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TJX Cos. raised its full-year guidance for the third time this year and said it expects a robust holiday shopping season.
The off-price giant, which runs HomeGoods and Marshalls, posted quarterly results that beat Wall Street’s estimates.
TJX is taking share from competitors as inflation-weary consumers hunt for a deal.

A HomeGoods shopping cart area in front of a T.J. Maxx store in Pinole, California, US, on Wednesday, May 3, 2023.
David Paul Morris | Bloomberg | Getty Images

TJX Cos. on Wednesday raised its full-year guidance and said it expects a strong holiday season after inflation-weary consumers drove another quarter of sales gains. 
The off-price giant, which runs T.J. Maxx, Marshall’s and HomeGoods, beat Wall Street’s estimates on the top and bottom lines and topped expectations for comparable sales. 

Here’s how TJX Companies did during its fiscal third quarter ended Oct. 28, compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: $1.03 vs. 99 cents expected
Revenue: $13.27 billion vs. $13.09 billion expected

The company reported net income of $1.19 billion, or $1.03 per share, for the quarter, compared with $1.06 billion, or 91 cents a share, a year earlier. Sales rose to $13.27 billion, up about 9% from $12.17 billion a year earlier. 
For the third time this year, TJX Cos. raised its full-year guidance. It now expects comparable store sales to rise 4% to 5%, compared with previous guidance of up 3% to 4%, which is the range analysts had expected before quarterly results were announced, according to StreetAccount.
TJX now anticipates earnings per share will be in the range of $3.71 to $3.74, compared with a previous range of $3.66 to $3.72. The raised profit guidance is in line with the $3.73 earnings per share that analysts had expected, according to LSEG. 

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During the quarter, comparable store sales climbed 7% at Marmaxx, or the combination of T.J. Maxx and Marshall’s, and 9% at HomeGoods, both better than analysts had expected, according to StreetAccount. Analysts had expected comparable sales to be up 4% at Marmaxx and up 6% at HomeGoods.

Overall, comparable store sales rose 6%.
The company’s shares were down more than 3% in midday trading. The stock was up more than 16% year to date as of Tuesday’s close.
TJX has been cruising through its fiscal year as it lapped up the benefits of being an off-price retailer during a tough macroeconomic period. 
The company has been able to entice shoppers with a wide array of premium, branded merchandise because so many of its suppliers had high inventories over the last year and relied on TJX to help clear that glut. Its low-price assortment has also brought in deal-hungry customers who are choosing TJX over companies like Macy’s and Target to save money as persistent inflation weighs on their bank accounts. 
Both Macy’s and Target, as well as other industry peers, have consistently reported soft sales in their apparel and home goods categories. But the opposite has been true at TJX. During the quarter, apparel sales “remained very strong” while home goods sales were “outstanding,” CEO Ernie Herrman said in a news release.  
“Across our geographies and wide customer demographic, our values and exciting, treasure-hunt shopping experience continued to resonate with consumers,” the chief executive said. 
Target also reported earnings Wednesday and easily beat Wall Street’s profit estimates. But the better-than-expected report came from improvements in its bottom line, as sales again fell year over year.
The holiday shopping season is just getting started, but TJX is already expecting it to be a successful one, Herrman said.
“The fourth quarter is off to a strong start, and we are pursuing the plentiful deals we are seeing for great brands and great fashions in the marketplace,” said Herrman. “We are strongly positioned as a shopping destination for gifts this holiday selling season and are convinced that our values and fresh shipments to our stores and online throughout the season will be a major draw again this year.” 
In comparison, Target CEO Brian Cornell said it was too early to weigh in on early holiday sales, saying only it was “watching the trends carefully.”
Read the full earnings release here.

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Target beat fiscal third-quarter earnings and revenue expectations.
The big-box retailer still said it’s seeing weaker discretionary spending and deal-hungry shoppers.
The company said it expects the holiday quarter to look roughly the same, with comparable sales in a range of around a mid-single-digit decline.

Target on Wednesday topped Wall Street’s quarterly sales expectations and blew past earnings estimates, as purchases in high-frequency categories like food and beauty helped prop up weaker customer spending. 
Shares of the company rose more than 10% in premarket trading on the news, partially a reflection of the stock’s drop so far this year.

