Kamala Harris (L) holds a moderated conversation with Former US Rep. Liz Cheney, Republican of Wyoming, at People's Light performing arts theater Malvern, Pennsylvania, on October 21, 2024. Vice President Kamala Harris and Republican former Rep. Liz Cheney participated in a series of moderated conversations on Monday across the "Blue Wall" battleground states of Pennsylvania, Michigan and Wisconsin. The Harris campaign is courting disaffected Republicans, who may be on the fence about voting for Trump. The campaign kicked off a "Republicans for Harris" group in August and has since amplified the voices of a small, but growing, number of prominent Republicans who have come out in support of the Democratic vice president. According to Cheney, patriotic Republicans have "a duty and obligation to do what we know is right for the country."

Persons: Kamala Harris, Liz Cheney, Cheney, Harris, Donald Trump, Roe Organizations: Democratic, US, Republican, Trump, Republicans Locations: Wyoming, Malvern , Pennsylvania, Pennsylvania, Michigan, Wisconsin, Birmingham , Michigan, Malvern , PA

☆ Harris says Iran is America's 'greatest adversary,' as Mideast War weighs on US priorities
▼ + stars: | 2024-10-08 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +1 min

Democratic presidential nominee and U.S. Vice President Kamala Harris walks to board Air Force Two as she departs for New York, at Joint Base Andrews, Maryland, U.S., October 7, 2024. Vice President Kamala Harris said she considers Iran to be America's "greatest adversary," in a new interview on the CBS show "60 Minutes Overtime." The Democratic presidential nominee's choice of Iran, rather than Russia or China, underscores how much the Mideast War has shifted U.S. foreign policy priorities. Speaking with "60 Minutes" correspondent Bill Whitaker, Harris was asked which nation she considers "to be our greatest adversary." "I think there's an obvious one in mind, which is Iran," Harris replied.

Persons: Kamala Harris, Bill Whitaker, Harris, Whitaker Organizations: Democratic, U.S, Air Force, Joint Base Andrews, CBS, Islamic Locations: New York, Joint Base Andrews , Maryland, U.S, Iran, Russia, China, Israel, Islamic Republic, United States, North Korea

☆ Trump Media stock soars 15% after Butler, Pa. rally with Elon Musk
▼ + stars: | 2024-10-07 | by ( Ece Yildirim | ) www.nbcnews.com time to read: +2 min

Shares of Trump Media soared Monday, a day after former President Donald Trump returned to Butler, Pennsylvania, the site of his July 13 assassination attempt, to rally with Tesla CEO Elon Musk. “President Trump must win to preserve the Constitution. In previous regulatory filings, Trump Media stated that the success of its chief product, Truth Social, depends on Trump’s popularity and continued use of the platform. Trump Media shares have been on an overall downward trend since a spike following Trump’s first assassination attempt in July. Trump Media revealed in a regulatory filing Thursday that chief operating officer Andrew Northwall had resigned in late September.

Persons: Donald Trump, Elon Musk, Butler, Musk, “, MAGA, ”, Trump, Andrew Northwall Organizations: Trump Media, Tesla, “, Trump, America PAC, PAC Locations: Butler , Pennsylvania, Trump’s, America, Delaware

☆ Trump Media stock soars 15% in heavy trading after ex-president's rally in Butler with Musk
▼ + stars: | 2024-10-07 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

Shares of Trump Media soared Monday, a day after former President Donald Trump returned to Butler, Pennsylvania, the site of his July 13 assassination attempt, to rally with Tesla CEO Elon Musk. Shares were up roughly 15% as of 12:30 p.m ET with heavy volume, and the stock was trading around $19.00 per share. The billionaire entrepreneur first publicly endorsed Trump for president in the hours after the July 13 failed assassination attempt. Trump Media shares have been on an overall downward trend since a spike following Trump's first assassination attempt in July. Trump Media revealed in a regulatory filing Thursday that chief operating officer Andrew Northwall had resigned in late September.

Persons: Donald Trump, Elon Musk, Butler, Musk, MAGA, Trump, Andrew Northwall Organizations: Trump Media, Tesla, Trump, America PAC, PAC Locations: Butler , Pennsylvania, Trump's, America, Delaware

☆ Harris campaigns with Liz Cheney in a bid to win over Republicans skeptical of Trump
▼ + stars: | 2024-10-04 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +4 min

"I tell you, I have never voted for a Democrat, but this year, I am proudly casting my vote for Vice President Kamala Harris," Cheney told the crowd. Cheney said in September that both she and her father, Republican former Vice President Dick Cheney, would be voting for Harris over their party's nominee, former President Donald Trump. The Harris campaign has been looking for ways to take advantage of opposition to Trump within the Republican party. Since then, a small but growing number of prominent Republicans have come out in support of Harris' presidential campaign, including former Trump White House aide Cassidy Hutchinson and the Cheneys. "We have plenty of policy disagreements with Vice President Harris.

