ReportWire

Tag: Retail

  • Carlsberg CEO says the Putin regime stole brewery operations in Russia

    Carlsberg CEO says the Putin regime stole brewery operations in Russia

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    “There is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate.”

    That’s new Carlsberg CEO Jacob Aarup-Anderson, according to a Reuters account of a journalist call on Tuesday, after Russian President Vladimir Putin this summer ordered the seizure of Carlsberg’s stake in its Baltika subsidiary. Earlier this month, Carlsberg ended license agreements that allow for its beers to be produced in the country.

    According to the presidential decree, Carlsberg retains title to the shares in Baltika Breweries but no longer has any control or influence over the company.

    From the archive (March 2022): Carlsberg and Heineken both say they will exit the Russian market

    Carlsberg reported a 3% decline in organic volume growth, as a 6.3% slide in Central and Eastern Europe and a 5.2% decline in Western Europe was partly offset by a 1.5% rise in Asia.

    The brewer said two-thirds of the volume decline was due to bad weather and another one-third to consumer sentiment.

    Organic revenue, however, rose by 5.8%, on price hikes. It kept its operating-profit guidance for the year unchanged at 4% to 7% growth, and launched a new stock-buyback program valued at 1 billion Danish crowns.

    Carlsberg said comparisons in the fourth quarter will be positive in China, in light of the year-ago lockdown, but the weak macro environment in Southeast Asia will continue to impact markets.

    Carlsberg shares
    CARL.B,
    -0.83%
    were steady on Tuesday but have dropped 8% this year.

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  • No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set

    No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set

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    No, you don’t need to spend $4,500 on that 157-piece Le Creuset cookware set from Costco
    COST,
    -0.83%    .

    The pricey package has become an everyone-is-talking-about-it sensation, owing largely to social media. A post about the set on X, the platform formerly known as Twitter, that has now been viewed some 21 million times seems to have been the initial source of the buzz. It noted that the Costco offering has “probably every kitchen item you will ever need.”

    In turn, that post generated more social-media chatter, along with articles in publications including the New York Post and the Delish website.

    Now the set is apparently so popular, you can’t even get it. In several parts of the country, the Costco site doesn’t even list it as being available. MarketWatch reached out to the retailer for details but did not receive an immediate response.

    Perhaps it’s just as well that home cooks won’t be tempted to spend all that money. When MarketWatch spoke with several prominent New York chefs and restaurateurs, they all said the set was overkill, even if it represented a savings compared with buying the items individually.

    If anything, these culinary pros noted that purchasing so many pieces not only poses a storage issue, but it can also create confusion in the kitchen, especially for the home cook.

    “I don’t even have one-tenth of that set,” says veteran chef Konstantinos Kvasilava, who works at Kyma, a high-end Greek restaurant in New York, and who previously was at Geranium, a Michelin-starred establishment in Copenhagen.

    So what are the items you should buy for your kitchen? Here are five rules chefs say you should keep in mind.

    Stick with the basics

    The Costco Le Creuset set includes several pots and pans, plus bakeware, dinnerware and more. Let’s presume you already have some plates and utensils in your kitchen. Beyond that, chefs generally recommend a small number of pieces — think in terms of as few as four and as many as 10, says Franklin Becker, chef and owner of the Press Club Grill and Point Seven restaurants in New York. His must-have list includes 8-inch and 10-inch nonstick pans, a high-sided stainless-steel sauté pan and 1-quart, 4-quart and 8-quart pots. “Those are the essentials,” says Becker, explaining that such items will cover your needs depending on what you’re cooking — the nonstick pans are great for eggs, he notes — and how many people you’re cooking for. The 8-quart pot will work if you’re entertaining a crowd and need to make a big dish.

    Other chefs’ must-haves include a cast-iron pan, often a preferred method for cooking steaks; a casserole dish, which is good for casseroles, naturally; and a Dutch oven. It’s always best to think of items that can be used in multiple ways. Rose Noel, executive chef at New York’s Peak restaurant, likes a cast-iron pan, for example, because it can go into the oven and can also be used on an outdoor grill. “It carries everywhere,” she explains. And, she says, a decent-sized casserole dish can double as a roasting pan for, say, cooking a chicken.

    Add extras, depending on what you eat

    One you have those basics, look at your daily diet and buy items that fit your own needs. Simon Kim, proprietor of Cote Korean Steakhouse, which has locations in New York and Miami, says he doesn’t make eggs at home for breakfast, but he always makes smoothies, so a powerful blender is a must for him. And he eats a lot of rice, so he has a rice cooker, which he says is much better than an everyday pot when it comes to preparing that staple.  

    Buy quality

    It’s always tempting to go the cheap route, but chefs say you’ll pay for it in the end by having cookware that doesn’t last as long and doesn’t cook as well. Becker notes that aluminum cookware, which typically costs less, should be avoided at, well, all costs.

    In terms of brand preferences, chefs mention many higher-end names, such as T-fal , All-Clad and Le Creuset. And when it comes to that blender for his morning smoothies, Kim says he swears by his Vitamix.

    Avoid sets

    The problem with buying any cookware set, even one with as few as 10 pieces, is that it often means duplicating items you already have, chefs say. Plus it doesn’t allow you to mix and match brands and take advantage of the fact that certain brands may be better than others for certain items.

    Noel suggests you purchase cookware for your kitchen the same way you purchase clothes for your wardrobe. “Buy pieces to fill in what you’re missing or need to update,” she says.

    Take care of what you own

    Even the best cookware won’t measure up if you don’t treat it properly. Becker says it’s important to wash pots and pans pretty much immediately after each use so that food and grease don’t harden and become difficult to remove. And when it comes to that cast-iron pan, Becker suggests that it be seasoned and cleaned with salt before being oiled lightly to seal it.

    Now read: Americans are sick and tired of tipping. Here’s why we need to tip more — not less.

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  • Inside Kanye West’s troubled Adidas partnership: Tears. Rage. Thrown shoes. Even a scrawled swastika.

    Inside Kanye West’s troubled Adidas partnership: Tears. Rage. Thrown shoes. Even a scrawled swastika.

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    The ending of the partnership between the artist Kanye West, who now goes by Ye, in October 2022 appeared to come after weeks of his comments about Jewish people and Black Lives Matter, but the New York Times is reporting that the relationship was troubled from the very start.

    At a meeting on the collaborative creation of the very first shoe in 2013, Adidas
    ADS,
    -0.10%

    ADDYY,
    -0.03%
    designers were stunned when West rejected all of the ideas that were presented using fabric swatches on a table and a mood board, the seven-month investigation found. Instead, West, the Times reports, grabbed a sketch and drew a swastika in marker.

    The move shocked the Germans in the room. Germany has a strict ban on displaying the symbol of the Nazi era apart from for artistic purposes. Adding to the sense of horror, the company’s founder — Adolf, or “Adi,” Dassler, who died in 1978 — was a Nazi Party member, and the meeting took place close to Nuremberg, where leaders of the Third Reich were famously tried for crimes against humanity.

    “A year ago this week, Adidas threw in the towel.”

    West’s fixation on the Nazi era continued, the Times reports, when he later told a Jewish manager at Adidas to kiss a portrait of Adolf Hitler every day. He also told Adidas workers that he admired Hitler’s use and command of propaganda.

    West also brought porn to the workplace and made crude, sexual comments at meetings, according to the Times report. Before the swastika episode, West, according to the Times, had made Adidas executives watch porn at a meeting in his Manhattan apartment.

