Dick’s Sporting Goods on Tuesday missed estimates for third-quarter profit and warned of up to $750 million in charges tied to a sweeping review of its recently acquired Foot Locker business that includes store closures and inventory cleanup.Shares of the company fell more than 1%. The footwear retailer also forecast a sharp drop in quarterly gross margin at Foot Locker. 3 Dick’s Sporting Goods on Tuesday missed estimates for third-quarter profit and warned of up to $750 million in charges tied to a sweep ...

Core Viewpoint - There is a strong possibility that President Trump will announce a new Federal Reserve Chair by Christmas, as indicated by Treasury Secretary Scott Bessent, who is leading the search for a replacement for Jerome Powell [1][3]. Group 1: Replacement Search - Bessent mentioned that he has one final interview left and is not ready to speculate on potential successors to Powell, who Trump has expressed a desire to fire [1][3]. - Finalists for the Fed Chair position reportedly include Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman, and Rick Rieder [3]. Group 2: Trump's Criticism of Powell - Trump has been critical of Powell for not reducing interest rates quickly enough, stating that Powell has "mental problems" and expressing a desire to "fire his ass" [4][10]. - During a recent event, Trump humorously urged Bessent to address the issue of high rates, indicating urgency in the matter [5][7]. Group 3: Current Monetary Policy Context - The Federal Reserve has recently cut interest rates by a quarter-point in September and October, bringing rates to a range of 3.75% to 4% [7][10]. - Market expectations indicate an 83% probability of another quarter-point cut at the upcoming December 10 meeting [10]. - Fed officials are divided on the future direction of interest rates, with some advocating for a pause while others support further cuts [10][11]. Group 4: Future Vision for the Fed - Bessent expressed a desire for the next Fed Chair to simplify monetary policy and allow the Fed to take a less prominent role, focusing on serving the American people [11].

Core Viewpoint - The Justice Department has settled its case against RealPage, addressing allegations of algorithmic collusion among landlords to inflate rents, which is expected to restore competition in rental markets for millions of American renters [1][2][4]. Summary by Sections Settlement Details - The settlement requires RealPage to cease using "nonpublic, competitively sensitive information" from landlords for rent pricing and to only use data that is at least 12 months old [2][6]. - RealPage must stop soliciting sensitive rental market information through surveys and discussing nonpublic market trends in meetings [8]. - The agreement mandates court approval before implementation [3]. Impact on the Rental Market - The DOJ stated that the settlement would help restore free market competition in rental markets, emphasizing the need for independent pricing decisions among competing companies [2]. - The lawsuit alleged that RealPage's software enabled landlords to prioritize profits over occupancy, exacerbating housing supply issues and increasing costs for renters [4][5]. Legal Context - The lawsuit was initially filed by the DOJ alongside eight states, accusing RealPage of operating an illegal monopoly in property management software for multi-family housing [9]. - The case marked a significant move by the DOJ against algorithmic collusion, highlighting concerns as industries increasingly rely on software [12]. Cooperation and Future Actions - As part of the settlement, RealPage agreed to cooperate with the DOJ in ongoing lawsuits against other landlord defendants [11][12]. - The DOJ previously reached settlements with some of the co-defendants, while proceedings against others are still pending [11].

Core Viewpoint - Meta's internal research indicates that Instagram is harmful to children's mental health, with employees referring to the platform as a "drug" and expressing concerns about its addictive nature [1][2][3] Group 1: Allegations and Internal Findings - A coalition of US state attorneys general, school districts, and parents are suing Meta and other social media companies for prioritizing profit over children's safety [2][16] - Internal documents reveal that Meta has a history of downplaying research showing its apps contribute to addiction, anxiety, and exposure to online predators [4][6] - Testimony from former Meta employees suggests that the company has a high threshold for suspending accounts linked to serious violations, such as sex trafficking [6][14] Group 2: Project Mercury Study - The "Project Mercury" study indicated that users who stopped using Facebook and Instagram for a week reported lower levels of depression, anxiety, and loneliness [9][11] - Instead of publicizing these findings, Meta allegedly chose to suppress the study, claiming it was biased due to media narratives [10][11] - The lawsuit claims that this suppression of research is evidence that Meta executives misled Congress regarding the impact of Instagram on teenage girls [11][12] Group 3: Reactions and Statements - Meta has publicly denied the allegations, stating that the claims are based on selective quotes and misinformed opinions [4][5] - The company asserts that it has made significant changes to protect teens, including the introduction of Teen Accounts with built-in protections [5] - Critics, including the Executive Director of The Tech Oversight Project, accuse Meta's leadership of negligence regarding the safety of children on its platforms [13]

Core Insights - Kohl's has appointed Michael Bender as its permanent CEO, tasked with reversing declining sales and profits after a series of leadership changes [1][4][10] - Bender's interim leadership has already seen the company's shares more than double, although they recently experienced a slight decline [2][9] - The company aims to attract budget-conscious shoppers by focusing on private-label brands, discounts, and a more fashionable assortment [4][5] Company Strategy - The immediate priority for Kohl's is to win back customers by simplifying product offerings and enhancing the fashion appeal of its merchandise [5][10] - Bender has accelerated efforts to engage lower and middle-income customers, introducing fresher items amid high inflation and tariffs [5][11] - The company is leveraging partnerships with Sephora and Babies "R" Us while streamlining operations through store closures and job cuts [8] Market Performance - Kohl's lifted its annual profit targets in the first full quarter under Bender, exceeding market expectations [9] - Despite recent improvements, market analysts express skepticism about the company's long-term strategy and execution capabilities [10]

