Business

Cox Automotive reports there’s a “renewed optimism” among U.S. car dealers heading into 2025, fueled by Donald Trump’s election as well as positive trends in interest rates.
But dealers aren’t feeling more optimistic about the sale of EVs, according to Cox’s “Q4 2024 Dealer Sentiment Index,” which was conducted after the U.S. presidential election in November.

Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on inventory with his general manager Ryan Caton in Naperville, Illinois, May 28, 2020.
Nick Carey | Reuters

DETROIT — There’s a “renewed optimism” among U.S. car dealers heading into 2025, fueled by President-elect Donald Trump’s return to the White House as well as positive trends in interest rates and automaker-backed sales incentives, Cox Automotive reported Wednesday.
But dealers aren’t feeling more optimistic about the sale of electric vehicles, according to Cox’s “Q4 2024 Dealer Sentiment Index,” which is based on wide-reaching surveys of dealers after the U.S. presidential election in November.

“The outlook for EV sales in the coming months fell further, with a majority of dealers suggesting sales would decline in the next quarter. There is concern policies by the new administration are not going to help an already fragile business,” according to Cox.
Those potential policy changes under a Trump administration could include less federal funding for promoting EVs, such as an end to the current consumer credit of up to $7,500 for the purchase of one of the vehicles, as well as less strict fuel and emissions regulations.
“We are getting clear feedback that the tax credits are working in both the new and the used markets,” Cox Chief Economist Jonathan Smoke said in a release. “This is something that could change fairly rapidly next year, so I think the diminishing outlook is directly tied to the at-risk status of the EV tax credits.”

Stock chart icon

Auto dealer stocks in 2024.

Cox’s market outlook index, which measures dealers’ expectations for the auto retail market in the coming quarter, jumped to 54 in the fourth quarter, up from 42 during the previous quarter. The higher the number, the more confident dealers are feeling about their businesses.
Dealer responses are weighted by dealership type and volume of sales to closely reflect the national dealer population. Data is used to calculate an index wherein a number over 50 indicates more dealers view conditions as strong or positive rather than weak or negative.

“This significant increase suggests that more dealers believe the auto market will be stronger in the next three months. One year ago, the index stood at just 41, one of the lowest readings in its history,” Cox said in a release.
Despite the positive outlook, the current market index score of 42 indicates that a majority of dealers still view the current retail auto market as weak, Cox noted. This score is slightly better than one year ago, but remains well below pre-pandemic norms and long-term averages.
“The recent resolution of political uncertainty following the presidential election has cleared the path for a more optimistic outlook on future auto market conditions,” Smoke said. “Coupled with the potential for supportive measures such as tax rebates and the possibility of lower interest rates, dealers are feeling more hopeful about the road ahead as we move into 2025.”
After the November election, 35% of dealers surveyed said the political climate in the U.S. is affecting their businesses, a significant drop from the 44% of all dealers and 49% of franchised dealers who said the same in the previous quarter.
Shares of publicly traded auto dealers have performed well this year, as pricing of new and used vehicles remains high. Shares of AutoNation, Lithia Motors and Sonic Automotive are up between 15% and 22% for the year, while Group 1 Automotive is the standout, up roughly 40% in 2024.

Don’t miss these insights from CNBC PRO More

The valuation of Elon Musk’s SpaceX hit $350 billion based on a secondary share sale, CNBC confirmed on Wednesday.
SpaceX and investors agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share, according to copies of the offer obtained by CNBC.
SpaceX’s soaring valuation, ranking well above U.S. defense contractors and among the top 25 in the S&P 500 by market cap, comes as the company furthers its dominant position in the space industry.

SpaceX’s next-generation Starship spacecraft atop its powerful Super Heavy rocket is launched on its sixth test at the company’s Boca Chica launch pad in Brownsville, Texas, on Nov. 19, 2024.
Joe Skipper | Reuters

The valuation of Elon Musk’s SpaceX hit $350 billion based on a secondary share sale, CNBC confirmed Wednesday.
SpaceX, as well as investors, agreed to buy stock from insiders in a $1.25 billion purchase offer at $185 a share, according to copies of the offer obtained by CNBC. The round does not include raising new capital, as the purchase offer represents a secondary sale of existing shares.