Yet the big-box retailer stared down the same challenges that it has faced over the past year. Shoppers aren’t buying much more than the necessities. They’re hungry for lower prices. And when they do make purchases, they’re postponing them – such as waiting until the temperature drops to buy a pair of jeans or a sweatshirt, CEO Brian Cornell said on a call with reporters.
For the second straight quarter, Target’s comparable sales declined. The industry metric, also called same-store sales, takes out the impact of store openings, closures and renovations. 
Chief Financial Officer Michael Fiddelke said on the call with reporters that the Minneapolis-based company is “laser focused on moving both traffic and sales back into positive territory.”
Yet he and Target’s leadership team cautioned that won’t happen this year, even as holiday shoppers hit stores and websites for decorations, gifts and more.
Here’s what the retailer reported for the fiscal third quarter ended Oct. 28 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: $2.10 vs. $1.48 expected
Revenue: $25.4 billion vs. $25.24 billion expected

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Sales have slowed across the retail industry as consumers feel a budget crunch from elevated prices and choose to spend on experiences instead. Yet Target, which sells a heavier mix of clothing, home goods and impulse purchases than key rivals, has been particularly squeezed. 
Plus, it has faced its own challenges. Target got blowback for a collection of merchandise for Pride month, a celebration of LGBTQ+ people and issues, that it has sold for more than a decade. It got hit by higher levels of organized retail crime. And it recently shuttered nine stores in major cities, blaming the closures on theft and threats of violence.
Target’s stock has suffered, too. It had fallen nearly 26% this year as of Tuesday’s close, with its value cut by more than half since the highs of the Covid pandemic.
In the fiscal third quarter, Target’s total revenue fell from $26.52 billion in the year-ago period. Comparable sales dropped nearly 5% year over year, as customers bought fewer discretionary items. Digital sales declined by 6% compared with the year-ago period.

While discretionary categories remain soft, Chief Growth Officer Christina Hennington said on the call with that trends “improved markedly” compared with the fiscal second quarter. She chalked up those better results to trendy merchandise, including Target’s new brand of kitchenware, fall fashion apparel for women and jewelry from its new line with Kendra Scott.
The big-box retailer showed progress in building back its profits despite the sales challenges. Its net income in the fiscal third quarter jumped about 36% to $971 million, or $2.10 per share, from $712 million, or $1.54 per share, a year earlier.
The company said it expects the holiday quarter to look roughly the same, with comparable sales in a range of around a mid-single-digit decline and adjusted earnings per share of $1.90 to $2.60.
But Target’s significant earnings gain in the third quarter also reflected its weakness in the year-ago period, when it canceled orders and sold merchandise at deep discounts to clear through a glut of unwanted inventory. It took that aggressive action to try to get ahead of last holiday season. 
Fiddelke attributed Target’s improved profits to better management of inventory and expenses, rather than stronger sales. Inventory levels declined 14% at the end of the quarter compared with the end of the year-ago period, when the company had lots of excess merchandise.
“A store can run more efficiently when their back rooms are free of inventory,” he said. “A distribution center runs more efficiently, with fewer touches, when it’s not as full, too.”
As it shows progress with inventory, Target is now trying to boost sales in the critical holiday quarter.
This week, shoppers can already see Target’s website plastered with Black Friday deals. Yet Cornell said it’s too soon to weigh in on early holiday sales, saying the company is “watching the trends carefully.”
To drum up sales during the season, Hennington said the retailer will lean on new and exclusive merchandise – including thousands of gifts under $25. 

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After dropping sharply the previous week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) remained unchanged at 7.61% last week.
Applications to refinance a home loan increased 2% for the week and were 7% higher than the same week one year ago.
Applications for a mortgage to purchase a home increased 3% from the previous week and were 12% lower than the same week a year ago.

Potential homebuyers attend an open house in Seattle.
Mike Kane | Bloomberg | Getty Images

Current homeowners and potential homebuyers are responding to lower mortgage rates, albeit slowly.
Mortgage demand rose 2.8% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the second straight week of gains.

After dropping sharply the previous week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) remained unchanged at 7.61% last week, with points decreasing to 0.67 from 0.69, including the origination fee, for loans with a 20% down payment.
“Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week,” said Joel Kan, MBA’s vice president and deputy chief economist.
Still, applications to refinance a home loan increased 2% for the week and were 7% higher than the same week one year ago. Mortgage rates this month are not that much different from November of last year, so there is not a lot of new incentive to refinance. Most borrowers carry much lower interest rates due to the record low rates seen during the first few years of the Covid-19 pandemic.
Applications for a mortgage to purchase a home increased 3% from the previous week and were 12% lower than the same week a year ago. Lower rates may help a little, but still-rising home prices and the still-low supply of homes are bigger hurdles for today’s potential buyers.
“Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at very low levels. Despite the recent downward trend, mortgage rates at current levels are still challenging for many prospective homebuyers and current homeowners,” added Kan.
Mortgage rates moved lower this week, due to a sharp bond market rally after the government’s monthly inflation report came in lower than analysts had predicted.  More

