Raphael Stevens

General Motors is reducing the price of its new Chevrolet Blazer EV as it restarts sales of the vehicle Friday following a stoppage to address software issues.
The issues were all with the vehicle’s software, and were fixed without any physical changes to the vehicle, according to a GM executive.
The price reductions are up to $6,520 for currently available Blazer EV models before a $7,500 federal tax credit that the vehicle now qualifies for fully.

The Chevrolet All-Electric Blazer EV.
Scott Mlyn | CNBC

DETROIT — General Motors is reducing the price of its new Chevrolet Blazer EV by thousands of dollars as it restarts sales of the vehicle Friday following an 11-week stoppage to address software issues.
Current 2024 Blazer EV models will start at $50,195, or $6,520 less than when it first went on sale in August. That excludes a $7,500 federal tax incentive that the vehicle now qualifies for fully.

GM halted sales of the electric vehicle in late December following reports by customers and media of problems involving the vehicle’s infotainment and charging systems, including an inability to charge its battery that could leave drivers stranded.
The issues all affected the vehicle’s software and were fixed without any physical changes to the vehicle, according to Baris Cetinok, GM’s vice president of product, software and services. They ranged from small bugs in coding to the vehicle’s ability to communicate with certain public EV chargers.
“There is not this singular, predominant root cause that causes all of these issues,” Cetinok told CNBC during an interview. “It’s circumstances and rare cases coming together.”
Cetinok, a former Apple executive who joined GM in September, said many issues were “rare but still disruptive.” The automaker initiated the stop-sale to avoid issues for additional customers.

The 2024 Chevrolet Blazer SS EV.

To find and address the problems, GM conducted a “testing matrix” involving repeatedly rewriting and testing coding as well as physical on-road testing across the country, Cetinok said.

“For us, it was important to get it right rather than fast. Right and fast is of course ideal, but the point is we rather put the pain on ourselves to take the time and pause and fix it,” he said.
GM said the processes to fix the Blazer EV have helped it strengthen its software quality validation testing for future vehicles.

Still no Apple CarPlay

In addition to fixing the software issues, GM added or changed some features following early customer feedback. They include customizable multicolor ambient lighting and revised driver information graphics, including a battery percentage display.
GM will not reinstate Apple CarPlay and Android Auto in the Blazer or future vehicles, according to Cetinok. He contends GM’s programs that can communicate with the rest of the vehicle’s internal systems offer a better customer experience and more functionality than a third-party add that simply overlays onto a screen.

Apple CarPlay.
Source: Apple Inc.

“When you are a company that is deeply vertically integrated, that is actually in the business of creating the hardware as well as software and service, you can create far more seamless experiences,” Cetinok said. “Vertical integration is the best way to go.”
GM made waves last year when it said its future EVs would not include the features, which essentially mirror functions such as navigation, music and others from a smartphone to the vehicle’s infotainment system.
The vertical integration also is expected to help GM reap revenue from potential infotainment subscriptions and services. In October 2021, GM projected annual software and services revenue would be around $20 billion to $25 billion from an estimated 30 million connected vehicles by the end of this decade.

Price cuts

The $50,195 starting price for available 2024 Blazer EVs is $6,520 less than when it first went on sale in August. More expensive “RS” models of the Blazer EV will be reduced by $5,620 to starting prices of $54,595 for all-wheel drive, or $56,170 for rear-wheel drive.
Additional pricing for other models, including a sub-$50,000 trim, will be announced closer to when the vehicles go on sale beginning later this year.

The 2024 Chevrolet Blazer SS EV.

The new pricing is before a $7,500 federal tax credit that the vehicle now qualifies for as part of the Biden administration’s Inflation Reduction Act of 2022. GM changed materials sourcing so the vehicle would qualify for the full incentive.
“We are excited to have the Chevrolet Blazer EV available again, this time with a compelling price, enhanced features and functionality and qualifying for the full consumer tax credit. I encourage customers to visit their nearest Chevy dealership to test-drive this amazing vehicle,” Chevrolet Vice President Scott Bell said in a statement.
Vehicle pricing is one of several problems for EV adoption, which has been slower than many expected just months ago. The price reductions get the vehicle closer in line to the gas-powered Blazer, which starts between roughly $37,000 and $48,000.

