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There’s only room for one killer clown at the top of box office charts. Meanwhile “Joker: Folie á Deux,” which topped the box office last weekend, collapsed in third place with $7.055 million from 4,102 theaters. So far, “Folie a Deux” has generated $51.6 million domestically and $165.3 million globally. The well-reviewed family film has amassed $83.73 million domestically and $148 million globally to date. It has earned $52.8 million domestically and $111 million worldwide so far.
Persons: , Beetlejuice, , Joaquin Phoenix, Damien Leone, David A . Gross, Pharrell Williams, Morgan Neville, Rogers, Gross, Sony’s, Jason Reitman, Sebastian Stan, Donald Trump, CinemaScore, Trump, Tim Burton’s, ‘ Taylor Swift, Paul Dergarabedian, “ It’s Organizations: Warner Bros, Rotten, Motion, Entertainment Research, Cannes Film, Briarcliff Entertainment, Universal, DreamWorks, Optimus Locations: North America, CinemaScore
Britain's Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. LONDON — British Prime Minister Keir Starmer is seeking to reset his government and recover from a shaky first 100 days in office beset by policy misfires, doom mongering and a "freebie" scandal. "A challenge for the prime minister lies in the fact No. Keir Starmer now needs to show he's got control," he added. Former Finance Minister Jeremy Hunt has denied the claims as "fictitious."
Persons: Keir Starmer, Starmer, Sue Gray, Gray, Morgan McSweeney, Downing, James Lyons, Phillip Blond, thinktank, Tony Travers, Travers, he's, Rachel Reeves, Reeves, Jeremy Hunt Organizations: Britain's, European Commission, LONDON, Labour, CNBC, London School of Economics, Labour Party, Conservative, Treasury, Conservative Party, Former, Citi, KPMG, Employment Locations: Brussels, Belgium, TikTok, Ukraine
SoftBank founder Masayoshi Son has spent his life putting bold bets on the future of technology. SoftBank, the media-technology conglomerate Son founded two decades prior, was riding high on the glory it attained in the dot-com boom. He was told he was special," Barber told BI. "He wants to be seen as the great modernizer transforming this petrostate into a truly modern economy where technology is at the forefront," Barber told BI. But as previous cycles in Son's life dictate, the flurry of enthusiasm is typically followed by failure.
Persons: Masayoshi Son, Lionel Barber, , Son, Bill Gates, Masa —, Uber, Barber, Vladimir Putin, Barack Obama, — he's, Jack Ma's Alibaba, Wang, he's, Napoleon Bonaparte, Genghis Khan, Qin Shi Huang, Emperor of, Microsoft's Gates, Jordan Strauss, Mitsunori, SoftBank, Rupert Murdoch, Larry Ellison, Jack Welch, Steve Jobs, Masayoshi, Justin Sullivan, Rajeev Misra, Nikesh Arora, Phil McCarten, Abu Dhabi's Mubadala, Mohammed bin Salman, Saudi, Michael Moritz, Kim Jong, Adam Neumann, Donald Trump, Wirecard, Jesus, NurPhoto, He's, Allen Lane Organizations: Service, Financial Times, Kremlin, Yahoo, Popular Electronics, Vision, Deutsche Bank, Google, Reuters, Saudi Arabia's Public Investment Fund, Vision Fund, Valley's, Sequoia Capital, Greensill, Nvidia, Signal Publishers Locations: Tokyo's Roppongi, Japan, Masayoshi, Washington, Wayne, Emperor of China, Kyushu, United States, Riyadh, Berkeley, Las Vegas
The trio of Ryan Reynolds, Hugh Jackman and Shawn Levy has captured lightning in a bottle with "Deadpool & Wolverine." As of Thursday, the Disney and Marvel film is the highest-grossing R-rated title of all time, surpassing Warner Bros.' "Joker." With $516.8 million in domestic ticket sales and $568.8 million from international audiences, "Deadpool & Wolverine" has exceeded $1.085 billion globally. "Deadpool & Wolverine" arrived in theaters late July on the back of a string of hits and misses from one of Disney's most bulletproof franchises. The last film released by the studio was "The Marvels," which arrived in November and had the lowest opening and lowest overall box office haul for an MCU film ever.
