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2024-09-30 16:37:14

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Summary of Laurene Powell Jobs is betting on these 11 AI startups
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The source article:
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Laurene Powell Jobs and her family office, Emerson Collective, have been actively investing in AI startups, with over 11 AI-related investments since 2022, amounting to more than $1 billion. Their investments span globally and across various industries. Additionally, Powell Jobs has a focus on education, the environment, and healthcare. Emerson Collective's recent involvement in a new AI venture with Jony Ive emphasizes their commitment to AI, reflecting the growing trend among family offices to invest in AI technologies.

2024-09-25 12:02:55

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Summary of How birria took over restaurant menus across the country
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Birria, a traditional Mexican dish, has become a social media star and fast-food darling in the US, with its presence on restaurant menus growing 412% over the past four years. The dish originated in Jalisco, Mexico, where it was made with goat meat, but has since evolved to include beef and other proteins. Its popularity can be attributed to its versatility, flavor, and the influence of social media and food influencers.

2024-09-25 12:02:55

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Bullet points of How birria took over restaurant menus across the country
- Birria, a traditional Mexican dish, has gained popularity in the US, with its presence on restaurant menus growing 412% over the past four years.
- Birria has become a social media star, with food influencers' photos and videos of the dish making mouths water and introducing it to a new audience.
- Qdoba, a fast-casual chain, introduced its own version of birria, using brisket as its base, and has seen success with the dish.
- Birria's versatility and flavor have contributed to its growing popularity, with it being paired with various ingredients and served in different forms, such as quesadillas and ramen.
- The dish has also become a staple on menus at Mexican-inspired fast-food brands, including Del Taco, El Pollo Loco, and Taco Bell.
- Birria's popularity is expected to continue growing, with Datassential predicting that its menu penetration will more than double over the next four years.
- The dish has a long history in Mexico, dating back to the 16th century, and has evolved over time, with different regions and cultures putting their own spin on the recipe.
- The rise of birria can be attributed to a combination of factors, including social media, food trucks, and the increasing popularity of international cuisine in the US.

2024-09-06 13:49:58

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Summary of U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree
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The US passenger airline industry has experienced a significant hiring spree since 2021, adding nearly 194,000 jobs. However, the industry is now slowing down hiring due to various challenges, including a glut of flights, low demand, and rising labor costs. Airlines are facing a slew of challenges, including a glut of flights, low demand, and rising labor costs. Despite this, demand for travel remains strong, and students continue to fill classrooms and cockpits to train and build up hours to become pilots.

2024-09-06 13:49:58

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Bullet points of U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree
- US passenger airlines have added nearly 194,000 jobs since 2021
- Airlines are slowing down hiring due to various challenges
- Glut of flights has pushed down fares and eaten into airlines' profits
- Demand growth has moderated
- Airplanes are arriving late from Boeing and Airbus
- Engines are in short supply
- Labor costs have climbed after groups like pilots and mechanics inked new contracts with big raises
- Some carriers are deferring airplane deliveries altogether

2024-09-06 12:28:57

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Bullet points of The Green Bay Packers are the one NFL team owned by its fans. Here's how it works
- The Green Bay Packers are the only publicly owned team in the NFL.
- The team has had six stock offerings, resulting in more than 5.2 million outstanding shares owned by more than 538,000 people.
- The shares pay no dividend and have no intrinsic market value.
- Shareholders get to attend the team's annual meeting and vote for a board of directors.

2024-09-06 12:28:57

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Summary of The Green Bay Packers are the one NFL team owned by its fans. Here's how it works
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The article discusses the unique ownership structure of the Green Bay Packers, a publicly owned team in the NFL. The team has had six stock offerings, resulting in more than 5.2 million outstanding shares owned by more than 538,000 people. The shares pay no dividend and have no intrinsic market value, but shareholders get to attend the team's annual meeting and vote for a board of directors.

2024-09-05 14:39:17

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Summary of Here's where American Airlines is adding flights to Europe in summer 2025
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American Airlines has unveiled new routes to Europe for the 2025 travel season, including nonstop service from Chicago to Madrid, Philadelphia to Milan and Edinburgh, and Charlotte to Athens. The carrier expects strong demand for international travel next summer and will increase its trans-Atlantic capacity by low-to-mid-single digits. American's data shows that travelers often connect in Europe to get to Athens, and the airline will have four daily nonstops from the U.S. to Athens from more U.S. airports than any other.

2024-09-05 14:39:17

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Bullet points of Here's where American Airlines is adding flights to Europe in summer 2025
- American Airlines is preparing for the 2025 Europe travel season by unveiling new routes and increasing capacity to meet strong demand for international travel.
- The airline will add nonstop service from Chicago to Madrid, Philadelphia to Milan, Philadelphia to Edinburgh, Charlotte to Athens, and Miami to Rome starting in March, May, and June.
- American's trans-Atlantic capacity next summer will be up low-to-mid-single digits over this year, with executives confident that consumers will continue to prioritize travel.
- The airline is bringing back other Europe flights from its Philadelphia hub to Naples, Italy; Nice, France; and Copenhagen, Denmark, and extending winter seasonal service between Miami and Paris into the summer season.
- Boeing's delivery delays of 787 Dreamliners have prompted American and other carriers to rethink some of their flying and cut certain international flights.
- American is reconfiguring some of its older Boeing 777s to build a bigger business class cabin and is confident it will be able to fly its published routes, but has a backstop plan in place in case of uncertainty.
- Low-cost airlines are also turning away airplanes to cut costs, and Alaska Airlines-Hawaiian Airlines has cleared the Justice Department's review and now faces a merger with United Airlines.

