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☆ FedEx shares tumble 12% after weaker demand hit revenue outlook
▼ + stars: | 2023-12-19 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

FedEx shares fell 12% Wednesday morning after the package delivery giant cut its revenue forecast as weaker demand hit sales. The company said it expects a low-single-digit decline in revenue for the fiscal year, down from a previous forecast for flat sales year over year. Analysts had expected a revenue drop of less than 1% in the current fiscal year, according to LSEG, formerly known as Refinitiv. The company's Express unit, its largest, was especially challenged in the quarter with lower demand, surcharges and customers shifting to cheaper services, FedEx said. Correction: Revenue was $22.17 billion versus $22.41 billion expected.

Persons: Raj Subramaniam Organizations: FedEx, Analysts, company's, LSEG Revenue, Revenue

☆ Olive Garden owner Darden beats earnings estimates, hikes guidance as sales climb
▼ + stars: | 2023-12-15 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Darden Restaurants on Friday reported quarterly earnings that beat expectations and raised its annual guidance, helped by sales growth at chains such as Olive Garden and LongHorn Steakhouse. Darden completed its acquisition of Ruth's Hospitality Group, owner of chain restaurant Ruth's Chris Steak House, in June. The company will not include same-store sales from Ruth's Chris Steak House until Darden has owned and operated the restaurant for a 16-month period. "We continued to profitably grow market share again this quarter as we outperformed industry same-restaurant sales and traffic," said Cardenas in a statement. The LongHorn Steakhouse owner also projects $11.5 billion in sales for the fiscal year, as well as 50 to 55 new restaurant openings.

Persons: Chris, Rick Cardenas, Cardenas, Raj Vennam, Darden, Chris Steak Organizations: Darden, Olive Garden, LongHorn, LSEG, Ruth's Hospitality Group, Chris Steak House, CNBC PRO Locations: Olive

☆ Pro pickleball players band together as chaos, a merger and pay cuts grip the sport
▼ + stars: | 2023-12-15 | by ( Jessica Golden | ) www.cnbc.com time to read: +5 min

Major League Pickleball finals at Pickle & Chill on October 16, 2022 in Columbus, Ohio. Emilee Chinn | Getty ImagesDozens of professional pickleball players have formed a collective to voice their concerns about recent pay cuts and the future of the sport. In a letter obtained by CNBC, the collective shared their dissatisfaction with how they have been treated by Major League Pickleball and the Pro Pickleball Association Tour. The MLP and the PPA Tour are currently negotiating a proposed merger. CNBC spoke with multiple players who say they feel like they've been unfairly treated or received threats for not agreeing to the proposed pay cuts.

Persons: Emilee Chinn, Major League Pickleball, they've, LeBron James, Tom Brady, Kevin Durant, Patrick Mahomes, Julio DePietro, Steve Kuhn, Brooks Wiley, DePietro, Connor Pardoe, Jillian Braverman, Braverman, It's, Ritchie Tuazon Organizations: League Pickleball, Getty, CNBC, Major League, Pro Pickleball, MLP, PPA, Florida, NYSE, PPA Tour, MLP Challenger, California BLQK Bears Locations: Columbus , Ohio, Pardoe, California

☆ What the COP28 deal means for the U.S. as oil and gas production hits record levels
▼ + stars: | 2023-12-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

The agreement, known as the global stocktake, was hailed as "historic" by COP28 President Sultan al-Jaber during his closing speech. Samuel Corum | Getty Images News | Getty ImagesU.S. climate envoy John Kerry said Wednesday that the COP28 agreement "sends very strong messages to the world." The fight to end oil, gas and coal must now be taken up at the country level with the United States leading the way. Fossil fuels and climate financeUnder Biden, the U.S. passed the most aggressive climate investment ever taken by Congress, a bill known as the Inflation Reduction Act. Nonetheless, the White House has frequently received sharp criticism over its plans to expand oil and gas production.

Persons: Joe Biden, Cyril Ramaphosa, Joe Biden's, Sultan al, Jaber, Samuel Corum, John Kerry, Kerry, Jean Su, Jason Bordoff, Su, Nikki Reisch, Reisch, Biden, Jennifer Granholm, Brandon Bell Organizations: White, Washington , D.C, Bloomberg, Getty, European Union, Washington Hilton, United, Center for Biological, . Energy, Administration, Russia, Center, Global Energy, Columbia University, CNBC, Center for Biological Diversity, Center for International Environmental, U.S, Biden, Marathon El Locations: South, Washington ,, Connecticut, Washington , DC, United States, China, U.S, Saudi Arabia, Russia, Ukraine, America, Marathon El Paso Refinery, El Paso , Texas, The U.S