    In 2022 he reportedly ambushed executives with a porn film. Other workers complained to top managers that he had made angry sexual comments to them.

    The artist, said to have been diagnosed with bipolar disorder, also frequently cried or became angry during meetings, according to the Times investigation. In one instance in 2019, he reportedly moved the operation designing his shoes to Cody, Wyo., and ordered the Adidas team to relocate. In a meeting to discuss his demands with executives, he threw shoes around the room, the Times reports.

    Adidas sought to adapt to this behavior, given how valuable the West-established Yeezy brand was to the company, locked in a perennial battle for both revenue and buzz with its U.S.-based rival Nike Inc.
    NKE,
    -2.04%    .
    Yeezy sales would rapidly surpass $1 billion a year and help Adidas resonate with young American customers.

    Ratings Game (July 2020): Gap hopes it can burnish its image with a new Kanye West clothing line, repeating the rapper’s brand success with Adidas

    Managers launched a group text chain they called the “Yzy hotline” to discuss his behavior. To reduce stress on individuals, the company is said to have rotated managers in and out of dealing directly with West.

    Over time, meanwhile, Adidas sweetened the terms of West’s deal. Under a 2016 contract, he was entitled to a 15% royalty on sales with a $15 million upfront payment as well as millions of dollars in Adidas stock. In 2019, a further $100 million a year was earmarked for marketing, but, in reality, West could spend those funds at will.

    A year ago this week, though, as public awareness of West’s problematic attitudes are remarks spiked, Adidas threw in the towel, and as sales of Yeezy shoes fell away, it warned it would record its first annual loss in decades. As West’s net worth plummeted, the company wrestled with the decision of how to dispense with its final $1.3 billion in Yeezy products, mulling options including disassembly and repurposing, donation to charity, and outright disposal.

    When a decision was reached to sell the product — in release batches — with some of the proceeds directed to charity and most of the rest flowing to Adidas, West, even then, was entitled to royalties.

    From the archives (October 2022): Kanye West is no longer a billionaire after Adidas shelves Yeezy partnership

    Also see (November 2022): Nike parts ways with Kyrie Irving as controversy swirls over Brooklyn Nets star’s apparent endorsement of antisemitic film

    After bottoming in October 2022, Adidas shares have mounted a 67% comeback, with relief over the company’s not having had to book a damaging loss on the Yeezy line one factor in the restoration of investor confidence.

    Adidas is quoted as having told the Times that it “has no tolerance for hate speech and offensive behavior, which is why the company terminated the Adidas Yeezy partnership,” while West reportedly declined requests for interviews and comment.

    The Times investigation is said to have been based on access to hundreds of previously undisclosed internal records.

    Read on: Michael Jordan is now worth $3 billion. Here’s what billionaire athletes have in common.

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  • Amazon Stock Jumps on Earnings Beat. Cloud Results Were Good Enough.

    Amazon Stock Jumps on Earnings Beat. Cloud Results Were Good Enough.

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    Amazon shares rose in late trading Thursday after the company posted better-than-expected financial results for the September quarter.

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  • Neiman Marcus’ CEO says a key to his success is a habit Gen Z has forgotten

    Neiman Marcus’ CEO says a key to his success is a habit Gen Z has forgotten

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    To the youngest cohort of the workforce, a thank-you note may seem as antiquated as phone books and landlines, but the CEO of Neiman Marcus swears by them. 

    Geoffroy van Raemdonck, chief executive of the $5 billion-a-year luxury retailer, says he sends thank-you notes every single day. Other experts agree—sending a quick thank you after a job interview could be the difference between being hired or not. At the very least, it’s a simple way to personally show one’s gratitude in an era of technology and increasing automation.

    “I was taught by great mentors of the power of sending a thank-you note,” van Raemdonck told Fortune. “It’s really important for me—the moment of ‘thank you’—because I know what it is to receive a thank you, to be acknowledged,” he said. 

    Before the COVID-19 pandemic, van Raemdonck said he would send anywhere between three to five handwritten thank-you notes a day. During and after the pandemic, as workers switched to remote or hybrid work schedules and made going into the office from nine to five obsolete, he switched to texts, emails, and quick phone calls. 

    “I want to be a generous leader,” he said. “The way I remind myself is by recognizing the generosity of others.” 

    He described the process of expressing appreciation as a muscle: “When I get stuck every day and go back and say,…who should I thank for their contribution to my life or to the life of the organization? It really is this muscle.”

    Other executives also swear by thank-you notes, especially when it comes to hiring. Jessica Liebman, chief people officer at Insider, wrote that forgetting to write a thank-you email after an interview is the number-one mistake that gets job candidates booted from the hiring process.

    “As a hiring manager, you should always expect a thank-you email, and you should never make an offer to someone who neglected to send one,” Liebman wrote.

    The email reflects two important things, according to Liebman: It shows that the person wants the job, and that they are “eager, organized, and well mannered enough to send the note.” (However, she warns against sending handwritten letters after an interview.)

    The death of the thank-you note

    Gen Zers and millennials may be to blame for the death of the thank-you note. As younger workers enter the workforce, they’ve turned professional norms on their heads—from bending the work dress code, to rejecting assignments and turning down job offers in the name of diversity, equity, and inclusion (DEI).

    Here’s how one 27-year-old explained it to the Washington Post’s “Miss Manners” advice column: “It’s not that we don’t appreciate you or that we feel entitled to gifts. It’s that our way of saying ‘thank you’ is different. We don’t expect to receive thank-you cards, so please don’t expect us to send them.”

    “Miss Manners” acknowledged that while etiquette changes with the times, expressing gratitude is always necessary, no matter what generation the person belongs to. And others advocate for the power of handwritten thank-you notes in an increasingly digital age. 

    “In my opinion, old fashioned thank-you notes matter more now than they have in the past because so few people write them,” etiquette coach Maggie Oldham told the New York Times. “Handwritten notes are a differentiator. They show the person you’re thanking that you made a sincere effort to acknowledge their act of kindness or generosity.”

    Van Raemdonck believes sending thank-you notes not only makes him a more thoughtful leader, but a better person. 

    “I know the impact when you receive one. But frankly, the impact is equally great for the one who gives a thank you,” van Raemdonck said. “It’s a good way to remind ourselves that we can do great every day.”

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    Paige Hagy

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  • Pfizer gets FDA green light for new shot that can streamline teenagers’ vaccinations

    Pfizer gets FDA green light for new shot that can streamline teenagers’ vaccinations

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    Pfizer Inc.
    PFE,
    -1.73%
    said Friday that the U.S. Food and Drug Administration has approved the first five-in-one vaccine designed to protect teenagers and young adults against meningococcal disease. 

    The new Pfizer shot, Penbraya, protects against the five most common subgroups of meningococcal disease, a rare but serious and potentially fatal illness that most often affects babies and teenagers. 

    Penbraya “has the potential to protect more adolescents and young adults from this severe and unpredictable disease by providing the broadest meningococcal coverage in the fewest shots,” Annaliesa Anderson, Pfizer senior vice president and head of vaccine research and development, said in a statement. 

    The U.S. Centers for Disease Control and Prevention currently recommends that all 11- to 12-year-olds get a meningococcal vaccine protecting against four of the subgroups — A, C, W and Y — and get a booster dose of the same vaccine type at age 16. Teenagers and young adults age 16 to 23 may also get a meningococcal B vaccine, the CDC says, particularly if they’re at increased risk due to other health conditions. 

