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“This is the strongest demand environment I’ve ever seen,” Motorola Solutions CEO Greg Brown told CNBC on Thursday.
Brown said a radio-refresh cycle in North America is in the early innings, providing a strong tailwind for the company’s business in future years.

Motorola Solutions CEO Greg Brown told CNBC on Thursday that demand for the company’s public safety and enterprise security products has never been stronger.
In an interview on “Mad Money,” Brown indicated Motorola’s business remains resilient despite concerns of a slowing global economy because a major upgrade cycle is underway.

“What we do is a need to have, not a nice to have. This is the strongest demand environment I’ve ever seen,” said Brown, who has led Motorola Solutions for more than a decade. Motorola makes two-way radios used by police and fire departments; security video systems; and command center software, among other things.
Brown said Motorola Solutions stands to benefit from the Biden administration’s $1.9 trillion Covid relief bill, which passed in 2021 and included dedicated funds for public safety investments. More generally, Brown told Jim Cramer there’s a private-network radio upgrade cycle taking place that will boost the company’s business in the years to come.
“Those radios refresh every seven years. And we’re in the first or second inning radio refresh here in North America — so New York, Chicago, Las Vegas, L.A., they’re Motorola,” Brown said. “The demand is the best, record backlog. The funding is the best, and the innovation coming out of this company and the acquisitions we’re making, there’s a lot of room to run,” Brown added.
Shares of Motorola Solutions rose 0.3% Thursday to close at $244.17 apiece. The stock is up more than 180% in the past five years, significantly outperforming the S&P 500 in that stretch.

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“Tough economic times are another opportunity for us to grow share, thus our acquisition of Blue Nile,” Signet Jewelers CEO Gina Drosos told CNBC.
The comments in a “Mad Money” interview came after Signet reported second-quarter results earlier in the day.

Signet Jewelers can continue to expand its market share even as the U.S. economy slows and inflation weighs on consumers, CEO Gina Drosos told CNBC on Thursday.
The comments in a “Mad Money” interview came after Signet reported second-quarter results earlier in the day. While earnings per share topped estimates and revenue met expectations, the company’s same-store sales fell 8.2% year over year. Wall Street had been expecting a 5.3% decline, which may have contributed to the stock’s 12% tumble Thursday.

However, Drosos maintained an upbeat outlook for the parent firm of Zales and Kay Jewelers, suggesting near-term headwinds related to inflation do not change the long-term story.
“We had … significant share growth last year. Tough economic times are another opportunity for us to grow share, thus our acquisition of Blue Nile, and our continued investment in the business,” said Drosos, explaining that Signet has focused on using its scale and leaning into products like lab-created diamonds to appeal to value-seeking customers.
Signet announced in early August it was buying online jewelry brand Blue Nile. While Signet has been investing in its online offerings already, Drosos said Thursday that adding Blue Nile to the fold will help Signet reach new corners of the market.
“It gives us a new consumer cohort,” the CEO said. “Blue Nile customers are younger, more affluent, more diverse than we have in the rest of our portfolio, so a great opportunity there.”

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Starbucks on Thursday named Laxman Narasimhan as its next chief executive officer.
Narasimhan most recently served as CEO of health and hygiene company Reckitt.
He’ll join Starbucks in October, learning about the company and its reinvention plan, before assuming the top job in April.

Starbucks on Thursday named Laxman Narasimhan as its next chief executive officer.
Narasimhan most recently served as CEO of health and hygiene company Reckitt, which owns brands such as Lysol, Durex and Mucinex. He announced earlier Thursday he was stepping down from that role. He’ll join Starbucks in October, learning about the company and its reinvention plan, before assuming the top job in April.

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Until then, Howard Schultz will continue as interim CEO of the coffee chain he grew into a global giant. Schultz will remain on Starbucks’ board after Narasimhan succeeds him.
Schultz has been at the helm since April, when his handpicked successor Kevin Johnson retired after five years on the job. Schultz returned to the company as its interim CEO, earning just $1 for his salary. In the meantime, Schultz and the Starbucks board hunted for a long-term successor, with the intention of announcing the new CEO in the fall. (The coffee chain brought back the Pumpkin Spice Latte and other fall menu items on Tuesday.)
Schultz has previously said that he wants to reinvent the employee, customer and store experience to reckon with how the world has changed since the pandemic. The company is holding an investor day on Sept. 13 in Seattle, where it’s expected to unveil more details about the bold changes it plans to make.
Starbucks said in a news release that Schultz will remain “closely involved” with the plan and act as an advisor to Narasimhan.
Narasimhan previously worked at PepsiCo, serving as its global chief commercial officer among other roles. Prior to working at the food and beverage giant, he was a senior partner at McKinsey.

