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'Bridgerton' season 3 ends on a happy note for Francesca Bridgerton and John Stirling. Here's what happens to them in the books. 2024-06-17 21:06:41+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Warning: Major spoilers ahead for season three, part two of "Bridgerton," and "When He Was Wicked," the sixth Bridgerton book. One romantic subplot in "Bridgerton" season three is almost as compelling as its main storyline. While season leads Colin Bridgerton (Luke Newton) and Penelope Featherington (Nicola Coughlan) get their act together, another character also makes romantic inroads: Francesca (Hannah Dodd), the sixth Bridgerton sibling. After making her debut in society at the beginning of the season, she catches Queen Charlotte's eye and becomes a highly desired marriage prospect. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. On the show, Francesca's approach to marriage is relatively utilitarian: While she hopes to find a compatible match, she doesn't want to put pressure on herself to find love, as her mother and siblings did. But it's not Lord Samadani, the Queen's pick for Francesca, who ultimately catches her eye. It's the Earl of Kilmartin, John Stirling (Victor Alli), a man whose reservedness matches Francesca's own. Advertisement They get married during a low-key ceremony at the Bridgerton house during the season three finale and prepare to move to John's primary estate in Scotland. Here's what you need to know about Lord Kilmartin — and what to expect for Francesca's romantic future on Netflix's "Bridgerton." Francesca and John marry in the 'Bridgerton' books too, but they're not married for long John Stirling (aka Lord Kilmartin) is introduced in the first half of "Bridgerton" season three. Netflix In Julia Quinn's "Bridgerton" books, Francesca marries John. However, he suddenly dies two years into their marriage, when Francesca is 22 years old. Related stories Though she's pregnant with John's child at the time of his death, she miscarries — meaning that John's cousin, Michael Stirling, becomes the new Earl of Kilmartin. After John's death, Francesca splits her time between London with her family and Scotland with John's family. Advertisement In the books, Michael actually falls in love with Francesca at first sight. Unfortunately for him, they meet just days before her wedding to John. After the marriage, they became close friends, but Michael becomes more reserved after John's death — and eventually, traveles to India. Given that Michael doesn't marry after assuming his cousin's title, Francesca retains hers as the Countess of Kilmartin, managing the estate while Michael travels to India. But four years after John's death, Francesca wants to have a baby and seeks out another husband. Coincidentally, Michael has returned to London by then. The tension simmers between the two, eventually tipping over into a proposal. Though reluctant, Francesca eventually agrees. While the events of "When He Was Wicked" overlap somewhat with Colin and Penelope's story in "Romancing Mr. Bridgerton" in terms of in-universe chronology, the show has moved around some timelines from the books. Advertisement The 'Bridgerton' season three finale introduces John's cousin — with a major twist that will play out as the show continues Victor Alli as John Stirling and Masali Baduza as Michaela Baduza in the season three finale of "Bridgerton." Netflix In the finale, Francesca is introduced to John's cousin Michaela (Masali Baduza), who will be traveling with them to Scotland. Immediately after meeting Michaela, Francesca becomes nervous and stutters while introducing herself. The scene, although brief, is a teaser for Francesca's next big romance with a gender-swapped version of John's cousin. In finale interviews, showrunner Jess Brownell said that she had been pitching a queer storyline for Francesca since season one. "I want to tell a story that accurately reflects a queer experience, and the first time I read Francesca's book, I really identified with it as a queer woman," Brownell told Teen Vogue. "Maybe not in the way Julia Quinn intended." The show has yet to officially announce which Bridgerton's love story will be the focus of next season — though the finale heavily implies that it's Benedict — but Brownell told Decider that it was necessary to start planting the seeds for Francesca's trajectory during season three. Advertisement "Francesca's book, for those who are familiar, it takes place over a longer amount of years and it has more twists and turns," she said. "And so we felt like we wanted to start that story earlier so that we could play out more chapters of her book." It's unclear when or how the TV show plans on handling John's death, but Brownell told The Hollywood Reporter that there will be a time jump at some point to give Francesca's relationships with John and Michaela adequate space. "We're absolutely not denying the connection that Fran and John have, and when we tell the Francesca and Michaela story, we would definitely want there to be a time jump to give Francesca some time to earnestly mourn what she had with John," Brownell said.
80% of Americans say grocery costs have notably increased since the pandemic started, survey finds 2024-06-17 21:05:00+00:00 - The rate of price increases for food has subsided in recent months, according to the latest government inflation data. However, shoppers still report feeling burdened by the prices they're seeing in the grocery store aisles. To that point, within the past few years, 80% of Americans say they've felt a notable increase in the cost of groceries, Intuit Credit Karma reported last month. Since the start of the pandemic, grocery prices have risen 25%, the report also found. Some consumers have had to sacrifice necessities to afford food, the personal finance company found. That includes 28% who sacrificed other needs like rent or bills to pay for groceries, and 27% who occasionally skipped meals. Additionally, 18% have either applied for or considered applying for food stamps, while 15% rely on or have considered turning to food banks. Yet, 53% indicated they earn too much to qualify for food stamps or other government assistance but still have difficulties paying for necessities. While most consumers report noticing higher grocery costs, 51% have also seen increases in gasoline prices; 39% said other bills like cable, electricity and internet have spiked; 27% said housing costs have gone up; and another 27% said dining out costs have risen. The survey was conducted online by Qualtrics on behalf of Intuit Credit Karma, from May 7-13 among 2,011 adults.
The Washington Post Delves Into a Difficult Story: Itself 2024-06-17 20:57:51+00:00 - The backyard goodbye party for Sally Buzbee, the recently departed executive editor of The Washington Post, was beginning to break up on Sunday evening when the newspaper published a critical investigation into her permanent successor. The headline: “Incoming Post editor tied to self-described ‘thief’ who claimed role in his reporting.” The article focused on Robert Winnett, the British journalist poised to take over The Post’s newsroom in November, and revealed his links to a private eye who used unethical media practices to land big exclusives. It noted that Mr. Winnett had declined to comment to The Post’s reporters — the same ones he will be managing in a few months. The party was a farewell gesture by Patty Stonesifer, who was temporarily The Post’s chief executive last year and is a close ally of Jeff Bezos, the Amazon founder and the paper’s owner. As part of her job, Ms. Stonesifer helped recruit the new permanent chief executive, Will Lewis, whose reorganization of the newsroom prompted Ms. Buzbee’s resignation.
