Raphael Stevens

JetBlue plans to add first-class seats on its Airbus planes that don’t include lie-flat Mint class.
The seats will be in a two-by-two configuration.
JetBlue has cut additional routes to get back on a path to steady profits.

Silhouette of passenger in front of the JetBlue Airbus A321neo aircraft spotted on the apron tarmac docked at the passenger jet bridge from the terminal of Amsterdam Schiphol International Airport AMS EHAM in the Netherlands. 
Nicholas Economou | Nurphoto | Getty Images

JetBlue Airways plans to add domestic first-class seats in 2026 on airplanes that don’t have its top-tier Mint class, the latest initiative to win over higher-paying customers and get back to profitability.
All of JetBlue’s Airbus aircraft without Mint, the airline’s lie-flat seats, will have two or three rows of domestic first-class seats, Marty St. George, JetBlue’s president, said in a note to employees.

“Since launching Mint over a decade ago, we’ve explored the idea of expanding a version of it across the fleet, often playfully calling it ‘mini-Mint’ or ‘junior Mint,'” St. George said. He said Mint “can’t be duplicated on shorter flights,” so the carrier had to come up with a solution for passengers willing to pay for more space on shorter flights.  
“We’re keeping the rest of our ideas under wraps for now while we prepare for a 2026 launch. Let’s keep our competitors guessing,” St. George wrote.
St. George, JetBlue’s former commercial chief, came back to the New York-based airline earlier this year to help new CEO Joanna Geraghty return JetBlue to profitability and cut costs. The airline is focusing more on its core markets in Florida and the Northeast and deferring some of its Airbus aircraft.
The airline expects its initiatives to generate another $800 million to $900 million in earnings before interest and taxes over the next three years, it said in July.

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JetBlue has been a pioneer in the U.S. airline industry since its first flights almost 25 years ago, adding comforts like seat-back entertainment, free Wi-Fi and a business class that sought to make flying at the front of the plane more affordable for customers compared with large carriers that dominate U.S. air travel.

The airline has become more focused on finding ways to increase sales since its bid to acquire Spirit Airlines was blocked by a U.S. judge in January and its partnership with American Airlines in the Northeast was ruled anticompetitive by another judge.
JetBlue is culling a host new cuts of unprofitable routes, CNBC reported last week. It is also tweaking its European service, announcing a new flight between Boston and Madrid on Tuesday.

Adding better seats that fetch a premium to standard coach has become a focus of the airline industry as many leisure travelers after the pandemic have shown they are willing to shell out more for roomier seats, or other perks like airport lounges.
On Tuesday, Alaska Airlines said it would evaluate its premium seat offerings and upgrade some of its planes following its merger with Hawaiian as part of plans for a global expansion.
JetBlue earlier this year said it will build its first lounges.

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Cox Automotive reports there’s a “renewed optimism” among U.S. car dealers heading into 2025, fueled by Donald Trump’s election as well as positive trends in interest rates.
But dealers aren’t feeling more optimistic about the sale of EVs, according to Cox’s “Q4 2024 Dealer Sentiment Index,” which was conducted after the U.S. presidential election in November.

Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on inventory with his general manager Ryan Caton in Naperville, Illinois, May 28, 2020.
Nick Carey | Reuters

DETROIT — There’s a “renewed optimism” among U.S. car dealers heading into 2025, fueled by President-elect Donald Trump’s return to the White House as well as positive trends in interest rates and automaker-backed sales incentives, Cox Automotive reported Wednesday.
But dealers aren’t feeling more optimistic about the sale of electric vehicles, according to Cox’s “Q4 2024 Dealer Sentiment Index,” which is based on wide-reaching surveys of dealers after the U.S. presidential election in November.

“The outlook for EV sales in the coming months fell further, with a majority of dealers suggesting sales would decline in the next quarter. There is concern policies by the new administration are not going to help an already fragile business,” according to Cox.
Those potential policy changes under a Trump administration could include less federal funding for promoting EVs, such as an end to the current consumer credit of up to $7,500 for the purchase of one of the vehicles, as well as less strict fuel and emissions regulations.
“We are getting clear feedback that the tax credits are working in both the new and the used markets,” Cox Chief Economist Jonathan Smoke said in a release. “This is something that could change fairly rapidly next year, so I think the diminishing outlook is directly tied to the at-risk status of the EV tax credits.”