2024-09-05 13:42:17

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Summary of Private equity will be able to invest in the NFL but won't have much say in team decisions
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The National Football League (NFL) is allowing private equity investors to acquire up to a 10% stake in its teams, but with limitations. The move is seen as a way to provide additional funding for teams, particularly for stadium upgrades and construction. The NFL has been cautious in its approach, limiting the involvement of private equity firms and ensuring they do not have a significant influence on team decisions.

2024-09-05 12:19:37

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Bullet points of The Cowboys are worth $11 billion. Here's how Dallas went from losing $1 million a month to topping the NFL in value
- Jerry Jones bought the Cowboys in 1989 for $150 million
- The team was losing $1 million a month at the time
- Jones made bold moves, including firing Tom Landry and hiring Jimmy Johnson
- The Cowboys won three Super Bowls under Jones' leadership
- Jones innovated off the field, securing sponsorship deals and operating rights to AT&T Stadium
- The team is now worth $11 billion, making it the most valuable in the NFL

2024-09-05 12:19:37

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Summary of The Cowboys are worth $11 billion. Here's how Dallas went from losing $1 million a month to topping the NFL in value
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The article discusses the Dallas Cowboys' remarkable journey from being a losing team to becoming the most valuable team in the NFL, worth $11 billion. Jerry Jones' bold moves, including firing legendary coach Tom Landry and hiring Jimmy Johnson, and innovative strategies, such as securing sponsorship deals and operating rights to AT&T Stadium, have contributed to the team's success.

2024-09-05 12:19:17

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Summary of Rising NFL valuations mean massive returns for owners. Here's how good the investment is
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The National Football League (NFL) is a lucrative business, with the average value of its 32 franchises being $6.5 billion. The league's massive media deals and revenue sharing model have contributed to the growth of team values, with some teams seeing returns of over 10 times their initial investment. The Dallas Cowboys, for example, are worth $11 billion, up from $150 million when owner Jerry Jones bought the team in 1989. The league's most valuable team, the Cowboys, generated $1.22 billion in revenue last year, with $550 million in operating income, largely due to sponsorship revenue. The NFL's rising valuations have made it an attractive investment opportunity for private equity firms, with the league allowing them to take up to 10% stakes in franchises.

2024-09-05 12:19:17

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Bullet points of Rising NFL valuations mean massive returns for owners. Here's how good the investment is
- The average value of an NFL team is $6.5 billion, with the Dallas Cowboys being the most valuable at $11 billion.
- The NFL's massive and growing media deals, including TV and streaming agreements, have contributed to the rising valuations of teams.
- The league's revenue sharing model, which distributes national media deal revenue evenly among teams, has helped small-market teams compete with big-market teams.
- Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships, or non-NFL events at their stadiums, which can impact team values.
- The NFL's financial success has led to higher premiums for team sales, with the average value-to-revenue multiple increasing to 10.2.
- Private equity firms are chomping at the bit to invest in the NFL, with the league allowing them to take up to 10% stakes in franchises.
- The NFL's rising valuations have made it easier to finance the purchase of a team, with even the lowest-valued team on the list, the Cincinnati Bengals, being worth $5.25 billion.

2024-09-04 18:02:22

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Summary of NFL season expected to spur record $35 billion in legal sports wagers
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U.S. adults are expected to wager a record-breaking $35 billion this NFL season. Despite this, stocks in gambling companies like DraftKings and Penn are performing negatively this year. FanDuel aims to attract new customers by offering innovative wagers and technology enhancements. Fanatics Sportsbook, having a database of 100 million sports fans, has seen success since its launch last year. Penn Entertainment is optimistic about its partnership with ESPN, aiming to increase customer loyalty and retention. BetMGM has introduced a single wallet for mobile play in Nevada to enhance user experience.

2024-09-04 16:00:50

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Summary of Molson Coors pumps the brakes on DEI practices
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Molson Coors, a major brewer, is reversing its diversity, equity, and inclusion (DEI) policies, citing that supplier diversity quotas can be 'complicated and influenced by factors outside of [the company's] control.' The company will continue to ensure its suppliers are representative of its diverse consumer base, but will no longer have aspirational representation goals. Molson Coors will also rebrand its Employee Resource Groups as Business Resource Groups and cease participation in certain third-party company rankings.

2024-09-04 14:51:50

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Bullet points of NFL's next big media rights payday is years off — and subject to a shifting industry
- The National Football League (NFL) has a media rights deal that can be opted out of in 2028, which could lead to significant changes in the balance of power in the media industry.
- The NFL's opt-out decision will be influenced by the pace of change among the largest media companies, and could result in the league choosing to end deals with traditional media providers like Fox and CBS in favor of streamers like Apple, Amazon, and Google's YouTube.
- The NFL's decision will also impact the valuation of its teams, with the league's next media rights deal potentially worth billions more than the current deal.
- The media landscape is expected to change significantly in the next four to five years, with Paramount Global merging with Skydance Media, Warner Bros. Discovery looking for partners, and Netflix jumping into live sports.
- The NFL's media rights deal could be influenced by the state of the dwindling pay TV bundle, with 4 million pay TV customer losses this year alone.
- The league's decision will also be influenced by the rise of streaming, with Big Tech companies like Apple, Amazon, and Google having deeper pockets than traditional media companies.
- The NFL's deal with Disney is slightly different from its deals with other media partners, and could be a key factor in the league's decision-making process.
- The NFL's media rights deal is a major driver of revenue for the league, and its decision will have significant implications for the balance of power in the media industry.

2024-09-04 14:51:50

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Summary of NFL's next big media rights payday is years off — and subject to a shifting industry
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The National Football League (NFL) has an 11-year, $111 billion media rights deal that can be opted out of after the 2028-29 season. The NFL's decision will influence the balance of power in media and could lead to changes in how much revenue leagues generate and who pays for media rights. The NFL may choose to end deals with traditional TV providers like Fox and CBS in favor of streamers like Apple, Amazon, and Netflix. The future of media rights deals will be shaped by the pace of change among major media companies and the rise of streaming.

