Raphael Stevens

The average price for gasoline in the U.S. is at a fresh all-time high heading into Memorial Day.
Yet AAA predicts 39 million people will travel out of town this weekend.
If you are planning a road trip, consumer savings expert Andrea Woroch has some gas-saving tips to shield you from sticker shock.

Heading into the peak summer driving season, which kicks off on Memorial Day weekend, gasoline prices show no signs of slowing down.
The national average for unleaded gas hit a new high of $4.59 per gallon Wednesday, with all 50 states above $4 per gallon, AAA data shows. Gas prices are now $1.56 more than a year ago and $1.05 more than they were when the war in Ukraine started in February, according to AAA spokesperson Andrew Gross.

“That sent shock waves through the oil market that have kept oil costs elevated,” he said. “Domestically, meanwhile, seasonal gas demand is rising as more drivers hit the road, despite the pain they face paying at the pump.”

Although higher prices may prompt vacationers to take fewer trips and go shorter distances, AAA predicts more than 39 million people will go away this Memorial Day weekend. 
There’s still an appetite to travel, according to GasBuddy’s Summer Travel survey.
“We found that 58% of Americans plan to hit the road for a trip this summer, up from 57% last year, even faced with the highest gas prices ever,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
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“What we did notice is that motorists will be traveling a bit less, with 65% taking only one or two road trips,” De Haan said.
The most common amount of time traveled by car will be between two to three and more than five hours, GasBuddy found.

6 simple gas-saving hacks

If you are planning to hit the road this weekend, there are ways to shield yourself somewhat from soaring prices at the pump. Here are consumer savings expert Andrea Woroch’s top tips:

Fuel up midweek. Beat the crowds and save by filling up sooner rather than later. Gas costs will continue to climb throughout the week and spike on Friday, so you’re better off getting gas now ahead of the rush, Woroch said. 
Get a tuneup. From properly inflated tires to checking the engine is running smoothly, a tuneup could be key to getting better gas mileage. Other tricks to maximize fuel economy include keeping the windows rolled up to reduce drag and setting cruise control when possible to avoid excessive breaking and accelerating.
Track gas prices. Apps such as GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon between gas prices. This is especially helpful when trying to avoid those pricey gas stations right off the highway.
Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Pay with cash instead to get the lower price or use a gas rewards credit card to earn cash back on those charges. CNBC’s Select has a full roundup of the best cards for fueling up based on your consumer habits.
Sign up for loyalty programs. In addition, loyalty programs, which many major gas station chains have, can help offset the price at the pump. Some grocery store chains may also offer cents-per-gallon rewards. For example, Kroger and Shop & Stop give fuel points for every $1 spent on groceries, which can be redeemed at participating gas stations. 
Stay closer to home. You don’t always have to drive far to get away. Try the RoadTrippers app to plan shorter road trips that are just as worthwhile. You may be surprised at all of the things to see and do within a short driving distance from home, Woroch said. 

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Dick’s Sporting Goods reported results that topped Wall Street’s expectations.
But the company isn’t immune to sky-high inflation and ongoing supply chain challenges. It cut its financial forecast for the full fiscal year.
CEO Lauren Hobart said she’s confident Dick’s will be able to “adapt quickly” amid uncertain macroeconomic conditions.

A Dick’s Sporting Goods store stands in Staten Island on March 09, 2022 in New York City.
Spencer Platt | Getty Images

Dick’s Sporting Goods on Wednesday reported results for its fiscal first quarter that topped Wall Street’s expectations, as shoppers spent money on golf clubs, soccer gear and athletic apparel from brands like Nike and Adidas.
But Dick’s isn’t immune to sky-high inflation and ongoing supply chain challenges. The company cut its financial forecast for the full fiscal year.

