Raphael Stevens

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    StubHub sees 60% jump in ticket sales for NBA season as international interest surges

    StubHub’s annual NBA preview sees ticket sales up nearly 60% for this upcoming season compared to last season.
    Fans from 92 countries will flock to North America for games in a 120% increase in international ticket sales, the company said.
    LeBron James’ Los Angeles Lakers top the list as the most in-demand team. The defending champion Denver Nuggets didn’t crack the top 10.

    Anthony Davis, #3 of the Los Angeles Lakers, drives to the basket during the game against the Milwaukee Bucks at Crypto.com Arena in Los Angeles on Oct. 15, 2023.
    Adam Pantozzi | National Basketball Association | Getty Images

    With the National Basketball Association season tipping off next week, StubHub sees ticket sales up nearly 60% compared to last year, with the Los Angeles Lakers returning to the top of the list as the most in-demand team.
    The ticket exchange’s annual NBA preview breaks down the company’s projections for the upcoming basketball season based on years of data, according to spokesperson Adam Budelli. The season kicks off Oct. 24.

    Across the board, Budelli told CNBC that all teams are seeing an encouraging rise in demand this season, with international interest surging. Fans from 92 countries — up 24 from last season — are flocking to North American games, he said. Those international sales will be up 120% from last season, StubHub predicted, with the most popular countries attending NBA games including Australia, the United Kingdom and Brazil.
    “It’s hard to pinpoint one specific factor, but I would say across live events as a whole, we certainly have seen cross-border travel for live events increased and rebound to a higher point than when it was pre-pandemic,” Budelli said.
    The NBA has been increasingly dominated by international stars such as the Denver Nuggets’ Nikola Jokić, the Milwaukee Bucks’ Giannis Antetokounmpo and San Antonio Spurs rookie Victor Wembanyama. The league’s international reach, likewise, will likely factor into its upcoming media rights negotiations.

    StubHub’s top 10 most in-demand NBA teams

    Los Angeles Lakers
    New York Knicks
    Boston Celtics
    Toronto Raptors
    Golden State Warriors
    Milwaukee Bucks
    Miami Heat
    Phoenix Suns
    Los Angeles Clippers
    Chicago Bulls

    Budelli said the Lakers, which features superstars LeBron James and Anthony Davis, have been the top team in StubHub’s projections four times since 2017. One notable absence in the list, however, is last season’s NBA champion the Denver Nuggets, which Budelli said the company is monitoring and expects to rise in popularity as the season progresses.
    He also noted that ticket sales more than doubled after Damian Lillard was traded to the already-potent Milwaukee Bucks on Sept. 27, with the team’s home opener expected to be the highest selling game of the season. Budelli said Lillard’s trade is likely “the biggest mover” of the season, pushing the team up six spots on the list compared to last year.

    On the road, the Golden State Warriors, who added star guard Chris Paul to their high-scoring lineup, have the highest average ticket price for their away game schedule, StubHub said.

    StubHub’s top 10 most in-demand NBA games

    Denver Nuggets at Los Angeles Lakers, Feb. 8
    Boston Celtics at New York Knicks, Oct. 25
    Boston Celtics at Los Angeles Lakers, Dec. 25
    Phoenix Suns at Los Angeles Lakers, Oct. 26
    Milwaukee Bucks at New York Knicks, Dec. 25
    Cleveland Cavaliers at New York Knicks, Nov. 1
    Miami Heat at Boston Celtics, Oct. 27
    In-Season Tournament: Miami Heat at New York Knicks, Nov. 24
    Milwaukee Bucks at New York Knicks, Dec. 23
    Milwaukee Bucks at Boston Celtics, Nov. 22

    Budelli said the Knicks host five of the projected top 10 most popular games, more than any other team, as they just barely inch behind the Lakers as the top team. The Knicks have outpaced their sales from last season by 80%, according to StubHub.
    Still, Budelli said the projections are subject to change, and StubHub is excited to monitor how the teams — and players — shake out as the season progresses.
    “It definitely has the usual suspects on top, but as it goes, that can fluctuate and move throughout the season,” Budelli said. “And there’s star players that break out and rookies and things like that, but it’s all there, and I think those trends speak for themselves.” More

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    Bank of America tops profit estimates on better-than-expected interest income

    Bank of America earnings and revenue topped Wall Street’s expectations.
    The bank posted better-than-estimated interest income.
    CEO Brian Moynihan said consumer spending continued to slow.