2024-09-04 12:05:50

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Bullet points of Dick's Sporting Goods blows past earnings estimates but issues cautious guidance ahead of 2024 election
- Dick's Sporting Goods reported earnings per share of $4.37, beating Wall Street's expectations of $3.83.
- The company's revenue rose 8% to $3.47 billion, driven by a 4.5% increase in comparable sales.
- Dick's raised its full-year guidance, expecting diluted earnings per share to be between $13.55 and $13.90.
- The company's guidance fell short of analysts' expectations, with the low end of the range missing the expected $13.79.
- Dick's maintained its sales guidance of $13.1 billion to $13.2 billion, which also fell short of analysts' expectations.
- The company raised its projections for comparable sales growth, expecting a range of 2.5% to 3.5%.
- Dick's was the victim of a cyberattack, which it disclosed in a securities filing, but said it didn't disrupt business operations.
- The company's earnings beat was a departure from a string of other retailers that issued muted or cautious guidance for the back half of the fiscal year.

2024-09-04 12:05:50

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Summary of Dick's Sporting Goods blows past earnings estimates but issues cautious guidance ahead of 2024 election
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Dick's Sporting Goods reported strong fiscal second-quarter earnings, beating Wall Street estimates, but its full-year guidance fell flat. The company raised its earnings guidance by 18 cents, citing strong comparable sales growth, but its sales guidance was unchanged. Dick's also disclosed a recent cyberattack, but said it did not disrupt business operations.

2024-09-04 12:05:50

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Bullet points of Dollar Tree shares slide after discounter cuts full-year forecast
- Dollar Tree's shares fell 12% after the company cut its full-year outlook
- The company expects its full-year consolidated net sales to range between $30.6 billion and $30.9 billion
- Dollar Tree expects adjusted earnings per share to range from $5.20 to $5.60
- The company cited increasing pressures on middle-income and higher-income customers
- Dollar Tree has faced company-specific challenges, including the closure of 1,000 Family Dollar stores and considering selling the Family Dollar brand

2024-09-04 12:05:50

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Summary of Dollar Tree shares slide after discounter cuts full-year forecast
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Dollar Tree cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers, and expects its full-year consolidated net sales to range between $30.6 billion and $30.9 billion. The company also expects adjusted earnings per share to range from $5.20 to $5.60.

2024-09-03 18:01:30

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Bullet points of Steph Curry says he wants to be an NBA owner in the future
- Steph Curry is planning for life after basketball and is interested in NBA team ownership one day.
- He has a media company, Unanimous Media, and a youth golf tour, Underrated, among other ventures.
- Curry has a one-year, $62.6 million contract extension with the Golden State Warriors, which will expire when he is 39.
- He wants to accomplish more on the court before moving into other roles in the league.
- Curry is interested in ownership due to Michael Jordan's past ownership of the Charlotte Hornets and the possibility of league expansion.
- NBA Commissioner Adam Silver has said the league will look at expansion after its media deal is completed.
- Curry has gotten a first-hand look at how to run a world-class organization from Golden State Warriors owners Joe Lacob and Peter Guber.

2024-09-03 18:01:30

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Summary of Steph Curry says he wants to be an NBA owner in the future
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Steph Curry, a four-time NBA champion, is planning for life after basketball, including exploring NBA team ownership. He has a media company and a youth golf tour, and is interested in helping sustain the NBA's success. Curry has a one-year contract extension with the Golden State Warriors, but wants to accomplish more on the court before moving into other roles in the league.

2024-09-03 18:01:10

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Bullet points of NFL season expected to spur record $35 billion in legal sports wagers
- US adults projected to wager $35 billion on NFL season
- Sports betting is live and legal in 38 states and Washington, D.C.
- Sportsbooks are using strategies to attract new customers and increase brand loyalty
- Stocks in gambling companies are not following the same growth trajectory

2024-09-03 18:01:10

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Summary of NFL season expected to spur record $35 billion in legal sports wagers
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The article discusses the expected growth of sports betting in the US, particularly with the start of the NFL season, and the strategies that sportsbooks are using to attract new customers and increase brand loyalty. Despite this, stocks in gambling companies are not following the same growth trajectory.

2024-09-03 11:21:30

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Summary of Tesla Cybertruck is in a category of its own for better or worse
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The Tesla Cybertruck is a unique vehicle that is more 'cyber' than 'truck', with a design that is polarizing and has sparked various reactions from people. It features a 48-volt electrical architecture, a steer-by-wire system, and a yoke instead of a traditional steering wheel. The interior is described as 'minimalistic' and 'sparse', with a large 18.5-inch touchscreen and minimal controls. The vehicle's technology and human-machine interface are impressive, but its lack of 'truck-ness' and interior qualities may be a drawback for some.

2024-08-30 19:33:10

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Summary of FDA authorizes Novavax’s updated Covid vaccine, paving way for fall rollout
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The FDA authorized Novavax's updated protein-based Covid vaccine for emergency use in people ages 12 and up, which targets the highly contagious omicron subvariant JN.1. The vaccine provides protection against descendants of JN.1 that are currently dominant in the U.S. and is a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna.

