Raphael Stevens

Robert F. Kennedy Jr., President Donald Trump’s pick to lead the Department of Health and Human Services, appeared to be unfamiliar with basic elements of the Medicare and Medicaid programs during his second Senate confirmation hearing.
If confirmed, Kennedy will lead a $1.7 trillion agency that oversees a slew of federal health agencies, including the Centers for Medicare & Medicaid Services.
Kennedy struggled to identify and explain the fundamental aspects of Medicare, which provides coverage to older and disabled Americans.

Robert F. Kennedy Jr., U.S. President Trump’s nominee to be secretary of Health and Human Services, testifies before a Senate Health, Education, Labor, and Pensions (HELP) Committee confirmation hearing on Capitol Hill in Washington, U.S., Jan. 30, 2025. 
Nathan Howard | Reuters

Robert F. Kennedy Jr., President Donald Trump’s pick to lead the Department of Health and Human Services, appeared to be unfamiliar with fundamental elements of the Medicare and Medicaid programs Thursday during his second Senate confirmation hearing. 
“You want us to confirm you to be in charge of Medicare, but it appears that you don’t know the basics of this program,” said Democratic Sen. Maggie Hassan of New Hampshire, after Kennedy struggled to answer a series of questions about Medicare before the Senate Committee on Health, Education, Labor and Pensions. 

If confirmed, Kennedy will lead a $1.7 trillion agency that oversees a slew of federal health agencies. That includes the Centers for Medicare & Medicaid Services, which manages government-funded health care for millions of Americans, including seniors, disabled people and lower-income patients who rely on Medicare, Medicaid, and the Affordable Care Act’s markets.
Kennedy, 71, stumbled when answering questions about Medicare and Medicaid during both of his confirmation hearings this week. He appeared before the Senate Committee on Finance on Wednesday. 
Hassan, who sits on both panels, asked Kennedy on Thursday to explain what each part of Medicare is. But he struggled to identify and explain the fundamental aspects of the program, which provides coverage to older and disabled Americans.
When asked what Medicare Part A is for, Kennedy said it is “mainly for primary care or physicians.” Hassan clarified that it is coverage for seniors who receive inpatient care at hospitals. 
Kennedy, when asked what Medicare Part B is, said it is “for physicians and doctors.” Part B is coverage for a range of medical services such as doctor visits, outpatient care, home health, certain medical supplies and preventive services.

When asked what Medicare Part C is for, Kennedy called it “the full menu of all the services – A, B, C and D.” Hassan noted that Part C is also known as Medicare Advantage, which are privately run plans contracted by Medicare. Those plans serve as an alternative to traditional Medicare plans. 
Kennedy insisted that he “just explained the basics” of the program, but Hassan said she had to correct him on several things. 
The New Hampshire senator also grilled Kennedy on his comments during the hearing on Wednesday, when he appeared to confuse Medicare with Medicaid.
The state-federal Medicaid program provides coverage to around 80 million Americans, including many low-income people. Republicans could target Medicaid, which costs the federal government more than $600 billion a year, for funding reductions this year to help pay for tax cuts. 
Kennedy on Wednesday described Medicaid as “fully paid for” by the federal government, even though the program is funded by states as well. 
On Thursday, Kennedy acknowledged that the program is jointly funded by the federal government and states, adding that he “misstated something” during the hearing Wednesday. 
At the end of that Wednesday hearing, Sen. Ron Wyden, D-Ore., the ranking member of the Finance Committee, said Kennedy was “unprepared” and suggested he didn’t seem to know the difference between Medicare and Medicaid.
”My colleagues have been seeing back-and-forth between Medicare and Medicaid, and it’s not clear which program you’re using when,” Wyden said. More

Pending home sales dropped sharply in December as mortgage rates climbed.
The average rate on the 30-year fixed mortgage went from a low of 6.68% on Dec. 6 to a high of 7.14% on Dec. 19.
Pending sales fell in all regions, with the West and Northeast seeing the biggest monthly drops at decreases of 8.1% and 10.3%, respectively.

