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☆ For some millennials, the reality of their retirement plans is that they're a fantasy
▼ + stars: | 2024-05-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The documentary chronicles the rise and fall of the movie-ticket-subscription company MoviePass, and is based on award-winning reporting from Business Insider . The big storyRetirement mathGetty Images;Alyssa Powell/BIFor some millennials, the reality of their retirement plans is that they're a fantasy. AdvertisementIt's not the first time we've gotten troubling data about millennials' retirement plans. But it's not just a lack of savings working against millennials' plans of riding off into the retirement sunset. AdvertisementAnd if you're hoping for a Hail Mary in the form of a fat inheritance to jumpstart your retirement plans, that's not looking great either.

Persons: —, MovieCrash, Alyssa Powell, Jacob Zinkula, William Edwards, we've, it's, millennials, Hail Mary, that's, Juliana Kaplan, It's, Johannes Simon, Neel Kashkari, Sam Altman, Justin Sullivan, Oliver Mulherin, Scarlett Johansson, Altman, Jensen Huang, Adam Neumann, Neumann, WeWork, Moviegoing, there's, BI's Peter Kafka, Sheryl Sandberg, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, HBO, Max, Business, Hail, Reserve Survey, Consumer, Wall, Minneapolis, UBS, Google, Nvidia, BI, Hollywood, HP Locations: Swiss, BI Denmark, New York, London

☆ Activist Investor Nelson Peltz Is Said to Sell His Disney Stake
▼ + stars: | 2024-05-29 | by ( Lauren Hirsch | More About Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Nearly two months after losing an epic corporate battle to get on the board of the Walt Disney Company, Nelson Peltz is no longer an investor in the entertainment company. Mr. Peltz, the billionaire head of the hedge fund Trian Fund Management, controlled about $3.5 billion in Disney stock, a vast majority of it owned by Ike Perlmutter, a former chairman of Marvel Entertainment. Mr. Peltz has now sold his portion of those shares, a person familiar with the investment said, requesting anonymity to discuss confidential matters. By selling his shares, Mr. Peltz is seemingly removing a thorn in Disney’s side. Mr. Peltz, an activist investor, began criticizing Disney’s management under Robert A. Iger, the chief executive, early last year, pointing to the company’s streaming strategy, lagging stock price and succession planning.

Persons: Nelson Peltz, Peltz, Ike Perlmutter, Robert A, Trian Organizations: Walt Disney Company, Fund Management, Disney, Marvel Entertainment

☆ A private arts college is set to close, citing issues with the new FAFSA — others may follow, expert warns
▼ + stars: | 2024-05-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The Delaware College of Art and Design is set to close, the institution announced on May 23, citing low enrollment numbers for the upcoming school year, due in part to issues with the new Free Application for Federal Student Aid. Experts have continuously warned that ongoing problems with the new FAFSA form have resulted in fewer students applying for financial aid, which could contribute to already declining enrollment. That page was not accessible Wednesday, but can still be viewed through the Internet Archive. Enrollment at DCAD fell to 129 students, a loss of nearly 10%, between 2017 and 2022, according to federal data. "The Board of Trustees has worked diligently to find other funding solutions, but none allow us to overcome the longer-term problem of too few students," Dahlgren added.

Persons: Jean Dahlgren, Dahlgren Organizations: Delaware College of Art, Federal Student Aid, Experts, Federal, Finance, Education Department Locations: DCAD, Wilmington , Delaware

☆ Stocks making the biggest moves after hours: Salesforce, UiPath, Capri, Pure Storage and more
▼ + stars: | 2024-05-29 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Okta's second-quarter revenue guidance range of $631 million to $633 million also beat the consensus estimate for $616 million, according to LSEG data. Capri reported adjusted earnings of 42 cents a share, while analysts had estimated 65 cents, according to LSEG. American Eagle Outfitters reported $1.14 billion in revenue, lower than the average analyst estimate of $1.15 billion, according to LSEG data. Earnings beat estimates, but full-year revenue guidance was in a range of 2% to 4%, compared to forecasts for 3.4%. Revenue guidance was also pulled back to between $6.42 billion and $6.50 billion, compared to prior guidance in a range of $6.71 billion to $6.81 billion.