As CEO, he’ll have to tackle a number of challenges. In its home market, Starbucks is facing a union push, with more than 200 stores in the U.S. voting to organize under Workers United. The battle has resulted in negative headlines and legal battles. Inflation hasn’t hurt sales yet, but it has pushed menu prices higher. And China, its second-largest market, is struggling to bounce back from the pandemic, hampered by the country’s zero Covid policy.
“His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us,” Starbucks board chair Mellody Hobson said in a statement.

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Pete Davidson, Paul Dano, Seth Rogen and Sebastian Stan are set to star in “Dumb Money,” which is about the GameStop meme stock phenomenon.
The project will start filming this month.

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022.
Brendan McDermid | Reuters

Last year’s GameStop meme stock phenomenon is making its way to the big screen, as “Saturday Night Live” alum Pete Davidson, “There Will Be Blood” actor Paul Dano, “Pineapple Express” star Seth Rogen and Marvel Cinematic Universe regular Sebastian Stan are set to star in “Dumb Money.”
A group of Reddit-based retail investors on the Wall Street Bets page boosted shares of GameStop in 2021 in an effort to hammer short-selling hedge funds.

The ensuing meme-stock-mania resulted in sharp swings in the company’s share price, worrying Wall Street and recently impacting other retailers like Bed Bath & Beyond. Activist investor and meme stock king Ryan Cohen is chairman of GameStop and had bought more than 10% of Bed Bath’s stock before cashing out of the troubled home-good retailer.
“Dumb Money” is based on Ben Mezrich’s nonfiction book “The Antisocial Network,” which was published in September 2021. Previous Mezrich works include “The Accidental Billionaires,” which was adapted into the Oscar-winning Facebook movie “The Social Network,” and the MIT blackjack scandal book “Bringing Down the House,” which was adapted into the Kevin Spacey movie “21.”
A rights sale for “Dumb Money” is set to kick off this month at this year’s Toronto Film Festival, according to Variety.
“Dumb Money” will be directed by Craig Gillespie, who previously collaborated with Stan on his 2017 film “I, Tonya” and the Hulu series “Pam & Tommy.” Like “Dumb Money,” both of those projects focused on real-life events involving disgraced figure skating Olympian Tonya Harding, actress and model Pamela Anderson and Motley Crue drummer Tommy Lee.
Filming on “Dumb Money” is set to begin this month.

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Lululemon reported earnings that beat Wall Street’s expectations, even as consumers grapple with high inflation.
The company reported adjusted earnings per share of $2.20 and revenue of $1.87 billion.
Inventories were up 85% compared to the same period last year. But the company said it was “under-inventoried” at the time due to supply chain bottlenecks.

Pedestrians pass by a Lululemon store.
Scott Mlyn | CNBC

Lululemon Athletica Inc. on Thursday reported quarterly earnings and revenue that beat analysts’ expectations, as shoppers stocked up on workout gear even as surging prices have hurt other retailers’ apparel sales.
The company also raised its outlook for the year. Shares rose about 9% in off-hours trading.

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Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $2.20, adjusted, vs. $1.87 cents expected
Revenue: $1.87 billion vs. $1.774 billion expected

Same store sales grew 23%, which beat StreetAccount’s estimate of 17.6%. Net sales rose 29% to $1.87 billion. The company said that traffic remains strong both in stores and online, even as surging inflation cramps consumers’ spending.
Lululemon has a higher-income customer base that seems mostly unfettered by inflationary pressures. Still, other higher-end retailers like Nordstrom and Macy’s slashed their outlook this quarter on fears of slowing demand. Lululemon, on the other hand, has boosted its guidance in two consecutive quarters.
“Despite the challenges around us in the macro-environment, guest traffic in our stores and on our e-commerce sites remains robust, which speaks to the strength of our multi-dimensional operating model,” Chief Financial Officer Meghan Frank said in a news release.
Store traffic increased over 30%, and ecommerce traffic rose over 40%, executives said on the earnings call Thursday. The company is hoping to boost customer loyalty with a soon-to-launch membership program.

