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Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15. Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview. The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers. According to Numerator, 36% of Costco's customers have a household income of more than $125,000. As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay.

Persons: Barry McCarthy, Long, Dion Camp Sanders, Peloton's, We've, Camp Sanders, Gary Millerchip, Costco's, they've, Merchandising Claudine Adamo, Truemed Organizations: Costco, CNBC, Merchandising, Dick's Sporting Goods, PayPal Locations: U.S

☆ Stellantis to sell, shutter large testing facility amid cost-cutting efforts
▼ + stars: | 2024-10-18 | by ( Michael Wayland | Robert Ferris | ) www.nbcnews.com time to read: +4 min

DETROIT — Automaker Stellantis plans to shutter and sell its large vehicle proving grounds in Arizona at the end of this year, CNBC has learned. The Arizona Proving Grounds covers 4,000 acres between Phoenix and Las Vegas in Yucca, Arizona. As of July 2019, the operations employed 69 people, including workers represented by a local chapter of the UAW, according to the automaker. Stellantis plans to use a proving grounds in Arizona owned by Toyota Motor beginning next year, according to two people familiar with the decision. Stellantis’ other major U.S. proving grounds facility is a 4,000-acre campus located west of Detroit in Chelsea, Michigan.

Persons: Carlos Tavares, Stellantis, “ Stellantis, ”, Gretchen Whitmer, Tavares ’ Organizations: DETROIT, CNBC, Atlantic, Wall Street, United Auto Workers, Chrysler, Ford Motor, UAW, Toyota Motor, Toyota, Stellantis, Michigan Gov, General Motors, Ford, Bloomberg Locations: Arizona, Phoenix, Las Vegas, Yucca , Arizona, Detroit, Chelsea , Michigan, Auburn Hills , Michigan, North America, Brazil, India, Mexico, U.S, Europe

In 2017, Hurricane Maria damaged three IV fluid manufacturing plants in Puerto Rico, also operated by Baxter, which led to a shortage. “Although this particular shortage on these particular IV fluids is not something we’ve encountered,” DeRienzo said. Along with IV fluids, the North Carolina Baxter facility also made specialty fluids, such as peritoneal dialysis fluid as well as irrigation fluids, used to clean wounds. Ganio said those measures won’t solve the ongoing IV fluid shortage problems long term. “The IV fluids are kind of a good example of the chronic shortages,” he said.

Persons: Helene, Erin Fox, ” Fox, Fox, ‘, ” Michael Ganio, ” Ganio, ”, hasn’t, Baxter, Chris DeRienzo, Hurricane Maria, we’ve, ” DeRienzo, Ganio Organizations: Food, Baxter, FDA, University of Utah Health, American Society of Health, System, Braun, ICU, American Hospital Association, Carolina Baxter, of Health, Human Services, HHS Locations: North Carolina, U.S, Saline, Puerto Rico, Carolina, Canada, China, Ireland

Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior. Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Both Walgreens and rival CVS are facing a difficult operating environment, fighting to be profitable as consumers shift their habits. In 2021, CVS said it would close about 900 stores, or about 10% of its U.S. locations, from 2022 to 2024.

Persons: Tim Wentworth, ” Wentworth, ” Neil Saunders Organizations: Walgreens, CVS, Rite Aid, Pharmacy, CNBC Locations: U.S

☆ Walgreens says it will close 1,200 stores by 2027, as earnings top estimates
▼ + stars: | 2024-10-15 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

A person rides past a Walgreens truck, owned by the Walgreens Boots Alliance, in Manhattan, New York City, on Nov. 26, 2021. The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be "immediately accretive" to its adjusted earnings and free cash flow. In June, Walgreens said it intends to close a "significant" number of its underperforming stores by 2027. Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year.

Persons: Tim Wentworth Organizations: Walgreens, Walgreens Boots Alliance, LSEG, Wall Street Locations: Manhattan , New York City, U.S

☆ Stocks making the biggest moves midday: First Solar, Tesla, CVS, TD Bank and more
▼ + stars: | 2024-10-10 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: First Solar — The solar stock slipped 8%, on pace for its worst day since July 15, after Jefferies cut its price target on the stock and said it expects First Solar's third-quarter report to disappoint. Tesla — The stock was little changed ahead of the electric vehicle maker's robotaxi event Thursday after the bell. Investors expect Tesla to announce a Cybercab robotaxi prototype alongside advancements in driver assistance features and artificial intelligence capabilities. CVS Health — The pharmacy chain's stock rose 1.8% following an upgrade at Barclays to overweight from equal weight. PayPal — The payments platform stock slipped 2.9% following a Bernstein downgrade to a market perform rating from outperform.