The UAW achieved record contracts with the Detroit automakers after six weeks of targeted labor strikes. But not all of the union’s members are satisfied.
The deals were on pace to pass as of Tuesday morning. Yet they’ve received notable rejections at Ford and GM.
GM’s members are the most skeptical so far, as veteran workers are concerned they’re not getting as much as younger employees.
If members at one of the automakers vote down their pact, UAW leaders would have to decide the next steps regarding whether to return to the table, initiate strikes, or both.

UAW members attend a rally in support of the labor union strike at the UAW Local 551 hall on the South Side on October 7, 2023 in Chicago, Illinois. 
Jim Vondruska | Getty Images

DETROIT — The United Auto Workers achieved record contracts with the Detroit automakers following contentious talks and roughly six weeks of targeted labor strikes. But not all of the union’s members are satisfied with the tentative agreements.
The deals, which were recommended for ratification by UAW leaders, were on pace to pass as of Tuesday morning, but support is narrowing. The agreements have received notable rejections at major Ford Motor and, especially, General Motors plants in recent days. Workers at Chrysler owner Stellantis are still in early voting but have so far largely backed the contract.

At least three major assembly plants representing 9,730, or 21%, of GM’s 46,000 UAW-represented employees have voted against the pact. They include 61% against at Lansing Delta Township plant in Michigan, which builds Buick and Chevrolet crossovers; 67.5% rejection at a Cadillac and GMC crossover plant in Spring Hill, Tennessee; and 52% opposed at GM’s Flint, Michigan, truck plant. A handful of other smaller plants also have voted against the deal.
At Ford, the automaker’s Kentucky Truck Plant — its largest in terms of employment and revenue — had 54.5% of members vote against it.
The UAW reached tentative deals with each of the automakers, so each is voted on separately. One or more could fail, while another ratifies. They are not contingent on one another.
Reasons behind the disapproval vary, according to industry experts and UAW members who spoke with CNBC. Veteran workers are worried about not receiving as much as newer employees under the terms of the deals, including retirement benefits. They’re also concerned about language in the tentative agreements. There’s also lingering distrust in union leadership after past corruption scandals of former leaders.
Others cite inflated expectations from UAW President Shawn Fain regarding 40% pay increases, traditional pensions and retiree health care for all, the elimination of “tiers” and a 32-hour workweek.

“I don’t think the tentative agreement goes far enough. I think it’s divisive. It doesn’t get rid of the tiers, and it doesn’t meet all of our needs as a whole,” said Brian Keller, a former UAW presidential candidate in several past elections and an outspoken worker from Stellantis’ Mopar parts operations. “You got to remember, we were stagnant from the time of the bankruptcy to 2015. We didn’t get no wage increases.”

Record deals, with some caveats

The UAW’s tentative agreements with automakers include:

25% wage increases, including 11% upon ratification
reinstatement of cost-of-living adjustments to pay
a three-year progression to top wages instead of eight years
billions in new investments
the inclusion of some battery workers

Major targets they didn’t include:

40% general wage increases
complete elimination of wage and benefit tiers
a 32-hour workweek
post-retirement health care coverage and traditional pensions for all

According to UAW voting trackers, Ford is closest to ratifying the pact, with roughly 65% approval, as most major plants have already voted. GM had 52% of workers voting so far in support of ratification as of Tuesday morning. However, that didn’t include the Lansing Delta Township plant voting against the pact. Stellantis, which remains in early voting, currently has roughly 82% of members in support of the pact. Most of its major plants still need to vote.
The UAW did not immediately respond to a request for comment on the voting results or when the union expects voting to end. Each local UAW chapter conducts its own voting.
The union has touted the deals as achieving $23 billion in new gains for the union — four times more than during the last negotiations in 2019. There were also more gains for veteran workers than the entirety of the last deals, and a historic step in achieving “equal pay for equal work,” a cornerstone of organized labor, according to the union.
The union prioritized reinstatement of cost-of-living adjustments, or COLA, over increases in some bonuses, including ratification ones that dropped from as much as $11,000 during the last round of negotiations four years ago to $5,000 under these tentative agreements.

What is Fain telling members?

