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    NTSB opens probe into Norfolk Southern safety practices after 5 recent incidents

    The National Transportation Safety Board has opened a special probe into Norfolk Southern after a series of train derailments.
    The special investigation will examine Norfolk Southern’s organization and safety culture.
    Norfolk Southern CEO Alan Shaw is set to testify before a U.S. Senate panel on the rail company’s derailment in East Palestine, Ohio.

    General view of the site of the derailment of a train carrying hazardous waste, in East Palestine, Ohio, U.S., March 2, 2023. 
    Alan Freed | Reuters

    The National Transportation Safety Board on Tuesday said it opened a special investigation into Norfolk Southern after recent derailments.
    The special probe will look into the company’s organization and safety culture, according to a press release.

    “Given the number and significance of recent Norfolk Southern accidents, the NTSB also urges the company to take immediate action today to review and assess its safety practices, with the input of employees and others, and implement necessary changes to improve safety,” the NTSB said in a statement.
    Norfolk Southern CEO Alan Shaw said the company will fully cooperate with the NTSB.
    “Moving forward, we are going to rebuild our safety culture from the ground up. We are going to invest more in safety,” he said in a statement Tuesday. “This is not who we are, it is not acceptable, and it will not continue.”    
    The news of the probe comes before Shaw is set to testify Thursday before the U.S. Senate Committee on Environment and Public Works to address potential threats to public health and the environment resulting from the East Palestine, Ohio, derailment last month.
    Committee Chairman Sen. Tom Carper, D-Del., said the panel wants to know about a variety of issues stemming from that derailment.

    “What did they do well? What did they do badly? What are they doing to address things that they botched? What are they doing since the incident occurred in order to make people feel cared for, cared about?” Carper told CNBC. “When we walk out of there, I want to make sure that Norfolk Southern is doing what they need to do to make this right. Not just with respect to the folks in the community but also in terms of the movement of these hazardous substances all over our country, even as we speak.”
    The NTSB released a preliminary report last month that pointed to an overheated wheel bearing as a factor in the derailment and fire.
    On Saturday, another Norfolk Southern train derailed near Springfield, Ohio. Unlike the East Palestine incident, this train wasn’t carrying hazardous materials. No injuries were reported following the derailment.
    The NTSB has launched investigations into five incidents involving Norfolk Southern, including the death of a Norfolk Southern conductor Tuesday morning in Cleveland after a dump truck collided with a train at a steel facility. The conductor, who was identified as Louis Shuster, was struck when a dump truck carrying limestone collided with the side of the train’s first car, a Cleveland Police spokesperson said.
    –CNBC’s Christina Wilkie contributed to this report from Washington.

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    Stocks making the biggest moves after hours: CrowdStrike, Stitch Fix and more

    The Stitch Fix application for download in the Apple App Store on a smartphone.
    Tiffany Hagler-Geard | Bloomberg | Getty Images

    Check out the companies making headlines after the bell.
    CrowdStrike — The global cybersecurity company’s shares were up 6% after its fourth-quarter earnings and revenue beat Wall Street’s estimates. CrowdStrike posted adjusted per-share earnings of 47 cents, exceeding analysts’ estimates of 43 cents, according to Refinitiv. The company’s revenue also topped expectations, coming in at $637 million compared to the $625 million anticipated by analysts. CrowdStrike also offered strong earnings and revenue guidance for the current quarter and full year. 

    Stitch Fix — Shares of the online personalized styling service company were down 5.4% after a disappointing earnings report. The company reported a per-share loss of 58 cents, which was more than the 34 cents estimated by analysts, according to Refinitiv. Stitch Fix’s revenue of $412 million also fell below analysts’ consensus estimate of $414 million. 
    Cricut — The smart cutting machines company’s stock gained almost 1.7% after its fourth-quarter revenue exceeded analysts’ expectations. Cricut reported revenue of $280.8 million, greater than the consensus estimate of $261 million, according to FactSet. The company reported per-share earnings of 5 cents, which was one cent below what Wall Street had predicted. Cricut reported an increase in users and paid subscribers from a year ago. 
    Maxeon Solar Technologies — The Singapore-based solar panel company’s shares were up 8%. While it reported larger per-share losses than analysts polled by FactSet had anticipated, it reported revenue of $323.5 million, coming above analysts’ estimates of $315.7 million.