Persons: Ryan Reynolds, Hugh Jackman, Shawn Levy, Shawn Robbins, That's, Kevin Feige, Reynolds, Levy, Robbins, Marvel Organizations: Disney, Marvel, Warner Bros, Century Fox, San Diego Comic, & $
Musk agreed with Trump that Harris was a radical leftist and flattered his guest by implying that he was strong and his Democratic opponents were weak. Like, okay, you know, President Trump is like, don’t mess with me.”Musk has already endorsed Trump, and he was leaving no doubt on Monday night that he wants to see him win a second term. Trump may not have been president without Twitter, as his emergence as a political force in 2016 coincided with the site’s heyday. “There is a lot of opposition to people just hearing what President Trump has to say,” Musk said. The Harris campaign was quick to respond, posting a Trump Truth Social post from last year that lambasted Florida Gov.
Persons: Elon Musk, Donald Trump, Kamala Harris, Joe Biden’s, , Musk, Harris, , ” Trump, baselessly, Biden, Trump, ” Musk, Kamala, , , Steven Cheung, he’d, Thierry Breton, Cheung, Ron DeSantis Organizations: CNN, Tech, Elon, Democratic, Trump, Republican, Trump —, SpaceX, Twitter, Presidential, , Musk Trump, Biden, Florida Gov, Capitol Locations: United States, European, Europe
Disney unveiled a slew of upcoming film projects during its biennial fan event, D23. Many are prequels and sequels based on existing IP, including "Toy Story 5" and "Mufasa: The Lion King." Disney is leaning into fan-favorite IPs after recent projects like "Wish" stumbled at the box office. Go to newsletter preferences Thanks for signing up! Crowds gathered at the Honda Center in Anaheim, California, this weekend to attend D23: The Ultimate Disney Fan Event.
Persons: , Disney, Marvel Organizations: Disney, Service, Honda Center, Star Wars, Pixar, Century Studios, Business Locations: Anaheim , California
Over the weekend, Disney and Marvel's "Deadpool & Wolverine" became only the second R-rated film to top $1 billion at the global box office. "Deadpool & Wolverine" is the first R-rated Marvel Cinematic Universe flick, as the previous two Deadpool films were produced and distributed by 20th Century Fox. It is also the second Disney film to top $1 billion at the global box office this year. Box office analysts expect "Deadpool & Wolverine" won't be the last for the company this year, either. The Toy Story franchise has generated $3.2 billion at the global box office, the two Frozen films surpassed $2.7 billion worldwide, the two Incredibles films tallied $1.8 billion globally, and "Zootopia" reached $1 billion worldwide during its run in 2016.
Persons: Ryan Reynolds, Paul Dergarabedian, Kang, It's, Disney, Shawn Robbins Organizations: Disney, Warner Bros, Century Fox, Marvel, Star, & $ Locations: Comscore
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Persons: Reddit, Dyson, We've, It's, we've, Anker, Philips Organizations: Business, Amazon, nutritionists, Apple, Pro, SBC, AAC SBC, Philips
Spain are the first nation through to the Euro 2024 final after beating France 2-1 in Munich. Spain are back in their first big tournament final since the golden generation which dominated from 2008 to 2012. Yamal celebrates with the Spain bench (Alex Livesey/Getty Images)Dermot CorriganFrance’s attack misfires againFor the first time, a Frenchman scored from open play for France. Despite their attacking options, including Dembele, Mbappe, Kolo Muani plus Bradley Barcola, Antoine Griezmann and Giroud from the bench, they could not summon a cutting edge. Their goalscorers were from the penalty spot, an own goal or Kolo Muani.
