Raphael Stevens

In this articleAAALas Vegas is the top road trip destination for Memorial Day travel in 2021, says AAA Travel.Hisham Ibrahim | Photographer’s Choice RF | Getty ImagesTravel looks set to continue its rebound during the upcoming Memorial Day weekend, which traditionally marks the start of the summer vacation season, with AAA Travel predicting a 60% year-over-year jump in the number of Americans hitting the rails, airports and roads— even as gas prices soar to levels not seen in seven years.Domestic destinations and motor trips will be the top picks for the more than 37 million people expected to travel between May 27 to 31, the organization predicts. The rebound reflects both pent-up demand and higher vaccination rates, according to AAA Travel senior vice president Paula Twidale.”As more people get the Covid-19 vaccine and consumer confidence grows, Americans are demonstrating a strong desire to travel this Memorial Day,” she said in a statement. “This pent-up demand will result in a significant increase in Memorial Day travel, which is a strong indicator for summer, though we must all remember to continue taking important safety precautions.”More from Personal Finance:Could a vaccine passport be the ticket to vacation this year?How travelers could benefit from hotel industry strugglesWhat to expect as live music events take to the stage againAn outbreak of new Covid variants or other unknown factors could impact the travel recovery, Twidale cautioned.Also possibly putting the brakes on some road trips could be gas prices, which are expected to top $3 a gallon in many parts of the country due to high demand and a temporary shutdown of the Colonial Pipeline following a cyberattack.The soaring price for fuel is the highest predicted national average for gasoline since 2014, according to AAA Travel. It probably won’t dent many Americans’ determination to set out on the road, however. More than 9 in 10 U.S. vacationers, some 34 million, will travel by car this Memorial Day — a 52% annual jump over 2020, although that’s still 9% lower than 2019.”We don’t expect higher gas prices to deter motorists this holiday season as many Americans are eager to travel,” said AAA spokesperson Jeanette C. McGee, in a statement.  “We typically find when pump prices increase, travelers look for more free activities or eat out less while on vacation, but still take their planned trips.”Where are Americans headed this Memorial Day?AAA Travel has tracked an uptick in online visits and bookings at AAA.com for both hotels and car rentals, and Las Vegas and Orlando, Florida, are the two top destinations. Here’s a look at the top road trip destinations and where people are booking overall:Where Americans are heading for Memorial DayRoad Trips:Las VegasOrlando, FloridaMyrtle Beach, South CarolinaDenverNashville, TennesseeAAA Travel Bookings:Orlando, FloridaLas VegasHonoluluAnchorage, AlaskaColorado Springs, ColoradoSource: AAA TravelHotspots like Honolulu and Anchorage are obviously fly-to destinations for most, and 2.5 million Americans will board planes this holiday. That’s six times more than in 2020, rocketing 557%, but 750,000 fewer flyers than in 2019. Just 237,000 vacationers will travel by bus or train, the lowest volume on record apart from 2020, according to AAA Travel. More

In this articleBAA Boeing 737 MAX jet lands following Federal Aviation Administration (FAA) test flight at Boeing Field in Seattle, Washington on June 29, 2020.Jason Redmond | AFP | Getty ImagesBoeing’s April aircraft orders outpaced cancellations for a third consecutive month but deliveries of its bestselling 737 Max plane are still paused as it scrambles for a fix to an electrical issue.Boeing last month said it halted deliveries of the planes, which had been grounded for 20 months until last November, after the company made fixes following two fatal crashes. It has been working on a service bulletin for airlines to repair the newly detected problem. The issue has taken more than 100 of the planes already with airline customers out of service until it is complete and has dragged on longer than expected. The company won orders for 25 new planes last month while customers canceled 17, bringing the net gain in orders for the month to eight.Deliveries of its 787 Dreamliner, which resumed in March, picked up in April after a five-month pause due to a different manufacturing flaw. Boeing delivered nine Dreamliners last month, including one to American Airlines, and another to United Airlines. It delivered a total of 17 planes last month. CEO Dave Calhoun warned on a quarterly call with analysts in late April that Max deliveries would be “very light” because of the electrical issue.Boeing has 4,045 planes on backorder, close to 3,200 of them for Max jets and 433 for Dreamliners as of the end of April. More