    Brian Moynihan, CEO of Bank of America
    Heidi Gutman | CNBC

    Bank of America topped estimates for third-quarter profit on Tuesday on stronger-than-expected interest income.
    Here’s what the company reported:

    Earnings per share: 90 cents vs. expected 82 cent estimate from LSEG, formerly known as Refinitiv
    Revenue: $25.32 billion, vs. expected $25.14 billion

    Profit rose 10% to $7.8 billion, or 90 cents per share, from $7.1 billion, or 81 cents a share, a year earlier, the Charlotte, North Carolina-based bank said in a release. Revenue climbed 2.9% to $25.32 billion, edging out the LSEG estimate.
    Bank of America said interest income rose 4% to $14.4 billion, roughly $300 million more than analysts had anticipated, fueled by higher rates and loan growth. The bank’s provision for credit losses also came in better than expected, at $1.2 billion, under the $1.3 billion estimate.
    Shares of Bank of America rose 1.4% in premarket trading.
    CEO Brian Moynihan said the second biggest U.S. bank by assets continued to grow, despite signs of an economic slowdown.
    “We added clients and accounts across all lines of business,” Moynihan said. “We did this in a healthy but slowing economy that saw U.S. consumer spending still ahead of last year but continuing to slow.”

    Bank of America was supposed to be one of the biggest beneficiaries of higher interest rates this year. Instead, the company’s stock has been the worst performer among its big bank peers in 2023. That’s because, under Moynihan, the lender piled into low-yielding, long-dated securities during the Covid pandemic. Those securities lost value as interest rates climbed.
    That’s made Bank of America more sensitive to the recent surge in the 10-year Treasury yield than its peers — and more similar to some regional banks that are also nursing underwater bonds. Bank of America had more than $100 billion in paper losses on bonds at midyear.
    The situation has pressured the bank’s net interest income, or NII, which is a key metric that analysts will be watching this quarter. In July, the bank’s CFO, Alastair Borthwick, affirmed previous guidance that NII would be roughly $57 billion for 2023.  
    Bank of America stock had fallen 18% this year through Monday, trailing the 10% gain of rival JPMorgan Chase.
    Last week, JPMorgan, Wells Fargo and Citigroup each topped expectations for third-quarter profit, helped by better-than-expected credit costs. Morgan Stanley is scheduled to post results Wednesday.  
    This story is developing. Please check back for updates. More

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    Goldman Sachs tops estimates on stronger-than-expected bond trading

    Here’s what the company reported: Earnings of $5.47 a share, topping the $5.31 a share estimate from LSEG, formerly known as Refinitiv
    Revenue of $11.82 billion vs. $11.19 billion expected

    David Solomon, chief executive officer of Goldman Sachs Group Inc., at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022.
    Michael Nagle | Bloomberg | Getty Images

    Goldman Sachs posted third-quarter profit and revenue Tuesday that exceeded analysts’ estimates on stronger-than-expected trading revenue.
    Here’s what the company reported:

    Earnings: $5.47 a share, topping the $5.31 a share estimate from LSEG, formerly known as Refinitiv
    Revenue: $11.82 billion vs. $11.19 billion expected

    The bank said profit dropped 33% to $2.058 billion, or $5.47 a share, from a year earlier. Revenue also slipped 1% to $11.82 billion, though that topped expectations by roughly $600 million.
    Bond trading revenue fell 6% from a year earlier to $3.38 billion, but that was almost $600 million more than what analysts had expected. Goldman cited strength in interest rate products and mortgages, which helped offset declines in trading of currencies, commodities and credit.
    Equities trading revenue climbed 8% from a year earlier to $2.96 billion on higher activity in derivatives, topping the estimate by roughly $200 million.
    Investment banking revenue edged higher by 1% to $1.55 billion, slightly exceeding the $1.48 billion estimate.
    Goldman shares were almost unchanged in premarket trading.