    The complex vaccination schedule has weighed on uptake of the meningococcal shots, and the COVID-19 pandemic may have compounded the problem, as many families missed routine appointments when vaccinations were due, researchers say. Among teenagers who were born in 2008 — who were due for their routine adolescent vaccinations as the pandemic was raging in 2020 — uptake of meningococcal and other recommended vaccines declined, according to CDC research. Only about 60% of the 17-year-olds surveyed by the CDC last year had received both recommended doses of the ACWY vaccine, and fewer than 30% had received at least one dose of the meningococcal B vaccine. 

    The new Pfizer shot combines components of a meningococcal group B vaccine and an ACWY vaccine. 

    A CDC immunization advisory committee is set to meet Oct. 25 to discuss recommendations for the use of Penbraya in teenagers and young adults, Pfizer said. 

    The green light for Penbraya gives Pfizer the edge in its race with GSK
    GSK,
    +0.54%    ,
    which is also working on a five-in-one meningococcal shot. GSK earlier this year released positive late-stage clinical-trial results for that vaccine. 

    The FDA approval of Pfizer’s shot caps a rocky week for the pharmaceutical giant, which late last Friday cut $9 billion from its full-year revenue guidance due to reduced COVID sales expectations and announced a cost-cutting program designed to deliver savings of at least $3.5 billion. Pfizer executives said on a call with analysts Monday that development of combination respiratory vaccines, such as those that provide COVID and flu protection in one shot, remains a focus for the company, in part because they can help boost vaccine uptake.

    Pfizer shares were down 1.7% Friday and have dropped 40% in the year to date, while the S&P 500
    SPX
    has gained 10%.

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  • Here’s what the Israel-Hamas war has done to U.S. gasoline and diesel prices

    Here’s what the Israel-Hamas war has done to U.S. gasoline and diesel prices

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    Fuel prices, with the cost of gasoline and diesel at the pump both down from a month ago, don’t appear to be fazed by the escalating risks to oil supplies in the Middle East from the Israel-Hamas war, but they are.

    The decline in fuel prices seen nationally is actually a “bit above what would be ‘normal’ for this time of year,” said Patrick De Haan, head of petroleum analysis at GasBuddy. However, he believes “prices won’t fall as far as they would have had the attacks on Israel not happened.”

    On Friday, the average retail price for a gallon of regular gasoline stood at $3.528, down 5.7 cents from a week ago, while the average retail diesel price was at $4.465 a gallon on Friday, down 7.8 cents from Sept. 30, according to data from GasBuddy.

    U.S. retail gasoline prices have fallen so far this month.


    GasBuddy

    “Geopolitical risk is now heightened, changing the calculus” for the fuel market, said Brian Milne, product manager, editor and analyst at DTN.

    ‘Seasonal component’

    In considering retail gasoline prices during the fourth quarter, the “seasonal component is less pronounced than in years past,” said Milne. Demand for gasoline tends to fall following the summer travel season. Combined with a “strong slate of refinery maintenance,” which led to less fuel supply on the market, the rise in crude oil prices has slowed the decline in fuel prices, said Milne.

    If not for the heightened geopolitical risk in the Middle East, he said he might have expected to see gasoline prices decline by another 30 cents to 40 cents per gallon into late December because of lower demand.

    Retail gas prices may fall another 20 cents a gallon or more, depending on the location within the U.S., if we avoid broader hostilities in the Middle East, said Milne.

    However, if a conflict breaks out beyond Israel and the Gaza Strip, gasoline prices are likely to move sharply higher because of a spike in crude costs, he said.

    For its part, oil has seen volatile trading following the Hamas attack on Israel on Oct. 7, with futures prices for U.S. benchmark West Texas Intermediate crude
    CLZ23,
    -0.42%

    CL.1,
    -0.39%
    higher for the week, but lower for the month.

    California prices ‘plummet’

    For now, California, which typically is among the states that pays the most per-gallon for gasoline partly due to taxes on the fuel, is seeing prices “plummet” — down nearly 60 cents in the last three weeks, said GasBuddy’s De Haan.

    “The West Coast is certainly seeing a much larger decline than is ‘normal’ and it’s due to the refinery situation now improving drastically,” as well as California’s RVP waiver, he said.

    The California Air Resources Board allowed gasoline sold or supplied for use in California that exceeds the RVP, or Reid Vapor Pressure, limits through the end of Oct. 31, marking an early transition for the state from the lower RVP gas used in the summer to help cut gasoline emissions to the higher RVP gas used in the winter.

    On Friday, the average price for a gallon of regular gasoline in California sold for $5.476, GasBuddy data show. That’s down 16.7 cents in just the last week.

    Gas price outlook

    De Haan said he does not expect to see a spike in gas prices nationally at this point, and there’s still room for prices to fall — just not as much following the Hamas attack on Israel.

    “If we get to November and Iran gets involved in the situation, then we certainly could see gas prices impacted in some way as the current drops will likely be fully passed on by then, giving stations no ‘room’ to absorb higher prices reflected by a potential rise in oil,” said De Haan.

    Still, falling demand, as well as “seasonality in general,” are what are pushing prices down, “enhanced by refinery improvements in areas” that saw price surges, he said.

    Prices may even fall further after refinery maintenance season wraps up in mid-November, and refiners have to find places to put even more gasoline output, said De Haan.

    He’s comfortable with the gasoline price forecasts GasBuddy issued in December of last year, which predicted a monthly national average for the fuel of $3.53 for October — matching the current price. The forecast also called for an average of $3.36 a gallon for November and $3.17 for December.

    GasBuddy doesn’t have a forecast for 2024 yet, but prices may look similar to this year, as long as the situation in the Middle East doesn’t further crumble,” said De Haan.

    View on diesel

    Diesel, however, is another story.

    Price for that fuel have dropped by 85.5 cents a gallon from a year ago to Friday’s $4.465 level, GasBuddy data show.

    U.S. retail diesel prices are sharply lower than a year ago.


    GasBuddy

    While down from a year ago, diesel prices are currently at a “very high level historically” because global supply is low, said DTN’s Milne.

    At this time in 2022 diesel fuel inventory was even tighter than it is now, and Europe was heading into winter without Russian natural gas after it was cutoff following the invasion of Ukraine, he said.

    That led to a spike in natural-gas prices and prices for gasoil, a European heating oil, also surged, lifting heating oil and diesel prices globally, explained Milne.

    Like gasoline, diesel prices could move “sharply higher if the war in Israel expands, and oil flow is put at greater risk,” he said.

    De Haan, meanwhile, said diesel prices could climb closer to $5 a gallon if there’s a “squeeze,” with relief then [coming] in the spring/summer” seasons.

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  • Costco CEO Craig Jelinek to Step Down. Here’s the Plan.

    Costco CEO Craig Jelinek to Step Down. Here’s the Plan.

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    Costco CEO Craig Jelinek to Step Down. The Stock Is Down.

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  • Rite Aid is closing these 154 stores as part of its bankruptcy

    Rite Aid is closing these 154 stores as part of its bankruptcy

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    Rite Aid plans to shutter 154 stores, many of them in Pennsylvania and California, as part of its bankruptcy plans, according to an initial list of those closures published in court documents filed on Tuesday.

