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An underappreciated force behind great technological change is intense—and petty—rivalry. In the “war of the currents” in the late 19th century, Thomas Edison electrocuted stray animals to discredit Nikola Tesla. A century later Steve Jobs traded insults with Bill Gates during a battle between Apple and Microsoft. Even “Silicon Valley,” a satirical HBO series, starts with a feud—and the priceless quip: “These are billionaires, Richard. Humiliating each other is worth more to them than we will make in a lifetime.” More

Disney’s “Moana 2” is set to hit theaters Wednesday and generate between $120 million and $150 million in box office receipts in the U.S. and Canada through Sunday.
It’ll be joined by Universal’s “Wicked” and Paramount’s “Gladiator II,” both in their second week of domestic screenings.
Box office analysts believe the five-day Thanksgiving weekend, which runs from Wednesday to Sunday, should easily clear $200 million in ticket sales and could even become the second or third-highest Thanksgiving period in cinematic history.

Auliʻi Cravalho voices Moana in Disney Animation’s “Moana 2.”

The domestic box office is poised for its biggest Thanksgiving haul since the pandemic thanks to a Polynesian princess, a pair of witches and a revenge-fueled gladiator.
Disney’s “Moana 2” is set to hit theaters Wednesday and generate between $120 million and $150 million in box office receipts in the U.S. and Canada through Sunday. It’ll be joined by Universal’s “Wicked” and Paramount’s “Gladiator II,” both in their second week of domestic screenings.

Box office analysts believe the five-day Thanksgiving weekend, which runs from Wednesday to Sunday, should easily clear $200 million in ticket sales and could even become the second- or third-highest Thanksgiving period in cinematic history.
“The trifecta of ‘Moana 2,’ ‘Wicked,’ and ‘Gladiator II’ is a bona fide perfect storm for movie theaters this Thanksgiving,” said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. “The holiday used to regularly see major releases combining for all-audience appeal, but that’s been a challenge for the industry to replicate in the post-pandemic era so far. This year is much different with such a holy trinity of tentpole releases that could anchor some of the biggest all-around box office results the holiday frame has ever seen.”
The Thanksgiving holiday haul hasn’t topped $200 million since 2019, according to data from Comscore. Currently, the highest-grossing Thanksgiving weekend is 2018’s slate led by “Ralph Breaks the Internet,” “Creed II” and “Fantastic Beasts: The Crimes of Grindelwald,” which combined generated $315 million in ticket sales. The second-highest haul for the holiday period was the $294.2 million secured during the same five-day period in 2013.
“Thanksgiving is arguably the most important holiday period of the year for movie theaters as it sets the tone for the year-end box office sprint,” said Paul Dergarabedian, senior media analyst at Comscore. “The strength of the final few weeks of the year will determine the total annual box office revenue and its perception as either a win or a loss for the industry.”
And, Disney could use another animation win.

After ruling the Thanksgiving box office for years with titles from Pixar and Disney Animation, it’s failed to live up to expectations with its recent string of releases.
In 2016, “Moana” opened over the Thanksgiving holiday, generating $82.1 million. The following year “Coco” took in $72.9 million during its opening, and then in 2018 “Ralph Breaks the Internet” tallied $84.8 million during its debut over the five-day period. Just before the pandemic in 2019, “Frozen II” added $125 million over the Thanksgiving holiday after opening the week before to over $130 million.
Meanwhile, “Encanto,” which arrived during the midst of the pandemic, managed to tally $40.6 million in 2021. “Strange World” flopped, having scooped up just $18.9 million during the holiday period in 2022, and “Wish” snared a meager $31.6 million in 2023. No Disney animated film was released over Thanksgiving in 2020.
“Moana 2” should outperform these post-pandemic releases, however. It arrives in theaters a year after the first film was named the top-streamed film aimed at kids and families. And, audiences came out in droves for Disney and Pixar’s “Inside Out 2” over the summer. “Inside Out 2” opened to $154.2 million domestically and tallied more than $1 billion globally during its full run.
Disclosure: Comcast is the parent company of NBCUniversal, CNBC and Fandango. NBCUniversal distributed “Wicked.” More

Nordstrom beat Wall Street’s revenue expectations and delivered a slightly rosier full-year sales outlook.
The retailer’s sales growth is notable at a time when discretionary merchandise and the luxury sector have been under pressure.
Clothing and shoe purchases lifted the company’s performance, with sales of women’s apparel and activewear jumping by double digits year over year.

