Goldman Sachs paid professional golfer Patrick Cantlay over $1 million annually as part of a sponsorship deal linked to the bank’s consumer-banking efforts, according to CNBC sources. The three-year deal, signed in 2020, included a minimum annual payment of $1.1 million, with additional performance bonuses for major victories and maintaining a top ranking. However, Goldman… Continue reading Goldman Sachs paid pro golfer Patrick Cantlay more than $1 million annually, sources say

Disney is pinning hopes on its celebratory 100th-anniversary film, “Wish,” to revive its animation division and reignite the Thanksgiving box office. Despite a record-breaking theatrical year in 2019, Disney has struggled to recapture that success, particularly in its animation arm. Executive decisions to prioritize Disney+ content and release theatrical movies directly to digital during the… Continue reading Disney used to own the Thanksgiving box office. ‘Wish’ is trying to win it back

Warren Buffett, the 93-year-old legendary investor and chairman of Berkshire Hathaway, donated over $870 million in Berkshire Hathaway stock to four family foundations before Thanksgiving. The donations included 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named after his first wife, and 300,000 Class B shares to each of… Continue reading Warren Buffett makes big donation before Thanksgiving, assures shareholders Berkshire is built to last

In October, sales of previously owned homes in the United States dropped by 4.1% compared to September, reaching a seasonally adjusted annualized rate of 3.79 million units, according to the National Association of Realtors. This marks the slowest sales pace since August 2010 and is notably below analysts’ expectations of a smaller drop to 3.9… Continue reading Home sales fell to a 13-year low in October as prices rose

American Eagle’s shares experienced a significant drop of approximately 17% following a holiday forecast that failed to meet expectations. While the company anticipates high-single-digit sales growth for the holiday quarter, exceeding analysts’ expectations, its operating income forecast of $105 million to $115 million fell mostly below the expected $114 million. The forecast was impacted by… Continue reading Shares of American Eagle plummet 17% on unimpressive holiday forecast

Stocks experienced a decline as traders evaluated disappointing retail results and anticipated the release of the Federal Reserve meeting minutes. The Dow Jones Industrial Average slipped by 0.2%, the S&P 500 dipped 0.3%, and the Nasdaq Composite fell 0.4%. Several retail giants faced notable decreases, including Lowe’s, which saw a 2.3% decline due to a… Continue reading Stocks slide as November rally pauses on some weak retail earnings: Live updates

Elon Musk has announced his intention to file a lawsuit against Media Matters and others following the suspension of advertising on his social media platform, X, due to concerns about antisemitic content. Media Matters reported that corporate advertisements from IBM, Apple, Oracle, and Comcast’s Xfinity were appearing alongside antisemitic content on the platform, leading to… Continue reading Elon Musk to file ‘thermonuclear lawsuit’ as advertisers desert X

In 2023, the term “choiceful” has become a popular adjective used by CEOs in quarterly earnings calls, indicating a consumer who is more selective in spending due to changes in the economy. The word, not found in mainstream dictionaries, is utilized by executives such as Walmart’s Doug McMillon and McDonald’s Chris Kempczinski to convey strategies… Continue reading The hot word for CEOs on earnings calls is ‘choiceful’

McDonald’s is set to increase its ownership in its China business by acquiring Carlyle’s stake, raising its minority share from 20% to 48%. The move comes as part of McDonald’s strategy to own fewer restaurants and entrust local franchisees to manage their own locations. In 2017, McDonald’s sold control of its restaurants in mainland China,… Continue reading McDonald’s increases its minority stake in China business

Walmart reported fiscal third-quarter earnings that surpassed Wall Street expectations, with sales rising. However, the retail giant expressed caution about its outlook, citing weakened consumer spending at the end of the quarter. Walmart’s shares, which had reached an all-time high the day before, fell in premarket trading. The company provided a slightly lower-than-expected forecast for… Continue reading Walmart shares slide as retailer gives a cautious outlook about consumer spending

Berkshire Hathaway Vice Chairman Charlie Munger has refuted a ProPublica report alleging that Warren Buffett engaged in front-running by personally trading stocks before the conglomerate made similar moves. Munger dismissed the idea, emphasizing Buffett’s commitment to Berkshire’s well-being over personal gain, citing his extensive charitable giving and the majority of his wealth being tied to… Continue reading Charlie Munger says there isn’t the slightest chance Buffett traded own account to enrich himself

ValueAct Capital has acquired a significant stake in Disney, a move not previously disclosed in filings or media reports. Disney, with a market value of $167 billion ($91.07 per share), operates globally through two segments: Disney Media and Entertainment Distribution, and Disney Parks, Experiences, and Products. ValueAct, known for its corporate governance expertise and with… Continue reading Activist investor ValueAct has been building a stake in Disney