    That list was released Wednesday after the drugstore chain filed for chapter 11 bankruptcy protection in New Jersey over the weekend, amid billions in debt related to opioid lawsuits. The company at that time said it would “continue assessing its footprint and close additional underperforming stores” and announced the appointment of Jeffrey Stein as chief executive.

    Here are the store locations slated to close:

    California
    4044 Eagle Rock Boulevard, Los Angeles
    4046 South Centiela Avenue, Los Angeles
    7859 Firestone Boulevard, Downey
    4402 Atlantic Avenue, Long Beach
    935 North Hollywood Way, Burbank
    139 North Grand Avenue, Covina
    13905 Amar Road, La Puente
    920 East Valley Boulevard, Alhambra
    3813 Plaza Drive, Oceanside
    1670 Main Street, Ramona
    6505 Mission Gorge Road, San Diego
    8985 Mira Mesa Boulevard, San Diego
    25906 Newport Road, Menifee
    24829 Del Prado, Dana Point
    30222 Crown Valley Parkway, Laguna Niguel
    19701 Yorba Linda Boulevard, Yorba Linda
    1406 West Edinger Avenue, Santa Ana
    2738 East Thompson Boulevard, Ventura
    720 North Ventura Road, Oxnard
    20572 Homestead Road, Cupertino
    2620 El Camino Real, Santa Clara
    901 Soquel Avenue, Santa Cruz
    571 Bellevue Road, Atwater
    5409 Sunrise Boulevard, Citrus Heights
    1309 Fulton Avenue, Sacramento
    3029 Harbor Boulevard, Costa Mesa
    959 Crenshaw Boulevard, Los Angeles
    3000 South Archibald Avenue, Ontario
    15800 Imperial Highway, La Mirada
    8509 Irvine Center Drive, Irvine
    499 Alvarado Street, Monterey

    Connecticut
    289 Greenwood Avenue, Bethel

    Delaware
    25 Chestnut Hill Plaza, Newark
    3209 Kirkwood Highway, Wilmington

    Idaho
    1600 North Main Street, Meridian
    5005 West Overland Road, Boise

    Maryland
    5 Bel Air South Parkway, Suite 1347, Bel Air
    728 East Pulaski Highway, Elkton
    5624 Baltimore National Pike, Baltimore
    5804 Ritchie Highway, Baltimore
    7501 Ritchie Highway, Glen Burnie
    7967 Baltimore Annapolis Boulevard, Glen Burnie

    Massachusetts
    80 East Main Street, Webster

    Michigan
    924 West Main Street, Fremont
    507 North Lafayette Street, Greenville
    715 South Clinton Street, Grand Ledge
    15250 24 Mile Road, Macomb
    102 North Centerville Road, Sturgis
    47300 Pontiac Trail, Wixom
    35250 South Gratiot Avenue, Clinton Township
    51037 Van Dyke Avenue, Shelby Township
    3100 East Michigan Avenue, Jackson
    9155 Telegraph Road, Taylor
    1243 U.S. 31 South, Manistee
    29447 Ford Road, Garden City
    2838 East Court Street, Flint
    1900 East 8 Mile Road, Detroit
    36485 Garfield Road, Clinton Township
    25922 Middlebelt Road, Farmington Hills
    109 North Whittemore Street, St. Johns
    1124 North Ballenger Highway, Flint
    2701 South Cedar Street, Lansing

    New Hampshire
    420 Daniel Webster Highway, Merrimack

    New Jersey
    4057 Asbury Avenue Suite 8, Tinton Falls
    431 Haledon Avenue, Haledon
    35 Mill Road, Irvington
    1636 Route 38 Suite 49, Lumberton
    773 Hamilton Street, Somerset
    1434 South Black Horse Pike, Williamstown
    3 Marshall Hill Road West, Milford
    210 Bridgeton Pike, Mantua
    108 Swedesboro Road Suite 20, Mullica Hill
    2370 Route 33, Robbinsville
    1726 Route 37, East Toms River
    86 B Lacey Road, Whiting

    New York
    2887 Harlem Road, Cheektowaga
    2002 Avenue U, Brooklyn
    2 Whitney Avenue, Floral Park
    71-18 Kissena Boulevard, Flushing
    3131 Hempstead Turnpike, Levittown
    2981 Ocean Avenue, Brooklyn
    3199 Long Beach Road, Oceanside
    198 West Merrick Road, Valley Stream
    836 Sunrise Highway, Bay Shore
    2784 Sunrise Highway, Bellmore
    901 Merrick Road, Copiague
    577 Larkfield Road, East Northport
    695 East Jericho Turnpike, Huntington Station
    700-43 Patchogue-Yaphank Road, Medford
    273 Pine Hollow Road, Oyster Bay
    397 Sunrise Highway, West Patchogue
    593 Old Town Road, Port Jeff Station
    65 Route 111, Smithtown
    2453 Elmwood Avenue, Kenmore
    1567 Penfield Road, Rochester

    Ohio
    3129 Lincoln Way East, Massillon
    120 South Main Street, New Carlisle
    146 Woodman Drive, Dayton
    2701 Market Street, Youngstown
    401 West North Street, Springfield
    230 South Main Street, Bellefontaine

    Oregon
    2440 Southeast Cesar Chavez Boulevard, Portland

    Pennsylvania
    2715 Parade Street, Erie
    5612 North Fifth Street, Philadelphia
    350 Main Street, Pennsburg
    4011 Cottman Avenue, Philadelphia
    1441 Old York Road, Abington
    300 Market Street, Johnstown
    8716 New Falls Road, Levittown
    1750 Bustleton Avenue, Philadelphia
    169 West Lancaster Avenue, Ardmore
    1315 East Washington Lane, Philadelphia
    801 Wyoming Avenue Suite 9, West Pittston
    657 Heacock Road, Yardley
    2801 West Dauphin Street, Philadelphia
    1709 Liberty Street, Erie
    674 Route 196, Suite 14, Tobyhanna
    2722 West 9th Street, Chester
    950 East Baltimore Pike, Yeadon
    8235 Stenton Avenue, Philadelphia
    7941 Oxford Avenue, Philadelphia
    5440 Lansdowne Avenue, Philadelphia
    700 Stevenson Boulevard, New Kensington
    208 East Central Avenue, Titusville
    1080 South West End Boulevard, Quakertown
    136 North 63rd Street, Philadelphia
    351 Brighton Avenue, Rochester
    5235 Library Road, Bethel Park
    5990 University Boulevard Suite 30, Moon Township
    2501 Saw Mill Run Boulevard, Pittsburgh
    5410 Keeport Drive, Pittsburgh
    6090 Route 30, Greensburg
    4830 William Penn Highway, Export
    1730 Wilmington Road, New Castle
    2178 West Union Boulevard, Bethlehem
    1628 South Fourth Street, Allentown
    2401 East Venango Street, Philadelphia
    6327-43 Torresdale Avenue, Philadelphia
    200 West Ridge Avenue Suite 112, Conshohocken
    301 Eisenhower Drive, Hanover
    7036 Wertzville Road, Mechanicsburg

    Virginia
    833 North Battlefield Blvd, Chesapeake
    1458 Mount Pleasant Road, Chesapeake

    Washington
    601 South Grady Way Suite P, Renton
    3202 132nd Street Southeast, Mill Creek
    110 Southwest 148th Street, Burien
    10103 Evergreen Way, Everett
    8230 Martin Way East, Lacey
    22201 Meridian Avenue East, Graham
    9600 15th Avenue Southwest, Seattle
    2518 196th Street Southwest, Lynnwood
    3620 Factory Blvd Southeast, Bellevue
    11919 Northeast 8th Street, Bellevue
    7370 170th Avenue Northeast, Redmond

    — Mike Murphy contributed to this report.