2024-08-30 19:33:10

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Bullet points of FDA authorizes Novavax’s updated Covid vaccine, paving way for fall rollout
- Novavax's vaccine targets the highly contagious omicron subvariant JN.1
- The vaccine provides protection against descendants of JN.1 that are currently dominant in the U.S.
- Novavax's shot is a valuable alternative for people who don't want to take mRNA shots from Pfizer and Moderna
- The FDA authorized Novavax's shot for emergency use in people ages 12 and up

2024-08-29 18:16:51

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Summary of Stephen Curry signs $62.6 million, one-year contract extension with Warriors
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NBA superstar Stephen Curry has agreed to sign a one-year, $62.6 million extension with the Golden State Warriors, his agent confirmed to CNBC. The extension keeps Curry in a Warriors uniform through the 2026-2027 season, and will make him the first NBA player to make $60 million in a season.

2024-08-29 18:16:51

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Bullet points of Stephen Curry signs $62.6 million, one-year contract extension with Warriors
- Stephen Curry agrees to a one-year, $62.6 million extension with the Golden State Warriors
- The extension keeps Curry in a Warriors uniform through the 2026-2027 season
- Curry will be the first NBA player to make $60 million in a season

2024-08-27 19:26:46

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Summary of Washington Commanders strike stadium naming rights deal with Northwest Federal Credit Union
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The Washington Commanders' stadium will be renamed Northwest Stadium as part of a new agreement with Northwest Federal Credit Union. The deal is worth an average annual value in the low $8 million-range and includes branding across the stadium, jersey patch partnership, and benefits for Commanders fans who are members of Northwest Federal Credit Union.

2024-08-26 10:15:47

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Summary of Bronfman's Paramount bid could keep Shari Redstone involved at the company
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Edgar Bronfman Jr. has offered to buy a controlling stake in Paramount Global, and is open to keeping Shari Redstone involved with the company if his bid is successful. Bronfman has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone. The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by August 28.

2024-08-26 03:16:06

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Bullet points of Bronfman's Paramount bid could keep Shari Redstone involved at the company
- Edgar Bronfman Jr. has raised $6 billion to challenge Skydance Media for ownership of National Amusements, the controlling shareholder of Paramount Global.
- Bronfman is open to having Shari Redstone, the current non-executive chairman of Paramount, remain involved with the company if his bid is successful.
- Bronfman's bid would give cash to about 20% of Class B holders at $16 per share, while Skydance would pay out about 50% of current Paramount common investors at $15 per share.
- The Paramount Global special committee will determine if Bronfman's offer is a superior proposal for shareholders by August 28.
- Skydance has agreed to an $8 billion deal to merge with Paramount Global, but Bronfman still has time to raise more money for a competing bid.
- Jon Miller, a former AOL CEO and close ally of Shari Redstone, is part of Bronfman's bid and would likely take a role with the company if it came under Bronfman's stewardship.
- Redstone has not spoken with Miller about the bid, and it's unclear if she prefers one offer over the other.
- The deadline for the entire process to be concluded is September 5.

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Summary of Delta chief operations officer departing for another company after just over a year on the job
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Delta Air Lines announced that its Chief Operating Officer Mike Spanos is leaving the company at the end of the month, effective July 31. Spanos had been in the role for just over a year, and his departure comes weeks after the company suffered a major disruption due to the CrowdStrike outage in July. Delta estimates that the disruptions cost the airline around $500 million. CEO Ed Bastian said in an employee memo that Spanos had told him earlier in the summer that he was considering opportunities outside of Delta. The company does not plan to replace Spanos, and instead, John Laughter and Allison Ausband will report directly to Bastian.

2024-08-23 14:22:05

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Bullet points of Delta chief operations officer departing for another company after just over a year on the job
- Mike Spanos is leaving Delta Air Lines at the end of the month
- Spanos had been in the role for just over a year
- His departure comes weeks after the CrowdStrike outage in July
- Delta estimates the disruptions cost the airline around $500 million
- CEO Ed Bastian said Spanos had told him he was considering opportunities outside of Delta
- Delta does not plan to replace Spanos
- John Laughter and Allison Ausband will report directly to Bastian

2024-08-23 13:01:45

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Bullet points of Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
- Ford will cancel a large, electric three-row SUV that was already far in development
- The company will delay production of its next-generation 'T3' electric full-size pickup truck by about 18 months
- Ford will refocus battery production and sourcing to the U.S.
- The company's first new EV will be a commercial van in 2026, followed by a midsized pickup and then the T3 full-size pickup
- Ford will accelerate the mix of battery production in the U.S. that will qualify for tax incentives and credits

2024-08-23 13:01:45

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Summary of Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors
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Ford Motor's profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. The new plan is an 'insurance policy' for the automaker to be able to expand its growingly popular hybrid models and create more affordable EVs that it believes will deliver a more capital-efficient, profitable electric vehicle business for the company and investors.

2024-08-23 11:22:24

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Summary of Classic car sales stall in Monterey auctions as new generation takes charge
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Auction sales during Monterey Car Week fell 3% from last year, with a shift from older to newer cars leading to a pileup of unsold classic cars from the 1950s and 1960s. The average sale price was $476,965, down slightly from last year. Experts say wealthy collectors are still confident and have plenty of money to spend, but are looking for different types of cars, such as those from the 1980s, 1990s, and 2000s. The sell-through rate for pre-1981 cars priced at $1 million or more was an anemic 52%, while the rate for cars less than 4 years old was a stronger 73%.

2024-08-23 11:22:24

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Bullet points of Classic car sales stall in Monterey auctions as new generation takes charge
- Auction sales during Monterey Car Week fell 3% from last year, with a total of $391.6 million in sales, compared to $403 million in 2023.
- The average sale price was $476,965, down slightly from last year's average of $477,866.
- The sell-through rate for pre-1981 cars priced at $1 million or more was an anemic 52%, while the sell-through rate for cars less than 4 years old was a stronger 73%.
- A new generation of collectors, mainly Gen Xers and millennials, prefer cars from the 1980s, 1990s, and 2000s, leading to a shift away from classic cars from the 1950s and 1960s.
- The Hagerty Supercar Index of sports cars from the 1980s through the 2000s is up over 60% from 2019, while the Blue Chip Index of 1950s and 1960s Corvettes, Ferraris, Jaguars, and other storied classics is down 3%.
- High interest rates are also putting pressure on the classic-car market, making buyers think twice about investing in a classic car.
- The top car of the week was a 1960 Ferrari 250 GT SWB California Spider that sold for $17 million, and the runner-up was a 1938 Alfa Romeo 8C 2900B Lungo Spider that's one of only five in existence.

