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    UConn star Paige Bueckers touts financial literacy as NIL boosts women’s sports

    University of Connecticut star Paige Bueckers has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.
    The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.
    Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.

    Paige Bueckers, #5 of the UConn Huskies, shoots the ball in the second half during the NCAA Women’s Basketball Tournament Final Four semifinal game against the Iowa Hawkeyes at Rocket Mortgage FieldHouse in Cleveland, Ohio, on April 5, 2024.
    Steph Chambers | Getty Images

    University of Connecticut star Paige Bueckers, on the cusp of becoming a WNBA No. 1 pick, is taking her talents to the realm of financial literacy.
    The star Huskies guard has teamed up with Intuit to offer free educational financial literacy programs to athletes and students at universities nationwide.

    “I know how important financial literacy is, and learning how to manage your income, your taxes and making smart financial decisions, so for me to be able to share that opportunity with others, I think was very important,” Bueckers told CNBC.
    As part of Intuit’s new campaign, the financial technology platform will be offering a suite of financial education programs with the purpose of helping students navigate their financial future. The company says it will offer an NIL Tax Empowerment Workshop to help athletes understand the tax implications for name, image and likeness revenue streams.
    Bueckers, 23, is part of one of the first classes of student-athletes to take full advantage of the new policies allowing for NIL deals. Beginning in 2021, the NCAA relaxed its rules and for the first time began allowing students to profit off their name, image and likeness. It has dramatically changed the model for college student-athletes.
    She said she has learned most of her financial literacy through a financial advisor.
    “I’ve been very blessed, very fortunate to have this opportunity with NIL to be able to capitalize off of that, start to build wealth, start to make money in college as a student athlete. But definitely, I think at first when NIL came into play, I didn’t really know much about finances,” she said.

    To date, Bueckers has signed more than 25 deals with companies such as Gatorade, Chegg, Bose, Verizon, Madison Reed and StockX.
    In December, she made history by becoming the first NIL athlete to launch a shoe with Nike.
    Bueckers said NIL has not only been beneficial to her personally, but it has also been helpful to women’s sports overall.
    “It’s done great things to the women’s game,” she said, “in terms of the visibility of seeing people on commercials, ads and all over social media.” More

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    Best Buy shares plunge as CEO warns price increases are ‘highly likely’ due to Trump tariffs

    Best Buy beat Wall Street’s earnings and revenue expectations for its fiscal 2025 fourth quarter.
    The company saw comparable sales rise slightly year over year.
    CEO Corie Barry said price increases are “highly likely” after President Donald Trump’s tariffs on China, Mexico and Canada took effect.

    A man walks by the front of a Best Buy store at American Dream Mall on November 29, 2024 in East Rutherford City.
    Kena Betancur | Getty Images

    Best Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump’s tariffs on China and Mexico go into effect.
    On Best Buy’s earnings call, Barry said China and Mexico are the company’s top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively.

    “Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex,” Barry said. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.”
    Barry’s comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy. She spoke shortly after Target CEO Brian Cornell told CNBC that he expects consumers will see higher produce prices in a matter of days due to the Mexico tariffs.
    Barry added that the company directly imports only 2% to 3% of its products, and that Best Buy is reviewing and adjusting its supply chain sourcing. She said that the company typically carries six weeks of supply at a time, and that she expects pricing changes to affect the second through fourth quarters of the fiscal year.
    “The giant wild card here, obviously, is how the consumers are going to react to the price increases, in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment,” Best Buy CFO Matt Bilunas said on the call.
    Shares of the company fell more than 13% on Tuesday morning.