Persons: Liz Cheney, Kamala Harris, Harris, Cheney, Dick Cheney, Donald Trump, Trump's, Jack Smith, Trump, Harriet Hageman, Republican party's, Liz, Cassidy Hutchinson, Walz, denialism, Donald Trump's, Nikki Haley, Hillary Clinton, Joe Biden Organizations: Republican, Democratic, Democrat, Republicans, Washington D.C, House Republican Conference, Wyoming GOP, Trump, Republican Party, Historic Landmark, Trump White House, Wisconsin Republican, Wisconsin Republicans, Harris, Wisconsin's Electoral, Badger State Locations: Ripon , Wisconsin, Washington, Wyoming, Wisconsin, Carolina, Ripon

A combination picture shows Republican vice presidential nominee U.S. Republican vice presidential nominee JD Vance and Democratic nominee Tim Walz will debate Tuesday night in New York City, for their sole face-to-face showdown of the 2024 election. Vance, a 40-year-old who represents Ohio in the U.S. Senate, was tapped as the running mate of former President Donald Trump shortly before the Republican National Convention in July. Vice President Kamala Harris, who became the Democratic nominee after President Joe Biden quit the election in mid-July, picked the Minnesota governor Walz as her running mate in early August. CNBC reporters will be live blogging Tuesday's campaign news from New York City, Washington, San Francisco and Englewood Cliffs, N.J.

Persons: J.D, Vance, Donald Trump's, Tim Walz, JD Vance, Norah O'Donnell, Margaret Brennan, Donald Trump, Kamala Harris, Joe Biden, Walz, Trump, Harris Organizations: U.S, Minnesota, Earth Rider, Republican, Democratic, CBS, CNBC, NBC News, U.S . Senate, Republican National Convention Locations: Grand Rapids , Michigan, U.S, Superior , Wisconsin, New York City, Ohio, New York City , Washington, San Francisco, Englewood Cliffs, N.J

☆ Trump Media stock jumps in heavy trading after co-founders dump DJT shares
▼ + stars: | 2024-09-27 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

Shares of Trump Media were trading more than 6% higher as of 2 p.m. It was left with just 100 shares in Trump Media, which also owns former president Donald Trump's social media app Truth Social. Litinsky and Moss co-founded the social media company with Trump in 2021. The two have since fallen out with Trump and engaged in legal disputes with Trump Media over their shares. In previous regulatory filings, Trump Media has stated that the success of its sole product, Truth Social, depends on Trump's popularity and continued use of the platform.

Persons: Andrew Litinsky, Wes Moss, Donald Trump's, Litinsky, Moss, Trump Organizations: Trump Media, United Atlantic Ventures, Trump, Thursday's Securities, Exchange Commission, Nasdaq

☆ Trump says Zelenskyy insulted him; House GOP to probe Ukraine leader's PA trip
▼ + stars: | 2024-09-25 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

House Oversight Chair James Comer is opening an investigation into Ukrainian President Volodymyr Zelenskyy's Sunday visit to an ammunition factory in Scranton, Pennsylvania. The Republican investigation comes as the relationship between Zelenskyy and former president Donald Trump seems to sour. On Wednesday, Trump accused Zelenskyy of insulting him — Trump said the Ukrainian president was "making nasty little dispersions toward" him — and adding that he got along with Russian President Vladimir Putin "very well." Zelenskyy is in the United States to attend the UN General Assembly high-level week in New York, where he is meeting with world leaders. Trump was expected to meet with the Ukrainian President on Thursday at Trump Tower, but a Trump campaign official told NBC News Wednesday that the meeting was not happening.