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    Global brands look to boost media investment in women’s sports through a new partnership, The Women’s Sports Club

    Angela Ruggiero’s Sports Innovation Lab and banking giant Ally are partnering on the Women’s Sports Club, aimed at addressing media disparity in men’s and women’s sports.
    Global brands such as Nike, Coca-Cola and Delta are coming together to elevate investment in women’s sports.
    Ally is looking to spend equal ad dollars on men’s and women’s sports over the next five years.

    IOC executive board member Angela Ruggiero attends the Medal Ceremony on day six of the PyeongChang 2018 Winter Olympic Games at Medal Plaza on February 15, 2018 in Pyeongchang-gun, South Korea.
    Alexander Hassenstein | Getty Images

    For four-time Olympian and gold medal-winning ice hockey star Angela Ruggiero, pushing for more media attention and sponsorship dollars for women’s sports comes naturally.
    During her playing days and her stint as the chairperson of the International Olympic Committee Athletes’ Commission, she got a front row seat to the disparities between men’s and women’s sports. Today, through her company, the Sports Innovation Lab, she’s dedicated to changing that.

    Ruggiero’s Sports Innovation Lab on Tuesday announced a partnership with banking giant Ally to create the Women’s Sports Club, a coalition of major brands and media that will work to tackle some of the challenges in buying women’s sports inventory and to elevating investment in women’s sports.
    More than 20 global brands that buy and sell sports media and sponsorships are coming together to drive media spending to women’s sports. They include names such as Morgan Stanley, Nike, Gatorade, Coca-Cola and Delta, in addition to leagues such as the WNBA and LPGA.
    The Women’s Sports Club will meet at significant media and sporting events throughout the year, beginning with the South by Southwest event next week in Austin, Texas.
    “Women’s sports have arrived, and everyone agrees it’s smart business to invest,” Ruggiero said. “But there are real barriers inhibiting brands from placing scaled media buys. The Women’s Sports Club is addressing this challenge head-on.”

    Villanova Wildcats forward Christina Dalce (10) drives to the basket against UConn Huskies forward Dorka Juhasz (14) during the Big East Women’s Basketball Tournament championship game between Villanova Wildcats and UConn Huskies on March 6, 2023, at Mohegan Sun Arena in Uncasville, CT.
    M. Anthony Nesmith | Icon Sportswire | Getty Images

    The club is trying to tackle an issue that has held women’s sports back for decades: Brands say there isn’t enough media coverage to justify advertising dollars, while broadcasters say there aren’t enough advertising dollars to justify media coverage.

    That means women’s sports often get unfavorable timeslots, which has translated to lower viewership and smaller media deals. This all trickles down and means less value for the leagues and lower pay for players.
    Sports Innovation Lab has spent years researching the impact of women’s sports and has found the segment is growing its fan base twice as fast as the broader, general sports fan community.
    “[Fans of women’s sports] watch longer; they’re more brand loyal. They’re a deeper consumer than the sort of casual men’s fan,” Ruggiero said.
    “For us, it’s as simple as putting deeds over words. We already know emphatically that investing in women’s sports is good for business,” said Andrea Brimmer, Ally’s chief marketing and public relations officer.
    Ally earlier this week completed a major media buy with ESPN. The one-year, multimillion-dollar deal requires 90% of its investment to be put to women’s sports, through expanding game highlights, branded content and features across ESPN. The company also teamed up with the National Women’s Soccer League and increased its media investment with CBS to elevate the league championship match into a primetime time slot for the first time ever. The company has committed to achieving equal spending in men’s and women’s sports over the next five years.
    “The real challenge is figuring out where we’re going to put our money. There just isn’t enough inventory in women’s sports to get us to 50-50. And that’s a problem the Women’s Sports Club is going to solve, together with some of the biggest brands,” Brimmer said.