Persons: Jefferies, Stifel, Piper Sandler, Tesla, Bernstein, Harshita Rawat, Venmo, — CNBC's Lisa Han, Sean Conlon, Sarah Min, Hakyung Kim, Michelle Fox Organizations: Enphase Energy, Dominion Bank, Street Journal, GXO Logistics —, Bloomberg, Logistics, American, JPMorgan, CVS Health, Barclays, CVS, Genomics, PayPal Locations: Toronto, Canadian

Grabango, a venture-backed startup that was vying to take on Amazon in cashierless checkout technology, is shutting down after it was unable to raise enough money to stay afloat. Based in Berkeley, California, Grabango was seen as one of the primary rivals to Amazon's cashierless checkout offering, called Just Walk Out. Amazon in April pulled its cashierless checkout technology from its U.S. Fresh stores and Whole Foods supermarkets. Glaser said Grabango eschewed shelf sensors in favor of computer vision which put it on a path for "widespread adoption." WATCH: Amazon is making a big bet on selling its cashierless tech to outsiders

Persons: Grabango, Will Glaser, Grabango's, Peter Thiel's, Glaser, Axios, CNBC's Ari Levy Organizations: CNBC, longtime, LinkedIn, Commerce Ventures, Fund, Unilever, Honeywell, Aldi, Amazon, Foods Locations: U.S, Berkeley , California

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Amazon is selling its cashierless tech to outsiders after removing it from its own U.S. storesWhen Amazon first launched its "Just Walk Out" cashierless checkout solution in 2018, analysts say it had the potential to revolutionize retail. But in April, Amazon pulled the tech from Whole Foods and its U.S. line of Fresh grocery stores. Instead, Amazon focused on selling it to outsiders and installed it in 200 third-party stores in NFL stadiums, arenas, colleges, airports and more. CNBC got the first on-camera tour of the lab used to develop the tech and its new "multi-modal" AI system.

Organizations: Amazon, Foods, CNBC

The company launched its first Amazon Go convenience store featuring a new kind of technology, called "Just Walk Out." In 2020, the company began licensing Just Walk Out technology to third parties, signing on retailers in stadiums, airports and hospitals. The company discontinued some of its retail chains, closed eight Amazon Go stores, and hit pause on new Fresh store openings. While it's no longer featuring Just Walk Out as prominently in its own stores, Amazon says it has inked deals with a growing list of customers. Amazon in July updated the AI system behind its Just Walk Out technology to handle all the inputs in a store simultaneously.

Persons: Jeff Bezos, Charlie Rose, Bezos, Andy Jassy's, It's, Jordan Berke, Berke, Walmart's, Jon Jenkins, Jenkins, Amazon's, CNBC Jenkins Organizations: Amazon, Foods, Anadolu, Getty, Bloomberg, Walmart, Kroger, Target, CNBC Locations: San Mateo , California, United States, China, Seattle , Washington, Amazon's Seattle

☆ Stellantis CEO says too soon to confirm 2025 dividend as shares slide
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: +2 min

Carlos Tavares, chief executive officer of Stellantis NV, speaks during a news conference at the Fiat automobile manufacturing plant in Kragujevac, Serbia, on Monday, July 22, 2024. Stellantis CEO Carlos Tavares on Thursday left the door open for possible cuts to its dividend and share buybacks next year and brushed off problems with its U.S. business that led to a major profit warning this week as a "small operational error". "When you are in a context which is brutal and more demanding, if you make a small operational error, well it is immediately visible," he said, adding he was taking it as a "wake up call" and very seriously. While Stellantis is committed to its 2024 dividend, Tavares said it was too early to confirm next year's plan. "The time for 2025 has not come, we will see what will happen at the end of 2024 for a discussion and a decision for 2025," he said.

Persons: Carlos Tavares, Tavares, Stellantis Organizations: Stellantis NV, Fiat, Thursday, Chrysler, Jeep, Citroen, Peugeot Locations: Kragujevac, Serbia, U.S, France

☆ Stellantis U.S. auto sales extend free fall in third quarter
▼ + stars: | 2024-10-02 | by ( Michael Wayland | ) www.nbcnews.com time to read: +3 min

DETROIT — Stellantis’ U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares’ attempts to correct what he has called “arrogant” mistakes. Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker. All of Stellantis’ brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Stellantis’ performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.