The Paper Source store with its Easter display is shown closed on Boylston Street on April 08, 2020 in Boston, Massachusetts.Maddie Meyer | Getty Images News | Getty ImagesElliott Investment Management, the owner of Barnes & Noble, said Tuesday it will acquire gift and stationery retailer Paper Source.The acquisition will provide Paper Source with the funding it needs to emerge from Chapter 11 bankruptcy.Barnes & Noble CEO James Daunt will oversee both companies. While the two businesses plan to operate independently, it hinted at possible partnerships in the future.”With Paper Source’s management team, we will support and accelerate the brand’s strategic growth initiatives. Alongside this, the opportunities for Paper Source to work with Barnes & Noble are tremendously exciting for both businesses,” Daunt said in a press release.Paper Source plans to operate 130 stores in the U.S. as well as its website and wholesale division, Waste Not Paper by Paper Source.The stationery chain filed for bankruptcy on March 2 and was forced to close stores, cut jobs and reduce the pay of senior managers. Like many retailers, Paper Source’s sales fell last year due to Covid pandemic shutdowns, capacity restrictions, and a wave of canceled weddings and events hurt sales of invitations.Paper Source had purchased 30 new stores from its competitor Papyrus just weeks before the pandemic hit in March 2020.At the time of its bankruptcy filing, Paper Source had 1,700 employees, 158 stores, and $100 million in debt and leases that cost $36 million annually, according to NBC News. More

Angelica Segura Miravete, who works for AeroMexico, gets a Pfizer-BioNtech COVID-19 vaccination at Miami International Airport on May 10, 2021 in Miami, Florida.Joe Raedle | Getty Images News | Getty ImagesThe rate of new Covid cases in the U.S. fell to an average of 38,800 per day Monday, according to data compiled by Johns Hopkins University, the first time daily case counts have been below 40,000 since September.Federal data found the country is averaging 2.1 million daily reported vaccinations over the past week, down 37% from its peak level but showing signs of steadying in recent days.U.S. Covid casesThe U.S. is reporting 38,800 daily new infections, based on a seven-day average of data compiled by Hopkins, down 22% from a week ago and 46% from the most recent high, when the country was seeing about 71,000 daily cases in mid-April. Average daily cases are at their lowest level since Sept. 15.Zoom In IconArrows pointing outwardsCase counts have declined by 5% or more over the past week in 41 states and the District of Columbia.Outbreaks continue to grow elsewhere in the world, particularly in India, which has reported an average of 387,000 new cases per day over the past week. A World Health Organization official said Monday it is reclassifying the highly contagious triple-mutant Covid variant that is spreading there as a “variant of concern,” indicating that it’s become a global health threat.U.S. Covid deathsThe latest seven-day average of daily Covid deaths in the U.S. is 635, according to Hopkins data. Zoom In IconArrows pointing outwardsThat figure is far below its winter peaks, when the country was recording more than 3,000 deaths per day, but the daily death toll has not declined as swiftly as case counts. Reported deaths tend to lag case data by weeks, as it takes time for those who get sick to become hospitalized and die, so the latest death numbers may still be reflecting infection levels from a time when nationwide case counts were higher.U.S. vaccine shots administeredThe U.S. is averaging 2.1 million reported vaccinations per day over the past week, according to Centers for Disease Control and Prevention data. Zoom In IconArrows pointing outwardsThe daily pace is down significantly from its high point of 3.4 million shots per day on April 13 but has shown signs of steadying in recent days, with the seven-day average bouncing between 1.9 million and 2.2 million for a week.U.S. share of the population vaccinatedAbout 35% of the U.S. population are fully vaccinated, according to the CDC, and 46% have received one shot or more.Zoom In IconArrows pointing outwardsOn Monday, the Food and Drug Administration approved Pfizer and BioNTech’s request to allow their vaccine to be given to kids ages 12 to 15 on an emergency use basis, allowing states to get middle school students vaccinated before the fall.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:Indian authorities warn of rare fungal infection seen in some Covid-19 patientsWHO labels a Covid strain in India as a ‘variant of concern’ — here’s what we knowWHO classifies triple-mutant Covid variant from India as global health risk’We were scared’: Asian-owned small businesses have been devastated by the double whammy of Covid and hateCNBC’s Berkeley Lovelace Jr. contributed reporting. More