Notably, SpaceX is buying as much as $500 million in common stock as part of the offer, in a rare share buyback that demonstrates the strength of the privately held company’s financial position.
The company routinely performs these secondary rounds — about twice a year — to give employees and other shareholders a chance to sell stock. The latest valuation represents a 67% surge from SpaceX’s previous high of $210 billion, which the company hit through a June secondary share sale.
SpaceX’s soaring valuation comes as the company furthers its dominant position in the space industry, all while Musk has become an influential figure in the coming presidential administration.
The space company has a near-monopoly on the U.S. satellite launch market, led by its workhorse Falcon rockets, as its rivals have struggled to field operational rockets to compete.
SpaceX’s Starlink satellite internet business is a key economic driver for the company, with about 7,000 satellites launched to date and a service boasting about five million subscribers.

Meanwhile, its monstrous Starship continues to advance in flight tests, representing an attempt to create a next-generation reusable rocket of unprecedented scale and power.

Read more CNBC space news

SpaceX’s latest valuation ranks the company higher than the market value of top U.S. defense contractors. Among U.S. companies in the S&P 500, SpaceX would rank in the top 25 by market cap, between Johnson & Johnson and Bank of America, according to FactSet.
The company did not immediately respond to CNBC’s request for comment on the sale process. Bloomberg first reported SpaceX’s $185 a share pricing.
Musk, replying to a social media post about the SpaceX share sale, wrote that “almost no investors wanted to sell shares” at the new $350 billion valuation.
“SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in,” Musk wrote.

Don’t miss these insights from CNBC PRO More

Tom Brady’s 41 items for sale at Sotheby’s went for a combined $9 million.
Brady’s rare yellow gold Rolex Daytona Paul Newman ‘John Player Special’ from 1969 sold for $1.1 million.
Sotheby’s has ventured further into sports as a way to engage a younger generation of collectors.

Tom Brady’s Rolex worn during his 2023 season.
Sotheby’s (L) | Reuters (R)

Sotheby’s has scored big off of Tom Brady.
The auction house held its “GOAT Collection” sale on Tuesday night, selling all 41 items offered for a total of $9 million. The lots consisted of watches, jerseys and other sports treasures. The watches alone brought in $4.6 million.

Brady’s rare yellow gold Rolex Daytona Paul Newman ‘John Player Special’ from 1969 sold for $1.1 million, making it the top-selling item in the auction.
The watch was first worn by Brady in the 2023 season during a ceremony at Gillette Stadium where owner Robert Kraft announced the seven-time Super Bowl winning quarterback would be inducted into the Patriots Hall of Fame.

FOXBOROUGH, MA – SEPTEMBER 10: New England Patriots chairman and CEO Robert Kraft embraces Tom Brady during a game between the New England Patriots and the Philadelphia Eagles on September 10, 2023, at Gillette Stadium in Foxborough, Massachusetts. (Photo by Fred Kfoury III/Icon Sportswire via Getty Images)
Icon Sportswire | Icon Sportswire | Getty Images

Four collectors battled it out for a chance to own a piece of Brady history from his University of Michigan days. His final college game day-worn jersey fetched $792,000. Brady scored four touchdowns in that iconic game and had 369 passing yards.
The sale highlights the success Sotheby’s has seen as it ventures into the world of sports collectibles.

Tom Brady’s University of Michigan jersey worn during his final college game.

“Regardless of their team allegiance, collectors eagerly gathered to admire these cherished mementos from Tom’s iconic career, honoring and respecting the remarkable accomplishments of The GOAT,” said Brahm Wachter, Sotheby’s head of modern collectibles.

Sports has been a bright spot for Sotheby’s, bringing in new and younger clientele.
The auction house says of the 800 people registered to participate in Tuesday’s auction, 34% were new customers and 40% were under the age of 40.
“I’ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,” Brady said ahead of the sale. More

Macy’s on Wednesday said it has concluded an investigation into an employee who intentionally hid about $151 million of delivery expenses.
In a statement, CEO Tony Spring said the retailer is “strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance.”
The department store operator slightly raised its full-year forecast, while still projecting a sales decline.

A Macy’s store decorated for the holidays in San Francisco, California, US, on Wednesday, Nov. 13, 2024. 
David Paul Morris | Bloomberg | Getty Images

Macy’s on Wednesday said it has wrapped up an investigation into an employee who intentionally hid about $151 million of delivery expenses on its accounting books for nearly three years and has revised those years of its historical financial statements.
On the company’s earnings call, CEO Tony Spring, who stepped into the role in February, stressed that “integrity is paramount at Macy’s.”

