Business

Hasbro reported Q3 earnings that missed expectations and revenue that matched Wall Street projections.
CEO Chris Cocks pointed to “increasing price sensitivity” among consumers.
The toy giant has raised prices this year as inflation soared to four-decade highs.

A worker arranges boxes of Hasbro board games on a shelf at a Target Corp. location in Emeryville, California.
David Paul Morris | Bloomberg | Getty Images

Hasbro reported third-quarter earnings Tuesday morning that fell short of analysts’ expectations as inflation weighed on consumers and the company contended with high levels of inventory.
The toy maker also faced tough comparisons from a year ago when it benefitted from multiple film releases such as “My Little Pony: A New Generation” and “Come From Away.” Surging inflation added to the pressure.

“As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer,” CEO Chris Cocks said in an earnings release.
He expanded on this point in a conference call Tuesday morning, saying that promotions “have become increasingly important” in driving product sales. The company reported high inventory, which is currently afflicting retailers across the board. Hasbro said in an investor presentation that its inventory should help it meet holiday demand.
Shares were down slightly on light volume in pre-market trading.
Here’s how the toy maker performed compared with Wall Street estimates, according to Refinitiv:

Earnings per share: $1.42 vs. $1.52 expected.
Revenue: $1.68 billion vs. $1.68 billion expected.

Revenue for the period fell 15% compared to last year, dragged down by a 35% decrease in entertainment revenue. Its Wizards of the Coast unit, which includes “Dungeons & Dragons” and “Magic: The Gathering,” saw revenues decline 16%.

As prices for goods and supplies surge, the toy and game giant has increased prices for products like Nerf Blasters and My Little Pony figures.
For the fourth quarter, the company expects flat results versus last year, buoyed by the “Magic: The Gathering” brand. The digital and trading card game has grown into the company’s first $1 billion brand and the 30th anniversary of the game occurs in the fourth quarter.
The company also pointed to several upcoming releases, including Marvel’s “Black Panther: Wakanda Forever” and the company’s own “Transformers: EarthSpark,” which the company will produce merchandise for during the fourth quarter and beyond.
With the holidays approaching, the toymaker said it plans to “sell through inventory” in the fourth quarter as it seeks to stick to its plan of focusing on fewer, bigger brands and more licensing.
Cocks told “Closing Bell” in early October that the toy market remains resilient even through bad times.
Read the earnings release here.
This is breaking news. Check back for updates.

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Semafor, a new global news company, debuted Tuesday.
The company is launching with $25 million in funding.
Semafor is putting a new spin on the old-fashioned news article, including a distinct section for reporters to share their view of the issue at hand.

Ben Smith, left, and Justin Smith
Source: Semafor

Semafor, a new digital media company with a focus on global news for college-educated readers, debuted Tuesday with intentions to bring transparency and clarity to a news business its co-founders believe has become too polarized.
Semafor has been preparing for its launch since January, when former New York Times media columnist Ben Smith and former Bloomberg Media Chief Executive Officer Justin Smith quit their jobs to start the venture. Semafor.com and its mobile site will have a signature yellow background to go along with coverage in the U.S. and sub-Saharan Africa. The news company will introduce regional and national coverage in the Middle East, Asia, Europe and other countries.

The Smiths, who are not related, will take lessons learned from more than 20 years in digital media to steer Semafor into what they hope will be a global, profitable business.
Recent sales of Axios (to Cox Enterprises), The Athletic (to The New York Times) and Politico (to Axel Springer) have given Semafor a path toward building and selling a business for hundreds of millions of dollars, though Justin Smith said he hasn’t had any conversations about selling at a specific valuation with Semafor’s investors. They include Sam Bankman-Fried, founder of cryptocurrency exchange FTX, and Jessica Lessin, founder of technology news site The Information.
Still, advertising-supported digital media is a sector known for recession droughts and low growth — with plenty of cautionary tales. BuzzFeed has seen its valuation plummet 80% since going public. Vice’s attempt at going public failed as investors soured on its future prospects. It’s been trying to find a buyer for several years.
Semafor will immediately stand out from legacy news publications such as The New York Times, The Wall Street Journal or CNN.com through its unique article structure. All stories, with the possible exception of breaking news, will adhere to a “Semaform,” featuring five sections: “The News,” “Reporter’s View,” “Room for Disagreement,” “The View From” and “Notable.”
Each story will give reporters a chance to weigh in on news, themselves, in a specific section, while also including paragraphs on why their take may be wrong. Stories will also include a section giving a macro/global perspective, to limit local bias.