Persons: Rob Enslin, Daniel Dines, LSEG, Okta's, Versace, Jimmy Choo, Agilent, —, Darla Mercado Organizations: HP Inc, HP, Capri, Management, American Eagle Outfitters, Technologies Locations: New York City, LSEG, Asia, FactSet

☆ Goldman Sachs partner Beth Hammack to succeed Mester as Cleveland Fed leader
▼ + stars: | 2024-05-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

A Goldman Sachs executive and finance industry veteran will take over as the new president of the Cleveland Federal Reserve. The central bank district announced Wednesday that Beth M. Hammack, 52, will take over when Loretta Mester steps down June 30. In the interim, Cleveland Fed First Vice President Mark S. Meder will serve as the president. As the Fed contemplates its next moves with monetary policy, the Cleveland president plays an important role this year as a voter on the rate-setting Federal Open Market Committee. Hammack comes to the Cleveland Fed after serving with Goldman Sachs since 1993 in multiple roles, having been a partner since 2010 after being named managing director in 2003.

Persons: Goldman Sachs, Beth M, Loretta Mester, Hammack, Mark S, Beth, Heidi Gartland Organizations: Cleveland Federal Reserve, Cleveland Fed, Fourth, Cleveland, Market, Stanford University, University Hospitals

☆ Biden returns to Philadelphia, this time to win back Black voters
▼ + stars: | 2024-05-29 | by ( Kevin Liptak | ) edition.cnn.com time to read: +4 min

Philadelphia CNN —President Joe Biden plans to launch a nationwide effort to mobilize Black voters during a campaign rally in Philadelphia on Wednesday, aiming to win back support from a slice of the electorate that polls show wavering in support. Biden’s aides say they aren’t taking Black voters for granted as surveys suggest an erosion of support, particularly among Black men. Many polls have found Black voters more disconnected from the Democratic Party than they have been in decades. He’s also dialed into Black radio programs and touted issues like infrastructure investments and canceling student debt when promoting his record to Black voters. As the summer progresses, the Black Voters for Biden-Harris organizational effort will partner with community groups to register voters and strengthen voter protection efforts.

Persons: Joe Biden, Kamala Harris, Biden, Donald Trump, Harris, It’s, Biden’s, “, Trump, —, Black, Brown, He’s, I’m, ” Trump, — Donald Trump, ”, Quentin Fulks Organizations: Philadelphia CNN, Black, Black Voters, Biden, White House, Team Biden, Democratic Party, New York Times, Siena College, Trump, Morehouse College, NAACP, Chamber of Commerce, Republican Party, White Locations: Philadelphia, Siena, CNN’s, Atlanta, Detroit, Black, South Carolina, Bronx

☆ OpenAI's board learned about ChatGPT's release on Twitter, ex-board member says
▼ + stars: | 2024-05-29 | by ( Sarah Jackson | Jyoti Mann | ) www.businessinsider.com time to read: +1 min

OpenAI's board was as surprised as the public was by ChatGPT's 2022 release, a former member says. Helen Toner said the board "was not informed in advance" and actually learned about it on Twitter. AdvertisementThe release of ChatGPT took the world by surprise in 2022 — and a former OpenAI board member says that was the case for the company's board of directors, too. On November 30, 2022, OpenAI CEO Sam Altman tweeted a link to the chatbot, writing: "today we launched ChatGPT. But Helen Toner said the board wasn't given a heads-up about the release and learned about it from Twitter, now X.

Persons: Helen Toner, Sam Altman, —, ChatGPT Organizations: Twitter, Service, Business

☆ OpenAI creates oversight team with Sam Altman on board, begins training new model
▼ + stars: | 2024-05-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

OpenAI on Tuesday said it created a Safety and Security Committee led by senior executives, after disbanding its previous oversight board in mid-May. The formation of a new oversight team comes after OpenAI dissolved a previous team that was focused on the long-term risks of AI. AI safety has been at the forefront of a larger debate, as the huge models that underpin applications like ChatGPT get more advanced. Bret Taylor, Adam D'Angelo, Nicole Seligman, who are all on OpenAI's board of directors, now sit on the new safety committee alongside Altman. Leike this month wrote that OpenAI's "safety culture and processes have taken a backseat to shiny products."