“The responsible individual is no longer with the company, following discovery of their actions,” he said. “We’ve also identified and begun to implement additional controls to be a stronger and more disciplined organization so that an action like this could not happen again.”
The department store operator delayed its full quarterly earnings in late November, after discovering the accounting issue while preparing its financial statements for the fiscal quarter and beginning an independent investigation. It said on Wednesday that that investigation has ended and found there was not a material impact to financial results in previous years or quarters.
Macy’s independent investigation found that “a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation,” according to a financial filing with the SEC on Wednesday morning. The filing said the investigation found “material weakness in its internal control over financial reporting” that allowed the person to circumvent validating information with “manual journal entries.”
Spring said on the company’s earnings call that the investigation found the employee “acted alone and did not pursue these acts for personal gain.”
The employee told investigators that a mistake was initially made in accounting for small parcel delivery expenses, and then the person made intentional errors to hide the mistake, according to sources familiar with the investigation.

Macy’s updates outlook

Shares of the company sank by more than 10% in premarket trading, as Macy’s lowered its full-year earnings outlook. The company cut its guidance, saying it expects adjusted earnings per share of $2.25 to $2.50, lower than its previous outlook of $2.34 to $2.69.
However, Macy’s slightly raised its full-year sales forecast, while still projecting a decline from the prior year. Macy’s said it expects net sales will be between $22.3 billion to $22.5 billion compared with the range of $22.1 billion and $22.4 billion that it previously anticipated. That would be a year-over-year drop from the $23.09 billion it reported for fiscal 2023.
For comparable sales for the full year, a metric that takes out the impact of store openings and closures, Macy’s expects a decline of roughly 1% to about flat compared with the year-ago period. That’s higher than the previous range of a decrease of about 2% to a decline of about 0.5%.  That metric includes merchandise that Macy’s owns, items from brands that pay for space within its stores and Macy’s third-party online marketplace.
Macy’s had cut its full-year forecast in August, and its latest guidance is still below the upper end of the outlook that it had earlier in the year.
Here is what the retailer reported for the fiscal third quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:

Earnings per share: 4 cents adjusted. It was not comparable with estimates due to the accounting treatment of the delivery accrual investigation.
Revenue: $4.74 billion vs. $4.78 billion expected

In the three-month period that ended Nov. 2, Macy’s net income fell to $28 million, or 10 cents per share, from $41 million, or 15 cents per share, in the year-ago quarter.
Macy’s, which is in the middle of a new turnaround effort, previously disclosed some quarterly metrics. The company said its third-quarter sales totaled $4.74 billion, a 2.4% year-over-year drop. It also reported a comparable sales decline of 1.3% across its owned and licensed businesses, plus its online marketplace.
Macy’s namesake brand remains the weakest part of the company. In the most recent quarter, comparable sales for the segment fell 2.2% on an owned and licensed basis and including its third-party marketplace.
However, Macy’s said sales trends are stronger at the stores where it’s stepped up efforts. The company is closing about 150 of its namesake stores by early 2027, which will mean it has about 350 Macy’s locations across the country. It has already increased staffing and investment at 50 of those stores that will remain open. At those locations, dubbed the “first 50,” comparable sales grew 1.9%.
At Bloomingdale’s, comparable sales climbed 3.2% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales increased 3.3%, marking the 15th consecutive quarter of comparable sales growth for the beauty brand.
Along with scrutiny over the accounting incident, Macy’s has felt the heat from activist investors. On Monday, activist Barington Capital revealed it has a stake in the company and said it wants the retailer to make moves, including a potential sale of its luxury brands. It is the fourth time in the last decade that the legacy department store has been targeted by activists.
This is breaking news. Please check back for updates. More

Direct-to-consumer health-care startup Ro said its platform will now offer more affordable single-dose vials of the weight loss drug Zepbound through a new partnership with Eli Lilly.
Ro will offer a “complete end-to-end” experience on a single platform and app, allowing eligible patients to receive a diagnosis and a prescription for Zepbound and have vials of the drug delivered to their homes.
That is made possible through a first-of-a-kind integration with Eli Lilly’s direct-to-consumer website, LillyDirect, and aims to streamline access to the popular treatment. 