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    Stocks making the biggest moves midday: Rivian, Delta, Snap, Dish Network and more

    Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
    Justin Sullivan | Getty Images

    Check out the companies making the biggest moves midday:
    Rivian Automotive —Shares shed 14.54% after the electric-vehicle maker announced it would sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesperson told Reuters.

    Delta Air Lines — Shares rose 1.59% after being upgraded by Evercore ISI to outperform from in line. The firm said it sees several catalysts ahead for the airline and that investors should buy the dip.
    United Airlines — United Airlines gained 2.99%, as the broader airline space got a boost after the Justice Department sued to block JetBlue’s acquisition of Spirit Airlines. The stock also got a boost after being upgraded to outperform from underperform by BNP Paribas Exane.
    WW International — The small-cap stock rallied 79.07% after the company formerly known as Weight Watchers announced it would acquire telehealth firm Sequence. The deal could help WW push into the anti-obesity drug market.
    Joby Aviation — The electric aircraft maker slid 6.89% after Deutsche Bank downgraded the stock to sell from hold. Analyst Edison Yu said the weight of the aircraft has raised questions and led him to wonder if the design is “overly aggressive.”
    Snap — The tech company’s stock gained 4.1% in midday trading and ultimately closed up 0.51%. The move comes as a new bipartisan Senate bill that will give President Joe Biden authority to rein in its competitor, TikTok, is set to be unveiled.

    Squarespace — Shares of Squarespace jumped 14.56% after the website building and hosting company reported fourth-quarter revenue that came in above analysts’ expectations. Squarespace also issued upbeat revenue guidance for the first quarter and full year.
    Dick’s Sporting Goods — Dick’s Sporting goods popped 11.09% after the retailer posted better-than-expected results for the fourth quarter. Same-store sales, a key metric for retailers, also came in ahead of analyst expectations.
    Dish Network — The stock climbed 4.04% after Dish co-founder and Executive Vice President James DeFranco disclosed the purchase of 1.45 million shares.
    AeroVironment — Shares rallied 4.24% after the company’s fiscal third-quarter revenue beat analyst estimates. AeroVironment, which designs and develops unmanned aircraft systems, cited a large order from Ukraine and higher manufacturing activity in its tactical missile systems for the strong results.
    Nutanix — The cloud-computing stock dropped 7.89% despite a beat on its fiscal second quarter earnings. Nutanix said it had to delay its 10-Q quarterly filing on the company’s finances due to an investigation into a third-party software vendor, leading to uncertainty over its expenses.
    DXC Technology — Shares fell 7.06% after DXC Technology said talks of a possible acquisition of the information technology company by a financial sponsor were terminated.
    Bank stocks — Bank stocks fell after Fed Chair Jerome Powell suggested that rates may need to go higher for longer. Truist Financial shed 4.46%, Zions Bancorporation slid 4.76%, Fifth Third Bancorp fell 5.17% and Wells Fargo lost 4.68%
    — CNBC’s Yun Li, Tanaya Macheel, Alex Harring and Sarah Min contributed reporting.
    Correction: The Justice Department sued to block JetBlue’s acquisition of Spirit Airlines. A previous version misstated Spirit’s name.

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    Satellite imagery company BlackSky sees quarterly losses slow as it adds another military contract

    Satellite imagery specialist BlackSky announced fourth-quarter results on Tuesday that show the company further trimming losses and securing an additional military contract.
    “2022 was a foundational year for BlackSky,” CEO Brian O’Toole said in a statement.
    BlackSky posted an adjusted EBITDA loss of $4.6 million for the fourth quarter, down 68% from the same period a year earlier.

    BlackSky at New York Stock Exchange, September 13, 2021.
    Source: NYSE

    Satellite imagery specialist BlackSky announced fourth-quarter results on Tuesday that show the company further trimming losses and securing an additional military contract.
    “2022 was a foundational year for BlackSky,” CEO Brian O’Toole said in a statement, adding that “this high level of execution has put us on a path to achieving positive adjusted EBITDA in Q4 of 2023.”