Persons: Sam Altman, OpenAI, Ilya Sutskever, Jan Leike, AGI, Bret Taylor, Adam D'Angelo, Nicole Seligman, Altman, CNBC's Hayden Field Organizations: Microsoft, Security Locations: Redmond , Washington

☆ BuzzFeed Clashes With Vivek Ramaswamy
▼ + stars: | 2024-05-28 | by ( Benjamin Mullin | ) www.nytimes.com time to read: 1 min

BuzzFeed’s newest activist investor, the former Republican presidential candidate Vivek Ramaswamy, wants the company to consider moves like hiring the former Fox News host Tucker Carlson and the N.B.A. Jonah Peretti, BuzzFeed’s founder and chief executive, has already rejected some of Mr. Ramaswamy’s requests out of hand, setting up a clash between the two men. Mr. Ramaswamy, an investor who has amassed an 8.3 percent stake in BuzzFeed, sent a letter to the company’s board of directors Monday criticizing its business practices and journalistic efforts. Though he has been steadily buying up stock for months, his intentions for the company didn’t become clear until this week. Before his brief run for president, Mr. Ramaswamy made a fortune in the pharmaceutical business, selling his company’s stake in promising firms to the Japanese conglomerate Sumitomo.

Persons: Vivek Ramaswamy, Tucker Carlson, Charles Barkley, Jonah Peretti, BuzzFeed’s, Ramaswamy’s, Ramaswamy Organizations: Republican, Fox News, Sumitomo Locations: BuzzFeed

☆ Should Elon Musk be paid $56 billion? Tesla shareholders get to vote
▼ + stars: | 2024-05-27 | by ( David Ingram | ) www.cnbc.com time to read: +10 min

Several investors released a joint letter this month urging fellow shareholders to vote down the package as excessive. Tesla shareholders approved the pay package in 2018, with compensation tied to Tesla's performance including its market value. And he still has time to meet goals he hasn't reached, including on revenue, because the pay package had a 10-year term. In the 440-page proxy statement explaining the vote, a committee of the Tesla board noted the "novel circumstances." Some people began sharing screenshots of their votes in April, shortly after the Tesla board announced the vote, and the deadline to vote online is June 12.

Persons: Elon Musk, The Beverly Hilton, Tesla, James Park, Musk, He's, Judge Kathaleen McCormick, McCormick, Nadya Malenko, hasn't, Ann Lipton, Lipton, — I'm, Musk's, there's, —, Rowe Price, didn't, Brad Lander Organizations: SpaceX, Tesla, The Beverly, Wall Street, University of California, CNBC, Bloomberg, Reuters, Boston College's, Tulane University, Disney, New York, Amalgamated Bank . Locations: Beverly Hills , California, U.S, Delaware, Austin , Texas, —, Los Angeles, Texas, New York City

☆ How a global seafood giant broke Red Lobster
▼ + stars: | 2024-05-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +15 min

Former Red Lobster employees say that while the pandemic, inflation and rent costs impacted Red Lobster, Thai Union’s ineptitude was the pivotal factor in Red Lobster’s decline. Kenny criticized Red Lobster employees at meetings and made derogatory comments about them, according to former Red Lobster leaders who worked closely with Kenny. Red Lobster’s annual customer count has dropped by 30% since 2019, Red Lobster said in its bankruptcy filing. Red Lobster employees say they were pressured by Thai Union representatives to buy more seafood from Thai Union. Thai Union representatives also began sitting in on meetings between Red Lobster and seafood suppliers, said one of the former Red Lobster employees who witnessed these conversations.