Persons: James Comer, Volodymyr Zelenskyy's, Comer, Kamala Harris, Donald Trump, Trump, — Trump, Vladimir Putin, They're, Joe Biden, Harris, Zelenskyy, Ohio Sen, JD Vance, Vance, Josh Shapiro, Bob Casey, Matt Cartwright, Casey, Cartwright Organizations: Volodymyr Zelenskyy's Sunday, Republican, UN, Assembly, White, Ukrainian, Trump, NBC News Wednesday, New Yorker, General Dynamics, Defense Department, Pennsylvania Locations: Scranton , Pennsylvania, Zelenskyy, Ukrainian, Mint Hill, North Carolina, United States, New York, Ukraine, Russia, Scranton, Pennsylvania

☆ Three former chairs of the Maine Republican Party endorse Harris over Trump
▼ + stars: | 2024-09-23 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

Three former chairs of the Maine Republican Party "enthusiastically endorsed" Democratic Vice President Kamala Harris for president over GOP nominee and former President Donald Trump in an opinion piece published by Bangor Daily News on Monday. "We see these same positive characteristics are on full display in Vice President Harris and her candidacy. A spokesperson for the Trump campaign did not immediately reply to a request for comment on the op-ed. Additionally, the former chairs took a jab at the broader Republican party in their letter, claiming that much of the leadership of the party "has joined the cult of Trump." Both Cole and O'Meara chaired the Maine Republican Party in the 1990s.

Persons: Kamala Harris, Donald Trump, Robert A.G, Monks, Ken Cole, Ted O'Meara, Harris, Cole, O'Meara, Trump, Trump's, Susan Collins, Obama, Dick Cheney, George W, Bush Organizations: Cobb Energy Center, Maine Republican Party, Democratic, GOP, Bangor Daily, Republican, U.S ., Republican Party, Trump's MAGA Republican, Maine Republicans Locations: Atlanta , Georgia, Maine, Ukraine, Philadelphia, United States, Russian

☆ More than 700 former military and national security officials endorse Harris, say Trump is 'impulsive and ill-informed'
▼ + stars: | 2024-09-22 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

That is how we know Vice President Harris would make an excellent Commander-in-Chief, while Mr. Trump has proven he is not up to the job," they added. More than 700 former national security and military officials endorsed Kamala Harris for president over Donald Trump in the 2024 election in an open letter published Sunday by National Security Leaders for America. "President Trump is the only President in the modern era not to get our country into any new wars." Sunday's endorsement comes after 111 Republican former national security and foreign policy officials endorsed Harris in a letter Wednesday, saying that Trump is "unfit to serve again." Since then, the vice president has received endorsements from various high-profile Republicans, including Dick Cheney, former vice president to George W. Bush.

Persons: Peter Chiarelli, Paul Selva, Eric Thorne Olson, Trump, Harris, Hillary Clinton, John Kerry, of Defense Chuck Hagel, William Cohen, Hagel, Cohen, impulsiveness, Kamala Harris, Donald Trump, Steven Cheung, Dick Cheney, George W, Bush Organizations: Trump, U.S . Army, Joint Chiefs, Staff, of Defense, Democratic, National Security Leaders, America, Trump Campaign Communications, CNBC, Republican, Republicans Locations: United Kingdom, Israel, Australia, Canada, Germany, Kurdish, Syria

☆ Trump Media stock closes at new post-merger low, on eve of 'lockup' expiration
▼ + stars: | 2024-09-18 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

Shares of Trump Media closed Wednesday at a new post-merger low, on the eve of the expiration of "lockup" restrictions that have barred the Truth Social owners' insiders, like majority shareholder Donald Trump, from selling their stakes. Trump Media stock fell 3.22% on relatively light trading, to close at $15.62 a share. Trump Media made its market debut on the Nasdaq in late March, after a merger with a special purpose acquisition company. For Trump Media, the lockup period expires on Thursday. ARC Global currently holds a %4.77 stake in Trump Media, which it would likely be free to sell once the lockup expires Thursday.

Persons: Donald Trump, Trump Organizations: Trump National Golf Club, Trump Media, Nasdaq, Republican, Forbes, ARC, ARC Global, attempt.Trump Media Locations: Rancho Palos Verdes , California, Delaware

☆ Presidential debate live updates: Trump and Harris face off in Philadelphia
▼ + stars: | 2024-09-10 | by ( Dan Mangan Kevin Breuninger Josephine Rozzelle Brian Schwartz Rebecca Picciotto Ece Yildirim | Dan Mangan | Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Republican presidential nominee and former U.S. President Donald Trump reacts during his "No Tax on Tips" campaign event in Il Toro E La Capra restaurant in Las Vegas, Nevada, U.S. August 23, 2024. (L), and Vice President Kamala Harris smiles as she speaks at her Presidential Campaign headquarters in Wilmington, DE, U.S., July 22, 2024. Republican presidential nominee Donald Trump will square off Tuesday against Vice President Kamala Harris, the Democratic nominee, in a prime-time debate that could alter the course of an unprecedented race for the White House. It will also be the first time Harris and Trump have ever met in person, just eight weeks before the Nov. 5 election. Polling averages indicate the race is effectively tied at the national level, while surveys of the key battleground states show Trump and Harris within a few points of each other, and well within the polls' margins of error.

