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American said that fuel prices have “increased considerably” since July, when it issued its initial third-quarter guidance. Also on Wednesday, discount carrier Spirit cut third quarter revenue by 5% from its previous forecast. It blamed rising fuel prices and “heightened promotional activity with steep discounting for travel booked” for the weeks leading into Thanksgiving weekend for the adjusted guidance. The organization said in June that it more than doubled its 2023 profit forecast for the global airline industry despite a looming economic downturn. Airlines are expected to make $9.8 billion in net profit in 2023, up from a December forecast of $4.7 billion.
Persons: Scott Kirby, ” Kirby Organizations: New, New York CNN — American Airlines, Labor, Global, International Air Transport Association, United Airlines, CNN Locations: New York, Worth
New York CNN —Dunkin’ is elevating the pumpkin drink wars with, what else, donuts. The drink, called “Ice Spice Munchkins Drink,” is a collaboration with rapper Ice Spice and perhaps Dunkin’s biggest fan, actor Ben Affleck. Dunkin rolled out its fall-themed menu in mid-August, a few weeks before Starbucks added its pumpkin spice latte to menus. On Tuesday, Wendy’s began selling for a limited time a pumpkin spice-flavored Frosty, a new flavor to its menu, and a pumpkin spice-flavored cold brew coffee drink, which uses the same syrup from the pumpkin spice Frosty. Dozens of other food products, from pumpkin spice Oreos to beer, hot chocolate mix and even protein powder have crammed into the market.
Persons: New York CNN — Dunkin, Ben Affleck, ” It’s, Affleck, Dunkin, Wendy’s, Dunkin ’ Organizations: New, New York CNN, Starbucks Locations: New York
New York CNN —Lyft is introducing a new feature that lets women and non-binary riders choose a preference to match with drivers of the same gender. Both the riders and drivers will need to opt-in to the feature for it work and riders must chose a gender for it to work. Although women encompass “nearly half” of its riders, Lyft said that just 23% of its drivers are women, the company said. Lyft and its rival Uber have been under scrutiny for years about riders’ safety, especially with sexual assault incidents. However, Lyft said the vast majority of trips (or 99%) had no reported safety incidents for the time period included in its report.
Persons: New York CNN —, it’s, Lyft, Uber Organizations: New, New York CNN, Human Rights, National Association of Women, Lyft, CNN, Hire Locations: New York,
New York CNN —McDonald’s is getting rid of one its biggest perks. The fast food chain is eliminating its self-serve soda machines by 2032 at its US restaurants, the company said, explaining that the change is will make the experience consistent for customers and crew across the chain. For decades, McDonald’s let customers fill (and refill) their own drinks at its dining rooms. McDonald’s future includes restaurant designs with smaller or no dining rooms (and high-tech drive thrus) to reflect that new reality. The chain also recently teased another major change, called “CosMc’s,” a new small-format location that includes a reduced dining area.
Persons: New York CNN — McDonald’s, Uber, Chris Kempczinski, hasn’t, Taco Organizations: New, New York CNN, , Taco Bell, Starbucks Locations: New York
All this uncertainty has led markets to lack conviction, flip-flopping as conflicting narratives around inflation rates and Fed hikes prevail. But this week’s readings — just a few days ahead of the Fed’s September policy meeting -— could give the markets direction. “Getting core inflation to 2% won’t come quickly, and upside risks remain,” said Greg McBride, chief financial analyst at Bankrate. And while the Fed generally looks at core inflation, the impact of crude prices often extends into other areas of the economy. Pensions and inflation adjustments: The UAW wants a return of traditional pension payment plans and retiree health care for all UAW members.
Persons: There’s, , Price, Jason Pride, Michael Reynolds, Glenmede, , Greg McBride, David Kelly, Chris Isidore, Shawn Fain, they’re, Chris, Jordan Valinsky, Instacart, Organizations: CNN Business, Bell, New York CNN, United Auto Workers, Federal, Consumer, of America, JPMorgan Asset Management, UAW, Ford, Jeep, Dodge, Chrysler, Workers, Union Locations: New York, China, Saudi Arabia, Russia, America, Instacart
New York CNN —Hostess, the maker of Twinkies and Ho Hos, is being purchased by J.M. Hostess stockholders will get $30 in cash along with .03002 shares of Smucker’s stock for each Hostess share they own, with the deal expected to close in 2024. Hostess was founded in 1919 and started making Twinkies in 1930. It filed for bankruptcy in January 2012, and stopped making its products, including Twinkies, in November of that year during a strike by Bakery Workers union. The firms of Apollo Global Management and C. Dean Metropoulos & Co. returned Twinkies to store shelves in July 2013 after acquiring the asset from Hostess.
