Business

Carnival reported strong second-quarter results, with record profitability and demand.
Net income sharply improved year over year, the company said.
The cruise line also raised its full-year guidance on continued booking strength.

Carnival shares climbed nearly 7% on Tuesday after the cruise line posted stronger-than-expected second-quarter results and raised its full-year guidance.
According to the company’s earnings report, the cruise operator posted adjusted earnings of 35 cents per share while beating analysts’ estimates of 24 cents, according to LSEG. Adjusted revenue came in at a record $6.3 billion compared with the expected $6.2 billion.

Net income rose to $565 million, which was a significant increase from $92 million a year ago.
CEO Josh Weinstein said on Tuesday’s earnings call with analysts that there was a “strong momentum” across all of the company’s brands.
Due to outperformance, Carnival raised its full-year guidance and said it now expects adjusted net income to be 40% higher than 2024, which is about $200 million more than its March forecast.
Meanwhile, the cruise line said it expects full-year adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, to be $6.9 billion, up from a prior estimate of $6.7 billion.
Weinstein noted in the earnings call that it is less than a month away from the opening of the island Celebration Key in the Bahamas. Carnival’s island is expected to open on July 19.
Cruise demand remains strong post-pandemic, with higher prices and fuller ships expected to push profits closer to pre-pandemic levels, according to NerdWallet.

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Since it was founded in 2016 by a well-heeled Brit, OnlyFans has grown into a giant of x-rated content. The platform, whose current owner, a secretive Ukrainian-American, is reportedly looking to sell it for $8bn, is used by over 4m “creators”, who post content, and over 300m “fans”, who pay for it. In the 12 months to November 2023, the latest data available, it brought in revenue of $1.3bn. At around 50%, its operating margin was higher than those of tech giants such as Alphabet, Meta and Microsoft. OnlyFans has not only been an enormous financial success. It has transformed how porn is made, shared and consumed online. More

Home prices in formerly hot pandemic markets are now starting to fall.
Mortgage rates remain stubbornly high, with no sign of dropping.
Prices are unlikely to drop dramatically, as there are still too few homes for sale.

A Compass Realty sign is posted in front of a home for sale on June 23, 2025 in Greenbrae, California.
Justin Sullivan | Getty Images News | Getty Images

Rising supply and slowing demand in the housing market are finally causing prices to cool off, and the weakness is accelerating.
Home prices nationally rose just 2.7% in April compared with the previous year, according to the S&P CoreLogic Case-Shiller Index released Tuesday. That is down from a 3.4% annual increase in March and is the smallest gain in nearly two years.

The report is slightly backdated, as it is a three-month running average of prices ended in April. Other more current readings of the market, such as one from Parcl Labs, shows prices nationally are now flat compared with a year ago.
S&P Case-Shiller found the deceleration in prices was taking hold across the 10- and 20-city composites its index measures. Both are now substantially below their recent peaks. In addition, much of the annual increase in the April reading occurred in just the past six months, meaning prices got a boost from the spring market rather than showing up throughout the year.
“What’s particularly striking is how this cycle has reshuffled regional leadership—markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that’s increasingly driven by fundamentals rather than speculative fervor,” said Nicholas Godec, head of fixed income at S&P Dow Jones Indices, in a release.
New York saw the biggest increase in prices, with a 7.9% annual gain, followed by Chicago at 6% and Detroit at 5.5%. This is a shift from the first years of the pandemic, when the Sun Belt was seeing huge demand and big price gains.
Prices in those previously hot markets are now falling. Both Tampa, Florida, and Dallas turned negative, down 2.2% and 0.2%, respectively. San Francisco prices were basically flat, and both Phoenix and Miami eked out gains of just over 1%.

Higher mortgage rates, which shot over 7% in April and have settled back just under that mark since then, are keeping potential monthly payments near generational highs and pricing out significant pools of buyers, especially first-timers. That share dropped to just 30% of May sales, according to the National Association of Realtors. First-time buyers historically make up 40% of the market.
The supply of homes for sale is rising sharply, but is still below pre-pandemic levels. Just 6% of sellers are at risk of selling at a loss, according to a new report from Redfin. That is slightly higher than a year ago, but still historically low.
While prices are certainly weakening, they are nowhere close to being at risk of the major declines last seen following the subprime mortgage crisis and the Great Recession over a decade ago.
“Housing supply remains severely constrained, with existing homeowners reluctant to surrender their sub-4% pandemic-era rates and new construction failing to meet demand. This supply-demand imbalance continues to provide a price floor, preventing the sharp corrections that some had feared,” said Godec.