To solve for information overload, a key flaw in the current media ecosystem, according to Justin Smith, outside media analysis will be truncated and found in the Notable section. The “Semaform” stems from Justin Smith’s experience managing newsrooms at Bloomberg, The Atlantic, Quartz and The Week, along with Ben Smith’s time as editor-in-chief at BuzzFeed News and his time at The New York Times.
It’s an evolution of Axios’ distillation of news into bullet points, the “Bloomberg Way” (a style guide that focuses on clarity) and The Week’s emphasis on a broad spectrum of viewpoints.
“We began trying to isolate individual issues, such as polarization and information overload, and untangle them,” said Justin Smith. “We went out to different segments of users with meaningful conversations, asking them about some of the ideas we’d developed. There was a real sense of frustration but also amazement that the core unit of journalism — the article — has not really evolved in literally hundreds and hundreds of years.”

The business plan

Semafor will begin as a free, advertising-supported media site but will evolve into a paywalled subscription site in about 12 to 18 months, as it gains brand recognition, Justin Smith said. Despite launching in a time of economic uncertainty when brands are being cautious with how they spend on digital media advertising, Semafor will debut with partnerships with companies including Verizon and Pfizer.
“We’re certainly ahead of where we expected to be on the revenue and monetization front,” said Semafor Chief Revenue Officer Rachel Oppenheim. “We’re operating in a specific part of the advertising market, which is corporate reputation and brand advertising. While brands are under pressure from a financial perspective, they’re also under a lot of pressure to advance their reputations and reach key stakeholders. One hallmark from a lot of conversations we’ve had is, ‘I haven’t seen anything like this before.’ That’s been profoundly humbling and encouraging.”
Semafor has raised $25 million and has shared its five-year business plan with investors, Justin Smith said. It will spend its initial investment and gauge how the business is going before setting firm profitability goals or raising more money, he added.
Ben and Justin Smith named the company Semafor after the word “semaphore,” a visual signaling apparatus, which sounds the same in about 35 different languages. The media company will launch with about 60 employees, more than half of whom are reporters.
WATCH: Ben Smith on Facebook’s oversight board

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Caraway’s pots and pans are debuting in 350 Target stores this week.
The direct-to-consumer company, whose products are already carried on Target’s website, is making its biggest brick-and-mortar push yet as it gears up for the holidays.
Shoppers are expected to buy more items in person this year as inflation fuels a desire for deals and Covid-19 concerns fade.

Some of Caraway’s pots and pans are now sold by Target stores. About 350 of the big-box retailer’s locations are carrying the products in time for the holidays.
Courtesy of Caraway

Online cookware company Caraway is making its biggest push yet into brick-and-mortar stores, with its pots and pans debuting in 350 Target stores this week.
Target will become the largest retailer to sell the brand in stores. Select Caraway products also are sold in 80 Crate & Barrel stores, 80 Bed Bath & Beyond stores and 20 Nordstrom outlets.

The New York City-based startup is among the many brands that became popular by selling directly to shoppers online and have since turned to stores to drive growth and appeal to a wider customer base.
Warby Parker and Allbirds, for example, have opened stores as a way to reach new customers and become profitable. Peloton also recently struck a deal with Dick’s Sporting Goods, which plans to carry its bikes, treadmills and other products in more than 100 stores in time for the holidays.
“Nothing replaces that experience of feeling the weight in your hands or seeing the color in person,” Caraway founder and CEO Jordan Nathan said in an interview.
Stores can help win over new customers, particularly those who might be hesitant about springing for a roughly $400 cookware set, Nathan said. Plus, he said, retailers like Target have large wedding-registry businesses that can encourage sales and the selection of more expensive items.
Some retailers, such as struggling Bed Bath & Beyond, also see popular online brands as a way to attract younger shoppers.

