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    Airlines' summer challenge: Finding spare seats for travelers when things go wrong

    Bookings and airfares have surged this year.
    Carriers will be challenged to rebook passengers during routine disruptions.
    Some airlines are paring back schedules to give themselves a greater buffer.

    Airline passengers, some not wearing face masks following the end of Covid-19 public transportation rules, sit during a American Airlines flight operated by SkyWest Airlines from Los Angeles International Airport (LAX) in California to Denver, Colorado on April 19, 2022.
    Patrick T. Fallon | AFP | Getty Images

    Airlines that once touted globe-spanning destinations, promising adventure, luxury or both, are now leaning on a simpler sales pitch: reliability.
    Flight delays and cancellations spiked at several points over the last year, costing U.S. carriers more than $100 million combined and disrupting travel plans of hundreds of thousands of customers. Even some crews have been forced to sleep at airports, a rare last resort for an industry that’s used to accommodating thousands of pilots and flight attendants on the road each day.

    As the peak travel season gets underway, the industry risks a repeat of those headaches, and airlines are hoping to get ahead of the problems. Their efforts include massive hiring, better technology for staff and customers, earlier planning for storms, and for some carriers, conservative scheduling or cuts to their spring and summer schedules altogether.
    One of airlines’ biggest challenges in what’s shaping up to be a monster travel season is how to handle routine disruptions like bad weather, whether that means delaying flights or canceling outright before passengers arrive at the airport. When planes are packed, airlines have fewer options to move passengers to alternate flights, setting up a game of musical chairs in the sky⁠ — with luggage.
    Airlines don’t charge passengers to rebook and big network carriers scrapped standard economy date-change fees to spur bookings during the coronavirus pandemic. But travelers could pay the price if they are forced to buy a new, last-minute ticket on another airline to make it to big events like a wedding or keep other travel plans.
    Preventing cancellations is important.
    “If we’re reliable, the seat is much more comfortable, the food tastes a lot better, the service that we provide is much more accommodating,” American Airlines CEO Robert Isom told employees in a town hall on April 12. “People really need to feel like they have control of their itineraries.”

    American over the last three years has developed its Hub Efficiency Analytics Tool which it debuted last month. Dubbed HEAT, the tool helps the airline to delay more flights ahead of bad weather thunderstorms and avoid canceling them later, according to the town hall. It analyzes data such as crew availability and passenger connections, among other data points.
    “The goal is to prevent the cancellations in the first place so that we don’t have to re-accommodate people given the high loads that we expect this summer,” Maya Leibman, American’s chief information officer, said on an earnings call earlier in April.
    Carriers including Spirit Airlines and JetBlue Airways have already pared back spring and summer flying. JetBlue, for example, slashed its plan to expand flying as much as 15% this year from 2019 levels and is now planning a schedule no more than 5% up from three years ago as it tries to stabilize its operation while facing staffing shortages, including from pilot attrition.
    Schedule cuts for June are deeper at low-cost and ultra low-cost airlines than at network carriers because of staffing shortages and high fuel costs, according to Deutsche Bank analyst Michael Linenberg.
    Those carriers “are likely to be disproportionately impacted by this effect given that low fare traffic accounts for a greater share of their revenue base than for the major carriers,” he wrote in a note on April 11.

    Staffing solutions

    American plans to fly as much as 94% of its 2019 schedule during the second quarter, while United Airlines expects to fly 87% and Delta Air Lines plans to fly 84% compared with three years ago. Growth potential for major airlines is constrained by a pilot shortage, particularly at smaller regional airlines that feed their hubs.
    American said it’s hired 12,000 people since last summer, and plans to add some 20,000 people this year in total. United hired 6,000 people this year, and Delta has hired 15,000 people since the start of 2021, partially to replace the more than 17,000 workers who took the airline up on buyout offers during the depths of the pandemic.
    The $54 billion in taxpayer aid airlines received to pay staff during the pandemic prohibited layoffs, but buyouts were allowed.
    American, Delta and United all say they are well staffed for the surge in demand.
    “We made so much progress with customers during the pandemic and really building the United brand,” United CEO Scott Kirby said on the Chicago carrier’s quarterly call in April. “We’re not willing to sacrifice that customer goodwill for the possibility of short-term profits.”
    United has spent years building tools to help passengers rebook themselves and avoid long queues at airports — technology that saves time and labor costs. In 2019, it launched ConnectionSaver, which can help hold an aircraft for connecting passengers, as well as agent-on-demand, a video chat platform for customer service.

