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The FAA on Wednesday temporarily banned drone flights over 22 areas across New Jersey amid complaints of strange and often bright drones in the night sky.
The TFRs will last until Jan. 17 and cover large parts of central and northern New Jersey, including Elizabeth, Camden and Jersey City, the second most populous city in the Garden State.
Residents have reported seeing unexplained drones flying through sky for weeks, which prompted criticism from local officials and law enforcement.

A drone or SUAV, Small Unmanned Aerial Vehicle.
Richard Newstead | Moment | Getty Images

The Federal Aviation Administration on Wednesday temporarily banned drone flights over 22 areas across New Jersey amid complaints of strange and often bright drones in the night sky.
“At the request of federal security partners, the FAA published 22 Temporary Flight Restrictions (TFRs) prohibiting drone flights over critical New Jersey infrastructure,” the FAA said in a statement to CNBC.

The TFRs will last until Jan. 17 and cover large parts of central and northern New Jersey, including Elizabeth, Camden and Jersey City, the second most populous city in the Garden State.
Residents have reported seeing unexplained drones flying through sky for weeks, which prompted criticism from local officials and law enforcement, who said agencies including the FBI and Department of Homeland Security are not transparent enough with residents.
The FBI and DHS said last week that they had seen “no evidence” that the drone sightings “pose a national security or public safety threat.” They added that they had no evidence of a “foreign nexus” to the drones. On Saturday, the agencies said they had found “many of the reported drone sightings are, in fact, manned aircraft being misidentified as drones.”
“At this point, we have not identified any basis for believing that there’s any criminal activity involved, that there’s any national security threat, that there’s any particular public safety threat or that there’s a malicious foreign actor involved in these drones,” a DHS official said over the weekend.
Meanwhile, drone stocks rallied this week after Palantir announced a partnership with Red Cat Holdings, coupled with the rise in interest around the mysterious sightings. Shares of Red Cat, a Puerto Rico-based drone provider, are up rougly 10% on Thursday. More

Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors
Sales were 6.1% higher than November 2023, the largest annual gain in three years.

Investors own more than 131,000 homes in the Las Vegas Valley now.
Las Vegas Review-journal | Tribune News Service | Getty Images

Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units.
Sales were 6.1% higher than November 2023. This is the third-highest pace of the year and the largest annual gain in three years.

This count is based on closings, so contracts were likely signed in September and October. Mortgage rates had fallen to an 18-month low in September but then shot higher in October.
“Home sales momentum is building,” said Lawrence Yun, chief economist for the NAR. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”
The supply of homes for sale at the end of October was 1.33 million units, up 17.7% from November of last year. At the current sales pace, that represents a 3.8-month supply. A six-month supply is considered balanced between buyer and seller.
That tight supply continued to put pressure on prices. The median price in November was $406,100, up 4.7% year over year. That annual comparison is gaining again. Prices were up 4% annually in October.
Price gains were strongest in the Northeast and Midwest, at 9.9% and 7.3%, respectively. Roughly 18% of homes were sold above list price.

First-time homebuyers gained some ground, representing 30% of November sales, up from 27% in October, but slightly lower than a year ago. Cash is still king at 25% of sales. Investors, however, pulled back at just 13% of sales, down from 18% in November of last year.
“Is this an indication where investors or more number-crunching people think that home prices are at the top? Or is another reason that rents are no longer rising?” Yun queried.
The biggest sales gains continue to be on the higher end of the market. Sales of homes priced over $1 million surged 24.5% from November of last year, while sales of homes priced below $100,000 dropped 24.1%.
Mortgage rates are higher again today, with the average rate on the 30-year fixed surging 21 basis points Wednesday, following the latest Federal Reserve meeting. Fewer Fed rate cuts are now expected next year.

