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Loews Corporation is a stock investors should be watching even if analysts aren’t, CNBC’s Jim Cramer said Wednesday.
“Loews Corporation may not get any love from the analyst community, but I think it’s a hidden gem that should work perfectly in an increasingly tough market,” the “Mad Money” host said. 

Loews Corporation is a stock investors should be watching even if analysts aren’t, CNBC’s Jim Cramer said Wednesday.
“Loews Corporation may not get any love from the analyst community, but I think it’s a hidden gem that should work perfectly in an increasingly tough market,” the “Mad Money” host said. 

“The fact that it’s managed to fly under the radar simply means that you’re getting a chance to buy it for less than it should be worth,” he said.
Loews stock rose 0.09% on Wednesday to $63.36, still below its 52-week high of $66.00.
Cramer highlighted the corporation’s four subsidiaries and what he likes about each one.

CNA Financial: “CNA Financial is the foundation of Loews — it’s like a cash machine that constantly throws off money,” he said.
Boardwalk Pipelines: Cramer said that the U.S’ shortage of natural gas pipelines, along with the location of Boardwalk’s pipelines, which are around the Gulf Coast, are huge pluses for Loews. 
Loews Hotels: “This business has had a tough time over the past two years — they’ve been in bear market — but I think that’s going to change. … People have been cooped up for too long. They want to take real vacations again,” Cramer said.
Altium Packaging: “I think they’ve got a solid long-term story. … I bet it’s got a bright future,” he said.

Cramer also said that Loews’ actions make it clear the company believes that its stock is undervalued, which makes it an even more attractive buy.
Loews bought back 21.1 million shares of the company’s common stock in 2021 totaling $1.1 billion, according to its letter to shareholders for that same year.

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The NFL, other major sports leagues, players unions and team owners are leading the latest round of investment in Fanatics, the online sports-platform company.
The latest investment totals $1.5 billion, with the NFL kicking in the largest portion at $320 million.
With the growth comes speculation of a potential IPO, but Fanatics isn’t showing its hand: While it “is clearly an available option to us, there is no update on any timeline,” a company spokesperson said.

A detailed photo of the Fanatics apparel displayed at NFL Hospitality during the 2018 NFL Annual Meetings at the Ritz Carlton Orlando, Great Lakes on March 26, 2018 in Orlando, Florida.
Mark Brown | Getty Images

The NFL, other major sports leagues, players unions and team owners are leading the latest round of investment in Fanatics, the rapidly growing sports online-platform company.
The latest investment totals $1.5 billion, with the NFL kicking in the largest portion at $320 million. Fanatics is valued at $27 billion.

The NFL Players Association also made an investment. Other investors include Major League Baseball and its players union, as well as the National Hockey League.
Joseph Tsai, the Alibaba co-founder and Brooklyn Nets owner, and the Qatar Investment Authority, owner of the Paris Saint-Germain soccer team, also are investors in this latest round.
The investment continues the trend of leagues and players’ associations wanting a slice of the Fanatics pie. Similarly, the NBA recently took a 3% stake in SportRadar.
Florida-based Fanatics was founded in 2011 by Michael Rubin, co-owner of the Philadelphia 76ers and New Jersey Devils. It now has exclusive licensing deals with the NFL, NHL, NBA, MLB and colleges and universities to make and sell official team merchandise.
Earlier this year, the company expanded beyond its merchandise base, acquiring Topps trading cards for $500 million. That Fanatics’ entity is now valued at $10 billion after a $350 million round of funding last September.

Leagues, players’ associations and team owners now own approximately 10% of Fanatics. The NFL and MLB first invested $150 million in Fanatics in 2017. CNBC previously reported other investors in the most recent round of funding include Fidelity, BlackRock and Michael Dell’s MSD Partners.
“This investment not only reflects our experience having worked with Michael [Rubin] and the team at Fanatics for a number of years but our belief that the company is building a business that is new, unique and valuable,” Brian Rolapp, the NFL’s chief media and business officer, told CNBC regarding the latest investment round.