Shares of the retailer fell around 13% in premarket trade.
Dick’s now expects to earn between $9.15 and $11.70 per share, on an adjusted basis, this fiscal year, compared with a prior range of $11.70 to $13.10. Analysts had been looking for adjusted earnings per share of $12.56, according to Refinitiv estimates.
Dick’s is forecasting same-store sales to be down 8% to down 2%, versus prior expectations of down 4% to flat. Analysts were calling for a year-over-year decline of 2.5%, according to FactSet.
The company’s decision to lower its guidance comes after similar adjustments from Walmart, Target and Kohl’s, as these retailers cope with higher expenses that are eating into their earnings. Shares of apparel retailer Abercrombie & Fitch fell nearly 30% Tuesday after the company slashed its outlook for the year.
Dick’s President and Chief Executive Officer Lauren Hobart said in a press release that she’s confident the company will be able to “adapt quickly” amid uncertain macroeconomic conditions.

Here’s how Dick’s did in its fiscal first quarter compared with what Wall Street was anticipating, using Refinitiv estimates:

Earnings per share: $2.85 adjusted vs. $2.48 expected
Revenue: $2.7 billion vs. $2.59 billion expected

Dick’s reported net income for the three-month period ended April 30 of $260.6 million, or $2.47 per share, compared with net income of $361.8 million, or $3.41 a share, a year earlier. Excluding one-time items, the company earned $2.85 per share.
Sales fell about 8% to $2.7 billion from $2.92 billion a year earlier, but they were enough to top expectations.
Dick’s said its loyalty members accounted for more than 70% of sales. Its stores fulfilled more than 90% of transactions, including online purchases, as Dick’s made the most of inventory sitting in stock rooms.
The company reported inventory levels as of April 30 up 40.4% from a year earlier.
Dick’s shares have fallen roughly 38% year to date, as of Tuesday’s market close.
This story is developing. Please check back for updates.

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Pfizer CEO Albert Bourla told CNBC Wednesday that a recent surge in monkeypox cases shouldn’t be a cause for concern.
“With everything I know, I wouldn’t worry much,” he said at the World Economic Forum in Davos.
The pharmaceutical giant announced separately Wednesday that it would make all of its patented medicines available at a not-for-profit price the world’s poorest countries.

Albert Bourla, Pfizer CEO, at the WEF in Davos, Switzerland on May 25th, 2022.
Adam Galici | CNBC

Pfizer’s CEO said Wednesday that he “wouldn’t worry much” about a recent monkeypox outbreak that has seen cases surge in non-endemic countries.
Albert Bourla told CNBC that current data on the disease suggests it doesn’t transmit as easily as other viruses, such as Covid-19, and that it is unlikely to lead to a pandemic.

“I don’t have all the information ahead of me. With everything I know, I wouldn’t worry much,” he said at the World Economic Forum in Davos.
“That doesn’t mean that we should relax,” however, he continued. “I think we should monitor where the situation goes.”
Monkeypox is a rare viral infection that is endemic to Central and West Africa. It spreads through close contact with people, animals or material infected with the virus, with symptoms including rashes, fever, headaches, muscle ache, swelling and backpain.
While most cases are mild, typically resolving within two to four weeks, health experts have been baffled by the recent spike in countries with no history of the disease and patients with no travel links to endemic countries.
As of Wednesday, at least 237 confirmed and suspected cases of monkeypox had been reported in countries outside of Africa, including in the United Arab Emirates — the first gulf state to report a case.

Bourla noted that the availability of existing treatments present reason for optimism. Smallpox vaccinations have proven 85% effective against monkeypox, and already France and Denmark are considering targeted vaccination campaigns for those most at risk of transmitting the disease.