Don’t miss these insights from CNBC PRO More

THE BOSSES of America’s trillion-dollar technology giants represent two CEO archetypes. First, the eccentric visionary founder: Mark Zuckerberg of Meta, Elon Musk of Tesla and Jensen Huang of Nvidia are obsessed with their products; wield untrammelled power thanks to the strength of their will, the size of their shareholding, or both; and make questionable sartorial choices. Second, the caretaker: Tim Cook of Apple, Satya Nadella of Microsoft, Andy Jassy of Amazon and Sundar Pichai of Alphabet, Google’s corporate parent, are low-key, sensibly attired hired guns who mostly take great existing products and turn them into fabulous businesses. More

The Can of Ham cannot find a buyer. It may be hard to see the Gherkin because the Walkie-Talkie and the Cheesegrater get in the way. London’s skyline is made of glass, steel and nicknames. Sometimes these names start out as criticism: the city’s tallest building got its name when it was described as a “shard of glass through the heart of historic London” by a heritage group. But in time, they denote familiarity and, often, affection. On December 13th the City of London approved plans for a new skyscraper that will be as tall as the Shard; the chances are high that it will eventually wind up with a sobriquet based on its shape. More

The Venus de Milo; “Mona Lisa”; 250 skulls on a mirrored wall; a six-metre Tyrannosaurus rex. You can see all this and more at “The Art of the Brick”, a touring exhibition currently in Berlin. It is the work of Nathan Sawaya, a former lawyer. His chosen medium? Lego bricks. More

CNBC ranks the 75 most valuable college athletic programs.
The rankings exclude military academies and are limited to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which tend to attract top players.
The top of the list is dominated by SEC and Big Ten schools, due largely to each conference’s massive media rights deals.

With major college sports programs collectively generating billions in revenue each year, private investors are looking to get a piece of the action.
But how much is a college sports program worth?

It’s a question CNBC set out to answer after speaking with people in the private equity world who are seeking to invest in college sports.
Below, CNBC ranks the 75 most valuable college athletic programs. The rankings exclude military academies and are limited to schools that participate in the NCAA Football Bowl Subdivision, or FBS, which tend to attract top players.
Ohio State University is the most valuable athletic program, worth an estimated $1.27 billion. The Buckeyes had $280 million in revenue in 2023, the most of any school. Other factors that helped propel the Buckeyes to the top of the rankings are an alumni base of over 600,000, a fan base of more than 11 million, boosters that donated nearly $60 million last year, and a football team that routinely has attendance of over 100,000 at its games.
It isn’t surprising that the top of the list is dominated by SEC and Big Ten schools — due largely to each conference’s massive media rights deals.
In aggregate, the SEC is worth $13.3 billion, an average of $832 million per school; followed by the Big Ten at $13.2 billion, an average of $734 million per school; the ACC at $9.6 billion, or $562 million per school; and the Big 12, at $6.7 billion, or $420 million per school.

The information used to compile the valuations comes courtesy of Jason Belzer, publisher of AthleticDirectorU, who has advised universities on name, image and likeness deals and is now doing the same for athletic departments seeking private equity. AthleticDirectorU has an expansive database of college athletic program financials and information.
The revenue figures are from the Department of Education’s Equity in Athletics Data Analysis and the Knight Commission on Intercollegiate Athletics for the fiscal year 2023. The list is reflective of the current enterprise value of each program, starting with a base revenue multiple of four for all institutions, and then adjusting the multiple for variables, including conference affiliation, estimated NIL spend, school subsidies, number of alumni and other factors that can catalyze future revenue growth and profitability. 
CNBC and Belzer also incorporated the expertise of several people knowledgeable about athletic program valuations to determine the rankings, who requested anonymity in order to discuss details of the programs.