Persons: Carlos Tavares ’, Stellantis, Cox, Edmunds, Matt Thompson, Tavares Organizations: DETROIT, carmaker, Auto, Cox Automotive, U.S, Fiat, Chrysler, Dodge, Jeep, New York Stock Exchange, Stellantis, Fiat Chrysler, France’s PSA Groupe, United Auto Workers Locations: ’, U.S

☆ ValueAct takes a stake in Sanwa. How the activist can make a good company into a great one
▼ + stars: | 2024-09-28 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Business: Sanwa Holdings is a Japan-based company mainly engaged in the manufacture and sale of building and commercial facility construction materials, as well as the provision of maintenance and renovation services. Activist Commentary: ValueAct has been a premier corporate governance investor for over 20 years. Ahead of any shareholder value creation, ValueAct will likely call for increased shareholder returns in the form of buybacks to capitalize on the Sanwa's relatively low valuation. ValueAct is likely to continue as an active shareholder while Sanwa continues to do what it's been doing, just on a faster timetable. As an engaged investor, ValueAct has historically closed the gap between "good" and "great" by supporting management in executing its plan.

Persons: ValueAct, Rob Hale, Hale, Sanwa, Clopay, healthily, It's, Dalton, Ken Squire Organizations: Sanwa, Olympus, JSR, ValueAct, Griffon Corp, KKR, Nikkei, U.S, Dalton Investments, 13D Locations: Japan, North America, Europe, U.S, Asia

☆ Stocks and bonds are at odds on what happens next after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

For the third quarter, the S & P 500 has popped 4.7%, while the Dow is higher by 7.7%. "The bond market has the fed funds rate being cut below 3% in 2025," Johnston, the firm's head of derivatives and cross asset strategy, wrote in a note Monday. On Monday, S & P Global said its U.S. manufacturing purchasing managers' index fell to a 15-month low in September — while its services sector gauge showed expansion. He likes put spreads on the SPDR S & P 500 ETF Trust (SPY) expiring Oct. 31. If history is any guide, it'll most likely be the bond market.

Persons: Cantor Fitzgerald's Eric Johnston, Johnston Organizations: Dow Jones, Federal Reserve, Dow, P Global, Trust Locations: —

☆ Dollar rebounds after Fed goes big on rate cut
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +4 min

The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. Fed policymakers on Wednesday projected the benchmark interest rate would fall by another half of a percentage point by the end of this year, a full percentage point next year and half of a percentage point in 2026, though they said the outlook that far into the future is necessarily uncertain. "So to expect an easing today because of what the Fed has done seems a little bit too hard to believe." Elsewhere, the Australian dollar edged up 0.05% against its U.S. counterpart to $0.6768, while the New Zealand dollar advanced 0.04% to $0.6210.

Persons: Jerome Powell, it's, Rodrigo Catril, —, Eric Robertsen, Sterling, NAB's Organizations: U.S, Wednesday, Reuters, National Australia Bank, Bank of England, New Zealand Locations: U.S, Singapore

☆ Jim Cramer says Salesforce's collaboration with Nvidia should not be overlooked
▼ + stars: | 2024-09-18 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer urged people to be patient once the Fed's decision arrives at 2 p.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stocks, Jerome Powell's, Jim, Salesforce, Agentforce, Mark Benioff, Brian Niccol, General Mills, Jim Cramer's Organizations: CNBC, Nvidia, Bank of America, Starbucks, VF Corp, Resmed, Marriott International, Alaska Air Locations: China

☆ Amazon is opening Fresh supermarkets after yearlong stall — but many locations remain vacant
▼ + stars: | 2024-09-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +9 min

In this article AMZN Follow your favorite stocks CREATE FREE ACCOUNTWorkers stock shelves at an Amazon Fresh grocery store in Seattle, Washington, US, on Thursday, May 2, 2024. As part of the Fresh store redesign, Amazon created a more colorful layout and added Krispy Kreme donut and coffee stalls. "We like the early results a lot," Jassy said on the company's first-quarter earnings call in April, referring to the revamped Fresh stores. Amazon declined to comment on the status of the Fresh stores that remain unopened. "You walk into the Amazon Fresh store in Roseville and it feels like you're in a stainless steel wine cellar," Thill said.