Tesla is recalling around 2 million of its vehicles in the U.S. to fix Autopilot features that auto safety regulators found to be confusing to drivers, or too easy for them to misuse and abuse. The NHTSA opened an investigation into 11 incidents involving Tesla cars where Autopilot and Autosteer were involved in 2021, a probe which ultimately led to today's voluntary recall. He hopes Tesla and NHTSA will pay special attention to roads with cross traffic, because there have been multiple fatal crashes with trucks in that situation involving Tesla vehicles with Autopilot engaged. If people need to steer, for instance, they must pay attention. The Autopilot system will still be helpful if it just does the accelerating and braking but people could not not pay attention."

Persons: Elon, Twitter —, Tesla, Autosteer, Philip Koopman, Koopman, hasn't, Erik Vinkhuyzen Organizations: SpaceX, Twitter, New York Times, National, Traffic, NHTSA, Federal Reserve, Carnegie Mellon University, CNBC, King's College London, CNBC PRO Locations: New York City, U.S

☆ Wall Street says buy these 2 industrial-focused stocks. Here’s our view on each
▼ + stars: | 2023-12-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Wall Street analysts are saying it's a great time to invest in two of our favorite industrial-focused stocks: Honeywell and Linde . Morgan Stanley on Monday raised its price target and kept its buy-equivalent rating on industrial gas and engineering firm Linde. As for Linde, Jim has long touted the stock as the Club's favorite way to invest in the global transition to clean energy. On Dec 1, we increased our Club price target on Linde to $440 per share from $410. The Club's price target is $225, reflecting about a 12.5% premium to where the stock traded Monday afternoon.

Persons: Morgan Stanley, Linde, Jim Cramer, he's, Jim, Vimal Kapur, It's, Kapur, Jim Cramer's Organizations: Honeywell, Linde, Bank of America, LIN, Biden, of America, Carrier, CNBC, Getty

☆ Oracle shares slide as revenue misses estimates
▼ + stars: | 2023-12-11 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Larry Ellison, co-founder and executive chairman of Oracle Corp., speaks during the Oracle OpenWorld conference in San Francisco on Oct. 22, 2018. Oracle shares dropped more than 9% in extended trading Monday after the software company reported fiscal second-quarter revenue and quarterly revenue guidance that fell short of Wall Street expectations. Analysts polled by LSEG had predicted $1.37 in adjusted earnings per share and $13.34 billion in revenue, which implies 7.6% revenue growth. "We did not bring up as much capacity as we could have used this past quarter," Oracle CEO Safra Catz said on the call. OCI is the Oracle Cloud Infrastructure, the company's answer to Microsoft Azure and the market-leading Amazon Web Services.

Persons: Larry Ellison, LSEG, Safra Catz, Oracle, Ellison, Edward Jones Organizations: Oracle Corp, Oracle, Elon, Halliburton, Samsung, Microsoft, Oracle Cloud Infrastructure, Amazon Web Services, Technik Locations: San Francisco, LSEG

☆ S&P 500 rises to 20-month high with a soft landing in sight. Can investors finally relax?
▼ + stars: | 2023-12-09 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

The S & P 500 , which had consolidated with a low-volatility sideways slide for three weeks, nudged to a new 20-month high just above 4600, almost precisely a 20% year-to-date gain. Just because the S & P 500 is at 4600 and Federal-funds futures markets project high odds of several rate cuts next year, it doesn't mean the former is reliant on the latter. Yet — just relax — in seven of the past 12 years, the S & P 500 went on to surpass this year-ahead analyst composite target. It's pretty popular to cast doubt on the achievability of the consensus 11.8% forecast S & P 500 earnings growth for 2024. A broadening beyond 2023's growth leadership is necessary for further S & P 500 gains.

Persons: YTD, Jerome Powell, Powell, John Butters, Scott Chronert Organizations: Federal, Fed, Bank of America, Wall, Merck, Pfizer, Citi, Treasury

☆ Unemployment among Asian workers and Black men rises in November while the overall rate declines
▼ + stars: | 2023-12-08 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: 1 min

Spencer Platt | Getty ImagesThe labor market deteriorated for both Asian and Black workers in November, according to data released Friday by the U.S. Department of Labor. The overall unemployment rate declined 0.2% to 3.7% last month, against a forecast that it would hold steady at 3.9%. Overall, the labor force participation rate ticked up to 62.8% alongside a surge of 532,000 workers into the labor force. For white Americans, the jobless rate fell 0.2 percentage points to 3.3%. Hispanic Americans also saw their unemployment rate slip 0.2 percentage points to 4.6%.

