Raphael Stevens

Former New Orleans Saints quarterback Drew Brees has joined the ownership group of a Major League Pickleball team.
Pickleball is the fastest-growing sport in the country.
Brees joins a number of other high-profile owners who have become pickleball backers.

Drew Brees #9 of the New Orleans Saints
Gregory Shamus | Getty Images Sport | Getty Images

Retired NFL superstar Drew Brees is the latest major sports figure to get in on the pickleball craze.
Major League Pickleball announced Thursday that the one-time Super Bowl champion has joined the ownership group of the Austin, Texas, Mad Drops Pickleball Club.

The group also includes venture capital firm Good Alpha Industries, Los Angeles Lakers co-owner Jim Buss and Ryan Serhant of Bravo’s “Million Dollar Listing New York.”
Financial terms of the deal were not disclosed.
“I am an avid pickleball player, fan and student of the game,” said Brees, who played 20 years in the NFL, in a statement. “I look forward to helping raise awareness around the incredible players and competitions in MLP, helping grow the sport of pickleball and fostering overall fan engagement.”
Brees, who retired from football in 2021, spent the past season working for NBC Sports as an analyst before they mutually parted ways. In the past, the former New Orleans Saints quarterback has made jokes about “joining the pickleball tour,” but his most recent move comes at a time when the sport has seen explosive growth.
The pandemic gave the sport a major boost as people looked for socially distant ways to be safe in a group activity. Today, nearly 5 million people play pickleball nationwide according to USA Pickleball. The sport saw a participatory growth rate of 39% over the past two years, making it the fastest-growing sport in America according to The Sports Fitness Industry Association.

The sport has also attracted a number of big name players, from billionaire Melinda Gates to celebrities Ellen DeGeneres, Leonardo DiCaprio and the Kardashians.
Major League Pickleball was created by founder and CEO Steve Kuhn in 2021. The league consists of 12 teams of pro pickleball players that play in a co-ed format. In addition to the former Super Bowl winning quarterback, MLP also includes other high-profile owners such as entrepreneur Gary Vaynerchuk, Milwaukee Bucks owner Marc Lasry and former tennis pro James Blake.
“The talented and passionate Mad Drops PC ownership group will further elevate our competition and athletes, which contributes to our goal of growing the game of pickleball into the world’s most exciting spectator sport,” Kuhn said in a statement.
Disclosure: NBC Sports and CNBC are both part of NBCUniversal.

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Delta, United and American all posted a profit thanks to strong travel demand and high fares.
Flight disruptions are up compared with 2019, before Covid hamstrung travel.
The three biggest U.S. carriers are dialing back their flight growth ambitions.

An American Airlines Boeing 737-800, equipped with radar altimeters that may conflict with telecom 5G technology, can be seen flying 500 feet above the ground while on final approach to land at LaGuardia Airport in New York City, New York, U.S., January 6, 2022.
Bryan Woolston | Reuters

The leaders of the country’s biggest airlines learned a hard lesson this summer: it’s easier to make plans than to keep them.
The three biggest U.S. carriers — Delta, United and American — are dialing back their flight growth ambitions, an effort to fly more reliably after biting off more than they could chew this year as they chased an unprecedented rebound in travel, despite a host of logistical and supply chain constraints as well as staffing shortages.

The cuts come as airlines face elevated costs that they don’t see easing significantly just yet, along with the possibility of an economic slowdown and questions over spending by some of the country’s biggest corporate travelers.

Building buffers

United Airlines estimated it would restore 89% of 2019 capacity levels in the third quarter, and about 90% in the fourth. In 2023, it will grow its schedule to no more than 8% above 2019’s, down from an earlier forecast that it would fly 20% more than it did in 2019, before the Covid-19 pandemic hamstrung travel.
“We’re essentially going to keep flying the same amount that we are today, which is less than we intended to, but not grow the airline until we can see evidence the whole system can support it,” United CEO Scott Kirby said in an interview with CNBC’s “Fast Money” after reporting results Wednesday. “We’re just building more buffer into the system so that we have more opportunity to accommodate those customers.”