Signed contracts on existing homes dropped a sharp 5.5% in December from the previous month and fell 5% from the prior year, according to the National Association of Realtors.
The drop followed four straight months of gains and the index was at its lowest level since August.

These so-called pending sales are an indicator of future closings and are the most current indicator of activity in the market. Buyers out shopping in December were facing a big jump in mortgage interest rates, which may have dampened demand.
The average rate on the 30-year fixed mortgage went from a low of 6.68% on Dec. 6 to a high of 7.14% on Dec. 19. Realtors had been saying that buyers were getting used to a “new normal” of higher interest rates, but the 7% mark appears to be an emotional barrier for buyers.
Sales of newly built homes, which are also based on signed contracts, saw gains in December, according to the U.S. Census, but homebuilders have been aggressively buying down mortgage rates to get customers in the door.
Pending sales fell in all regions, with the West and Northeast seeing the biggest monthly drops at decreases of 8.1% and 10.3%, respectively. Those regions are where home prices are highest.
“Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability,” said Lawrence Yun, chief economist for the National Association of Realtors. “Job gains tend to have greater impact in more affordable regions. It is unclear if heavier-than-usual winter precipitation impacted the timing of purchases.”

Prices are still stubbornly high and rising across the nation. Annual gains accelerated in late fall and early winter, according to the latest read from the S&P Case-Shiller national home price index.
Homebuying demand does not appear to be bouncing back at all in January. Mortgage applications to purchase a home last week were 7% lower than they were the same week one year ago, according to the Mortgage Bankers Association.
Homes are also selling at the slowest rate in five years, according to a new report from Redfin. As of the four weeks ending Jan. 26, the typical home listing that went under contract sat on the market for 54 days before the seller accepted an offer, the longest span since March 2020 and a week longer than this time last year.
The weakness comes as the supply of homes for sale is finally rising significantly. The number of newly listed homes jumped just over 37% in January compared with December, according to Realtor.com.
“The shift in seller activity could mark a turning point in the high mortgage rate-induced standoff between buyers and sellers,” said Danielle Hale, chief economist at Realtor.com. “The uptick is likely due to some residual benefit from fall’s lower mortgage rates, which could fade.”

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An American Airlines regional jetliner coming from Wichita, Kansas, collided midair with a Black Hawk military helicopter near Washington D.C.’s Ronald Reagan Washington National Airport, officials said.
The flight was carrying 64 people, the airline said.
The air disaster was the worst in more than 15 years.

Dozens of people were killed when an American Airlines regional jet with 64 people aboard collided with a Black Hawk military helicopter moments before the airplane was set to land at Washington D.C.’s Ronald Reagan Washington National Airport on Wednesday night, officials said. The accident is the worst air disaster in the U.S. in more than two decades.
Hundreds of first responders have switched to a recovery operation from rescue efforts, Washington D.C.’s Fire and EMS Chief John Donnelly said in a press conference on Thursday. Donnelly said 27 bodies have been recovered so far.

Sixty passengers and four crew members were on board the American flight. Three people were on board the military helicopter, an official said.

Part of the wreckage is seen as rescue boats search the waters of the Potomac River after a plane on approach to Reagan National Airport crashed into the river outside Washington, DC, on January 30, 2025.
Andrew Caballero-Reynolds | Afp | Getty Images

American Eagle Flight 5342, a PSA Airlines Bombardier CRJ700 regional jetliner, was on approach into the airport’s Runway 33 when it collided with a Sikorsky H-60 helicopter at around 9 p.m. ET, the FAA said. The flight was arriving from Wichita, Kansas and flying at an altitude of about 300 feet at the time of the collision, according to FlightRadar24.
PSA Airlines is an American Airlines subsidiary and one of its regional carriers. American Eagle is how the airline brands its regional flights.

Both aircraft were in the icy waters of the Potomac River. The American aircraft was located and broken into at least three sections.
American Airlines CEO Robert Isom traveled to Washington, D.C., Wednesday night.