A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. 
Scott Olson | Getty Images

Nordstrom on Tuesday beat Wall Street’s quarterly sales expectations, as revenue grew about 4% year over year from shoppers buying clothing, shoes and activewear at both the company’s namesake department store and its off-price chain.
Yet despite its better-than-expected quarter, the Seattle-based retailer gave only a slightly rosier full-year sales forecast — taking a conservative stance as it gears up for the busiest weeks of the holiday season. The company said it now expects full-year revenue, which includes retail sales and credit card revenue, to range from flat to up 1% for the full year. That compares to its previous range of a 1% decline to 1% growth. However, it stuck by its adjusted earnings outlook for the year of between $1.75 and $2.05 per share. 

In a news release, CEO Erik Nordstorm said the company’s results show efforts to appeal to selective shoppers are paying off. Sales of women’s apparel and activewear shot up by double digits year over year. Shoes, men’s apparel and kids grew by mid-to-high single digits year over year. 
Compared with the second quarter, women’s apparel, shoes and men’s apparel sales in the fiscal third quarter also grew sequentially.
“Our customers have a lot of choices, and our results give us encouragement that we’re on the right path,” he said. “Looking ahead, we’ll continue to improve our shopping experience as we strive to maintain the positive momentum we’ve worked towards all year.”
On the company’s earnings call, however, he said Nordstrom saw “a noticeable decline in sales trends towards the end of October.” It factored that slowdown into its holiday expectations, he said.
Here is how Nordstrom did in the three-month period that ended Nov. 2 compared to what Wall Street anticipated, based on a survey of analysts by LSEG:

Earnings per share: 33 cents adjusted, it was not immediately clear if it was comparable with analysts’ estimates
Revenue: $3.46 billion vs. $3.35 billion expected

Nordstrom’s net income for the fiscal third quarter was $46 million, or 27 cents per share, compared with $67 million, or 41 cents per share, in the year-ago period. Revenue rose from $3.32 billion in the year-ago quarter.
After excluding a charge related to accelerated depreciation of technology, Nordstrom reported adjusted earnings per share of 33 cents.
Comparable sales increased 4% across Nordstrom’s two brands, its namesake and its off-price chain, Nordstrom Rack. That easily topped analysts’ expectations for 0.7% gains in comparable sales, according to StreetAccount.
Nordstrom’s sales growth, while modest, is notable at a time when sales of discretionary merchandise and the luxury category have been under pressure. Retailers including Walmart, Best Buy and Target have reported over the past week that customers remain choosy when it comes to buying items that are wants, not needs, and have paid more attention to price. 
Nordstrom’s sales growth also grew, despite a calendar shift with its Anniversary Sale. In the year-ago quarter, eight days of the sale fell into the three-month period, but only one day fell in the quarter this year. That had a negative impact on net sales of about 1%.
Macy’s, which postponed its full earnings, said third-quarter sales fell 2.4% and comparable sales for its owned and licensed businesses plus online marketplace dropped 1.3%,
Nordstrom has leaned on its off-price chain, Nordstrom Rack, to drive both sales growth and new store locations. Yet in the third quarter, the two banners reported similar comparable sales – with the namesake store’s up 4% and Nordstrom Rack up 3.9%.
So far this year, Nordstrom has opened 23 new Nordstrom Rack stores, which lines up with the company’s plans to open 20 to 25 new Racks per year.
At the end of the quarter, the company launched store fulfillment for online orders at Nordstrom Rack in over 100 stores across the country, CEO Erik Nordstrom said on the company’s earnings call. He said the company also launched a new feature which allows customers to buy online and pickup in store, at the same stores.
Digital sales rose 6.4% year over year and in the quarter, e-commerce accounted for about a third of total sales.
Erik Nordstrom said the company added better search and discovery features to its website and app, which supported online growth in the quarter. He said it also added more items that are under $100 in price and expanded its third-party marketplace business, which now has over 300 sellers.
Nordstrom’s latest quarterly update comes about two months after Nordstrom’s founding family made a fresh bid to take the company private. According to a filing in September, CEO Erik Nordstrom, President Peter Nordstrom and Mexican retailer El Puerto de Liverpool sent a non-binding letter to form an entity that would buy the chain for $23 per share. 
Shares of the company have shot up since a Reuters report in March that Nordstrom’s founding family wanted to take the company private. As of Tuesday’s close, the company’s stock has risen 32% so far this year, outpacing the S&P 500’s 26% gains. More

Automaker shares dropped on Tuesday after President-elect Donald Trump threatened a 25% tariff on goods from Mexico and Canada.
Companies like General Motors and Stellantis have major manufacturing presences in Mexico and Canada.
Trump had been expected to renegotiate the regional trade deal he reached during his first term.