Persons: , Andy Callahan, Ding Dongs, Smucker, Dean Metropoulos Organizations: New, New York CNN, J.M, , Bakery Workers, Apollo Global Management, Co, Hostess Locations: New York, Ho
Instacart is in free fall as its valuation plunges
  + stars: | 2023-09-11 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: 1 min
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New York CNN —Kroger and Albertsons are selling roughly 400 stores to Piggly Wiggly’s parent company in an attempt to win antitrust approval for the mega merger between the grocery stores. C&S, a privately held company, operates 500 grocery stores under the Piggly Wiggly and Grand Union banners and is also a major grocery wholesaler. On Friday, Kroger reported $33.85 billion in revenue for the second quarter, slightly under analyst estimates of $34.63 billion. Company executives said part of the quarterly loss related to economic headwinds, organized retail theft and opioid settlement payments. The largest to date is a $26 billion settlement involving several companies that began paying out last year and continues for 18 years.
Persons: New York CNN —, ” Kroger, , Mark McGowan, Kroger Organizations: New, New York CNN, New York CNN — Kroger, Albertsons, S Wholesale Grocers, Union, Walmart, Costco, Aldi, ., Kroger Locations: New York, Arizona , California, Colorado, Wyoming, Amazon, Aldi, Dixie, ” State
Ticket sales soar for Coco Gauff's US Open final
  + stars: | 2023-09-08 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
The women’s final, which will have Gauff face world No. 1 Aryna Sabalenka, caps off a record-breaking US Open where not only attendance surpassed previous years, but so did demand and even ticket prices. The average ticket price this year is $365, which is slightly higher than last year’s ticket price of $350. The US Open ends Sunday with the men’s final, which StubHub said is the best-selling match for the whole two-week tournament. It’s not just ticket prices that are through the roof — so are sales of the beloved signature cocktail of the tournament.
Persons: New York CNN — Coco Gauff’s, phenom, StubHub, Arthur Ashe, Novak Djokovic, Ben Shelton, Carlos Alcaraz, Daniil Medvedev, It’s Organizations: New, New York CNN, CNN Locations: New York, Chambord
Gatorade's newest drink doesn't contain Gatorade
  + stars: | 2023-09-07 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +5 min
The PepsiCo-owned brand, best known for its fruit-flavored sports drinks like Fierce Grape or Frost Glacier Cherry, is adding Gatorade Water. It’s a major bet that the brand can tap into the growing “functional water” category (i.e. Specifically, alkaline water is a water that has a higher pH level than tap water. Gatorade Water has pH levels of 7 and higher. Other popular brands include Nestle-owned Essentia and two other PepsiCo-owned brands including LIFEWTR and Propel, a flavored water, that the company sees Gatorade Water being “complementary” to.
Persons: Cherry, Michael Del Pozzo, it’s, Del Pozzo, , , Malina Malkani, Leana Wen, ” Howard Telford, ” Telford, Gatorade’s Del Pozzo, ” Del Pozzo Organizations: New, New York CNN, PepsiCo, Gatorade, Academy of Nutrition, CNN, George Washington University, Coca, Nestle Locations: New York
Wendy’s is selling a pumpkin spice-flavored Frosty
  + stars: | 2023-09-06 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —Wendy’s is entering the pumpkin spice wars. For the first time, Wendy’s is adding a pumpkin spice-flavored Frosty to its menus for a limited time beginning September 12. Adding pumpkin spice-flavored drinks seems like a no-brainer for Wendy’s since the flavor keeps growing in popularity, partly because of Starbucks. The chain doesn’t mix up its Frosty flavors as nearly as often as McDonald’s does with its McFlurry lineup. Also for a limited time this year, Wendy’s is adding a pumpkin spice-flavored cold brew coffee drink, which uses the “same delicious syrup from the pumpkin spice Frosty,” it said.
Persons: New York CNN — Wendy’s, Wendy’s, Carl Loredo, it’s, Organizations: New, New York CNN, Starbucks, CNN Locations: New York, Wendy’s
Gates bought the stock around the time A-B reported earnings that fully encompassed the fallout from Bud Light’s partnership with transgender influencer Dylan Mulvaney. Last month, A-B said that its US revenue fell 10% in the second quarter, hampered by falling Bud Light sales. A few weeks later, Modelo overtook Bud Light in sales at grocery and beer stores, according to NIQ data, marking the first time Modelo has ever beaten Bud Light on a year-to-date basis. However, the difference is slim with Modelo holding 8.34% share of dollars spent on beer vs. 8.28% for Bud Light through August 12. Gates, who has previously admitted that he’s “not a big beer drinker,” has bought other beer brands too.