College Athletics Valuations 2024

Rank
Program
Valuation
Revenue
Conference
City
Ownership

1.
Ohio State University
$1.32B
$280M
Big Ten
Columbus, OH
public

2.
University of Texas at Austin
$1.28B
$271M
SEC
Austin, TX
public

3.
Texas A&M University
$1.26B
$279M
SEC
College Station, TX
public

4.
University of Michigan
$1.06B
$230M
Big Ten
Ann Arbor, MI
public

5.
University of Alabama
$978M
$200M
SEC
Tuscaloosa, AL
public

6.
University of Notre Dame
$969M
$224M
ACC
Notre Dame, IN
private

7.
University of Georgia
$950M
$210M
SEC
Athens, GA
public

8.
University of Nebraska
$943M
$205M
Big Ten
Lincoln, NE
public

9.
University of Tennessee
$940M
$202M
SEC
Knoxville, TN
public

10.
University of Oklahoma
$928M
$199M
SEC
Norman, OK
public

11.
Penn State University
$924M
$202M
Big Ten
University Park, PA
public

12.
University of Southern California
$923M
$212M
Big Ten
Los Angeles, CA
private

13.
Louisiana State University
$916M
$200M
SEC
Baton Rouge, LA
public

14.
University of Florida
$865M
$189M
SEC
Gainesville, FL
public

15.
University of Wisconsin
$838M
$198M
Big Ten
Madison, WI
public

16.
Clemson University
$800M
$196M
ACC
Clemson, SC
public

17.
University of Oregon
$780M
$151M
Big Ten
Eugene, OR
public

18.
University of Arkansas
$776M
$167M
SEC
Fayetteville, AR
public

19.
University of Kentucky
$775M
$174M
SEC
Lexington, KY
public

20.
Auburn University
$772M
$195M
SEC
Auburn, AL
public

21.
University of Iowa
$747M
$167M
Big Ten
Iowa City, IA
public

22.
Michigan State University
$740M
$171M
Big Ten
East Lansing, MI
public

23.
Stanford University
$687M
$180M
ACC
Stanford, CA
private

24.
Florida State University
$673M
$170M
ACC
Tallahassee, FL
public

25.
University of Illinois
$665M
$148M
Big Ten
Champaign, IL
public

26.
Duke University
$659M
$153M
ACC
Durham, NC
private

27.
University of Washington
$658M
$152M
Big Ten
Seattle, WA
public

28.
Indiana University
$653M
$145M
Big Ten
Indianapolis, IN
public

29.
University of Mississippi
$651M
$142M
SEC
Oxford, MS
public

30.
University of South Carolina
$650M
$160M
SEC
Columbia, SC
public

31.
University of Miami
$639M
$160M
ACC
Coral Gables, FL
private

32.
University of Minnesota
$637M
$149M
Big Ten
Minneapolis, MN
public

33.
Texas Tech University
$619M
$147M
Big 12
Lubbock, TX
public

34.
University of Louisville
$595M
$143M
ACC
Louisville, KY
public

35.
University of Missouri
$590M
$142M
SEC
Columbia, MO
public

36.
North Carolina State University
$581M
$121M
ACC
Raleigh, NC
public

37.
Purdue University
$567M
$124M
Big Ten
West Lafayette, IN
public

38.
University of Kansas
$553M
$128M
Big 12
Lawrence, KS
public

39.
Vanderbilt University
$551M
$125M
SEC
Nashville, TN
private

40.
Texas Christian University
$542M
$149M
Big 12
Fort Worth, TX
private

41.
UNC-Chapel Hill
$539M
$139M
ACC
Chapel Hill, NC
public

42.
University of Arizona
$532M
$143M
Big 12
Tucson, AZ
public

43.
University of Pittsburgh
$524M
$137M
ACC
Pittsburgh, PA
public

44.
Mississippi State University
$523M
$116M
SEC
Starkville, MS
public

45.
Baylor University
$513M
$137M
Big 12
Waco, TX
private

46.
University of Virginia
$506M
$141M
ACC
Charlottesville, VA
public

47.
Oklahoma State University
$500M
$122M
Big 12
Stillwater, OK
public

48.
Georgia Tech
$498M
$134M
ACC
Atlanta, GA
public

49.
Iowa State University
$492M
$116M
Big 12
Ames, IA
public

50.
Syracuse University
$487M
$114M
ACC
Syracuse, NY
private

51.
Northwestern University
$486M
$118M
Big Ten
Evanston, IL
private

52.
University of Maryland
$477M
$121M
Big Ten
College Park, MD
public

53.
Virginia Tech
$474M
$130M
ACC
Blacksburg, VA
public

54.
University of California, Los Angeles
$472M
$105M
Big Ten
Los Angeles, CA
public

55.
University of Colorado
$470M
$127M
Big 12
Boulder, CO
public

56.
University of Utah
$468M
$126M
Big 12
Salt Lake City, UT
public

57.
Kansas State University
$444M
$102M
Big 12
Manhattan, KS
public

58.
Boston College
$443M
$118M
ACC
Chestnut Hill, MA
private

59.
Rutgers University
$417M
$125M
Big Ten
New Brunswick, NJ