Persons: “, Ludovic Garnier, Jorge Silva, Red Lobster’s, ”, Les Foreman, Red, Thiraphong Chansiri, Angel, Feng shui, Chansiri, Amanda Mustard, Paul Kenny, Kenny, ’, Kenny’s, Bill Darden, General Mills, Darden, Kelli Valade, Valade, Trin, Tapanya, Kevin Lamarque, Barry Fulghum, Lobster, Leah Millis Organizations: New, New York CNN, Thai Union Group, Red, Lobster, Thai Union, CNN, Red Lobster, John West Foods, longtime, Reuters, Thai, West Coast, Lobster’s, Bloomberg, Getty, Minor, Thai Union —, Union, Darden, Gate, Golden, Capital, Facebook, Thai Union . Thai Union, ” Thai Union Locations: New York, Thai, Thailand, Thai Union, United States, Orlando, Australian, Dallas, America, United, Texas, Spring , Maryland

☆ Gildan's board abruptly resigns ahead of annual meeting, handing control to activist
▼ + stars: | 2024-05-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The activist firm later claimed Gildan's board was showing a "complete disregard for sound corporate governance." The last time an entire board resigned during an activist battle was in 2012, when Canadian Pacific's board yielded to Bill Ackman hours before the railroad's annual meeting. "We are deeply grateful for the outpouring of support that Browning West's slate and plan have received from our fellow shareholders, Gildan employees, and leading proxy advisory firms," Browning West's Usman Nabi and Peter Lee said in a statement. Browning West, based in Los Angeles, accused Gildan's board of leaking an allegedly non-existent sale process to the media and hiring private investigators to look into one of the firm's nominees. Other major shareholders, including Anson Funds and Janus Henderson, backed Browning West's push.

Persons: Gildan Activewear, Browning West's, Glenn Chamandy, Browning, Vince Tyra, Bill Ackman, Browning West's Usman Nabi, Peter Lee, Gildan's, Gildan, Chamandy, Tyra, Michael Kneeland, Janus Henderson, Glass Lewis, Ancora Organizations: Houchens Industries, Amazon, Target, United Rentals, Anson Funds, Norfolk Southern Locations: Montreal, Gildan, Los Angeles

☆ The chilling parallels a woman sees between the Trump trial and her accusations against Harvey Weinstein
▼ + stars: | 2024-05-22 | by ( Elizabeth Wagmeister | ) edition.cnn.com time to read: +16 min

I reported him and then I just tried to follow the justice and what they told me to do,” Battilana Gutierrez told CNN in a recent interview. Battilana Gutierrez says she sees chilling parallels between the alleged conspiracy surrounding a hush-money payment connected to Trump and what happened to her. “It would be very interesting to see if he had to speak about the Harvey Weinstein trial,” Battilana Gutierrez said of Pecker. Of Battilana Gutierrez, he added, “Harvey wishes her well and hopes only for happiness and success for her.”Eventually, Battilana Gutierrez did sign a non-disclosure agreement with Weinstein’s legal team. Mark Peterson/Redux“Both Harvey Weinstein and Donald Trump were ‘FOPs’ – Friends of Pecker,” Cartwright told CNN.

Persons: Ambra Battilana Gutierrez, Harvey Weinstein, –, ” Battilana Gutierrez, “, ”, Battilana Gutierrez, Weinstein, Donald Trump, David Pecker –, Trump, Jeenah, Michael Cohen, ” Pecker, Arnold Schwarzenegger, Ari Emanuel, Rahm, Barack Obama’s, Schwarzenegger, Ari, Rahm Emanuel, Pecker, ’ Battilana Gutierrez, ’, ” Harvey Weinstein, Natalia V, ” Weinstein’s, Juda Engelmayer, “ Ms, Gutierrez ’, ” Engelmayer, Battilana, Julia Nikhinson, he’s, Harvey Weinstein’s, “ Harvey, Judge James Burke, ” Gutierrez, Ronan Farrow, Cyrus Vance , Jr, Eduardo Munoz, Cyrus Vance, ” Vance, Vance, Attorney Alvin Bragg, Weinstein’s, Lachlan Cartwright, Ambra, ” Cartwright, David J, Mark Peterson, Rose McGowan’s, Cartwright, McGowan, American Media …, Timothy A, Clary, Jason Kravarik Organizations: CNN, Trump, American Media Inc, National, Manhattan Criminal, Staff, Chicago mayorship, National Enquirer, New Yorker, The New York Times, New, Weinstein’s, Manhattan District, Manhattan DA, Manhattan, Attorney’s, Attorney, Attorney’s Office, New York Times Magazine, AMI, Manhattan DA’s, New York Times, Enquirer, Yorker, Weinstein Company, Pecker, Radar, “, American Media, Model Alliance, Getty Locations: Italian, New York City, Manhattan, New York, Los Angeles, Italy, York, New, Angeles, AFP, CNN’s