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Auto dealer stocks in 2024.

Cox’s market outlook index, which measures dealers’ expectations for the auto retail market in the coming quarter, jumped to 54 in the fourth quarter, up from 42 during the previous quarter. The higher the number, the more confident dealers are feeling about their businesses.
Dealer responses are weighted by dealership type and volume of sales to closely reflect the national dealer population. Data is used to calculate an index wherein a number over 50 indicates more dealers view conditions as strong or positive rather than weak or negative.

“This significant increase suggests that more dealers believe the auto market will be stronger in the next three months. One year ago, the index stood at just 41, one of the lowest readings in its history,” Cox said in a release.
Despite the positive outlook, the current market index score of 42 indicates that a majority of dealers still view the current retail auto market as weak, Cox noted. This score is slightly better than one year ago, but remains well below pre-pandemic norms and long-term averages.
“The recent resolution of political uncertainty following the presidential election has cleared the path for a more optimistic outlook on future auto market conditions,” Smoke said. “Coupled with the potential for supportive measures such as tax rebates and the possibility of lower interest rates, dealers are feeling more hopeful about the road ahead as we move into 2025.”
After the November election, 35% of dealers surveyed said the political climate in the U.S. is affecting their businesses, a significant drop from the 44% of all dealers and 49% of franchised dealers who said the same in the previous quarter.
Shares of publicly traded auto dealers have performed well this year, as pricing of new and used vehicles remains high. Shares of AutoNation, Lithia Motors and Sonic Automotive are up between 15% and 22% for the year, while Group 1 Automotive is the standout, up roughly 40% in 2024.

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The valuation of Elon Musk’s SpaceX hit $350 billion based on a secondary share sale, CNBC confirmed on Wednesday.
SpaceX and investors agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share, according to copies of the offer obtained by CNBC.
SpaceX’s soaring valuation, ranking well above U.S. defense contractors and among the top 25 in the S&P 500 by market cap, comes as the company furthers its dominant position in the space industry.

SpaceX’s next-generation Starship spacecraft atop its powerful Super Heavy rocket is launched on its sixth test at the company’s Boca Chica launch pad in Brownsville, Texas, on Nov. 19, 2024.
Joe Skipper | Reuters

The valuation of Elon Musk’s SpaceX hit $350 billion based on a secondary share sale, CNBC confirmed Wednesday.
SpaceX, as well as investors, agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share, according to copies of the offer obtained by CNBC. The round does not include raising new capital, as the purchase offer represents a secondary sale of existing shares.

Notably, SpaceX is buying as much as $500 million in common stock as part of the offer, in a rare share buyback that demonstrates the strength of the privately held company’s financial position.
The company routinely performs these secondary rounds — about twice a year — to give employees and other shareholders a chance to sell stock. The latest valuation represents a 67% surge from SpaceX’s previous high of $210 billion, which the company hit through a June secondary share sale.
SpaceX’s soaring valuation comes as the company furthers its dominant position in the space industry, all while Musk has become an influential figure in the coming presidential administration.
The space company has a near-monopoly on the U.S. satellite launch market, led by its workhorse Falcon rockets, as its rivals have struggled to field operational rockets to compete.
SpaceX’s Starlink satellite internet business is a key economic driver for the company, with about 7,000 satellites launched to date and a service boasting about five million subscribers.

Meanwhile, its monstrous Starship continues to advance in flight tests, representing an attempt to create a next-generation reusable rocket of unprecedented scale and power.

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SpaceX’s latest valuation ranks the company higher than the market value of top U.S. defense contractors. Among U.S. companies in the S&P 500, SpaceX would rank in the top 25 by market cap, between Johnson & Johnson and Bank of America, according to FactSet.
The company did not immediately respond to CNBC’s request for comment on the sale process. Bloomberg first reported SpaceX’s $185 a share pricing.
Musk, replying to a social media post about the SpaceX share sale, wrote that “almost no investors wanted to sell shares” at the new $350 billion valuation.
“SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in,” Musk wrote.