American Airlines CEO Robert Isom also spoke of a “buffer” after reporting record revenue on Thursday. That carrier has been more aggressive than Delta and United in restoring capacity but said it would fly 90%-92% of its 2019 capacity in the third quarter.
“We continue to invest in our operation to ensure we meet our reliability goals and deliver for our customers,” Isom wrote in a staff note, discussing the airline’s performance. “As we look to the rest of the year, we have taken proactive steps to build additional buffer into our schedule and will continue to limit capacity to the resources we have and the operating conditions we face.”

Delta, for its part, apologized to customers for a spate of flight cancellations and disruptions and said last week said it would limit growth this year. It earlier announced it would trim its summer schedule.
On Wednesday, Delta deposited 10,000 miles into the accounts of SkyMiles members who had flights canceled or delayed more than three hours between May 1 through the first week of July.
“While we cannot recover the time lost or anxiety caused, we are automatically depositing 10K miles toward your SkyMiles account as a commitment to do better for you going forward and restore the Delta Difference you know we are capable of,” said the email to customers, a copy of which was seen by CNBC.
By trimming schedules airlines could keep fares firm at sky-high levels, an important factor for their bottom lines as costs remain elevated, though bad news for travelers.
“The more airlines limit capacity the higher airfare they can charge,” said Henry Harteveldt, founder of Atmosphere Research Group and a former airline executive.
Preserving the bottom line is key with economic uncertainty ahead.
“They’re not going to get another bailout,” Harteveldt said. “They’ve squandered a lot of their goodwill.” 

More disruptions, higher revenue

Since May 27, the Friday of Memorial Day weekend, 2.2% of flights by U.S.-based carriers were canceled and nearly 22% were delayed, according to flight-tracker FlightAware. That’s up from 1.9% of flights canceled and 18.2% delayed in a similar period of 2019.
Staffing shortages have exacerbated routine problems that airlines already faced, like thunderstorms in spring and summer, leaving thousands of travelers in the lurch because carriers lacked a cushion of backup employees.
Airlines received $54 billion in federal payroll aid that prohibited layoffs, yet many of them idled pilots and urged staff to take buyouts to cut costs during the depths of the pandemic.
Airport staffing shortages at big European hubs have similarly led to flight cancellations and capacity limits. London Heathrow officials last week told carriers that it needed to limit departing passenger capacity, forcing some airlines to cut flights.
“We told Heathrow how many passengers we were going to have. Heathrow basically told us: ‘You guys are smoking something,'” United CEO Kirby said Wednesday. “They didn’t staff for it.”
A representative for Heathrow didn’t immediately comment.
Still, the big three U.S. carriers all posted profits for the second quarter and were upbeat about strong traveler demand throughout the summer.
For American and United it was their first quarter in the black since before Covid, without federal payroll support. Revenue for both airlines rose above 2019 levels.
Each carrier projected third-quarter profit as consumers continue to fill seats at fares that far exceed 2019 prices.

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If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS.
The IRS improved “portability,” used by high-net-worth married couples expecting to owe federal estate taxes when the second spouse dies.
Surviving spouses may now have five years, up from two years, to elect portability after their partner passes.

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If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS.
The IRS improved a strategy known as “portability,” used by high-net-worth married couples expecting to owe federal estate taxes when the second spouse dies.

Here’s how it works: While a spouse may inherit all of their partner’s assets tax-free, estate taxes may be owed after the surviving spouse passes, depending on the total value.
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In 2022, there’s a $12.06 million exemption per person for gifts and estate taxes, meaning you won’t owe federal levies for giving away $12.06 million or less to your children or other non-spouse beneficiaries during life or at your death. You may owe up to 40% estate taxes on anything above that.
But the surviving spouse may elect portability, allowing them to have their partner’s unused exemption along with their own, explained certified financial planner David Silversmith, a CPA and senior manager of PKF O’Connor Davies in Hauppauge, New York. That means the couple could gift $24.12 million before estate taxes kick in.
Previously, surviving spouses had two years from their partner’s death to elect portability, but the latest IRS change extends the deadline to five years, he said.