I drove Hyundai's rugged new $40,000 family SUV. It's packed with useful tech but rough around the edges 2024-06-17 20:56:14+00:00 - The Hyundai Santa Fe is a three-row mid-size family SUV that's all-new 2024. I enjoyed its rugged looks, strong tech content, and functional interior. I was disappointed by its laggy power delivery, excessive road noise, and intrusive safety tech. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Hyundai's lineup of crossovers and SUVs is pretty extensive these days, running from the subcompact Venue and Kona at the bottom to the range-topping Palisade, with the top-selling Tuscon sitting squarely in the middle. But that's not all. Squeezed in between the compact Tucson and the midsize Palisade is the Santa Fe. In years past, the SUV offered consumers a stylish midsize crossover for those who wanted something bigger than the Tucson but without the Palisade's third-row (or higher price tag.) This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
S&P 500 rises to record close on Monday, Dow snaps four-day losing streak 2024-06-17 20:55:00+00:00 - The S&P 500 rose Monday to close at a fresh record as Wall Street looked to build on last week’s gains. The broad index added 0.77% to finish at 5,473.23, while the Nasdaq Composite surged 0.95% to settle at 17,857.02. The Dow Jones Industrial Average added 188.94 points, or 0.49%, to end at 38,778.10 and snap a four-day losing streak. “Today is a follow through from what we’ve seen over the last week,” said Greg Bassuk, CEO at AXS Investments. “We’re seeing optimism around a number of factors that have been mixed for quite some time,” he said. “The economic data is starting to come in stronger with more consistency, you’ve got signs of a resilient economy. Certainly, there’s optimism and bullishness around a greater likelihood of the potential start of rate cuts.” Megacap technology stocks bolstered the rally in the S&P 500, boosting the information technology sector 1.2%. Microsoft rose more than 1%, while Apple jumped about 2%. Alphabet, Amazon and Meta Platforms also finished higher. Nvidia notched a fresh all-time high — but ultimately closed slightly lower — as State Street said the chipmaker will likely have a more than 20% weighting in the rebalance of its tech exchange-traded fund. Broadcom shares added 5.4% to hit new highs and build on last week’s 23% advance. Monday’s gains come after the S&P 500 and Nasdaq posted their seventh weekly gain in eight weeks. Entering the new week, investors wondered if the market could sustain its current momentum. Even in previous bull markets, the upward price appreciation does not typically move in a straight line, said Mona Mahajan, senior investment strategist at Edward Jones. “Overall, the fundamentals and backdrop still remain supportive, but we would expect corrections along the way,” she said, adding that two to three corrections are typical in any given trading year. Investors are monitoring May retail sales data, due out on Tuesday, as well as home sales and housing starts data later in the week.
Here's what will happen to Aemond Targaryen on 'House of the Dragon,' if it follows his fate in the book 2024-06-17 20:46:58+00:00 - Aemond Targaryen starts "House of the Dragon" season two fresh off the murder of his nephew. In "Fire and Blood," the show's source material, he eventually meets his own end. Here's what happens to him in the book — and potentially the show, though that's not confirmed. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Warning: Major spoilers for the season two premiere of "House of the Dragon," the book "Fire and Blood," and potential spoilers for future episodes of "House of the Dragon." Aemond Targaryen is off to a rough — or excellent, depending on how you look at it — start on "House of the Dragon" season two. Fresh off accidentally killing his nephew Lucerys Velaryon on dragonback, Aemond is one of the most powerful assets on the Green side of the impending war. While he's a skilled fighter in his own right, that's mostly due to the fact that he's bonded to Vhagar, the largest of the active dragons. And his brother, King Aegon II, is champing at the bit to send him into war. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Untrained staff at Amazon's One Medical miss urgent issues like blood pressure spikes and clots, according to new report 2024-06-17 20:46:04+00:00 - The Washington Post reported some patients of Amazon's One Medical struggle to get adequate care. The Post reported call center employees have missed major patient concerns like blood clots. One Medical has struggled with patient privacy and care issues since Amazon's acquisition in 2022. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Some elderly patients of Amazon's subscription-based primary care service, One Medical, are struggling to get adequate care, according to a new report from The Washington Post. The Post reported that the call center is staffed by contractors who receive about two weeks of medical training before responding to patient concerns. They have missed urgent issues like blood pressure spikes and sudden stomach pain with blood in one patient's stool. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Trump proposal to exempt tips from taxes could cost $250 billion 2024-06-17 20:40:00+00:00 - Trump says he'll eliminate taxes on tips if reelected during Las Vegas rally Former President Donald Trump's vow to stop taxing tips would cost the federal government up to $250 billion over 10 years, according to a nonpartisan watchdog group. The proposal — made by Trump for the first time just over a week ago in Nevada — would increase the nation's red ink between $150 billion to $250 billion and possibly much more if it were to cause a shift in more overall compensation from wages to tips, the Committee for a Responsible Federal Budget (CRFB) said in its analysis released Sunday. "The big picture is clearly we have huge fiscal challenges for whoever the next president is, yet we seem to be seeing a number of proposals that would make the situation worse rather than better," CRFB President Maya MacGuineas told CBS MoneyWatch. "Our politicians pander as their political strategy, which leaves the country so much weaker." Trump's proposal, which doesn't address how it would be paid for, is bad tax policy because it would create an incentive to push more income into tipping, MacGuineas added. "Changing our economy into a tipped economy is not desirable in the first place," she said. In making a pitch to win over voters in a battleground state that is largely dependent on the hospitality industry, Trump told a June 9 rally off of the Las Vegas strip that he would get rid of taxes on tips, "right away, first thing in office, because it's been a point of contention for years and years and years." Changing the law would require approval from Congress, which has not acted on it before. But in 2025, lawmakers will have the chance to rewrite the country's tax laws, when Trump's 2017 tax laws are set to expire. Tips weren't included in the original legislation. The Internal Revenue Service legally requires workers who earn wages based on tips to report their earnings on their taxes, which is then taxed at the same rate as regular income. "In practice, exempting tip income from taxation would lead workers and employers to reclassify ordinary income as tip income where possible and could lead to a larger shift toward lower base pay and higher tipped income, more broadly," the CRFB stated. Assuming a shift of 10% more income stemming from tips would increase the cost to $275 billion, and a doubling of tips offset by lower wages could have the price tag surging to $500 billion, the group projected. A spokesperson for Trump did not respond to a request for comment. Asked about the former president's proposal while briefing reporters on President Biden's tax proposals last week, national economic adviser Lael Brainard declined to address the idea of exempting tips from taxes specifically. "Our view is that the meaningful set of policy changes that would really lift the living standards of Nevada workers would be to raise the minimum wage" and eliminate the tipped minimum wage in Nevada, which would save workers there $6,000 a year, Brainard said. The Biden administration is proposing that tax cuts for those making $400,000 and more a year should expire as scheduled in 2025, but continue for households earning less. The Trump campaign has also proposed extending individual and estate tax cuts adopted in 2017, and the presumptive Republican presidential nominee recently floated the idea of cutting the corporate tax rate to 20% from 21%. "Campaign time is still silly season," remarked MacGuineas, who called on the candidates to "make a promise that they will not engage in any more borrowing other than real emergencies" and focus instead on balancing the nation's budget deficit. "Interest payments are the second-largest item in the budget and the fastest growing," she said.