    Among its big bank peers, Goldman Sachs is the most reliant on investment banking and trading revenue.
    While it’s made efforts under CEO David Solomon to diversify its revenue stream, first in an ill-fated retail banking push and later as it emphasized growth in asset and wealth management, it is Wall Street that powers the company. Last quarter, trading and advisory accounted for two-thirds of Goldman’s revenue.
    That’s been a headwind this year as mergers, initial public offerings and debt issuance all have been muted as the Federal Reserve boosted interest rates to slow the economy down. With signs that activity has picked up lately, analysts will be eager to hear about Goldman’s pipeline of deals.
    At the same time, Goldman has taken hits from two areas: Its strategic retrenchment away from retail banking has saddled the firm with losses as it finds buyers for unwanted operations, and its exposure to commercial real estate has resulted in write-downs as well.
    The bank said Tuesday it posted a $506 million third-quarter write-down tied to lending business GreenSky, and $358 million in real estate impairments.
    “We continue to make significant progress executing on our strategic priorities,” Solomon said in the release. “I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs.”
    Analysts will be keen to hear more on Solomon’s view of the investment banking outlook, as well as how the remaining parts of its consumer effort — mainly, its Apple Card business — fit in the latest iteration of Goldman Sachs.
    Goldman shares have dropped 8.4% this year through Monday, a better showing than the 21% decline of the KBW Bank Index.
    Last week, JPMorgan, Wells Fargo and Citigroup each topped expectations for third-quarter profit, helped by better-than-expected credit costs. Morgan Stanley is scheduled to post results Wednesday.  
    This story is developing. Please check back for updates. More

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    Top economists unanimous on ‘higher for longer’ rates as inflation threats linger

    Central banks around the world have hiked interest rates aggressively over the past 18 months or so in a bid to rein in soaring inflation, with varying degrees of success thus far.
    Now, top economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer.
    World Bank President Ajay Banga said higher rates will complicate the investment landscape for companies and central banks around the world.

    Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. 
    Mandel Ngan | Afp | Getty Images

    Top economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets.
    Central banks around the world have hiked interest rates aggressively over the past 18 months or so in a bid to rein in soaring inflation, with varying degrees of success thus far.

    Before pausing its hiking cycle in September, the U.S. Federal Reserve had lifted its main policy rate from a target range of 0.25-0.5% in March 2022 to 5.25-5.5% in July 2023.
    Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank’s 2% target.
    This was echoed by World Bank President Ajay Banga, who told a news conference at the IMF-World Bank meetings last week that rates will likely stay higher for longer and complicate the investment landscape for companies and central banks around the world, especially in light of the ongoing geopolitical tensions.
    U.S. inflation has retreated significantly from its June 2022 peak of 9.1% year-on-year, but still came in above expectations in September at 3.7%, according to a Labor Department report last week.
    “For sure, we’re going to see rates higher for longer and we saw the inflation print out of the U.S. recently which was disappointing if you were hoping for rates to go down,” Greg Guyett, CEO of global banking and markets at HSBC, told CNBC on the sidelines of the IMF meetings in Marrakech, Morocco last week.

    He added that concerns around persistently higher borrowing costs were resulting in a “very quiet deal environment” with weak capital issuance and recent IPOs, such as Birkenstock, struggling to find bidders.
    “I will say that the strategic dialog has picked up quite actively because I think companies are looking for growth and they see synergies as a way to get that, but I think it will be a while before people start pulling the trigger given financing costs,” Guyett added.
    The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. However, it signaled that further hikes may be off the table for now.
    Several central bank governors and members of the ECB’s Governing Council told CNBC last week that while a November rate increase may be unlikely, the door has to remain open to hikes in the future given persistent inflationary pressures and the potential for new shocks.