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Nearly three-quarters of back-to-school shoppers expect to spend the same amount or more this year than they did in 2024, according to a new PwC survey.
The results indicate a value-oriented consumer, said Kelly Pedersen, PwC’s U.S. retail leader, but back-to-school spending is insulated because “this is just necessary spend every year.”
Technology and clothing are the top two categories where shoppers are planning to pull back, according to PwC, while essentials like books and school supplies are more shielded.

A variety of school supplies, including lunch boxes and backpacks in different colors and patterns, are on display for the upcoming school year.
Deb Cohn-Orbach | UCG | Universal Images Group | Getty Images

Families are not holding back on back-to-school spending this year, despite growing economic pressure, according to a new PwC consumer survey.
Nearly three-quarters of back-to-school shoppers expect to spend the same amount or more this year than they did in 2024, according to PwC’s survey of nearly 2,000 parents. In fact, more than 1 in 3 parents anticipate spending more than they did last year.

“A lot of it is necessities. It’s people knowing that they’re going to have to get this specific book, or these specific supplies for school or they require technology for their kids,” said Kelly Pedersen, PwC’s U.S. retail leader.
The results indicate a value-oriented consumer, Pedersen said, but at the same time, back-to-school spending is insulated because “this is just necessary spend every year.”
The results come as consumers grapple with an uncertain economic environment due to global trade dynamics. While consumer confidence for May was stronger than expected, spending for the month pulled back sharply.
The temporary pauses on some of President Donald Trump’s tariffs have been viewed as a positive indicator for consumers, although the long-term path forward for tariffs remains unclear, especially as some retailers have said they will raise prices.
Among the back-to-school shopping destinations, Walmart and Target said they plan to hike some prices, while Best Buy is among the retailers that said it has already raised some prices.

“A lot of the average consumers in the U.S. sort of feel this cloud hanging above of, when are the tariffs going to hit, and what are those going to do to prices,” Pedersen said.
He said value will be important moving forward, as he has seen consumers shifting toward more discount retailers over the past couple of months.
Indeed, buying items only on discount and reusing items from previous years are among the top ways consumers plan on saving during back-to-school season, according to the survey.
For those who are cutting back on back-to-school spending, technology and clothing are the top two categories where they’re planning to pull back, according to PwC, while essentials like books and school supplies are more insulated.
On back-to-school technology, 25% of parents plan to spend more than $500, while 42% expect to pay under $50.
While the amount of back-to-school spending has stayed relatively constant overall, parents are changing the ways they shop.
Artificial intelligence in particular is impacting how parents handle the back-to-school season. One in 5 shoppers plan to use AI tools to find online deals, according to the survey.
When it comes to physical retail, Gen Z is leading the way. Gen Z parents surveyed were more likely than millennials or Gen X parents to shop exclusively in store, suggesting the younger generation could be contributing to brick-and-mortar resilience, PwC said. More

McDonald’s and Krispy Kreme will end their doughnut partnership on July 2.
The companies said the deal has not been as profitable as expected for the doughnut chain.
McDonald’s at one point planned to roll out Krispy Kreme doughnuts nationwide by next year.

Glazed Krispy Kreme doughnuts.
Joe Raedle | Getty Images News | Getty Images

Krispy Kreme and McDonald’s are ending their partnership for good.
The chain will stop selling its doughnuts at McDonald’s restaurants on July 2, the companies said in a press release Tuesday. McDonald’s USA’s Chief Marketing and Customer Experience Officer Alyssa Buetikofer said the collaboration was going well for the burger chain and its franchisees, but it “needed to be a profitable business model for Krispy Kreme as well.”

Their deal had placed Krispy Kreme doughnuts in 2,400 McDonalds locations. The companies paused their partnership in May after sales slowed down, and Krispy Kreme withdrew its full-year financial outlook in part due to economic “softness.” The chains are scrapping the deal after they announced plans last year to roll out Krispy Kreme doughnuts at McDonald’s locations nationwide by 2026.
“Ultimately, efforts to bring our costs in line with unit demand were unsuccessful, making the partnership unsustainable for us,” Krispy Kreme CEO Josh Charlesworth said in a statement Tuesday.
Krispy Kreme said it will now focus on expansion through “high-volume retail points of distribution” and international franchise growth. The companies also said the agreement only represented a “small, non-material” part of McDonald’s breakfast business.
McDonald’s shares dipped slightly Tuesday, while Krispy Kreme’s stock rose more than 1%.
McDonald’s has seen sluggish sales as diners reduce restaurant spending, and has tried to lure consumers back with deals. In the first quarter, the chain posted its largest same-store sales decline since 2020.
Krispy Kreme shares have plunged about 73% this year. In its first quarter, the company posted a loss of about $33 million.

