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☆ High grocery prices got droves of Americans to vote for Trump but they shouldn’t expect to pay less over the next four years
▼ + stars: | 2024-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

With some of these pressure points softening, food prices have cooled to rates comparable to before the pandemic. “Grocery prices have skyrocketed,” he said. “Until we can — if we can — fix climate change, there’s no way that food prices can come down,” he told CNN. In the past, grocery prices have come down primarily when “the economy is under duress” and people don’t have enough money to pay for groceries. Absent these kinds of scenarios, Trump is unlikely to get the actual food prices we pay back to where they were during his first term.

Persons: Joe Biden, Donald Trump, Trump, ”, “, ” Trump, “ That’s, That’s, Phil Lempert, Vance, Lempert, Leo Feler, Feler, it’s “ Organizations: New, New York CNN, AP VoteCast, New York Economic Club, ”, Trump, CNN, University of California Locations: New York, Ukraine, Russia, Brazil, Mexico, Florida, California, China, Los Angeles

☆ Kraft Heinz must face Mac & Cheese lawsuit, judge rules
▼ + stars: | 2024-11-14 | by ( ) edition.cnn.com time to read: +2 min

Reuters —A federal judge said Kraft Heinz must face a proposed nationwide class action alleging that it defrauded consumers by claiming its Kraft macaroni and cheese, one of its best-known products, contains no artificial preservatives. Kraft Heinz and its lawyers did not immediately respond to requests for comment on Thursday. In July 2023, a Miami federal judge dismissed a lawsuit accusing Kraft Heinz of understating how long it took to prepare microwaveable Velveeta macaroni and cheese. Kraft Heinz is based in Chicago and Pittsburgh. The case is Hayes et al v. Kraft Heinz Co, U.S. District Court, Northern District of Illinois, No.

Persons: Kraft Heinz, Kraft, Mary Rowland, ”, Rowland, understating, Hayes Organizations: Reuters, District, Kraft Mac, . Food, Drug Administration, Kraft, Berkshire Hathaway, Kraft Heinz Co, Court, Northern District of Locations: Illinois, California, New York, Chicago, Miami, Pittsburgh, Northern District, Northern District of Illinois

☆ Watch Fed Chair Powell speak live to business leaders in the Dallas area
▼ + stars: | 2024-11-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell speaks Thursday to business leaders in the Dallas-Fort Worth area on monetary policy. That followed a half-point cut in September and left the federal funds rate in a range between 4.5% and 4.75%. Economic readings this week, however, showed that inflation has proven sticky, with consumer price inflation at 2.6% and prices at the wholesale level at 2.4%. Markets expect the Fed to cut again in December then likely skip the January meeting as officials assess the effect of the policy-easing moves so far.

Persons: Jerome Powell, Powell, Trump Organizations: CNBC, YouTube Locations: Dallas, Fort Worth

☆ Amazon launches fixed pricing for treatment of conditions such as hair loss. Hims & Hers stock drops 24%
▼ + stars: | 2024-11-14 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Amazon on Thursday announced Prime members can access new fixed pricing for treatment of conditions like erectile dysfunction and men's hair loss, its latest effort to compete with other direct-to-consumer marketplaces such as Hims & Hers Health and Ro. Medications filled through Amazon Pharmacy are eligible for discounted pricing and will be delivered to patients' doors in standard Amazon packaging. Analysts at Bank of America downgraded shares of Hims & Hers from buy to underperform on Thursday, citing Amazon's push into hair loss and erectile dysfunction markets. The analysts said Hims & Hers generates more than 80% gross margins from its core erectile dysfunction and hair loss offerings, and estimate that Amazon's medications for those conditions are about 42% and 29% cheaper respectively. Amazon introduced, and later shuttered, a telehealth service called Amazon Care, as well as a line of health and wellness devices.

Persons: —, Annie Palmer Organizations: Amazon, Amazon Pharmacy, Bank of America, CNBC Locations: PillPack

☆ Here's the deflation breakdown for October 2024 — in one chart
▼ + stars: | 2024-11-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We are seeing [deflation] to some extent," said Stephen Brown, deputy chief North America economist at Capital Economics. Energy prices and electronicsGasoline prices are also "way down," Zandi said. Consumers "could get more relief there because global oil prices are soft," Zandi said. Food prices are also generally underpinned by their own unique supply-and-demand dynamics, economists said. Lower energy prices can also take pressure off food prices, as it costs less to transport and distribute food to grocery store shelves.