Fain, who spoke Tuesday during a U.S. Senate committee hearing, has continuously said UAW members are the highest power in the union and will ultimately decide whether the deals ratify. But Fain last week conducted an online broadcast in an attempt to smooth over some concerns, including about COLA, bonuses and other issues.
“I truly believe these are record contracts and are a major victory for our movement,” Fain said Wednesday amid voting. “There were many in the media and in the corporate class who were saying we didn’t know what we were doing. And they thought we’d never get a deal. But then we got all three.”
Keller, who ran for president against Fain but supported him during a runoff election against incumbent UAW President Ray Curry, said he also has concerns over consolidation of Mopar parts facilities, potential layoffs in the future and other language in the contract.
Timothy Orner, who works in fleet operations at Stellantis’ Jeep complex in Toledo, is concerned about changes to 401(k) benefits that are based on 40-hour work weeks at a 10% company contribution compared with a 6.4% contribution based on annual pay, including overtime.

UAW President Shawn Fain greets members attending a rally in support of the labor union strike at the UAW Local 551 hall on the South Side on October 7, 2023 in Chicago, Illinois.
Jim Vondruska | Getty Images

“Just because it’s a double-digit number, it doesn’t make it better,” said Orner, who was among the first so-called Tier 2 workers to be hired in 2009 without a traditional pension and lower benefits. “There’s no more ’30 and out.’ They want you to work longer, to do things longer.”
The UAW did not immediately respond to a request for comment regarding the 401(k) change, which is outlined in the deal.
Fain last week admitted to not achieving everything he wanted for UAW retirement, including pensions and health care. He said these benefits remain a target for future bargaining when the tentative deals, if ratified, expire on April 30, 2028.

What are veteran workers’ concerns?

A veteran Ford worker of 25 years said there’s frustration that Fain didn’t achieve what he promised to reward traditional, or Tier 1, employees compared with newer hires, also known as in-progression or Tier 2 workers.
“Tier 1 gave back in 2008 and we feel we lost a lot of money over 17 years,” said the worker, who asked not to be named for fear of criticism or retribution by the union. “It’s sad that this group of people worked an entire career without ever getting their money. He did not come through. He made Tier 2 whole.”
China Jones, a 23-year worker at Louisville Assembly Plant, shared a similar sentiment. “Older veterans like us made the sacrifices for them [the automakers],” she told a local television station. “And we don’t get nothing out of it.”
GM, which has the lowest support thus far for the deal, has the highest number of traditional workers on a percentage basis, followed by Ford and then Stellantis. Stellantis also had far more usage of temporary workers, who will largely be converted to full-time employees and be eligible for top wages by the end of the deals.
“The [workers] hired before 2008 are going to be less thrilled with the contract, primarily because they’re going to get the 25% that everybody got, but the new hires, temporary and progression workers could get up to 160% or so,” Art Wheaton, a labor professor at the Worker Institute at Cornell University. “It can be plant-by-plant for the ratification votes based on what are their demographics in that particular location.”

What happens next?

If members at one of the automakers such as GM vote down their pact, UAW leaders would have to decide the next steps regarding whether to return to the table, initiate strikes, or both.
Marick Masters, a business professor at Wayne State University in Detroit, said a rejection of a deal or even closer-than-expected voting could hinder the union’s ability to organize other companies — a goal of Fain moving forward.
“One of the things that workers in nonunion facilities are going to look at is this ratification vote,” Masters said. “They’re going to want to know why some workers didn’t vote to ratify given that it’s a record contract … that’s going to be some food for thought that the union is going to have to be prepared to address when it goes to try and organize these nonunion facilities.”
Fain has said the union has received an influx of interest and support from nonunion autoworkers. He said the UAW still has goals not achieved during these negotiations in its sights.
“There are too many nonunion autoworkers and too much power behind the forces of corporate greed for us to win everything we deserve in one go. That’s why we’re building our strike muscle to go even further in 2028,” he said Wednesday.
Following the UAW’s tentative agreements, nonunion automakers operating in the U.S. such as Toyota Motor, Honda Motor and Hyundai Motor raised wages for factory workers.  
Hyundai said Monday it will raise factory worker pay 25% by 2028, matching the general wage increase won by the UAW during that period, Reuters reported. Toyota raised factory pay 9% to 10% starting in January, while Honda said it will increase wages 11% during the same period.
“We call that the UAW bump,” Fain told senators Tuesday. “That stands for ‘U Are Welcome.'” More

Home Depot echoed government data on Tuesday that indicates inflation is cooling.
With its comments, Home Depot gave fresh hope for consumers and the broader economy.
Other retailers reporting this week, including Walmart and Target, have gotten hurt as consumers pay more for necessities and have less to spend in other areas.