'Inside Out 2' saved the summer box office — and proved Pixar was right to lean on sequels 2024-06-17 20:36:31+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Disney proved it still has some box-office firepower this weekend with Pixar's "Inside Out 2." The film had the biggest three-day opening weekend of the year, grossing $155 million domestically and $295 million worldwide. That's also the second-biggest domestic opening ever for an animated movie, behind another Pixar title, 2018's "Incredibles 2" ($182.6 million). For reference, the "Inside Out 2" gross is so good that it's only just behind last summer's domestic opening of "Barbie" ($162 million). This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The 2024 summer movie season is gradually becoming the season of comebacks. Last weekend, audiences showed they were ready to forgive Will Smith for the Oscars slap and showed up to theaters in droves for "Bad Boys: Ride or Die," which topped the box office with an impressive $100 million-plus global opening. This weekend's impressive box-office numbers for "Inside Out 2" prove that audiences want to see Pixar titles on the big screen despite years of self-inflicted mishaps, like releasing "Luca" and "Turning Red" straight to Disney+ in the pandemic and the botched marketing campaign for "Elemental." Advertisement Here are the three reasons "Inside Out 2" was a box-office success. "Inside Out 2" is a sequel to a beloved Oscar-winning original "Inside Out." Pixar 2015's "Inside Out" was a story about the warring emotions inside a girl named Riley. We watched Joy, Sadness, Fear, Disgust, and Anger navigate her mind, leading to a hugely entertaining and emotional story (RIP, Bing Bong) that went on to win a Best Animated Feature Oscar. Releasing a sequel to such an acclaimed original — even though it's been nine years since the first film — is a pretty safe bet for success. Hollywood loves to replicate a winning formula ad nauseam, and that's exactly what Pixar leaned on heavily here. In the sequel, Riley, now a teen, has additional emotions like Anxiety, Boredom, Envy, and Embarrassment. The core emotions from the first movie clash with the new ones, leading to more clever laughs that work for both kids and adults. Related stories It's far from the first time that a sequel to an established Pixar title led to paydirt: "Incredibles 2" holds the record for the biggest domestic opening for an animated title ever with $182.6 million, and went on to earn over $1 billion worldwide for its theatrical run. Advertisement It's still too soon to say if "Inside Out 2" will reach the $1 billion mark, but its weekend success proves that familiarity is key in getting people to theaters. After diverse stories in other Disney films sparked backlash, "Inside Out 2" plays it safe Uzo Aduba voices gay character Alisha in "Lightyear." Disney/Pixar From a same-sex kiss in "Star Wars: The Rise of Skywalker" to casting a Black lead in the live-action remake of "The Little Mermaid," Disney has spent the past few years showcasing LGBTQ+ characters and telling diverse stories. That strategy shift wasn't received without controversy, as some accused the studio of pushing a political agenda. Pixar wasn't immune to the criticism: A same-sex kiss in 2022's "Lightyear" led a movie theater in Oklahoma to post a letter to its patrons saying it would attempt to "fast-forward" through the scene. Whether it was a conscious decision or not, "Inside Out 2" doesn't feature anything overtly "woke." In fact, Disney CEO Bob Iger said in an April shareholder meeting that the company is focused on entertaining, not advancing "any kind of agenda." Advertisement Audiences are starving for good children's titles in theaters "Inside Out 2." Disney/Pixar Titles geared toward kids continue to be immune to any kind of box-office slump. Films like "The Croods: A New Age" and Disney's "Raya and the Last Dragon" were big earners during the pandemic; John Krasinski's imaginary friend movie "IF" has steadily been earning bank since opening in early May, recently crossing the $100 million mark domestically. Since so few of these kid-friendly titles hit theaters each year, parents flock to them when they open. Combine that with Pixar's fan loyalty, and you have a hit. "Inside Out 2" also opened at the perfect time — in many parts of the country, kids are out of school for summer break. If you dig deep into the numbers this weekend, you'll find Disney's Mea culpa to Pixar: The studio released "Inside Out 2" on a whopping 4,440 screens, the most for any movie released this year to date and the most since last summer's "Indiana Jones and the Dial of Destiny," which was released on 4,600 screens. Advertisement Clearly, now that Pixar movies are back in theaters, they're going to be playing everywhere — and that strategy is working.
NFL Commissioner Roger Goodell defends ‘Sunday Ticket’ package as a premium product 2024-06-17 20:30:35+00:00 - LOS ANGELES (AP) — NFL Commissioner Roger Goodell reiterated during testimony in federal court Monday that the league’s “Sunday Ticket” package, the subject of a class-action lawsuit, is a premium product while also defending the league’s broadcast model. Goodell was called as a witness by the NFL as the trial for the lawsuit filed by “Sunday Ticket” subscribers entered its third week. “We have been clear throughout that it is a premium product. Not just on pricing but quality,” Goodell said during cross-examination in a Los Angeles courtroom. “Fans make that choice whether they wanted it or not. I’m sure there were fans who said it was too costly.” Goodell, who has been commissioner since 2006, said he believes this is the first time he has been called to testify in federal court during his tenure. The class-action, which covers 2.4 million residential subscribers and 48,000 businesses who paid for the package from 2011 through 2022, claims the league broke antitrust laws by selling its package of out-of-market Sunday afternoon games at an inflated price. The subscribers also say the league restricted competition by offering “Sunday Ticket” only on a satellite provider. The NFL maintains it has the right to sell “Sunday Ticket” under its antitrust exemption for broadcasting. The plaintiffs say that only covers over-the-air broadcasts and not pay TV. If the NFL is found liable, a jury could award $7 billion in damages, but that number could balloon to $21 billion because antitrust cases can triple damages. During the first two weeks of the trial, exhibits by the plaintiffs showed that Fox and CBS have long been concerned about how competition from a more widely distributed “Sunday Ticket” package could affect ratings for locally aired games. Goodell said the NFL decided to put “Sunday Ticket” on DirecTV from 1994 through 2022 because it was one the few platforms available that had national distribution. He cited the fragmented nature of cable companies for why it wasn’t available on cable. Goodell also said the league’s broadcast model, where local games are available over the air for all games, is why NFL games are highly rated. “We sing it from the mountaintops, We want to reach the broadest possible audience on free television,” he said. “I think we are very pro-consumer. Our partners have found ways to build our fan base.” Goodell also said that one reason the league decided to sell Thursday night games that had been exclusively on NFL Network from 2006 through 2013 to other networks was because of the quality of production. Thursday night games were shared by CBS and NBC from 2014 through 2016 before Fox aired them for the next five seasons. Amazon Prime Video took over the package in 2022. “I had my own opinion that our production was below standards that the networks (Fox and CBS) had set. We had not met that standard,” he said. Dallas Cowboys owner Jerry Jones, a member of the league’s media committee, is expected to testify after Goodell. ___ AP NFL: https://apnews.com/hub/nfl