Economic Outlook - Treasury Secretary Scott Bessent expressed optimism about the US economy, stating there is no risk of a recession in 2026 and highlighting the positive impact of President Trump's tariffs and trade deals [1][3] - Bessent anticipates that Americans will experience relief in the coming year as the effects of tariffs and trade agreements materialize, particularly in healthcare costs [3] Recession Predictions - Earlier in the year, Goldman Sachs and JPMorgan raised the likelihood of a US recession to 65% and 60%, respectively, but have since reduced those estimates to 30% and 40% as tariff rates were negotiated lower [4] - Bessent acknowledged that certain sectors, such as housing and interest rate-sensitive industries, are currently facing challenges [5] Inflation and Consumer Sentiment - US inflation reached 3% in September, the highest rate since January, contributing to economic concerns [7][8] - Consumer sentiment dropped to 50.3 in November, the lowest level in over three years, influenced by inflation and the recent government shutdown [8] Employment Data - Despite a strong addition of 119,000 jobs in September, the unemployment rate increased to 4.4%, marking its highest level in four years [9][11] Government Stimulus - The Trump administration is confident that proposed policies, including sending $2,000 checks to most Americans, will stimulate the economy, although there is pushback from GOP lawmakers [10]

Core Viewpoint - Kohl's Corp. is set to appoint Michael Bender as its permanent CEO, following a series of leadership changes and challenges within the company [1][3]. Group 1: Leadership Changes - Michael Bender has been serving as the interim CEO since May, after the dismissal of former CEO Ashley Buchanan due to undisclosed personal relationships with a vendor [3][4]. - This marks the third CEO change for Kohl's in three years, highlighting ongoing struggles with sales against online and big-box competitors [3][5]. Group 2: Candidate Background - Bender has been a director on Kohl's board since July 2019 and possesses over 30 years of senior leadership experience in major retail companies, including Walmart and Victoria's Secret [4].

Core Viewpoint - Canada plans to resume trade discussions with the US when deemed appropriate, as there are currently no pressing issues to address with President Trump [1][2][4] Group 1: Trade Discussions - Canadian Prime Minister Mark Carney indicated that discussions with President Trump will likely occur in the next two weeks [2] - Carney emphasized that Canada is focused on its future and new partnerships, suggesting a strategic approach to trade negotiations [2] - The Canadian government is seeking a deal to reduce import tariffs on steel, aluminum, and automobiles that have been imposed by the US [3]

Core Viewpoint - Paramount Skydance is positioned as a leading contender to acquire Warner Bros. Discovery (WBD), with a focus on CNN as a key asset in the bidding process [1][2]. Group 1: Bidding Dynamics - The bidding for WBD commenced with Paramount Skydance, Comcast, and Netflix submitting offers, with WBD owning significant assets including the top Hollywood studio and HBO [1]. - Paramount Skydance's owners, Larry and David Ellison, are uniquely interested in acquiring CNN, viewing it as a profitable business worth preserving [2]. - The Ellisons' bid is expected to face less regulatory scrutiny compared to Comcast and Netflix, which may encounter extensive reviews due to their political affiliations and past actions [5][13]. Group 2: CNN's Strategic Importance - CNN is perceived as a valuable asset due to its global reach and profitability, generating approximately $500 million in annual profits [10]. - The Ellisons believe that integrating CNN with CBS's news infrastructure could enhance its profitability and facilitate a transition to digital platforms [10]. - There is speculation that if Paramount Skydance wins, Bari Weiss may oversee CNN's editorial direction, aiming to reduce perceived bias [4]. Group 3: Regulatory Challenges - Comcast and Netflix are anticipated to face significant regulatory hurdles, with Comcast's potential merger raising antitrust concerns due to its MSNBC channel [13][14]. - The regulatory process for Comcast could extend up to two years, which may deter the WBD board from pursuing their bid if it is deemed too lengthy [14]. - Netflix's political affiliations may also complicate its bid, as it combines its streaming service with WBD's assets [15]. Group 4: Valuation and Market Sentiment - WBD's CEO, David Zaslav, aims for a deal valued at $70 billion, or $30 per share, but skepticism exists regarding the likelihood of achieving this valuation given the nature of the bids [11]. - The potential for tax implications from selling parts of the company could further depress WBD's valuation [12]. - The Ellisons believe they can offer around $27 per share, significantly lower than Zaslav's target, due to the anticipated regulatory advantages [15].

Core Viewpoint - Tesla faces a lawsuit related to a fatal incident involving a Model 3, where the vehicle allegedly accelerated uncontrollably and caught fire after crashing into a utility pole, resulting in the death of one occupant and severe injuries to another [1][2][3]. Incident Details - The lawsuit claims that the Model 3 experienced a sudden and rapid acceleration for approximately five seconds before crashing on January 7, 2023, in Tacoma [3]. - The fire that ensued was described as "extremely hot" and burned for hours, making it impossible for rescuers to assist the occupants [3][4]. - Witnesses reported hearing screams and seeing "big flames" as they were unable to approach the vehicle due to the intense fire [7]. Technical Allegations - The complaint alleges defects in the vehicle's acceleration and braking systems, stating that the automatic emergency braking did not activate during the crash [6]. - It is claimed that the electronic door handles failed immediately when the car lost power, trapping the occupants inside [1][6]. Regulatory Scrutiny - The lawsuit coincides with ongoing regulatory investigations into whether Tesla's door systems trap occupants when low-voltage power fails, amid a series of similar fire-related lawsuits [6][17]. - Previous incidents, including a Model S fire in Wisconsin that resulted in multiple fatalities, have raised concerns about the safety of Tesla's electronic systems [6][9]. Company Response - Tesla has not provided an immediate comment regarding the lawsuit or the allegations made against its vehicles [4].