A carrier trailer transports Toyota cars for delivery while queuing at the border customs control to cross into the U.S., at the Otay border crossing in Tijuana, Mexico May 31, 2019.
Jorge Duenes | REUTERS

DETROIT – Shares of automakers General Motors and Stellantis fell Tuesday after President-elect Donald Trump threatened to put 25% tariffs on goods imported from Canada and Mexico into the U.S.
Such tariffs would have a major impact on the global automotive industry, which has used the countries, particularly Mexico, for lower-cost production of vehicles since the North American Free Trade Agreement went into effect in 1994.

UBS reports the automotive industry is responsible for 26% of imports from Mexico to the U.S., including vehicles and parts, and 12% from Canada.
Nearly every major automaker operating in the U.S. has factories in Mexico, however GM and Stellantis produce highly profitable full-size pickup trucks there.
Shares of GM, which has five large assembly plants in the countries that Barclays estimates will produce 1 million vehicles this year, on Tuesday closed down 9% to $54.79 per share.

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Shares of GM, Ford and Stellantis.

Chrysler parent Stellantis, which has four major plants in the countries, dropped 5.7% to close at $12.61 per share. Shares of Ford Motor, which has less exposure in the countries but does produce vehicles in both, closed down 2.6% to $11.10 per share. Stocks of Toyota Motor, Honda Motor and others with production in Mexico closed down 3% or less.
Trump announced he intends to levy a 25% tariff on all U.S. imports from Canada and Mexico using an executive order when he is inaugurated on Jan. 20. He also announced plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S.

Such tariffs would be more aggressive than what was expected to be Trump’s plan, a renegotiation of the United States-Mexico-Canada Agreement, which he hashed out during his first term to replace the North American Free Trade Agreement. Such a move would end the regional free trade deal.
Spokespeople for GM and Stellantis declined to comment Tuesday on the potential tariffs. The American Automotive Policy Council, a lobbying group for the two automakers and Ford, did not immediately respond for comment.
“The obvious fact here is Ford is the most committed to building in America among the major automakers and it’s not that close. We assemble the most vehicles, employ the most America workers and export the most vehicles from America to other markets,” Ford said in an emailed statement.

Wall Street analysts viewed Trump’s announced tariff plans as a shot across the bow at the countries to create leverage in any upcoming negotiations.
“Our view is that the threat of tariffs is the instrument Trump would use to extract from other countries the economic and political outcomes that he considers best for America,” BofA Securities’ Carlos Capistran said in a Tuesday note. “We expect Canada and Mexico to show willingness to negotiate on the above issues to avoid tariffs.”
Barclays’ Dan Levy agreed in an investor note Monday night: “We view [the] announcement as largely negotiation tactics (as seen in 2016), and see such magnitude of tariffs unlikely.”
Trump and Democrats alike said they believe the trade deal needs to be changed to address potential plans for Chinese manufacturers such as BYD.
Trump floated several tariff proposals during his campaign, including calling for a more than 200% duty or tax to be levied on imported vehicles from Mexico. He also has threatened, as he did during his first term in office, to increase tariffs on European vehicles.
– CNBC’s Michael Bloom contributed to this report.

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Constellation Brands’ stock fell after President-elect Donald Trump announced plans to place a 25% tariff on Mexican imports.
The brewer manufactures all of its beers, which represent 86% of its sales, in Mexico.
The company will likely opt to raise prices to offset the cost of tariffs, if implemented.

Packages of Modelo Especial beer are displayed for sale in a grocery store on June 14, 2023 in Los Angeles, California. 
Mario Tama | Getty Images

Shares of Constellation Brands fell 3.5% on Tuesday after President-elect Donald Trump announced plans to place a 25% tariff on Mexican imports once he’s inaugurated.
Constellation imports all of its beer from Mexico, including Modelo and Corona. Beer accounted for 86% of Constellation’s sales in the first half of its fiscal year.

Shares of Constellation have fallen more than 3% this year, including Tuesday’s move. The brewer has a market cap of about $42 billion.
If implemented, Trump’s proposed tariff would raise Constellation Brands’ cost of goods sold by roughly 16%, according to a research note from Wells Fargo Securities analyst Chris Carey published on Tuesday.
To offset the tariffs, Constellation would likely raise prices. The brewer has some pricing power, even with inflation-weary consumers. Last year, Modelo Especial overtook Bud Light as the bestselling beer in the U.S.
It’s unlikely that Constellation would move its beer production out of Mexico. Thanks to an antitrust settlement between Anheuser-Busch InBev, Grupo Modelo and the Department of Justice in 2013, AB InBev had to sell Modelo’s U.S. business to Constellation. That agreement requires Constellation to produce those beer brands where AB InBev makes them, according to a research note from Roth MKM analyst Bill Kirk.
In recent years, Constellation has spent billions of dollars to expand its Mexican production capacity.