    Croatian National Bank Governor Boris Vujčić said the suggestion that rates will remain higher for longer is not new, but that markets in both the U.S. and Europe have been slow in repricing to accommodate it.
    “We cannot expect rates to come down before we are firmly convinced that the inflation rate is on the way down to our medium-term target which will not happen very soon,” Vujčić told CNBC in Marrakech.
    Euro zone inflation fell to 4.3% in September, its lowest level since October 2021, and Vujčić said the decline is expected to continue as base effects, monetary policy tightening and a stagnating economy continue to feed through into the figures.
    “However at some point when inflation reaches a level, I would guess somewhere close to 3, 3.5%, there is an uncertainty whether, given the strength of the labor market and the wage pressures, we will have a further convergence with our medium-term target in a way that it has been projected at the moment,” he added.
    “If that does not happen then there is a risk that we would have to do more.”

    This caution was echoed by Bank of Latvia Governor and fellow Governing Council member Mārtiņš Kazāks, who said he was happy for interest rates to stay at their current level but could not “close the door” to further increases for two reasons.
    “One is of course the labor market — we still haven’t seen the wage growth peaking — but the other one of course is geopolitics,” he told CNBC’s Joumanna Bercetche and Silvia Amaro at the IMF meetings.
    “We may have more shocks that may drive inflation up, and that’s why of course we have to remain very cautious about inflation developments.”

    He added that monetary policy is entering a new “higher for longer” phase of the cycle, which will likely carry through to ensure the ECB can return inflation solidly to 2% in the second half of 2025.
    Also at the more hawkish end of the Governing Council, Austrian National Bank Governor Robert Holzmann suggested that the risks to the current inflation trajectory were still tilted to the upside, pointing to the eruption of the Israel-Hamas war and other possible disturbances that could send oil prices higher.
    “If additional shocks come and if the information we have proves to be incorrect, we may have to hike another time or perhaps two times,” he said.

    “That’s also a message given to the market: don’t start to talk about when will be the first decrease. We’re still in a period in which we don’t know how long it will take to come to the inflation we want to have and whether we have to hike more.”
    For South African Reserve Bank Governor Lesetja Kganyago, the job is “not yet done.” However, he suggested that the SARB is at a point where it can afford to pause to assess the full effects of prior monetary policy tightening. The central bank has lifted its main repo rate from 3.5% in November 2021 to 8.25% in May 2023, where it has remained since. More

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    In rare move, Ford executive chair calls on UAW to make a deal and end ‘acrimonious’ talks

    Ford Executive Chair Bill Ford warned that an ongoing strike by the United Auto Workers threatens the future livelihood of the company as well as the American automotive industry.
    Ford pleaded with union members and leaders to work with the company, instead of against it, to reach a tentative deal to “end to this acrimonious round of talks.”
    Such comments by Ford, who has been a part of UAW negotiations since 1982, are uncharacteristic during contract talks with the UAW.

    Bill Ford, executive chair of Ford Motor Company, speaks at their Rouge Visitor Center in Dearborn, Michigan, October 16, 2023.
    Jeff Kowalsky | Ford Motor Co. | Handout | via Reuters

    DEARBORN, Mich. – Ford Motor Executive Chair Bill Ford on Monday warned that an ongoing strike by the United Auto Workers threatens the future livelihood of the company as well as the American automotive industry.
    Ford, who has been a part of UAW negotiations since 1982, pleaded with union members and leaders to work with the company, instead of against it, to reach a tentative deal to “end to this acrimonious round of talks.”