Rescuers on boats work as the sun rises at the site of the crash in the Potomac River after a Black Hawk helicopter and an American Eagle flight 5342 approaching Reagan Washington National Airport collided and crashed outside Washington, U.S., January 30, 2025. 
Kevin Lamarque | Reuters

“Our concern is for the passengers and crew on board the aircraft,” American said in a statement. “We are in contact with authorities and assisting with emergency response efforts.”
The airline provided contact information if “you believe you may have loved ones on board Flight 5342.”
American and Russian figure skaters were on board the flight, according to the countries’ official groups.
Reagan Washington National was closed Wednesday night and was expected to open at 11 a.m. ET Thursday. Officials said airlines would communicate any schedule changes to passengers.

An information screen in Reagan National Airport’s empty baggage claim area displays emergency instructions after a plane crashed into the Potomac River outside Washington, DC, Jan. 29, 2025.
Ulysse Bellier | AFP | Getty Images

The airport says its main runway is the busiest in the country.
Transportation Secretary Sean Duffy, who was sworn in on Tuesday, in a press conference said that he thought the accident was preventable.
The U.S. has had a long stretch without fatal commercial passenger airline crashes. The last U.S. commercial passenger airline crash occurred in February 2009 when Continental Flight 3407 crashed into a house as it was arriving in Buffalo, New York, killing all 49 people aboard and one person on the ground.

A helicopter flies near the crash site of the American Airlines plane on the Potomac River after the plane crashed on approach to Reagan National Airport on January 30, 2025 in Arlington, Virginia. 
Andrew Harnik | Getty Images

The crash of that turboprop plane prompted federal regulations requiring more rest and training for pilots.
The FAA and National Transportation Safety Board are investigating Wednesday’s incident.
President Donald Trump said he was briefed on the accident Wednesday.
“Thank you for the incredible work being done by our first responders,” he said in a statement.

Emergency personnel work near the site of the crash, with the U.S. Capitol in the background, after American Eagle flight 5342 collided with a Black Hawk helicopter while approaching Ronald Reagan Washington National Airport and crashed in the Potomac River, U.S. January 30, 2025. 
Nathan Howard | Reuters

The Federal Aviation Administration does not have a permanent head. Former Administrator Mike Whitaker stepped down on Jan. 20, when Trump took office. Trump hasn’t yet named a nominee.
“We are shocked and saddened by the tragic accident at DCA tonight,” said the Air Line Pilots Association, a pilot union. “Our thoughts are with those affected by this tragedy and ALPA’s accident investigation team is responding to assist the National Transportation Safety Board in their investigation.”
This story is developing. Please check back for updates.
Correction: A previous headline on this story has been updated to correct a typographical error. More

Comcast topped Wall Street’s fourth-quarter estimates on Thursday despite reporting larger-than-expected broadband subscriber losses and stagnating paid subscribers for its streaming service, Peacock.
Comcast’s overall revenue was up 2% to $31.92 billion thanks to an increase in segments including its mobile business, the film studio and revenue growth at streaming service Peacock.
Peacock had 36 million subscribers during the most recent quarter, up year over year but flat from the prior period.

Comcast topped Wall Street’s fourth-quarter estimates on Thursday despite reporting larger-than-expected broadband subscriber losses and stagnating paid subscribers for its streaming service, Peacock.
Wall Street has been particularly focused on cable companies’ broadband businesses, which still garner high revenue and earnings but have been in the midst of a customer growth slump due to heightened competition from wireless companies, among other factors.

At the same time, streaming has been top of mind for the Street. Although profitability is now considered the key measure of success, investors have taken note of recent subscriber additions by major players since the introduction of cheaper, ad-supported tiers.
Comcast reported Thursday that it lost 139,000 residential broadband customers during the fourth quarter, more than the 100,000 losses that Comcast Cable CEO Dave Watson had telegraphed in December during an investor conference.
The company also reported Thursday that Peacock had 36 million subscribers during the most recent quarter, up year over year but flat from the prior period. Wall Street had been looking for total paid subscribers of 37.56 million, according to estimates from StreetAccount.
Comcast shares were down as much as 5% in premarket trading.
Here is how the company performed for the quarter, compared with average analyst estimates from LSEG: 

Earnings per share: 96 cents adjusted vs 86 cents
Revenue: $31.92 billion vs. $31.64 billion