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  • House speaker election: Jim Jordan isn’t a lock for the post before vote this afternoon

    House speaker election: Jim Jordan isn’t a lock for the post before vote this afternoon

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    It wasn’t clear Tuesday if Rep. Jim Jordan would be successful in his push to become the next speaker of the U.S. House of Representatives, with a floor vote drawing near and the Ohio Republican needing the support of a majority of the chamber.

    The narrowly divided chamber is expected to vote in the early afternoon to select a speaker, with the move coming after former Speaker Kevin McCarthy was ousted two weeks ago and after No. 2 House Republican Steve Scalise ended his bid for the post last Thursday.

    An ally of former President Donald Trump who secured his party’s nomination for the role on Friday, Jordan needs to have 217 votes in his favor, so he can only afford to have four fellow Republicans vote against him as no Democrats are expected to support him. The House has 221 Republicans and 212 Democrats, with two vacancies.

    While Jordan racked up significant endorsements Monday, more than four House Republicans are on record as being against him and others are leaning toward “no” votes, as shown in the chart below that comes from a CNN producer.

    McCarthy needed 15 rounds of voting in January to secure the speakership.  The California congressman repeatedly saw around 20 fellow Republicans vote against him before finally prevailing.

    There are “plenty of reasons to think” House Judiciary Committee Chairman Jordan will “be able to grind it out once people are on record,” but the situation is still “unsettled,” said Liam Donovan, a former GOP operative who is now a principal at law and lobbying firm Bracewell, in a post on X.

    One possible key is whether support for Jordan declines or not in a second round of voting, according to Matt Glassman, a senior fellow at Georgetown University’s Government Affairs Institute. He made that point in his post below.

    Analysts have been discussing whether a Jordan speakership could mean a greater likelihood of a government shutdown that weighs on markets
    SPX
    in mid-November, when funding is due to run out from last month’s continuing resolution, or CR.

    “Jordan voted against the CR a few weeks ago and has opposed most government spending bills in the past, so some people think he would be comfortable with a government shutdown next month.  That view has some merit, however, as speaker, Jordan would be responsible for helping vulnerable House Republicans who represent competitive districts,” said Brian Gardner, Stifel’s chief Washington policy strategist, in a note.

    “His new role could put Mr. Jordan in the position of having to make compromises with Democrats — new territory for him.  The more likely outcome is that, if elected speaker, Jordan will support an extension of the CR.”

    U.S. stocks
    DJIA

    COMP
    were advancing Tuesday, helped by encouraging earnings from big banks. Investors also are weighing rising geopolitical risks and better-than expected retail sales.

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  • Retail sales rise on strong car sales and Internet buying. Economy not slowing much.

    Retail sales rise on strong car sales and Internet buying. Economy not slowing much.

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    Developing story. Check back for updates.

    The numbers: Sales at U.S. retailers jumped a bigger-than-expected 0.7% in September in a sign households have enough buying power to keep the economy expanding.

    The increase was spurred by strong demand at auto dealers and Internet stores. Higher gas prices also played a role, however.

    Economists polled by The Wall Street Journal had forecast a 0.2% increase in sales.

    Retail sales represent about one-third of all consumer spending and usually offer clues on the strength of the economy.

    Yet September also falls between the busy back-to-school and holiday-shopping seasons and tends to reveal less about how consumers are doing.

    Key details: Auto dealers posted a 1% gain in sales and helped to inflate the headline number. Auto sales account for about 20% of all retail sales.

    Receipts at gas stations also rose nearly 1%, but that largely reflected higher gas prices. That’s not a good thing for households.

    Retail sales advanced a still-robust 0.6% when car dealers and gas stations are set aside, which gives a better idea of consumer demand.

    Sales at internet retailers stayed on a hot streak. They rose 1.1%.

    Sales climbed 0.9%% at bars and restaurants. Restaurant sales tend to rise when the economy is healthy and Americans feel secure in their jobs. Sales decline during times of economic stress.

    Over the past year, restaurant sales have surged 9.2% — more than twice as fast as inflation.

    On the negative side of the ledger, sales fell at big-box electronics stores, clothing stores and home centers such as Home Depot
    HD,
    +1.85%
    and Lowe’s
    LOW,
    +1.28%    .

    Sales in August were also revised up to show a 0.8% increase instead of 0.6%.

    Big picture: The retail sales report is the latest to suggest the economy is still expanding at solid pace and perhaps not decelerating as much as the Federal Reserve would like to help slow the rate of inflation.

    Consumer spending has stayed fairly healthy because of rising wages and the lowest unemployment rate in decades. What’s more, incomes are finally increasing faster than inflation for the first time in a few years.

    Yet higher interest rates are pinching households and businesses and are bound to slow the economy in the months ahead. If so, retail spending is also likely to soften.

    Looking ahead: “Consumer spending shows little sign of flagging, especially when purchases increased on everything from durable goods, such as autos, to the least durable goods, food and drink at bars and restaurants,” said Robert Frick, corporate economist at Navy Federal Credit Union.

    “As long as the jobs market remains healthy, consumers should have the cash and confidence to maintain spending.” 

    Market reaction: Before the markets opened, the Dow Jones Industrial Average
    DJIA
    and S&P 500
    SPX
    were set to open lower in Tuesday trades.

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  • Debt-ridden Rite Aid files for bankruptcy, will close more stores

    Debt-ridden Rite Aid files for bankruptcy, will close more stores

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    Drugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.

    In a statement Sunday night, Rite Aid
    RAD,
    -16.81%
    said it will close some “underperforming” stores and announced Jeffrey Stein as its new chief executive and chief restructuring officer. Interim CEO Elizabeth Burr will remain on the company’s board.

    The bankruptcy filing had been expected for months, and the Wall Street Journal reported in August that Rite Aid was more than $3.3 billion in debt, due largely to hundreds of lawsuits related to its distribution of opioid painkillers. The bankruptcy filing stays pending litigation against the company.

    Earlier this month, the New York Stock Exchange warned Rite Aid that it was “no longer in compliance” with the exchange’s minimum pricing and valuation standards, and gave it six months for the stock to regain compliance. Rite Aid shares have plunged about 80% year to date.

    Rite Aid said Sunday that lenders will provide $3.45 billion in financing for the chain to continue operating through the chapter 11 bankruptcy process.

    “With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said in a statement. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on — now and into the future.”

    Rite Aid said it would work to minimize the effect of store closures on its customers so there is no disruption of services, and will transfer affected workers to different locations when possible.

    Rite Aid has about 2,100 stores and employs around 47,000 people. It has closed more than 200 stores in the past couple of years.

    Rite Aid also said it had reached a deal for pharmacy benefit-solutions company MedImpact Healthcare Systems Inc. to acquire its Elixer Solutions business. A price for the transaction was not disclosed.

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  • Debt-ridden Rite Aid files for bankruptcy, will close more stores

    Debt-ridden Rite Aid files for bankruptcy, will close more stores

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    Drugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.

    In a statement Sunday night, Rite Aid
    RAD,
    -16.81%
    said it will close some “underperforming” stores and announced Jeffrey Stein as its new chief executive and chief restructuring officer. Interim CEO Elizabeth Burr will remain on the company’s board.