Persons: Didier Deschamps ’, Randal Kolo, Yamal, Dani Olmo, Olivier Giroud —, Liam Tharme, Dermot Corrigan, Peter Rutzler, Phil Hay, Luis de la, Fabian Ruiz, Nico Williams, Lamine Yamal, Alvaro Morata, Alex Pantling –, , Germany’s, Kolo Muani’s, — Williams, Kolo Muani, Germain, Ousmane Dembele, William Saliba’s, Aurelien, Jules Kounde, Liam Tharme Yamal, Adrien Rabiot, , Jesus Navas, Mike Maignan, despairingly, Dan Mullan, He’s, Alex Livesey, Dermot Corrigan France’s, misfires, Frenchman, Kolo, Bradley Barcola, Antoine Griezmann, Mbappe, Didier Deschamps, Justin Setterfield, Dani Vivian, Dembele, Deschamps, Deschamps ’, Matthias Hangst, Peter Rutzler Morata, Vivian ., Morata, Alex Brodie Organizations: France, Copa, The Athletic FC, La, Alex Pantling – UEFA, UEFA, Getty, Nations League, Paris Saint, PSG, Germany, Georgia, yesterday’s, Portugal, Mbappe, Morata Locations: Spain, Munich, , France, Berlin, Europe, Copa America, England, Netherlands, Paris, Mbappe, Jesus, Spanish, Belgium
Former President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. Austin Steele/CNN Trump and Biden were debating each other for the first time since 2020. Austin Steele/CNN Biden's campaign won a coin toss before the debate to choose which side he would stand on. Austin Steele/CNN Supporters of independent candidate Robert F. Kennedy Jr. protest outside the White House on Thursday. Former President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024.
Persons: Joe Biden, stiffly, Donald Trump, Biden, John F, Kennedy, Richard Nixon, , Ron Klain, , Trump, didn’t, parry, Austin Steele, ” Biden, Will Lanzoni, Jill Biden, Jake Tapper, Dana Bash, Adam Rose, CNN US Sen, Marco Rubio, CNN Trump, CNN Biden, Tristen Rouse, Tapper, CNN Tapper, Bash, Robert F, Kennedy Jr, CNN MJ Lee, Mandel Ngan, Megan Varner, Reuters Kennedy, Burk Stringfellow, Troublingly, , Van Jones, Kamala Harris, ” Harris, CNN’s Anderson Cooper, Harris, Paul Ryan, Gavin Newsom, Gretchen Whitmer —, Barack Obama, Ronald Reagan, CNN’s Kasie Organizations: CNN, Trump, Democratic Party, Democratic National Convention, Capitol, Atlanta, Voters, Democratic, White, CNN US, Biden, House, CNN Biden's, CNN Biden, White House, Getty, Reuters, Republican, Trump Organization, coalesces, Biden White, Michigan Locations: Atlanta, America, incoherence, Georgia, CNN's, Washington ,, AFP, United States, New York, California
CNBC Daily Open: Musk's AI start-up raises $6 billion
  + stars: | 2024-05-28 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share. Google AI Overview misfiresGoogle's "AI Overview" feature in search is facing criticism for producing incorrect or controversial responses.
Persons: Jensen, Huang, Glass Lewis, Elon Musk, Obama, Eli Lilly, Eli Lilly's, Weizhen Tan Organizations: CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google Locations: Texas, Indiana
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share.
Persons: Elon Musk, The Beverly Hilton, Jensen, Huang, Glass Lewis, Obama, Weizhen Tan Organizations: SpaceX, Tesla, The Beverly, CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google, Nikkei, Bank of Japan's, CSI Locations: Beverly Hills , California, U.S, Texas, Asia, Pacific
"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," McDonald's CEO Chris Kempczinski said on the company's conference call in late April. Paul Weaver | SOPA Images | Getty ImagesFor more than two years, consumers have dealt with sharply rising prices. But that doesn't mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch. While some CEOs have said that consumers are growing more cautious, others — like those in the airline industry — have celebrated strong and persistent spending. Corporate misfires can also lead to disappointing sales, even if their shoppers aren't necessarily pulling back on their spending.