Persons: Spencer Platt Organizations: Oculus, Getty, U.S . Department of Labor Locations: Manhattan , New York City

☆ The runway is getting clearer, but the U.S. economy still isn't assured of a soft landing
▼ + stars: | 2023-12-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Stephanie Keith | Bloomberg | Getty ImagesNovember's solid jobs report did not assure that the economy will come in for a soft landing, but it did help to clear the runway a little more. "Overall, the jobs market is doing its part to get us to a soft landing," said Daniel Zhao, lead economist at jobs rating site Glassdoor. The unemployment rate unexpectedly declined to 3.7%, easing worries that it could trigger a historically dead-on signal known as the Sahm Rule, which coordinates increases of the unemployment rate by half a percentage point to recessions. "The recession versus soft landing debate sort of misses the necessary nuances of this unique cycle," Sonders said. "A best-case scenario is not so much a soft landing, because that ship has already sailed for [some] segments.

Persons: Stephanie Keith, Daniel Zhao, nonfarm, Gus Faucher, Liz Ann Sonders, Charles Schwab, Sonders, Sanders, Schwab Organizations: Bloomberg, Getty, Labor, PNC Financial Services, PNC, University of Michigan's Locations: New York, U.S

☆ Paramount shares jump after reports of takeover interest
▼ + stars: | 2023-12-08 | by ( Drew Richardson | ) www.cnbc.com time to read: +1 min

The Paramount logo is seen on a building in Los Angeles on Nov. 13, 2023. Paramount Global shares surged Friday following reports from Deadline and Puck News that Skydance and RedBird Capital were exploring potentially taking over the media giant. Paramount shares closed up more than 12% Friday. Meanwhile, the company is reportedly considering bundling its Paramount+ streaming service with Apple TV+. Paramount, RedBird Capital and Skydance did not immediately respond to CNBC's requests for comment.

Persons: Shari Redstone, weathers, Goldman Sachs, Gerry Cardinale, David Ellison's Skydance, Skydance Organizations: Paramount, Paramount Global, Puck, RedBird, Apple Locations: Los Angeles

☆ Dud IPO market closes 2023 with a whimper for the second year in a row
▼ + stars: | 2023-12-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Another year, another lousy IPO market. The 2023 IPO market is closing with a whimper, not a bang. You'd think the IPO market would be bubbling, but it's dead quiet. Source: Renaissance Capital For a good part of the year, the excuse was interest rates were rising, the market was too volatile, and the after market performance of 2023 IPOs was terrible. The November rally is too little too late to save the IPO market Unfortunately, it all came a little too late to rescue 2023.

Persons: Birkenstock, You'd, Rivian, Doordash, IPOs, Matt Kennedy, Don Short, you've, haven't, confidentially, Waystar, Kim Kardashian's, Musk, Howe Ng, Ng, Kyle Stanford, Instacart, it's, James Ulan, Stanford, Pitchbook, Greg Martin Organizations: Renaissance, That's, IPOs, Hertz, Sotera, ARM, Renaissance Capital, Klarna, Microsoft, Forge Global, Bloomberg, SpaceX, Nvidia, Rainmaker Securities Locations: Pitchbook

☆ Facing fines, cluttered aisles and late-night mockery, Dollar General's returning CEO tries to drive a turnaround
▼ + stars: | 2023-12-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General has gotten hit by steep fines for safety violations, slammed on late-night TV and even overruled by its own shareholders. Dollar General may have topped Wall Street's fiscal third-quarter expectations, but it has had a tough year. Shares of Dollar General closed Wednesday at $133.92, down by about 46% so far this year. On a recent episode of HBO's "Last Week Tonight with John Oliver," the comedian ridiculed Dollar General and its rival, Dollar Tree .

Persons: Todd Vasos, Vasos, Jeff Owen, Michael Calbert, John Oliver, I've, whittle Organizations: Dollar, LSEG, federal, Safety, Health Administration, OSHA, CNBC PRO Locations: Austin , Texas

☆ Vietnamese companies eye the U.S. IPO market amid a lull in Chinese listings
▼ + stars: | 2023-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.

Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong

☆ Eli Lilly vs. Novo Nordisk: The pros deliver their verdict on the viral weight-loss stocks
▼ + stars: | 2023-12-06 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

It has been quite a year for both Eli Lilly and Novo Nordisk given the boom in weight-loss drugs. Shares in Eli Lilly are up around 60% year-to-date, while its Danish counterpart Novo Nordisk has seen a gain of around 50%. At present, both Eli Lilly and Novo Nordisk offer weight loss treatments. Novo Nordisk Novo Nordisk's Wegovy recently made headlines for reducing the risk of heart attacks and strokes by 20% in adults with heart disease and obesity. Aside from Eli Lilly and Novo Nordisk, Pfizer , Johnson & Johnson and AstraZeneca are also developing weight-loss drugs.