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Airlines diverted more flights in the Middle East on Monday after Iran’s attack on a U.S. military base in Qatar.
Airspace was temporarily closed in Qatar and reportedly shut in Bahrain and the United Arab Emirates.
Airlines have paused some of their Middle East service or offered customers vouchers to change their flights or cancel them altogether.

Airspace over the Middle East on Monday afternoon EDT, according to FlightRadar24.
Courtesy: Flightradar24

Airlines diverted more flights in the Middle East on Monday after Iran’s armed forces said the country launched a missile strike on a U.S. military base in Qatar, as the region’s military conflict continued to disrupt flights.
More than 20 commercial aircraft bound for Doha, Qatar, diverted, while another four heading to Dubai in the United Arab Emirates turned around, according to aviation data firm Cirium. Meanwhile, flight-tracking platform Flightradar24 said airspace over the UAE was temporarily closed. Reuters reported that the island nation of Bahrain also closed its airspace temporarily.

Dubai-based Emirates said that some of its aircraft rerouted on Monday and told customers that some delays or longer flights are possible as it will operate its schedule as planned but with “flight paths well distanced from conflict areas.”
Air India said it has halted all flights in and out of the region and to and from the east coast of North America and Europe “until further notice.”
“Our India-bound flights from North America are diverting back to their respective origins and others are being diverted back to India or re-routed away from the closed airspaces,” Air India said in a post on X. “We request the understanding of all passengers who may be affected by this disruption that’s beyond an airline’s control.”
The carrier had previously announced some schedule cuts for enhanced safety checks after the deadly crash of one of its Boeing 787s shortly after takeoff from Ahmedabad in western India earlier this month. The cause of that crash is still under investigation.
British Airways said Monday it is canceling its Doha flights through Wednesday “following the latest developments.”

“Safety is always our highest priority,” it said. “We are contacting our customers to advise them of their options and will keep the situation under review.”

Flight patterns over United Arad Emirates.
Courtesy: Flightradar24

Earlier, major international airlines including Air France, Iberia, Finnair and others announced they would pause or further postpone a resumption of service to some destinations in the Middle East.
American Airlines had previously suspended its flights to Doha, and United Airlines had paused service to Dubai.
U.S. carriers had also suspended their Israel service after that country’s strike on Iran earlier this month.
The conflict in the Middle East has added to complications for airlines that have been dealing with restricted airspace since the Ukraine war began in 2022 and Russian airspace closed for many carriers.
Carriers have been periodically skirting parts of the Middle East because of security concerns, but closed airspace means longer, more expensive routes that require more fuel.

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More than two dozen NBA, NFL and NHL players participated in Fanatics’ Athlete Immersion Program this past weekend.
Athletes met with prominent CEOs and business leaders to learn about business, entrepreneurship, tech and more.
It’s an experience similar to a business school with lectures, case studies and projects and is meant to be a continuous learning opportunity through which players receive support, education and networking opportunities.

Fanatics logo is seen on the dugout wall before the game between the Pittsburgh Pirates and the Milwaukee Brewers at PNC Park on July 3, 2022 in Pittsburgh, Pennsylvania. (Photo by Justin Berl/Getty Images)
Justin Berl | Getty Images

Sports merchandising giant Fanatics is aiming to build a training camp for athletes to prepare them for life off the field.
More than two dozen NBA, NFL and NHL players participated in the company’s Athlete Immersion Program this past weekend as part of Fanatics Fest in New York City. The program included three days of workshops on business, entrepreneurship, tech and more.

“This definitely opened my eyes,” said Cole Anthony, a guard for the NBA’s Memphis Grizzlies. “I’m already trying to do things on the business side with my partners, my family. It just motivates me more.”
The “coaches” for the business boot camp included Fanatics founder Michael Rubin, Goldman Sachs CEO David Solomon, Apollo Global cofounder and Philadelphia 76ers managing partner Josh Harris, Raising Cane’s founder Todd Graves, ESPN Chairman Jimmy Pitaro and Boardroom cofounder and CEO Rich Kleiman.
Aaron Donald, who retired from the NFL’s Los Angeles Rams in 2024 after winning the Super Bowl, has already begun a new career in business, including an ownership stake in sports nutrition company Ready. But Donald, likely a future Hall of Famer, said he was blown away by the all-star team of business leaders.