For the quarter ended Dec. 31, net income attributable to Comcast rose roughly 47% to $4.78 billion, or $1.24 per share, compared with $3.26 billion, or 81 cents per share, a year earlier. 
Adjusting for one-time items, including interest expense and the value of certain assets, Comcast reported earnings per share of 96 cents for the period. 
Adjusted earnings before interest, taxes, depreciation and amortization was up about 10% to $8.81 billion. 
In addition to higher broadband revenue, Comcast’s overall revenue was up 2% to $31.92 billion thanks to an increase in segments including its mobile business, the film studio and revenue growth at streaming service Peacock. During the fourth quarter of 2023, Comcast reported revenue of $31.25 billion. 
Despite the slowdown in cable industry broadband customer growth, the business is a key driver on balance sheets like Comcast’s as average revenue per user has risen. 
Broadband is part of Comcast’s Connectivity and Platforms segment, which also includes Xfinity Mobile wireless, which was launched in 2017. The company surpassed 7.8 million mobile lines and revenue from the unit helped propel overall residential connectivity revenue. 
Comcast lost 311,000 cable TV customers during the fourth quarter. 
Meanwhile, revenue for the company’s Content and Experiences business, which includes NBCUniversal’s TV networks and streaming, the film studio and theme parks, was up 5% to roughly $12.08 billion during the fourth quarter. 
Revenue for the media segment, which includes the TV Networks, was up 3.5% to about $7.22 billion, namely due to higher revenue for streamer Peacock due to an uptick in paid subscribers on the platform from the prior year. Overall domestic advertising for the media segment was flat as ad dollars for Peacock increased but the TV networks saw a smaller haul. 
The media segment reported $298 million in adjusted EBITDA, falling short of Wall Street expectations of $317.1 million for the quarter, according to StreetAccount estimates. The rest of the businesses in the content and experiences segment beat StreetAccount estimates, including overall adjusted EBITDA.
In November, Comcast announced it would spinoff its cable network channels, a portfolio that includes CNBC, MSNBC, E!, Syfy, USA, Oxygen and the Golf Channel. The separation, which will also include digital assets like Fandango and Rotten Tomatoes, is expected to take about a year. The NBC broadcast network, cable channel Bravo and Peacock will remain with Comcast.
Peacock has been moving toward profitability in recent quarters. On Thursday, Comcast reported Peacock had $1.3 billion in fourth-quarter revenue and an adjusted EBITDA loss of $372 million, compared with $1 billion in revenue and an adjusted EBITDA loss of $825 million in the same period last year. 
Peacock’s subscriber growth often rises on the back of major live sporting events on the platform. The Summer Olympics in Paris was a key driver in the third quarter, when the platform added 3 million subscribers. Exclusive NFL games have helped pad the streamer’s numbers, and the company has touted the addition of the NBA and WNBA next season.
Universal Studios’ revenue was up 6.7% to $3.27 billion and the segment’s adjusted EBITDA was up 85% to $569 million, boosted by the box office successes of films including “Kung Fu Panda 4,” “Despicable Me 4,” “The Wild Robot” and “Wicked.” 
Meanwhile, Theme Parks revenue was flat as lower attendance persisted at domestic locations. 
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032. More

An Army Black Hawk helicopter collided with a regional jet flying for American Airlines carrying 64 people on Wednesday night.
The accident is the worst air disaster in the U.S. in more than 15 years.
Air accident investigations can take months and even more than a year to complete.

A screen grab captured from a video shows a regional plane collided in midair with a military helicopter and crashed into the Potomac River in Washington, D.C. United States on Jan. 29, 2025. 
Kennedy Center Cam | Anadolu | Getty Images

The midair collision of a military helicopter and an American Airlines regional jetliner on Wednesday night brings to an end a streak of commercial air travel safety that was unknown to previous generations.
It is the worst air disaster on U.S. soil in more than 15 years.