In this articleLBShoppers pass in front of a Victoria’s Secret store at a mall in San Diego, California, April 22, 2021.Bing Guan | Bloomberg | Getty ImagesL Brands said Tuesday it will spin off its Victoria’s Secret brand rather than sell it.The company said it received interest from multiple potential buyers, but its board concluded that separating Victoria’s Secret and Bath & Body Works into two separate publicly traded companies would be a better option. The spinoffs are expected to be completed by August.L Brands CEO Andrew Meslow will continue to hold his position and will also lead Bath & Body Works following the spinoff, the company said. Victoria’s Secret CEO Martin Waters will keep leading the stand-alone business following the separation.”In the last ten months, we have made significant progress in the turnaround of the Victoria’s Secret business,” L Brands Chair Sarah Nash said in a statement.L Brands shares fell 3.7% in premarket trading.Boosted outlookThe Columbus, Ohio-based retailer also released preliminary first-quarter financial results that were stronger than expected as stimulus payments and relaxed Covid restrictions helped boost shopper traffic.L Brands said it expects to earn $1.25 per share after adjustments in the period ended May 1, compared with a prior outlook of 85 cents to $1 per share. Net sales are estimated at $3.02 billion, compared with $1.65 billion a year earlier.Analysts had been anticipating L Brands would earn 98 cents per share on revenue of $2.89 billion, according to a Refinitiv survey.Notably, this is the third time the company has raised its first-quarter outlook.A turnaround takes holdL Brands said the split will allow both brands to continue to build on the newfound momentum. As separate companies, each will be able to better focus on growth and have greater financial flexibility to adapt to a changing retail landscape, it said.Victoria’s Secret had long held a dominant market share in the lingerie industry, but had fallen out of favor due to its overtly sexy marketing that shunned certain body types. That marketing message wasn’t working for many women, and they had started shopping at other brands like Aerie that embraced inclusivity and comfort. Victoria’s Secret has had to pivot to meet their needs.Since this past holiday season, momentum at Victoria’s Secret has grown. The company’s efforts have included changes in marketing, fewer promotions, and most importantly, new products such as more comfortable items, such as bralettes.L Brands also shuttered more than 200 stores in 2020, in a bid to focus on its more profitable locations and invest online.Analysts at Citi and JPMorgan had recently valued Victoria’s Secret at about $5 billion as a standalone business.L Brands restarted talks with potential buyers for Victoria’s Secret after a sale to the private equity firm Sycamore Partners fell apart last year due to the Covid pandemic. That deal would have valued the lingerie label at $1.1 billion.Sycamore sued L Brands last April to terminate a deal that would have given the private equity firm 55% control of Victoria’s Secret, for around $525 million. It argued that L Brands had violated the terms of the agreement, when it failed to pay rent and furloughed workers. L Brands averted a legal battle by agreeing to call off the deal.The plans for the split were first reported in The New York Times.L Brands shares are up about 84% year to date. It has a market cap of $19.2 billion. More

Virgin Galactic’s spacecraft outside Spaceport America in New Mexico.Virgin GalacticVirgin Galactic stock drop after reporting first quarter results accelerated in early trading on Tuesday, with the company’s next spaceflight test – and its broader path to beginning commercial flights – possibly delayed further.The space tourism company gave an update on progress toward a repeat of the spaceflight test that was aborted mid-flight in December. While the company says repair work on an issue with its spacecraft, VSS Unity, is now complete, an unexpected possible maintenance issue with carrier aircraft VMS Eve was identified after test flights last week.Virgin Galactic said the issue in question was scheduled for maintenance this October, but the company is analyzing whether it needs to conduct the maintenance now – which would likely further delay its spaceflight testing timeline. The company planned to redo the spaceflight in May, but now says timing is “currently being evaluated.””We will report back to the market next week with an update on schedule implications to our next flight,” Virgin Galactic president of space missions and safety Mike Moses said during the company’s conference call.Virgin Galactic’s stock fell as much as 22% in premarket trading from its previous close of $17.95 a share.The premarket drop would bring Virgin Galactic’s stock to below $15 a share – its lowest level in more than a year, and further adding to share losses since hitting a high above $60 a share in February.Virgin Galactic has four test flights remaining before it completes development of its SpaceShipTwo system.In the meantime, stock losses have accelerated, following delays to the first of those four spaceflights, as well as stake sales by chairman Chamath Palihapitiya, founder Richard Branson, and Cathie Wood’s new space ETF. The stock also fell after Jeff Bezos’ venture Blue Origin announced plans to launch the first crewed flight of its space tourism rocket on July 20, a move which UBS warned likely removes Virgin Galactic’s first-mover advantage.The beginning of Virgin Galactic’s commercial service, forecast to begin in 2020 when the company completed its SPAC merger, was delayed to early 2022.Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More