It’s unclear if Trump will actually enact his planned tariffs. In his previous term, he proposed a 5% tariff on Mexican imports, with plans to escalate the levies up to 25%, but those tariffs weren’t implemented.
In 2020, Trump signed a new trade agreement with Mexico and Canada into law.
In the Monday night post on his social media platform Truth Social, Trump also threatened to implement an additional 10% tariff on goods from China and a 25% levy on Canadian imports.
Shares of automakers, including General Motors and Stellantis, were also trading lower on Tuesday on tariff fears.

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Walmart confirmed that it’s ending some of its diversity initiatives, removing some LGBTQ-related merchandise from its website and winding down a nonprofit that funded programs for minorities.
The big-box retailer, the nation’s largest, joins a list of companies feeling the heat from conservative activists.
Other companies, including Tractor Supply and Molson Coors, have also walked back some of their equity and inclusion policies in recent months.

A Walmart Supercenter in Burbank, California, Nov. 21, 2024.
Allen J. Schaben | Los Angeles Times | Getty Images

Walmart on Monday confirmed that it’s ending some of its diversity initiatives, removing some LGBTQ-related merchandise from its website and winding down a nonprofit that funded programs for minorities.
The nation’s largest employer, which has about 1.6 million U.S. workers, joined a growing list of companies that have stepped back from diversity, equity and inclusion efforts after feeling the heat from conservative activists.

Some have also attributed changes to the U.S. Supreme Court’s decision last year that struck down affirmative action programs at colleges.
Those companies include Tractor Supply, which said in June it was eliminating DEI roles and stopping sponsorship of Pride festivals. Lowe’s, Ford and Molson Coors have also walked back some of their equity and inclusion policies in recent months.
Others, such as Anheuser-Busch-owned Bud Light and Target, have faced sharp backlash and falling sales after marketing campaigns or merchandise focused on the LGBTQ community.
In a statement, Walmart said it is “willing to change alongside our associates and customers who represent all of America.”
“We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone,” the statement said.

Among the changes, Walmart will no longer allow third-party sellers to sell some LGBTQ-themed items on Walmart’s website, including items marketed to transgender youth such as chest binders, company spokeswoman Molly Blakeman said.
She said it also recently decided to stop sharing data with the Human Rights Campaign, a nonprofit that tracks companies’ LGBTQ policies, or with other similar organizations.
Additionally, the big-box retailer is winding down the Center for Racial Equity, a nonprofit that Walmart started in 2020 after George Floyd’s murder sparked protests across the country. At the time, Walmart and the company’s foundation pledged $100 million over five years to fight systemic racism and create the center.
Over the past year, the company has phased out supplier diversity programs, which gave preferential financing to some groups, such as women and minorities, after the Supreme Court decision striking down affirmative action.
It’s also moved away from using the term “diversity, equity and inclusion” or DEI in company documents, employee titles and employee resource groups. For example, its former chief diversity officer role is now called the chief belonging officer.
Blakeman said Walmart will continue to award grants, disaster relief, and funding to events such as Pride parades, but with more guidelines on how funding can be used.
Some recent changes came on the heels of pressure from conservative activist Robby Starbuck, who threatened a consumer boycott of Walmart. Starbuck, a vocal DEI opponent who had also put heat on Tractor Supply, touted Walmart’s changes in a post on X, describing them as “the biggest win yet for our movement to end wokeness in corporate America.”
Walmart had conversations with Starbuck over the last week and already had some DEI-related changes underway, Blakeman said.
Walmart’s DEI changes were first reported by Bloomberg News. More

American, Delta, United, Frontier, and Spirit together brought in $12.4 billion from seating fees between 2018 and 2023, a Senate panel report found.
Senate Permanent Subcommittee on Investigations has called executives from those airlines to testify before the panel next week.
The Biden administration has vowed greater scrutiny of what it considers “junk fees” from airlines, hotels and other companies.