Officials said Thursday morning that they were changing from a recovery effort to a rescue effort and that there were no survivors. Washington D.C.’s Fire and EMS Chief John Donnelly said 27 bodies have been recovered so far.
American Eagle Flight 5342 from Wichita, Kansas, was approaching Ronald Reagan Washington National Airport at an altitude of about 300 feet when a U.S. Army Black Hawk helicopter carrying three people collided with the commercial jetliner.
Sixty-four people — 60 passengers and four crew members — were on board the American flight. The flight was operated by American subsidiary carrier PSA Airlines. The plane was a Bombardier CRJ700, a regional jet used for shorter routes.
Rescuers had raced to recover passengers from the frigid waters of the Potomac River in Washington, D.C., Wednesday night, but local officials said conditions were challenging due to high winds.

Rescuers on boats work as the sun rises at the site of the crash in the Potomac River after a Black Hawk helicopter and an American Eagle flight 5342 approaching Reagan Washington National Airport collided and crashed outside Washington, U.S., January 30, 2025. 
Kevin Lamarque | Reuters

The U.S. has gone years without a fatal commercial airline crash. The last deadly U.S. commercial passenger airline crash occurred in February 2009 when Continental Flight 3407 crashed into a house as it was arriving in Buffalo, New York, killing all 49 people aboard and one person on the ground.

The crash of that turboprop aircraft prompted federal regulations requiring more rest and training for pilots.
The deadliest incident in recent memory was American Airlines Flight 587, an Airbus A300 that crashed in November 2001 shortly after takeoff from New York’s John F. Kennedy International Airport for the Dominican Republic. All 260 people on the flight were killed and five others died on the ground in Queens.
Airplane crashes have become extremely rare, which safety experts often chalk up to overlapping and redundant safety measures.
“It’s extremely safe. Even with this accident I’ll say it’s extremely safe,” said Jeff Guzzetti, a retired air safety investigator with the U.S. National Transportation Safety Board and the Federal Aviation Administration. 
The National Transportation Safety Board will lead an investigation into Wednesday’s accident. It will include the Federal Aviation Administration, American Airlines, crew members’ labor unions and other parties.
The NTSB will issue a preliminary report but a final report that determines the cause or causes of an airplane crash can take months, if not more than a year.
Investigators will examine everything from air traffic control recordings, training records, cockpit voice and data recorders to black boxes if and when they are discovered, along with a host of other factors.
The accident presents a challenge to President Donald Trump days into his new term. He has not yet named a candidate to become a permanent head for the Federal Aviation Administration after Biden-appointed Mike Whitaker stepped down on Jan. 20, when Trump’s term began.
The FAA in 2023 laid out a plan designed to improve safety further and eliminate all “close calls” at airports. More

Fat Brands is spinning off sports bar chain Twin Peaks with an initial public offering.
IPO experts are expecting more companies to go public this year than last year.
Private restaurant companies like Panera Bread and Fogo de Chao will be watching the market to see if this year is the right time to go public.

Twin Peaks sports bar in Louisville, Kentucky.
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Sports bar chain Twin Peaks starts trading Thursday on the Nasdaq using the ticker “TWNP,” making it the first restaurant initial public offering of the new year and a potential litmus test for others looking to go public.
The IPO market has been tepid for several years, particularly for consumer companies. Soaring inflation, higher interest rates, cautious consumers and the risk of lower valuations scared many companies away from going public. Market conditions meant that some companies chose to seek a sale rather than trying their luck with the public markets. Even the rare success, like Cava’s IPO, didn’t convince others to follow its path.

But many are hopeful that the IPO market will thaw this year.
“Last year was a stronger year than 2023, and we’re expecting 2025 to have more IPOs than 2024,” said Nick Einhorn, vice president of research for Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs. “That could certainly include more consumer IPOs.”
Twin Peaks won’t be the first consumer company to make the leap this year — and that debut may not inspire confidence.
Pork producer Smithfield Foods, a subsidiary of Hong Kong-based WH Group, began trading on Tuesday. Shares fell 7% from its IPO price of $20 during its market debut. The company had already downsized its offering by 8.1 million shares and priced below its marketed range. Smithfield’s challenges include its ties to China, U.S. trade tensions with Mexico and proposed immigration policies that would raise its labor costs.
For its part, Twin Peaks, a Hooters rival known for its revealing uniform, is relatively small, with an estimated equity value of $1.04 billion to $1.28 billion and 115 restaurants, according to an investor presentation published by owner Fat Brands. (Fat Brands and its chair Andy Wiederhorn were criminally indicted last year for an alleged $47 million bogus loan scheme; both have denied the charges.)