Persons: Stephen Brown, Mark Zandi, women's outerwear, they've, Zandi, They've, Donald Trump's, they'd, Bacon Organizations: North, Capital Economics, U.S, Moody's, Finance, CPI, Bank of America, U.S . Energy Information Administration, Consumers Locations: U.S, North America, China

☆ Britain's car finance industry is in crisis – with banks bracing for billions in payouts
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Mike Kemp | In Pictures | Getty ImagesBritain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The decision caught many in the motor finance industry off guard and appears to have paved the way for a multi-billion-pound redress scheme to compensate consumers. It urged motor finance groups to consider setting aside financial provisions to resolve the high volume of complaints. According to the banks, they followed the rules and guidelines set by the FCA, which are not aligned with the new Court of Appeal ruling," Kammer told CNBC via email. The FCA has said that it will await the outcome of a potential Supreme Court ruling before taking a decision on the matter," Kammer said.

Persons: Mike Kemp, Banks, Niklas Kammer, Kammer, Benjamin Toms, Toms, John Keeble Organizations: Royal Exchange, City of, Appeal, Authority, FCA, Morningstar, Lloyds, Horse, Barclays, Lloyds Banking, Bloomberg, Getty, of, CNBC, PPI, RBC Capital Markets, Taxis, Fenchurch, Station Locations: City, City of London, London, United Kingdom, U.K

☆ Powell says the Fed doesn't need to be 'in a hurry' to reduce interest rates
▼ + stars: | 2024-11-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Powell noted that the unemployment rate has been rising but has flattened out in recent months and remains low by historical standards. Specifically, he said the labor market is holding up well despite disappointing job growth in October largely that he attributed to storm damage in the Southeast and labor strikes. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in remarks for a speech to business leaders in Dallas. Powell added that the calculus of getting the move to neutral rate will be tricky. The Fed also has been allowing proceeds from its bond holdings to roll off its mammoth balance sheet each month.

Persons: Powell, Nonfarm, Jerome Powell Organizations: Traders, Federal, Committee Locations: Dallas

☆ Disney stock surges on streaming growth, guidance
▼ + stars: | 2024-11-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

Disney | PixarDisney reported its fiscal fourth-quarter earnings Thursday, narrowly beating analyst estimates as streaming growth helped propel its entertainment segment. During Disney's fiscal 2025, the company expects high-single-digit adjusted earnings growth compared with the prior fiscal year. Disney anticipates double-digit percentage growth in operating income for its entertainment segment for fiscal 2025. Streaming stridesThe atmosphere at the Disney Bundle Celebrating National Streaming Day at The Row in Los Angeles on May 19, 2022. During the fiscal fourth quarter Disney's streaming entertainment ad revenue was up 14% due to Disney+, and executives expect it to be a driver of streaming revenue going forward.

Persons: —, Bob Iger, who's, they're, Hugh Johnston, Disney, Presley Ann, Walt Disney Organizations: Disney, Pixar Disney, Revenue, Warner Bros, Getty, Hulu, ESPN, Discovery, Netflix, Comcast, Paramount Global, " Media, U.S, Walt Locations: Los Angeles, India

☆ Ben & Jerry’s says its parent company Unilever silenced it over Gaza
▼ + stars: | 2024-11-14 | by ( ) edition.cnn.com time to read: +3 min

The lawsuit is the latest sign of the long-simmering tensions between Ben & Jerry’s and consumer products maker Unilever. In its new lawsuit, Ben & Jerry’s says that Unilever has breached the terms of the 2022 settlement, which has remained confidential. As part of the agreement, however, Unilever is required to “respect and acknowledge the Ben & Jerry’s independent board’s primary responsibility over Ben & Jerry’s social mission,” according to the lawsuit. Ben & Jerry’s has positioned itself as socially conscious since Ben Cohen and Jerry Greenfield founded the company in a renovated gas station in 1978. In March, Unilever said it will spin off its ice cream business, which includes Ben & Jerry’s, by the end of 2025 to simplify its holdings.

Persons: Jerry’s, “ Ben, Ben, Peter ter Kulve, Ben Cohen, Jerry Greenfield, Knorr bouillon Organizations: Reuters, Unilever, Ben, West Bank, “ Unilever, U.S, Jewish, Peace, San, Islamic Locations: Israel, Britain, Gaza, San Francisco Bay

Inflation is drifting down in fits and starts, and so are restaurant menu prices. Diners are more likely to notice stabilizing menu prices at quick-service restaurants than at sit-down ones. But the rate at which all eateries changed their menu prices between the second and third quarters this year plummeted by 26%, the company said. Quick-service restaurants have benefited from slower growth in labor costs, Square found. The company estimates annual inflation faced by quick-service operators at 3.6% as of September, versus 4.3% for restaurants with table service.