2024-08-22 20:31:05

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Summary of Walmart adds a Burger King benefit to its membership program
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Walmart has partnered with Burger King to offer its Walmart+ members a new benefit. Starting in September, members will receive 25% off any Burger King order made through the BK app and a free-flame grilled Whopper every three months. This move is aimed at providing cost savings for Walmart's members, who are increasingly looking for value.

2024-08-22 20:31:05

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Bullet points of Walmart adds a Burger King benefit to its membership program
- Walmart+ members will receive 25% off any Burger King order made through the BK app
- Members will be eligible for a free-flame grilled Whopper every three months starting in September
- Walmart+ costs $12.95 per month or $98 annually

2024-08-22 19:28:44

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Summary of NWSL eliminates draft, grants unrestricted free agency to players
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The National Women's Soccer League (NWSL) and the NWSL Players Association have agreed to eliminate the draft and grant free agency to all players, giving them more control over where they play. The new collective bargaining agreement also raises the league minimum salary and base salary cap, and allows individual players to have no limit on pay. The NWSL's growth is underscored by recent surges in attendance, viewership, and team valuations, with Disney CEO Bob Iger and journalist Willow Bay taking a controlling stake in Angel City FC for $250 million.

2024-08-22 18:15:25

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Summary of California cracks down on organized retail crime with new package of laws
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Governor Newsom signed 10 new bills into law aimed at combatting retail crime in California. The laws target shoplifting, theft from vehicles, organized theft, and online resale of stolen goods. The legislation includes tougher penalties for middlemen in organized crime rings and aims to prevent the trafficking of stolen goods on online marketplaces. These measures come in response to a rise in commercial burglary and robbery rates in the state, with arrests and recoveries made by the California Highway Patrol's Organized Retail Crime Task Force. Retailers have been pressing for action on organized retail crime nationally, while Democrats seek to appear tough on crime ahead of the 2024 presidential election. Critics raise concerns about the potential disproportionate impact on marginalized groups.

2024-08-22 14:20:44

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Bullet points of July home sales break a four-month losing streak as supply rises nearly 20% over last year
- Closed sales of previously owned homes rose 1.3% in July compared to June, with a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors.
- The increase in supply did not help to cool home prices, and first-time buyers made up 29% of sales in July, down from 30% in July 2023.
- The supply of homes for sale continued to move higher in July, with 1.33 million homes on the market, an increase of 0.8% from June and 19.8% higher than in July 2023.
- All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.
- The demand is starting to pick up, with requests for tours and other buying services from Redfin agents rising 4% over the last week to its highest level in two months.
- Mortgage rates began dropping in July and are now hovering around 6.5%, which is helping to improve affordability.
- Consumers are seeing more choices, and affordability is improving due to lower interest rates, according to Lawrence Yun, NAR's chief economist.
- Home sales are still sluggish, but the modest gain is a positive sign, according to Yun.

2024-08-22 14:20:44

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Summary of July home sales break a four-month losing streak as supply rises nearly 20% over last year
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Closed sales of previously owned homes rose 1.3% in July compared to June, with the Northeast seeing the biggest gains. Prices also rose the most in the Northeast. Despite the modest gain, home sales are still sluggish, but consumers are seeing more choices and affordability is improving due to lower interest rates.

2024-08-22 14:05:45

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Summary of Peloton to start charging subscribers with used equipment $95 activation fee
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Peloton is introducing a one-time $95 activation fee for new subscribers who purchased used equipment on the secondary market, aiming to ensure a consistent onboarding experience and generate additional revenue. The company has seen a significant increase in new members buying used equipment, which has grown 16% year over year. The fee is expected to be a source of incremental revenue and gross profit for Peloton, helping to support its investments in improving the fitness experience for its members.

2024-08-22 14:05:45

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Bullet points of Peloton to start charging subscribers with used equipment $95 activation fee
- Peloton will start charging a one-time $95 activation fee for new subscribers who bought used equipment on the secondary market.
- The fee is designed to ensure a consistent onboarding experience for new members.
- The company has seen a significant increase in new members buying used equipment, which has grown 16% year over year.
- The fee is expected to be a source of incremental revenue and gross profit for Peloton.

2024-08-22 07:18:06

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Bullet points of California cracks down on organized retail crime with new package of laws
- Governor Newsom signed 10 new bills into law targeting retail crime in California.
- The laws focus on shoplifting, theft from vehicles, organized theft, and online resale of stolen goods.
- Tougher penalties are included for middlemen in organized crime rings.
- The legislation aims to prevent the online trafficking of stolen goods.
- These measures are in response to increasing commercial burglary and robbery rates in the state.
- The California Highway Patrol's Organized Retail Crime Task Force has been making arrests and recoveries.
- Retailers nationwide have been advocating for action on organized retail crime.
- Democrats are aiming to demonstrate a tough stance on crime leading up to the 2024 presidential election.
- Critics express concerns about the potential disproportionate impact on marginalized groups.

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Summary of As strength training gets more popular, Peloton and Planet Fitness shift focus
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A growing share of gym users is looking to build muscle, leading major fitness companies to refocus their efforts beyond cardio workouts. Both Peloton and Planet Fitness are expanding their investments in strength, with Planet Fitness changing its mix of equipment and Peloton launching an app dedicated to strength workout plans.