public

60.
West Virginia University
$403M
$106M
Big 12
Morgantown, WV
public

61.
Washington State University
$392M
$79M
Pac-12
Pullman, WA
public

62.
University of California, Berkeley
$386M
$126M
ACC
Berkeley, CA
public

63.
Wake Forest University
$362M
$97M
ACC
Winston-Salem, NC
private

64.
Brigham Young University
$357M
$106M
Big 12
Provo, UT
public

65.
Southern Methodist University
$327M
$86M
ACC
Dallas, TX
private

66.
Oregon State University
$326M
$92M
Pac-12
Corvallis, OR
public

67.
San Diego State University
$287M
$104M
MWC
San Diego, CA
public

68.
Arizona State University
$279M
$115M
Big 12
Tempe, AZ
public

69.
University of Cincinnati
$216M
$87M
Big 12
Cincinnati, OH
public

70.
University of Central Florida
$181M
$85M
Big 12
Orlando, FL
public

71.
University of Connecticut
$178M
$93M
Big East
Storrs, CT
public

72.
Boise State University
$176M
$61M
MWC
Boise, ID
public

73.
East Carolina University
$153M
$63M
AAC
Greenville, NC
public

74.
University of South Florida
$150M
$71M
AAC
Tampa, FL
public

75.
University of Memphis
$148M
$64M
AAC
Memphis, TN
public More

Mall owners are devoting more square footage to restaurants and bars in the hopes that diners will shop after dinner.
Malls are supplementing food court mainstays with more upscale, full-service restaurants, plus introducing food halls catered by local vendors.
Some large national chains, like the Cheesecake Factory, Chick-fil-A and Panda Express, are still winning over both customers and mall landlords, despite the shift.

Editor’s note: This is the third story in a three-part CNBC series about the future of U.S. shopping malls, as developers transform the spaces to add new retailers, experiences and even apartments. Read the first and second parts.
Malls used to be the destination for the buzziest stores. Now they’re home to the hottest restaurants.

The slow death of department stores and rise of online shopping have hurt U.S. shopping malls, particularly over the last decade. The once-essential shopping centers have seen their numbers drop from a peak of 2,500 in the 1980s to roughly 700 these days, according to Coresight Research.
But now many in the retail industry say that rumors of the mall’s demise have been greatly exaggerated. Many Gen Z consumers prefer to shop in person and love the mall experience. Creative solutions from developers have turned empty department stores into housing, bringing consumers even closer to stores.
And landlords are devoting more square footage to restaurants and bars, which have become a bigger draw to visit malls.
“It’s been a big shift,” said David Henkes, senior principal at Technomic, a market research firm focused on the restaurant industry. “It used to be that the shopping occasion drove people to the mall and then maybe you grabbed a bite to eat. In a lot of ways, that’s been flipped on its head. Now, the dining options drive people there, and then you’re hoping that they’re going to do a little shopping while they’re there.”
Yelp found that 17 of the 25 most popular mall brands, based on consumer interest, were restaurants, according to a report published in October.

Going back 10 or 20 years ago, restaurants accounted for only about 5% to 10% of general leasing area in malls operated by Brookfield Properties, according to Chris Brandon, the company’s senior vice president of leasing for eating and drinking retail. That would typically include a food court and several full-service restaurants. That’s changed in recent years.
“It’s increased an incredible amount over the last five to 10 years,” Brandon said. “In some of our shopping centers, we’re seeing 20% to 30% of the total [general leasing area] being dedicated to food, and that’s 100% by design.”
Brookfield’s portfolio of 129 malls include Tysons Galleria in McLean, Virginia; Christiana Mall in Newark, Delaware; and First Colony Mall in Sugar Land, Texas. Its mall restaurant tenants include more than 540 full-service eateries and around 2,000 fast-casual establishments.