Electing portability got easier: It’s ‘almost a no-brainer’

Another change: If you’re within the five-year window, you’ll no longer need to request guidance from the IRS, known as a private letter ruling, said Michael Whitty, a CFP practicing as an estate planning attorney at Freeborn and Peters in Chicago.
You can elect portability within the five-year period by filing an estate tax return. “That’s incredibly simple, so it makes it almost a no-brainer,” he said. 

An estate tax return may cost anywhere from $5,000 to $20,000, or more, depending on the complexity and where you live, Whitty said. “But when you compare that to saving 40% on every million dollars of the portability exemption, it’s pretty compelling.”
What’s more, while the current $12.06 million exemption will adjust for inflation through 2025, the exemption drops by roughly one-half in 2026 when provisions sunset from the Republican’s 2017 tax legislation. Whitty estimates the exemption will drop between $6.5 million and $7 million.
“It’s potentially very, very significant,” said Kevin Matz, partner in ArentFox Schiff’s private clients, trusts and estates group in New York, noting that many more estimates may be affected.

Skipping an estate return could yield ‘a very bad result’

When a loved one dies, heirs file a Form 1040 for a final tax return, along with Form 1041 for any income earned by the estate in the year of death. Some families also file Form 706 for estate taxes.
However, if your estate and lifetime gifts are below the $12.06 million exemption for 2022, you’re not required to file a federal estate tax return. But experts say it still can be beneficial for certain high-net-worth families.

Matz said it may be risky for wealthy families to skip an estate tax return, especially with harder-to-value assets, such as certain types of businesses. 
You may believe the first spouse’s wealth is below the threshold, but if the IRS questions the estate valuation later, it may block the second spouse from taking full advantage of portability, he said.
“That would be a very bad result produced by not seeking professional advice,” he said.

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The average price for a used car is $33,341, which is $172 below the peak in March, according to CoPilot research.
Nearly new vehicles (1 to 3 years old) have an average listing price that is $13,145 more than it would be if typical depreciation had occurred over the past two years.
High used-car prices have pushed the average trade-in value above $10,000 for the first time, a separate report shows.

Jim Watson | AFP | Getty Images

It’s no secret that used-car prices have skyrocketed over the last two years amid an industry turned upside down by supply-chain issues and reduced new-car inventory.
But how much extra are consumers paying? An average of $10,046 more — 43% — than if typical depreciation expectations were in play, according to a June 30 snapshot of prices in the “Return to Normal” index released by CoPilot, a car shopping app.

The average price tag for a used vehicle is $33,341, a 0.5% increase from May and just $172 below the peak in March, the CoPilot research shows. If depreciation forecasts had held true, the average price would be $23,295, according to CoPilot’s index.
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“Despite signs of a slowing economy, rising interest rates and high fuel prices, the used-car market is holding firm,” said CoPilot CEO and founder Pat Ryan.
Consumer buying remains strong at least partly due to spillover demand from the new-car market. Supply-chain issues — primarily an ongoing shortage of computer chips — have left dealer lots with fewer new vehicles to sell.

It’s a ‘long road back to normal’

The amount that consumers are paying above normal also depends on the age of the car. Nearly new vehicles (1 to 3 years old) have an average listing price of $42,314, which is $13,145 more (45%) than the projected normal amount of $29,169, according to the CoPilot index.

By contrast, vehicles that are 8 to 13 years old come with an average price of $18,038, or $5,416 more (43%)  than the previously forecast $12,622. That category is the only age segment whose average price has been trending downward for several months.

“While there are some segments showing initial signs of softening, the used car market overall still has a long road back to normal,” Ryan said. “Despite a number of challenges facing the overall economy, the market has not softened to the degree that might have been expected.”