Trump, Kevin McCarthy and other Republicans gang up on Freedom Caucus chair in primary 2024-06-17 20:30:00+00:00 - GOOCHLAND, Va. — For Rep. Bob Good, Tuesday’s primary is about much more than the next member of Congress representing Virginia’s 5th District. “The nation is watching,” the Virginia Republican told a few dozen supporters gathered outside the historic county courthouse on a muggy Friday evening. He warned that this race is about the “D.C. establishment swamp who wants to buy your seat.” Good, who chairs the hard-right House Freedom Caucus, told his supporters that he is former Speaker Kevin McCarthy’s top target, as McCarthy looks to take down the small group of Republicans who ousted him late last year. McCarthy’s first effort fell short last week when Rep. Nancy Mace of South Carolina won her primary. But McCarthy is just one player lined up against Good in a race that could see him become the first member of Congress to lose to a primary challenger this year. There’s also the most important endorsement in Republican politics working against him: former President Donald Trump. Trump endorsed Good’s opponent, state Sen. John McGuire, a former Navy SEAL and “Stop the Steal” rally participant, late last month. The former president made a veiled reference to Good endorsing Florida Gov. Ron DeSantis in the presidential primary, writing on social media that Good “was constantly attacking and fighting me until recently.” Trump is holding a tele-rally for McGuire on Monday night, and he appeared in a 15-second TV ad to boost McGuire. His endorsement could sway some voters who were skeptical of Good in the deep-red district, which stretches from the Richmond suburbs to the state’s southern border. “I’ve had many people say, ‘I don’t know anything about you, never mentioned before, but Trump’s endorsing you, I’ve got you,’” McGuire told NBC News. Tuesday’s race is the first time Good is facing a traditional primary. In 2020, Good ousted then-Rep. Denver Riggleman, who had Trump’s endorsement as well, in a drive-through convention amid the Covid pandemic. “I mean [Good] was for Trump, against Trump, for Trump, against Trump,” McGuire supporter Bruce Jaggard, a 76-year-old retiree, said at the “Village Vibe” concert in neighboring Powhatan on Friday. “You never know where he stands,” Jaggard said. “And that bothers me.” The anti-Good coalition Good is clearly sensitive about Trump endorsing his opponent, telling NBC News before a short interview that everyone already knows Trump backed his opponent — as if to blunt any questions on it. Good declared himself “behind President Trump,” adding: “I’m sure the president will be supporting me on June 19 after we win.” The delicate dynamic around Trump was in view during Good's event, as the congressman referenced “somebody” promising to make him “unelectable.” That person was likely top Trump adviser Chris LaCivita, who told a local Virginia outlet in January: “Bob Good won’t be electable when we get done with him.” But Trump and McCarthy are part of a broad coalition trying to take down Good, which includes several of his own House GOP colleagues. Rep. Marjorie Taylor Greene of Georgia, who was booted from the Freedom Caucus last summer, has been a big Good critic. At least five other GOP lawmakers have donated to McGuire’s campaign. One House GOP member chartered a bus to the 5th District from Washington on Saturday to help fellow lawmakers campaign for the challenger. And even a member of Good’s own Freedom Caucus, Rep. Warren Davidson, broke ranks Sunday to endorse McGuire, calling for “reinforcements to help Make America Great Again.” But just as members are engaging against Good, some of the Freedom Caucus’ most outspoken members have been making visits around the district on behalf of their colleague. Defending Main Street, a super PAC supporting more centrist Republicans, also made the rare move to target an incumbent, boosting McGuire in the race. “He would support Donald Trump and his initiatives in building the wall, controlling immigration,” Sarah Chamberlain, president of the Republican Main Street Partnership, recently told NBC News. “These are all things that Bob Good did not do.” Chamberlain said Good’s vote to oust McCarthy prompted the group to dig into his record, and they determined McGuire would be a better fit for the district. Chamberlain said they discussed McGuire’s actions on Jan. 6, 2021, with him, noting he did not enter the Capitol that day. “We certainly didn’t count that against him,” she said. “Yeah, I went there,” McGuire said of going to both Trump’s “Stop the Steal” rally and to the U.S. Capitol grounds on Jan. 6. “We felt like we were being cheated.” John McGuire, GOP candidate for Virginia's 5th Congressional District, in Bumpass, Va., on Saturday. Bill Clark / CQ-Roll Call, Inc via Getty Images McGuire’s openness to conspiracy theories shone through at other parts of the interview, including when he called the Covid-19 pandemic “the plan-demic” — touting a conspiracy theory that the pandemic, which originated in China and spread worldwide, was a ploy to be able to change voting rules around drop boxes and mail-in voting in the U.S. There is no proof of that. McGuire would not promise to certify the results of the 2024 election if elected to Congress, saying that he would “need to see what happens” and adding at another point, “I can understand why people lack trust in elections.” The McCarthy factor McCarthy allies have blanketed the Virginia district’s airwaves ahead of Tuesday’s vote. Outside groups tied to the former speaker have spent $6.9 million on ads in the race, according to the ad tracking firm AdImpact, while Good has gotten boosts from outside groups tied to Club for Growth Action, the House Freedom Caucus and GOP Sen. Rand Paul of Kentucky. McGuire said he and McCarthy have discussed this primary battle, though McGuire told NBC News that he doesn’t know the former speaker. “About a month ago, I shook his hand” at the Capitol Hill Club in Washington, D.C., McGuire said. “He was nice to me.” He added that they have connected a few times by phone, too, over the course of this race. “Advice, like, ‘Hey, am I doing the right thing?’” McGuire said, describing the chats with McCarthy. “And he’s like, ‘Keep charging.’ More of a pep talk kinda thing. But never any strategy or anything. I think I should have asked him that, but I didn’t.” Good’s allies have framed the race as McCarthy and the Washington establishment trying to take down the hard-right conservative wing of the party, with some of Good’s Freedom Caucus colleagues joining him on the campaign trail Friday. “This is a move not to just crush Bob Good as chairman. This is a move to crush the Freedom Caucus,” Rep. Andy Biggs, R-Ariz., told the 50 or so gathered Virginians. Taking a jab at the former speaker, Biggs said the race “is being supported by a very bitter, upset individual who wants to be relevant.” Though it’s brought money and attention into the race, it’s not clear how much the vote to oust McCarthy will actually resonate with voters. “The outcome will be determined by the candidates, their organization and Donald Trump,” said Zack Roday, a GOP strategist with experience in Virginia who is not involved in the race. But McCarthy’s ouster did matter to at least a few voters on opposing sides of the primary. One woman at the Powhatan concert, who declined to share her name, said the McCarthy vote factored into her decision to support McGuire. “The timing was horrible,” she said, with a “John McGuire: Trump endorsed” lawn sign leaning against her lawn chair. “And all it did was feed on the Democrats: Oh, these Republicans can’t get their act together.” Karen Piscarz, a retiree from Goochland who was also at the Friday concert, said it “absolutely” affected her decision to support Good. “I liked that he stuck his neck out when everybody was saying, ‘Why are you doing that?’ And I think [House Speaker] Mike Johnson is making a big difference,” she said. “It matters to people who are paying attention,” Dale Agnew, a Good supporter, said of the incumbent’s vote against McCarthy. “Not everyone pays attention.”