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Novo Nordisk CEO Lars Fruergaard Jørgensen said the company’s experimental weight loss drug pill, amycretin, could eventually become a best-in-class treatment for obesity. 
The Danish drugmaker is racing to capitalize on the runaway success of its blockbuster weight loss drug Wegovy by developing a new generation of treatments for obesity.
His remarks came one day after Novo Nordisk impressed investors with early-stage trial data on amycretin.

Novo Nordisk CEO Lars Fruergaard Jørgensen on Friday said the company’s experimental weight loss pill, amycretin, could eventually become a best-in-class treatment for obesity. 
The Danish drugmaker is racing to capitalize on the runaway success of its blockbuster weight loss drug Wegovy by developing a new generation of treatments for obesity, including more convenient and potentially cheaper pills. 

His remarks came one day after Novo Nordisk impressed investors with early-stage trial data on amycretin. Patients on the pill lost about 13.1% of their weight after 12 weeks, Jørgensen said on CNBC’s “Money Movers.” 
That surpasses the 6% weight loss seen in those who took Wegovy after the same time period. It also adds to the growing enthusiasm around the potential of weight loss pills. 

Lars Fruergaard Jørgensen, CEO of Novo Nordisk, speaks during an interview in New York on Aug. 10, 2022.
Christopher Goodney | Bloomberg | Getty Images

Along with convenience for patients, pills could help alleviate some of the supply constraints plaguing weight loss injections. Wegovy, along with similar drugs, has soared in demand and slipped into intermittent shortages over the past year due to its ability to help patients shed significant weight over time. 
“We believe in the future there’ll be different segments of anti-obesity treatments, with different patients having different preferences,” Jørgensen told CNBC. “Some will prefer an injectable and we really believe that once we can take a pill, it’s a very convenient offering.”
But those pills won’t join the market any time soon. A midstage trial on amycretin will begin in the second half of this year, with results expected in early 2026, the company said Thursday. 

In a separate interview with Reuters on Friday, Novo Nordisk’s head of development Martin Holst Lange said the company is comfortable in being able to launch amycretin this decade.
Amycretin suppresses appetite by targeting the same gut hormone that Wegovy mimics, which is known as GLP-1. But amycretin also targets a pancreas hormone called amylin, which affects hunger.
U.S.-traded shares of Novo Nordisk rose as much as 8.3% on Thursday after the company released the data, extending the past year’s 68% gain. But the company’s stock fell 2% on Friday. 

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The Food and Drug Administration has pushed back its approval decision deadline for Eli Lilly’s experimental Alzheimer’s drug donanemab in a surprise move, the drugmaker said. 
The agency plans to call a last-minute meeting of its outside advisors to further review the treatment’s safety and efficacy
The FDA was expected to decide whether to greenlight the medicine by the end of the first quarter. That deadline was already delayed from an expected approval last year. 

Eli Lilly headquarters in Indianapolis, Indiana, US, on Wednesday, May 3, 2023. Eli Lilly & Co.’s shares climbed in early US trading after its experimental drug for Alzheimer’s slowed the progress of the disease in a final-stage trial, paving the way for the company to apply for US approval.
AJ Mast | Bloomberg | Getty Images

Eli Lilly said Friday that the Food and Drug Administration has pushed back its approval decision deadline for the drugmaker’s experimental Alzheimer’s treatment donanemab in a surprise move.
The agency plans to call a last-minute meeting of its outside advisors to further review the treatment’s safety and efficacy in a late-stage trial, Eli Lilly added. The FDA has not disclosed the date of that meeting, so a potential approval would likely come after this month.