    The bankruptcy filing had been expected for months, and the Wall Street Journal reported in August that Rite Aid was more than $3.3 billion in debt, due largely to hundreds of lawsuits related to its distribution of opioid painkillers. The bankruptcy filing stays pending litigation against the company.

    Earlier this month, the New York Stock Exchange warned Rite Aid that it was “no longer in compliance” with the exchange’s minimum pricing and valuation standards, and gave it six months for the stock to regain compliance. Rite Aid shares have plunged about 80% year to date.

    Rite Aid said Sunday that lenders will provide $3.45 billion in financing for the chain to continue operating through the chapter 11 bankruptcy process.

    “With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said in a statement. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on — now and into the future.”

    Rite Aid said it would work to minimize the effect of store closures on its customers so there is no disruption of services, and will transfer affected workers to different locations when possible.

    Rite Aid has about 2,100 stores and employs around 47,000 people. It has closed more than 200 stores in the past couple of years.

    Rite Aid also said it had reached a deal for pharmacy benefit-solutions company MedImpact Healthcare Systems Inc. to acquire its Elixer Solutions business. A price for the transaction was not disclosed.

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  • Homes are expensive right now, but these mortgage bonds look cheap

    Homes are expensive right now, but these mortgage bonds look cheap

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    U.S. homes may be wildly unaffordable for first-time buyers, but mortgage bonds backed by those same properties could be dirt cheap.

    Shocks from the Federal Reserve’s dramatic rate increases have walloped the $8.9 trillion agency mortgage-bond market, the main artery of U.S. housing finance for almost the past two decades.

    Spreads, or compensation for investors, have hit historically wide levels, even through the sector is underpinned by home loans that adhere to the stricter government standards set in the wake of the subprime-mortgage crisis.

    Bond prices also have tumbled, sinking from a peak above 106 cents on the dollar to below 98, despite guarantees that mean investors will be fully repaid at 100 cents on the dollar.

    From $106 to $98 cents, agency mortgage-bond prices are falling.


    Bloomberg, Goldman Sachs Global Investment Research

    “It’s really, really struggled,” Nick Childs, portfolio manager at Janus Henderson Investors, said of the agency mortgage-bond market during a Thursday talk on the firm’s fixed-income outlook.

    Yet Childs and other investors also see big opportunities brewing. While mortgage bonds have gotten cheaper with the sector’s two anchor investors on the sidelines, the stalled housing market should breed scarcity in the bonds, which could help lift the sector out of a roughly two-year slump.

    Prices have tumbled since rate shocks hit, but also since the Fed continued winding down its large footprint in the sector by letting bonds it accumulated to help shore up the economy roll off its balance sheet.

    Banks awash in underwater securities have pulled back too. The repricing of similar bonds helped hasten the collapse of Silicon Valley Bank in March.

    “Banks have been not only absent, but selling,” said Childs, who helps oversee the Janus Henderson Mortgage-Backed Securities exchange-traded fund
    JMBS,
    an actively managed $2 billion fund focused on highly rated securities with minimal credit risk.

    “But we’re moving into an environment where supply continues to dwindle,” he said, given anemic refinancing activity and the dearth of new home loans being originated since 30-year fixed mortgage rates topped 7%.

    The bulk of all U.S. mortgage bonds created in the past two decades have come from housing giants Freddie Mac
    FMCC,
    +0.66%    ,
    Fannie Mae
    FNMA,
    +1.09%
    and Ginnie Mae, with government guarantees, making the sector akin to the $25 trillion Treasury market. But unlike investors in Treasurys, investors in mortgage bonds also earn a spread, or extra compensation above the risk-free rate, to help offset its biggest risk: early repayments.

    While homeowners typically take out 30-year loans, most also refinanced during the pandemic rush to lock in ultralow rates, instead of continuing to make three decades of payments on more expensive mortgages. If someone refinances, sells or defaults on a home, it leads to repayment uncertainty for bond investors.

    “To put this another way, the biggest risk to mortgages is now off the table, yet spreads are at or near historic wides,” said Sam Dunlap, chief investment officer, Angel Oak Capital Advisors, in a new client note.

    That spread is now far above the long-term average, topping levels offered by relatively low-risk investment-grade corporate bonds.

    Agency mortgage bonds are offering far more spread that investment-grade corporate bonds. But these mortgage bonds will fully repay if borrowers default.


    Janus Henderson Investors

    Agency mortgage bonds typically are included in low-risk bond funds and can be found in exchange-traded funds. While they have been hard hit by the sharp selloff in long-dated Treasury bonds
    BX:TMUBMUSD10Y

    BX:TMUBMUSD30Y,
    there has also been hope that the worst of the storm could be nearly over.

    Goldman Sachs credit analysts recently said they favored the sector but warned in a weekly client note that it still faces “high rate volatility and a dearth of institutional demand.”

    As evidence of the U.S. bond selloff, the popular iShares 20+ Year Treasury Bond ETF
    TLT
    recently sank to its lowest level in more than a decade. It also was on pace for a negative 10% total return on the year so far, according to FactSet. Janus Henderson’s JMBS ETF was on pace for a negative 2.7% total return on the year through Friday.

    “Frankly, why they fit portfolios so well is that because the government backs agency mortgages, there is no credit risk,” Childs said. “So if a borrower defaults, you get par back on that. It just comes through as a typical payment.”

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  • These 10 college athletes are making over $1 million a year from NIL

    These 10 college athletes are making over $1 million a year from NIL

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    It now pays to be an amateur.

    The NCAA started allowing college athletes to make money from their name, image and likeness in 2021, after decades of student-athletes saying it wasn’t fair that they didn’t receive any money while the games they played in generated millions of dollars — especially football and basketball contests. And today, many of these athletes are not just making some extra cash on the side — they’re making millions.

    These NIL deals are negotiated by college athletes and their representation, and typically involve leveraging an athlete’s brand and influence through promotional means. For example, a car dealership near a university campus may ask the college’s high-profile quarterback to do a commercial for them in exchange for a monetary payment or a car. Similarly, an athlete can make money from social media, depending on how big their following is.

    Football players are among the college athletes who make the most money from NIL deals, followed by men’s basketball, women’s volleyball and women’s basketball. That’s because college football and basketball have multibillion-dollar TV contracts to broadcast games, while most other sports generally have lower visibility.

    With that in mind, here are the college athletes who make the most money from NIL deals according to On3’s proprietary NIL algorithm, which is based on NIL-deal data, performance, influence and exposure

    10. J.J. McCarthy, $1.3 million 

    J.J. McCarthy of the Michigan Wolverines in action against the Georgia Bulldogs.


    Getty Images

    As the junior quarterback for the Michigan Wolverines football team, McCarthy is one of the six college football QBs in the top 10 of NIL earners.

    McCarthy sports 276,000 followers across his social-media platforms, and has deals with Alo, Bose and Bowman.

    Tie-8. Bo Nix, $1.4 million

    Bo Nix of the Oregon Ducks throws a pass against the Stanford Cardinals.


    Getty Images

    The senior QB for the Oregon Ducks has led his team to a perfect 5-0 start this season.

    Nix has 219,000 followers on social media and NIL deals with 7-Eleven, Bojangles and Celsius. Nix is considered one of the top players in the nation and has the third-best betting odds to win college football’s Heisman Trophy on DraftKings
    DKNG,
    -2.52%
    sportsbook.