Last year, Fanatics launched Candy Digital, which sells non-fungible tokens, or NFTs. The company also owns half of the hat retailer Lids Sports Group, which it acquired in 2019.
Fanatics is now eyeing the sports-gambling space, with the launch of an online sportsbook under the direction of former FanDuel CEO Matt King.
With the growth comes speculation of a potential initial public offering, but Fanatics isn’t showing its hand: While it “is clearly an available option to us, there is no update on any timeline,” a company spokesperson said. “Our focus remains on expanding the business and building the leading digital sports platform over the next decade and beyond.”

Fanatics is a two-time CNBC Disruptor 50 company. Sign up for our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a closer look at private companies like Fanatics that continue to innovate across every sector of the economy.

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Six attorneys general told NFL Commissioner Roger Goodell they had “grave concerns” about reports of an alleged hostile workplace culture toward women.
The warning stems from reports in The New York Times based on claims by more than 30 former employees of the NFL, which is based in New York City.
The NFL, in a statement responding to the letter, said it is committed to keep its workplaces free from harassment and discrimination.

Roger Goodell
Catalina Fragoso | USA TODAY Sports | Reuters

Attorneys general of six states warned the National Football League on Wednesday to take “swift action” in responding to recent allegations a “workplace culture that is overtly hostile to women,” or face investigations and possible legal charges.
The coalition told NFL Commissioner Roger Goodell in a letter that it had “grave concerns” about reports of how female employees of the league are treated.

“Our offices will use the full weight of our authority to investigate and prosecute allegations of harassment, discrimination, or retaliation by employers throughout our states, including at the National Football League,” New York Attorney General Letitia James and her counterparts from Illinois, Minnesota, Massachusetts, Oregon and Washington said in their letter.

The warning stems from reports in The New York Times in February based on claims by more than 30 former employees of the NFL, which is based in New York City.
Among other things, the female former employees told The Times about being made to repeatedly watch a 2014 video of ex-NFL player Ray Rice punching and knocking out his fiancee, “with commentary by coworkers that the victim had brought the violence on herself,” the letter noted.

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Women also detailed how they were asked to reveal if they also had been victims of domestic abuse.
“Other women described experiencing unwanted touching from male bosses, attending parties whereprostitutes were hired, being passed over for promotions based on their gender, and beingpushed out for complaining about discrimination,” said the letter to Goodell.

“In 2014, we watched in horror as the video of [former NFL player] Ray Rice brutally attacking his fiancé was made public,” the letter said. “In the aftermath of that disturbing incident and too many others, the NFL promised to do better, take gender violence seriously, and improve conditions for women within the league.”
The attorneys general added: “We now know that they did nothing of the sort.”
The NFL, in a statement responding to the letter, said it is committed to keep its workplaces free from harassment and discrimination.
“We have made great strides over the years in support of that commitment, but acknowledge that we, like many organizations, have more work to do,” the league said.
“We look forward to sharing with the attorneys general the policies, practices, protocols, education programs and partnerships we have implemented to act on this commitment and confirm that the league office and our clubs maintain a respectful workplace where all our employees, including women, have an opportunity to thrive,” the league added.

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Denim retailer Levi Strauss reported fiscal first-quarter earnings and revenue that topped analysts’ estimates.
The company sold more of its jeans and T-shirts at higher price points, often directly to customers.
Levi reaffirmed its forecast for fiscal 2022, assuming no significant worsening of inflationary pressures or closures of global economies.
Levi CEO Chip Bergh told CNBC that consumers have yet to trade down for less expensive apparel.

An employee holds a shopping bag while ringing up a customer at the Levi Strauss & Co. flagship store in San Francisco, March 18, 2019.
David Paul Morris | Bloomberg | Getty Images

Denim retailer Levi Strauss & Co. on Tuesday reported fiscal first-quarter earnings and revenue that topped analysts’ estimates as it sold more of its jeans and T-shirts at higher price points, often directly to customers.
Levi also reaffirmed its forecast for fiscal 2022, assuming no significant worsening of inflationary pressures or closures of global economies. It took into account any hit from its recent decision to temporarily suspend business in Russia, which represents roughly 2% of its total sales.