The FDA was expected to decide whether to greenlight the medicine by the end of the first quarter. That deadline was already delayed from an expected approval last year. 
The agency’s decision to call for an advisory meeting reflects the high stakes of developing treatments for Alzheimer’s. The condition affects more than six million Americans and currently has no cure, leaving patients who have it with few effective care options. 
It’s another setback for Eli Lilly, which is racing to compete with Biogen and Eisai. Their treatment Leqembi won approval last year, becoming the first medicine proven to slow the progression of Alzheimer’s in people at the early stages of the memory-robbing disease. 
Eli Lilly called the delay “unexpected,” but said it is confident in donanemab’s “potential to offer very meaningful benefits to people with early symptomatic Alzheimer’s disease,” according to a release. 
“We will work with the FDA and the stakeholders in the community to make that presentation and answer all questions,” said Anne White, president of neuroscience at Eli Lilly, in a release. More

The number of family offices in the world has tripled since 2019, setting off a new race among private equity firms, hedge funds and venture capital firms to attract their investments.
According to a new report from Preqin, the number of family offices worldwide topped 4,500 last year, with a concentration in North America.
Experts say family offices now manage $6 trillion or more, and their ranks are growing.

Westend61 | Westend61 | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The number of family offices in the world has tripled since 2019, setting off a new race among private equity firms, hedge funds and venture capital firms to attract their investments.

According to a new report from Preqin, the number of family offices — the private investing arms of wealthy families — topped 4,500 worldwide last year. North America has the largest share of family offices, with 1,682. More than half of all the family office assets in the world are in North America.
Experts say family offices now manage $6 trillion or more, and their ranks are growing. There are more than 2,600 billionaires in the world, almost all of them requiring a family office. And the number of people in the world worth $100 million or more — the typical threshold for a family office — has surged to more than 90,000, according to Wealth-X, an Altrata company. In other words, there is more room to run.

The family office boom has caught the attention of private equity firms and other alternatives managers who are looking to raise funds. Blackstone, KKR and Carlyle have all been expanding their teams, funding events and building products catering specifically to family offices.
“The larger private equity managers are trying to compete there by putting in resources and time,” said Rachel Dabora, research insights analyst at Preqin. “Ultra-high-net-worth investors and family offices are really on their radar.”
On the surface, family offices are dream clients for alternatives. For years, family offices sought basic wealth preservation with traditional stocks-and-bonds portfolios. Now they’re more like institutional investors, seeking higher long-term returns with private equity, venture capital, hedge funds, infrastructure and real estate. Family offices have the highest allocation to hedge funds of any type of institutional investor, according to Preqin.

Granted, the past two years have been tough on private equity, venture capital and many hedge fund returns.
More than half of the family offices that Preqin surveyed said they have been disappointed with their venture capital returns, while a third have been disappointed with private equity. Yet they remain hopeful for this year and beyond, with a majority saying private equity and venture capital will do better over the next 12 months.
Private equity firms are going after the family office market aggressively. Blackstone, which has served wealthy individuals for decades through its Private Wealth Solutions business, is ramping up its Private Capital Group, which serves family offices, billionaires and the largest, most sophisticated individual investors. That team has doubled to 25 people over the past few years and is likely to keep growing, according to Craig Russell, global head of Blackstone’s Private Capital Group.
“We view this as a substantial and growing opportunity for Blackstone,” Russell said.
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Costco on Thursday missed Wall Street’s revenue expectations for its holiday quarter, despite reporting year-over-year sales growth.
More shoppers came to Costco, and they spent more on their shopping trips during the quarter.
E-commerce sales grew 18.4% in the quarter compared with the year earlier.

Mandel Ngan | Afp | Getty Images

Costco on Thursday missed Wall Street’s revenue expectations for its holiday quarter, despite reporting year-over-year sales growth and strong e-commerce gains.
Shares of the retailer fell about 4% in aftermarket trading. The retailer’s stock had hit a 52-week high earlier in the day.

Here’s what the retailer reported for its fiscal second quarter of 2024 compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: $3.92 vs. $3.62 expected
Revenue: $58.44 billion vs. $59.16 billion expected

In the three-month period that ended Feb. 18, Costco’s net income rose to $1.74 billion, or $3.92 per share, compared to $1.47 billion, or $3.30 per share, a year earlier.
Costco’s revenue for the quarter increased from $55.27 billion in the year-ago period.
Comparable sales for the company increased 5.6% year over year and 4.3% in the U.S. Excluding changes in gas prices and foreign currency, the metric increased 5.8% overall and 4.8% in the U.S.
Sales of food and sundries, a category that includes snack foods and beverages, were up by mid single-digits in the quarter, CFO Richard Galanti said on the company’s earnings call. Fresh foods were up high single-digits and non-foods were up mid single-digits.