A cart full of items at a Home Depot store on November 14, 2023 in Miami, Florida. 
Joe Raedle | Getty Images

Even as Home Depot forecast sales declines, the retailer had good news for investors and consumers on Tuesday.
“I think the most important observation we’ve made is that the worst of the inflationary environment is behind us,” Chief Financial Officer Richard McPhail said on an earnings call.

Shares of the retailer rose by more than 5% after the company beat quarterly earnings expectations, driving a rally for the Dow Jones Industrial Average. Home Depot’s comments also came as government data on Tuesday morning showed that inflation was flat in October from the prior month.
Home Depot kicked off a much-anticipated week of retail earnings that includes other household names, such as Walmart, Target and Macy’s. All of the retailers have struggled with consumers who have become more selective about spending, particularly on pricier and discretionary items, as they pay more for necessities like groceries.
Home Depot is no exception. For multiple quarters, its customers have bought fewer big-ticket items and taken on smaller, less expensive projects.
Yet with its comments Tuesday, Home Depot gave fresh hope that consumers and the broader economy could soon see relief. In the short term, cooling inflation reduces sales numbers for retailers, including Home Depot. Yet long term, if prices level off or even start to drop, it can free up extra money that shoppers can spend elsewhere.
Plus, cooling inflation could speed along the end of interest rate hikes by the Federal Reserve. The central bank has been trying to tame decades-high price increases without tipping the economy into a recession.

Still, Michael Baker, a retail analyst at D.A. Davidson, said relief won’t come soon enough for the holiday season. He expects modest sales growth for retailers.
 “Less inflation can invite back in some discretionary spending, but that’s offset by the fact it’s generally a pretty soft spending environment,” he said.
At Home Depot, McPhail has described 2023 as “a year of moderation” after the boom in home improvement during the Covid pandemic. The retailer predicts a drop in sales from last year.
Yet the normalization of other trends has brought predictability for the business and customers, he said.
“Some prices are settling at levels higher than 2022,” McPhail said. “Others are settling lower. But we’re seeing some stabilization there.”
Appliances, which sometimes requires monthslong wait times, are back in stock. Those healthier inventory levels have lifted sales in the category, said Billy Bastek, executive vice president of merchandising, on the earnings call.
Yet some factors that drive inflation are beyond retailers’ control and influence consumers’ decisions, too.
Just take the cost of painting a living room, CEO Ted Decker said on the earnings call. He said Home Depot remains focused on offering low prices. But, he added, it’s backed off on the kinds of promotions that don’t make a difference.
He said cutting the price of paint by $10 doesn’t put a dent in the bigger cost: paying the painters.
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Fisker’s shares are sharply lower after a third-quarter earnings report that missed estimates.
The company said late on Monday that its 10-Q filing will be delayed after it discovered “material weaknesses” in its internal financial controls.

Fisker Inc. officially revealed the Fisker Ocean all-electric luxury crossover at CES 2020 in Las Vegas.

­­­Shares of electric vehicle startup Fisker sank Tuesday after a disappointing earnings report and a regulatory filing that raised concerns about the company’s previous financial statements.
The company’s shares fell more than 18% to close at $3.34 apiece.

Fisker reported its third-quarter results on Monday afternoon, and they weren’t what Wall Street had hoped to see. Revenue of $71.8 million and a net loss of $91 million, or 27 cents per share, that fell short of the Street’s expectations.
But there was more. In a Monday night regulatory filing after its earnings report, Fisker said that following the abrupt departure of its chief accounting officer in October, it “determined that it has material weaknesses in the Company’s internal control over financial reporting.”  
Those weaknesses will delay its quarterly 10-Q filing, it said.

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Fisker shares sink after third-quarter results and financial disclosures.

Fisker had originally planned to report its third-quarter results before the U.S. markets opened on Nov. 8. But it abruptly postponed its report early that morning, saying that the departure of its chief accounting officer on Oct. 27 and the appointment of a new one on Nov. 6 had “delayed the completion of the financial statements and related disclosures.”  
The company hasn’t yet explained why its former chief accounting officer left or why its earnings report was delayed, though CFO Geeta Gupta-Fisker said during Monday’s earnings call that the third quarter was “highly complex” because of the company’s global ramp-up.