The retailer has yet to see consumers trade down for less expensive apparel, even as everything from gasoline prices to grocery bills surge, Levi CEO Chip Bergh told CNBC in a phone interview. And still, as the company has raised prices on some items to offset other expenses within the business, consumer demand has remained strong, he added.
To be sure, Bergh said Levi is keeping a close eye on consumer demand, knowing that projections of a looming recession have been growing among economists. “We don’t have our head in the sand,” the CEO said. “If we see [demand] starting to get wobbly, we will take the appropriate action.”
Levi shares rose around 1.5% in extended trading, after closing the day down 1.5%.
Here’s how Levi did for the three-month period ended Feb. 27 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:

Earnings per share: 46 cents adjusted vs. 42 cents expected
Revenue: $1.59 billion vs. $1.55 billion expected

Levi reported net income of $196 million, or 48 cents per share, compared with net income of $143 million, or 35 cents a share, a year earlier. Excluding one-time items, it earned 46 cents a share, better than the 42 cents that analysts had been looking for.

Revenue rose 22% to $1.59 billion from $1.31 billion a year earlier. That topped expectations for $1.55 billion.
Levi said it took a roughly $60 million hit to sales due to supply chain constraints during the latest period. Its global direct-to-consumer sales rose 35% from the prior-year period, and wholesale revenue was up 15%.
While Levi still partners with big-box retailers such as Target and department stores like Macy’s to sell its jeans, the company has increasingly pushed customers toward its own brick-and-mortar stores and website. Not only can those transactions be more profitable, but it allows Levi to build stronger relationships with shoppers and collect more insights on their browsing habits. Direct-to-consumer represented 39% of total sales in the quarter, up from 38% in the previous period and 36% a year ago, the company said.
Broken down by region, sales climbed 26% in the Americas, rose 13% in Europe, and grew 11% in Asia on a year-over-year basis.
Levi reaffirmed its outlook for fiscal 2022, which calls for revenue to grow between 11% and 13% year over year. Analysts have projected an increase of 11.8%.
The retailer still sees its annual per-share earnings ranging between $1.50 and $1.56, compared with analysts’ outlook of $1.54.
“The denim category is growing in a low-double-digit [rate] relative to where it was before pandemic,” Chief Financial Officer Harmit Singh told CNBC, saying “the world continues to become a lot more casual.”
Singh added: “We’ve seen demand in March maintain the momentum, and that gives us confidence about the rest of the year.”
Find the full earnings press release from Levi here.

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Sir Richard Branson, less than a year after reaching space with Virgin Galactic, hopes to next trade flights with Elon Musk and fly with SpaceX.
“Hopefully I’ll be able to go up on one of his spaceships one day, and he’ll be able to go up on one of ours,” Branson told CNBC on Tuesday.
Branson noted that he and Musk are “good friends” and that his fellow billionaire bought a Virgin Galactic ticket “a long time ago.”

Billionaire entrepreneur Richard Branson prepares to spray champagne after flying with a crew in Virgin Galactic’s passenger rocket plane VSS Unity to the edge of space at Spaceport America near Truth or Consequences, New Mexico, U.S., July 11, 2021.
Joe Skipper | Reuters

COLORADO SPRINGS, Colorado – Sir Richard Branson, less than a year after reaching space with Virgin Galactic, hopes to next trade flights with Elon Musk and fly with SpaceX.
“Hopefully, I’ll be able to go up on one of his spaceships one day, and he’ll be able to go up on one of ours,” Branson told CNBC on Tuesday.

Branson achieved his dream of reaching space in July 2021, nearly two decades after he founded Virgin Galactic. The Federal Aviation Administration on Tuesday honored the first-time astronauts of Virgin Galactic’s Unity 22 flight crew – Branson, Sirisha Bandla and Colin Bennett – with wings, recognizing them for crossing the 80 kilometer (50 mile) altitude mark that the U.S. recognizes as the boundary to space.
Branson noted that he and Musk are “good friends” and that his fellow billionaire bought a Virgin Galactic ticket “a long time ago.” SpaceX began flying astronauts to orbit in 2020 and has launched 18 people to space to date.

Branson’s role in Virgin Galactic’s future

Shares of Virgin Galactic are down nearly 33% so far this year.
Virgin Galactic is in the midst of a lengthy refurbishment process of its spacecraft VSS Unity and carrier aircraft VMS Eve. The company stood down in October from completing its test flight campaign and delayed its commercial space tourism service to the fourth quarter of this year. In February, the company said the refurbishment remains on schedule and is set to be complete in the third quarter.
In the meantime, Virgin Galactic has made changes to its structure and brand under CEO Michael Colglazier, who was appointed in July 2020. Earlier this year, now-former-chair Chamath Palihapitiya stepped down from Virgin Galactic’s board of directors, and the company revealed a rebranding of its logo, replacing the iris of Branson with a purple outline of its spacecraft.