Persons: Chris Kempczinski, Burger, Paul Weaver, Jerome Powell, Aurelia Concepcion, Concepcion, it's, Joe Raedle, Brett House, John David Rainey, Ramon Laguarta, Ed Bastian, We're, Daniel Slim, Brian Niccol, Calvin McDonald, Laxman Narasimhan, Sara Senatore, Spencer Platt Organizations: DAL, Washington Post, Home, Delta Air Lines, Consumers, of Labor, CPI, KFC, Starbucks, Columbia Business School, Walmart, Finance, CNBC, PepsiCo, Gatorade, Pepsi, United, Delta Airlines Boeing, Owen Roberts International, AFP, Getty, Delta, Target, Bank of America Locations: Manhattan, Bloomsburg , Pennsylvania, New York, Georgia, Ohio, Miami , Florida, U.S, Delta, Europe, Asia, Japan, George Town, Cayman Islands, New York City
For many it felt like a soothing balm, underscoring the kind of communal experience people were missing as the still-new coronavirus pandemic shuttered theaters. Even allowing for that, the operatic heights achieved by “Endgame,” which grossed nearly $2.8 billion worldwide, would have been difficult to replicate. Such a concept would have sounded particularly foreign in the run-up to “Endgame,” when Marvel and its leader, Kevin Feige, appeared to possess a Midas touch. Venezuelan filmgoers watch the first screening in Venezuela of Marvel Studios' "Avengers: Endgame" at a cinema in Caracas on April 26, 2019. Unlike “Endgame,” the challenges that face the movie business can’t be undone with a snap of the fingers.
Persons: Captain, Thanos, , Marvel, Kevin Feige, Federico Parra, Joe, Anthony Russo, America, Russo, Joe Russo, Barbie ”, Captain America Organizations: CNN, Captain America, Marvel Studios, Marvel, DC, Warner Bros, Hollywood, , Getty, Film, Captain, Disney Locations: Venezuela, Caracas, AFP
Prince Harry and Meghan Markle seem like lovely people. Netflix dropped "Pearl," an animated children's series Meghan created through her and Harry's production company, Archewell Productions, before it even premiered. The audio-streaming company signed a deal with Harry and Meghan in 2020 reportedly worth $20 million. As Michael Pachter, a managing director at Wedbush Securities who's covered movies, entertainment, and tech for two decades, explained, it's because they've still got that $100 million deal. A public breakup with Meghan and Harry may also be a mess Netflix doesn't want to deal with.
Persons: Prince Harry, Meghan Markle, Duke, Duchess, Meghan, Harry, didn't, Michael Pachter, Wedbush Securities who's, they've, Michelle Obama, Ryan Murphy, Shonda, Pachter, there'll, Markle, Harry won't, They're, Jason Bateman, Will Arnett, Sean Hayes, Joe Rogan's, Magic Johnson, Chevy, Reese Witherspoon, LeBron James, Alicia Silverstone, Nicolas Cage, Demi Moore, Gayle King, Charles Barkley, She's, TIG, Emily Stewart Organizations: Netflix, Florida ., Archewell Productions, Street, Spotify, Wedbush Securities, Chevy Chase, Media, Hollywood, CNN, Archewell, Business Locations: Sussex, Florida, Plenty, British
President Joe Biden told reporters on Friday that he expected Iran to attack Israel "sooner, rather than later." Advertisement"The fact that the Biden administration is both arming Israel and sending aid to Gaza shows the world that the Biden team has no strategic competence," McFate said. But the president's support for Israel runs counter to the reasons he said the US should support Ukraine. "I've just spoken with Prime Minister Netanyahu to reaffirm America's ironclad commitment to the security of Israel," Biden said. However, in the same call, Biden told the prime minister that the US will oppose a counterattack against Iran, a senior White House official told CNN.
Persons: , Joe Biden, Sean McFate, McFate, Biden, Israel, They've, Benjamin Netanyahu, Netanyahu Organizations: Service, Associated Press, Business, Israel, Syracuse University's Maxwell School of Citizenship, Public Affairs, Washington Post, Biden, Ukraine, Israeli, White House, CNN Locations: Israel, Gaza, Iran, Syria, Damascus, Hamas, Saudi Arabia, Russia, Ukraine
Read previewWith Sony's "Madame Web" failing to ignite the box office, the actors from the Marvel movie are already distancing themselves from the Spider-Man adjacent project. "Madame Web" earned itself a lowly 12% critic's rating on Rotten Tomatoes. The star then suggested that the idea for "Madame Web" looked different when she originally signed onto the project. This isn't the first time a Sony Marvel movie has bombed spectacularly. Hopefully, they're more successful than "Madame Web," and "Morbius," because Sony can't afford any more Marvel misfires.