2024-08-21 13:09:45

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Bullet points of As strength training gets more popular, Peloton and Planet Fitness shift focus
- Building muscle was the No. 1 goal for 2024, ahead of weight loss and general movement, according to Life Time's annual survey of 3,000 respondents.
- Planet Fitness beat revenue expectations in its second-quarter earnings, and an emphasis on strength workouts helped the company get there.
- Peloton's new app, Peloton Strength+, is designed for strength workouts at the gym rather than Peloton studios and will feature custom, instructor-led programming.

2024-08-21 12:39:45

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Bullet points of Target CEO Brian Cornell weighs in on price gouging accusations in retail
- Target CEO Brian Cornell disputed claims of price gouging in the retail industry, saying retailers must be responsive to customers or risk losing business
- Cornell noted the small profit margins in the retail industry, saying 'We're in a penny business'
- Target has been trying to appeal to 'a consumer who is managing their budget carefully' by offering lower prices on everyday items
- The retailer cut prices on about 5,000 items, such as diapers and peanut butter, to drive higher traffic and sales
- Target's customer traffic rose 3% in the quarter, despite shoppers putting less in their shopping carts
- Walmart CEO Doug McMillon said prices have come down in many categories, but inflation remains stubborn in dry groceries and processed foods
- Some brands are still experiencing cost increases, and Walmart is fighting back aggressively to bring prices down
- Target and Walmart are among retailers responding to consumer concerns about high prices by offering discounts and value meals

2024-08-21 12:39:45

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Summary of Target CEO Brian Cornell weighs in on price gouging accusations in retail
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Target CEO Brian Cornell disputes claims of price gouging in retail, saying retailers must be responsive to customers to avoid losing business. He notes the small profit margins in the industry and says the company is trying to appeal to budget-conscious consumers by offering value and lowering prices on everyday items.

2024-08-21 12:12:06

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Summary of Ford delays new EV plant, cancels electric three-row SUV
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Ford Motor is delaying production of a new plant in Tennessee to produce a next-generation all-electric pickup truck and canceling plans for a three-row electric SUV, the company said Wednesday. Instead, Ford will prioritize the development of hybrid models, as well as electric commercial vehicles such as a new electric commercial van in 2026, followed by two pickup trucks in 2027.

2024-08-21 12:12:06

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Bullet points of Ford delays new EV plant, cancels electric three-row SUV
- Ford delays production of new plant in Tennessee to produce electric pickup truck
- Cancels plans for three-row electric SUV
- Prioritizes development of hybrid models and electric commercial vehicles
- New electric commercial van expected in 2026
- Two pickup trucks expected in 2027

2024-08-21 12:03:45

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Bullet points of TJX Companies raises full-year guidance, posts 5.6% sales gain for the most recent quarter
- TJX Companies raised its full-year guidance to between $4.09 and $4.13 per share
- The company posted strong sales for the quarter, with revenue rising to $13.47 billion
- TJX announced a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million

2024-08-21 12:03:45

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Summary of TJX Companies raises full-year guidance, posts 5.6% sales gain for the most recent quarter
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TJX Companies, the parent company of Marshalls, HomeGoods, and TJ Maxx, raised its full-year guidance after posting strong sales for the quarter. However, its outlook still fell short of Wall Street's expectations. The company also announced a 35% ownership stake in the Dubai-based retailer Brands for Less for $360 million.

2024-08-21 10:05:46

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Bullet points of Health-care system Sesame to offer compounded versions of Wegovy through new $249 weight loss program
- Sesame, a health-care marketplace, has launched a new clinical weight loss program that allows patients to access compounded versions of Novo Nordisk's obesity drug Wegovy for $249 per month.
- The program aims to help patients access obesity and diabetes treatments at a time when many branded drugs are in short supply, with Wegovy and Ozempic being part of a highly popular class of medications called GLP-1s.
- Sesame's program is more affordable than branded medications, with Wegovy and Ozempic costing around $1,000 per month before insurance, and most digital health companies do not include the cost of those medications.
- The company has partnered with a 503B compounding pharmacy to manufacture prefilled, single-use syringes of compounded semaglutide, which will be available to patients through the program.
- Patients will have to fill out an intake form, select a health-care provider, and complete lab work to participate in the program, which will also offer ongoing consultations and a content library.
- Sesame's president and co-founder, Michael Botta, said the company is committed to providing affordable and accessible healthcare options to patients struggling with obesity and related health issues.
- The program is available now, with the content library expected to be live in about two weeks, and patients who sign up in the interim will automatically gain access to it.

2024-08-21 10:05:46

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Summary of Health-care system Sesame to offer compounded versions of Wegovy through new $249 weight loss program
#nevent1q…4zly
Sesame, a health-care marketplace, has launched a clinical weight loss program that allows patients to access compounded versions of Novo Nordisk's Wegovy, a $1,000-per-month obesity drug, for $249 per month. The program aims to help patients safely access obesity and diabetes treatments amid supply shortages and offers a more affordable alternative to branded drugs.

2024-08-21 08:15:07

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2024-08-21 08:15:07

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2024-08-21 04:05:05

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Summary of Target will report earnings before the bell. Here's what to expect
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Target will report quarterly earnings on Wednesday, as the retailer tries to recover from a period of weaker sales and profits. Analysts expect earnings per share of $2.18 and revenue of $25.21 billion. Target has been hurt by consumers buying fewer discretionary items and paying more for everyday expenses, but the company is trying to boost sales and foot traffic with price cuts and a loyalty program.