    Such comments by the great-grandson of company founder Henry Ford are uncharacteristic during contract talks with the UAW.
    “We are at a crossroads,” Ford said during a news conference at the company’s massive Rouge Complex in metro Detroit. “Choosing the right path is not just about Ford’s future and our ability to compete. This is about the future of the American automobile industry.”
    Ford, ahead of speaking on stage, told reporters he wanted to “elevate” the conversation about the contract negotiations. Ford said he didn’t want to get personal in his remarks because “it doesn’t matter” at this point.
    “The UAW’s leaders have called us the enemy in these negotiations. But I will never consider our employees as enemies. This should not be Ford versus the UAW,” Ford said. “It should be Ford and the UAW vs. Toyota and Honda, Tesla, and all the Chinese companies that want to enter our home.”
    UAW President Shawn Fain countered Ford’s plea by ratcheting up the pressure.

    “Bill Ford knows exactly how to settle this strike. Instead of threatening to close the Rouge, he should call up [Ford CEO] Jim Farley, tell him to stop playing games and get a deal done, or we’ll close the Rouge for him,” he said in a statement. “It’s not the UAW and Ford against foreign automakers. It’s autoworkers everywhere against corporate greed. If Ford wants to be the all-American auto company, they can pay all-American wages and benefits. Workers at Tesla, Toyota, Honda, and others are not the enemy — they’re the UAW members of the future.”
    Ford did not threaten to close the Rouge Complex in his remarks. He did mention if American carmakers such as Ford lose to the competition, then jobs, future investments and “factories like the one we are in today” will be lost.

    Breaking with the long-standing tradition of the “handshake ceremony” with the auto executives of the Big Three auto makers to open contract talks, United Auto Workers president Shawn Fain instead speaks with and does “members’ handshakes” with Stellantis workers at the Stellantis Sterling Heights Assembly Plant on July 12, 2023 in Sterling Heights, Michigan. The UAW opens auto contract negotiations with Stellantis today, Ford on July 14, and General Motors on July 18. (Photo by Bill Pugliano/Getty Images)
    Bill Pugliano | Getty Images News | Getty Images

    Ford’s remarks come after a week of contentious talks between the company and the UAW, including the union unexpectedly announcing a strike Wednesday night at the company’s highly profitable Kentucky Truck Plant.
    More than 19,000 of Ford’s 57,000 UAW members are currently impacted by the strike, including more than 16,600 striking workers. Another roughly 2,480 employees have been laid off as a result of the work stoppage.
    Ford last week said it was “at the limit” of what it can offer the UAW in terms of economic concessions.
    The company’s most recent proposal included 23% to 26% wage increases depending on classification; retention of platinum health-care benefits; ratification bonuses; reinstatement of cost-of-living adjustments; and other benefits.
    Overall, only about 34,000 U.S. autoworkers with the companies – or roughly 23% of UAW members covered by the expired contracts with the Detroit automakers – are currently on strike.
    The UAW has been gradually increasing the strikes since the work stoppages began after the sides failed to reach tentative agreements by Sept 14.
    Fain last week said the union has entered a “new phase” of the targeted strikes in which it would no longer pre-announce the work stoppages, as it had been.
    Fain has said it’s ultimately up to the members to decide when the strike ends, not UAW leadership.

    How are workers responding?

    UAW member Tamika Genus (center) holds up a picket sign on Oct. 16, 2023 outside of Ford’s Michigan Assembly Plant with other autoworkers, including Latosha Smith (center). Employees at the plant have been on strike since Sept. 15.
    Michael Wayland / CNBC

    Opinions of the strike and current contract proposals varied on picket lines Monday outside Ford’s nearby Michigan Assembly Plant, which was the first of three facilities to go on strike last month.
    “I trust Shawn Fain,” said Latosha Smith, a four-year worker at the plant. “All the steps he’s taken, it’s for the cause.”
    Tamika Genus, a worker at the plant for roughly five years, said of course she’d like it to come to a resolution, but “it’s worth it.” She later added, “We’re doing what we’ve got to do.”
    Jeff Nichol, a body shop worker at the plant who was laid off due to the strike, said he wishes that the sides “would come to a conclusion a lot sooner than later.” He also would like union leaders to be more transparent regarding exact details of the company’s proposals.
    Nichol, who’s been autoworker for over 11 years, said he knows it’s an “unpopular opinion,” but he’d support Ford’s current proposal, including a 23% wage increase.