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Tom Brady’s 41 items for sale at Sotheby’s went for a combined $9 million.
Brady’s rare yellow gold Rolex Daytona Paul Newman ‘John Player Special’ from 1969 sold for $1.1 million.
Sotheby’s has ventured further into sports as a way to engage a younger generation of collectors.

Tom Brady’s Rolex worn during his 2023 season.
Sotheby’s (L) | Reuters (R)

Sotheby’s has scored big off of Tom Brady.
The auction house held its “GOAT Collection” sale on Tuesday night, selling all 41 items offered for a total of $9 million. The lots consisted of watches, jerseys and other sports treasures. The watches alone brought in $4.6 million.

Brady’s rare yellow gold Rolex Daytona Paul Newman ‘John Player Special’ from 1969 sold for $1.1 million, making it the top-selling item in the auction.
The watch was first worn by Brady in the 2023 season during a ceremony at Gillette Stadium where owner Robert Kraft announced the seven-time Super Bowl winning quarterback would be inducted into the Patriots Hall of Fame.

FOXBOROUGH, MA – SEPTEMBER 10: New England Patriots chairman and CEO Robert Kraft embraces Tom Brady during a game between the New England Patriots and the Philadelphia Eagles on September 10, 2023, at Gillette Stadium in Foxborough, Massachusetts. (Photo by Fred Kfoury III/Icon Sportswire via Getty Images)
Icon Sportswire | Icon Sportswire | Getty Images

Four collectors battled it out for a chance to own a piece of Brady history from his University of Michigan days. His final college game day-worn jersey fetched $792,000. Brady scored four touchdowns in that iconic game and had 369 passing yards.
The sale highlights the success Sotheby’s has seen as it ventures into the world of sports collectibles.

Tom Brady’s University of Michigan jersey worn during his final college game.

“Regardless of their team allegiance, collectors eagerly gathered to admire these cherished mementos from Tom’s iconic career, honoring and respecting the remarkable accomplishments of The GOAT,” said Brahm Wachter, Sotheby’s head of modern collectibles.

Sports has been a bright spot for Sotheby’s, bringing in new and younger clientele.
The auction house says of the 800 people registered to participate in Tuesday’s auction, 34% were new customers and 40% were under the age of 40.
“I’ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,” Brady said ahead of the sale. More

Macy’s on Wednesday said it has concluded an investigation into an employee who intentionally hid about $151 million of delivery expenses.
In a statement, CEO Tony Spring said the retailer is “strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance.”
The department store operator slightly raised its full-year forecast, while still projecting a sales decline.

A Macy’s store decorated for the holidays in San Francisco, California, US, on Wednesday, Nov. 13, 2024. 
David Paul Morris | Bloomberg | Getty Images

Macy’s on Wednesday said it has wrapped up an investigation into an employee who intentionally hid about $151 million of delivery expenses on its accounting books for nearly three years and has revised those years of its historical financial statements.
On the company’s earnings call, CEO Tony Spring, who stepped into the role in February, stressed that “integrity is paramount at Macy’s.”

“The responsible individual is no longer with the company, following discovery of their actions,” he said. “We’ve also identified and begun to implement additional controls to be a stronger and more disciplined organization so that an action like this could not happen again.”
The department store operator delayed its full quarterly earnings in late November, after discovering the accounting issue while preparing its financial statements for the fiscal quarter and beginning an independent investigation. It said on Wednesday that that investigation has ended and found there was not a material impact to financial results in previous years or quarters.
Macy’s independent investigation found that “a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation,” according to a financial filing with the SEC on Wednesday morning. The filing said the investigation found “material weakness in its internal control over financial reporting” that allowed the person to circumvent validating information with “manual journal entries.”
Spring said on the company’s earnings call that the investigation found the employee “acted alone and did not pursue these acts for personal gain.”
The employee told investigators that a mistake was initially made in accounting for small parcel delivery expenses, and then the person made intentional errors to hide the mistake, according to sources familiar with the investigation.