Persons: , Cassandra Web, Johnson, Ezekiel Sims, Tahar Rahim, Dakota Johnson, Sydney Sweeney, Julia Cornwall, Sweeney, Audiences, Jared Leto, Kraven, Aaron Taylor, Tom Hardy, Marvel Organizations: Service, Marvel, Business, Los Angeles Times, Sony, Rotten, Hollywood, Sony Marvel
Lorenzo Montoya, of the New Mexico Occupational Health and Safety Bureau, conducted a six-month investigation of the shooting and whether managers affiliated with Rust Movie Productions complied with state workplace safety regulations. Photos You Should See View All 60 Images“Rust Movie Productions identified a hazard,” Montoya said. “They adopted firearms safety policies, but they totally failed to enforce them, train their employees on them, practice them, reference them. Prosecutors say Gutierrez-Reed is to blame for unwittingly bringing live ammunition on set and that she flouted basic safety protocols for weapons handling. Rust Movie Productions paid a $100,000 fine to resolve the state workplace safety findings.
Persons: , Alec Baldwin, armorer Hannah Gutierrez, Reed, Halyna Hutchins, Lorenzo Montoya, Gutierrez, Montoya, ” Montoya, , Gabrielle Pickle, Baldwin, Hutchins, Joel Souza, Rust Organizations: SANTA FE, New, New Mexico Occupational Health, Safety Bureau, Rust Movie, Gutierrez, Prosecutors Locations: SANTA, New Mexico, Santa Fe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe box office has been impacted by 'Disney's misfires over the last couple years': Rich GreenfieldHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Rich Greenfield, Brian Sullivan, Organizations: CNBC
Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.
Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, , Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College
A new one-page indictment delivered by the grand jury Friday alleges Baldwin caused Hutchins' death — either by negligence or “total disregard or indifference” for safety. Defense attorneys for Baldwin indicate they'll fight the charge, which carries a potential prison sentence of up to 18 months. The indictment provides prosecutors with two alternative standards for the felony involuntary manslaughter charge against Baldwin. Mangels said a grand jury indictment is by no means an assurance that prosecutors will prevail at trial. “Just getting an indictment from a grand jury in no way means the prosecution has a slam dunk case or even a strong case,” she said.
Persons: — Alec Baldwin, , Baldwin, Halyna Hutchins, Joel Souza, Hutchins, they'll, Lucien, Michael Haag, ” Michael Haag, ” Baldwin, Prosecutors, John Day, , Kari Morrissey, Jason Lewis, “ Rust, armorer Hannah Gutierrez, Reed, Kate Mangels, Glenn Ellington, Gutierrez, Luke Nikas, Alex Spiro, , David Halls, Sarah Zachry, Zachry, Mangels Organizations: SANTA FE, Forensic Science Services, FBI Locations: SANTA, New Mexico, Santa Fe, Arizona, Los Angeles
SANTA FE, N.M. (AP) — A grand jury indicted Alec Baldwin on Friday on an involuntary manslaughter charge in a 2021 fatal shooting during a rehearsal on a movie set in New Mexico, reviving a dormant case against the A-list actor. Special prosecutors brought the case before a grand jury in Santa Fe this week, months after receiving a new analysis of the gun that was used. Baldwin, the lead actor and a co-producer on the Western movie “Rust,” was pointing a gun at cinematographer Halyna Hutchins during a rehearsal on a movie set outside Santa Fe in October 2021 when the gun went off, killing her and wounding director Joel Souza. Baldwin has said he pulled back the hammer, but not the trigger, and the gun fired. They later pivoted and began weighing whether to refile a charge against Baldwin after receiving a new analysis of the gun.