    Tie-8. Spencer Rattler, $1.4 million

    Spencer Rattler of the South Carolina Gamecocks warms up before a game against the Tennessee Volunteers.


    Getty Images

    The South Carolina Gamecocks senior QB has one of the more robust NIL profiles in the nation. He has deals with Mercedes-Benz
    MBG,
    -1.23%    ,
    Leaf trading cards and Raising Canes.

    Rattler also has 578,000 followers across TikTok, Instagram
    META,
    -0.71%
    and X, the platform formerly known as Twitter.

    7. Angel Reese, $1.7 million

    Angel Reese of the LSU Lady Tigers during the 2023 NCAA Women’s Basketball Tournament championship game.


    Getty Images

    Reese was one of the breakout stars of the women’s March Madness basketball tournament this year. The Louisiana State University hooper led her team to the 2023 title and famously flashed a “you can’t see me” gesture in the title game.

    Reese has brand deals with Airbnb, PlayStation and Intuit TurboTax
    INTU,
    -0.50%
    and has appeared in ads for Amazon
    AMZN,
    +0.01%
    and Pepsi Co.’s
    PEP,
    +0.59%
    Starry. She also has 5.2 million followers across her social-media platforms.

    During LSU’s magical title run last season, Reese set an NCAA single-season record with her 34th double-double against the Iowa Hawkeyes and was named the most outstanding player of the Final Four.

    Reese is one of just two female athletes inside the top 10 in On3’s NIL valuation tracker, and the top college basketball player on the list.

    6. Travis Hunter, $2.3 million

    Travis Hunter of the Colorado Buffaloes signals first down after a catch against the TCU Horned Frogs.


    Getty Images

    Hunter was one of the college football players who transferred to the University of Colorado from Jackson State last season to follow coach Deion Sanders.

    Hunter, a five-star sophomore prospect, plays on both offense and defense — as a wide receiver and a cornerback — a rarity in a high-level college program. He has 1.9 million followers on social media, a successful YouTube
    GOOG,
    -0.08%
    channel, and endorsements with Celsius Energy Drink and 7-Eleven.

    Hunter entered the 2023 college season as the most highly touted NFL prospect at Colorado, and Deion Sanders contends rival schools have attempted to poach him via lucrative NIL deals.

    “People offered Travis Hunter a bag — about $1.5 million to try to lure him and buy him out of the transfer portal,” coach Sanders told 247Sports over the summer. “But Travis is not the kind of guy that can be bought. He isn’t built like that. Travis is a relational young man that is built on relationships and stability. And that’s what he wanted and desired. That is why he decided to ride and stay with us.”

    If and when Hunter decides to declare for the NFL draft, he will likely have a multimillion-dollar contract as a rookie that could dwarf his collegiate NIL earnings.

    5. Caleb Williams, $2.7 million

    Caleb Williams of the USC Trojans warms up before a game against the Arizona State Sun Devils.


    Getty Images

    The University of Southern California QB is seen as a generational NFL prospect and the presumptive No. 1 overall pick in the 2024 NFL draft, but he isn’t the top NIL earner.

    Williams has 347,000 followers on social media, and brand deals with United Airlines
    UAL,
    -1.24%    ,
    Alo and Beats by Dre.

    Once the USC junior QB declares for the draft, his rookie contract will likely be set above $37 million, per Spotrac’s estimates.

    4. Arch Manning, $2.8 million

    Arch Manning of the Texas Longhorns warms up prior to a game against the Alabama Crimson Tide.


    Getty Images

    The Texas Longhorns freshman QB is one of several top NIL earners whose family plays a role in their fame. Arch Manning is the nephew of Super Bowl champion QBs Peyton and Eli Manning, and the grandson of former NFL QB Archie Manning.

    Despite being a backup quarterback with no recorded statistics, the younger Manning has 277,000 followers on social media and has a brand deal with Panini. That deal involved him autographing an extremely rare one-of-one Prizm Black card that was auctioned off for $102,500, which was later donated to charity.

    Manning was a standout high school recruit, ranked No. 5 in the nation in the 2023 class, and could have an NFL future.

    3. Livvy Dunne, $3.2 million

    Olivia Dunne of LSU looks on during a PAC-12 meet against Utah.


    Getty Images

    Dunne is the only college athlete in the top 10 of NIL earners who doesn’t play basketball or football. The junior LSU gymnast is the top female NIL earner in the nation and has brand deals with Vuori clothing, Body Armor
    KO,
    +0.62%
    and American Eagle Outfitters.

    Dunne is the second most-followed college athlete on social media with 12.1 million followers on Instagram, TikTok and X combined.

    For many years Dunne was seen as the poster child for NIL deals, and she said earlier this year that she could make as much as $500,000 from a single post.

    “What I love with certain brands is getting long-term brand deals,” Dunne said on the Full Send podcast in June. “Those are probably the best because you build a relationship with the brand and they want you year after year.”

    2. Shedeur Sanders, $4.8 million

    Shedeur Sanders of the Colorado Buffaloes celebrates as he walks off the field following an NCAAF game against the Arizona State Sun Devils.


    Getty Images

    University of Colorado’s Shedeur Sanders has become a phenomenon in the sports world. The 21-year-old junior made headlines after throwing for 510 yards and four touchdowns in Colorado’s season-opening shocker against No. 17–ranked Texas Christian.

    Colorado has become the center of the football world since Shedeur’s father Deion took over as coach. Coach Prime’s team is currently 4-2 — the team was 1-11 last season, good for last place in its conference.

    The quarterback has more than 2.3 million followers on social media, and has already inked several deals with big brands, including with yogurt producer Oikos
    0KFX,
    -1.13%    ,
    Gatorade and Mercedes-Benz. He has shown fans some of his new Mercedes cars on social media, too.

    Overall, Shedeur Sanders’s NIL value currently sits at $4.8 million, according to On3, up from $1.5 million at the beginning of the year — that’s the highest value in all of college football. For context, that’s nearly twice the average NFL player’s salary.

    1. Bronny James, $5.9 million

    Bronny James playing at his high school, Sierra Canyon.


    Getty Images

    James has perhaps the most famous family member of any person on this list. He is the son of NBA legend LeBron James, and is currently set to begin his freshman basketball season at USC.

    The younger James has yet to play a game at his new school, but will immediately be one of the most well-known players in college athletics. James has 13.5 million social media followers, the most of any college athlete, and has brand deals with Nike
    NKE,
    +1.10%
    and Beats by Dre
    AAPL,
    -0.06%    ,
    two brands his dad is also repped by.

    Bronny James suffered cardiac arrest in July during a basketball practice and had to be taken to the hospital. But he’s on the road to recovery, and hopes to play basketball this season.

    “Bronny is doing extremely well,” the older James said last week. “He has begun his rehab process to get back on the floor this season with his teammates at USC. (With) the successful surgery that he had, he’s on the up-and-up. It’s definitely a whirlwind, a lot of emotions for our family this summer. But the best thing we have is each other.”

    See also: Michael Jordan is now worth $3 billion. Here’s what billionaire athletes have in common.

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  • Ford, Microsoft, Delta, Walgreens, Birkenstock, and More Stock Market Movers

    Ford, Microsoft, Delta, Walgreens, Birkenstock, and More Stock Market Movers

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    Stock futures posted modest gains Thursday ahead of a report likely to show that U.S. inflation fell in September as gasoline price growth slowed and used-car costs declined.