    Here’s how the consumer electronics company did compared with what Wall Street was expecting for the company’s fiscal 2025 fourth quarter ended Feb. 1, based on a survey of analysts by LSEG:

    Earnings per share: $2.58 adjusted vs. $2.40 expected
    Revenue: $13.95 billion vs. $13.70 billion expected

    Fourth-quarter revenue fell 4.8% from $14.65 billion during the same period a year ago.
    Best Buy reported fourth-quarter net income of $117 million, or 54 cents per share, compared with a net income of $460 million, or $2.12 per share, during the year-ago period. Adjusting for a noncash goodwill impairment charge related to Best Buy Health and other restructuring initiatives, Best Buy reported fourth-quarter earnings of $2.58 per share.
    Comparable sales, defined by Best Buy as revenue from online sales and stores open at least 14 months, rose 0.5% year over year for the quarter, excluding the additional week in fiscal 2024. Best Buy had forecast a change ranging from flat to down 3%. In the U.S., quarterly comparable sales rose 0.2% year over year.
    Full-year fiscal 2025 revenue came in at $41.53 billion, down 4.4% from $43.45 billion in fiscal 2024. Best Buy’s fiscal 2025 had one fewer week than the prior-year period, which the retailer estimates added $735 million in revenue to its fiscal 2024 total.
    For fiscal 2026, the company issued full-year guidance of $41.4 billion to $42.2 billion in revenue and comparable sales growth of 0% to 2% year over year.
    “We believe consumer behavior will be largely similar to last year – remaining resilient but still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases. And, at the same time, we continue to see a consumer that is willing to spend on high price point products when they need to or when there is technology innovation,” Bilunas said in a news release.
    Best Buy said the guidance does not account for the impact of recent or proposed tariffs. President Donald Trump imposed an additional 10% tariff on China starting Tuesday, on top of the 10% tariff on the country that he ordered in January. In addition, 25% duties on goods from Mexico and Canada also begin Tuesday.
    On the earnings call, Barry said a 10% tariff on China would decrease comparable sales by 1%, but that a 20% tariff wouldn’t necessarily result in a 2% reduction in comparable sales.
    “We’ve never seen this kind of breadth of tariffs, and this of course impacts the whole industry. So it’s not just a Best Buy question, it is a broad industry question. And I say that because that makes the estimation of the impact all the harder,” Barry said.
    Barry said Best Buy will launch its U.S. third-party marketplace feature by the middle of the year. The company will phase in features such as fulfillment as a service for sellers and product returns at Best Buy stores. The company already has a third-party marketplace in Canada.
    “It is still early in the process, and we are pleased with the strong interest from sellers and believe it indicates a promising launch,” Barry said.
    The retailer’s computing and mobile phones segment saw comparable U.S. sales growth of 6.5% year over year for the quarter, along with an increase of 8.5% overseas. While the phone refresh cycle hasn’t impacted sales as much over the past six years, the success of AT&T and Verizon employees assisting customers at Best Buy stores gives the company more confidence about its mobile phone sales, Barry said on a call with reporters on Tuesday.
    Amid sluggish home sales in the U.S., Bilunas said Best Buy’s appliances business is facing challenges due to consumers mostly replacing single units rather than purchasing packages and premium items. Quarterly comparable sales for appliances fell 11.4% year over year in the U.S., though they rose 4.9% in Best Buy’s international segment.
    Correction: Best Buy CEO Corie Barry spoke with reporters on Tuesday. An earlier version misstated the day.

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    Target warns February sales were soft, adding to concerns about consumer health

    Target beat Wall Street’s fourth-quarter expectations on the top and bottom lines, but it’s planning for a rough first quarter, adding to concerns about consumer health. 
    The big-boxer’s forecast comes after other retailers like Walmart raised concerns about a slow start to the year and economic data showed consumer confidence is falling. 
    Target’s issues are often self-inflicted, but its guidance can offer glimpses into larger spending patterns because of its size and the range of consumers it serves.

    Target on Tuesday warned that it expects a “meaningful” drop in first-quarter profit compared to the year-ago period as it contends with “ongoing consumer uncertainty,” soft sales in February and concerns around tariffs. 
    The first three months of the year tend to be slow for retailers because consumers typically pull back after the holiday shopping season. But Target’s tepid guidance comes after Walmart and E.l.f. Beauty raised concerns last month about a slower than usual start to the year.