    Tricky delays

    Airlines also have to contend with frequent disruptions stemming from bad weather, like those felt at bustling airports in Florida in April.
    Thunderstorms have sparked cascades of thousands of cancellations and delays over the past year, disruptions made worse by airlines that scheduled too many flights relative to their staffing levels.
    The Federal Aviation Administration is calling airlines for a two-day meeting in Florida early this month to discuss the congested airspace over the state, one of the tourism hotspots during the pandemic, CNBC reported. Flight capacity into some of the state’s busiest airports has already surpassed what was flown in 2019, at the same time space launches and general aviation pick up, the FAA said.
    Last week, some executives including at JetBlue and Frontier Airlines put some of the blame on short staffing at a key air traffic control center in Florida.
    The Government Accountability Office is examining recent airline disruptions, a spokesman told CNBC.
    Thunderstorms are especially tricky for airlines because they’re less predictable than larger systems like hurricanes or winter storms, which allow airlines to cancel flights sometimes days in advance so that crews are in position to restart the operation.
    Cutting flights as early as possible “will probably make it smoother for the passenger, but things happen. It is summer,” said Adam Thompson, founder of Lagniappe Aviation consulting firm, and has worked in the industry for more than two decades. “Weather is unpredictable. Every time someone says, ‘This is the worst summer I’ve had,’ I say, ‘Give it a year.'”
    Infuriated passengers, used to the conveniences of modern life, where groceries, clothing and ride-shares arrive promptly at one’s door, wait for hours for help from customer service and only grow more frustrated.
    “We are used to, ‘Hey, Amazon will bring my package tomorrow. Why can’t you be there on a dime?” said Savanthi Syth, airline analyst at Raymond James. “[Airlines] have to step up and meet those expectations.”

    How passengers can cope

    Some extra preparation can help avoid headaches this season.
    Here are some tips:
    1. Book flights that leave early in the day.
    That will give you more of a chance of getting rebooked and avoid the impact of a delay when things go wrong. “Being a lifelong airline guy, I always tell people when they travel, don’t book the last flight of the night. You need something as a cushion,” Thompson said.
    2. Check the weather beyond where you are.
    Airlines run complex networks, and the weather at your departure point isn’t necessarily the weather at your destination. Many airline apps will show you where your arriving aircraft is coming from. Check that airport’s weather, too.
    3. Pick a busier day if you have flexibility.
    Thompson said to look at an airline’s schedule for how many flights the carrier is operating to their destination that day. Airlines generally fly less on Saturdays. That could mean less wiggle room if you face disruptions. Thursdays and Fridays traditionally have bigger schedules, but airports are often more crowded, he added.
    4. Know what you’re owed.
    You are entitled to a refund if the airline cancels or significantly delays your flight, according to the U.S. Department of Transportation. Airlines could offer you a voucher for future travel, but passengers can insist on a refund if they prefer.
    Keep in mind that low-cost airlines like Southwest don’t have interline agreements with other carriers that allow them to book travelers on a competitor. While airlines use these agreements sparingly, if a carrier doesn’t have one it could reduce your chances of an alternative flight.
    5. Be kind.
    Gate agents and reservations agents, many of them new employees, are also under stress. Keeping calm is more effective all around. Simply put, Thompson said, don’t be a jerk.