World’s poorest countries to receive medicines at cost

In a separate announcement Wednesday, Pfizer said that it would make all of its patented medicines available at a not-for-profit price for the world’s poorest countries.
“45 countries, 1.2 billion people will get all our patented products at cost,” said Bourla .
The pharmaceutical giant said the plan covers 23 wholly-owned, patented medicines and vaccines for infectious diseases, certain cancers and some other rare and infectious diseases.
The portfolio of drugs includes Pfizer’s Covid-19 vaccine, Comirnaty, developed with BioNTech, which Bourla said would be of immediate use.
Also included in the list are the company’s Covid-19 treatment Paxlovid and breast cancer drug Ibrance, as well as pneumonia vaccine Prevnar 13, rheumatoid arthritis drug Xeljanz and cancer treatments Xalkori and Inlyta.
Further medicines and vaccines will be added to list as they are launched.

27 low-income and 18 lower-income countries spanning most of Africa and much of Southeast Asia will be included in Pfizer’s program, dubbed “an accord for a healthier world.”
Xinhua News Agency | Xinhua News Agency | Getty Images

Through the program, Pfizer said it aims to improve the ease and speed of access to vital medicines for poorer nations.
Bourla said it realizes the company’s goal, set out when he took over in 2019, to “reduce by 50% the number of people on the planet that cannot afford their medicine” by 2023.
“Today we are going to achieve that,” he said, adding that shareholders “should think that we are doing the right thing.”

Addressing Covid-19 shortfalls

According to the Bill & Melinda Gates Foundation, it can typically take four to seven years longer for new treatments to become available in low-income countries than in advanced economies — if they become available at all.
Twenty-seven low-income and 18 lower-income countries spanning most of Africa and much of Southeast Asia will be included in the scheme, dubbed “an accord for a healthier world.”The drug company was previously criticized for its rollout of its Covid-19 vaccine and refusal to waive intellectual property rights for the shot even as some poorer countries were left waiting months for their first doses.
Bourla said the new scheme had been informed by some of those shortfalls, and would offer greater support both in terms of delivery of medicines and implementation of treatments.
“The countries were not ready to receive vaccines,” he said of the Comirnaty rollout.
“They were not in a position to organize vaccination campaigns and actually there was hesitancy in these countries. What we should worry about is creating medical infrastructure in these countries so that they can do vaccinations,” he said.
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Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for purchase loans or refinances.
Applications to refinance a home loan dropped 2% for the week and were 75% lower than the same week one year ago.
Applications for a mortgage to purchase a home were flat week to week and down 16% from a year ago.

A for sale sign is posted in front of a home that is listed for over $1 million on April 29, 2022 in San Francisco, California.
Justin Sullivan | Getty Images

Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for either new purchase loans or refinances, according to a weekly report from the Mortgage Bankers Association.
Rates are still much higher than they were for the past two years. Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.46% from 5.49%, with points dropping to 0.60 from 0.74 (including the origination fee) for loans with a 20% down payment.

Applications to refinance a home loan dropped 2% for the week and were 75% lower than the same week one year ago.
“Most refinance borrowers continue to remain on the sidelines as a result, and refinance applications have fallen in nine of the past 10 weeks. Compared to January 2022, refinance activity is down 66%,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
Homebuyers are also pulling back. Applications for a mortgage to purchase a home were flat week to week and down 16% from a year ago.
More supply is coming on the market, but homes are suddenly sitting longer for sale.
Mortgage demand from homebuyers is now close to the lows last seen in spring 2020, at the start of the Covid pandemic. Homebuying quickly picked up after that, and frenzied demand pushed prices higher at an astounding rate over the past two years.
Now those high prices are sidelining potential buyers, especially people seeking to purchase their first home.

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The deal has finally been approved after the government received legal guarantees that Roman Abramovich — who has had his UK assets frozen — will not benefit from the sale.
On Tuesday night, the Premier League approved the takeover.
Sky Sports News understands that the proceeds of the sale are going into a frozen bank account controlled by the government.

Todd Boehly pictured after the Premier League match between Chelsea and Watford at Stamford Bridge, London on Sunday 22nd May 2022. The U.K. government has now approved the £4.25bn Boehly-led consortium’s takeover of Chelsea.
Ivan Yordanov/MI News | Nurphoto | Getty Images

The government has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea.
After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich — who has had his UK assets frozen — will not benefit from the sale.