Persons: Bud Light’s, Bill Gates, Melinda Gates, Gates, influencer Dylan Mulvaney, Bud, Bud Light, he’s, Organizations: New, New York CNN, Anheuser, Busch, Melinda Gates Foundation Trust, Revenue, Modelo, Bud Light, Heineken Holding Locations: New York, North America, Canada, United States
New York CNN —Tennis champion Daniil Medvedev is competing at the US Open, but there’s a problem: He can’t watch any of the matches on his TV. “I cannot watch it on TV anymore,” Medvedev said about the tennis tournament. “I don’t know if it’s legal or illegal, but I have to find a way because I cannot watch it on TV. I got internet, probably this, how you call it, pirate websites, so I watch tennis there … I have no other choice.”Last week, Disney-owned channels like ESPN were pulled from 15 million Spectrum cable subscribers in prime time, angering fans trying to watch tennis and college football. However, its anchors didn’t acknowledge the carriage dispute or mention the irony that Spectrum subscribers can’t watch tennis on its own cable service.
Persons: Daniil Medvedev, , ” Medvedev, Disney “, Disney, We’re Organizations: New, New York CNN — Tennis, Walt Disney Company, ESPN, Disney, Charter, Spectrum, Hulu, NY1 — Locations: New York, Queens , New York
New York CNN —X owner Elon Musk is threatening to sue the Anti-Defamation League for defamation, claiming that the nonprofit organization’s statements about rising hate speech on the social media platform have torpedoed X’s advertising revenue. But the organization noted it recently met with X leadership, including CEO Linda Yaccarino, who Musk hired to help revive ad revenue. A #BanTheADL campaign has spread on X, and the ADL accused Musk of “lifting” the campaign. The ADL and other similar organizations, including the Center for Countering Digital Hate, have found that the volume of hate speech on the website has grown dramatically under Musk’s stewardship. Still, two brands last month paused their ad spending on X after their advertisements ran alongside an account promoting Nazism.
Persons: Elon Musk, Musk, Linda Yaccarino, Yaccarino, Jonathan Greenblatt, , ” Musk, X, CCDH, Imran Ahmed, ” Ahmed Organizations: New, New York CNN, Defamation League, Twitter, @ADL, ADL, Anti, Defamation, X, Center, CNN Locations: New York
New York CNN —Soccer superstar Leo Messi’s arrival in America has sparked a surge in ticket prices, apparel and now, streaming subscriptions. MLS Season Pass, which is Apple’s streaming package that broadcasts the soccer matches, experienced 1,690% growth in sign-ups the day Messi first played for his new team Inter Miami, according to analytics firm Antenna. Newly released data shows that the streaming package had about 6,000 subscription sign-ups the day before, but that soared to 110,000 sign-ups on his July 21 debut in the Leagues Cup. But nearly half of MLS Season Pass sign-ups to date happened in July after Messi joined the league, showing the surge in interest that Messi brought to Major League Soccer. That isn’t a surprise since his deal with Inter Miami includes a cut of the revenue from new subscribers of MLS Season Pass, according to multiple reports.
Persons: Leo Messi’s, Messi, Ted Lasso, Eddy, Tim Cook, ” Messi, signups, Apple, , ” David Rumsey, he’s, Organizations: New, New York CNN — Soccer, Inter Miami, Leagues, Major League Soccer, Apple, MLS, Front Office Sports, CNN Locations: New York, America
Ticket prices for this Sunday’s match between Inter Miami and Los Angeles FC are the most expensive for a Major League Soccer game ever, according to TickPick, an online marketplace. Average prices are around $690 — a 527% increase over the average ticket price of an MLS game, which used to cost $110 before soccer superstar Leo Messi joined the league. Demand to see Messi is juicing MLS ticket prices. Ira L. Black/Corbis/Getty ImagesHowever, this could be the ceiling for ticket prices. Previously, the Inter Miami jersey was the top-selling jersey only in Florida.
Persons: New York CNN —, “ Messi, , Leo Messi, Messi, Ira L, TickPick, Brett Goldberg, Goldberg, Apple, Soccer.com Organizations: New, New York CNN, Inter Miami, Los, Los Angeles FC, Major League Soccer, MLS, CNN, , New York Red Bulls, Adidas, Messi Locations: New York, Los Angeles, Argentina, Florida, Vermont
Trader Joe’s issues its sixth recall in two months
  + stars: | 2023-08-31 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +1 min
New York CNN —Trader Joe’s has issued another food recall — its sixth since July. Last week, the chain announced that it’s recalling its Texas Tamale Company Gourmet Black Bean Tamales because they might contain milk allergens. Trader Joe’s said that the tamales with “undeclared milk” were sold in nine states, including Texas, Colorado and New Mexico, with the UPC number 717725000580. Texas Tamale Co. issues a recall for undeclared milk in their black bean tamales. We urge you to discard the product or return it to any Trader Joe’s for a full refund,” Trader Joe’s wrote on its website.