Persons: ”, Kelly Esten, Ara Kharazian, Donald Trump, Joe Brusuelas, Trump Organizations: National Restaurant Association, “, Lightspeed Commerce, Wine Trade Alliance, RSM

Price growth ticked higher in October as voters began casting ballots in a presidential election in which economic concerns played a big role. The consumer price index climbed to 2.6% last month since the same time last year, the Bureau of Labor Statistics reported Wednesday. Stock futures turned higher, while traders bid up the price of government bonds. All-important shelter costs rose 0.4% from September to October, accounting for over half the monthly gains, the BLS said. Over the past four years, consumer prices have cumulatively increased about 20%, with the costs of many other goods and services rising even faster.

Persons: That's, Joe Biden’s, ” Kathy Jones, Charles Schwab, ”, Donald Trump, Trump, Jerome Powell Organizations: of Labor Statistics, BLS, Charles, Charles Schwab Center, Financial Research, ” Voters, White House, Trump, Investors, Adobe, National Retail Federation, Peterson Institute for International Economics, Citi Locations: —

☆ San Francisco wins order blocking Oakland’s airport from using 'San Francisco' name
▼ + stars: | 2024-11-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

A U.S. judge on Tuesday temporarily blocked the Port of Oakland from using “San Francisco” in the Oakland airport’s name, finding the name change would likely cause consumer confusion and harm the city of San Francisco. U.S. Magistrate Judge Thomas Hixson said in the decision that changing the name of Metropolitan Oakland International Airport in nearby Oakland to “San Francisco Bay Oakland International Airport” would likely mislead consumers into thinking it is connected with San Francisco. San Francisco sued Oakland for infringing its airport’s trademarks in April, arguing the Oakland airport’s similar new name would confuse travelers. Oakland’s airport is 12 miles east of San Francisco and just over 30 miles from San Francisco International Airport, whose airport code is SFO. San Francisco International served 47 million passengers in fiscal year 2023 while Oakland’s airport served more than 11 million, according to city reports.

Persons: Francisco ”, Judge Thomas Hixson, Spokespeople, San Francisco, Hixson, San Francisco ’, ” Hixson, ” Organizations: San Francisco . U.S, Metropolitan Oakland International Airport, “ San Francisco Bay, International, Port, Oakland, San Francisco International Airport, San Francisco International, Dallas Locations: Oakland, Francisco, San Francisco ., “ San Francisco, San Francisco, Port, United States, Oakland’s, Chicago, Dallas, London, Paris, Beijing, San Francisco Bay, U.S, “

☆ The right product for the right market: How AI is helping brands identify consumer trends faster
▼ + stars: | 2024-11-13 | by ( ) www.cnbc.com time to read: +1 min

The aisles are lined with thousands of products vying for your attention and money, so how does a new player stand out in the crowd? This is where $88 billion market research industry comes into play. But companies like AI Palette are looking to use new technologies like artificial intelligence to transform the market. So how does AI Palette use large language models to predict trends? Watch the video above to find out.

Persons: Gan Choudhuri Organizations: CNBC Tech

☆ The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
▼ + stars: | 2024-11-13 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. “I hope that he will get the message from this election and adjust his programs so that it’s not inflationary,” Summers told CNN. “In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation,” Karoline Leavitt, a Trump transition spokesperson, said in a statement. They just didn’t want the consequences that came with it in terms of increased inflation,” Summers said.

Persons: Larry Summers, Donald Trump, Summers, Clinton, ” Summers, Kate Bolduan, That’s, Trump, Obama, “, ” Karoline Leavitt, ” Scott Bessent, ” Bessent, Axios, Trump “, Kamala Harris, Biden, I’ve, ” Organizations: New, New York CNN, Treasury, Federal Reserve, CNN News Central, CNN, Trump, Wall Street Journal Locations: New York, China, Ukraine

☆ Personal luxury goods market to shrink for first time since the 2008 financial crash, research finds
▼ + stars: | 2024-11-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Lauren Decicca | Getty Images News | Getty ImagesThe personal luxury goods market looks set to face its first slowdown since the Global Financial Crisis this year, as macroeconomic uncertainty and a pronounced slowdown in China weigh on consumer spending, according to the Bain & Company's annual luxury report . This is the first slowdown in demand for personal luxury goods — which include clothing, bags, jewelry and cosmetics — in 15 years, excluding the Covid-19 lockdown period, according to the Wednesday findings. It noted that overall luxury spending is forecast to remain flat year-on-year in 2024 at around 1.5 trillion euros ($1.59 billion), even as segments including autos, travel and fine wine record modest growth. Luxury demand in Europe and the U.S. has shown signs of gradual improvement quarter-on-quarter this year, with Japan leading the way due to favorable currency exchange rates. As such, the report forecast the sector will grow slightly next year, barring any major economic headwinds.