Target said in a statement that Caraway’s addition is part of a broader effort to attract customers with an interesting mix of merchandise, from young brands and unique items to popular national names. It sells other digital-first and direct-to-consumer brands. Earlier this month, it began selling an exclusive line of Tupperware, a brand that has been typically sold in person at parties and online.
Direct-to-consumer brands may want more shelf space ahead of this holiday season for another reason, too. Shoppers are expected to do more of their buying in person as Covid-19 concerns fade and inflation fuels the demand for deals.
About 40% to 50% of Caraway’s sales also take place in the fourth quarter, when shoppers buy gifts or get ready to hold holiday dinners and parties, according to Nathan. That is roughly in line with typical kitchen category sales.
Since launching in November 2019, Caraway’s nonstick and nontoxic cookware has gotten picked up by retailers’ websites, including West Elm, Crate & Barrel, Zola and Amazon. Target began selling the brand online last year.
Caraway, a privately held company, does not disclose sales figures. The company has been profitable in 2020 and 2021 and is on track to be profitable in 2022, Nathan said. He said about 75% of the company’s business comes from its own website. Over time, he said he expects Caraway to get about half of sales from other retailers’ websites or stores.
The company typically caters to city dwellers in their mid-30s or 40s and have an annual household income of $100,000 or more, Nathan said. Target will help the company reach a wider array of markets, such as suburban shoppers in the Midwest.
Though Caraway’s rate of growth has cooled since the peak of the pandemic, Nathan said the company’s customer base is still spending on the pricier cookware.
At the same time, the company is trying to broaden its appeal. Last month, it added a lower price point set: a duo of a mini fry pan and mini sauce pan for $190.
The Caraway connection comes as Target, Walmart and other retailers have noted a shift away from discretionary categories like clothing and electronics as shoppers pull back on spending because of inflation or opt to instead splurge on experiences such as traveling or dining out.
Both discounters are also coping with a glut of unwanted merchandise — including popular pandemic purchases like home goods and kitchen appliances.

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Cadillac will test the limits of its brand allure and pricing power with the 2024 Celestiq.
The hand-built, bespoke electric car will start at more than $300,000.
The car launches the General Motors brand into the ultra-luxury segment against the likes of Bentley and Rolls-Royce.

2024 Cadillac Celestiq

DETROIT – Cadillac is testing the limits of its brand allure and pricing power with the 2024 Celestiq – a large, bespoke electric car that will start at more than $300,000.
The vehicle – unveiled Monday night – launches the General Motors brand into the ultra-luxury segment against the likes of Bentley and Rolls-Royce. It’s something no American brand has successfully done in modern times.

Executives say the vehicle is more about creating a “halo car” that helps burnish Cadillac’s image, rather than fueling overall sales or profits. But, if successful, it could create a new two-unit business model for the company: one focused on hand-built, high-end vehicles and the other on mass-produced models.
“It is a brand builder. It’s a halo vehicle. It will lift people’s perception of the brand,” Rory Harvey, global vice president of Cadillac, told CNBC. “The business case has and continues to evolve, but it’s not just purely about the car. It’s about what it does for Cadillac and how it lifts the other Cadillac variants.”

2024 Cadillac Celestiq

Harvey declined to discuss the vehicle’s profit margins or whether the company plans to add additional hand-built models.
Customers will be able to customize nearly all aspects of the vehicle’s interior trim, exterior color and other nonmechanical elements. They’ll be able to work with designers and a Cadillac concierge to customize their vehicle.
“I don’t want to see this as a Mary Kay car, but the reality is, if you want to do an outrageous car, that’s the point,” said Michael Simcoe, GM vice president of global design, citing the unique “santorini blue” of the Celestiq unveiled Monday night.

Despite growing concerns around the demand for new mass-market vehicles due to rising interest rates and record prices, ultra-luxury buyers have continued to spend.

Low production

GM plans to only produce hundreds of Celestiq cars per year. It will only have capacity to build fewer than two vehicles per workday, Harvey said. The car will be sold globally, with the largest markets expected to be the U.S. and China.
The Celestiq will be available by request only, with “a significant deposit” needed to begin the build process, according to Harvey. Ordering for the car will start as early as later this year, followed by production beginning in December 2023, according to GM.