“Last night the Government issued a licence that permits the sale of Chelsea,” said culture secretary Nadine Dorries. “Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”
On Tuesday night, the Premier League approved the takeover, with its board applying “the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors” and undertaking “the necessary due diligence”.

Read more stories from Sky Sports

Sky Sports News understands that the proceeds of the sale are going into a frozen bank account controlled by the government.
Chelsea have been operating under a special government licence, which expires on May 31, albeit with restrictions over signing and selling players and offering new contracts to stars.
Boehly, co-owner of the LA Dodgers baseball team, and fellow consortium member Hansjörg Wyss were at Stamford Bridge for Sunday’s final 2-1 win over Watford.
US magnate Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.

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“When are we going to do something?” Warriors head coach Steve Kerr shouted at a press conference before his team was set to take on the Dallas Mavericks.
The visibly shaken and angry Kerr made the remarks hours after a gunman killed 19 children at an elementary school in the west Texas town of Uvalde.
The coach and former NBA player singled out Republican Senate Leader Mitch McConnell.

A visibly angry and shaken Steve Kerr on Tuesday evening condemned senators, particularly Republican leader Mitch McConnell, for failing to act on gun legislation, hours after a gunman killed 19 children and two teachers at an elementary school in the west Texas town of Uvalde.
“When are we going to do something?” Kerr, the Golden State Warriors’ head coach, shouted at a press conference before his team was set to take on the Dallas Mavericks in game four of the NBA’s Western Conference Finals. The teams were playing in Dallas, over 300 miles from the site of the massacre.

“I ask you, Mitch McConnell, I ask all of you senators who refuse to do anything about the violence and school shootings and supermarket shootings – I ask you, are you going to put your own desire for power ahead of the lives of our children and our elderly and our churchgoers?” he said. “Because that’s what it looks like.”
McConnell’s Twitter account wrote on Tuesday afternoon that he was “horrified and heartbroken” by the “disgusting violence directed at innocent schoolkids.”
“The entire country is praying for the children, families, teachers, and staff and the first responders on the scene,” the tweet read.
Kerr, who refused to discuss basketball during his remarks, was also referring to a mass shooting 10 days ago at a Buffalo grocery store, where a racist gunman targeted mainly Black people, as well as an attack on Asian parishioners at a California church that is being investigated as a hate crime. Both occurred within the past two weeks.
He also mentioned HR8, a bill that would expand background checks for gun purchases. The Democratic-controlled House passed it in 2019, but the measure would need to clear the 60-vote filibuster threshold in the evenly divided Senate. Republicans, many of whom are backed by the National Rifle Association, have successfully swatted away several attempts to impose restrictions on access to guns.

“We’re being held hostage by 50 senators in Washington who refuse to even put it to a vote, despite what we, the American people, want,” Kerr said. “They won’t vote on it, because they want to hold on to their own power. It’s pathetic.” The coach slammed the table for emphasis several times during his plea.
Kerr made his remarks not long before President Joe Biden addressed the nation Tuesday night. “We as a nation have to ask when in God’s name are we going to stand up to the gun lobby. When in God’s name do we do what we all know in our gut needs to be done?” the president said.
The Golden State Warriors’ official Twitter and YouTube accounts posted the video of Kerr’s emotional plea for real action on gun violence. Venture capitalist Joe Lacob is the team’s majority owner.
Kerr’s father, Malcolm Kerr, was killed by gunmen in Lebanon in 1984 while serving as president of the American University of Beirut. The coach and former NBA player has often weighed in on social issues and has been an advocate for gun control.
“We can’t get numb to this,” Kerr said Tuesday evening.

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Traders on the floor of the NYSE, May 17, 2022.
Source: NYSE

U.S. stock futures rose on Tuesday night after the Nasdaq Composite dropped during the regular session, following a warning of slowing growth from social media company Snap that hurt the tech-heavy index.
Dow Jones Industrial Average futures rose 111 points, or 0.4%. S&P 500 and Nasdaq 100 futures climbed 0.5% and 0.7%, respectively.