2024-08-21 04:05:05

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Bullet points of Target will report earnings before the bell. Here's what to expect
- Target will report quarterly earnings on Wednesday, with Wall Street expecting earnings per share of $2.18 and revenue of $25.21 billion.
- The company has been struggling with weaker sales and profits, with comparable sales declining for the past four quarters.
- Target has been trying to rev up sales and drive higher foot traffic by cutting prices on frequently bought items and introducing a new paid membership program.
- The company is also focusing on the back-to-school season, which is a big sales period for the retailer.
- Consumer spending came in stronger than expected in July, which could bode well for Target.
- Target's mix of sales looks different than Walmart's, with only 23% of its revenue coming from groceries compared to about 60% for Walmart.
- Walmart's quarterly results could threaten Target, as the company's market share gains are coming from upper-income households that may be choosing Walmart over Target.

2024-08-20 18:28:45

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Bullet points of Shein sues Temu over copyright infringement, alleges rival loses money on every sale
- Shein is suing Temu, alleging that the rival retailer stole its designs and built an empire using counterfeiting, intellectual property infringement, and fraud.
- Shein claims Temu encourages its sellers to steal other brands' designs and then prevents them from removing products from the platform, even after they've admitted to infringement.
- Temu is accused of 'masquerading' as a legitimate online marketplace and drawing U.S. consumers into downloading its mobile application with promises of extremely low pricing.
- Shein alleges that Temu is not profiting from the sale of products, which are priced so low that Temu must subsidize each sale, losing money on every transaction.
- Temu is accused of encouraging its sellers to infringe the intellectual property rights of others and sell counterfeit or sub-standard goods to minimize its losses.
- Shein claims that at least one of Temu's employees stole valuable trade secrets, including internal pricing information, to help it compete with Shein.
- Temu is accused of directing its sellers to copy Shein's best-selling products and sell knock-off versions on its website and mobile application.
- Shein claims Temu has falsely pretended to be Shein on social media site X and has instructed paid influencers to falsely claim that Temu products are cheaper and of higher quality than genuine Shein goods.

2024-08-20 18:28:45

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Summary of Shein sues Temu over copyright infringement, alleges rival loses money on every sale
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Shein, a Chinese-linked fast fashion giant, is suing Temu, a rival retailer, alleging intellectual property infringement, counterfeiting, and fraud. Shein claims Temu encourages its sellers to steal designs and then prevents them from removing products from the platform, even after admitting to infringement. The suit includes allegations of Temu's use of stolen trade secrets, fake social media ads, and poaching of Shein's resources and employees.

2024-08-20 15:06:25

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Bullet points of GMC expects to outsell its electric truck competitors as it launches new Sierra pickup
- GMC's new electric Sierra pickup truck aims to become the leader in all-electric truck sales in the US, with a starting price of around $100,000 for the 'Edition 1' model.
- The Sierra EV joins GMC's electric Hummer lineup, with the automaker expecting it to become its top-selling EV model as lower-priced variants become available next year.
- GMC's global vice president, Duncan Aldred, believes the Sierra EV is a unique offering in the market, citing internal data that shows 80% of GMC's reservation holders for the Sierra previously owned non-GMC vehicles.
- The Sierra EV has an EPA-rated range of 440 miles and offers up to 754 horsepower and 785 pound-feet of torque, making it a competitor to the Tesla Cybertruck and Ford F-150 Lightning.
- The truck has a unique feature called 'midgate,' which allows the back seats to fold down and the back glass to come out, creating a nearly 11-foot-long truck bed and large cargo area.
- GMC's Denali models, including the Sierra EV, have grown in popularity, with about 34% of GMC's retail sales now being Denali models, up from 18% a decade ago.
- The Sierra EV is expected to continue to help GMC maintain its pricing power and reputation as a premium truck brand, with the automaker aiming to be the retail leader in the electric vehicle truck space.

2024-08-20 10:38:44

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Summary of Lowe's cuts full-year outlook as it expects home improvement sales to weaken
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Lowe's cut its full-year forecast, citing lower-than-expected DIY sales and a pressured macroeconomic environment. The company reported a 5.1% decline in comparable sales, with net income falling to $2.38 billion and earnings per share of $4.17. Lowe's expects weaker sales in the back half of the year, with customers putting off projects due to higher interest rates and economic uncertainty.

2024-08-20 10:38:44

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Bullet points of Lowe's cuts full-year outlook as it expects home improvement sales to weaken
- Lowe's cut its full-year forecast due to declining sales and weaker spending on do-it-yourself projects.
- The company expects total sales to be between $82.7 and $83.2 billion, down from its previous forecast of $84 billion to $85 billion.
- Lowe's anticipates comparable sales to fall by 3.5% to 4%, compared to its prior forecast of a decline of 2% to 3%.
- The company reported a net income of $2.38 billion, or $4.17 per share, for the fiscal second quarter, down from $2.67 billion, or $4.56 per share, in the year-ago period.
- Lowe's net sales dropped from $24.96 billion in the prior year, and the company posted a year-over-year sales decline for the sixth straight quarter.
- The company cited 'lower-than-expected DIY sales and a pressured macroeconomic environment' as reasons for its weaker forecast.
- Lowe's rival, Home Depot, beat Wall Street's quarterly expectations for earnings and revenue, but also expects the back half of the year to be weaker than anticipated.
- Home Depot's CFO said customers are putting off projects due to higher interest rates and a sense of greater uncertainty in the economy.

2024-08-20 06:16:23

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Summary of Streaming is getting more expensive for consumers. Here's why
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Streaming services are increasing prices to become profitable, with Disney, Warner Bros. Discovery, and Paramount reaching profitability. Companies are offering cheaper ad-supported models, platform bundles, and cracking down on password sharing. Consumers are facing higher subscription costs and frequent price hikes, with 90% agreeing that streaming video subscriptions are raising prices more often than in the past.