More than the food court

Brookfield Properties gave the Staten Island Mall’s food court a facelift in 2018, with an upgraded look and new restaurants.
Source: Brookfield Properties

More than half a century ago, the Paramus Park shopping mall in New Jersey opened a food court on its second floor, becoming the first example of a successful mall food court in the U.S. A decade later, food courts had become of a staple of the American mall, helping the expansion of chains like Sbarro, Mrs. Fields and Auntie Anne’s.
Full-service chains like the Cheesecake Factory, TGI Fridays and California Pizza Kitchen also became mall mainstays.
But those familiar names are no longer the only options for shoppers. These days, malls offer a much wider selection of eateries and refreshments, from regional restaurants to local chefs and emerging bubble tea chains.
“What malls are looking for tend to be more high end, what we might call a ‘contemporary casual’ restaurant,” Henkes said. “It’s not fine dining, per se, but it’s sort of that notch up from just traditional casual.”
Those “contemporary casual” eateries include upscale options like Korean barbeque, steakhouses or sushi. While price points vary, a meal at these new mall eateries will likely cost upwards of $30 per person, if not more.
For James Cook, head of retail research for real estate firm JLL, the expansion in dining options offers an experience that’s familiar – but still elevated.
“The distinction that I make is that I’m not necessarily dressing up nice to go to a mall,” he said. “This is a restaurant where I could pay more money, but not necessarily feel like I have to wear a suit jacket or anything like that.”
The pandemic also made malls a more attractive option to restaurateurs.
During lockdowns, operators saw their traffic disappear. Even when consumers started dining out and commuting again, restaurants in central business districts still struggled to attract diners, given the new hybrid workforce and other changes to consumer behavior. But malls bounced back.
“Even today, foot traffic to suburban malls is back above pre-pandemic levels, where in the cities and the city centers, foot traffic has not returned,” JLL’s Cook said.
That foot traffic also appeals to emerging chains that are looking to expand quickly. Restaurant companies like Sweetgreen and Mendocino Farms have opened new locations in malls as they seek to grow their sales and brand awareness.
“The one thing that our properties can offer is scale, and scale really quickly. If they’re used to doing X in their food truck, now they’re doing X times two or three,” Brandon said.
For example, Din Tai Fung, a Taiwanese restaurant chain, has honed in on malls for its U.S. expansion, according to Alison Lin, Yelp’s head of restaurants. Upcoming locations will open in Scottsdale’s Fashion Square and Brea Mall in Southern California, according to the chain’s website. Din Tai Fung ranked second in Yelp’s report on most popular mall brands by consumer interest. (Din Tai Fung declined to comment).

The new food court? Food halls

People visit a food court in Brooklyn on July 11, 2024 in New York City. 
Spencer Platt | Getty Images

As malls devote more space to food and drinks, food courts have been supplemented by a newer, more upscale alternative: food halls.
Like food courts, food halls offer an array of dining options, usually from stalls, with general seating available once diners have purchased and picked up their food and drinks.
But unlike food courts, the halls typically offer more expensive options, usually touting ties to local chefs and promising more interesting cuisine than that found at a food court. While a food court sells fare from national chains, food halls typically stick to local vendors that have few locations.
“A food court is to give you a burger, fries or a slice of pizza to keep you shopping longer at the mall,” Cook said. “A food hall is part of the experience.”
Oftentimes, food halls feature multiple vendors. But Eataly is one exception.

The newly opened Eataly inside Short Hills Mall in New Jersey sells fresh pasta, in addition to other artisanal groceries.
Source: Eataly

The Italian chain sells itself as a trip to Italy, without the plane ride. Its large locations feature full-service restaurants; artisanal groceries; quick-service counters that sell gelato, pizza and espresso; along with cooking classes. Eight of Eataly’s 13 U.S. locations are in malls, with more on the way next year.
Eataly’s North American CEO Tommaso Bruso joined the company last year after two decades in the fashion industry, leading mall brands like Bennetton and Diesel.
“People go to the mall for shopping, but also they go for a cultural experience,” Bruso said, adding that Eataly has found success with consumers both in and outside of malls.
But food halls haven’t won over everyone. Brandon said that food courts have performed better for Brookfield’s malls. He pointed to Chick-fil-A and Panda Express as two tenants that typically see strong sales in food courts. In 2023, the average annual revenue for a mall location of a Chick-fil-A was $4.5 million; the chain’s best-performing mall restaurant raked in nearly $19 million in annual sales, according to franchise disclosure documents.