Nordstrom shares jumped more than 10% in extended trading after the retailer surpassed sales expectations and raised its full-year outlook. The retailer experienced a surge in demand from shoppers refreshing their closets for “long-awaited occasions.”
The Nasdaq Composite fell 2.4% during regular trading while the S&P 500 slid 0.8%. The Dow rose by 0.2% in a late-day reversal, despite falling as much as 1.6% earlier in the session.
The losses in the Nasdaq came after a warning from Snap spooked the digital advertising industry, which dinged social media stocks including Facebook parent Meta, Twitter, and Google parent Alphabet. Snap’s stock price tumbled 43% during the regular session after the company said it will miss its own earnings and revenue targets.
“It tells me how much technology and comm services are still over-owned, right, because they’re the ones that are getting hit the hardest, and for good reason. Snap was really a big surprise for just about everybody,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, said Tuesday on CNBC’s “Closing Bell.”
“I think that we’re in just really challenging times. I’ve been saying we’re going to be in a choppy environment all year long because there are so many unknowns,” she continued.

Traders will continue to parse through earnings reports this week to see how companies are handling inflationary pressures. Dick’s Sporting Goods is expected to report earnings Wednesday before the bell. Snowflake and Nvidia are set to post quarterly reports after the bell.
On the economic front, traders are also watching for the latest reports on weekly mortgage applications and durable goods orders before markets open. Investors are expecting the latest meeting minutes from the Federal Open Market Committee.

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Trian Partners, the largest shareholder of Wendy’s, is exploring a potential deal with the company, according a filing.
Trian, along with its partners, owns a 19.4% stake in the burger chain.
The hedge fund said it was seeking a deal to “enhance shareholder value” that could include an acquisition or merger, according to the filing.

A drive-thru window of a Wendy’s restaurant in Peoria, Illinois.
Daniel Acker | Bloomberg | Getty Images

Shares of Wendy’s surged roughly 15% in extended trading Tuesday after a filing revealed hedge fund Trian Partners, its largest shareholder, is exploring a potential deal with the company.
Trian, along with its partners, owns a 19.4% stake in the burger chain and said it was seeking a deal to “enhance shareholder value” that could include an acquisition or merger, according to the filing.

The firm said it has retained advisors to evaluate strategic options and has discussed the scenarios with the Wendy’s board.
Wendy’s said in a statement it regularly reviews opportunities with the goal of “maximizing value for all stockholders” and would “carefully review” any proposal from Trian.
Trian, founded and run by Nelson Peltz, first invested in Wendy’s in 2005, when the fund was initially created.
“At that time, Wendy’s was one of America’s most beloved brands, but the business had lost its way after the passing of its founder Dave Thomas,” the firm says in its portfolio listing.
Trian holds three board seats at the fast-food company, including one held by Peltz , the chairman. The firm has previously urged Wendy’s to reduce restaurant overhead, improve operations and build up its brand, according to Trian.

Wendy’s and its franchisees own about 7,000 restaurants. Global same-store sales grew 2.4% in the first quarter. The company reported quarterly net income of $37.4 million, or 17 cents per share, for the three-month period ended April 3 — nearly 10% down from $41.4 million, or 18 cents per share, during the same period in 2021.
Wendy’s has experimented with new menu items and a beefed-up breakfast menu to drive traffic and compete against fast-food giants McDonald’s and Burger King. But the company faces challenging trends as diners shift their behaviors with inflation hovering at decades-high levels and some workers returning to offices.
BMO Capital Markets last month downgraded the stock to market perform from outperform and cut its price target on the stock to $22 per share from $28.
The stock closed Tuesday at $16.27 per share, down 30% over the last 12 months, giving the company a market value of about $3.5 billion.
— CNBC’s Steve Kopack contributed to this report.

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