Macy’s updates outlook

Shares of the company sank by more than 10% in premarket trading, as Macy’s lowered its full-year earnings outlook. The company cut its guidance, saying it expects adjusted earnings per share of $2.25 to $2.50, lower than its previous outlook of $2.34 to $2.69.
However, Macy’s slightly raised its full-year sales forecast, while still projecting a decline from the prior year. Macy’s said it expects net sales will be between $22.3 billion to $22.5 billion compared with the range of $22.1 billion and $22.4 billion that it previously anticipated. That would be a year-over-year drop from the $23.09 billion it reported for fiscal 2023.
For comparable sales for the full year, a metric that takes out the impact of store openings and closures, Macy’s expects a decline of roughly 1% to about flat compared with the year-ago period. That’s higher than the previous range of a decrease of about 2% to a decline of about 0.5%.  That metric includes merchandise that Macy’s owns, items from brands that pay for space within its stores and Macy’s third-party online marketplace.
Macy’s had cut its full-year forecast in August, and its latest guidance is still below the upper end of the outlook that it had earlier in the year.
Here is what the retailer reported for the fiscal third quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:

Earnings per share: 4 cents adjusted. It was not comparable with estimates due to the accounting treatment of the delivery accrual investigation.
Revenue: $4.74 billion vs. $4.78 billion expected

In the three-month period that ended Nov. 2, Macy’s net income fell to $28 million, or 10 cents per share, from $41 million, or 15 cents per share, in the year-ago quarter.
Macy’s, which is in the middle of a new turnaround effort, previously disclosed some quarterly metrics. The company said its third-quarter sales totaled $4.74 billion, a 2.4% year-over-year drop. It also reported a comparable sales decline of 1.3% across its owned and licensed businesses, plus its online marketplace.
Macy’s namesake brand remains the weakest part of the company. In the most recent quarter, comparable sales for the segment fell 2.2% on an owned and licensed basis and including its third-party marketplace.
However, Macy’s said sales trends are stronger at the stores where it’s stepped up efforts. The company is closing about 150 of its namesake stores by early 2027, which will mean it has about 350 Macy’s locations across the country. It has already increased staffing and investment at 50 of those stores that will remain open. At those locations, dubbed the “first 50,” comparable sales grew 1.9%.
At Bloomingdale’s, comparable sales climbed 3.2% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales increased 3.3%, marking the 15th consecutive quarter of comparable sales growth for the beauty brand.
Along with scrutiny over the accounting incident, Macy’s has felt the heat from activist investors. On Monday, activist Barington Capital revealed it has a stake in the company and said it wants the retailer to make moves, including a potential sale of its luxury brands. It is the fourth time in the last decade that the legacy department store has been targeted by activists.
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Direct-to-consumer health-care startup Ro said its platform will now offer more affordable single-dose vials of the weight loss drug Zepbound through a new partnership with Eli Lilly.
Ro will offer a “complete end-to-end” experience on a single platform and app, allowing eligible patients to receive a diagnosis and a prescription for Zepbound and have vials of the drug delivered to their homes.
That is made possible through a first-of-a-kind integration with Eli Lilly’s direct-to-consumer website, LillyDirect, and aims to streamline access to the popular treatment. 

Patients will be able to access Zepbound single-dose vials at Ro
Coutesy: Ro

Direct-to-consumer health-care startup Ro on Wednesday said its platform will now offer more affordable single-dose vials of the weight loss drug Zepbound through a new partnership with Eli Lilly, which aims to streamline access to the popular treatment. 
Ro said it will offer a “complete end-to-end” experience on a single platform and app, allowing eligible patients to receive a diagnosis and a prescription for Zepbound and have vials of the drug delivered to their homes. That is made possible through a first-of-a-kind integration with Eli Lilly’s direct-to-consumer website, LillyDirect, which already offers home delivery of Zepbound vials through a third-party digital pharmacy, Gifthealth.

Gifthealth will dispense the vials to patients who receive Zepbound prescriptions through a provider affiliated with Ro. 
Zepbound vials are a cash-pay product offered only through LillyDirect, meaning patients pay for it themselves with cash at a lower cost than the autoinjector form of the drug. The vials have the “most affordable” price of a branded GLP-1 drug before insurance, according to Ro. GLP-1s, a class of medications that mimic gut hormones to tamp down appetite and regulate blood sugar, have skyrocketed in demand over the last two years. 
“Patients usually have to go to multiple places to get Lilly’s drug, like the doctor’s office then a pharmacy,” Ro co-founder and CEO Zachariah Reitano told CNBC in an interview. “This integration really creates a seamless patient experience where they don’t have to go anywhere else. They can access doctors, labs and a pharmacy that will give them access to Zepbound vials all in one place.” 
Ro runs a weight loss program that already prescribes Zepbound in a single-dose autoinjector pen, which patients can directly inject under their skin with the click of a button. But that form of the drug is far more expensive than vials, costing around $1,000 per month before insurance. 
The 2.5-milligram and 5-milligram single-dose vials of Zepbound cost $399 per month and $549 per month before insurance, respectively, making them more accessible to those who don’t have insurance coverage for the drug. Eli Lilly began offering those vials through LillyDirect in August. 

