An hour ago
The Dow Jones hit a new 52-week high on Tuesday
The Dow Jones Transportation Average, a 20-stock index that includes railroads and airlines, hit a fresh 52-week high since April 1, 2022. Dow Transports is up 19% in 2023, outperforming the Dow Jones industrial average. 3.4% profit.
Big winners on the index included Delta Air Lines and United Airlines, each up nearly 50% in 2023.
The S&P 500 and Nasdaq Composite are also near their 52-week highs, which were newly set in June. Both indexes are within 1% of those levels.
— Darla Mercado, Gina Francola
2 hours ago
Atlanta Braves set best record in baseball a week before spinoff from Liberty Media, Gordon Haskett says
Right time.
Next Tuesday’s formal spinoff of John Malone’s Liberty Media’s Atlanta Braves comes a week from tonight’s Major League Baseball All-Star Game, and the Braves have posted an 0.844 winning percentage (27-5) since June 3, their best record. (60-29 or 0.674) in MLB overall this season, according to Dan Bilson of Gordon Haskett Research.
« Malone & Company laid out the plan in November as part of a major restructuring. Come next Tuesday, investors won’t have to get their exposure to the Braves by tracking stock. Aside from the Braves, which Forbes values at $2.6bn, the Braves own their stadium and a mixed-use development adjacent to the stadium. The stock will provide some real estate exposure, » Pilson wrote to clients on Tuesday.
Pilsen can’t help but notice that the Braves are 18.5 games ahead of the New York Mets, owned by Point72’s Steven Cohen, while its watch stock has risen 55% over the past year, more than double the revenue of James Dolan’s Madison Square Garden Sports. Corp. Class A share. Dolan owns the New York Knicks and New York Rangers.
Check out the chart…
Last year’s Madison Garden Sports vs. Braves tracking stock.
— Scott Schnipper, with a report from CNBC’s Michael Bloom
2 hours ago
Crore shares rise after report that Kim Kardashian is considering buying back a minority stake in the beauty line
Coty, the beauty and fragrance company that bought a minority stake in Kim Kardashian’s SKKN BY KIM from the celebrity three years ago, rose more than 3% in extended trading on Tuesday. The move comes later The Wall Street Journal reported Kardashian is in talks to buy back the shares.
Kardashian, known for her reality shows « Keeping Up with the Kardashians » and « The Kardashians, » sold her 20% stake in SKKN to Cody when it was valued at $1 billion. Citing people familiar with the matter, the Journal said the sale price has yet to be hammered out and the deal could still fall through.
Crore is up more than 50% so far in 2023, erasing losses from 2022’s 18.5% slide.
Disclosure: Reality TV series « Keeping Up with the Kardashians » E! Aired in , it has the same parent company as CNBC.
– Alex Haring
2 hours ago
Stock futures have changed little
Stoke futures saw muted moves shortly after 6pm ET.
Dow and S&P 500 futures were down just 0.1%, while Nasdaq 100 futures were near flat.
– Alex Haring
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