Analysts say to buy Best Buy stock for an AI device upgrade boost and a whole lot more 2024-06-17 20:22:00+00:00 - Another Wall Street firm has turned positive on Best Buy — making the case that an artificial intelligence-fueled upgrade cycle for PCs is hardly the only reason that investors should purchase the stock. UBS on Monday boosted Best Buy to a buy rating from neutral and lifted its price target on shares to $106 apiece from $85. That implies an over 21% gain from Friday's close. The analysts cited "multiple paths to potential upside" for the stock including a rebound in housing, growing sales in newer product categories, and a broader electronics replacement cycle. Shares of Club name Best Buy have been on a tear lately — jumping more than 4% on Monday to intraday highs last seen in February 2023. The stock, which has gained roughly 24% over the past month, still has room to run to break its Covid-era record high of just under $142. The last personal computer boom was in the early days of the pandemic when people outfitted their home offices for work from home. BBY 5Y mountain Best Buy 5 years "I'm actually surprised it's not up more on this upgrade," Jeff Marks, the CNBC Investing Club's director of portfolio analysis, said during Monday's Morning Meeting. Marks said shares can eventually reach into the $100 territory as more AI-infused PCs and other innovative devices roll out, sending customers to the electronics retailer for the newest gadgets. We are currently reviewing our $95 price target for the Club. Coming on Tuesday, Microsoft plans to start selling new AI-enabled laptops at Best Buy, with roughly 40% of Copilot+ PCs exclusive to the retailer. We think that high-end offerings like these will give Best Buy a much-needed boost in sales and later for its stock price, too. Devices are part of how Microsoft and four other Club tech giants are targeting consumers to make money on AI. UBS agreed: "BBY has seen outsized performance in the past upon the introduction of products with truly differentiated features and tech changes." In Monday's note to clients, the analysts also said that Best Buy can get a "volume benefit from lowering prices on previous models of the same product." The potential for an AI-driven device refresh cycle has been well documented, and we've been talking about it for months. However, UBS thinks a weak spot in Best Buy's latest earnings report, home appliances, could soon get their own moment in the sun — not from AI, but from more people buying houses and needing to fill them up. It's a trend we highlighted last week when two cooler-than-expected inflation reports gave Wall Street hope for a Federal Reserve interest rates cut, or maybe even cuts, before year-end. Lower borrowing costs mean cheaper mortgages. "We estimate 40%-45% of Best Buy's assortment holds a moderate to strong correlation to housing turnover," the analysts wrote, citing offerings like its home appliances and home audio equipment. "With BBY's recent comments that sales trends of TVs and major appliances have begun to improve from 1Q, we expect sequential improvement from here." They said other drivers for the stock include growing sales of newer products such as electric bikes and furniture. Bottom line Overall, UBS and the Club agree that these tailwinds should come together to drive a nice recovery in Best Buy sales, which fell short last quarter . That's a key reason why we first initiated our position in Best Buy earlier this year. "Best Buy may have one more quarter or two of negative comps — but as we look to the second half of this year and into next year, we should see a nice inflection point there," Marks said, adding that "we wanted to get ahead of that inflection, which is why we started buying earlier in the spring." (Jim Cramer's Charitable Trust is long BBY, MSFT. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the 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. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. People walk past a Best Buy store in Manhattan, New York City, November 22, 2021. Andrew Kelly | Reuters
McDonald's to end AI drive-through test with IBM 2024-06-17 20:17:00+00:00 - McDonald’s is changing course on its artificial intelligence plans. The fast-food giant will end a test run of its AI drive-through technology partnership with IBM in more than 100 restaurants. The so-called Automated Order Taker will be shut off no later than July 26, according to a memo sent to franchisees late last week, obtained by CNBC. The global AI partnership began in 2021. The combination of technologies from the two companies aimed to simplify and speed up operations with voice-activated ordering. “While there have been successes to date, we feel there is an opportunity to explore voice ordering solutions more broadly,” said the franchisee memo from Mason Smoot, senior vice president and chief restaurant officer for McDonald’s U.S. “After thoughtful review, McDonald’s has decided to end our current partnership with IBM on AOT. … IBM remains a trusted partner and we will continue to utilize many of their other products across our system.” Drive-thru menu at a McDonald's in Buttonwillow, Calif., in April. Smith Collection/Gado / Gado via Getty Images The decision comes as restaurants from Del Taco to Wingstop to Panera and more have been testing out various ways to use AI, from front to back of house as a way to streamline operations. Chipotle and Yum Brands have also been leaders in both robotics and AI investments in recent years. In a statement, McDonald’s told CNBC it is not ruling out potential AI drive-through plans in the future, even though it ended the IBM partnership. “As we move forward, our work with IBM has given us the confidence that a voice ordering solution for drive-thru will be part of our restaurants’ future,” the company said in a statement. “We see tremendous opportunity in advancing our restaurant technology and will continue to evaluate long-term, scalable solutions that will help us make an informed decision on a future voice ordering solution by the end of the year.” In statement, IBM said it will work with McDonald’s on “a variety of other projects” as the test ends. “IBM also is now in discussions and pilots with several Quick-Serve Restaurant clients who are interested in the AOT technology,” the company said in a statement. McDonald’s sold its McD Labs technology, formerly known as Apprente, to IBM in 2021. It also sold Dynamic Yield, a predictive ordering technology, to Mastercard in late 2021, after a splashy acquisition in 2019 that was part of its modernization plans for restaurants. While McDonald’s AI plans for the future are unclear, all eyes will be on Alphabet’s Google. At its investor day in December, McDonald’s announced a new partnership with Google Cloud, but neither company has offered details on what it will entail. “We’re excited to see how McDonald’s will use our generative AI, cloud, and edge computing tools to improve their iconic dining experience for their employees and their customers all over the world,” Alphabet CEO Sundar Pichai said in a statement at the time. In a note this spring, BTIG analyst Peter Saleh wrote that franchisees had not seen much progress on the automated order taker in the drive-thru, “expressing frustration that updates were infrequent and the demonstration at the worldwide convention was underwhelming,” as all of the orders witnessed there were incorrect. “We are still hearing that accuracy remains in the low-to-mid 80% range and operating costs are high,” while a wider test of the technology had not yet taken place. Saleh added there was speculation about Google’s major presence at April’s McDonald’s Worldwide Convention held in Barcelona, leading some to believe Google could replace IBM as the company’s AI vendor. “Accuracy is the most important thing right now,” Saleh told CNBC on Monday. “It will have to be at least 95% accurate and will have to save [franchisees] money over having a person in the drive thru, and the way it is designed now, does neither,” he said of the IBM technology. Google did not immediately respond to CNBC’s request for comment about what its partnership with McDonald’s could entail. McDonald’s declined to comment.
