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Business & Finance

Baseball to restart, players heading back to training, union says
Business & Finance

Baseball to restart, players heading back to training, union says

A general view during a spring training game between the Atlanta Braves and the New York Mets at Champion stadium on March 23, 2019 in Lake Buena Vista, Florida.Julio Aguilar | Getty ImagesThe Major League Baseball Players Association announced Tuesday that players were returning to training in anticipation of a coronavirus-abbreviated 60-game season."All remaining issues have been resolved and Players are reporting to training camps," the association said Tuesday night on Twitter.Since the early 1960s, a regular MLB season has consisted of 162 games.The action is sure to cheer up millions of sports-starved Americans while setting the stage for labor unrest in a year and a half.Tuesday's announcement appeared to rescue a fraction of the 2020 season while adding fuel to simmering labor st...
Apple iPhone sales in China drop in May after rebound
Business & Finance

Apple iPhone sales in China drop in May after rebound

Pedestrians walk past signage for an Apple Inc. store at the Shanghai International Center (IFC) shopping mall in Shanghai, China, on Tuesday, Nov. 27, 2018.Qilai Shen | Bloomberg | Getty ImagesiPhone sales in China fell in May, showing signs of weakening after Apple saw an initial rebound when the country re-opened as the coronavirus outbreak eased.But other areas of the business grew, including spending on the company's App Store, which could point to some resilience for the U.S. technology giant in one of its biggest markets.Data collated from third-party sources by CNBC pointed to a mixed picture for Apple's China performance in May.Apple sold 3.6 million iPhones in China in May, down from 3.9 million in April, according to Shanghai-based CINNO Research. That's a 7.7% fall versus Apr...
Meat industry will be obsolete within 15 years
Business & Finance

Meat industry will be obsolete within 15 years

Impossible Foods founder and CEO Patrick Brown told CNBC on Tuesday that the meat industry is in the midst of a reckoning.As more consumers seek out healthier food options, Brown is convinced that the animal-based market will be obsolete within the next two decades."From a nutritional standpoint our products match the protein quality and content of the animal products that they replace" and "ours is a clear winner from a health and nutrition standpoint," he said in a "Mad Money" interview."This is why I think people are increasingly aware plant-based products are going to completely replace the animal-based products in the food world within the next 15 years. That's our mission. That transformation is inevitable," the told host Jim Cramer.Impossible Foods earlier that day announced that ...
Dell, VMware, La-Z-Boy and more
Business & Finance

Dell, VMware, La-Z-Boy and more

Facade with sign and logo at the La-Z-Boy furniture store in Pleasanton, California, April 16, 2018.Smith Collection | Gado | Getty ImagesCheck out the companies making headlines after the bell.Dell Technologies, VMware — Shares of Dell Technologies and VMware spiked 18% and 10% respectively in after-hours trading on a report that Dell is looking at options for its $50 billion stake in the information technology company. The options include spinning off its 81% stake or buying the rest of VMware, according to the Journal.La-Z-Boy — The furniture manufacturer's stock whipsawed in extended trading after La-Z-Boy reported fourth-quarter earnings. The company reported earnings of 49 cents per share excluding some items on revenue of $367 million, while analysts estimated 20 cents per share o...
Face masks needed to keep economy open
Business & Finance

Face masks needed to keep economy open

Billionaire Tilman Fertitta on Tuesday called on U.S. residents to wear face coverings in public, saying it is necessary to keep the American economy open during the coronavirus pandemic."It is so important right now to wear a mask. Our only chance of staying open is the mask," the chairman and CEO of Houston-based restaurant giant Landry's said on CNBC's "Power Lunch." Gov. Greg Abbott said Monday the virus is spreading at an "unacceptable rate" in Texas, which has seen a dramatic rise in new cases and coronavirus-linked hospitalizations since Memorial Day. Abbott's stay-at-home order expired May 1, but "if we don't wear masks, we're going to have to shut down again," Fertitta said. "Then we're going to really have an economic problem besides a lot of unhealthy, very sick people out the...
Federal judge orders heads of GM, Fiat Chrysler to try to resolve GM racketeering lawsuit
Business & Finance

Federal judge orders heads of GM, Fiat Chrysler to try to resolve GM racketeering lawsuit