Persons: Eli Lilly, Stocks, Rahul Ghosh, Rowe Price, TRP's Ghosh, Eli Lilly's, Ghosh, FactSet, Lilly, Novo Nordisk Novo Nordisk's Wegovy, Elizabeth Field, Squawk, What's, it's, Michael Bloom Organizations: Novo Nordisk, Nordisk, CNBC Pro, U.S . Food, Administration, pharma, Novo Nordisk Novo Nordisk's, Heart Association Scientific, Citi, Pfizer, Johnson, AstraZeneca, Barclays Locations: Danish, U.S, Novo

☆ CNBC Daily Open: Of billions and trillions
▼ + stars: | 2023-12-06 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow Jones Industrial Average closed 0.22% lower, while the S&P 500 inched down 0.06% by the closing bell. It has so far raised nearly $135 million from four investors, with the first sale occurring on Nov. 29. As the year-end nears, CNBC Pro asked three fund managers for sectors — and stocks — they are bullish on in the lead-up to 2024.

Persons: Europe's, X.AI Elon, Bitcoin Organizations: CNBC, Dow Jones, Nasdaq, Apple, U.S, SEC, U.S . Department of Labor, Metrics, Big Tech, CNBC Pro Locations: U.S

☆ JPMorgan nailed its 2023 forecast for European stocks. Here’s its 2024 call
▼ + stars: | 2023-12-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

JPMorgan predicts European stock markets will struggle to produce positive returns next year as investors digest slowing economic growth across the continent. The forecast for 2024 comes from the same team of strategists that have, so far, accurately called the MSCI Eurozone's performance this year. They expected the index to rise 9.1% to close at 256 points by the end of December 2023 on a local currency basis. "We look for flat European [earnings per share] growth in 2024, based on no recession materializing," said JPMorgan strategists led by Mislav Matejka in a note to clients on Nov. 29. The JPMorgan strategists believe stocks will sink in the first half of 2024 as markets factor in potential downward adjustments to earnings estimates.

Persons: Mislav Matejka, CNBC's Michael Bloom Organizations: JPMorgan, FTSE

☆ U.S. crude oil falls below $70 a barrel, closing at the lowest level since June
▼ + stars: | 2023-12-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season. Meanwhile, U.S. data on Wednesday sent a mixed picture on demand with crude inventories falling while gasoline stocks rose. U.S. crude inventories fell by 4.6 million barrels for the week ending Dec. 1 but gasoline inventories rose by 5.4 million barrels, according to the Energy Information Administration. Several OPEC+ members announced the voluntary cuts last week after the group failed to reach a unanimous agreement on production targets. Tamas Varga, an analyst with PVM Oil Associates, said those reassurances have "fallen to deaf ears."

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Tamas Varga Organizations: West Texas Intermediate, AAA, Hamas, Wednesday, Energy Information Administration, Saudi Energy, PVM Oil Associates Locations: Washington , DC, U.S, OPEC, Moody's, Israel, Russia, Russian

☆ ‘It’s game on’: The world’s largest iceberg is on the move. Scientists explain why it matters
▼ + stars: | 2023-12-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

"It's just astonishingly big and it's a reminder of how much risk we're at from sea level rise." "Antarctica has historically been quite a small contributor to sea level rise, but it is growing, and it is taking up a bigger and bigger share of the sea level rise that we see every year," he added. "So, it's a symbol of the growing dominance of Antarctica in the sea level rise equation." This temperature threshold is widely recognized as crucial because so-called tipping points become more likely beyond this level. Tipping points are thresholds at which small changes can lead to dramatic shifts in Earth's entire life support system.

Persons: Robbie Mallett, A23a, Mallett, Mallet, That's, Gail Whiteman, Taalas, Hollie Adams, NASA Modis Organizations: United Arab Emirates, Continent, University of College London, CNBC, United, NASA, World Meteorological Organization, University of Exeter, WMO, Expo, Bloomberg, Getty Images Bloomberg, Getty Locations: DUBAI, United Arab, Antarctica, New York City, United Arab Emirates, South Georgia, Dubai, COP28, Green

☆ A way to bet against tech as cracks start to appear in the comeback
▼ + stars: | 2023-12-05 | by ( Nishant Pant | ) www.cnbc.com time to read: +4 min

Cracks are beginning to appear in the tech-heavy Nasdaq 100 index . I have shown a chart of Invesco QQQ Trust (QQQ) which is an ETF that tracks the Nasdaq 100. Finding a stock to put on a bearish trade The stock I have picked for a bearish trade is Netflix (NFLX) . Starting Nov. 29, NFLX price candles are forming lower highs and lower lows, which is the easiest way to spot a downtrend. The trade structure I am using here is called a "bear put spread" also known as a "put debit spread".