    Coupling those weak forecasts with a sharper-than-expected decline in consumer spending in January and the biggest drop in consumer confidence since 2021 in February, Target’s guidance is the latest warning sign about the health of the consumer and the U.S. economy.
    Plenty of Target’s troubles have been self-inflicted in recent years, but as a big-box retailer that caters to large swaths of the population, its performance can offer insight into spending patterns ahead, especially when other companies have made similar comments. 
    In a statement, Target’s finance chief Jim Lee said February sales were “soft” and “declining consumer confidence” hurt discretionary sales. He also blamed “uncharacteristically cold weather,” saying it affected apparel sales. 
    “We expect to see a moderation in this trend as apparel sales respond to warmer weather around the country, and consumers turn to Target for upcoming seasonal moments such as the Easter holiday,” said Lee. “We will continue to monitor these trends and will remain appropriately cautious with our expectations for the year ahead.”
    Target CEO Brian Cornell also told CNBC that President Donald Trump’s 25% tariffs on Mexican imports set to take effect Tuesday could force the company and other grocers to raise price on produce like bananas, strawberries and avocados in the coming days.

    Beyond its outlook, Target reported fiscal fourth-quarter earnings and revenue that beat Wall Street’s expectations.
    Here’s how Target did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

    Earnings per share: $2.41 vs. $2.26 expected
    Revenue: $30.92 billion vs. $30.82 billion expected

    Target’s net income for the three-month period that ended Feb. 1 was $1.10 billion, or $2.41 per share, compared with $1.38 billion, or $2.98 per share, a year earlier.
    Sales dropped to $30.92 billion, down about 3% from $31.92 billion a year earlier. In the year-ago period, Target benefited from an extra week, which has skewed year-over-year comparisons.
    For its current fiscal year, Target is expecting earnings per share to be between $8.80 and $9.80, which at the midpoint is more or less in line with estimates of $9.31, according to LSEG. However, it’s expecting sales to grow just 1%, well behind estimates of 2.6%, according to LSEG.
    Target’s first-quarter guidance will also likely surprise investors. While it declined to share specific figures, Target said it’s expecting “to see meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year.” Meanwhile, analysts were expecting profits to grow 0.9%, according to LSEG.
    In the leadup to Target’s earnings report, the retailer raised its comparable sales guidance for the fourth quarter in January after it saw steady traffic during the crucial holiday shopping months, but it stood by its profit guidance, indicating that it relied on deals and discounts to drive sales.
    That strategy ultimately impacted profits. During the quarter, Target’s gross margin fell about 0.4 percentage points due in part to “higher promotional and clearance markdown rates,” it said in a press release.
    Target, which has long enticed shoppers with its wide range of discretionary merchandise, has struggled to win consumers over with those nice-to-have items amid persistent inflation, high interest rates and steep competition from online discounters and rival Walmart. That shift in mix has hurt Target because discretionary merchandise tends to be more profitable to sell than household essentials like groceries and toothpaste.
    The company has said that it’s been able to drive momentum when it offers new eye-catching merchandise – such as fresh workout gear, pet accessories or seasonal flavors of food. 
    For example, customers showed up and spent when Target started selling leggings from All In Motion, which came in bright colors and glittery patterns, for $25, Chief Commercial Officer Rick Gomez told CNBC in an interview last month. They also responded well when Target redesigned bras from its intimates and sleepwear line, Auden.
    “When we have newness with style, on trend, at affordable prices, the consumer is willing to shop,” Gomez said.
    During the fourth quarter, comparable sales trends in apparel grew by nearly 4 percentage points compared to the third quarter and Target is looking to sustain that momentum. At the end of February, Target said it was partnering with Champion and Warby Parker, which will see both brands show up in Target stores and online.
    As part of its multiyear deal with Champion, Target will carry an exclusive line of sportswear that’s designed more for lounging and living, rather than proper gym clothes. With Warby Parker, Target will open five shop-in-shops and start offering the eyewear brand’s products online, with a larger rollout planned for next year.
    The partnerships are designed to entice shoppers with fresh merchandise, bring new customers in and position Target to compete against its rivals, but it may take some time before these deals start bearing fruit.
    Even though the agreements were announced at the beginning of the year, they won’t officially launch until the second half of 2025.