General Motors CEO Mary Barra speaks to the news media June 12, 2018 in Detroit, Michigan.Bill Pugliano | Getty ImagesA federal judge in Detroit on Tuesday ordered the chief executives of automakers General Motors and Fiat Chrysler Automobiles to meet by July 1 to try to resolve GM's racketeering lawsuit.U.S. District Court Judge Paul Borman called on GM CEO Mary Barra and FCA CEO Mike Manley to meet in person to try to resolve a case that could drag on for years."What a waste of time and resources now and for the years to come in this mega-litigation if these automotive leaders and their large teams of lawyers are required to focus significant time-consuming efforts to pursue this nuclear-option lawsuit if it goes forward," Borman said at the end of a hearing during which FCA asked the ...
Jeff Ubben tells the FT he is leaving ValueAct for social investing: ‘Finance is, like, done’
Business & Finance

Jeff Ubben tells the FT he is leaving ValueAct for social investing: ‘Finance is, like, done’

Jeffrey UbbenSource: BusinessWireValueAct Capital's Jeffrey Ubben has reportedly left the firm he founded in 2000 to focus on socially responsible investing full-time, a new report from the Financial Times said.Ubben will launch a new fund called Inclusive Capital Partners, according to the Financial Times, where he'll be joined by two former ValueAct colleagues as well as Coalition for Inclusive Capitalism CEO Forester de Rothschild.The move is not completely out of left field since Ubben has managed the firm's socially responsible fund, known as the ValueAct Spring Fund, since its launch in 2018. He will continue to oversee the fund as his new venture gets underway, the Financial Times reported.When the fund launched, he noted that beyond social benefits, there are financial ones, too,...
There’s a wave of selling estimated to be in the billions that’s about to hit the stock market
Business & Finance

There’s a wave of selling estimated to be in the billions that’s about to hit the stock market

A trader walks in front of the New York Stock Exchange on May 26, 2020 at Wall Street in New York City.Johannes Eisele | AFP | Getty ImagesWith the S&P 500 up more than 21% for the quarter so far, strategists are handicapping the likelihood that pensions and other funds and investors will sell some of their big stock market gains and buy bonds in the course of the next week.Estimates of how much could move out of the stock market are wide-ranging and JPMorgan analysts say if stocks lose ground as a result, it would be a buying opportunity. There's also the chance that not much at all could happen, since some strategists say the volatility of month end and quarter end may have already been playing out in the equity derivatives markets, and investors could also have already been shifti...
Apple, Penn National Gaming, Spotify, Peloton & more
Business & Finance

Apple, Penn National Gaming, Spotify, Peloton & more

Customers distance before entering an Apple Store during phase one of reopening after the COVID-19 lockdown in New York City, New York, U.S. June 17, 2020.Brendan McDermid | ReutersCheck out the companies making headlines in midday trading. Apple — Apple shares jumped more than 1.8% to a record high as investors cheered a slew of announcements from the tech giant's Worldwide Developers Conference. The company unveiled a new operating system for its flagship product, the iPhone, along with a new OS for its computers. Apple also said it would ditch Intel chips when building its new Mac computers. Several Wall Street analysts praised these announcements, with UBS even hiking its price target on the stock to $400 per share from $325 per share.Penn National Gaming — Shares of the Pennsylvania...
What Fauci, other health officials plan to say at coronavirus hearing
Business & Finance

What Fauci, other health officials plan to say at coronavirus hearing

Dr. Anthony Fauci, director of the NIH National Institute of Allergy and Infectious Diseases, testifies about Coronavirus, COVID-19, during a Senate Committee on Health, Education, Labor, and Pensions hearing on Capitol Hill in Washington, DC, March 3, 2020.Saul Loeb | AFP | Getty ImagesDr. Anthony Fauci and other key Trump administration health officials will testify before a House committee Tuesday on the United States' response to the Covid-19 pandemic.Fauci, director of the National Institute of Allergy and Infectious Diseases, is expected to join Centers for Disease Control and Prevention Director Robert Redfield, Food and Drug Administration Commissioner Stephen Hahn and Brett Giroir, assistant secretary of Health and Human Services, before the House Energy and Commerce Committee f...