Raphael Stevens

Gap raised its guidance ahead of the holiday shopping season as it touted a “strong start” to the all-important fourth quarter.
The apparel giant behind Old Navy, Banana Republic, Athleta and its eponymous banner blew past Wall Street’s earnings estimates despite a tough quarter affected by unseasonably warm weather and hurricanes.
Gap is in the midst of a turnaround under CEO Richard Dickson and is leaning into better marketing to drive cultural relevance.

People walk past an Old Navy store on Fulton Street on April 11, 2024 in Downtown Brooklyn in New York City.
Michael M. Santiago | Getty Images

Hurricanes and unseasonably warm weather hit sales at Gap during its fiscal third quarter, but the apparel company still posted better-than-expected results, leading it to raise its annual guidance for a third time this year. 
Gap, which runs Old Navy, Banana Republic, Athleta and its namesake banner, is now expecting fiscal 2024 sales to be up between 1.5% and 2%, compared with previous guidance of “up slightly.” That’s ahead of the 0.4% growth that LSEG analysts had expected, and bodes well for the all-important holiday shopping season, which is now underway. 

The company is also anticipating gross margins and operating income will grow more than it previously expected.
Shares surged about 13% in extended trading.
Here’s how the nation’s largest specialty apparel retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 72 cents vs. 58 cents expected
Revenue: $3.83 billion vs. $3.81 billion expected

Gap’s reported net income for the three-month period that ended Nov. 2 was $274 million, or 72 cents per share, compared with $218 million, or 58 cents per share, a year earlier. 
Sales rose to $3.83 billion, up about 2% from $3.78 billion a year earlier.

Across Gap’s business, unseasonably warm weather affected sales by about 1 percentage point during the quarter, while storms and hurricanes led overall store sales to fall by 2%, CEO Richard Dickson told CNBC in an interview. 
“We had unusual circumstances, hurricanes, storms that led to almost 180 closures at the peak of the impact,” said Dickson, adding the storms affected Old Navy, Gap’s largest brand by revenue, the most. 
As soon as the weather turned around, sales “rebounded” and the holiday shopping season is off to a “strong start” so far, said Dickson. 
“We are energized about the holiday. Our teams are really focused on executing our plans. If we compare ourselves to where we were last year, our brands are in a much more pronounced place than they were last year,” he said. “We’ve got stronger brand identities and we’re more practiced in our playbook that we talk a lot about, driving better product, better pricing, more relevance, better consumer experience and excellence in execution.” 
Since Dickson took the helm of Gap a little over a year ago, he’s worked to turn around the business after years of declines. Under his direction, the company has leaned into nostalgic marketing and celebrity partnerships to reclaim cultural relevance. Sales have grown for the last four quarters in a row, but the company is still smaller than it once was, and critics say it needs to do more to fix its product assortment and drive full-price selling.
Here’s a closer look at each brand’s performance: 
Old Navy: Gap said sales at its largest brand grew 1% to $2.2 billion, while comparable sales were flat, shy of the 0.9% growth that analysts had expected, according to StreetAccount. Old Navy’s kids category was particularly affected by the warmer weather, said Dickson. 
Gap: Gap’s eponymous banner grew 1% to $899 million during the quarter, while comparable sales were up 3% — better than the 2.3% growth Wall Street expected, according to StreetAccount. The brand has seen four straight quarters of positive comparable sales and is benefiting from better marketing and product, the company said. 
Banana Republic: The trendy workwear line grew sales 2% to $469 million while comparable sales fell 1%, a bit worse than the 0.8% drop that StreetAccount had expected. The brand has worked to turn around its men’s business, which drove results during the quarter. Overall, it is still focused “on fixing the fundamentals,” the company said. 
Athleta: The athleisure arm of Gap’s empire grew sales by 4% to $290 million while comparable sales were up 5%. The results weren’t comparable to estimates. In the year-ago period, comparable sales were down 19% at Athleta. Under its new CEO, former Alo Yoga boss Chris Blakeslee, the brand has managed to turn things around. More

SailGP has signed Rolex as the first title partner of its elite sailboat racing competition.
SailGP’s global championship features a dozen national teams from the U.S., Italy, Germany and others battling in identical high-tech, high-speed 50-foot foiling catamarans.
Many of the teams have attracted major sponsors, too, including brands such as Red Bull, Emirates, Mubadala, Rockwool and Deutsche Bank.