    UAW members Jeff Nichol and Cedric Binns (far right) picketing Oct. 16, 2023 outside of Ford’s Michigan Assembly Plant with other autoworkers. Employees at the plant have been on strike since Sept. 15.
    Michael Wayland / CNBC

    “What I’ve been getting is good enough, so any little bit of extra does help, especially with the current economy,” he said. “The way I look at it, too, is the amount of time that we’re off, that also plays into how long it’s going to take for us to make a difference for the amount of money that we lose every single week.”
    Ford said Friday employees who have been on strike since Sept. 15 have on average lost about $4,000 in pretax income through four weeks of the strike.
    Correction: Only about 34,000 U.S. autoworkers with the companies are currently on strike. An earlier version mischaracterized the figure. More

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    Taylor Swift Eras Tour film posts second-best October box office opening, behind ‘Joker’

    Taylor Swift’s Eras Tour concert film tallied $92.8 million during its debut, making it the second-highest domestic opening in October.
    The tally falls shy of AMC’s expectations of a $95 million to $97 million haul and box office analysts’ calls for a $100 million-plus opening.
    Yet the Swift film opened on fewer screens than record holder “Joker,” and didn’t have Friday screenings before 6 p.m.

    Taylor Swift performs onstage during at Ford Field on June 9, 2023 in Detroit, Michigan.
    Scott Legato | TAS23 | Getty

    Taylor Swift and AMC have collected the receipts and results are in: the Eras Tour concert film is the second-highest domestic opener of October ever.
    The film tallied $92.8 million during its first three days in theaters, falling shy of AMC’s expectations, which forecasted a $95 million to $97 million haul, and box office analysts’ calls for a $100 million-plus opening.

    Still, Swift’s theatrical debut is an enormous success, given its genre and the limits of its release. The Eras Tour concert film has already shattered records and is likely to break a few more before its run is done.
    Box office analysts admitted that their predictions were lofty, but told CNBC that the film was a “unicorn” in the theatrical world. No concert film had ever elicited such fervor so quickly for ticket sales or drummed up so much demand with theater chains. There was also the base price for tickets, which were 40% higher than traditional movie releases. Experts suggested the film could see a bigger bump in overall box office.
    But, the film also had some headwinds to contend with. Thursday previews weren’t announced until less than a day before tickets would be made available, and Friday showings didn’t start until 6 p.m. local time. This meant that many audience members had likely already secured tickets to see the film later in the weekend, and the film missed out on the business that early showings Friday could have generated.
    So, the Eras Tour film snared just $2.8 million in last-minute Thursday night previews for a total of $37.5 million on its opening day. Meanwhile, the highest October opening, Warner Bros.’ “Joker” from 2019, secured $13.3 million from Thursday previews, feeding a $39.3 million opening day. For the whole weekend, “Joker” scored $96.2 million domestically.
    The third-highest October opening was Sony’s “Venom: Let There Be Carnage” from 2021, which snared $11.6 million from Thursday night previews leading to a $37.4 million opening Friday.

    Additionally, while Swift’s film arrived in 3,855 theaters, the most for any concert film, “Joker” opened in nearly 4,400 locations, according to data from Comscore. “Venom: Let There Be Carnage” opened in 4,225 locations.
    Going forward, comparisons between Swift’s film and other releases will be difficult, since the Eras Tour is doing weekend-only engagements. This also makes predicting the film’s second week drop difficult, as there are no close concert film comparisons and it’s unclear how the lack of mid-week showings could impact foot traffic on the next weekend. Typically, blockbuster-style releases drop between 50% and 70% in their second weekend.
    The Eras Tour’s theatrical run is scheduled to end Nov. 5.
    AMC reported that the Eras Tour concert film tallied $123.5 million globally, putting it on pace to top the $262.5 million international haul of 2009’s “Michael Jackson’s This Is It.” More

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    An Absolut Vodka and Sprite canned cocktail is coming next year

    Coca-Cola and Pernod Ricard are teaming up to launch a new ready-to-drink premixed cocktail beginning in select European countries next year.
    The drink contains a mix of Absolut Vodka and Sprite, two of the most popular ingredients in mixed drinks.