Persons: Patek Philippe, Lauren Decicca, Kering, Cartier, Richemont, Bain Organizations: Dolce, Gabbana, Tiffany, Getty, Bain, LVMH, Burberry, Gucci, Bain & Company, U.S Locations: Siam, Bangkok, Thailand, China, Europe, Japan

☆ Inflation hit a bump in October after slowing for six straight months
▼ + stars: | 2024-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

Housing-related inflation accounted for half of the monthly rise, and energy prices were flat after dragging down the overall index for four of the past six months. The Consumer Price Index measures price changes across commonly purchased goods and services. Still, October’s increase was to be expected, due to unfavorable comparisons from a year ago and stubborn housing-related inflation. Consensus estimates were for a 0.2% monthly increase and a 2.6% annual increase in the overall CPI, according to FactSet. A potential ‘inflation shock’ in the wingsAlthough the broader US economy survived the sharpest inflation run-up seen in a generation, Americans’ finances — and their sentiment — were far from unscathed.

Persons: “, ” Stephen Juneau, Donald Trump, Larry Summers, Kate Bolduan, Trump’s, Lindsay Rosner, Jerome Powell Organizations: CNN, Bureau of Labor Statistics ., Bank of America, BLS, —, Trump, Biden, CNN News Central, Federal Reserve, Goldman Sachs Asset Management Locations: Ukraine

☆ Americans’ debt is growing — but so are incomes
▼ + stars: | 2024-11-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. Balances grew across all major debt categories, with credit cards and auto loans continuing to see the biggest gains. However, by and large, most households have been able to handle that rising debt: Their after-tax income has grown even more, according to the New York Fed. Disposable personal income hit $21.8 trillion in the third quarter, bringing the total debt balance to income ratio to 82%. And, for 18 months running, that pay growth has outpaced inflation, according to Bureau of Labor Statistics data released Wednesday.

Persons: Delinquencies, “, ” “, ” Donghoon Lee, — Organizations: CNN, Federal Reserve Bank of New, New York Fed, of Labor Statistics

☆ Banks are reporting a tenfold surge in digital scams, cybersecurity firm BioCatch says
▼ + stars: | 2024-11-13 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

U.S. and Canadian banks reported a tenfold surge in digital scams this year as criminals flock to techniques that rely on duping customers into sending them money, according to cybersecurity firm BioCatch. Banks are under pressure to kick criminals off their platforms and compensate more victims as regulators and lawmakers focus on the harm done by digital scams. Customers of the three banks reported a combined $166 million in Zelle transactions were fraudulent in 2023. BioCatch declined to provide a specific number for reported scams, citing client confidentiality. In another sign of the cat-and-mouse dynamic of cybercrime, BioCatch clients reported 59% fewer fraudulent account openings.

Persons: Tom Peacock, Fraudsters, Peacock, Banks, Wells Fargo, Zelle, BioCatch Organizations: Global, CNBC, American Express, Barclays, HSBC, JPMorgan Chase, Bank of America, Consumer Financial, Services Locations: Tel Aviv, Israel, Wells, U.S

☆ Inflation report shows market could have a 'recipe for disaster' heading into new year, says economist
▼ + stars: | 2024-11-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

So far on Wednesday, the stock market was largely ignoring the morning's inflation report because the main CPI reading was as economists expected. But a look deeper into the report spells trouble for a stock market — and president-elect — that are going to want the Federal Reserve to keep cutting rates throughout next year to keep fueling the bull market. However, in recent months, policymakers have focused more on the headline number, saying shelter costs, which have an outsized influence on core CPI, will come down. But core inflation has remained unusually stubborn, suggesting the Fed may have to hold rates higher than investors were previously anticipating. Core CPI showed a third straight monthly increase of 0.3%, bringing the annual rate to 3.3%.