Additionally, Branson has decreased his ownership of Virgin Galactic in four bulk stock sales since the company went public, although he remains the largest single shareholder through The Virgin Group.
Branson said he is done with “the sort of heavy-lifting side of my job” for Virgin Galactic. But he also pledged that he will “always be involved” with the company.
“I had lunch with Michael [Colglazier] today, and we had a long list of things that I’m planning to do … so it doesn’t look like I’m ducking out of here,” Branson said. “I’ll certainly help where I can.”

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Porsche is upping its investment in the development of climate-neutral “e-fuels” made to replace gasoline in traditional combustion engines.
The German automaker, owned by Volkswagen, announced on Wednesday a $75 million “long-term” investment stake in Highly Innovative Fuels Global.
E-fuels could allow companies like Porsche to continue producing vehicles such as the iconic 911 sports car with a traditional engine alongside new electric models.

A Porsche 911 Carrera 4S stands in the evening light in a drive-in cinema on the circuit of the Leipzig Porsche factory.
Jan Woitas | picture alliance via Getty Images

DETROIT — Porsche is upping its investment in the development of climate-neutral “e-fuels” made to replace gasoline in traditional combustion engines.
The German automaker, owned by Volkswagen, announced on Wednesday a $75 million “long-term” investment in Highly Innovative Fuels Global, a manufacturer headquartered in the U.S. with operations in Chile. Porsche will acquire 12.5% of the Delaware-based holding company.

The move builds on an existing tie-up between the companies. In late 2020, Porsche announced a roughly $24 million investment in a pilot plant being produced by HIF in Chile. The plant is expected to begin production later this year of e-fuels, which are made from hydrogen and carbon dioxide.
“Today is an important milestone in our commitment to e-fuels,” Barbara Frenkel, head of procurement for Porsche, said during a media roundtable from Chile. “We see our participation in HIF Global as a long-term investment and the use of e-fuels is, of course, of great interest to the automotive industry … it is also effective for aviation and shipping industries.”
Porsche’s new investment is part of a larger international financing round of $260 million, according to HIF. Other investors include the Chilean company Andes Mining & Energy (AME) and American companies EIG, Baker Hughes and Gemstone Investments.
HIF said the additional capital will be used to develop industrial e-fuel facilities next year in the United States, followed by similar facilities in Chile and Australia in 2024.

Electricity-based fuels, or e-fuels, are clean, carbon-neutral fuels produced from renewable, green hydrogen and carbon dioxide taken from the atmosphere, according to HIF. They can act like gasoline, allowing owners of current and classic vehicles a more environmentally friendly way to drive.

E-fuels could allow companies like Porsche to continue producing vehicles such as the iconic 911 sports car with a traditional engine alongside new electric models, despite increasing regulations away from fossil fuels. While electric vehicles can offer outstanding performance, the driving dynamics of the vehicles are different than traditional engines.
Porsche, which is now the second largest shareholder in the company behind AME, expects to use the e-fuels from Chile first in motorsports, followed potentially by uses in new consumer vehicles.

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Aurora and Werner are testing self-driving tractor-trailer trucks on a crucial stretch of highway in Texas.
The road, between Fort Worth and El Paso, is a key part of the busy Atlanta-to-Los Angeles truck route, but human drivers find it monotonous to drive.
The trucks have human operators on board for now, ready to take over if needed.

06 January 2022, US, Las Vegas: Robotic truck company Aurora shows off a self-driving semi-truck at the CES tech show in Las Vegas. In the Corona pandemic, interest in autonomous freight transport increased. 
Andrej Sokolow | Picture Alliance | Getty Images

Self-driving startup Aurora Innovation has gone trucking in Texas.
Aurora announced Wednesday that it has begun a pilot test of self-driving tractor-trailers with logistics giant Werner Enterprises. Aurora’s self-driving system – called Aurora Driver – will be operating Werner trucks on a roughly 600-mile stretch of highway between Fort Worth and El Paso.