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    China retaliates with additional tariffs of up to 15% on some U.S. goods from March 10

    China announced Tuesday it would impose additional tariffs of up to 15% on some U.S. goods from March 10 and restrict exports to 15 U.S. companies.
    The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional U.S. tariffs took effect on Chinese goods.
    After the first round of new U.S. tariffs in February, China’s retaliatory measures included raising duties on certain U.S. energy imports and putting two U.S. companies on an unreliable entities list that could restrict their ability to do business in the Asian country.

    Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019.
    Aly Song | Reuters

    BEIJING — China announced Tuesday it would impose additional tariffs of up to 15% on some U.S. goods from March 10 and restrict exports to 15 U.S. companies.
    The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional U.S. tariffs took effect on Chinese goods.

    The additional Chinese tariffs largely cover U.S. agricultural goods, including corn and soybeans, which will be subject to new duties of 15% and 10%, respectively, according to the finance ministry’s website.
    Companies affected by the export controls include Leidos and General Dynamics Land Systems, according to the commerce ministry.
    China’s relationship with the U.S. is bound to see disagreements, but China will not accept pressuring or threatening, Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress, told reporters Tuesday morning.
    The congress is set to kick off an annual meeting on Wednesday.
    The White House has confirmed that new duties of 10% on Chinese goods are set to take effect Tuesday, bringing the total amount of new tariffs imposed in just about a month to 20%.

    In a statement published earlier in the day, China’s Ministry of Commerce said Beijing “firmly rejects” additional U.S. tariffs on Chinese goods and will take countermeasures.
    The duties will “hurt” U.S.-China trade relations and China urges the U.S. to withdraw them, the ministry said in Chinese, translated by CNBC. Beijing has previously warned of countermeasures, but had yet to detail any as of Tuesday morning.

    Tariff ‘displeasure’

    “Trade wars carry the risk of retaliation and escalation — and certainly in the case of China, and in the case potentially of Canada and Mexico, which also will be facing tariffs today … we would expect some response to come,” Frederique Carrier, head of investment strategy at RBC Wealth Management, told CNBC’s “Capital Connection” on Tuesday.
    “A response perhaps that is not tit-for-tat exactly but a targeted response to show the displeasure that these countries are experiencing at getting tariffs,” Carrier said.
    After the first round of new U.S. tariffs in February, China’s retaliatory measures included raising duties on certain U.S. energy imports and putting two U.S. companies on an unreliable entities list that could restrict their ability to do business in the Asian country.
    The average effective U.S. tariff rate on Chinese goods is thus set to hit 33%, up from around 13% before U.S. President Donald Trump began his latest term in January, according to estimates from Nomura’s Chief China economist Ting Lu.
    China’s state-backed Global Times reported Monday, citing a source, that Beijing was considering retaliatory tariffs on U.S. agricultural products.
    U.S. exports of agricultural products such as soybeans to China account for the largest share of U.S. goods exported to China at 1.2%, or $22.3 billion, as of 2023, according to Allianz Research analysis.
    Oil and gas ranked second by share at 1%, or $19.3 billion, the research showed. Pharmaceuticals ranked third at 0.8% or $15.6 billion. More

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    Trump’s new tariffs are set to be his most extreme ever

    HE HAS ACTUALLY gone and done it. President Donald Trump had long threatened to impose hefty tariffs on Canada and Mexico, America’s two biggest trading partners. Last month, when they were first due to take effect, he offered both countries a last-minute reprieve. Now he is in no mood to play nice. As we published this, new tariffs were set to come into effect at 12:01am EST on March 4th. America will hit imports from its two neighbours with levies of 25%. For good measure, Mr Trump will also add another 10% tariff on Chinese goods, on top of the 10% charge he implemented last month, which itself added to tariffs imposed in his first term. More

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    Trump’s new tariffs are his most extreme ever