    The company has 14 operational satellites in orbit, with plans to launch two more on a Rocket Lab mission this month.
    BlackSky posted an adjusted EBITDA loss of $4.6 million for the fourth quarter, down 68% from the same period a year earlier and lower than the $6.5 million loss it reported for the third quarter. Revenue rose 69% year over year to $19.4 million.
    The company had $75 million in cash on hand at the end of the fourth quarter and announced plans to raise more funds through a sale of 16.4 million shares of common stock to “a syndicate of new and existing institutional investors.” BlackSky expects the private placement to close on Wednesday, generating about $29.5 million in gross proceeds.
    Shares of BlackSky fell 6.7% in trading Tuesday to close at $1.80. The stock has gained this year, but remains well below its public debut in September 2021 of nearly $11 a share.

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    BlackSky expects to approach $100 million in annual revenue in 2023, forecasting a range between $90 million and $96 million for the year ahead.
    It announced a multiyear defense contract worth over $150 million for an unnamed international government customer. Last year, BlackSky was one of three satellite imagery companies to win a piece of a major National Reconnaissance Office contract – with its award worth up to $1.02 billion over 10 years.

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    Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated

    Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected.
    “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” the central bank leader said in prepared remarks for appearances this week on Capitol Hill.
    Powell said the current trend shows that the Fed’s inflation-fighting job is not over.

    Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected.
    Citing data earlier this year showing that inflation has reversed the deceleration it showed in late 2022, the central bank leader warned of tighter monetary policy ahead to slow a growing economy.

    “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Powell said in remarks prepared for two appearances this week on Capitol Hill. “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”
    Those remarks carry two implications: One, that the peak, or terminal, level of the federal funds rate is likely to be higher than the previous indication from the Fed officials, and, two, that the switch last month to a smaller quarter-percentage point increase could be short-lived if inflation data continues to run hot.
    In their December estimate, officials pegged the terminal rate at 5.1%. Current market pricing moved higher following Powell’s remarks, to a range of 5.5%-5.75%, according to CME Group data. Powell did not specify how high he thinks rates ultimately will go.
    The speech comes with markets generally optimistic that the central bank can tame inflation without running the economy into a ditch.
    Stocks fell sharply while Treasury yields jumped after Powell’s remarks were released. Market pricing also titled sharply to a strong possibility of a 0.5 percentage point interest rate hike when the Federal Open Market Committee meetings March 21-22.

    Federal Reserve Chair Jerome H. Powell testifies before a U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., March 7, 2023. 
    Kevin Lamarque | Reuters

    January data shows that inflation as gauged by personal consumption expenditures prices — the preferred metric for policymakers — was still running at a 5.4% pace annually. That’s well above the Fed’s 2% long-run target and a shade past the December level.
    Powell said the current trend shows that the Fed’s inflation-fighting job is not over, though he noted that some of the hot January inflation data could be the product of unseasonably warm weather.
    “We have covered a lot of ground, and the full effects of our tightening so far are yet to be felt. Even so, we have more work to do,” he said, adding that the road there could be “bumpy.”
    Powell speaks Tuesday before the Senate Banking, Housing and Urban Affairs Committee then will address the House Financial Services Committee on Wednesday.
    The chairman faced some pushback from Democrats on the Senate panel who blamed inflation on corporate greed and price gouging and said the Fed should reconsider its rate hikes. Sen. Elizabeth Warren, D-Mass., a frequent Powell critic, charged that the Fed’s inflation goals will put 2 million people out of work.
    “We’re taking the only measures we have to bring inflation down,” Powell said. “Will working people be better off if we just walk away from our jobs if inflation remains at 5, 6%?”
    The Fed has raised its benchmark fund rate eight times over the past year to its current targeted level between 4.5%-4.75%. On its face, the funds rate sets what banks charge each other for overnight lending. But it feeds through to a multitude of other consumer debt products such as mortgages, auto loans and credit cards.
    In recent days, some officials, such as Atlanta Fed President Raphael Bostic, have indicated that they see the rate hikes coming to a close soon. However, others, including Governor Christopher Waller, have expressed concern about the recent inflation data and say tight policy is likely to stay in place.
    “Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time,” Powell said. “The historical record cautions strongly against prematurely loosening policy. We will stay the course until the job is done.”
    Powell noted some progress on inflation for areas such as housing.
    However, he also noted “there is little sign of disinflation” when it comes to the important category of services spending excluding housing, food and energy. That is an important qualifier considering that the chairman at his post-meeting news conference in early February said the disinflationary process had begun in the economy, remarks that helped send stocks higher.
    Markets mostly had expected the Fed to enact a second consecutive quarter-point, or 25 basis points, rate increase at the Federal Open Market Committee meeting later this month. However, as Powell spoke markets priced in a 69% probability of a higher half-point increase at the March meeting, according to CME Group data.
    Powell reiterated that rate decisions will be made “meeting by meeting” and will be dependent on data and their impact on inflation and economic activity, rather than a preset course.