2024 Cadillac Celestiq

In June, GM announced it would invest $81 million at its tech center in suburban Detroit to hand-build the Celestiq – marking the first time it will produce a vehicle for commercial sales at its massive campus in Warren, Michigan.
The vehicle features technologies including adaptive air suspension, magnetic ride control and rear steering to balance the ride comfort and performance of the car. It also includes 115 3D printed parts, including the metal center of the steering wheel of the vehicle.
Cadillac has not sold a hand-built vehicle for decades, but its crosstown rivals have offered such cars as custom performance models. Stellantis’ Dodge offered “one-of-one” custom vehicle builds for its Viper sports car in 2015. Since 2016, supplier and contract manufacturer Multimatic Inc. has produced a hand-built, $500,000 GT sports car for Ford Motor, which is discontinuing the vehicle at the end of this year.
The Celestiq is Cadillac’s second all-electric vehicle following the Lyriq crossover going on sale earlier this year. They are the beginning of a new lineup of electric cars and SUVs for the brand as it plans to exclusively make all-electric vehicles by 2030.

Tech

The Celestiq, which GM previewed earlier this year, is big. At roughly 18 feet long and 7 feet wide, it is wider and longer than a Cadillac Escalade SUV. It is based on the automaker’s Ultium electric vehicle platform, but with an exclusive car structure.
GM says the car is expected to achieve more than 300 miles on a single charge, with performance of 600 horsepower, 640 foot-pounds of torque and a 0-60 mph time of 3.8 seconds. The range and performance are lower than some current, less expensive luxury EVs such as the smaller $169,000 Lucid Air.
Noticeably missing from the Celestiq are exterior door handles. Instead, owners can open the doors by pressing a button or have doors open automatically as the driver approaches the vehicle with a key fob, according to GM.

2024 Cadillac Celestiq

The Celestiq features five LED interactive displays, including a 55-inch diagonal screen spanning the front cabin of the car; a “smart glass roof” that includes customizable transparency options; and Ultra Cruise, GM’s next-generation advanced driver-assist system that the company has said will be capable of driving itself in most circumstances.
“When we started this process, the brief then we gave to the team was to develop the most epic Cadillac ever,” said Brandon Vivian, Celestiq executive chief engineer. “But the result is a vehicle unlike any other. … It’s a custom-commissioned celebration of the client’s individuality.”
Vivian said Ultra Cruise’s capabilities will build up over time. He declined to discuss how different the system will be compared with GM’s current Super Cruise system, which allows users to keep their hands off the steering wheel while driving on pre-mapped divided highways.
Ultra Cruise should be far more capable than the current system, as it’s expected to build on Super Cruise’s software and sensor suite by adding lidar, or light detection and ranging systems, that can sense surroundings and help cars avoid obstacles.

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State of Freight

Mississippi River water levels are so low it is impacting commodities transport.
Retailers are using portable containers to store unsorted returns, furniture, and tires as warehouse inventory overstock piles up.
East Coast port congestion led by Savannah results in up to 70% of vessels arriving late on the Transpacific trade route, and a rail strike would further complicate this supply chain stress.

The towboat Roberta Tabor pushes barges up the Mississippi River in Granite City, Illinois, US, on Friday, July 9, 2022. Grain transport is down from peak levels, but water level on the river is now an issue.
Bloomberg | Bloomberg | Getty Images

According to the National Weather Service Memphis Office, the Mississippi River is projected to tie the all-time record of -10.70 feet, either later today or tonight. The Mississippi River is a vital waterway for trade and the lower water levels have impacted the amount of commodities that can be imported or exported out of New Orleans. Barges cannot be fully loaded. According to the U.S. Department of Agriculture’s weekly transportation report, southbound barge tonnages were reduced on the river by more than 20%
Agriculture shippers for corn, soybeans, and wheat use barges as a cheaper alternative to trucks or rail to move their grain in bulk. Just under half (47%) of all grain is moved by barge, according to the USDA. Approximately 5.4 million barrels of crude and 35% of thermal coal are moved on the Mississippi.

