Investments and Business

The National Football League is on the verge of a significant financial shift, as it is expected to approve private equity investments in the league, a move that could see a $12 billion infusion from major investment firms. The anticipated decision, set to be discussed at an upcoming league meeting, marks a fundamental shift in the financing dynamics of sports franchises. The entry of private equity into the NFL, traditionally funded by individual owners or limited partnerships, could provide a substantial financial boost and usher in a new era of financial management within the league. The expected commitment of $12…

Target CEO Brian Cornell firmly rejected accusations of price gouging in the hypercompetitive retail industry during an interview Wednesday on CNBC's "Squawk Box." During the discussion, Cornell was confronted with remarks from Democratic presidential candidate Vice President Kamala Harris, who recently supported a federal ban on "corporate price gouging" in the food and grocery industry. Harris cited concerns about companies overcharging consumers and contributing to higher household costs. In response, Cornell pointed to the slim profit margins typical of retail, saying, “We operate on a shoestring profit.” He also highlighted the many options consumers have for finding competitive prices, from…

Macy's on Wednesday announced a downward revision to its annual sales forecast, acknowledging difficulties in attracting discerning shoppers and the need for more promotions. Despite beating Wall Street expectations for earnings, the popular department store chain reported lower-than-expected revenue for the quarter. The company now expects its net sales to be between $22.1 billion and $22.4 billion, down from the previously estimated range of $22.3 billion to $22.9 billion. This change also signals a potential year-over-year decline from the $23.09 billion reported in fiscal 2023. Macy's forecasts a decline in comparable sales, which measures performance excluding new or closed stores,…

Explore noteworthy changes in the stock market after the close of trading: Cava Group — The fast-casual restaurant chain saw its stock price rise nearly 6% after hours as its earnings beat projections. Cava’s earnings came in at 17 cents a share, beating LSEG forecasts by 4 cents, with revenue also beating expectations. Uber — Shares of the ride-sharing giant fell about 3% after announcing a long-term partnership with General Motors’ Cruise for autonomous vehicle services. The partnership aims to introduce driverless ride options to Uber’s service offerings by next year. Meanwhile, General Motors enjoyed a slight boost, with its…