Persons: Joe’s, , Bean Tamales Organizations: New, New York CNN, UPC, . Texas Tamale Co, Food & Drug, Drug Administration, ” Texas Tamale Company Locations: New York, Texas, Texas , Colorado, New Mexico, . Texas, ” Texas
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New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.
Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States
New York CNN —California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth. The jobs being cut are from across all areas of the company, according to a statement on its website. Last month, Farmers announced it would stop offering its policies in Florida, saying in a statement that the decision was necessary to manage its risk exposure in the hurricane-prone state. Farmers has also limited new homeowners insurance policies in California because of high costs and wildfire risks. The layoffs come after T-Mobile and CVS also announced thousands of job cuts this month, though the US labor market remains strong overall.
Persons: , , Raul Vargas, — CNN’s Jordan Valinsky Organizations: New, New York CNN —, Farmers Insurance, Farmers, Farmers Group, Inc, Farm, Allstate, Mobile, CVS Locations: New York, New York CNN — California, Florida, California
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New York CNN —Nordstrom closed the doors of its five-story department store in San Francisco on Sunday, ending a 35-year run as the city suffers a retail exodus. After Nordstrom announced it was closing, shopping mall operator Westfield said it would give up control of its San Francisco mall, citing “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”Once a bustling retail center in the heart of the city, the San Francisco Centre has taken a significant hit in the past few years. Three years later, corporate America has yet to return in the same numbers: Office vacancies in San Francisco have reached a 30-year high. In total, more than 39 retail stores have shuttered in San Francisco’s Union Square area since 2020, according to a tally from Coresight, a market research firm. City leaders are hopeful that the home furniture store will draw shoppers to downtown San Francisco and support other businesses in the area at a time of store closures and rising public safety concerns.
Persons: New York CNN — Nordstrom, Nordstrom, Organizations: New, New York CNN, Sunday, ” Shoppers, CNN, KGO, Nordstrom, Westfield, San Francisco, San, Anthropologie, Ikea Locations: New York, San Francisco, Westfield, Westfield’s, America, San Francisco’s Union
New York CNN —The New York Times found instant success with Wordle. A new puzzle called Connections is officially joining the newspaper’s portfolio of games this week, following a successful summer testing phase where it became the Times’ second-most played game behind Wordle despite minimal promotion. Players will see Connections appear in the Times’ Games app and in the news app under the Play tab beginning this week. Connections is the newest hit for the New York Times. Players playing other games other than Wordle “experienced record growth over the last year,” Times CEO Meredith Kopit Levien said in a recent earnings call.
Persons: New York Times Jonathan Knight, Knight, ” Knight, , Wordle, Wordle “, Meredith Kopit Levien, ” Brian Morrissey, ” Morrissey, Organizations: New, New York CNN, The New York Times, Wordle, Times, Times ’, New York Times, CNN, , Locations: New York
New York CNN —A brand of frozen mixed vegetables and sweet corn sold at Kroger and Food Lion is being recalled because of potential bacterial contamination. The Food and Drug Administration announced this week that Twin City Foods, which packages the affected food, is “voluntarily recalling a limited quantity” of the frozen vegetables because there’s a “potential for these products to be contaminated with Listeria monocytogenes.”Affected food includes various sizes of Kroger and Food Lion branded super sweet corn, Kroger and Food Lion branded mixed vegetables carrots, super sweet corn, green beans and green peas. Listeria is a hardy germ that can continue to grow while refrigerated and can cause “serious and sometimes fatal infections” in the elderly, young people and those with weakened immune systems. However, the FDA said that “there have been no actual consumer reports of human illness or other complaints associated with this product.” A customer’s third-party lab results from the sweet cut corn sparked the recall. People that have bought an affected frozen vegetables product are being told not to eat it and to “immediately return the product to the store where they purchased it for a full refund.”
Persons: Organizations: New, New York CNN, Kroger, Food, Drug Administration, Twin City Foods, Food Lion, FDA Locations: New York
New York CNN —“Barbie” is now the highest-grossing movie at the domestic box office this year, taking the crown away from “Super Mario Bros.”According to studio estimates, “Barbie” has made $575.4 million at the American box office as of Thursday, edging past Mario’s domestic haul of $574.2 million. “Barbie’s” run to the top was faster than “Mario’s,” reaching the record-breaking title in only 34 days since its release. It took Mario, Luigi and the gang 138 days to cross the $574.2 million benchmark in the United States, according to Deadline. It also placed director Greta Gerwig as the highest-grossing female movie director in history. “Barbie” and “Blue Beetle” are distributed by CNN’s parent company, Warner Bros.
Persons: New York CNN — “ Barbie ”, Mario, “ Barbie ”, Luigi, , Paul Dergarabedian, Greta Gerwig, “ Barbie Organizations: New, New York CNN, , Warner Bros, Discovery’s, CNN, DC, Warner Bros . Locations: New York, , United States
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