A Delta Air Lines cabin.
Leslie Josephs/CNBC

A Senate subcommittee on Tuesday slammed U.S. airlines large and small over fees to pick seats on flights.
Between 2018 and 2023 American, Delta, United, Spirit and Frontier brought in $12.4 billion in seating fees, including for seats with extra legroom as well as those in “preferred” locations that are closer to the front of the plane, or window or aisle seats, said the report from the Senate Permanent Subcommittee on Investigations.

Last year, United’s revenue from seating fees totaled $1.3 billion, the first time since at least 2018 that category surpassed checked bag-fee revenue, the report said.
While most major U.S. airlines have gotten rid of ticket change fees for standard economy tickets, they have added fees to select more popular or roomier seats on board. Carriers have also been racing to add more premium seats on board to increase revenue.

Stamping out so-called junk fees has been a priority for the Biden administration. Sen. Richard Blumenthal, D-Conn., the subcommittee’s chair, said airline executives have been called to testify about the practice at a Dec. 4 hearing called “The Sky’s the Limit—New Revelations About Airline Fees.”
Airlines for America, a trade group that represents the largest U.S. carriers, said air travel has become more affordable and that customers can choose what they want to pay for onboard.

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“The report demonstrates a clear failure by the subcommittee to understand the value the highly competitive U.S. airline industry brings to customers and employees. Rather, the report serves as just another holiday travel talking point,” the group said.

The report also criticized budget airlines Spirit and Frontier, saying they paid gate agents $26 million between 2022 and 2023 to “catch passengers allegedly not following airline bag policies, often forcing those passengers to pay a bag fee or miss their flight.”
Spirit said in a statement that it is “transparent about our products and pricing, our airport policies ensure Guests are treated fairly and equally, and we comply with all tax laws and regulations.”
Frontier said that the commissions for gate agents are “simply designed to incentivize our team members to ensure compliance with bag size requirements so that all customers are treated equally and fairly, including the majority who comply with the rules.”

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Dick’s Sporting Goods posted better-than-expected sales and earnings, leading it to raise its full-year guidance.
The sporting goods giant previously issued cautious guidance ahead of the 2024 presidential election.
Dick’s touted a better-than-expected back-to-school shopping season.

The Dick’s Sporting Goods logo is displayed on the floor of a store on September 04, 2024 in Daly City, California. 
Justin Sullivan | Getty Images

Dick’s Sporting Goods raised its full-year guidance on Tuesday after what CEO Lauren Hobart called an “excellent” back-to-school shopping season and better-than-expected comparable sales for its third quarter. 
The sporting goods giant is now expecting fiscal 2024 same-store sales to grow between 3.6% and 4.2%, up from a previous range of 2.5% to 3.5%. That’s ahead of the 3.4% growth that Wall Street analysts had expected, according to StreetAccount. 

Dick’s beat expectations on the top and bottom lines, and its rosy guidance indicates its planning for a strong holiday shopping season after issuing cautious guidance earlier this year ahead of the 2024 election.
The company’s shares were up more than 8% in premarket trading Tuesday.
Here’s how the retailer did in its fiscal third quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: $2.75 adjusted vs. $2.68 expected
Revenue: $3.06 billion vs. $3.03 billion expected

Dick’s reported net income for the three-month period that ended Nov. 2 of $228 million, or $2.75 per share, compared with $201 million, or $2.39 per share, a year earlier. 
Sales rose to $3.06 billion, up slightly from $3.04 billion a year earlier.

“We are very proud of our Q3 results and our performance year-to-date. Our third quarter comp sales grew 4.2%, driven by a continued focus on our strategic pillars and great execution from our team,” Hobart said in a news release. “As a result of our strong performance in the quarter and the continued confidence we have in our business, we are again raising our full year outlook. We believe our differentiated product, quality service and powerful omni-channel experience will resonate well with our athletes this holiday season.”
During the quarter, robust back-to-school shopping led to comparable sales growth of 4.2%, well ahead of the 2.7% growth that StreetAccount had expected. Some of Dick’s fellow retailers in the last week said unseasonably warm weather and storms in the Southeast impacted sales during the quarter, but it doesn’t appear as if the sporting goods company faced the same issues.
Dick’s said the strong quarter led it to also raise its full-year sales and earnings guidance.
The company is now expecting fiscal 2024 sales to be between $13.2 billion and $13.3 billion, in line with estimates of $13.26 billion, according to LSEG, and ahead of a previous range of between $13.1 billion and $13.2 billion.
It’s now expecting full-year earnings per share to be between $13.65 and $13.95, ahead of previous guidance of $13.55 to $13.90. It wasn’t immediately clear if that guidance was comparable to estimates. 

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