Here's why car payments are so high right now 2024-06-17 20:16:00+00:00 - Car payments have skyrocketed in recent years due to a combination of high prices and high interest rates. While some relief may come soon, industry insiders say prices may still remain high for quite some time. As of May, customers were paying, on average, $760 a month for an auto loan, according to Moody’s Analytics. While that is a drop from a high of $795 in December 2022, it is still a roughly 40% increase over the $535 average payment in May 2019. A near-record 17% of car owners are paying more than $1,000 a month, according to Edmunds, a car shopping site and industry data provider. Though slightly down from the record of 17.9% in the fourth quarter of 2023, the rate has remained above 17% for a year. “The idea you’re going to pay $700, $800 a month for the next six years, I mean, it just sounds crazy for a depreciating asset,” said Charlie Chesbrough, senior economist for Cox Automotive, which owns Autotrader and Kelley Blue Book, plus provides a range of services for the auto industry. 'Underwater' trade-ins are bumping up payments Many customers who bought vehicles at high prices in the middle of the Covid-19 pandemic are now “underwater” or have negative equity — meaning the loan on their car is larger than what the car is worth — by a record amount. In the first quarter, 23% of customers with trade-ins had negative equity of more than $6,167 on average, according to Edmunds. The steep drop in used-car prices from pandemic-era highs has produced unusually high rates of depreciation for a lot of vehicles. It is not uncommon for car owners to have a bit of negative equity on a vehicle when they trade it in. About one-third of trade-ins carried negative equity prior to the pandemic. It is the amount of negative equity that is concerning, says Edmunds Senior Director of Insights Ivan Drury. Trading in a vehicle with negative equity often means the consumer rolls that balance owed into the new auto loan, resulting in higher payments, with higher interest rates, for longer periods. In the first quarter of 2024, the average payment with a trade-in was $736, with an average interest rate of 7.1% for 68 months. The rate for a trade-in with negative equity was $887, at a rate of 8.1%, for nearly 76 months. Steeper payments on that new car can create a kind of vicious cycle that dog consumers for much of their lives, Drury said. “You’re paying off a car from like 10 or 15 years ago,” Drury said. “You’ve never actually paid off a vehicle. That means you’re constantly paying for something you don’t even own anymore.” When and how car buyers may see pricing relief The good news for car shoppers is that incentives have risen over the course of the past year by 81%, according to Moody’s. Incentives can vary. There are straightforward discounts on a car, sometimes called “cash on the hood.” There is interest rate subvention, where a customer might receive 0% interest for a certain number of months. There are also trade-in allowances, where a dealer might give an above-market price on a trade-in. But it is unclear when the Federal Reserve will lower interest rates, and even when they do, there is about a six-month lag before those changes show up in auto loan rates. The Federal Reserve does not determine auto loan rates, but it does determine the rate at which banks can borrow federal funds. Due to that, it influences the rates banks then charge customers for loans, including ones on cars. In addition, inflation pushes vehicle sticker prices higher. “Inflation has remained a little higher and stickier than we thought,” said Mike Brisson, senior economist for Moody’s. “So the Fed’s expected date of lowering interest or lowering the prime rate has been pushed out. The manufacturers lower the interest rate artificially using incentives. So you’ll see some relief there. However, real relief in the actual interest rate isn’t going to come until after this year.” That relief may be short lived, however. Longer-term structural changes to the auto market may keep prices — and payments — high for years to come.
McDonald's ends AI drive-thru orders — for now 2024-06-17 20:08:00+00:00 - McDonald's is pulling the plug on a test that deployed artificial intelligence to take drive-thru customer orders, with the technology showing mixed results. McDonald's told CBS MoneyWatch that it is ending its Automated Order Taker pilot, which used AI in drive-thrus to expedite orders. The fast-food giant, which launched the tech through a partnership with IBM in 2021, isn't ready for now to deploy voice ordering across its restaurants. Some customers reported that McDonald's chatbot sometimes got even simple orders wrong. "The goal of the test was to determine if an automated voice ordering solution could simplify operations for crew and create a faster, improved experience for our fans," a McDonald's spokesperson said in a statement to CBS MoneyWatch, while adding it still sees "an opportunity to explore voice ordering solutions more broadly." McDonald's will continue to partner with IBM in other areas. "As we move forward, our work with IBM has given us the confidence that a voice ordering solution for drive-thru will be part of our restaurants' future. We see tremendous opportunity in advancing our restaurant technology and will continue to evaluate long-term, scalable solutions that will help us make an informed decision on a future voice ordering solution by the end of the year," McDonald's said. Early stumbles As of December, McDonald's had 27,000 drive-thru locations across the world. It deployed the AI tech at 100 U.S. locations. And as with any new technology, there were mishaps that amused, and sometimes frustrated, customers. For example, in early 2023 TikTok user Ren Adams shared a video documenting her experience using McDonald's AI ordering system. "This morning I tried to go to McDonald's and get my daily dose of caffeine, and some breakfast. I was going to get a hash brown, a sweet tea and a coke," she said. "At this McDonald's, it's all robot. We're talking to a robot, there's no person on the speaker." The AI cashier mistakenly added nine sweet teas to Adams' order, she said in her TikTok video, noting that she then abandoned the order. In another video, TikTok user Madilynn Cameron filmed herself at a McDonald's drive-thru ordering water and vanilla ice cream. The AI bot who took her order inexplicably added two sides of butter and four ketchup packets to the order, an image of Cameron's checkout screen shows. "McDonald's, I'm done," Cameron said in the video. McDonald's did not comment on these or any other incidents in which customers reported problems using its AI bot. Other chains embracing AI Other fast-food chains, including Chipotle, Taco Bell and Pizza Hut, are testing bots in their kitchens and at cash registers to save on labor costs. Chipotle has opened at least 500 digital drive-thru "Chipotlane" restaurants since 2018. It has also tested AI in kitchens with "Chippy," a robotic kitchen assistant that can make tortilla chips. Yum Brands'-owned Taco Bell and Pizza Hut restaurants are also placing big bets on AI, its tech chief Joe Park told the Wall Street Journal in April. "A lot of that gets automated in the future, where you don't have to interface directly with the technology," he told the WSJ. "You can do it through generative AI."