The membership program was announced at the end of the first quarter. It has a free tier and a $39 per month paid tier which give subscribers early access to product drops and exclusive items, as well as invitations to in-person events.
The company said the traffic increases were not attributable to promotional programs or product markdowns.
“We have not changed our promotional cadence,” CEO Calvin McDonald said on the earnings call. “We have no plans to do so.”
Lululemon continued brick-and-mortar expansion during the quarter, with 21 net new stores for a total of 600 locations.
Inventories were up 85% to $1.5 billion compared to the same period last year, but the company said it was “under-inventoried” at the time due to supply chain bottlenecks.
Retailers in general have had to contend with swelling inventory levels as shoppers adjust their spending habits. Lululemon said Thursday it is confident the inventory level will help it boost sales during the holiday shopping season.
The company said it now expects 2022 revenue of between $7.865 billion and $7.940 billion, up from the range of $7.610 billion to $7.710 billion it stated last quarter. The company also raised its adjusted earnings per share outlook to a range of $9.75 to $9.90, from last quarter’s guidance of $9.35 to $9.50 adjusted.
The release also maintained the company’s long-term outlook of doubling net revenue to $12.5 billion from from 2021 to 2026. The plan includes an expansion of its menswear business, footwear, and membership-based fitness classes. Upon the plan’s announcement in the spring, some analysts were skeptical about Lululemon’s ability to achieve the lofty longer-term target.
Lululemon touted some early success with the plan. It launched new shoes during the quarter, while its men’s business saw 27% growth. The company also reported growth across all of the countries in which stores are currently active.
Read the earnings release here.

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From 1991 to 2000, global insured losses from floods was about $30 billion. In the next decade, global insured losses from floods was $40 billion and from 2011 to 2020, global insured losses from floods was $80 billion, according to Swiss Re.
In the decade from 2011 to 2020, 82 percent of global economic losses from floods were uninsured, according to Swiss Re.
The report comes as Pakistan is struggling to recover from deadly floods that have killed more than 1,000 people.

This aerial photograph taken on September 1, 2022 shows flood-affected people taking refuge in tents after heavy monsoon rains in Dera Allah Yar town of Jaffarabad district, Balochistan province. – Monsoon rains have submerged a third of Pakistan, claiming at least 1,190 lives since June and unleashing powerful floods that have washed away swathes of vital crops and damaged or destroyed more than a million homes.
Fida Hussain | Afp | Getty Images

The cost of flood damage to insured property around the globe is jumping drastically, and climate change is one of several factors, according to a new report out Thursday from the insurance giant Swiss Re.
From 1991 to 2000, global insured losses from floods was about $30 billion. In the next decade, global insured losses from floods was $40 billion, and from 2011 to 2020, global insured losses from floods was $80 billion, according to Swiss Re.

In the first year of the next decade alone, 2021, insured losses were $20 billion, Swiss Re said.
That’s only a fraction of the total losses from flooding. In the decade from 2011 to 2020, 82 percent of global economic losses from floods was uninsured, according to Swiss Re.
Population growth, the growth of cities, and the increasing intensity of flooding events due to climate change are to blame for the surge in the damage done by floods. “Climate change is increasing likelihood of high-intensity, heavy rain and short-duration floods events associated with tropical cyclones,” the report from Swiss Re said.
Currently, Pakistan is struggling to recover from deadly floods that have killed more than 1,000 people and injured many more, according to António Guterres, the Secretary-General of the United Nations.
“Pakistan is awash in suffering. The Pakistani people are facing a monsoon on steroids — the relentless impact of epochal levels of rain and flooding,” Guterres said on Monday.  

“As we continue to see more and more extreme weather events around the world, it is outrageous that climate action is being put on the back burner as global emissions of greenhouse gases are still rising, putting all of us – everywhere – in growing danger,” Guterres said.
In the United States, almost 40% of the population lives in coastal counties and another 10% in floodplains.
“Despite the private flood insurance market gaining traction over the last few years, too many people are still not covered for flooding and the majority of those impacted by these events are uninsured, leaving them to pick up the pieces at their own expense,” Keith Wolfe, president of property and casualty for Swiss Re in the US, said in a written statement.
Extreme rainfall can cause flooding anywhere, said Swiss Re.
“Flood risk is in a lot more places than your mortgage company tells you,” Wolfe said.
For the insurance industry, the ability to properly insure properties for flooding risk is improving due to better date and more granular risk mapping, Swiss Re said. It’s still not perfect, though. The accuracy for measuring flood risk has improved but it still “remains limited,” the report said. .

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The nation’s theater chains want you to spend a day at the movies this weekend. More than 3,000 theaters will be participating in the first ever National Cinema Day on Saturday, Sept. 3.
Theaters will be selling tickets for every movie — including more expensive formats like IMAX and 3D — for only $3.

Jackie Brenneman, president of the nonprofit Cinema Foundation, tells CNBC Make It that the idea for a national movie theater holiday was in the works well before 2020, but that the Covid-19 pandemic forced those plans to be postponed.
After Regal Cinemas parent company Cineworld held a similar event in the UK in February to great success, Brenneman said planning began in earnest to replicate the promotion across the pond.
“It gave a model template for how we could do something at that scale in the United States,” she says.
In addition to being a “thank you” to fans who returned to movie theaters in droves during the summer blockbuster season — Tom Cruise’s “Top Gun: Maverick”, for example, has earned the sixth highest domestic gross ever with its $692 million haul — the hope is that people who haven’t been to the movies in a few years might be tempted to visit their local theater.
“It’s an opportunity [for moviegoers] to see a movie again, or see a movie that they were maybe on the fence about,” she says. “For people who haven’t come [to the movies in a while], this gives them an opportunity to see how great movie theaters are.”