Former Los Angeles Rams defensive lineman Aaron Donald arrives to the stadium prior to an NFC Wild Card game against the Minnesota Vikings, at State Farm Stadium on January 13, 2025 in Glendale, Arizona.
Brooke Sutton | Getty Images

“I think it’s one of hell of an opportunity,” said Donald. “I’m in a room with guys running companies worth billions of dollars. How many opportunities are you going to get to do that? You have to take advantage of all of those opportunities and knowledge.”

From big leagues to big business  

Fanatics launched the Athlete Immersion Program in 2023 and this year is partnering with Boardroom, a media and advisory company cofounded by Kleiman and NBA superstar Kevin Durant.

“I think it’s great to be able to give them a bit of a blueprint,” said Kleiman. “Being able to put them in the room with people that have the answers, that have done it, that lead industries. I think you get so much power and opportunity just from the information you get from watching, from learning and from being in these rooms and understanding how to move.”
Kleiman pointed to former NBA player Junior Bridgeman, who made less than $3 million during his 12-year career in the league, but built a net worth of more than $1 billion after retirement primarily through investments in Wendy’s, Pizza Hut and Chili’s franchises and then later through Coca-Cola distribution.
“What he did, he’s exceptional,” said Kleiman of Bridgeman, who died in March. “He wasn’t just a name. He actually built an operational team, built them up, oversaw them, and he was a tycoon of a business mind.”
Fanatics Chief People Officer Toretha McGuire said the program is focused on helping athletes use their playing days, what they describe as their “1.0 career” to fuel their “2.0 career.”
It’s an experience similar to a business school with lectures, case studies and projects, in which each athlete creates their own limited-edition clothing line with vintage sports apparel company Mitchell & Ness, a subsidiary of Fanatics.
“They go through a base business case, we teach them business fundamentals, we take them through the Fanatics business case where we bring them to 2021 where Michael [Rubin] did a final capital raise and we basically say, ‘What would you have done?'” McGuire said.
Most professional athletes retire from playing when they’re still young, she added.
“The opportunities they have in their 1.0 careers in terms of access and expanding their networks are going to be very critical,” she said.
Graves, who founded the popular fried chicken chain Raising Cane’s, spoke on a panel about the realities and challenges of entrepreneurship
“If you absolutely want to start a business, imagine how hard it is, multiply that by infinity to be able to make it work,” he said. “You have to be passionate, you have to be in the details 100%. And you have to know what you don’t know, right? So that is bringing in great people to try and grow it.”

Aspirations after athletics

The Athlete Immersion Program is meant to be a continuous learning opportunity through which players receive support, education and networking opportunities from Fanatics and Boardroom before and after they begin their business journey.
The next session will be held in December for WNBA, NWSL and MLB athletes in the offseason.
For Anthony, who was recently traded to the Grizzlies from the Orlando Magic, it’s also shown him the real parallels between competing in sports and competing in business.
“The common thing with everyone who has spoken to us and I’ve been able to talk to one-on-one is that every person I met here has been a grinder,” he said. “They make whatever it is they are passionate about, or what they are working on their priority. I think that’s just dope to hear from other people I can relate to in that sense.”

Cole Anthony #50 of the Orlando Magic dribbles the ball during the game against the Boston Celtics during Round 1 Game 5 of the 2025 NBA Playoffs on April 29, 2025 at TD Garden in Boston, Massachusetts.
Brian Babineau | National Basketball Association | Getty Images

A decade ago, reports suggested 16% of NFL players ultimately filed for bankruptcy — a sign of the type of financial strain many professional athletes face and a cautionary tale of life after the game.
But today, many of the people participating in the Fanatics curriculum believe opportunities like the Athlete Immersion Program can change the narrative — and their financial future.
For Donald, who will be remembered as one of the greatest defenders in NFL history, the focus now is finding the greatest opportunities for the next chapter of his life.
“It would be silly for me to stop the hard work, discipline, the structure that got me to a certain point,” he said. “I’m trying to build generational wealth for my kids.” More

Labubu dolls are hard to come by. Even at the giant flagship store of their maker, Pop Mart, in Shanghai, throngs of customers are told they need to wait a week or longer. The grimacing elvish creatures, which come in “blind boxes” that keep buyers in suspense over which one they might get, sell for as little as $20. But a rare variety sold for $150,000 at an auction on June 10th. It is not just Chinese children trying to get their hands on the dolls; celebrities including David Beckham, a British football player, and Rihanna, an American pop star, have recently gone public with their appreciation. More