Apple stops offering buy now, pay later loans in U.S. 2024-06-17 20:03:00+00:00 - Apple said on Monday that it has stopped issuing loans through Apple Pay Later, its buy-now-pay-later program that launched last year. The move comes after Apple said it would start allowing installment loans later this year in its Apple Pay checkout process through third-party companies, such as Affirm , and credit and debit cards from issuers, such as Citigroup. Apple said it would no longer issue Apple Pay Later loans, which enabled customers to buy products online and pay in four interest-free installments, at prices up to $1,000. The discontinuation is a sign that not every new fintech feature or product that Apple launches becomes a success or fits in with the iPhone maker's overall strategy. "Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay," an Apple spokesperson told CNBC. "With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S." Apple said users who wanted installment plans at checkout would gain access to them through other financial intermediaries in more countries around the world than they would with Apple Pay Later, which was only available in the U.S. Apple said its priority with Apple Pay, the brand name for its contactless and online payment software, was to enable secure and private payments. Users with open loans will continue to have access to Apple Pay Later features to manage and pay their loans, Apple said. Before it was discontinued, Apple Pay Later enabled users to apply for loans within the iPhone Wallet app, and approved users would see a "Pay Later" option when checking out online. The process notably involved Apple taking over more of the financial backend than some of its other products, like Apple Card. For the program, Apple made some of its own credit credit checks and loan decisions, instead of having those handled entirely through financial partners. Apple's loans were issued by a wholly owned subsidiary.
Sabato De Sarno unveils Gucci precision saturated in color to close Milan Fashion Week 2024-06-17 19:54:41+00:00 - MILAN (AP) — It’s been creative director musical chairs at some of Italy’s top fashion houses, and the pressure is showing, at least on social media. Gucci’s Sabato De Sarno presented his third collection in Milan on Monday, still the most highly anticipated runway show of the week as Gucci undergoes a major style transition. Hours earlier, Valentino, the fashion house that snapped up his predecessor Alessandro Michele, launched images on social media of Michele’s first resort collection for Rome-based Valentino, which previews its collections in Paris. Commentators couldn’t help but notice the similarities to his Gucci years. Anyone with complicated family dynamics can understand just how fraught the timing was. Gucci is owned by the French conglomerate Kering, which has a 30-percent stake in Valentino, an important but not determinant share. Add to that, De Sarno is a Valentino alum, whose recent resort collection included a pussy bow that was one of the codes Michele brought to Gucci. Michele’s runway debut for Valentino is expected in Paris for womenswear previews in September. Some highlights from the fourth and final day of Milan Fashion Week, mostly menswear previews for Spring-Summer 2025: Gucci saturates precise silhouette Sabato De Sarno’s sophomore menswear collection for Gucci was all about precise silhouettes saturated in color. A long, acid-green bonded leather coat over thigh-baring shorts and a netted shirt set the tone for an outing that was both rigorous and edgy. Models strode through the atrium of Milan’s Triennale design museum, in tribute to De Sarno’s view of museums as “nourishing” spaces. In that vein, he invited 400 fashion students to watch the show, and was meeting with them afterward. Part of the brand’s relaunch has been moving to spaces away from the sprawling Gucci Hub on Milan’s outskirts, as De Sarno lays claim to Italy’s fashion capital one venue at a time. His Spring-Summer 2025 collection featured wearable elements easily composed to one’s desire, reflecting De Sarno’s wish “that people feel free and welcomed in my clothes.” Amid the structure of the bonded leather jackets and crisp poplin suits, there was a lot of movement, in undulating, vivid repeating prints of surfers and dolphins on boxy bowling shirts, shimmering beaded fringe jackets in shades of lemon or lime, and long-sleeve hand-knit polo shirts sparkling with embedded sequins. A subtle jacquard was a rare sign of the Gucci logo. Fresh styling conceits included chunky sunglasses that, when not worn, could be strapped backward around the neck with a brightly colored Gucci cord. Highly constructed bags were inspired by archival luggage, and include detachable pieces. Sneakers and scuba slip-ons featured molded soles. Media-shy De Sarno said in press notes that the collection “speaks about freedom.” “I feel free when there is no distance between my words and my thoughts, between my actions and my heart,’’ he wrote. Serena and Venus Williams serve up some Gucci De Sarno has the full endorsement of Serena Williams, who sat in the front row between Kering boss Francois-Henri Pinault and her sister Venus. ‘’It was a beautiful collection. I think Sabato is a great designer,’' Serena Williams said backstage. “Gorgeous, gorgeous, gorgeous. I have to say I thoroughly enjoyed it.’' Speaking to the versatility of the looks, Williams said she saw plenty on the runway meant for menswear that she liked for herself. “Honestly, I loved that light blue suit in the end. It wasn’t really for me, but I totally could vibe in that,’' she said. “A lot of the bags were nice. Those purple shoes were really cool.” Williams, dressed in a pretty peach suit with a sparkly knit top, was joined by sister Venus, wearing a Gucci Pantone red leather coat. Venus also showed up at JW Anderson’s show Sunday night. Also on hand was Irish actor Paul Mescal, keeping cool in striped shorts and a GG monogrammed blue dress shirt. Giorgio Armani’s North Star There has been one constant at the Giorgio Armani fashion house for the last 49 years, and that’s Giorgio Armani. His looks are a steady evolution of the relaxed tailoring that has characterized his fashion empire. Soothing hues set the mood for the Spring-Summer 2024 collection, where the loose, often pleated, trousers were the star. Jackets were worn open, and shirts were often collarless or with casual shawl collars. Silken trousers featured big side pleats, billowing with each step. Small slit pockets provided utility. Vests added a ruffian flair, with or without shirts. Scrunchy sun hats were packable. Models walked slowly, deliberately, on a runway surrounded by video images of tropical plants — a motif of the season. Some smiled, as the designer has urged in recent seasons. Turning 90 next month, Armani remains firmly at the center of his fashion group, launched in 1975, and is always on hand to take a bow after his shows. This round, he was joined by his long-time right-hand-man Leo Dell’Orco, who heads the group’s men’s style office, and Gianluca Dell’Orco, head of Giorgio Armani men’s styling office. Russell Crowe was front row for the show at Armani’s Milan theater. Clad in jeans, the actor said he was jet-lagged and wanted to be comfortable. He may well have spotted something from the runway that fits that bill.