“While the public and media generally understand that our economy depends upon viable international ocean shipping, trucking, and rail transportation, the essential role of our inland waterways is often overlooked,” said Peter Friedmann, executive director of the Agriculture Transportation Coalition. “Our members depend upon adequate water levels in the Mississippi River system, to reach domestic and international export markets. The low water disruption of the supply chain will be felt not only by our U.S. producers of food, farm, and fiber but also by U.S. and international consumers as well.”

Retailers turn to trailers for storage

Retailers are moving both large and small items into 53-foot trailers as alternatives to warehouses, according to logistics experts.
“We are definitely hearing from our clients for the short-term they are storing larger, bulkier items like furniture in trailers attached to their warehouses,” said Brian Bourke, chief growth officer of Seko Logistics. “Although we are not storing regular inventory in 53-foot trailers or containers, we are using 53-footers to store some items like unsorted returns that are less critical, to focus the warehouse on the outbound shipping to customers.”
In addition to furniture and unwanted items, commodities are also heading into storage.
“Tires are another big inventory item in storage,” said Joe Monaghan, CEO and President, Worldwide Logistics Group. “We are also receiving orders for 53-foot containers to hold the product in pop-up yards for anywhere from one to six months.”

Paul Brashier, vice president of drayage and intermodal at ITS Logistics, tells CNBC retailers are trying to find creative ways to manage their excess inventory.
“Many of our client’s distribution centers (DCs) are overstocked and they are navigating how to deal with that excess inventory and move all the subsequent freight,” Brashier said. “With that headwind, those DCs that process their import freight are really feeling the pressure. We are identifying their high-demand SKUs and taking them out of their terminals to our pop-up transload facilities. We then load that product into a 53-foot container to move that inventory further inland so it can reach the consumer faster.”

East Coast port congestion

Arrows pointing outwards

As more trade continues to move to the East Coast, congestion at the ports continues to build and the volume of containers heading to warehouses is pushing up prices, even as demand has declined. Savannah leads the East Coast in the number of vessels waiting at anchor. Pop-up yards holding containers off the port are one of the logistics strategies being used to move the boxes out of the port to speed up productivity.
The East Coast congestion has had a massive impact on vessel reliability.
“Global vessel schedule reliability may be improving but the Transpacific is stagnant,” said Alan Murphy, founder, and CEO of Sea-Intelligence ApS. “70% of vessels are not arriving on time on the Transpacific line which has been hit the worst.”

One of the factors which influences reliability is the number of vessels a port receives. Ports seeing fewer vessels including Charleston, Long Beach, Los Angeles, and New York are seeing improvements in vessel reliability, Murphy said. But for Savannah, which has dozens of vessels waiting at anchor, there are delays which impact vessel schedule reliability.
“The ports like Savannah are full,” said John McQuiston, managing director, global head of originations in the Wells Fargo trade and supply chain finance division. “You have vessels holding inventory while ports process containers. What took days now takes weeks because of the number of containers coming in.”
“One of my biggest worries right now with this congestion is a railroad strike knocking out the third leg of transport,” McQuiston said. “The U.S. would have an element of paralysis in certain sectors of the supply chain if there was a rail strike. You do not have enough cabs or drivers to pick up the containers once bound for rail.”

The CNBC Supply Chain Heat Map data providers are artificial intelligence and predictive analytics company Everstream Analytics; global freight booking platform Freightos, creator of the Freightos Baltic Dry Index; logistics provider OL USA;  freight forwarding & logistics services provider Worldwide Logistics Group; supply chain intelligence platform FreightWaves; supply chain platform Blume Global; third-party logistics provider Orient Star Group; marine analytics firm MarineTraffic; maritime visibility data company Project44; maritime transport data company MDS Transmodal UK; ocean and air freight rate benchmarking and market analytics platform Xeneta; leading provider of research and analysis Sea-Intelligence ApS; Crane Worldwide Logistics; DHL Global Forwarding; freight logistics provider Seko Logistics; and Planet,  provider of global, daily satellite imagery and geospatial solutions. More

A new report indicates the travel industry in Asia-Pacific may be the only one in the world to recover by 2023.
This year’s “Travel & Tourism Economic Impact” report — an annual publication by the London-based World Travel & Tourism Council — shows that, compared with pre-pandemic levels, tourism revenue in 2020 dropped more in Asia-Pacific (59%) than anywhere else.