Persons: NFLX, Nishant Pant Organizations: Netflix, Trade Management

☆ The S&P 500 inclusion curse is now taking aim at Uber
▼ + stars: | 2023-12-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Uber Technologies is finally going into the S & P 500, four years after going public and just shy of an all-time high. And there are a lot of them: Roughly $12 trillion is directly or indirectly indexed to the S & P 500. First is the price: Uber went public in May 2019 at $45 and is now close to $60. Will the 'S & P 500 curse' strike again? S & P announced it would add Tesla to the S & P 500 on Nov. 16, 2020.

Persons: Uber, Tesla Organizations: Technologies, Poor's, American Express, Steel, McKinsey

HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

"There cannot be any pressure on India to cut down emissions," India's power and renewable energy minister R.K. Singh said on Nov. 30. ASIAN EMISSIONS RISETo be sure, fast-growing Asia, home to half the world's population, accounts for three-fifths of global emissions from power generation, including from sectors exporting goods and services to the west. Despite challenges, Asia, along with Europe and North America, have cut the share of coal in power use, although at a slower pace. Cuts in nuclear power have slowed Europe and North America's fight to reduce emissions, although nuclear's share of their power mix remains well above Asia's. The share of gas in power generation has risen in the West, with the fuel accounting for a shrinking share in Asia.

Persons: Tingshu Wang, R.K, Singh, Hogeveen Rutter, Rutter, ISA's Rutter, Sudarshan Varadhan, Tony Munroe, Sonali Paul Organizations: Huawei, REUTERS, U.S, European Union, North America, International Solar Alliance, Reuters, WEST, North, Institute for Energy Economics, Thomson Locations: Shaanxi, China, Asia, SINGAPORE, America, Europe, India, North America, Paris, North, North America Asia, West Asia, West, Indonesia

A padlock is seen in front of the word 'spyware' and binary code in this illustration taken May 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBRUSSELS, Dec 5 (Reuters) - Lobby group Japan Association of New Economy has joined U.S. Big Tech to warn against proposed EU cybersecurity labelling rules that they said could hamper their access to the bloc's markets, according to a letter sent to the EU industry chief. A requirement that Amazon (AMZN.O), Alphabet's (GOOGL.O) Google, Microsoft (MSFT.O) and other non-EU cloud providers set up a joint venture with an EU-based company to qualify for the EU cybersecurity label has triggered criticism from some EU countries and foreign vendors. The Japan Association of New Economy also slammed these requirements. The Japan Association of New Economy is a business lobby group focused on e-business and developing new industries.

Persons: Dado Ruvic, Hiroshi Mikitani, Thierry Breton, Mikitani, Foo Yun Chee, Dave Dolan, Miral Organizations: REUTERS, Rights, Japan Association of New, U.S, Big Tech, European Union, Google, Microsoft, EU, Reuters, Japan Digital Partnership, Thomson Locations: EU, Japan, Japanese, Brussels, Tokyo

☆ California YouTuber sentenced to prison after intentionally crashing plane
▼ + stars: | 2023-12-05 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +2 min

A California man was sentenced to six months in federal prison on Monday for allegedly lying to federal authorities when they were investigating an airplane he intentionally crashed to make a YouTube video. The man, former Olympic snowboarder Trevor Daniel Jacob, filmed the YouTube video stunt to promote a wallet from a company that sponsored him, according to the plea agreement filed in the Central District of California. He pled guilty to destruction and concealment of a tangible object with intent to obstruct a federal investigation. Jacob took off on a solo flight on Nov. 24, 2021, in Santa Barbara County, California, and parachuted out of the plane with a video camera and selfie stick. Jacob allegedly agreed to inform the NTSB of the location, but lied multiple times when investigators asked over the next two months.

Persons: Trevor Daniel Jacob, Jacob Organizations: Olympic, YouTube, Central District of, Los Padres National Forest, National Transportation Safety Board, NTSB, U.S . Department of Transportation's, Federal Aviation Administration, U.S, Attorney's, CNBC PRO Locations: California, Central District, Central District of California, Santa Barbara County , California, Los, Santa Maria , California

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