☆ Meet the leaders of the Trump era's new conservative economic populism
▼ + stars: | 2024-05-22 | by ( Eamon Javers | ) www.cnbc.com time to read: +9 min

Drew Angerer | Getty ImagesThis reported column is Part Two of Eamon Javers' two-part series on the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. In Part One, Javers introduces readers to the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. Senator Republican Marco Rubio gives a speech at the Conservative Political Action Conference (CPAC) in Orlando, Florida, February 25, 2022. Cass counts among his allies several well respected conservative economic thinkers. "It's economic policy that emerges not from good economics, but from politics and the culture war and what your base wants," he said.

Persons: Vance, Sen, Josh Hawley, Drew Angerer, Eamon Javers, Donald Trump, Javers, WASHINGTON —, Trump, Sohrab Ahmari, Ahmari, Donald Trump's, –, We've, Oren Cass, —, Marco Rubio, Tom Cotton, Republican Marco Rubio, Octavio Jones, Cass, Robert Lighthizer, Lighthizer, James Pethokoukis, Pethokoukis, Joe Biden —, Biden, Kahn, Lina Kahn, Lina Khan, Tom Williams Organizations: Republican, U.S, Senate, GOP, Wall Street Journal, Security, African American, Trump coalition, National Labor Relations, American, Conservative Political, Reuters, CNBC, United States Trade, Trump, American Enterprise Institute, Democratic, Big Tech, Biden's Federal Trade Commission, Financial Services, General Government, Federal Trade Commission, Cq, Inc, Getty Locations: Ohio, Cuyahoga Falls , Ohio, America, Washington, Ukraine, Vance ( Ohio, Fla, Mo, Washington . U.S, Orlando , Florida, Biden's, Rayburn

☆ DuPont de Nemours to split into three companies
▼ + stars: | 2024-05-22 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —DuPont de Nemours, the American multinational chemical company that traces its history back to 1802, announced plans to split into three publicly traded companies on Wednesday. DuPont’s breakup comes amid other large, multi-national companies announcing breakups in recent years, with many CEOs and corporate boards touting the agility of smaller companies. In a statement, Breen echoed a similar refrain, saying the three smaller companies would have greater flexibility after the spin-off. This is the second DuPont breakup in half a decade. In 2019, DowDuPont, which was created in a DuPont merger with Dow Chemical, broke apart into three separate entities: DuPont, Dow Chemical and Corteva, the company’s agriculture business.

Persons: Lori Koch, Ed Breen, Koch, Breen, ”, “, Kellogg, DuPont Organizations: CNN, DuPont de Nemours, DuPont, ”, General Electric, Dow Chemical

☆ India's central bank approves highest-ever dividend to the government
▼ + stars: | 2024-05-22 | by ( ) www.cnbc.com time to read: +2 min

A youth walks past the entrance of the Reserve Bank of India head office in Mumbai on Nov. 17, 2021. The board of India's central bank approved a record surplus transfer of 2.11 trillion rupees ($25.35 billion) to the government for the fiscal year ended March, sharply above analysts' and government projections. The government had budgeted a dividend of 1.02 trillion rupees from the Reserve Bank of India, state-run banks and other financial institutions, interim budget estimates for the fiscal year 2024/25 show. The RBI board also decided to raise the contingency risk buffer (CRB) to 6.5% from 6% previously. Analysts had expected a surplus transfer in the range of 750 billion rupees to 1.2 trillion rupees, aided by strong foreign exchange earnings.

Persons: Garima Kapoor Organizations: Reserve Bank of India, Elara Locations: Mumbai, India's

☆ McDonald's franchisee group says $5 value meal can't last without company investment
▼ + stars: | 2024-05-21 | by ( Kate Rogers | ) www.cnbc.com time to read: +3 min

"The fact remains that in order to provide the consumer with more affordable options, they must be affordable for the owner/operators. McDonald's vast resources and financial investment are essential to any sustainable affordable strategy," the board of the National Owners Association wrote in a letter to membership. McDonald's declined to comment on the NOA letter to its membership. In a statement to CNBC last week on the value meal the company said, "We know how much it means to our customers when McDonald's offers meaningful value and communicates it through national advertising. These ideas were initially floated by the advocacy group earlier in the year, as it pushed to add affordable options to the menu without discounting "core and iconic" items.