Recovery efforts in the region were muted in 2021, with most countries there maintaining strict border restrictions. Tourism revenue’s contribution to regional gross domestic product rose about 16%, lower than the 28% in Europe and 23% in North America.
However, the report shows Asia-Pacific is expected to close the gap this year, with the amount of travel revenue contributing to the overall economy forecast to grow by 71%.

Travel in Asia-Pacific is soaring this year — restrictions were first eased in India and Australia, then Malaysia and Thailand and other Southeast Asian nations, followed most recently by Japan, South Korea and Taiwan in the north.

The 10-year forecast

The WTTC’s report expects continued gains to Asia-Pacific’s travel industry in 2023, followed by another year of positive growth in 2024.
By 2025, it estimates, travel revenue will contribute 32% more to the region’s GDP than it did before the pandemic — a number that far exceeds every other region’s, except that of the Middle East (30%).

The report estimates the average annual growth rate of the global economy will be 2.7% from 2022 to 2032. Yet, during the same period, tourism’s contribution to the global economy is expected to grow at an average annual rate of 5.8%, according to the report.
In Asia-Pacific, the numbers climb even higher, with tourism contributions to GDP expected to grow at an average annual rate of 8.5%, according to the WTTC.

Where travel jobs will be

The WTTC predicts the global travel industry will add 126 million new jobs in the next decade. Of this, it says, about 65% will be in Asia-Pacific.

Just under half of the new jobs are expected to be in China and India, according to the WTTC.

Job creation prediction by WTTC between 2022 and 2032, by country

Indonesia, Thailand and the Philippines are also expected to see marked tourism job growth in the next decade, adding 5.3 million, 3.5 million and 3.15 million new jobs, respectively.

The China issue

To contain recent case spikes, officials have closed entertainment venues in Shanghai and schools in the central Chinese city of Xi’an, while placing millions of its citizens under new lockdowns. More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Monday advised investors to add Wells Fargo to their shopping lists.
“Wells Fargo has now taken the lead as the best net interest margin play in the group, and their multi-year turnaround plan is finally bearing fruit,” he said.

CNBC’s Jim Cramer on Monday advised investors to add Wells Fargo to their shopping lists.
“Wells Fargo has now taken the lead as the best net interest margin play in the group, and their multi-year turnaround plan is finally bearing fruit. … It’s by far my favorite name in this new leadership group,” he said.

The bank beat Wall Street expectations on earnings and revenue in its third quarter, though its profit was hurt by its decision to boost its loan loss reserves. Cramer said that the most important part of the bank’s quarterly results was its net interest margin, which is the spread between what they pay for clients’ deposits and the return it gets from its investments.
The money Wells Fargo receives from this spread, known as net interest income, has “massively outperformed” expectations, according to Cramer. The bank said earlier this year that they expected 8% net interest income growth from 2021 and raised that forecast to 24% on Friday.
“These guys are printing money thanks to the higher yield curve,” he said.
Cramer added that Wells Fargo’s net interest margin is better than those of its competitors, whose quarters he also recapped on Friday. Adding to his bull case for the bank is its efficient cost control measures, lack of capital markets exposure and its new mergers and acquisitions business.
He noted that while he’s bullish on the stock, investors should keep in mind that the Federal Reserve initiated an asset cap on Wells Fargo in 2018, limiting the bank’s ability to grow.

“Although there’s a possibility of the cap being lifted next year … we have no idea when that will happen, so I wouldn’t include it in your calculus,” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Wells Fargo.

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Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Warner Bros Discovery Inc: “I can’t. I like profitable companies with good balance sheets. That is the definition of not that.”

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Veru Inc: “A lot of people bet against it, so it could be a very binary, up big, down big situation.”

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Texas Roadhouse Inc: “We have to wait for that one to come down, because it’s had too big a move.”

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Organon & Co: “We are going to find out what this story is, and then we’re going to come back to you.”

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Dice Therapeutics Inc: “I can not recommend it, particularly because the company is losing money hand over fist.”

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