Ancillary businesses, which includes more service-related purchases like travel, were up by low single-digits, he said. Costco’s food court, pharmacy and optical centers were top performers in the quarter and gas was down low single-digits as the price per gallon fell.
More shoppers came to Costco, and they spent more on their shopping trips during the quarter. Traffic increased 5.3% across the globe and 4.3% in the U.S., Galanti said on the earnings call. Average ticket increased in the U.S. and worldwide, he said.
Inflation was roughly flat year over year in the quarter, which allowed the retailer to reduce prices for some items, Galanti said. For example, he said, it’s been able to cut the price of reading glasses from $18.99 to $16.99 and slash the price of a 48-count of Kirkland Signature batteries from $17.99 to $15.99. In the prior quarter, he said inflation was as much as 1% year over year.
Galanti said many new items in categories like sporting goods and lawn and garden will also have lower prices compared with a year ago because of falling freight and commodity costs.
Costco has 875 warehouses, including 603 in the U.S. and Puerto Rico. It also has clubs in about a dozen other countries, including Canada, Mexico, Japan and China.
In the second quarter, Costco opened four new clubs, including three in the U.S. and one in Shenzhen, China. That marked its sixth club to open in China, Galanti said. Two of the three new U.S. locations were Costco Business Centers, which are specifically geared toward small business owners like restaurant operators.
As of Thursday’s close, Costco shares have risen nearly 19% since the start of the year. The stock touched a 52-week high of $787.08 earlier in the day and closed at $785.59, bringing the company’s market value to nearly $350 billion.

Digital growth

Costco has made changes to its website to improve the experience for online shoppers, Galanti said Thursday. It’s also tweaked its business to be more digitally savvy.
E-commerce sales grew 18.4% in the quarter compared with the year earlier.
For example, Costco rolled out a new mobile app homepage in February, which loads in less than two seconds compared with eight seconds previously — a move he said was crucial since about 60% of its e-commerce business is done through its mobile app and mobile browser.
It rolled out Apple Pay last week to all members online. And it’s adding more merchandise to Costco Next, a seller platform that allows members to buy directly from some of the retailer’s suppliers at a discounted price. The marketplace carries a wide variety of items, including electronics, bicycles and apparel, he said.
E-commerce sales have also gained momentum as Costco has gotten better in recent months at touting the value of its online merchandise, particularly for big-ticket items like appliances, mattresses and tires, he said.
App downloads were up 2.8 million in the quarter and and currently total about 33 million, Galanti said.

Membership fees

Costco has seen more membership sign-ups as the company has cracked down on membership sharing, Galanti said. During the pandemic, he said the warehouse club noticed more people using their mom or dad’s membership card and let it slide. Then, he said, the membership sharing grew because self-checkout became more common at clubs.
Now, he said, Costco is requiring more checking of membership cards to make sure it matches the shopper.
“Are we getting some new you signups from it? Absolutely,” he said. “Relative to the 60 or 70 million members it’s not terribly meaningful, but it’s more fair and the right thing to do.”
Yet he said member sharing at Costco wasn’t as large of a problem as Netflix, another company that cracked down. Compared with Netflix, he said, it was harder for Costco members to share because they still needed to have a person’s physical card when they walked in.
Investors have been waiting for Costco to raise its membership fees for more than a year. The company has typically increased its annual fee roughly every five and a half years. It last hiked fees in June 2017.
But Galanti said the company is not hiking the fee yet. Though he added, “It’s when, not if.”
The longtime CFO, who is retiring, has hosted all but one earnings call since Costco went public in 1985. He joked on Thursday’s call that the fee hike will be a task for his successor, Gary Millerchip, the former CFO of Kroger, after he takes over in mid-March.
“I’ve been joking with Gary, it will be on his watch, not mine,” Galanti said.
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Gap’s holiday earnings came in ahead of Wall Street’s expectations as its largest banner Old Navy returned to growth for the first time in more than a year.
The apparel retailer, which also runs its namesake brand, Banana Republic and Athleta, has been grappling with a sales slump across its business.
Old Navy and Gap have seen signs of progress but Banana Republic and Athleta are still dragging down sales and profits.

A general view of an Old Navy store. 