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    From Dairy Queen to Brooks Running, Berkshire Hathaway's businesses seeing an impact from inflation

    In March, the Federal Reserve’s preferred inflation gauge rose 5.2%, and the central bank is starting to raise interest rates, trying to thread the needle between slowing the rise in prices and avoiding a recession.
    Irv Blumkin, the CEO and Chairman of Nebraska Furniture Mart, said that the higher prices were starting to chip away at the fundamentals of his business but things are in good shape overall.
    Jim Weber, CEO of Brooks Running, said it was tough to raise prices but that he thinks some of the cost pressures would cool soon.

    Inflation has been one of the hot topics for markets this year, and rising prices are impacting portfolio companies for Berkshire Hathaway in different ways.
    In March, the Federal Reserve’s preferred inflation gauge rose 5.2%, and the central bank is starting to raise interest rates, trying to thread the needle between slowing the rise in prices and avoiding a recession.

    Ahead of the Berkshire annual shareholders meeting, executives from several of the conglomerate’s companies told CNBC how inflation is hitting their businesses.
    Irv Blumkin, the CEO and chairman of Nebraska Furniture Mart, said that the higher prices were starting to chip away at the fundamentals of his business but things are in good shape overall. Home furnishings was a boom industry during the pandemic, as Americans stuck at home redesigned their living spaces and adjusted to remote work.
    “Inflation impacting our business a little bit, and we can see a little slowdown in written business, but it’s coming off such huge numbers from the pandemic. … It’s still at a high level, but you can definitely see a slowdown,” Blumkin said.
    Jim Weber, CEO of Brooks Running, said it was tough to raise prices but that he thinks some of the cost pressures would cool soon.
    “We don’t have unlimited pricing power, but have taken selective price increases where we think we can. But our whole industry is so competitive. It’s a big market place. … I do believe in the supply chain that costs are going to mediate a bit,” Weber said.

    Stock picks and investing trends from CNBC Pro:

    Related to inflation, Dairy Queen CEO Troy Bader highlighted the tight labor market in particular as a challenge for the restaurant industry.
    “It’s the biggest challenge that our franchisees face, and I would say it impacts us in three different fronts: one is our franchisees,” he said. “The other really are our vendors and our distributors.”
    Roughly 20% of Dairy Queen’s franchise locations still have closed dining rooms because of staffing issues, Bader said.
    “It’s not about wages today. People are paying whatever they need to pay. There just aren’t enough people to really come and work in the industry,” Bader said.
    Check out all of the CNBC Berkshire Hathaway annual meeting coverage here.

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    The Fed’s balance-sheet is about to shrink. Wall Street is not ready