Persons: , Alec Baldwin, Baldwin, , Halyna Hutchins, Joel Souza, “ Rust ”, Lucien Haag, Hannah Gutierrez, Reed, “ Rust, David Halls, Hutchins, Matthew Hutchins Organizations: SANTA FE, FBI, Forensic Science Services, Movie Productions Locations: SANTA, New Mexico, Santa Fe, Arizona, Montana
China claims almost all of the 1.3 million-square-mile South China Sea as its sovereign territory. In daylight hours in the South China Sea, from Ottawa’s flight deck or outdoor bridge wings, Chinese warships are often visible to the naked eye. Aviator Gregory Cole/Canadian Armed Forces PhotoOn October 29, things take a potentially dangerous turn, one that could have cost lives and ratcheted up tensions in the South China Sea to new levels. Radar operators scan their instruments in a Canadian antisubmarine warfare helicopter over the East China Sea. Hammerhead targets drones await their fate on the deck of the frigate HMCS Ottawa in the South China Sea.
Persons: Sam Patchell, Jacob Broderick ,, Ben Hughes, Gregory Cole, he’s, , King Neptune, Xi Jinping, Brad Lendon, Rafael Peralta, Collin Koh, ” Patchell, Patchell, Aviator Gregory Cole, , haven’t, Xi, Rob Millen, they’d, Long, Peralta, It’s, Qinetiq, Noble, That’s, Cmdr, Sean Milley, Christine Hurov, Wally Shirra, it’s, Wally Schirra, Loverboy’s, Australia’s, doesn’t, We’ll Organizations: HMCS, HMCS Ottawa CNN, Royal Canadian Navy, Canada, United, Naval Warfare Officers, Canadian Armed Forces, US Navy, Ottawa, CNN, Canada’s Defense Ministry, Chinese Communist Party, Coast Guard, Rajaratnam, of International Studies, People’s Liberation Army Navy, PLA Navy, United Nations, Ottawa's, Cyclone, Canadian, Royal Canadian Air Force, Chinese Defense Ministry, Pentagon, troika, Peralta, Brisbane, CNN Radio, New, New Zealand Navy’s, Cmdr, HMNZS Aotearoa, Australian, Southern Hemisphere, One Locations: HMCS Ottawa, Taiwan, Ottawa, China, United States, Canadian, South China, Gaza, Ukraine, East, Washington, Singapore, Beijing, Spratly, Vietnam, Philippines, Malaysia, Brunei, Chinese, South, East China, CNN Beijing, Canada, Gulf of Mexico, West Coast, Australian, Brisbane, Australia, Japan, New Zealand, Okinawa, replenishments, Aotearoa, American, Ottawa’s
The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. If current gains hold, shares will have nearly doubled since late July after the former Mattel (MAT.O) executive was appointed to revive the once sought-after brand. Gap's third-quarter earnings release Thursday showed significant inventory destocking, even as its holiday-season forecast disappointed. However, Gap joined other retailers in sounding a cautious note on spending, heading into the all-important shopping season. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Sarah Meyssonnier, Richard Dickson, Dickson, David Swartz, Swartz, Katrina O'Connell, Gap, Ananya Mariam Rajesh, Shinjini Ganguli Organizations: REUTERS, Mattel, Gap's Old Navy, Morningstar, Navy, Walmart, Banana Republic, Thomson Locations: Paris, France, Bengaluru
Gap shares soar on Old Navy brand renewal, controlled inventory
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
Comparable sales at Old Navy rose 1% in the third quarter, the first increase in 10 quarters. "Old Navy gained market share, an encouraging early proof point that work to improve both product assortment and brand messaging" were driving results, Gap Chief Financial Officer Katrina O'Connell said on Thursday following the earnings. Gap's struggles with outdated inventory at its namesake brand and Old Navy had pushed customers to look for newer and fresher styles at rivals like Shein and Amazon.com (AMZN.O). Jefferies analysts said new CEO Richard Dickson's prior experience in reinvigorating brands like Barbie at Mattel (MAT.O) could bring a lift to the Old Navy banner. The apparel maker's executives also alluded to a "longer recovery" time for Banana Republic and Athleta, which has seen "product misfires" and weak "retail execution".
Persons: Sarah Meyssonnier, Katrina O'Connell, Richard Dickson's, Barbie, Ananya Mariam Rajesh, Sriraj Organizations: REUTERS, Old Navy, Walmart, Advisory, Navy, Jefferies, Mattel, Banana Republic, Thomson Locations: Paris, France, trendier, encouragingly, Bengaluru
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