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Monday’s filing raises the possibility that the company could be forced to restate some of its past financial reports.
Fisker noted the “material weaknesses” will be discussed in detail in its upcoming 10-Q report, and Gupta-Fisker said the company is actively hiring additional financial experts. It didn’t say when investors can expect the 10-Q to be filed.
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“The Marvels” just posted the worst opening of a Marvel Cinematic Universe film in the 15-year history of the franchise.
Disney CEO Bob Iger is looking to focus on quality over quantity going forward, suggesting the number of Marvel releases could shrink in the coming years.
The MCU’s track record is unrivaled as its 33 films have generated nearly $30 billion in global box office sine 2008.

ANAHEIM, CALIFORNIA – AUGUST 24: President of Marvel Studios Kevin Feige took part today in the Walt Disney Studios presentation at Disney’s D23 EXPO 2019 in Anaheim, Calif. (Photo by Jesse Grant/Getty Images for Disney)
Jesse Grant | Getty Images Entertainment | Getty Images

What is the Marvel Cinematic Universe without heroes like Iron Man, Captain America and Black Widow? A little lost, it seems.
It’s been just four years since “Avengers: Endgame” tied a neat bow on a decade’s worth of interconnected blockbuster storytelling. Since then, Marvel has released 10 more films on the big screen and nearly a dozen streaming series on all to set up the next wave of the MCU.

However, for die-hard and casual fans alike, life after “Endgame” has been riddled with inconsistency and uncertainty. That’s taken a toll on box office returns. “The Marvels” posted the worst opening of a MCU film ever over the weekend, leaving the industry and audiences questioning how Disney can save its own superheroes.
The company knows it’s a problem. CEO Bob Iger suggested as early as March that the company should decrease the number of sequel films Marvel releases in favor of bringing newer characters and stories into the mix. More recently, he indicated that Disney would focus more on quality over quantity.
“At the time the pandemic hit, we were leaning into a huge increase in how much we were making,” he said during Disney’s earnings call last week, days before “The Marvels” hit theaters. “And I’ve always felt that quantity can be actually a negative when it comes to quality, and I think that’s exactly what happened. We lost some focus.”
The company will also need to figure out how to make the most of popular characters – like the X-Men, Deadpool and the Fantastic Four – joining the MCU after years of fan anticipation. It also likely has to rethink its marketing as the generation that made the franchise a box office behemoth ages and raises kids of their own.
Box office analysts aren’t ready to wave the white flag on the MCU, which has left rival DC, owned by Warner Bros. Discovery, in the dust.

The Marvel franchise, overseen by producer and executive Kevin Feige, has recovered from a string of lackluster films before and has a deep well of stories and characters to pull from. Its box office track record is unrivaled. In just 15 years, this franchise has released 33 films and generated nearly $30 billion in global box office. Not to mention, Marvel has its own theme park lands at Disneyland in California and in Shanghai, and is one of the top-selling properties in the retail market right now.
“A less-is-more approach is exactly what the MCU needs and given the longer duration between films over the next few years,” said Paul Dergarabedian, senior media analyst at Comscore. “And with a renewed corporate emphasis on quality over quantity, fans should truly be excited for what comes next for this never-to-be-underestimated brand that has provided so many fantastic moviegoing experiences over the years.”
Representatives from Marvel Studios declined to comment.

What went wrong?

Elizabeth Olsen and Paul Bettany star as Wanda Maximoff and Vision in Marvel’s “WandaVision.”

Part of Disney’s strategy in the wake of “Endgame” was to bring its bigger-than-life heroes to the small screen. The Covid pandemic, which stranded millions at home with their TVs and loads of free time, fueled the production boom. Disney packed its fledgling streaming service with shows featuring the Sam Wilson, aka Falcon, as the next Captain America, fan-favorite Loki and introduced a handful of new heroes like She-Hulk, Moon Knight and Ms. Marvel.
The promise was that the events of the shows would come full circle and influence the content of Marvel’s films. In reality, for many, the inundation began to feel more like homework than entertainment.
“The problem is that they’ve created a wonderful creature and now they don’t quite know how to feed it,” said Robert Thompson, a professor at Syracuse University and a pop culture expert.

For example, in order to fully understand “The Marvels,” audiences would need to be caught up on most of the MCU’s film slate, which has ballooned to 33 movies, as well as the Disney+ series “Secret Invasion,” “Ms. Marvel” and “Wandavision.” Just catching up on those three limited series would take nearly 15 hours.
“A brilliantly conceived but often confounding connectivity of characters, situations, and universes on screens both big and small has diluted the appeal of the some of the MCU films,” said Dergarabedian.
The post-“Endgame” output has suffered from inconsistent quality, as well.
This year’s “Guardians of the Galaxy Vol. 3” boasted an 82% score on Rotten Tomatoes, while “Ant-Man 3” held a 46% score. “Black Panther: Wakanda Forever” reached 89% while “Thor: Love and Thunder” only hit 63%. On streaming, “Secret Invasion” only reached 53% while “Ms. Marvel” was at 98%.