SailGP has signed Rolex as the first title partner of its global sailing competition.
Courtesy: SailGP

The self-described Formula 1 of sailing has signed Rolex as the first title partner of its elite sailboat racing competition.
SailGP’s series of events, which kicks off its 2025 season in Dubai on Saturday, will now be known as the “Rolex SailGP Championship.”

“Leading into our fifth season, SailGP is celebrating a period of remarkable growth,” said league CEO Russell Coutts. “This will accelerate our next phase of growth and establish our position as the premier global championship in the sport of sailing.”
The Swiss luxury watchmaker first partnered with the sport during its inaugural championship in 2019. The title partnership will run for the next decade, through 2034. Rolex will also continue as the official timepiece of SailGP.
SailGP’s global championship features a dozen national teams from the U.S., Italy, Germany and others battling in identical high-tech, high-speed 50-foot foiling catamarans.
Boats race at speeds approaching 60 miles per hour and compete for a $7 million grand prize.

SailGP has signed Rolex as the first title partner of its global sailing competition.
Courtesy: SailGP

SailGP was established using a centrally owned business model with the goal of transitioning to a private ownership model within its first five years. In the upcoming season, 10 of 12 teams will be privately owned, and future teams will be independently owned and financed, the league told CNBC.

Some Wall Street titans have backed the sport in the last year, including league co-founder and Oracle Chairman Larry Ellison and Avenue Capital Group Chairman Marc Lasry.
In 2023, an investor group led by Lasry’s Avenue Sports Fund acquired the U.S. team for $35 million.
As interest has grown, many of the teams have attracted major sponsors, too, including brands such as Red Bull, Emirates, Mubadala, Rockwool and Deutsche Bank.
“What you’ve seen in the last three years is that sailing is dwarfing the other leagues,” Lasry told CNBC’s “Squawk Box” in May.
Last season SailGP drew its largest American TV audience during the Spain Sail Grand Prix, at 1.78 million viewers on CBS.
Broadcasts reach 212 territories worldwide, and viewership increased 48% year over year to roughly 200 million viewers on average during its fourth season’s 13 race events, the league reports.
SailGP in its fifth season will have new broadcast agreements in Germany, Italy, Brazil and Spain to grow its linear audience.
“As a heritage sport in many markets, sailing’s demographic historically has been affluent participants and spectators,” said Coutts. “We’re engaging a new generation of racing fans that has already been demonstrated by our digital content and social engagement figures, in addition to our fanbase in markets where we have new teams such as Italy and Brazil.”
Correction: This story has been updated to correctly reflect the SailGP championship’s new name. A previous version mischaracterized the change. More

Crypto investor Justin Sun paid $6.2 million for a banana duct-taped to a wall.
Sotheby’s auctioned off the infamous piece of work titled “Comedian,” created by Italian artist and cultural prankster Maurizio Cattelan.
Sun will get a roll of duct tape, instructions on how to “install” the banana and a certificate of authenticity guaranteeing it as an original work, but the banana is not included, since it will rot.

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Crypto investor Justin Sun paid $6.2 million for a banana duct-taped to a wall, highlighting the soaring values of crypto and viral art.

Sotheby’s last night auctioned off the infamous banana, titled “Comedian,” created by Italian artist and cultural prankster Maurizio Cattelan. After a heated battle with six others, Sun emerged as the winner, bidding online and paying in crypto.

Italian visual artist Maurizio Cattelan’s duct-taped Banana entitled “Comedian,” is on display during a media preview at Sotheby’s in New York, on November 8, 2024. 
Kena Betancur | Afp | Getty Images

“This is not just an artwork,” Sun said in a statement. “It represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. I believe this piece will inspire more thought and discussion in the future and will become a part of history. I am honored to be the proud owner of this iconic work and look forward to it sparking further inspiration and impact for art enthusiasts around the world.”
“Comedian” shot to fame at its debut at Art Basel Miami Beach in 2019, priced at $120,000. The image of a banana duct-taped to a wall, and and priced at six figures, went viral over social media and attracted such massive crowds that the work had to be removed. There were three editions of “Comedian” created and sold, with one going to the Guggenheim Collection thanks to an anonymous donor, and the other two purchased.