“Whether you’re covered by insurance, or whether you want the most affordable branded cash-pay GLP-1, which is the Zepbound vials, you can get all of those by coming to Ro,” Reitano said, noting that the company will help eligible patients determine which form of the drug is best for them based on their insurance. 
He acknowledged that roughly $400 to $500 per month for Zepbound is “still out of reach for many, but it is now far more in reach than” $1,000 or more.

Patients will be able to access Zepbound single-dose vials at Ro
Coutesy: Ro

The popularity of expensive treatments such as Zepbound and Novo Nordisk’s weight loss injection Wegovy has led to widespread shortages in the U.S. That issue has since subsided after Eli Lilly and Nordisk raced to ramp up manufacturing capacity for the drugs. 
Still, cheaper compounded versions of GLP-1s have gained traction amid the limited supply of the branded medications. Eli Lilly is working to expand access to branded Zepbound in what appears to be a bid to crack down on compounded versions of the drug. 
Patrik Jonsson, Eli Lilly’s president of cardiometabolic health, said in a release on Tuesday that the goal of the new integration is to “break down barriers and provide patients with safe and effective options they can rely on.”
The FDA is currently reconsidering its decision to take Zepbound off its drug shortages list following a lawsuit from a trade association representing compounding pharmacies. Removing Zepbound from that shortages list will essentially prevent compounding pharmacies from making custom versions of the drug. 
If that ends up being the case, Reitano said Ro “will both follow all applicable laws and guidance” under the FDA and also “fight to make sure that our patients have access to the most effective products and most affordable products.” More

Red Bull Arena in Harrison, New Jersey, will be renamed Sports Illustrated Stadium
This marks the sports publication’s first foray into stadium naming rights.
Sports Illustrated will also be the stadium’s official ticket provider.

Rendering of Sports Illustrated Stadium

The New York Red Bulls have a new stadium naming rights partner.
On Wednesday, the Major League Soccer 2024 Eastern Conference Champions announced a 13-year naming rights deal with Sports Illustrated.

Effective immediately, the 20,000-capacity Red Bull Arena in Harrison, New Jersey, will be renamed Sports Illustrated Stadium. It marks the first stadium naming rights deal in the sports publication’s history.
“For 70 years, Sports Illustrated has represented the best in sports and culture,” said David Lane, Sports Illustrated Tickets CEO. “Through this partnership, we aim to showcase our vast portfolio of media, live event, ticketing, hospitality and fan experiences,” he added.
Financial terms of the deal were not disclosed.
As part of the agreement, starting in the 2026 season, Sports Illustrated will also become the official ticketing partner for all events held at the stadium.
That includes all New York Red Bulls games, Gotham FC games, international soccer games, and all concerts and events.

Arrows pointing outwards

Sports Illustrated has signed a deal with the New York Red Bulls for Naming Rights
Courtesy: Sports Illustrated

Sports Illustrated is also adding swag for stadium-goers. Fans who attend games and events at the stadium will receive a digital Sports Illustrated fan cover to take home.
The stadium naming rights mark a new chapter for the storied sports magazine, which got its start in 1954.
SI has had a challenging past few years filled with mass layoffs and changes in ownership.
The brand is currently owned by Authentic Brands Group and published by Minute Media.
As SI looks to reinvent itself, the publication launched a fan ticket platform called Sports Illustrated Tickets in June 2021. Today, the ticketing marketplace has more than $2.5 billion of tickets in inventory and offers access to more than 50 million sports, theater and concert tickets.
“Sports Illustrated Stadium is much more than just a sports and concert venue — it’s a celebration of history, innovation, and the unforgettable experiences that unite us all,” said Lane. More