This mixed track record, box office analysts told CNBC, is a key reason that “The Marvels” likely had a lower-than-expected opening weekend. Fans, particularly post-pandemic, are less likely to head out to the cinema if they are worried about a film’s caliber. Poor initial reviews can keep even the most ardent MCU fans away the first weekend.
And Marvel is still heavily relying on “Endgame” to sell tickets to new movies. The final trailer for “The Marvels,” released in the week before the film’s debut, featured a number of shots and sound clips of characters Tony Stark and Steve Rogers, who are no longer part of the franchise.
“It felt like the marketing team was on strike,” said Robbins. “Were they trying to sell nostalgia for the original Avengers team? Was it a reminder to audiences they need to catch up on a couple of Disney+ series? There was a lot of mixed messaging.”

What about the multiverse?

Paul Rudd is Scott Lang, aka Ant-Man, alongside Johnathan Majors as Kang the Conqueror in “Ant-Man and the Wasp in Quantumania.”

Marvel executives may have a grand plan, but the easily-followed threads that connected the Infinity Saga, which concluded with “Endgame,” aren’t so apparent. The new Multiverse Saga has yet to cohere around the villainous Kang. (Jonathan Majors, who plays Kang, also happens to be facing legal issues stemming from assault allegations, which he denies.) 
“Everybody knew the Infinity Saga was going to take time,” said Shawn Robbins, chief analyst at BoxOffice.com. “Marvel earned their audience during that lead-up by staying true to character-driven story threads that weaved around each to form the bigger picture.”
The first 23 films in the MCU were centered around the Infinity Stones, six glowing objects tied to different aspects of the universe. The overarching villain, Thanos (Josh Brolin), sought to collect all six stones so that he could instantaneously erase half of all living creatures from existence. “Avengers: Infinity War” and “Avengers: Endgame” wrapped up this story.
In the wake of “Endgame,” Marvel’s films and TV shows centered on grief, loss and how to move forward in a world without Captain America (Chris Evans), Iron Man (Robert Downey Jr.) and Black Widow (Scarlett Johansson).
Interspersed within those stories was the promise of an infinite number of parallel universes, and the potential for those realities to bleed into each other. “Wandavision,” “Spider-Man: No Way Home” (produced with Sony), “Loki,” “Doctor Strange in the Mulitverse of Madness” and “The Marvels” have in some way teased or directly dealt with the multiverse. Yet none of these shows or films have proven to be the definitive catalyst for a wider event within the franchise.
Disney will have to consider this as it introduces more characters to the MCU in the coming years. Classic superhero teams the X-Men and Fantastic Four are apparently on the way. Disney is slated to release “Deadpool 3,” featuring Hugh Jackman returning as Wolverine, in July. “Fantastic Four” is set for May 2025.

Who is watching the MCU these days?

Brie Larson stars as Carol Danvers aka Captain Marvel in Disney and Marvel’s “The Marvels.”

In Hollywood, the MCU is a relatively new franchise, compared to Star Wars and James Bond. It’s just 15 years old. Which means the moviegoers who packed cinemas in 2008 now have more mature tastes. Likewise, today’s younger audiences may not have much of a connection to the MCU.
“The majority of audiences were over 25,” said Robbins of the opening week traffic for “The Marvels.” “That confirms that younger audiences and parents are starting to be more selective with Marvel. That’s a problem because they need that young audience to ensure the franchise lives up to its potential for endurance, not unlike Star Wars did for decades.”
Unlike Star Wars, though, Marvel hasn’t had a significant break between films, even with the delays caused by the pandemic. There hasn’t been time for the franchise to collect nostalgic dust on a shelf or for one generation to pass it down to the next.
This is why it’s become important for Marvel to introduce so younger and more diverse characters. Introduced in recent shows and movies, America Chavez, Kate Bishop, Kamala Kahn, Cassie Lang, Skaar and Riri Williams are all potential members of a Young Avengers team, one that was teased in a post-credit scene of “The Marvels.”
Disney also needs to be smarter about how it markets its movies, especially those that are centered on female protagonists and stars, like “The Marvels” lead Brie Larson.
“They didn’t make a strong pitch to women,” Robbins said of Disney’s marketing for “The Marvels.” “This should have been their most female-driven film to date, across a variety of ages. It actually ended up having a greater share of male audiences than the first ‘Captain Marvel,’ which is quite surprising.”
After the success of Warner Bros.’ “Barbie,” the year’s highest-grossing film, it’s clear that audiences will turn up for stories featuring women. The first “Captain Marvel” surpassed $1 billion globally in 2019.