Persons: McDonald's, That's, NOA, Chris Kempczinski Organizations: National Owners Association, CNBC Locations: Oakland , California

☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ World Economic Forum founder Klaus Schwab to step back from executive role
▼ + stars: | 2024-05-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Klaus Schwab speaks as part of SWITCH GREEN during day 1 of the Greentech Festival at Kraftwerk Mitte aired on Sept. 16, 2020 in Berlin, Germany. The World Economic Forum confirmed Tuesday that founder Klaus Schwab is moving away from the day-to-day management of the organization after more than 50 years at the helm. The forum said that the move was part of a years' long strategy to change its management structure, shifting governance to a president and managing board. The forum did not reveal who would succeed Schwab and become the face of its elite annual meeting in Davos, Switzerland. The non-profit think tank confirmed that Schwab would transition to a role as chairman of the board of trustees.

Persons: Klaus Schwab, Brende, Schwab, WEF Organizations: Kraftwerk, Economic, CNBC Locations: Berlin, Germany, Davos, Switzerland

☆ Tesla shareholders say Elon's influence makes Kimbal Musk and James Murdoch unsuitable for the company's board
▼ + stars: | 2024-05-21 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

A group of Tesla shareholders are urging others to reject Musk's proposed pay package. They also want shareholders to vote against the reelection of board members James Murdoch and Kimbal Musk. The shareholders cited concerns about Murdoch's and Kimbal Musk's personal ties to the Tesla CEO. AdvertisementA group of Tesla shareholders are urging others to vote against the reelection of Kimbal Musk and James Murdoch to the Tesla Board and reject a plan to give Tesla CEO Elon Musk a hefty pay package. Per the shareholders, they believe there is "ample evidence" that Tesla's entire board of directors is "overly beholden to CEO Musk."

Persons: Musk's, James Murdoch, Kimbal, —, Kimbal Musk, Elon Musk, Murdoch, Musk Organizations: Service, Tesla, SEC

☆ Stocks making the biggest moves midday: Peloton, Lam Research, Lowe's, AstraZeneca and more
▼ + stars: | 2024-05-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Lowe's — The home improvement stock fell 2.9% despite the company posting a first-quarter earnings and revenue beat. By comparison, analysts surveyed by FactSet had penciled in $1.45 in earnings per share on $1.21 billion in revenue. XPeng — U.S-listed shares jumped nearly 5% after the Chinese EV company topped first-quarter estimates for revenue and said it anticipates a rise in quarterly deliveries. AutoZone reported $4.24 billion in revenue for the quarter, below the $4.29 billion expected by analysts, according to FactSet. Sprout Social — Shares dropped 4% after Sprout Social responded to a Reuters report, citing sources familiar, that said its founders are in talks to take the social media strategy company private.

Persons: Lam, Macy's, Tony Spring, Marvin Ellison, BlackLine, FactSet, Keysight, AutoZone, Li Auto, Li, Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han, Samantha Subin Organizations: AstraZeneca — U.S, Traffic Safety Administration, Dell Technologies, Citi, Baird, Palo Alto Networks, Keysight, EV, Reuters, Li Auto Locations: billings, —

☆ Stocks making the biggest moves premarket: Macy's, Lowe's, Peloton, Zoom Video and more
▼ + stars: | 2024-05-21 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Macy's — The department store operator added about 3% after beating earnings estimates for the first quarter and raising its full-year outlook. AutoZone reported revenue of $4.24 billion while analysts polled by FactSet forecast $4.29 billion. XPeng — Shares gained 5% after the Chinese electric vehicle firm beat first-quarter estimates on the top and bottom line. The company reported revenue of 25.6 billion yuan, a 38.6% decrease from the fourth quarter of 2023. Zoom Video — Shares slipped nearly 3% even after the video conferencing company reported better-than-expected earnings and revenue for the first quarter.