How to get the best price on a new or used vehicle

For buyers, having a trade-in is their best bet for getting the price of a car — new or used — down. The average trade-in equity is an estimated $10,381, a 49.2% increase from a year ago and the first time above $10,000, according to a joint forecast from J.D. Power and LMC Automotive.
Nevertheless, be prepared for sizable monthly payments: They average $678 over 70.3 months (a couple months shy of six years) for new cars, and $555 over 70.8 months for used vehicles, according to most recent data from Edmunds.com. Interest rates also have ticked up and now average 5% for new-car loans and 8.2% if you’re borrowing to buy a used vehicle.

If you’re looking at getting a new (or used) vehicle, here are some tips from Edmunds:

Know your trade-in value. The extra equity from a trade-in is your biggest negotiating tool in today’s market.
Know your pre-approved interest rate (i.e., from a credit union or bank). Even if you have excellent credit, it’s good to get pre-approved for a loan and know what interest rate you qualify for — which helps determine how much car you can actually afford — and then see if a dealership will match or beat the rate you can get elsewhere.
Know your overall budget. With prices and interest rates heading higher, you may not be able to afford as much car as you think. Consider costs aside from monthly payments, including depreciation, taxes, fees, fuel, maintenance and repairs.

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President Joe Biden has tested positive for Covid-19.
Biden, who is fully vaccinated and has received two Covid booster shots, is experiencing “very mild symptoms,” press secretary Karine Jean-Pierre said in a statement.
The president has begun taking Paxlovid, an antiviral pill that can reduce the risk of hospitalization for people who test positive for Covid, the White House press secretary said.

President Joe Biden has tested positive for Covid-19, the White House said Thursday.
The 79-year-old president, who is fully vaccinated and has received two booster shots of the Pfizer-BioNTech Covid vaccine, is experiencing “very mild symptoms,” press secretary Karine Jean-Pierre said in a statement. Biden previously tested negative on Tuesday.

On Thursday afternoon, Biden’s official Twitter account shared a photo of the president seated at a desk and smiling, along with the assurance, “Folks, I’m doing great. Thanks for your concern.”
Shortly after, the account posted a video of Biden speaking from a White House balcony. “Keep the faith, it’s going to be okay,” he said.
Biden has begun taking Pfizer’s Paxlovid, an antiviral pill that can reduce the risk of hospitalization for people who test positive for Covid, the press secretary said.
The president’s symptoms include a dry cough, runny nose and fatigue, White House physician Kevin O’Connor said in a memorandum. Those symptoms began Wednesday evening, O’Connor said.

“I anticipate that he will respond favorably, as most maximally protected patients do,” the physician added.

First lady Jill Biden told reporters in Detroit on Thursday morning that her husband is “feeling good.”
“I talked to him just a few minutes ago, he’s doing fine,” Jill Biden said. She is considered a close contact to the president, but tested negative for Covid on Thursday and is following CDC social distancing guidelines, her office said.
Biden will work in isolation until he tests negative for the virus, Jean-Pierre said. He will hold all of his planned meetings remotely Thursday.
Jean-Pierre will hold a press briefing at 2 p.m. ET, accompanied by White House Covid response coordinator, Dr. Ashish Jha.
Biden attended an event in Massachusetts on Wednesday to announce policies to fight climate change. Lawmakers and administration officials in attendance included Massachusetts Democratic Sens. Elizabeth Warren and Ed Markey, climate envoy John Kerry, and climate advisor Gina McCarthy.
It was unclear if any of those officials are considered close contacts of Biden under CDC guidelines.