What comes next?

Ryan Reynolds stars in “Deadpool 2.”
20th Century Fox

After the missteps of “The Marvels” and other hit-or-miss films and TV series, box office analysts see Iger’s new focus on quality over quantity as a good start.
“A less-is-more approach is exactly what the MCU needs,” said Dergarabedian. “Given the longer duration between films over the next few years and with a renewed corporate emphasis on quality over quantity, fans should truly be excited for what comes next.”
The next entrant into the MCU is a streaming series called “Echo” centered on Maya Lopez, a deaf amputee heroine first seen in 2021’s “Hawkeye” series. A mentee of Wilson Fisk, aka the villainous Kingpin, Lopez returns to her hometown to reconnect with her Native American roots and come to terms with her past.
“Echo” is rated TV-MA, which is the equivalent of an R rating on television, a rarity for Marvel Studios. “Echo” will debut on Disney+ and Hulu at the same time.
There is only one Marvel film slated for 2024, the much anticipated “Deadpool 3.” Featuring Ryan Reynolds as the title character, box office analysts see the film as a barometer for the future of the MCU. It is expected that this Deadpool film will follow carry an R rating, which would be a first for a Marvel Cinematic Universe feature. (The first two Deadpool movies, released by Fox before Disney acquired the studio, were also rated R.)

Future MCU titles

“Echo” — streaming in January 2024
“Deadpool 3” — theatrical release in July 2024
“Agatha: Darkhold Diaries” — streaming in late 2024
“Captain America: Brave” New World” — theatrical release in February 2025
“Fantastic Four” — theatrical release in May 2025
“Thunderbolts” — theatrical release in July 2025
“Blade” — theatrical release in November 2025
“Avengers: Kang Dynasty” — theatrical release in May 2026
“Avengers: Secret Wars” — theatrical release in May 2027
“Ironheart” — streaming TBD
“Daredevil: Born Again” — streaming TBD

How Disney handles Deadpool will be telling, according to BoxOffice.com’s Robbins.
“Disney needs to allow Marvel, Reynolds, Jackman and that entire team to make a movie that doesn’t feel like something many perceive the studio would have ever would have released during their strictly family-friendly days of moviemaking,” he said. “If the movie feels managed or watered down, and if Ryan [Reynolds] and the rest of the team are censored creatively, it could be very damaging to the future of the Marvel Cinematic Universe.”
After next year’s relative lull, 2025 is set to bring four new MCU movies – which will test the idea of whether Marvel and audiences just needed a break.
“I think one could argue that, no, we’re not tired of superheroes,” said Thompson. “Are we tired of Marvel superheroes? We’ll have to see. I don’t think ‘Ant Man’ and ‘The Marvels’ and a couple of the other ones are enough to completely write it off.”
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Rotten Tomatoes. More

SpaceX is pushing hard to launch the second spaceflight of its Starship rocket this week,
CEO Elon Musk claimed the company will receive its federal launch license in the coming days.
SpaceX needs a launch license from the FAA in order to make its second attempt at flying Starship to space.

Starship launches for the first time on its Super Heavy booster from Texas on April 20, 2023.

SpaceX is pushing hard to launch the second spaceflight of its Starship rocket this week.
CEO Elon Musk claimed the company will receive its federal launch license in the coming days, the final hurdle before a second attempt. The company has been waiting for the completion of a federal environmental review led by the Federal Aviation Administration and the U.S. Fish and Wildlife Service.

“Was just informed that approval to launch should happen in time for a Friday launch,” Musk said in a social media post on Monday evening.
Musk did not specify who informed him of the impending regulatory approval, and SpaceX did not respond to CNBC’s request for clarification.

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An FAA spokesperson deferred to SpaceX “regarding Elon Musk social posts,” noting the agency has no updates to share since a statement on Oct. 31. The FAA announced last month the completion of the license’s safety review – which focuses on protecting the public and property – of SpaceX’s Starship license. At the time the environmental review with FWS was ongoing.
A request for comment into the FWS’ Texas office returned an automatic reply indicating at least some representatives for the office are at a staff retreat through Thursday. More