Gap’s largest banner Old Navy returned to growth for the first time in more than a year during its holiday quarter as the retailer delivered earnings on Thursday that came in well ahead of Wall Street’s expectations. 
Sales at Old Navy grew 6% to $2.29 billion, and Gap’s overall gross margin surged 5.3 percentage points to 38.9% thanks to fewer markdowns and lower input costs. Analysts had expected a gross margin of 36%, according to StreetAccount. 

Shares of Gap jumped about 5% in extended trading following the report.
Here’s how the retailer did in its fourth fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: 49 cents vs. 23 cents expected
Revenue: $4.3 billion vs. $4.22 billion expected

The company’s reported net income for the three-month period that ended February 3 was $185 million, or 49 cents per share, compared with a loss of $273 million, or 75 cents per share, a year earlier.
Sales rose slightly to $4.3 billion, up about 1% from $4.24 billion a year earlier. Like other retailers, Gap benefited from a 53rd week during fiscal 2023 and without it, sales would’ve been down during the quarter. The extra week contributed about four percentage points of growth during the fiscal fourth quarter, the company said. 
Comparable sales during the quarter were flat, compared to estimates of down 1.1%, according to StreetAccount. In-store sales were up 4% while online sales decreased 2% and represented 40% of total revenue. 

The retailer decreased inventory by 16% during fiscal year 2023, and with those levels now in check, Gap is working to hold the line on promotions and drive full price selling.
During the quarter, Gap saw higher average selling prices across all of its brands, and it expects to grow its gross margin by at least a half percentage point in fiscal 2024.
“We were the authorities of taking on-trend basics, expressing it in ways that drove cultural conversations. At its best, we were a pop culture brand that did much more than sell clothes and as you know, we all know, we lost our edge. We devolved from a pop culture brand to a clothing retailer, and today we’re moving again,” CEO Richard Dickson told CNBC in an interview.
“We’re getting our vibe back.”

Staging a turnaround

Headed into the holiday season, Gap struck a cautious tone with its outlook as it warned of an “uncertain consumer environment,” and on Thursday, it reiterated those concerns. 
In the current quarter, it expects sales to be roughly flat, compared to estimates of down 0.2%, according to LSEG. For the full year, it expects sales to also be roughly flat, on a 52-week basis, compared to estimates of up 0.5%, according to LSEG. 
“I think we have to look at 2023 where we did see a lot of volatility and uncertainty in the environment. We have inflation, student loan payments, high interest rates, we had dwindling consumer savings. Now fortunately, despite many predictions to the contrary, we didn’t see a recession in the year but our industry was definitely affected,” said Dickson.
“While the apparel market is currently expected to decline in 2024, there are always winners in every market, and we’re seeing the consumer react to newness,” he said. “We’re seeing innovative marketing drive traffic, and it’s inspiring us to believe that we are on the right track with our reinvigoration playbook.”
It’s been a little over six months since Dickson, the former Mattel boss credited with re-igniting the Barbie brand, took over as Gap’s chief executive, and in that time, he’s focused on breathing relevancy back into the retailer’s legacy brands and getting them back to growth. 
Last month, Gap announced it had tapped fashion designer Zac Posen to be its creative director and Old Navy’s chief creative officer. Given its size and contributions to revenue, Gap cannot succeed if Old Navy isn’t winning, and for more than a year, sales have been down even at a time when consumers are hungry for bargains and affordable options. 
Posen, who got his start designing couture gowns and specializes in women’s dresses, is a key hire to Dickson’s executive team. He helps fill in the gaps when it comes to design and apparel, which are areas where Dickson lacks expertise as he’s spent the majority of his career at a toy company. He’ll also play a key role in reigniting cultural relevance across Gap, said Dickson.
“His creative expertise, and his clarity on culture, you know, they’ve consistently evolved American fashion, making him a great fit for the company as we look to energize our culture of creativity and we look to reinvigorate these storied brands,” said Dickson. “His role as chief creative officer at Old Navy is really to harmonize, orchestrate and dial up the storytelling across product and marketing.”
Prior to Posen’s appointment, Dickson hired Eric Chan, the former CFO of the LA Clippers, to be Gap’s chief business and strategy officer. He also hired his former colleague Amy Thompson, Mattel’s former chief people officer, to take on the same role at Gap. 