Fat Brands is spinning off Twin Peaks and plans to use the cash to pay off the debt on its balance sheet.
Here are three other restaurant companies that are watching the IPO market for their chance to go public:

Panera Brands

A Panera Bread Co. restaurant in the Queens borough of New York, US, on Tuesday, Dec. 12, 2023.
Bing Guan | Bloomberg | Getty Images

JAB Holding, the investment arm of the Reimann family, has been looking to offload Panera Brands, the parent company of Panera Bread and Einstein Bros. Bagels, from its portfolio for several years. JAB originally took Panera Bread private in 2017 for $7.5 billion.
In 2021, Panera announced an investment from Danny Meyer’s special purpose acquisition company that would help the company go public. But the two parties called off the deal by mid-2022, citing market conditions.
A year and half later, in December 2023, Panera Brands confidentially filed to go public. Six months after the confidential filing, the company announced a CEO transition and tied the shakeup to “preparation for its eventual IPO.”
However, a public filing never followed. The restaurant industry began to see a pullback in spending, as many consumers opted to cook at home instead of dining out at eateries.
Plus, Panera’s Charged Lemonade went viral for all of the wrong reasons; the company removed the highly caffeinated drink from its menu after multiple wrongful death lawsuits tied to it. Panera settled with the first plaintiff in October.
Earlier this month, Panera’s CEO resigned, and the company tapped its chief financial officer to step in as interim chief. With its leadership in flux, it looks unlikely that Panera will try to go public again this year.

Fogo de Chao

A year and a half ago, Bain Capital announced that it is buying Fogo de Chao, a fast-growing Brazilian steakhouse chain. Like Krispy Kreme, Sweetgreen and Dutch Bros., the chain had filed to go public in 2021 — but it missed the window.  
Fogo de Chao has over 100 locations globally and 76 in the U.S. alone. The company plans to open another 15 restaurants this year.
Whenever the IPO market is ready, so will Fogo de Chao.
“If the optionality is there, then we’ll launch,” Fogo de Chao CEO Barry McGowan told CNBC at the ICR Conference in Orlando earlier in January. “My hope is, this year, we’ll see what happens to the consumer markets. I think it’s going to get started this year or in the next year.”
McGowan joked that Fogo de Chao’s longtime CFO Tony Laday has filed more S-1 filings than any other chief financial officer; the company filed three the first time it went public, and seven before Bain bought it.
Thanks to Bain’s investment, Fogo de Chao isn’t in a rush to go public.
“We’re not in a hurry to go. We don’t want to file seven more times. We want to be more certain before we file,” McGowan said.

Inspire Brands

The exterior of a Buffalo Wild Wings casual dining restaurant is seen on April 18, 2024 in Austin, Texas. 
Brandon Bell | Getty Images

Roark Capital assembled Inspire Brands by cobbling together a slew of acquisitions into a restaurant conglomerate.
Inspire’s portfolio includes Arby’s, Jimmy John’s, Sonic, Buffalo Wild Wings, Dunkin’ and Baskin Robbins. Across all of its brands, it has more than 32,600 restaurants globally and totals $30 billion in system sales.
Nearly a year ago, Bloomberg reported that Roark was in early-stage IPO discussions with potential advisers and seeking a valuation of $20 billion for Inspire. But it’s been crickets since then.
Still, Pitchbook identified Inspire Brands as one of 50 private equity-backed names that could go public in 2025.
“Obviously, private equity backers will want to exit their position eventually, and IPOs are often a way to do that,” Einhorn said.
And unlike Panera, Inspire has a stable leadership team. CEO Paul Brown co-founded the company and has held his role since 2018. CFO Kate Jaspon joined Inspire in 2021 after it acquired her employer Dunkin’. More than a decade ago, she was a vice president at Dunkin’ during its own IPO. More