(L-R) US Representative Jake Auchincloss (D-MA), US Senator Ed Markey (D-MA), US Senator Elizabeth Warren (D-MA), and US Special Envoy for Climate John Kerry follow US President Joe Biden before he speaks at the former location of the Brayton Point Power Station in Somerset, Massachussets, on July 20, 2022.
Brendan Smialowski | AFP | Getty Images

At the time of the White House’s announcement, Vice President Kamala Harris, 57, was flying on Air Force Two to Charlotte, North Carolina, where she was scheduled to discuss the Biden administration’s investments in high-speed internet and meet with state leaders, her office told NBC. No decision yet has been made to change her schedule, NBC reported.
The first lady said she planned to keep her schedule in Detroit, where she was set to visit public schools and discuss how federal funds are being used to address students’ mental health issues and Covid-related learning disruptions.

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The White House’s handling of Biden’s Covid diagnosis so far stands in stark contrast to the way former President Donald Trump’s administration revealed his positive test to the public.
Trump himself announced in an Oct. 2, 2020, tweet that he and then-first lady Melania Trump tested positive for Covid. That evening, Trump was airlifted to Walter Reed National Military Medical Center in what the White House at the time called a “precautionary measure.” At that time, Covid vaccines were not widely available.
A year later, former White House chief of staff Mark Meadows revealed in a book that Trump had received a positive test on Sept. 26, three days before he debated Biden in person without a mask. Trump subsequently took a negative test hours after the initial one.
Trump’s doctor confirmed that the president received supplemental oxygen twice while hospitalized. He had also taken doses of the antiviral therapy remdesivir.
Read the full statement from the White House:
This morning, President Biden tested positive for COVID-19.  He is fully vaccinated and twice boosted and experiencing very mild symptoms.  He has begun taking Paxlovid. Consistent with CDC guidelines, he will isolate at the White House and will continue to carry out all of his duties fully during that time.  He has been in contact with members of the White House staff by phone this morning, and will participate in his planned meetings at the White House this morning via phone and Zoom from the residence.
Consistent with White House protocol for positive COVID cases, which goes above and beyond CDC guidance, he will continue to work in isolation until he tests negative.  Once he tests negative, he will return to in-person work.
Out of an abundance of transparency, the White House will provide a daily update on the President’s status as he continues to carry out the full duties of the office while in isolation.
Per standard protocol for any positive case at the White House, the White House Medical Unit will inform all close contacts of the President during the day today, including any Members of Congress and any members of the press who interacted with the President during yesterday’s travel.  The President’s last previous test for COVID was Tuesday, when he had a negative test result.

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Chipotle said Thursday it’s investing in two startups through its $50 million venture fund, Cultivate Next.
The burrito chain invested in Hyphen, which automates plate and bowl portioning, and Meati, a mushroom-based meat alternative company.

Hypen automated kitchen solutions.
Courtesy: Hyphen

Chipotle said Thursday it’s investing in two companies that have the potential to accelerate its growth — one that automates kitchen operations and another that makes plant-based versions of chicken and steak with mushrooms.
The Newport Beach, California-based company said Cultivate Next, its $50 million venture fund, will invest in Hyphen and Meati Foods.

Hyphen uses robotics to automate portioning out bowls and plates without the need for staff, Chipotle said in a release. Hyphen says its technology can make over 350 meals an hour.
The investment comes amid nationwide staffing shortages and is not Chipotle’s first foray into automation investment. Last year, the company invested in Nuro, an automated delivery company, before creating its Cultivate Next fund. And his year, the company piloted Chippy, an autonomous machine that cooks and seasons Chipotle chips.
“Our goal is to drive efficiencies through collaborative robotics that will enable Chipotle’s crew members to focus on other tasks in the restaurant,” Chipotle’s Chief Technology Officer Curt Garner said in a statement sent to CNBC .
Meati Foods, which received the other Cultivate Next investment, uses mushroom root to create plant-based chicken and steak alternatives. With the help of Chipotle’s venture fund, Meati said it secured $150 million in its latest funding round.
Chipotle said in its release that plant-based options have been a priority for its menu in recent years. The company said it has not started the process of validating Meati products for inclusion into its menu.
Chipotle did not specify the dollar amount investments in Hyphen or Meati.

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