Banana and Athleta lag

On the back end, Gap has made improvements in growing its gross margin and streamlining its cost structure, but it’s been grappling with a steep decline in sales across its four brands: its eponymous banner, Old Navy, Athleta and Banana Republic. 
Gap and Old Navy have seen some signs of progress but Athleta and Banana Republic have been dragging on the overall business. 
When it comes to Banana, Dickson told CNBC he is “encouraged by the brand’s aesthetic direction” but said it’s going to take time to build back its momentum.
“We gotta get really strong in fixing the fundamentals and strengthening these fundamentals in order to drive more consistent results,” said Dickson. “And that’s what we’re really going to be focused on, our day to day execution, building upon the insights that we’re learning.”
Athleta is still in a state of recovery after numerous leadership shifts and a number of missteps when it came to designing the right type of product in the right styles and colors. It’s also missed the mark in its stores and its marketing, said Dickson.
In August, Athleta named former Alo Yoga President Chris Blakeslee its next CEO, and Dickson said the brand has made strides since he’s come aboard.
“We started the year with a much cleaner palette and we’ve seen early successes in these new arrivals at full price and we’re getting encouraged by the consumer’s reaction,” said Dickson. “I really like where the team is going. We’ve got a new drop strategy, which they’ve been testing, there’s new innovation, color has started to enter the stores and reacted really well.”
Here’s a closer look at each brand’s performance during the fourth quarter:

Old Navy: Sales were up 6% to $2.29 billion while comparable sales were up 2%, ahead of estimates of up 1%, according to StreetAccount. 
Gap: Sales were down 5% to $1.01 billion, weighed down by selling the brand’s China business, while comparable sales were up 4%, well ahead of estimates of down 1.3%, according to StreetAccount. The brand saw strength in the women’s category. 
Banana Republic: Sales were down 2% to $567 million were down 2% while comparable sales were down 4%, better than the 6.7% decline analysts had expected, according to StreetAccount. The company noted that Banana has made progress in “elevating its aesthetic” but re-establishing the brand “will take time and there is work to be done to better execute many of the fundamentals.” 
Athleta: Sales were down 4% to $419 million while comparable sales were down a steep 10%. Gap noted that Athleta’s performance improved compared to the prior quarter, but said sales are sluggish as the brand looks to hold the line on pricing and lap a prior period of elevated markdowns. 

Correction: This story has been updated to correct the spelling of fashion designer Zac Posen’s name. More

Astra co-founders Chris Kemp and Adam London signed an agreement with the company’s board to acquire all outstanding common stock at 50 cents a share.
The board’s believed the take-private deal was “the only alternative” to filing for Chapter 7 bankruptcy.
Astra recorded more than $750 million in net losses since announcing it would go public in 2021 via a SPAC.

Rocket LV0006 tilts during liftoff.
Astra / NASASpaceflight

Space company Astra will go private in a cut-rate deal with its founders after a dismal run as a publicly-traded stock.
Astra co-founders Chris Kemp and Adam London – CEO and CTO, respectively – signed an agreement with the company’s board to acquire all outstanding common stock at 50 cents a share. The deal is expected to close in the second quarter.

A special committee of the board, with Kemp and London abstaining, voted in favor of the take-private plan. After the founders last month cut their offer from $1.50 a share to 50 cents, the board’s committee emphasized it believed the deal was “the only alternative” to filing for Chapter 7 bankruptcy.
Astra’s stock, halted at 85 cents a share near the time of the announcement, closed at 58 cents a share Thursday.
The company’s market value is about $13 million at current levels, a sliver of the $2.6 billion equity valuation it went public at via a SPAC three years ago.

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The San Francisco-area company, incorporated in 2016, once aimed to mass produce small rockets and conduct launches as often as daily.
Since its stock debut, Astra’s rockets reached orbit twice – but the company also suffered three launch failures.

An Astra Spacecraft Engine during testing.

Its rocket-launching business has been on hiatus since a June 2022 mission failure. Despite acquiring a spacecraft propulsion business, the company was unable able to drive meaningful quarterly revenue and conducted layoffs last year in a bid to survive.
The company recorded more than $750 million in net losses since announcing it would go public. More