    CONSIDER THE life of a Treasury bill or bond. Typically once or twice a week, a slew of fresh Treasuries are born. Their first home is usually, briefly, an investment bank’s dealing desk. Those dealers might hold onto a few for themselves, but generally distribute the bulk out to more permanent owners, like the bond portfolios of a mutual fund, a foreign government, a company or the Federal Reserve. A certain slice will swap hands repeatedly—some $700bn or so are traded each business day—but many will stay put for their lifetimes. Their deaths are predetermined: they come of age, or “mature”, as little as one month or as long as 30 years after their birth, at which point they are settled and cease to exist. The Fed (pictured) is the single largest holder of Treasuries—its balance-sheet is where many of those securities have found their permanent home. Thanks to bond-buying schemes put in place to ease monetary conditions during the pandemic, the Fed now holds some $5.8trn-worth of Treasuries, a quarter of the $23.2trn-worth the government has issued (see chart—it also holds some $2.7trn-worth of mortgage-backed securities). Come May 4th, however, it is widely expected that Jerome Powell, the Chairman of the Fed, will start shrinking this behemoth portfolio, a process known as “quantitative tightening” (QT). The reversal could spark a repeat of the temporary, yet troubling breakdowns the world’s most important financial market has suffered in recent years—on a bigger scale. According to the minutes of its March meeting, released in early April, the Fed plans to reduce its balance-sheet not by actively making sales, but by letting bonds that have reached the end of their lives mature without buying a new bill or bond to replace them. By July, if all has gone to plan, the Fed’s portfolio will be shrinking by $95bn per month, split between $60bn of Treasuries and $35bn of mortgage-backed bonds. At that pace the Fed’s balance-sheet will shrivel by more than $1trn over the next year. That is “quite the clip” says Darrell Duffie, of Stanford University.There are two reasons investors and policymakers are watching qt closely. The first is its potentially vast impact on monetary policy. Estimates of the effect of bond-buying on the cost of money vary widely—but any downward pressure on interest rates exerted as the Fed bought up Treasuries is likely to be reversed as its holdings start to ebb. Two-year Treasury yields have already climbed from 0.8% in January 2022 to 2.6% now as investors have come to expect quicker balance-sheet shrinking and faster rate increases. (Many expect the Fed to announce a 50 basis-point rate rise at its next meeting on May 3rd-4th, the first increase of that size since 2000.)It is also possible that qt will cause the Treasury market to malfunction—the second reason for concern. Its smooth running matters well beyond America: Treasury rates are a crucial benchmark for pricing virtually all other financial assets globally. And recent history is not encouraging. A series of episodes, including the “flash rally” of 2014; stress in the repo market—a key money market where Treasuries can be swapped for cash—in September 2019; and the covid-19 shock of March 2020, in which the Treasury market in effect ceased to function for periods of time; have created doubts about how robust the Treasury market is. Each of the episodes had slightly different causes. Regardless of how robust the Treasury market was, there was little that would have stopped the extreme nature of the covid-19 shock from rocking it. The repo crisis was in part the result of some perverse incentives caused by post-crisis regulation that deterred banks from holding Treasuries. But both were exacerbated by a more fundamental issue, a former Fed official says, which is that the Treasury market “has grown out of its waist size”. A combination of financial-crisis stimulus, fiscal deficits under President Trump and pandemic-era splurge have caused the Treasury market to grow nearly fivefold since 2007. At the same time fresh regulation imposed on investment banks, which are the main institutions that intermediate Treasury markets, such as the introduction of the supplemental-leverage ratio, which measures the total size of bank assets relative to the amount of capital they hold, has restricted their ability to facilitate Treasury-market activity. The rule is not very friendly to low-risk activities, such as holding Treasuries. A report released last year by the Group of Thirty, an economics advisory body, warned that “the aggregate amount of capital allocated to market-making by bank-affiliated dealers has not kept pace” with its lightning growth. To combat issues that have cropped up in the past the Fed has taken measures to increase liquidity, such as opening up a “standing facility” for selected intermediaries to swap a Treasury for cash. But few think it is a panacea for dysfunction. Mr Duffie favours replacing the current market structure, which relies on broker-dealers, with a central-clearing system. This would make it easier for market participants to interact directly with one another—for a mutual fund, say, to sell to another without relying on a bank to intermediate the transaction. But the fix would be no match for “the scale of the problem”, says the former Fed official. A more urgent task, he argues, is to loosen the regulatory shackles hampering investment banks from supporting the market. But that is unlikely to happen soon: there is little appetite in Washington for weakening bank regulation. In the absence of an obvious fix, the unknowable fallout from the Fed’s pull-out is adding to the uncertainty created by rising rates, stagflation and geopolitical ructions. Liquidity in the Treasury market is already thinning: the “yield error” captured by the Bloomberg Treasury liquidity index, which measures the difference between the yield a Treasury is traded at and a measure of fair value, is 12% higher than it was in January. It has more than doubled since August 2021. The growing possibility of renewed dysfunction could deter investors from dealing further, making it yet likelier that the market seizes up. The once-placid life of Treasury bills and bonds could get more chaotic for a while. More

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    Bill Murray reflects on inappropriate behavior that led to the shutdown of his latest film

    Bill Murray is still reflecting on his inappropriate behavior, which led to a production shutdown on the Searchlight Pictures’ film “Being Mortal” last week.
    He said he was optimistic that “we are going to make peace” and that production will restart, but noted that he’ll only do so if the woman involved in the incident is comfortable doing so.
    The film was about halfway completed before production was halted. It is slated for release in 2023, but it is unclear if Murray will continue on with the project.