Persons: Macy's, Lowe's, XPeng, Baird, David Koning, billings, Li Auto, Paul Lejuez, Wall, LSEG, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: FactSet, Palo Alto Networks, —, Technologies, Lam Research, Citi Locations: Keysight

☆ Paris 2024: What is an Individual Neutral Athlete at the Olympic Games?
▼ + stars: | 2024-05-21 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +8 min

CNN —Russian athletes have competed under several different guises throughout the 128-year history of the Olympics, and they will be known by another new name at Paris 2024. Antonin Thuillier/AFP/Getty ImagesHere’s everything you need to know about the participation of Russian and Belarusian athletes at the 2024 Olympics. “The sanctions against those responsible for the war, the Russian and Belarusian states and governments, remain in place for the Olympic Games Paris 2024,” the IOC said in a statement. “No flag, anthem, colors or any other identifications whatsoever of Russia or Belarus will be displayed at the Olympic Games Paris 2024 in any official venue or any official function,” the statement continues. Like all other athletes, AINs will need to meet anti-doping requirements to be considered for selection.

Persons: Ukraine –, Igor Kobzar, Antonin Thuillier, –, AINs, Star Pau Gasol, Nicole Hoevertsz, Ryu Seung, Robert Michael, Russia –, Mariya Lasitskene, ”, Daniil Medvedev, “, it’s, Russia ” Organizations: CNN, Olympics, Belarus –, International Olympic Committee, IOC, ATP, WTA, Russian Olympic, Getty, Games, Olympic Games, Star, Athletes ’ Commission, International, Russian Olympic Committee, Paris, Tokyo, Kyodo, ROC, “ Unified, ”, Soviet Union, Unified Locations: Ukraine, Belarus, Belarusian, Donetsk, Kherson, Luhansk, Zaporizhzhia, Paris, France, Russia, AFP, Russian, AIN, Tokyo, Beijing, China, –, Moscow, Pyeongchang, South Korea, Barcelona, Soviet, Baltic, Lithuania, Latvia, Estonia

☆ $9 billion travel tech firm Navan on track to hit profitability this year and 'not far' from IPO, CEO says
▼ + stars: | 2024-05-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Asked about when Navan would choose to go public, the firm's CEO and co-founder Ariel Cohen said the company is close to reaching that milestone. "We can see the signals," he said, adding that Navan has been adjusting its leadership structure and making changes to its board in a signal of maturity. Last month saw Navan announce the return of Rich Liu, formerly Navan's chief revenue officer and "an expert on scaling companies from seed to IPO and beyond," to the business as CEO of Navan Travel, the company's travel division. While Cohen wouldn't commit to a date for Navan's eventual IPO, he said the business was "not far" from being ready for a stock market listing. The company is on track to become cash-flow positive and achieve profitability for the first time this year, he said.

Persons: Ariel Cohen, Rich Liu, Amy Butte, Cohen, Cohen wouldn't, he's Organizations: Navan, CNBC, Navan Travel, New York Stock Exchange Locations: Navan, U.S

☆ Biden to deliver commencement at Morehouse College amid campus division over his presence
▼ + stars: | 2024-05-19 | by ( Michael Williams | ) edition.cnn.com time to read: +4 min

The commencement at Morehouse, a historically Black, all-male college in Atlanta that counts the Rev. During a Thursday news briefing at the White House, Benjamin said he and the students had a wide-ranging conversation, including on the conflict in the Middle East. “I think what’s gonna be most important are the words that the president articulates,” Benjamin said at the White House. Those cases of campus turmoil prompted Biden, in brief remarks from the White House earlier this month, to denounce some of the actions of campus protesters. And after his Morehouse speech on Sunday, Biden is set to travel to Detroit, where he will address an NAACP dinner.

Persons: Joe Biden, Martin Luther King Jr, Biden, Stephen Benjamin, Benjamin, ” Benjamin, ”, George Mason, “, ” Biden, ” Biden’s Morehouse, Brown, Morehouse, Biden’s, Kamala Harris Organizations: Washington CNN, Sunday, Morehouse College, Morehouse, White, George, George Mason University, Israel, Columbia University, University of Texas, UCLA, “, National Museum of Locations: Israel, Atlanta, Gaza, –, Morehouse, Austin, America, Detroit

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