2024-08-20 06:16:23

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Bullet points of Streaming is getting more expensive for consumers. Here's why
- Streaming services are becoming profitable for media companies, but at the cost of higher subscription costs and frequent price hikes.
- Disney, Warner Bros. Discovery, and others are aiming for streaming profits through cheaper ad-supported models, platform bundles, and cracking down on password sharing.
- Price hikes have shown more immediate results toward profitability, with Disney's combined streaming services becoming profitable for the first time during its fiscal third quarter.
- Companies are pushing consumers toward ad-supported tiers, which are often cheaper than commercial-free streaming, in a bid to attract more advertisers.
- Ad revenue has grown for streaming services, with Warner Bros. Discovery's streaming ad revenue doubling year over year and Paramount's revenue growing 16%.
- Bundling services into a single, discounted offering is becoming a key strategy for providers to increase revenue and retain subscribers.
- Streamers are also growing their total users by cracking down on password sharing, with Netflix and Disney making announcements on the matter.
- The streaming competition is expected to continue, with consumers facing rising subscription costs and frequent price hikes.

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Summary of California cracks down on organized retail crime with new package of laws
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California Governor Gavin Newsom signed 10 new bills into law to combat retail crime, including tougher penalties for middlemen in organized retail crime rings and measures to prevent the trafficking of stolen goods on online marketplaces like Amazon.

2024-08-19 21:48:04

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Bullet points of California cracks down on organized retail crime with new package of laws
- California Governor Gavin Newsom signed 10 new bills into law to combat retail crime, including tougher penalties for middlemen in organized retail crime rings.
- The new laws aim to crack down on shoplifting, theft from a vehicle, organized theft, and online marketplaces where stolen goods are resold.
- The package includes SB 1416, which establishes additional prison time and fines for the sale, exchange or return of stolen property.
- The law was introduced in response to a CNBC investigation that exposed an organized retail crime ring led by 'queenpin' Michelle Mack, who made millions reselling stolen goods on Amazon.
- The new laws come after retailers have called on both local and federal governments to do more to combat retail theft, citing it as a growing challenge that's impacted profits, customers, and staff.
- The California Highway Patrol's Organized Retail Crime Task Force has made 884 arrests and recovered over 250,000 stolen items valued at over $7.2 million since January.
- Retailers have been urging Congress to crack down on organized retail crime nationally, with the National Retail Federation pushing to make it easier to prosecute theft as a federal felony.
- The new laws may disproportionately harm marginalized groups, with critics fearing the measures may have unintended consequences.

2024-08-19 17:35:44

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2024-08-19 16:17:46

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2024-08-19 12:53:44

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Bullet points of GM lays off more than 1,000 salaried software and services employees
- Over 1,000 salaried employees will be laid off globally
- 600 jobs will be cut at GM's tech campus near Detroit
- Layoffs are part of a review to streamline software and services division's operations

2024-08-19 12:53:44

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Summary of GM lays off more than 1,000 salaried software and services employees
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General Motors is laying off over 1,000 salaried employees globally in its software and services division, a move that comes less than six months after leadership changes. The layoffs are part of a review to streamline the unit's operations and prioritize investments that will have the greatest impact.

2024-08-19 12:53:24

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Summary of LVMH CEO Bernard Arnault's family office goes shopping for AI startups
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Bernard Arnault, the founder and CEO of LVMH, has made a string of artificial intelligence investments through his tech-focused venture firm and family office, Aglaé Ventures. Aglaé made five AI-related investments in 2024, totaling over $300 million. Arnault's family office has invested in a variety of companies, including H, Lamini, Proxima, Borderless AI, Photoroom, Sonarverse, and Shimmer.

2024-08-19 12:53:24

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Bullet points of LVMH CEO Bernard Arnault's family office goes shopping for AI startups
- Aglaé Ventures made five AI-related investments in 2024, totaling over $300 million.
- The largest funding round was in H, a French startup working towards full artificial general intelligence, valued at $370 million.
- Aglaé also invested in Lamini, a Palo Alto-based startup building enterprise AI applications, and Proxima, a New York-based AI-powered digital marketing company.
- The family office has invested in 153 companies since 2017, with 53 in technology, 17 in consumer goods, 13 in business services, and 12 in financial services.

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Summary of Here's why Walgreens and CVS retail pharmacies are struggling — and what they're doing to fix it
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The article discusses the struggles of Walgreens and CVS Health stores, including declining profits, store closures, and changing consumer habits. The chains are facing challenges such as declining pharmacy reimbursement rates, increased competition from online retailers, and burnout among pharmacy staff. To adapt, the companies are introducing new models, such as CVS' CostVantage reimbursement model and Walgreens' mini-drugstores.

2024-08-18 11:22:06

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Summary of Biden administration to release prices for first 10 drugs subject to landmark Medicare negotiations
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The Biden administration will release prices for the first 10 prescription drugs that were subject to landmark negotiations between drugmakers and Medicare, a milestone in a controversial process that aims to make costly medications more affordable for older Americans. The government estimates that the new negotiated prices for the medications will lead to around $6 billion in net savings for the Medicare program in 2026 alone.

2024-08-18 11:22:06

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Bullet points of Biden administration to release prices for first 10 drugs subject to landmark Medicare negotiations
- The 10 drugs are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and Fiasp and NovoLog
- The negotiations are expected to save money for people enrolled in Medicare, who take an average of four to five prescription drugs a month
- The price talks are expected to save Medicare enrollees $1.5 billion in out-of-pocket costs in 2026 alone
- The 10 drugs are among the top 50 with the highest spending for Medicare Part D
- The negotiations are the centerpiece of the Biden administration's efforts to rein in the rising cost of medications in the U.S.

2024-08-18 02:21:25

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2024-08-18 02:21:25

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