Persons: David Ryder, Joe Knowles, Bensalem, it's, Andy Jassy's, Jassy, CNBC it's, It's, Ted Weill, AlbaneseCormier, Weill, they've, Brent Thill, Thill Organizations: Amazon, Bloomberg, Getty, CNBC, Foods, Walmart, Jefferies, Anadolu, Mart, Shoppers, Aldi, Rancho Mirage Locations: Seattle , Washington, US, Philadelphia, Bensalem , Pennsylvania, California , Illinois, Maryland , New Jersey, Virginia, Illinois, California, Amazon's, U.S, Woodland, Los Angeles, San Mateo , California, United States, Pennsylvania , New Jersey , New York , Florida, Washington, Florida, Mirage , California, Palm Springs, Italian, Sacramento, Roseville, Amazon

☆ Streaming deals are key to future of NFL viewership, fandom
▼ + stars: | 2024-09-10 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data. Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.

Persons: John Kelly Jr, Hans Schroeder, Peacock, Steve Jobs, Schroeder, Nielsen, Rick Cordella, Lori Conkling Organizations: Baltimore Ravens, NFL, Green Bay Packers, Lambeau, The, CNBC, Google, YouTube, Comcast, Netflix, Apple, NBC Sports, English Premier League, NBA Locations: Green Bay , Wisconsin, U.S, Brazil

☆ Chinese companies are already investing in the U.S., ahead of any Trump tariffs
▼ + stars: | 2024-08-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Rising U.S.-China tensions have sent Chinese companies the signal that regardless of who wins the White House, overseas investment is the way to go. Chinese companies' interest in expanding overseas has accelerated since the pandemic as growth slowed domestically. "Top sectors that received Chinese investment have shifted from tertiary to manufacturing industries," the report said. "Interestingly, while Chinese companies have become more active in expanding business in ASEAN countries, they tend to maintain their presence in the West, suggesting the 'ASEAN+1' strategy may have increased." Even in the U.S, where new investment from China has fallen sharply, the report said that "Chinese companies have not materially withdrawn from the US market either."

Persons: Kamala Harris, Donald Trump, Trump, Marko Papic, Yotrio, Hanbell, Harris, it's, Tim Walz, —, Michael Bloom Organizations: House, Republican, BCA Research, NBC, BCA, U.S ., U.S, Vital, Shandong Yuma Sunshade, ., Xinquan America Holdings, Industrial, Trump, Democratic National Convention, NBC News . Studies of, Chamber of Commerce, Electric, European Union, China Council, Promotion of International Trade, Oxford Economics, ASEAN Locations: U.S, China, Beijing, America, Japan, U.S . Shenzhen, Austin , Texas, Shandong Yuma, Yuma Texas, Shanghai, Singapore, Texas, Chino , California, Georgia, Taiwan, Shenzhen, Hong, Europe, Southeast Asia, ASEAN

☆ Why Wall Street thinks Brian Niccol is the person to revive Starbucks — and end the Howard Schultz era
▼ + stars: | 2024-08-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

In this article SBUXCMG Follow your favorite stocks CREATE FREE ACCOUNTBrian Niccol, CEO of Chipotle Anjali Sundaram | CNBCWall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era. Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz. Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks' sluggish sales. Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver's seat could mean that Schultz finally moves on.

Persons: Brian Niccol, Chipotle Anjali Sundaram, Howard Schultz, Niccol, Laxman Narasimhan, Schultz, TD Cowen, Andrew Charles, Piper Sandler, Baird, Oppenheimer, Brian Bittner, Brian, David Palmer, Morgan Stanley, Brian Harbour, Mellody Hobson, Niccol's, Hobson, Gordon, Don Bilson, Chipotle, Steve Ells, Bernstein, Danilo Gargiulo Organizations: CNBC, Starbucks, SBUX, Newport Locations: Denver, Newport Beach

☆ Restaurant CEOs’ new favorite word is value as they aim to bring back customers
▼ + stars: | 2024-08-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +6 min

"The word 'value' has received a lot of airtime in the past few months," Josh Kobza, the CEO of Burger King parent company Restaurant Brands International , said on Thursday. Value for shareholdersA drive-through area of a Burger King restaurant in Peoria, Ill. Daniel Acker | Bloomberg | Getty ImagesCompanies aren't just thinking about offering value for customers — they're also thinking about shareholder value. For example, Burger King was one of the first chains to unveil a $5 value meal this summer. When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business. "There are actually some positives to the focus on value across the industry," Restaurant Brands' Kobza told CNBC.