    Absolut Vodka and Sprite.

    Coca-Cola is teaming up with Pernod Ricard to launch a new ready-to-drink and premixed cocktail beginning 2024, the companies announced Monday.
    The new cocktail will contain a mix of Absolut Vodka and Sprite, the companies said. The drink will be available in two versions with Sprite and Sprite Zero Sugar. The debut is planned for early next year in select European countries including the United Kingdom, the Netherlands, Spain and Germany.

    The canned cocktail industry has been growing in popularity in the past couple of years, with a 2022 report from the Distilled Spirits Council of the U.S. finding ready-to-drink beverages to be the fastest-growing spirits category in both revenue and volume. The announcement didn’t say when the Absolut and Sprite drinks would hit the U.S. market.
    The new drinks join a host of expanding alcoholic beverages in Coke’s portfolio in the past few years, including last year’s Jack-and-Coke cocktail in a can.
    “We are expanding in the alcohol ready-to-drink space, including products that use select brands from our core portfolio,” said James Quincey, CEO and chair of Coca-Cola, in a statement. “We are excited about our new relationship with Pernod Ricard and look forward to the introduction of Absolut & Sprite.”
    Vodka is already one of the most popular bases for alcoholic ready-to-drink beverages, and lemon-lime soft drinks such as Sprite are one of the most popular mixers in premixed cocktails. More

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    Space sector investors followed government contracts in the third quarter, report says

    Investment in the space sector is consistently flowing to companies that are pursuing and winning government contracts, according to a report by Space Capital.
    The firm’s third quarter report found that space infrastructure companies have brought in $8.4 billion in investment year-to-date, surpassing the total $8.3 billion invested in 2022.
    “In this market – 21 months into this liquidity crunch – people are chasing government dollars,” Space Capital managing partner Chad Anderson told CNBC.

    SpaceX’s Crew Dragon capsule, named Freedom, is seen docked with the International Space Station in May 2023 during the Axiom Ax-2 mission.

    Investment in the space sector, especially from venture capital, is consistently flowing into companies that are pursuing and winning government contracts, according to a report Monday by New York-based Space Capital.
    “In this market – 21 months into this liquidity crunch – people are chasing government dollars. They’re more willing to chase government dollars and infrastructure companies have line of sight to a lot of that,” Space Capital managing partner Chad Anderson told CNBC.

    The firm’s third quarter report found that space infrastructure companies brought in $1.6 billion of private investment during the third quarter. That brings the sector to $8.4 billion in investment year-to-date, surpassing the total $8.3 billion invested in 2022.
    The quarterly Space Capital report divides investment in the industry into three technology categories: infrastructure, distribution and application. Infrastructure includes what would be commonly considered as space companies, such as firms that build rockets and satellites.

    Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

    Anderson noted that “the infrastructure companies have been pretty resilient through market cycles,” a factor he attributed to “higher competitive moats” such as higher capital needs, longer development timelines and significant intellectual property advantages.
    Venture capital accounted for 50% of the third quarter’s investment in space infrastructure, tracking with the historical trend of VCs representing the primary contributors to space investment. 
    Space Capital highlighted the trend of companies and investors chasing government funds as apparent in sub-sectors within space infrastructure, particularly in emerging markets such as space stations and the moon.

    “You look at emerging industries – these are all government-led markets. So it’s actually quite easy to size up the market – you know how many dollars are available, how big the market is currently and how big it’s going to be over the next few years – because you already know what the government budgets are,” Anderson said.
    Space Capital found that “the majority of private investment has preferred” space stations among the sector’s emerging markets “when, in actuality, Lunar and Logistics are significantly larger markets.”
    “The amount of money that’s going to space stations is chasing a very small amount of government dollars, and the amount of money going into lunar is very small, and it’s chasing a whole lot more government dollars,” Anderson said. More