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    Starbucks CEO Howard Schultz agrees to testify at Senate hearing after subpoena threat

    Starbucks CEO Howard Schultz has agreed to testify in a U.S. Senate hearing about the coffee chain’s alleged union busting after pressure from Sen. Bernie Sanders.
    Schultz is now scheduled to appear at a March 29 hearing.
    Since Schultz returned to the helm of the company in April last year, Starbucks has taken a more aggressive approach to oppose a union push at its cafes.

    Senator Bernie Sanders (I-VT) (L), Starbucks CEO Howard Schultz
    Reuters (L) | Getty Images (R)

    Starbucks CEO Howard Schultz has agreed to testify in a U.S. Senate hearing about the coffee chain’s alleged union busting after pressure from Sen. Bernie Sanders.
    The Senate’s Health, Education, Labor and Pensions, or HELP, Committee was scheduled to vote Wednesday morning on whether to subpoena Schultz, who previously declined a request to appear. Sanders, a democratic socialist who represents Vermont, serves as chair of the committee.

    Schultz is now scheduled to appear at a March 29 hearing.
    “Through the agreement reached today, our testimony will seek to foster a better understanding of our partner-first culture and priorities, including our industry leading benefit offerings and our long-standing commitment to support the shared success of all partners,” Starbucks said in a statement.
    In February, Starbucks’ general counsel wrote in a letter viewed by CNBC that since Schultz is stepping down as interim CEO in March, it would make more sense for another senior leader with ongoing responsibilities to testify at the hearing, originally scheduled for March 9. Newcomer Laxman Narasimhan is slated to take over as chief executive in April.
    “[Schultz] will remain on the board, he is the CEO today, and he would be the CEO when we invited him … it is clear to everybody that it is Mr. Schultz who sets the policy of that company,” Sanders said at a press conference held Tuesday.
    As of Tuesday, 290 Starbucks locations have voted to unionize, according to National Labor Relations Board data. More than a year after Starbucks Workers United won its first election, none of the cafes have agreed to a contract with Starbucks yet.

    Since Schultz returned to the helm of the company in April last year, Starbucks has taken a more aggressive approach in its opposition to the union push. The union has filed more than 500 charges of unfair labor practices with the NLRB, including allegations of retaliatory firings and store closures. The company also raised wages and improved benefits for non-union workers.
    Starbucks has lodged more than 100 of its own complaints against the union, alleging intimidation and harassment.

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    Justice Department sues to block JetBlue’s acquisition of Spirit Airlines

    The Justice Department on Tuesday sued to block JetBlue Airways’ $3.8 billion proposed takeover of budget carrier Spirit Airlines
    Spirit agreed to sell itself to JetBlue Airways last summer.
    President Biden’s Justice Department has vowed a hard line against consolidation.