Persons: Mario Tama, McDonald's, Josh Kobza, Burger, There's, Taco Bell, Papa, Ravi Thanawala, Chris Kempczinski, Richa Naidu, Kempczinski, it's, Brian Niccol, Adam Jeffery, Niccol, John Peyton, IHOP, It's, Peyton, Daniel Acker, — they're, They're, Burger King, Kobza Organizations: Getty, Taco Bell, Yum Brands, Restaurant Brands, Bureau of Labor Statistics, Burger King, Reuters, Grill, CNBC, Brands, Peoria , Ill, Bloomberg, Starbucks, U.S Locations: Burbank , California, Burger King, Oak Brook , Illinois, Peoria ,

☆ These low-volatility stocks have a winning record and are attractively valued
▼ + stars: | 2024-08-11 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

These stocks have low share price volatility over the past five years, and their total return — including share price gains and dividends — are greater than the S & P 500's over the past five years. Take a look at the names below: Health-care companies Amgen , UnitedHealth Group and AbbVie are among the names with low volatility and strong returns in recent years. Pharmaceutical company AbbVie's roughly 262% gain over the past five years is the highest of the stocks in the group. Amgen's share price has a 5-year total return of 104%, making it a steady grower, but still the slowest of the list. Other stocks with low volatility and attractive valuations include automotive replacement parts retailer AutoZone and insurance company Aflac .

Persons: Stocks, They're, Morgan Stanley, Wells, Mohit Bansal, TD Cowen, Kannan Venkateshwar, — CNBC's Christopher Hayes Organizations: CNBC, UnitedHealth, Pharmaceutical, Morgan Stanley Wealth Management, Humira, Barclays, Mobile

☆ Stellantis to lay off up to 2,450 factory workers as classic Ram production ends
▼ + stars: | 2024-08-09 | by ( ) edition.cnn.com time to read: +1 min

CNN —Chrysler-parent Stellantis is laying off as many as 2,450 factory workers from its Warren Truck assembly plant outside of Detroit as the automaker ends production of the Ram 1500 Classic truck. Production of the Jeep Wagoneer at the same facility will remain on two shifts, the company said. As production of the Ram 1500 Classic winds down later this year, the company is shifting focus to the Ram 1500 Tradesman truck, produced at its Sterling Heights Assembly facility. “We introduced the new 2025 Ram 1500 Tradesman with incredible value and content. There are about 3,700 workers at the plant represented by the United Auto Workers union.

Persons: CNN —, Stellantis, Carlos Tavares, Tavares Organizations: CNN, CNN — Chrysler, United Auto Workers union, Union, UAW, Stellantis Locations: Detroit, Sterling Heights

☆ Stocks making the biggest moves midday: Sweetgreen, Doximity, E.l.f. Beauty and more
▼ + stars: | 2024-08-09 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Doximity — Shares jumped more than 38% after the digital health company reported first-quarter earnings that surpassed expectations. That is more than the 22 cents per share that analysts polled by FactSet were expecting. Expedia reported adjusted earnings of $3.51 per share, versus the $3.06 per share LSEG consensus estimate. Akamai Technologies — The stock rose nearly 11% after the cloud company reported better-than-expected second-quarter results. According to LSEG, analysts expected $1.53 per share on $977 million in revenue.

Persons: Sweetgreen, Doximity, FactSet, Unity, LSEG, Versace, Michael Kors, Expedia, Akamai, Insulet, Alex Harring, Samantha Subin, Yun Li, Jesse Pound, Pia Singh, Michelle Fox Organizations: Unity, Capri, Capri Holdings, Revenue, Technologies, Paramount Global, Bank of America

☆ Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings
▼ + stars: | 2024-08-08 | by ( Alex Sherman | ) www.cnbc.com time to read: +1 min

Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media. Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. Paramount agreed to a merger with Skydance Media last month. Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business. Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Persons: — Organizations: Paramount, Skydance Media, LSEG

☆ Palantir jumps 11% on Microsoft partnership to sell AI to U.S. defense, intel agencies
▼ + stars: | 2024-08-08 | by ( Todd Haselton | ) www.cnbc.com time to read: +1 min

Alex Karp, CEO of Palantir Technologies, walks to the morning session at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 10, 2024. Palantir shares closed up 11% on Thursday after the company announced a partnership with Microsoft to sell secure cloud, analytics and artificial intelligence capabilities to the U.S. defense and intelligence communities. Palantir reported earnings earlier in the week, raising its annual revenue forecast to between $2.74 billion and $2.75 billion, from $2.68 billion to $2.69 billion. Microsoft said the partnership would allow U.S. defense and intelligence organizations to build AI tools for action plans and logistics, among other things. Palantir, co-founded by billionaire Peter Thiel, will work with Microsoft to provide trial services and training sessions.

Persons: Alex Karp, Peter Thiel, Palantir Organizations: Palantir Technologies, Allen, Co . Media, Technology Conference, Microsoft, Foundry, Apollo, AIP, intel Locations: Sun Valley , Idaho, Gotham

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