Patients will be able to access Zepbound single-dose vials at Ro
Coutesy: Ro

Direct-to-consumer health-care startup Ro on Wednesday said its platform will now offer more affordable single-dose vials of the weight loss drug Zepbound through a new partnership with Eli Lilly, which aims to streamline access to the popular treatment. 
Ro said it will offer a “complete end-to-end” experience on a single platform and app, allowing eligible patients to receive a diagnosis and a prescription for Zepbound and have vials of the drug delivered to their homes. That is made possible through a first-of-a-kind integration with Eli Lilly’s direct-to-consumer website, LillyDirect, which already offers home delivery of Zepbound vials through a third-party digital pharmacy, Gifthealth.

Gifthealth will dispense the vials to patients who receive Zepbound prescriptions through a provider affiliated with Ro. 
Zepbound vials are a cash-pay product offered only through LillyDirect, meaning patients pay for it themselves with cash at a lower cost than the autoinjector form of the drug. The vials have the “most affordable” price of a branded GLP-1 drug before insurance, according to Ro. GLP-1s, a class of medications that mimic gut hormones to tamp down appetite and regulate blood sugar, have skyrocketed in demand over the last two years. 
“Patients usually have to go to multiple places to get Lilly’s drug, like the doctor’s office then a pharmacy,” Ro co-founder and CEO Zachariah Reitano told CNBC in an interview. “This integration really creates a seamless patient experience where they don’t have to go anywhere else. They can access doctors, labs and a pharmacy that will give them access to Zepbound vials all in one place.” 
Ro runs a weight loss program that already prescribes Zepbound in a single-dose autoinjector pen, which patients can directly inject under their skin with the click of a button. But that form of the drug is far more expensive than vials, costing around $1,000 per month before insurance. 
The 2.5-milligram and 5-milligram single-dose vials of Zepbound cost $399 per month and $549 per month before insurance, respectively, making them more accessible to those who don’t have insurance coverage for the drug. Eli Lilly began offering those vials through LillyDirect in August. 

“Whether you’re covered by insurance, or whether you want the most affordable branded cash-pay GLP-1, which is the Zepbound vials, you can get all of those by coming to Ro,” Reitano said, noting that the company will help eligible patients determine which form of the drug is best for them based on their insurance. 
He acknowledged that roughly $400 to $500 per month for Zepbound is “still out of reach for many, but it is now far more in reach than” $1,000 or more.

Patients will be able to access Zepbound single-dose vials at Ro
Coutesy: Ro

The popularity of expensive treatments such as Zepbound and Novo Nordisk’s weight loss injection Wegovy has led to widespread shortages in the U.S. That issue has since subsided after Eli Lilly and Nordisk raced to ramp up manufacturing capacity for the drugs. 
Still, cheaper compounded versions of GLP-1s have gained traction amid the limited supply of the branded medications. Eli Lilly is working to expand access to branded Zepbound in what appears to be a bid to crack down on compounded versions of the drug. 
Patrik Jonsson, Eli Lilly’s president of cardiometabolic health, said in a release on Tuesday that the goal of the new integration is to “break down barriers and provide patients with safe and effective options they can rely on.”
The FDA is currently reconsidering its decision to take Zepbound off its drug shortages list following a lawsuit from a trade association representing compounding pharmacies. Removing Zepbound from that shortages list will essentially prevent compounding pharmacies from making custom versions of the drug. 
If that ends up being the case, Reitano said Ro “will both follow all applicable laws and guidance” under the FDA and also “fight to make sure that our patients have access to the most effective products and most affordable products.” More

Red Bull Arena in Harrison, New Jersey, will be renamed Sports Illustrated Stadium
This marks the sports publication’s first foray into stadium naming rights.
Sports Illustrated will also be the stadium’s official ticket provider.

Rendering of Sports Illustrated Stadium

The New York Red Bulls have a new stadium naming rights partner.
On Wednesday, the Major League Soccer 2024 Eastern Conference Champions announced a 13-year naming rights deal with Sports Illustrated.

Effective immediately, the 20,000-capacity Red Bull Arena in Harrison, New Jersey, will be renamed Sports Illustrated Stadium. It marks the first stadium naming rights deal in the sports publication’s history.
“For 70 years, Sports Illustrated has represented the best in sports and culture,” said David Lane, Sports Illustrated Tickets CEO. “Through this partnership, we aim to showcase our vast portfolio of media, live event, ticketing, hospitality and fan experiences,” he added.
Financial terms of the deal were not disclosed.
As part of the agreement, starting in the 2026 season, Sports Illustrated will also become the official ticketing partner for all events held at the stadium.
That includes all New York Red Bulls games, Gotham FC games, international soccer games, and all concerts and events.