    A JetBlue Airways Airbus A320, left, passes a Spirit Airlines Airbus A320 as it taxis on the runway, Thursday, July 7, 2022, at the Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Fla.
    Wilfredo Lee | AP

    The Justice Department on Tuesday sued to block JetBlue Airways’ $3.8 billion proposed takeover of budget carrier Spirit Airlines, the Biden administration’s latest attempt to prevent industry consolidation.
    Spirit Airlines agreed to sell itself to JetBlue last summer after a long battle for the carrier between JetBlue and Frontier Airlines. New York-based JetBlue’s acquisition of Spirit faced a high hurdle with regulators from the start, and the airline on Monday said it expected DOJ action this week.

    JetBlue’s takeover of Spirit would create the fifth-largest airline in the country and also eliminate Florida-based Spirit, with its business model of rock-bottom fares and fees for everything from carry-on baggage to seat assignments.
    “JetBlue’s plan would eliminate the unique competition that Spirit provides—and about half of all ultra-low-cost airline seats in the industry—and leave tens of millions of travelers to face higher fares and fewer options,” the Justice Department said in its complaint, filed in a Massachusetts court on Tuesday. “Spirit itself put it simply: ‘A JetBlue acquisition of Spirit will have lasting negative impacts on consumers.'”
    At a Tuesday press conference, Attorney General Merrick Garland underscored that the merger would be particularly harmful for “working and middle class Americans who travel for personal rather than business reasons and must pay their own way.”
    The DOJ cited Spirit’s own internal documents that show that when the airline starts flying a route, average fares fall by 17%.
    JetBlue has argued the combination would allow it to better compete with large airlines that dominate the U.S. market. The deal would also give JetBlue access to more Airbus jetliners and pilots, which are both in short supply as travel demand remains strong.

    JetBlue plans to remodel Spirit’s bright-yellow planes with packed-in seats to JetBlue’s, which include seatback screens and more legroom.
    “JetBlue competes hard against Spirit, and views it as a serious competitive threat. But instead of continuing that competition, JetBlue now proposes an acquisition that Spirit describes as ‘a high-cost, high-fare airline buying a low-cost, low-fare airline,” the DOJ said.
    New York, Massachusetts and Washington, D.C., also joined the suit.

    Merrick Garland, US attorney general, speaks during a news conference at the Department of Justice in Washington, DC, US, on Tuesday, March 7, 2023. The US Justice Department challenged JetBlue Airways Corp.’s $3.8 billion acquisition of Spirit Airlines Inc., filing an antitrust lawsuit seeking to block the deal. 
    Ting Shen | Bloomberg | Getty Images

    JetBlue and Spirit said in a joint statement Tuesday that they will “continue to advance our plan to create a compelling national challenger to the Big Four airlines.”
    “We believe the DOJ has got it wrong on the law here and misses the point that this merger will create a national low-fare, high-quality competitor to the Big Four carriers which – thanks to their own DOJ-approved mergers – control about 80% of the U.S. market,” JetBlue CEO Robin Hayes said in a statement.
    Spirit CEO Ted Christie said his airline will “vigorously defend” the merger against the DOJ’s suit.
    “Together, we intend to democratize flying for travelers across the country – a goal we believe is worthy of the government’s support,” he said in a statement.
    A JetBlue-Spirit combination would be the first major U.S. airline merger since Alaska Airlines’ takeover of Virgin America in 2016. The Justice Department at the time required Alaska to scale back its code share with American Airlines to clear the deal.
    The Justice Department also sued to block American Airlines’ 2013 merger with US Airways but settled, forcing American to sell dozens of gates and slots at congested airports like Washington Reagan National Airport.
    The Biden administration has vowed a hard line against deals it considers to be anti-competitive and has sued to block other mergers, such as Penguin Random House’s failed attempt to buy rival publisher Simon & Schuster. Yet the administration has failed to stop several deals, such as one last year in the sugar industry and UnitedHealth’s merger with Change Healthcare.
    The administration has also taken aim at the airline industry after a host of travel disruptions over the past two years, even after carriers received $54 billion in payroll aid to weather the Covid pandemic.
    Separately, JetBlue is awaiting a ruling on its Northeast partnership with American Airlines, which the Justice Department sued to undo in 2021.
    —CNBC’s Rebecca Picciotto contributed to this report.

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