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  • Pharmacy Giant Walgreens Names Tim Wentworth as New CEO

    Pharmacy Giant Walgreens Names Tim Wentworth as New CEO

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    Pharmacy Giant Walgreens Names Tim Wentworth as New CEO

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  • Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage

    Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage

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    Family Dollar voluntarily recalled dozens of over-the-counter drugs, products and medical devices sold at its stores because they had been stored at improper temperatures, according to the Food and Drug Administration late Tuesday.

    On the FDA’s website, the regulator said products affected by the recall were stored “outside of labeled temperature requirements by Family Dollar and inadvertently shipped to certain stores on or around June 1, 2023 through September 21, 2023.”

    Brands affected by the recall include Procter & Gamble’s
    PG,
    +0.99%
    Crest, Vicks and Pepto Bismol; Colgate
    CL,
    +0.26%
    ; Johnson & Johnson Inc.’s
    JNJ,
    -0.11%
    Tylenol and Listerine; and Bayer’s
    BAYN,
    +3.04%
    Aleve, according to a list provided by the FDA.

    The items were sold at stores in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming, between June 1 and Oct. 4, the FDA said.

    Family Dollar was acquired by Dollar Tree Inc.
    DLTR,
    +3.26%
    in a deal that closed in July 2015.

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  • UK Retail Sales Slow in September as Consumers Avoid Big Ticket Purchases, BRC Says

    UK Retail Sales Slow in September as Consumers Avoid Big Ticket Purchases, BRC Says

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    By Michael Susin

    Retail sales growth in the U.K. slowed in September despite a fall in inflation as the high cost of living continues to put households’ budget under pressure, according to the latest sales-monitor report from the British Retail Consortium published on Tuesday.
    

    

    Total retail sales for the five weeks to Sept. 30 increased by 2.7% compared with the prior month, when it saw growth of 4.1%, and was at the same level as the three-month average growth, the report said. In September last year, retail sales were up 2.2%.
    

    Food sales rose 7.4% over the three months to September, while non-food sales further decreased 1.2%.
    

    “Big ticket items such as furniture and electricals performed poorly as consumers limited spending in the face of higher housing, rental and fuel costs. The Indian summer also meant sales of autumnal clothing, knitwear and coats, have yet to materialize,” BRC Chief Executive Helen Dickinson said in a note.
    

    Looking ahead, retailers are getting ready for the ‘Golden Quarter’ amid fierce competition that is likely to bring earlier and abundant promotions ahead of Christmas, KPMG U.K. Head of retail Paul Martin said.
    

    “Consumers will continue to seek out good deals, with price driving purchasing decisions. This is likely to be one of the most important golden quarters that we have seen in years, as for some in the sector, it could very much determine their future,” he adds.
    

    Dickinson highlighted that retailers’ efforts might be challenged by the 400 million pounds ($489.6 million) increase in business rates expected next year, and urged Chancellor Jeremy Hunt to scrap the rates rise in the upcoming budget statement.
    

    Write to Michael Susin at michael.susin@wsj.com
    

    

    

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  • 
		
		
    
			
    U.S. stocks end higher after blockbuster September jobs report as S&P 500 snaps 4-week losing streak
    
			
    U.S. stocks end higher after blockbuster September jobs report as S&P 500 snaps 4-week losing streak
    
			
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    U.S. stocks closed higher Friday, with the S&P 500 eking out a modest weekly gain, as investors assessed a monthly jobs report that showed both a blockbuster surge in jobs created along with a slowdown in wage pressures.
    

    How stock indexes traded
    

      

    • 
      The Dow Jones Industrial Average
      
        DJIA
      
       rose 288.01 points, or 0.9%, to close at 33,407.58.
      

      • 

    • 
      The S&P 500
      
        SPX
      
       gained 50.31 points, or 1.2%, to finish at 4,308.50.
      

      • 

    • 
      The Nasdaq Composite
      
        COMP
      
       climbed 211.51 points, or 1.6%, to end at 13,431.34. 
      

      • 

    

    For the week, the Dow slipped 0.3% while the S&P 500 edged up 0.5% and the Nasdaq gained 1.6%. The Dow fell for a third straight week, while the S&P 500 snapped a four-week losing streak and the Nasdaq saw back-to-back weekly gains, according to Dow Jones Market Data.
    

    

    What drove markets
    

    U.S. stocks climbed Friday, after reversing course from their slide earlier in the session as investors parsed a U.S. employment report that was stronger than forecast.
    

    “Wages slowed down,” said José Torres, senior economist at Interactive Brokers, in a phone interview Friday. “That was a great development” as the Federal Reserve aims to bring down inflation through monetary tightening.
    

    Investors have worried that a hot labor market will keep wage growth elevated, adding to inflationary pressures that could see the Fed keep interest rates higher for longer or potentially hike its benchmark rate one more time this year.
    

    A report Friday from the Bureau of Labor Statistics showed the U.S. economy created 336,000 jobs in September, far surpassing economists’ expectations for 170,000 new jobs. Also, the report said job gains in August and July were revised higher. 
    

    See: Jobs report shows big 336,000 gain in hiring in September. Labor market still hot.
    

    But other details from the report were slightly more favorable in terms of monetary policy concerns.
    

    For example, average hourly wages rose a mild 0.2% in September, bringing the 12-month rate of change through September to 4.2%, a slower pace than the prior month’s year-over-year rate of 4.3%.
    

    “Even though the headline number was 2.5 times what Wall Street had anticipated, the more important detail below the surface was that wage inflation actually cooled,” said Sam Stovall, chief investment strategist at CFRA, during a phone interview with MarketWatch.
    

    Renaissance Macro Research’s Neil Dutta said in a note that the jobs report was consistent with a soft landing for the economy and the Fed’s objective to lower the inflation rate back to 2%. 
    

    Also see: Why another Fed rate hike this year ‘still a close call’ after jobs report, according to JPMorgan’s David Kelly
    

    “The strong labor market gives credence to the base case still being a soft landing,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management, in a phone interview Friday. But that soft-landing narrative is “somewhat fragile and data dependent,” he said.
    

    See: U.S. stocks stage a surprising rally on Friday. But can the party last?
    

    Investors will be watching for data scheduled to be released next week on September inflation from the consumer-price index and producer-price index.
    

    Meanwhile, economists from Goldman Sachs Group said in a note Friday that “the continued rebalancing of the labor market” is consistent with their expectation that the Fed is done raising rates this year, despite senior Fed officials projecting another hike in their latest batch of forecasts, released last month. 
    

    Federal-funds-futures traders are expecting the Fed will keep its benchmark rate at the current range of 5.25% to 5.5% at its policy meetings in November and December, according to the CME FedWatch Tool.
    

    “I’m of the belief that the Fed will not hike again this year,” BMO’s Ma said. “I don’t think it needs to.”
    

    Meanwhile, the yield on the 10-year Treasury note
    
        BX:TMUBMUSD10Y
    
       climbed 6.8 basis points to 4.783%, rising for five straight weeks, according to Dow Jones Market Data. 
    

    Rising Treasury yields, particularly on the long end of the yield curve, have been blamed for a selloff in stocks over the past couple months. But the S&P 500 is now up so far in October, with a small gain of 0.5%, according to FactSet data.
    

    Companies in focus
    


    Steve Goldstein contributed to this report.
    

    

    

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