Arrows pointing outwards

Sports Illustrated has signed a deal with the New York Red Bulls for Naming Rights
Courtesy: Sports Illustrated

Sports Illustrated is also adding swag for stadium-goers. Fans who attend games and events at the stadium will receive a digital Sports Illustrated fan cover to take home.
The stadium naming rights mark a new chapter for the storied sports magazine, which got its start in 1954.
SI has had a challenging past few years filled with mass layoffs and changes in ownership.
The brand is currently owned by Authentic Brands Group and published by Minute Media.
As SI looks to reinvent itself, the publication launched a fan ticket platform called Sports Illustrated Tickets in June 2021. Today, the ticketing marketplace has more than $2.5 billion of tickets in inventory and offers access to more than 50 million sports, theater and concert tickets.
“Sports Illustrated Stadium is much more than just a sports and concert venue — it’s a celebration of history, innovation, and the unforgettable experiences that unite us all,” said Lane. More

As Dave Bozeman takes the stage at his first investor day as CEO of C.H. Robinson, he’ll have to contend with a freight recession, the threat of higher tariffs and the turnaround of a century-old logistics giant.
Executives of the company will present new financial targets, answer questions about its shift to a lean operating model and provide an update on the business conditions, including the potential impact of President-elect Donald Trump’s proposed tariffs.
“The freight still has to move. It might just move at a different starting point, and we would still be there to move that,” C.H. Robinson CEO Dave Bozeman told CNBC.

Dave Bozeman, chief executive officer of C.H. Robinson.
Source: C.H. Robinson

As Dave Bozeman takes the stage at his first investor day as CEO of C.H. Robinson, he’ll have to contend with a freight recession, the threat of higher tariffs and the turnaround of a century-old logistics giant.
“I want to lay out our vision and that we actually already started executing,” Bozeman told CNBC in an exclusive interview ahead of the company’s investor day on Thursday. “We are going to grow market share, and we are going to expand our overall operating margins.”

On Thursday executives of the shipping company will present new financial targets, answer questions about its shift to a lean operating model, and provide an update on the business conditions, including the potential impact of President-elect Donald Trump’s proposed tariffs.
Trump has said he’ll impose 60% tariffs on goods from China and 25% tariffs on goods from Mexico and Canada. That could have a material impact on C.H. Robinson, which transports goods around the world for almost 100,000 clients.
C.H. Robinson’s main business segments include global forwarding, often referred to as freight brokerage between the U.S. and other regions; and North American surface transportation, which is primarily moving freight over land.
Analysts estimate C.H. Robinson is a top 3 carrier on the China-U.S. freight lane, and the company says it carries about 10% of the freight on the U.S.-Mexico lane.
“Some shippers will say, ‘We will take on that tariff.’ The economics of that volume will probably change in pricing and things like that. Either way we’re still going to move that freight,” Bozeman said. “The freight still has to move. It might just move at a different starting point, and we would still be there to move that.”

Citi transportation analyst Ari Rosa upgraded C.H. Robinson to a buy rating in November. He believes tariffs are creating a short-term pull forward of freight and agrees with Bozeman that, long term, the company has the ability to mitigate the impact of potential tariffs.
“There’s no question that their global forwarding business is very exposed to China,” Rosa told CNBC. “But I do think that their business is diversified enough that they can work through tariffs.”

New era

Technology will also be in focus at Thursday’s investor day, including C.H. Robinson’s partnership with Microsoft and its use of Azure AI.
“We went in hard with AI. It’s a game changer for us and particularly for our scale,” Bozeman said, noting the partnership with Microsoft has been a major value add, but much of the work is done internally.
“Our engineers actually do the large language models. We are driving out 10,000 email quotes [per day] that are being deployed via large language models. I’ve been really pleased with the productivity that we have had using this technology,” Bozeman said.
“We’re able to get quotes back to customers in less than 2 minutes in a conversational manner,” he said. “It allows our people to now stay on solutioning and executing and solving things with our customers, versus spending time on menial tasks.”
This week, Wells Fargo analyst Christian Wetherbee upgraded C.H. Robinson stock in a note, writing in part: “We see a unique opportunity for earnings to compound through ’27, driven by improved execution (led by technology), which should lead to share gains and margin expansion.”
Key to all of Bozeman’s goals for C.H. Robinson is the shift to a new lean operating model, focused on continuous improvement and reducing activities and inefficiencies that do not add value to the enterprise or customer.
A lean model is relatively new to logistics. However, it is used at Amazon, Caterpillar and Ford — all companies where Bozeman has served as a top executive.
The shift has been well received. Shares of C.H. Robinson are up more than 25% this year, well outperforming the Dow Jones Transportation Average’s roughly 7% gain over the same period.
“I’m building a new company, a new culture,” said Bozeman. “It’s going to be a company that is an easy bet to invest in because it’s a market leader.” More