    Bill Murray is still reflecting on his inappropriate behavior, which led to a production shutdown on the Searchlight Pictures’ film “Being Mortal” last week.
    On Saturday, the actor told CNBC’s Becky Quick that he had a “difference of opinion” with a woman he was working with on the film, saying, “I did something I thought was funny and it wasn’t taken that way.”

    Murray said he has spent the last week thinking about the incident. He did not elaborate on what was said or to whom.

    Bill Murray on CNBC TV at the Berkshire Hathaway Shareholders Meeting, April 30, 2022.
    David A. Grogan | CNBC

    “As of now we are talking and we are trying to make peace with each other,” Murray said in an interview during CNBC’s exclusive streaming coverage of the Berkshire Hathaway annual shareholders meeting. “We are both professionals, we like each others’ work, we like each other I think and if we can’t really get along and trust each other there’s no point in going further working together or making the movie as well. It’s been quite an education for me.”
    “Being Mortal” is based on Atul Gawande’s nonfiction book “Being Mortal: Medicine and What Matters in the End” and stars Murray alongside Aziz Ansari and Seth Rogan. The film was about halfway completed before production was halted. It is slated for release in 2023, but it is unclear if Murray will continue on with the project.

    Bill Murray surrounded by a crowd at the Berkshire Hathaway Shareholders Meeting, April 30, 2022.
    David A. Grogan | CNBC

    He said he was optimistic that “we are going to make peace” and that production will restart, but noted that he’ll only do so if the woman involved in the incident is comfortable doing so.
    “I think it’s a sad dog that can’t learn anymore,” Murray said of learning from his mistakes. “That’s a really sad puppy that can’t learn anymore. I don’t want to be that sad dog and I have no intention of it.”
    “What would make me the happiest would be to put my boots on and for both of us to go back into work and be able to trust each other and work at the work that we’ve both spent a lot of time developing the skill of,” he said. More

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    Warren Buffett significantly increases Chevron bet, now in Berkshire's top 4 positions

    Berkshire Hathaway added to its Chevron bet significantly during the first quarter, making the energy stock the conglomerate’s fourth biggest equity holding.
    The “Oracle of Omaha’s” Chevron investment was worth $25.9 billion at the end of March, the company’s first-quarter filing Saturday showed, a big jump from its value of $4.5 billion at the end of 2021.

    Shares of Chevron have rallied more than 30% this year on the back of surging oil prices, but Berkshire’s position has increased fivefold reflecting Buffett’s buying.

    Arrows pointing outwards

    Energy has been a standout winner this year with the S&P 500 energy sector up 35% compared to the broader benchmark’s 13% loss year to date.
    Many oil and gas companies are also good income generators, offering attractive dividends. The energy sector yields 4.7%, compared to S&P 500′s 1.5% dividend yield. Chevron pays a 3.6% dividend.

    Warren Buffett and Becky Quick at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska, April 29, 2022.
    David A. Grogan | CNBC

    Chevron is not the only energy stock Buffett likes. Last month, the investor bought $7 billion worth of Occidental Petroleum’s common shares in additional investments.
    “Together with the $10 billion in OXY preferred, Berkshire’s bet on the oil sector is now over $40 billion,” said James Shanahan, a Berkshire analyst at Edward Jones.

    Berkshire’s biggest holding was still Apple, worth $159 billion at the end of the first quarter. Bank of America and American Express were the two other big holdings, worth $42.6 billion and $28.4 billion, respectively.
    The significant Chevron bet might indicate that Berkshire will not acquire Occidental despite the recent jump in the ownership.
    “It says that energy is the most attractive place in the market to Warren and that he won’t take OXY private,” said Cole Smead, president and a portfolio manager at Smead Capital Management.
    Buffett first bought Chevron in the third quarter of 2020. Based on the stock price moves in April, Chevron may have moved into the third biggest position above American Express depending on whether Buffett bought or sold any shares during the month.
    Check out all of the CNBC Berkshire Hathaway annual meeting coverage here.