Constellation is on pace for its best day of the year — here's what may be fueling the rally 2024-06-17 19:27:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets rally: The gains on Wall Street picked up steam midafternoon Monday, putting the S & P 500 on track for another record close. The tech-heavy Nasdaq is on pace for its sixth all-time high in a row. Strong advances in technology stocks like Club holdings Nvidia , Apple and Broadcom were the dominant theme in last week's trading. The latter two extended their recent gains Monday session while Nvidia was roughly flattish. But Monday's session overall is a little different, with a bounce in other S & P 500 sectors like consumer staples, industrials, and consumer discretionary. Club industrial Honeywell hit a fresh 52-week high Monday. Energy also rose as the U.S. oil benchmark topped $80 a barrel. It was not all green, though, with the real estate and utilities sectors falling as Treasury yields rose. Health care also pulled back despite Club name Eli Lilly once again registering a new all-time high. The stock has posted down days just twice since May 28. Its latest move higher comes after its Alzheimer's treatment donanemab received a positive recommendation last week from a key Food and Drug Administration advisory panel . Constellation rebounds: There's a strong move happening in Constellation Brands for reasons that are not entirely clear. The Club holding is up nearly 4% in the session, good enough to be the top-performing stock in the consumer staples sector Monday. Constellation also is on track for its best day of 2024. However, the only news we see on the stock is a positive note by analysts at Jefferies, who rate the Modelo and Corona parent's stock a buy with a price target of $310 a share. The analysts pointed out that the beer maker's popularity among Hispanic consumers is a key reason its business has been able to withstand a tougher macroeconomic environment. The loyalty of Constellation Brands' core customers is why its beer volumes continue to grow in a weaker category. Constellation's next earnings report is set for July 3. Bring on the AI PCs: In an interview Monday with CNBC's Sara Eisen, Dell Technologies CEO Michael Dell spoke about the highly anticipated personal computer refresh cycle, most of which will be for AI-enabled PCs. With these new PCs set to launch Tuesday and other tech innovations in the pipeline, we remain believers that Best Buy is at the beginning of a big new sales cycle. UBS agreed with our call Monday, upgrading the stock to buy from a hold-equivalent rating and raising its price target to $106. The upgrade sent shares to a new 52-week high, at more than $91 apiece. Up next : Homebuilder Lennar is scheduled to report quarterly results after the close Monday. Then on Tuesday morning, May retail sales will show whether consumer spending is still resilient in the face of slowing U.S. economic activity. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the 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. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Adobe steered consumers to pricey services and made it hard to cancel, feds say 2024-06-17 19:20:00+00:00 - The U.S. government is suing Adobe, accusing the software maker of steering customers toward a pricey subscription plan while concealing how much it costs to cancel the service. The Federal Trade Commission (FTC) said Monday that Adobe deceives customers by "hiding" the early termination fee for the company's services, which includes popular tools such as Acrobat, Photoshop and Illustrator. Specifically, Adobe encouraged consumers to enroll in its "annual, paid month" plan without disclosing that canceling could cost hundreds of dollars, according to the agency. Users who do try to cancel are met unfair roadblocks, the lawsuit filed in federal court in California also alleges. "In numerous instances, subscribers who have requested to cancel through Adobe's customer service believe they have successfully cancelled but continue to be charged," the lawsuit states. "Some of these subscribers do not realize for months that Adobe is continuing to charge them, and only learn about the charges when they review their financial accounts." Adobe defends its practices Adobe will dispute the allegations in court, a company official said Monday. "Subscription services are convenient, flexible and cost effective to allow users to choose the plan that best fits their needs, timeline and budget," Dana Rao, Adobe's general counsel, said in a statement. "Our priority is to always ensure our customers have a positive experience. We are transparent with the terms and conditions of our subscription agreements and have a simple cancellation process." At issue is a software product Adobe calls the Creative Cloud, a package of programs that artists and other online professionals have used for years to edit photos and videos, build websites and do graphic design. Customers have complained about the Adobe cancellation process on social media and with the Better Business Bureau, according to the government's lawsuit. Prior to 2012, Adobe sold its software under a user license in which a customer paid one price and was given rights to use that software indefinitely, the suit alleges. Customers are now offered one of three different types of subscriptions — monthly, annual paid monthly or annual prepaid. On its website, Adobe lists the monthly plan at $89.99 a month, the yearly paid monthly at $59.99 a month and the yearly paid upfront at $54.99 a month. The prices differ for a group subscription and for students and educators. Thriving subscription business Adobe's revenue from the subscription services have ballooned from $7.7 billion in 2019 to $14.2 billion last year, according to the complaint. The lawsuit names Adobe vice president Maninder Sawhney and the president of Adobe's digital media business, David Wadhwani, as defendants. The FTC alleges that Adobe's practices violate the Restore Online Shoppers' Confidence Act by failing to disclose the cancellation fee prominently enough at signup, not getting informed consent from a customer about those fees and by not offering customers a simple cancellation process. "Adobe trapped customers into year-long subscriptions through hidden early termination fees and numerous cancellation hurdles," Samuel Levine, the FTC's consumer protection bureau director, said in a statement. "Americans are tired of companies hiding the ball during subscription signup and then putting up roadblocks when they try to cancel." The FTC in 2023 proposed a "click to cancel" rule that would require businesses to make it as easy to cancel subscriptions as it is to enroll.
William H. Donaldson, 93, Wall St. Powerbroker Who Led the S.E.C., Dies 2024-06-17 19:16:54+00:00 - William H. Donaldson, who made an early fortune as a co-founder of the innovative securities firm Donaldson, Lufkin & Jenrette and later pushed for tighter financial regulation as chairman of the Securities and Exchange Commission in the wake of the Enron and WorldCom accounting scandals, died on Wednesday at his home in Westchester County, N.Y. He was 93. The cause was leukemia, his son Adam said. Mr. Donaldson also served briefly as an under secretary of state under Henry A. Kissinger, headed the New York Stock Exchange and was chief executive of the insurer Aetna Inc. In 1975, he was named the founding dean of Yale University’s School of Organization and Management, now known as the School of Management, whose mission of training leaders for both business and government was exemplified by his own zigzagging career.