Major insurance stocks have fallen more than 6% since their closing prices last Tuesday, the day before the deadly shooting of Brian Thompson, CEO of UnitedHealth Group’s insurance arm.
That includes UnitedHealth Group, CVS Health and Cigna, which operate three of the nation’s largest private health insurers.
That stock performance appears to be in response to renewed negative rhetoric around insurers and how they manage their businesses, said Jared Holz, Mizuho’s health-care equity strategist.

A banner hanging from on overpass along the southbound lane of I-83 that says, “Deny Defend Depose Health Care 4 All.”
Lloyd Fox | Baltimore Sun | Tribune News Service | Getty Images

Major insurance stocks have fallen more than 6% since their closing prices last Tuesday, the day before the deadly shooting of Brian Thompson, CEO of UnitedHealth Group’s insurance arm, in midtown Manhattan. 
That includes UnitedHealth, CVS Health and Cigna, which operate three of the nation’s largest private health insurers. Thompson, 50, led UnitedHealthcare, the largest private payer of health insurance benefits in the U.S. 

Luigi Mangione, 26, is accused of fatally shooting Thompson outside the Hilton hotel in midtown Manhattan early Wednesday last week, as the CEO headed to UnitedHealth Group’s investor day. Investigators have said Mangione was a critic of the health-care industry, a view some Americans sympathized with online in the days after Thompson’s death.
The stock performance of the companies appears to be in response to the “renewed rhetoric” condemning insurers’ business models, where they “wind up incredibly profitable at the expense of some patients at different points of the year,” Jared Holz, Mizuho’s health-care equity strategist, said in an interview.
He noted that it is not a new theme in the industry, which many Americans blame for their spiraling health-care costs.
“I think the response investors have had is, ‘do we want to own this category of stocks if there’s going to be this now renewed negative focus on the industry?'” Holz said. 
UnitedHealthcare, similar to other big insurers, has faced lawsuits and criticism from regulators, lawmakers and patients alike over allegedly denying claims to maximize their profits. Americans have criticized insurance companies over denied coverage for services or treatments, unexpected bills, hefty out-of-pocket costs and the dizzying complexity of navigating coverage, among other issues.

While backlash to the industry has mounted since the shooting, Holz said the negative stock reaction will likely wind up being “fairly short-lived.” He added that he does not expect insurance companies to make material changes to their policies in response to the killing. 
“Do I think companies do anything proactively different on the back of this? No,” Holz said. 

Booking photo of Luigi Mangione in Huntingdon, Pennsylvania.
Source: PA Department of Corrections

New York prosecutors charged Mangione with second-degree murder, criminal possession of a loaded gun and other crimes Monday night, hours after his arrest in Altoona, Pennsylvania. The New York charges followed Mangione’s first court appearance in Pennsylvania on separate gun and forgery counts.
Mangione, a private-school valedictorian and Ivy League graduate who belongs to an influential Maryland family, was held without bail after his arraignment Monday evening.
In a court hearing Tuesday afternoon, Mangione refused to waive his right to challenge his extradition to New York City. A judge denied Mangione’s bail, sending him back to a Pennsylvania prison for the time being.
At the time of his arrest, Mangione was carrying handwritten pages that criticized the U.S. health-care industry and singled out UnitedHealthcare, law enforcement officials told NBC News.
“I do apologize for any strife or traumas but it had to be done. Frankly, these parasites simply had it coming,” Mangione wrote, NBC reported.
Authorities are still investigating the motive for the shooting, which will “come out as this investigation continues to unfold over the next weeks and months,” New York City Police Commissioner Jessica Tisch told NBC’s “TODAY” show on Tuesday. But she noted that Mangione’s note had “anti-corporatist sentiment, a lot of issues with the health care industry.”  

Don’t miss these insights from CNBC PRO More