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    Berkshire earnings decline in the first quarter on slowing economic growth, stock market pullback

    The company’s net earnings came in at $5.46 billion, down more than 53% from $11.71 billion in the year-earlier period.
    Berkshire’s operating earnings were flat year over year at $7.04 billion. This comes amid a sharp drop in the company’s insurance underwriting business.
    The flat operating results were impacted by the slowing U.S. economy, which contracted in the first quarter for the first time since the onset of the Covid-19 pandemic.

    Warren Buffett
    Gerry Miller | CNBC

    Warren Buffett’s Berkshire Hathaway reported Saturday a decline in first-quarter earnings, as the conglomerate was not immune to a slowing U.S. economy.
    The company’s net earnings came in at $5.46 billion, down more than 53% from $11.71 billion in the year-earlier period.

    Berkshire’s operating earnings — which encompass profits made from the myriad of businesses owned by the conglomerate like insurance, railroads and utilities — were flat year over year at $7.04 billion. This comes amid a sharp drop in the company’s insurance underwriting business; earnings from the segment dropped nearly 94% to $47 million from $764 million in the year-earlier period.
    Earnings from Berkshire’s manufacturing, service and retailing segment jumped 15.5% to $3.03 billion in the quarter, while railroad and utilities earnings increased slightly.
    Those operating results came as the U.S. economy contracted in the first quarter for the first time since the onset of the Covid-19 pandemic.
    The company also took a big hit from its investments, reporting a loss of $1.58 billion amid a broader market decline. To be sure, Buffett always advises shareholders to ignore these quarterly investment fluctuations.
    “The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,” Berkshire said in Saturday’s release.

    Berkshire’s stock buybacks also slowed down to $3.2 billion from $6.9 billion in the fourth quarter of 2021, as the company was more active with dealmaking last quarter than it had been for a long time.
    In late March, the company said it agreed to buy insurer Alleghany for $11.6 billion — marking Buffett’s biggest deal since 2016. Berkshire also unveiled a stake in oil giant Occidental Petroleum that’s now worth more than $7 billion, along with a position in HP Inc that’ now valued at more than $4.5 billion.
    Despite the tough environment, Berkshire as an investment has been stellar this year. The conglomerate’s Class A stock is up more than 7% for the year — outperforming the S&P 500, which is down 13.3% for 2022. While down from the fourth quarter, the company still showed a massive cash hoard of $106.3 billion as of the end of the first quarter.

    Arrows pointing outwards

    The company’s latest quarterly figures come as thousands flocked to Omaha, Nebraska for Berkshire’s annual meeting, where Buffett and Vice Chairman Charlie Munger will take questions from shareholders. (CNBC will host the exclusive livestream on Saturday starting at 9:45 a.m. ET.)
    Some of the topics Berkshire shareholders will want the pair to discuss include their market outlook — given the recent inflationary pressures and rising rates — as well as more clarity on the company’s succession plan.
    Check out all of the CNBC Berkshire Hathaway annual meeting coverage here. More

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    Their son suffered horrible injuries, so these parents built a 'Field of Dreams' for kids of all abilities

    A playground and sports complex has been built in Toms River, New Jersey, for children of all abilities.
    The founders of the RWJBarnabas Health Field of Dreams were inspired to create the park after their son was left with traumatic brain damage from a car crash.
    Doctors say the benefits of the facility are crucial to the long-term health of those with disabilities.

    A first of its kind inclusive complex, the RWJBarnabas Health Field of Dreams, will open Saturday in Toms River, New Jersey.
    The grand opening of the $3.6 million facility comes after nearly five years of planning and pandemic-related delays and challenges. The Toms River complex will focus on serving children with physical and social disabilities.