Persons: Chris Rupkey, Jerome Powell, Rupkey, Donald Trump, —, Jeff Cox Organizations: Federal Reserve, Fed, White, Washington , D.C Locations: Washington ,

☆ BTIG upgrades this running shoe manufacturer, sees more than 20% upside
▼ + stars: | 2024-11-13 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

On Holding's momentum shows no signs of slowing, according to investment firm BTIG. Analyst Janine Stichter upgraded the running shoemaker to buy from neutral and set her price target at $64, which implies 21.6% upside from Tuesday's close. "Wholesale sell-through remains strong, and our checks at run specialty suggest continued share gains, which we see ultimately flowing back to [direct-to-consumer]." Stichter's call joins 18 other strong buy or buy ratings among analysts on the Street covering the name, while the remaining four have taken a neutral stance, per LSEG. Its average target of $52.93 also reflects marginal upside ahead.

Persons: Janine Stichter, Stichter Organizations: Wall Locations: Swiss

☆ Annual inflation rate hit 2.6% in October, meeting expectations
▼ + stars: | 2024-11-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The core CPI accelerated 0.3% for the month and was at 3.3% annually, also meeting forecasts. The consumer price index , which measures costs across a spectrum of goods and services, increased 0.2% for the month. That took the 12-month inflation rate to 2.6%, up 0.2 percentage point from September. Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday. Energy costs, which had been declining in recent months, were flat in October while the food index increased 0.2%.

Persons: Dow Jones, Trump, Ellen Zentner Organizations: Dow, of Labor Statistics, Stock, Federal Reserve, Energy, BLS, White, CPI, Morgan Stanley Wealth Management

☆ Everything is under $20 at Amazon’s newest store
▼ + stars: | 2024-11-13 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon is targeting retail rivals Shein, Temu and TikTok Shop with a new deeply discounted storefront that sells a wide array of products for $20 or less. Called “Amazon Haul,” the mobile-only experience debuted Wednesday in the Amazon app and has everything from fashion accessories to home goods, plus clothes and electronics. Amazon said in an announcement that a “majority” of the Haul items are under $10, with some even less than $1. However, the cheap prices come with a caveat that items can take one to two weeks to be delivered. Also, the store only accepts returns on items that are $3 or more.

Persons: Neil Saunders, ”, ” Saunders, it’s Organizations: New, New York CNN, Shein, CNN, Amazon, Consumer Product Safety Locations: New York, United States, GlobalData

☆ Nelson Peltz says postelection market rally won't last
▼ + stars: | 2024-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNelson Peltz says postelection market rally won't lastNelson Peltz, founding partner and CEO at Trian Partners, joins CNBC’s Delivering Alpha 2024 to discuss Trian’s proxy battle with Disney and CEO Bob Iger, his outlook on the consumer and the economy, his vision for the next four years post-presidential election, and more.

Persons: Nelson Peltz, Bob Iger Organizations: Trian Partners, CNBC’s, Disney

☆ Amazon shuts down secret project to develop fertility tracker
▼ + stars: | 2024-11-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon has discontinued a secretive effort to develop an at-home fertility tracker, according to internal documents and people familiar with the matter. The team sat within Amazon's Grand Challenge, also known as its Special Projects division, the sources said. In October, Amazon told people working on the tracker that it was disbanding the team. Other Grand Challenge projects, including the Amazon Care telehealth service, a video-calling device for kids, a virtual tours service, and an augmented reality headset for meetings, were discontinued. On the morning of Oct. 28, employees working on the fertility tracker were told to join a videoconference where a director of the team informed them that the project was ending.

Persons: Amazon, Andy Jassy, Jassy, Jeff Bezos, Bezos, Alexa Organizations: Amazon, Projects, CNBC, Amazon Care Locations: companywide

Traders work on the floor at the New York Stock Exchange (NYSE), after Republican Donald Trump won the U.S. presidential election, in New York City, U.S., November 6, 2024. U.S. stocks slid on Thursday, as fresh comments from Federal Reserve Chair Jerome Powell signaled that economic strength could warrant some patience with future rate cuts. The Dow Jones Industrial Average slipped 189 points, or 0.4%, after falling more than 250 points at the lows of the session. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," Powell said. Those moves come after the October producer price index released Thursday rose 0.2%, matching forecasts from economists polled by Dow Jones.

Persons: Republican Donald Trump, Jerome Powell, Stocks, Powell, Tesla, Dow Jones, Donald Trump's, Jay Woods Organizations: New York Stock Exchange, Republican, U.S, Federal, Dow Jones, Nasdaq, Trump, Russell, PPI, Dow, Freedom Capital Locations: New York City, U.S, Dallas

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