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The seller of the Sotheby’s banana had purchased it from one of the original buyers and was reselling it. For his $6 million, Sun will get a roll of duct tape, instructions on how to “install” the banana and (most importantly) a certificate of authenticity guaranteeing it as an original work of Cattelan’s. The banana is not included, since it will quickly rot and need to be constantly changed for display.
In his statement, Sun said he plans to eat the banana “as part of this unique artistic experience, honoring its place in both art history and popular culture.”

People look at Italian visual artist Maurizio Cattelan’s duct-taped Banana entitled “Comedian,” during a press preview at Sotheby’s in New York, on October 25, 2024. The viral artwork was unveiled in 2019, and one of the artwork’s three “editions” is going back on sale on November 20, 2024, and is estimated by Sotheby’s to sell for between $1m and $1.5m. 
Timothy A. Clary | Afp | Getty Images

Because the value of the banana is derived from the certificate, rather than the object itself, many in the crypto community likened it to an NFT. The seller, clearly understanding the appeal, accepted crypto as a form of payment.
The sale was part of a series of auctions in New York this week, featuring more than $1 billion worth of art for sale. After two years of declines, the sales suggest a rebound for the art market, driven by the recent stock market rally and increased postelection confidence by wealthy collectors.
Sotheby’s on Monday sold a Monet water lilies painting for $65.5 million, and Christie’s on Tuesday sold a painting by the Belgian surrealist Rene Magritte for $121 million.

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NHL legend Wayne Gretzky said Alex Ovechkin has been exceptional for the game of hockey.
The “Great One” said all records must come to an end, as the Capitals star approaches his all-time goals mark.
Gretzky said the NHL is in a great place and believes getting youth involved is key to the league’s growth.

As Washington Capitals star Alex Ovechkin closes in on Wayne Gretzky’s all-time goals record, the Great One told CNBC he has nothing but admiration for the player who could soon dethrone him.
“Alex has been exceptional for our game,” Gretzky said on CNBC’s “Squawk Box” on Thursday. “I hope I’m the first guy to shake his hand when he does break the record.”

Gretzky added that all records must come to an end.
“That’s progression in our sport,” he said.
Gretzky spoke to CNBC as the sport he played a pivotal role in building becomes an even bigger business. The average NHL team is now worth nearly $2 billion according to CNBC’s Official Valuations released on Wednesday.
“Our game is increasingly valuable,” NHL Commissioner Gary Bettman told “Squawk Box” on Wednesday.

Ovechkin, whose rivalry with fellow all-time great Sidney Crosby helped to fuel the sport’s growth in the 2010s, has created more intrigue this season with his pursuit of Gretzky’s record.

Gretzky made history as the NHL’s all-time leading goal scorer on Oct. 15, 1989, surpassing Gordie Howe’s record after scoring an overtime game-winner.
Thirty-five years later, Ovechkin is closing in on breaking Gretzky’s record of 894 goals, with 26 more to go. On Tuesday, the Capitals announced their captain will be out “week to week” after suffering a leg injury, but he is expected to return this season.
Gretzky told CNBC that at the time he broke Howe’s all-time scoring record, he felt embarrassed to end his idol’s milestone.
“Not only was he such a great player, he was such a gentleman,” Gretzky said.
Gretzky’s dad told him that someone will break his record one day.
“I looked at my dad and said, ‘Well can I enjoy this for just a couple days?'” Gretzky said.
Gretzky played 20 seasons in the National Hockey League for four different teams. By the time he retired, he amassed 61 NHL records, four Stanley Cups and 18 All-Star appearances. But the hockey great said he never cared about the records.
“I never played and thought about the records themselves. I was lucky enough to play on some great teams and in some great cities. I always tell people it was an honor and a privilege to play in the National Hockey League,” Gretzky said.
He said his competitive streak and wanting to be his best every night drove him.
“If I scored two goals that night, I wanted to get three,” he added.
As he watches Ovechkin close in on a record many thought could never fall, Gretzky commended Bettman, the team owners and players for making the game better.
“I think our game is stronger, bigger, and better today than it’s ever been,” he added.
Gretzky said the key to growing the game is through youth development. He has partnered with YardRink, a small company in Massachusetts, which allows families to build their own rinks in their backyard.
Gretzky said his own dad built him a backyard rink when he was young, which helped him get started in the sport.
“When we’re talking about expanding and growing our game, getting kids a chance to play is a big part of this,” he added. More

Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors.
Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.
There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023.