    While the opening of the complex is a triumph, it all started as a horrifying nightmare. Christian Kane was driving with his 19-month-old son, Gavin, when a beer truck barreled into his car near Toms River High School North. As a result, Gavin had a traumatic brain injury, a right front temporal stroke and a complete skull fracture.
    Today, Gavin is 11 years old. He’s in a wheelchair most of the time, and he communicates primarily through an iPad. But he is an otherwise ordinary preteen cracking jokes at his parents’ expense and wanting to play with his friends.

    Gavin Kane at the RWJBarnabas Health Field of Dreams.

    But it hasn’t been easy.
    “He wanted to do everything that all the other kids were doing,” said Mary Kane, Gavin’s mother. “But because of his lack of strength to hold up his head, he was very limited.”
    As Gavin grew, she found it increasingly difficult to take him to playgrounds and have him participate in sports. The Kanes have six children.

    “It was very challenging, almost impossible, for me to get him on a swing or a slide or anything like that, so he didn’t. We could go to the playgrounds and he could watch, and that’s not fun,” Mary Kane said.
    Five years ago, Gavin’s parents grew tired of watching him sit on the sidelines. They dreamed up a playground and sports complex where kids of all abilities could play and participate in physical activities together. “To be able to do things they didn’t think they’d be ever able to do,” said Christian Kane.
    Christian Kane, an Advanced Placement statistics teacher at Toms River High School North, poured everything he had into this project. The $3.6 million dollar facility would require major sponsors, state aid, and grants and fundraising, in addition to specialized equipment to accommodate kids of all abilities.

    A young girl tests out the new playground for the first time.

    Christian Kane said the biggest challenge came when the pandemic nearly threatened the entire project. It meant a major increase in prices for raw materials and a shortage of construction workers.
    “Because of inflation, something that costs $4 that was going to be donated now is $12 to $13,” he said. “All of a sudden, I’m getting these bills that I know somehow I’m going to have to fund.”
    Now that the complex is ready, Christian Kane said he’s been getting inquiries from groups from all over the state looking to visit the facility. The Kanes gave CNBC a first look at the facility ahead of its official opening. Gavin and some of his closest friends also got the chance to visit the complex for the first time.
    “You can hear the kids’ pure enjoyment in the background and you knew that that’s what they needed,” said Christian Kane.
    The 3.5-acre, state-of-the-art complex features a basketball court made of special materials to accommodate wheelchairs, a miniature golf course, a baseball diamond and a playground that caters to children with walkers, wheelchairs and more. It also has a community garden, pavilion, snack bar and a quiet corner that looks off into the woods.
    “You know when you come here that you’re not going to be stared at and you’re not going to be looked at and you know you’re coming here for pure enjoyment and fun,” said Christian Kane.
    Doctors say the benefits of such a facility are crucial.

    Gavin and Christian Kane at the new RWJBarnabas Health FIELD OF DREAMS.

    “The opportunity to be playing, learning and showing off one’s abilities outside of the hospital is just as important sometimes as the medications and therapies that occur within the hospital,” said Matt McDonald, CEO of Children’s Specialized Hospital, which treats Gavin.
    As Gavin tested out the facility for the first time, he showed pure joy being around other children who were similar to him. For parents, it’s a place to let their guard down and socialize with other families going though similar challenges.
    Christian Kane said he hopes this is just the start. He wants others to see the importance and success of his complex and build facilities just like it.
    He passes the site of his crash every day on his way to work, but he said driving near the new Field of Dreams makes his days a little bit better.
    “Driving past it and seeing kids and adults playing here,” he said. “All the hard work to build this was all worth it.”   More

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    Cramer's lightning round: I like CVS over Rite Aid

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Star Bulk Carriers Corp: “The way this stock is priced, the dividend’s going to be cut. I don’t know if that’s the case. … This is what I almost would call too good to be true.”

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    PG&E Corp: “I don’t like them. … Cut [your shares] in half, take the profit and move on.”

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