For people who haven’t come [to the movies in a while], this gives them an opportunity to see how great movie theaters are.”

Jackie Brenneman
President, Cinema Foundation

The flat $3 price for any movie in any format is also meant to encourage moviegoers to check out premium formats such as Dolby and IMAX.
“It’s an opportunity to get people to try out the new technologies and see how they like it,” Brenneman says.
Here’s everything you need to know about National Cinema Day.

When is National Cinema Day?

The movie holiday will be held on Saturday, Sept. 3.

Where can I buy the $3 tickets?

You can get your tickets by visiting your local theater’s box office, including top chains like AMC and Regal, or by going to online ticket brokers. For a list of participating theaters, visit the National Cinema Day website.
Be aware that the $3 ticket price does not include tax, and is still subject to any third-party ticketing fees that sites may charge.

What movies are eligible for the $3 National Cinema Day promotion?

Every movie currently showing in theaters will be available for $3. Whether you want to go to an 8 p.m. IMAX screening or a matinee showtime, the price will be the same.

Can I buy my $3 tickets in advance?

Not only can you order your seats ahead of time, Brenneman actually recommends it.
“My one piece of advice is to buy your tickets in advance,” she says. “If there’s a specific movie or a specific technology you’re excited about, buy those tickets early.”

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While student loan forgiveness is federally tax-free, borrowers may owe levies at the state level, depending on conformity laws.
However, with policies in flux, there’s still time for changes.
“No one wants to be the state taxing student loan forgiveness,” said Ethan Miller, certified financial planner and founder of Planning for Progress.

dmphoto | E+ | Getty Images

There’s good news if you’re eligible for student loan forgiveness: It won’t trigger a federal tax bill. And while some may still owe state taxes, it may be fewer borrowers than expected.
It depends on whether and when states conform to federal tax laws, including the American Rescue Plan of 2021 provision making student loan forgiveness federally tax-free through 2025.

While the Tax Foundation initially estimated that 13 states may tax student loan forgiveness, the organization has revised projections over the past week as states provided updates.
It now projects five states — Arkansas, Minnesota, Mississippi, North Carolina and Wisconsin — may tax student loan forgiveness.
While taxing forgiveness isn’t likely in Massachusetts, the state hasn’t officially made a determination.
More from Personal Finance:What Biden’s student loan forgiveness means for your taxesDo you make too much for student loan forgiveness?Student loan forgiveness applications could open within weeks
“No one wants to be the state taxing student loan forgiveness,” said Ethan Miller, a certified financial planner and founder of Planning for Progress, specializing in student loans in the Washington, D.C., area.

He said the latest updates may be helpful since borrowers aren’t receiving extra income to cover potential state liability, he said.
“I expect we’ll see at least a few more clarify their position,” Miller added.
Of course, with policies in flux, there’s still time for changes. Currently, here’s which states may tax student loan forgiveness.

Arkansas: Likely taxable 

Although the Arkansas Department of Finance and Administration hasn’t issued a formal decision, a determination may arrive in the coming days, a spokesperson told CNBC.
However, the state doesn’t conform to the federal code “in any significant way,” according to the Tax Foundation, making forgiven student debt likely to be taxable without state action.

Massachusetts: Likely not taxable  

While the Massachusetts Department of Revenue hasn’t made a final determination, state Rep. Steve Owens, a Democrat, on Wednesday said in a tweet that student loan forgiveness won’t be taxable.
What’s more, the state has already issued guidance on conforming to the American Rescue Plan’s exclusion, Owens said in a separate tweet.  

Minnesota: Possibly taxable

A state provision to conform with the American Rescue Plan Act’s exemption was not approved during the last session of the state legislature, a spokesperson for the Minnesota Department of Revenue told CNBC.  
“If the state does not conform to this federal law, then Minnesota taxpayers who have their student debt discharged will have to add back this amount for Minnesota income tax purposes,” the spokesperson said.

Mississippi: Taxable 

The Mississippi Department of Revenue has confirmed with CNBC that student loan forgiveness will be taxable at the state level.

North Carolina: Taxable 

Student loan forgiveness is “currently considered taxable income,” according to a press release on Wednesday from the North Carolina Department of Revenue. However, the department is monitoring legislation changes from the state’s General Assembly.

Wisconsin: Possibly taxable

With the state tax law conforming before the American Rescue Plan Act, it’s possible Wisconsin may tax student loan forgiveness, according to the Tax Foundation. The Wisconsin Department of Revenue hadn’t responded to a request for comment by press time.

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