Persons: Donald Trump, Toro, Kamala Harris, Harris, Trump Organizations: Republican, Democratic, White, ABC News, National Constitution Center, Trump Locations: Las Vegas , Nevada, U.S, Wilmington , DE, Philadelphia

Molson Coors is the latest addition to a growing list of companies reversing their diversity, equity and inclusion policies. Molson Coors will also ensure all corporate charitable giving programs are focused on supporting "core business goals" such as alcohol responsibility, disaster relief efforts and promoting access to higher education. Although conservative activist Robby Starbuck characterized the moves as preemptive changes in response to his probe into the company's DEI practices one week ago, Molson Coors says in its memo that the decision "has been in process since March." Molson Coors' decision comes after a wave of retailers over the summer took a step back in their DEI efforts. Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges.

Persons: Molson Coors, Robby Starbuck, Davidson, Lowe's, George Floyd Organizations: Molson, CNBC, Molson Coors, Groups, Business, Tractor Supply, Human Rights, Companies, Harley, Ford Locations: U.S, America

☆ Best Buy shares surge on profit beat and guidance hike
▼ + stars: | 2024-08-29 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +4 min

People walk into a Best Buy store in a Brooklyn mall on August 29, 2023 in New York City. Best Buy raised its fiscal-year profit guidance Thursday after exceeding earnings and revenue expectations for the most recent quarter. Shares of Best Buy jumped more than 15% in morning trading Thursday. Best Buy has been in the midst of an attempted turnaround in response to a two-year sales slump. "We capitalized on demand driven by our customers' desire to replace or upgrade their products, combined with new innovation," Barry said during the company's earnings call.

Persons: Matt Bilunas, Corie Barry, Barry Organizations: LSEG, Apple, Microsoft Locations: Brooklyn, New York City

American Eagle missed Wall Street's sales targets for a second quarter in a row on Thursday, but profit grew by nearly 60% thanks in part to lower product costs. During the quarter, American Eagle's intimates line Aerie saw revenue grow 9% while its namesake brand grew by 8%. The gross margin expansion was led by "favorable product costs," indicating American Eagle spent less to make its assortment during the quarter. During the quarter, American Eagle made some strides in achieving that goal. It posted operating income of $101 million, an increase of 55%, while its operating margin grew 2.4 percentage points to 7.8%.

Persons: Mike Mathias, I've, Jay Schottenstein, Matthias, Jennifer Foyle, Foyle Organizations: Eagle, LSEG, Finance, CNBC, Federal Reserve, Labor, American Eagle Locations: Northeast

☆ Ulta misses Wall Street expectations first time in 4 years, trims guidance after quarterly sales decline
▼ + stars: | 2024-08-29 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +5 min

An Ulta Beauty store in New York, US, on Monday, Aug. 19, 2024. Ulta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period. The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth. Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a $266 million stake in the beauty retailer, sending Ulta shares surging. Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.

Persons: Dave Kimbell, Kimbell, Paula Oyibo, Ulta, Warren Buffet's Berkshire Hathaway Organizations: LSEG Locations: New York

☆ Here's Jim Cramer's market sell-off playbook
▼ + stars: | 2024-08-05 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

watch nowCNBC's Jim Cramer shared his playbook for the brutal global market sell-off on Monday. Identify what's actually wrongAlthough the global sell-off hit U.S. markets hard, "the epicenter of the damage" was Japan, Cramer said. The sell-off started when Japan's stock market posted its worst drop since the stock market crash of 1987 known as Black Monday. The sell-off is sparked by money managers who think the Federal Reserve should have cut rates last week. Investors can also take advantage of the decline in interest rates and buy stocks that yield more than 4%, Cramer said.

Persons: Jim Cramer, Cramer, Blackwell, Warren Buffett, Berkshire Hathaway, you'd, Banks, Morgan Stanley, haven't, Harris, Biden Organizations: Dow Jones, Nasdaq, Berkshire, Apple Locations: U.S, Japan

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