That particular stretch is an important segment of a heavily traveled truck route between Atlanta and Los Angeles. But according to the companies, it’s a monotonous nine-hour drive that human truck drivers would rather avoid – making it an ideal use case for the Aurora Driver system, which never gets bored.
For the time being, the Aurora-driven trucks will have human operators on board, ready to take over if needed. Aurora’s system also isn’t being asked to handle any tight urban driving situations.
Despite the constraints, the test is an important step forward for Aurora’s driverless technology at a moment when trucking firms like Werner are grappling with a nationwide shortage of qualified human truck drivers.
Werner’s CEO, Derek Leathers, was quick to say that the goal isn’t to replace the company’s human drivers entirely. Instead, as he sees it, self-driving systems like Aurora’s will be able to handle routes that Werner’s human drivers would rather avoid, while expanding the company’s capacity during busy periods.
“We look forward to building a hybrid world where drivers continue to haul freight while autonomous trucks supplement rising demand,” Leathers said.

This is Werner’s first experience with autonomous trucks, but it’s not the Aurora Driver’s first deployment in big rigs. Both FedEx and Uber Technologies’ trucking unit, Uber Freight, are running similar pilot programs with Aurora-driven heavy trucks. Aurora is also testing its Driver system with Toyota minivans in a ride-hailing fleet in the Dallas-Fort Worth area.
Aurora acquired Uber’s self-driving division in 2020.

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JetBlue made an offer to acquire discount airline Spirit as it looks to grow its fleet and compete with bigger carriers.
The bid confounded some Wall Street analysts: “Wait, what?”
Spirit and rival discount carrier Frontier announced plans to combine in February.

View of JetBlue planes at Terminal 5 of John F. Kennedy International Airport on May 12, 2020 in New York, NY.
Pablo Monslave | Getty Images

JetBlue on Wednesday said its $3.6 billion all-cash bid for ultra-low cost carrier Spirit Airlines would help it grow across the country and better compete against larger airlines.
The bid, which Spirit called “unsolicited,” casts doubt on the latter’s planned tie-up with Frontier Airlines. Spirit shares surged more than 22% on Tuesday after news of the offer broke, but were down 3% in premarket trading Wednesday. JetBlue was off 4% while Frontier was down 3%.

Frontier and Spirit have similar business models: low fares, sparse onboard service and fees for everything from hand baggage to seat selection.
JetBlue, on the other hand, has spent years building up its Mint business class service that includes lie-flat beds and full meals. The same day it announced its surprise bid for Spirit, JetBlue also announced start dates for its first flights from Boston to London.
But JetBlue is mostly concentrated in domestic travel. The Spirit deal, if approved by antitrust officials in the Justice Department, would give JetBlue more breadth and ability to compete with larger carriers, executives said Wednesday.
It would also allow JetBlue to quickly grow its fleet thank to a large Airbus orderbook both carriers have as well as increase its headcount, particularly pilots. JetBlue CEO Robin Hayes said on a call with analysts on Wednesday morning that he expects the pilot shortage in the U.S. to persist for several years.
JetBlue didn’t disclose how much it would cost to reconfigure Spirit’s Airbus planes to match JetBlue interiors, which have inflight entertainment like seatback screens fewer seats, but the carrier said it would be “a multi-year” capital expenditure.

The airline’s bid for Spirit confounded some analysts.
UBS called it a “headscratcher.”
“Wait, What?” asked MKM Partners.
Bank of America said while both JetBlue and Spirit have Airbus planes “we struggle to find additional benefits for JBLU.”
Raymond James downgraded JetBlue to market perform after the announcement and said product and labor would be tough to combine.
“The process is also likely to distract or possibly unwind current initiatives, most notably the Northeast alliance with American,” Raymond James Savanthi Syth wrote. “Moreover, the prospect of elevated debt, even if manageable, is likely to be an overhang on investor sentiment.”
The Biden administration has been scrutinizing mergers and other alliances.
The Biden administration sued last year to block JetBlue’s partnership with American Airlines, which allows the airlines to coordinate routes in airports in the New York City area and Boston.
Asked whether JetBlue would give up that alliance to get a deal with Spirit through regulators, JetBlue CEO Hayes said on the analyst call that the deal is “complementary” to its American Airlines’ partnership.

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