The cheesecake factor

Neon sign of The Cheesecake Factory restaurant glowing at dusk, Westfield Mall, San Jose, California, December 2, 2023. 
Smith Collection | Gado | Archive Photos | Getty Images

Even with more competition than ever for shoppers, The Cheesecake Factory has managed to stay on top. And it’s showing how restaurants can help a broader mall.
The chain, known for its comprehensive menu and towering columns, was ranked number one in Yelp’s mall brand report.
It’s been a rocky year for the company. Like many restaurants, the chain has struggled to attract diners, many of whom have pulled back their restaurant spending. In its latest quarter, the company’s same-store sales grew just 1.6%. Activist investors have also been putting pressure on the company to spin off its smaller brands, like North Italia. (The Cheesecake Factory declined to comment.)
Still, the company is outperforming the broader casual-dining category, based on metrics provided by industry tracker Black Box Intelligence.
Shares of the Cheesecake Factory have risen 43% this year, outstripping the S&P 500’s gains of 27% over the same period.
While fellow mall staples like California Pizza Kitchen and TGI Fridays have filed for Chapter 11 bankruptcy in recent years, the Cheesecake Factory has escaped the same fate.
And it’s maybe even helped its landlords’ finances. Enclosed malls with a Cheesecake Factory location are more likely to be current on their loan payments, according to a Moody’s Analytics report from 2023. Author Matt Reidy, the director of commercial real estate economics for Moody’s, said it was more likely the result the company’s strong site selection, rather than cheesecakes saving a mall.
Still, Reidy said having one of the restaurant’s locations helps. And Brookfield’s Brandon agrees.
“My god, are they productive. It’s pretty incredible what they’re able to do, and they’re a valued partner of ours. We have dozens of leases with them, and we truly value them as a tenant,” he said. More

Darden Restaurants’ quarterly earnings revenue was in line with analysts’ expectations.
The company’s same-store sales rose 2.4% in its latest quarter.

A sign hangs on the front of an Olive Garden restaurant on June 22, 2023 in Chicago, Illinois.
Scott Olsen | Getty Images

Darden Restaurants on Thursday reported quarterly earnings and revenue that met analysts’ expectations and better-than-expected same-store sales growth at Olive Garden and LongHorn Steakhouse.
Shares of the company rose 8% in premarket trading.

Here’s what the company reported, which may not compare with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $2.03 adjusted. That may not compare with the $2.02 expected
Revenue: $2.89 billion. That may not compare with the $2.9 billion expected

Darden reported fiscal second-quarter net income of $215.1 million, or $1.82 per share, up from $212.1 million, or $1.76 per share, a year earlier.
Excluding costs related to its acquisition of Chuy’s, the restaurant company earned $2.03 per share.
Net sales rose 6% to $2.89 billion.
Darden’s same-store sales rose 2.4%, beating StreetAccount estimates of 1.5%.

LongHorn Steakhouse reported same-store sales growth of 7.5%. The casual-dining chain has been a top performer in Darden’s portfolio in recent years, winning over customers with both the quality of its food and its prices. Wall Street was expecting the chain to report same-store sales growth of 4.1%.
Olive Garden, which accounts for more than 40% of Darden’s quarterly revenue, saw same-store sales growth of 2% in the quarter. Analysts were anticipating same-store sales growth of 1.4%, according to StreetAccount.
Darden’s fine-dining segment, which includes The Capital Grille and Ruth’s Chris Steak House, reported same-store sales declines of 5.8%, steeper than the 2.8% decrease expected by analysts. Fine-dining chains’ higher prices have scared away many consumers who are trying to spend less at restaurants.
The company’s last remaining segment, which includes Cheddar’s Scratch Kitchen and Yard House, saw same-store sales growth of 0.7%, in line with estimates.
Darden added 39 net new locations in the quarter, as well as 103 Chuy’s restaurants. Darden completed its $605 million acquisition of the Tex-Mex chain in October.
The company updated its fiscal 2025 outlook to include Chuy’s results, although the chain won’t be included in its same-store sales metrics until the fiscal fourth quarter in 2026. The company now anticipates total sales of $12.1 billion, up from its prior estimate of $11.8 billion to $11.9 billion. Darden reiterated its forecast for net earnings per share from continuing operations of $9.40 to $9.60. More