    HE HAS ACTUALLY gone and done it. President Donald Trump had long threatened to impose hefty tariffs on Canada and Mexico, America’s two biggest trading partners. Last month, when they were first due to take effect, he offered both countries a last-minute reprieve. This time, he was in no mood to play nice. New tariffs came into effect at 12:01am EST on March 4th, when America hit imports from its two neighbours with levies of 25%. For good measure, Mr Trump added another 10% tariff on Chinese goods, on top of the 10% charge he implemented last month, which itself added to tariffs imposed in his first term. More

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    Inflation will move toward 2% target, but risks to outlook are rising, says Fed’s Musalem

    During a keynote address at the National Association for Business Economics conference, Musalem noted that his baseline case is for inflation to gradually move toward the central bank’s 2% target. 
    However, “near-term inflation expectations have risen substantially over the last few weeks, and that’s something I’m watching closely,” Musalem added.

    Alberto Musalem, President and CEO of the Federal Reserve Bank of St. Louis, speaks to the Economic Club of New York, in New York City, U.S., Feb. 20, 2025.
    Brendan McDermid | Reuters

    WASHINGTON — The risks for higher inflation are on the rise, St. Louis Federal Reserve President Alberto Musalem said Monday.
    During a keynote address at the National Association for Business Economics conference, Musalem noted that his baseline case is for inflation to gradually move toward the central bank’s 2% target. This scenario requires inflation expectations to remain anchored and stable, he noted.

    However, “near-term inflation expectations have risen substantially over the last few weeks, and that’s something I’m watching closely,” Musalem added.
    Indeed, the February reading on The Conference Board’s consumer confidence index reflected the largest one-month drop since August 2021, as inflation expectations rise. The Institute for Supply Management’s manufacturing PMI also showed a sharp increase in prices within the sector for the month.
    “Businesses and households are clearly more sensitive to expectations of higher inflation,” Musalem said. “That’s why the risks seem more skewed to the upside, but the baseline is for continued disinflation.”
    Investors came into 2025 expecting the Fed to lower rates this year. However, the central bank kept rates at their current 4.25%-4.5% range after its January meeting, where it noted that inflation remained “somewhat elevated.”
    The CME Group’s FedWatch tool also shows that traders are pricing in a 93% likelihood that the Fed will keep rates at their current levels at the central bank’s March meeting.
    Musalem’s remarks come as investors brace for U.S. tariffs on imports from China, Mexico and Canada — with many worried the levies will drive prices higher, thus making it harder for the Fed to ease rates going forward.

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    Serena Williams joins WNBA ownership group in Toronto

    Serena Williams, the former top tennis player in the world, has joined the ownership group of the Toronto Tempo.
    Williams will help the Canada-based WNBA team with its visual identity.
    The tennis legend also has ownership stakes across the National Women’s Soccer League, the National Football League and TGL Golf.

    Serena Williams, one of sport’s greatest champions, joins Canada’s first WNBA team as a managing partner.
    CNW Group | Toronto Tempo

    Tennis superstar Serena Williams is continuing her investment in women’s sports with a new ownership stake in the Women’s National Basketball Association’s Toronto Tempo, the team announced Monday.
    The Tempo, the WNBA’s first expansion team in Canada, will begin play in the 2026 season and is also owned by Larry Tanenbaum, chairman of Kilmer Sports Ventures.

    “I have always said that women’s sports are an incredible investment opportunity. I am excited to partner with Larry and all of Canada in creating this new WNBA franchise and legacy,” Williams said in a statement.
    The size of Williams’ stake was not disclosed.
    As part of Williams’ role with the team, she will play an active role in the team’s visual look from jersey designs to merchandise collaborations.
    “Serena is a champion,” said Teresa Resch, president of the Tempo Basketball Club. “She’s the greatest athlete of all time, and her impact on this team and this country is going to be incredible.”
    The deal is pending final approval from the league.

    Since retiring from tennis in August 2022, Williams, the former No. 1 tennis player with 23 Grand Slam singles championships, has been busy building her off-court portfolio.
    She is also a minority owner in the National Women’s Soccer League’s Angel City FC, the National Football League’s Miami Dolphins and TGL’s Los Angeles Golf Club. More