A home with a “Sold” sign from a real estate company in North Patchogue, New York.
Steve Pfost | Newsday | Getty Images

A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer.
Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.

This count is based on signed contracts, meaning most of the deals were made in August and September. During that time, the average rate on the popular 30-year fixed mortgage was falling. It started August around 6.6% and dropped to a low of 6.11% by mid-September, according to Mortgage News Daily.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said Lawrence Yun, NAR’s chief economist, in a release. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023. That puts inventory at a 4.2-month supply at the current sales pace. It is still on the leaner side, as a six-month supply is considered balanced between buyer and seller.
Tight supply continues to put upward pressure on prices. The median price of an existing home sold in October was $407,200, an increase of 4% from the year before. By price category, the higher end of the market is seeing more activity than the lower end.
“We still need another 30% in inventory just to get us back to the pre-Covid conditions,” Yun said.

The share of all-cash buyers pulled back to 27%, down from 29% in October 2023. That is still high historically, but lower mortgage rates likely caused that share to drop.
First-time buyers made up 27% of sales, down from 28% the year before and still historically low. They usually make up 40% of sales.
Mortgage rates are much higher now, at 7.05% on the 30-year fixed. A new report from Redfin, however, showed a recent surge in the number of potential buyers contacting its agents, particularly after the election. Its so-called demand index rose 17% year over year during a one-week period in mid-November to the highest level since August 2023.
“The burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,” said Chen Zhao, Redfin’s economic research lead. “Now we’re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales.”

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New York City FC and Etihad Airways have agreed to a 20-year exclusive naming rights deal for the team’s new stadium.
Financial terms of the deal were not disclosed. Etihad Park is being built with private funds.
The new venue will be one of several pieces of a greater development projects in Queens, New York.

New York City FC renderings for Etihad Park stadium in Queens, NY.
Courtesy: New York City FC.

When New York City FC’s new stadium opens up just before the 2027 Major League Soccer season, it will have a familiar partner’s name tied to it. 
The club is partnering with Etihad Airways for the exclusive naming rights to the new venue in Queens, New York, which will officially be called Etihad Park, according to a joint press release. The agreement is for 20 years and furthers a partnership between the two parties that have worked together since 2014. 

“It’s the most important commercial agreement that we’ll enter into, probably in the history of the club,” said New York City FC Chief Executive Officer Brad Sims in an interview with CNBC. 
The new stadium marks a major step for the club, which currently plays home games at baseball stadiums Yankee Stadium and Citi Field. Sims said the new venue opens up lucrative partnership opportunities, and the naming rights agreement is a prominent one. 
Financial terms of the deal were not disclosed. Etihad Park is being built with private funds.
Etihad Park isn’t the only new addition to Queens. The venue will be part of a larger public-private development that includes 2,500 new affordable housing units and a public school. 
And the new stadium will see traffic for much more than just MLS games, with non-soccer events like concerts and festivals hosted in the stadium and surrounding space. 

“It has very multi-purpose potential in this space, and it’s really important to us, from a business standpoint, commercially, to have those events,” Sims said. 
“I think it’s also important for the local community that this is a vibrant building that is not just open 17 times a year and dark the rest of the year,” he said.
More than 300 sports stadiums around the world will begin to be built or renovated in 2025, according to projections from Deloitte, with a growing emphasis on the importance of multi-use.
“Having an anchor like a stadium is a way to create flow through people, to create a bit of buzz, to actually build up local connections with businesses and things like that, in a way that really propels these things,” said Deloitte Principal Pete Giorgio in an interview with CNBC. 
As for why the new stadium name is Etihad Park and not “stadium” or “arena,” it’s an homage to New York City’s iconic green spaces, according to Sims. More