Gov. spokesman Gavin Newsom refuted a Bloomberg News story that claimed the governor pushed to exempt bakeries from the state's fast-food wage law to benefit a political donor who owns Panera Bread restaurants, calling the report “ridiculous.”A Bloomberg story published this week claimed that Greg Flynn, the billionaire CEO of the restaurant group that operates Panera locations, pressured Newsom's top aides to “reconsider whether fast food chains like Panera should be classified as fast food.” The story claimed that the California State Council of the Service Employees International Union agreed to exclude restaurants that operate bakeries “as a way to…
Author: ricardofrancois
Christie's Auction House in New York.CNBCA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-net-worth investor and consumer. Sign up to receive future issues, straight to your inbox.Christie's auction house has just sold a painting for more than $100 million, although the artwork, buyer, and seller have remained an official secret.In an interview with CNBC, CEO Guillaume Cerutti said Christie's sold the painting in January at a private auction for “well over $100 million,” though the auction house declined to provide details.Art dealers familiar with the deal told CNBC…
Check out the companies making headlines in midday trading. Hormel Foods – Shares rose 14.6% after the food processing company beat fiscal first-quarter earnings and revenue expectations. It had earnings of 41 cents per share, excluding items, on revenue of $3 billion. Analysts polled by FactSet had called for earnings of 34 cents per share on revenue of $2.91 billion. The company said it expects continued growth in its food services business and improvement of its international sector. Monster Beverage — Shares rose 5.8% after the energy drink maker reported strong January sales and an expansion in gross margin, despite…
the main pointsInvestor Ray Dalio believes that the US stock market is not in a speculative bubble. The founder of Bridgewate analyzed the market based on his own bubble criteria.Billionaire investor Ray Dalio believes that the US stock market is not in a speculative bubble. The founder of Bridgewater, one of the world's largest hedge funds, analyzed the market based on his bubble criteria, which include valuation, sentiment, new buyers and unsustainable conditions. “When I look at the US stock market using these criteria, it — and even some of the parts that have rallied more than others and received…
As the market continues to rise this month, hedge funds are betting against a handful of healthcare and auto stocks. The three major averages are poised to end February with notable gains, with the tech-heavy Nasdaq Composite leading the major indexes with a 5.8% advance. The S&P 500 rose 5% this month, while the Dow Jones Industrial Average advanced 2% and is on track for its first four-month winning streak since May 2021. But pockets of doubt remain, especially with some investors questioning it. How long can the AI-fueled rally in tech stocks last? CNBC Pro used FactSet data to…
It's no surprise that after ten years, Parachute, the home lifestyle brand, is still standing as the dust settles on the direct-to-consumer boom. Founded by Ariel Kay in 2012, Parachute has developed a loyal customer base for its high-quality bedding, towels, and robes. The company is currently expanding into various categories, such as furniture and baby products, and has opened 26 retail stores worldwide. Naturally, TechCrunch wanted to see what it's been like managing the DTC boom the past few years and brought Kaye on to our podcast to chat about it. She recalls how customers were immediately drawn to…
The all-electric Ford Mustang Mach-E at a Tesla Supercharger charging station.strongholdDetroit — “ ford motor Tesla is rolling out Tesla Supercharging capabilities to owners of its electric vehicles in the United States and Canada. The launch begins on Thursday, but supply is expected to be limited at first.The Detroit automaker was the first to announce a deal Tesla To take advantage of the electric vehicle maker's supercharger network. The vast majority of US automakers have since followed suit. Under the deals, companies like Ford will adopt Tesla's charging port for future electric car models.Meanwhile, an adapter is needed to connect…
Fuse | Corbis | Getty ImagesWhen buying or selling a home, a real estate agent's commissions can shave thousands of dollars off the sales price — but many consumers don't realize that you can negotiate these terms.Nearly a third, 31%, of home buyers and sellers have negotiated commissions with their agents, according to a new report from LendingTree. The majority of them, 64%, succeeded in reducing fees. LendingTree surveyed 2,034 American adults in mid-January.About 36% of homebuyers and sellers say they didn't know they could negotiate a real estate agent's commission.More personal finance:Aspiring homeowners say they face two major hurdles…
Stay informed with free updatesSimply sign up for our European Business myFT Digest – delivered straight to your inbox.Activist investor Jeff Oppen is set to join Bayer's supervisory board, as the struggling German group prepares to switch aspirin to glyphosate to brief investors on the possibility of a spin-off early next week.Ubben disclosed a 0.83 per cent stake in Bayer a year ago, becoming a leading force behind the ouster of then-CEO Werner Baumann, who was replaced by Bill Anderson, a former Roche boss.Anderson criticized the German group's performance as “unacceptable”, and in February he announced a three-year suspension of…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Shares of Super Micro Computer have risen more than 4,000 percent in the past five years. What's the chance they can muster another 37.5 percent in the next five years? The American company manufactures data center equipment that has proven useful in the artificial intelligence computing boom. Its market value has reached nearly $50 billion, and annual financial revenues are expected to double this year to about $15 billion.But the company's working capital needs have also become significant. It needs short-term cash.…