34 minutes ago
Dow Transports hit a new 52-week high on Tuesday
The Dow Jones Transportation Average, a 20-stock index that includes railroads and airlines, jumped to a new 52-week high dating back to April 1, 2022. Dow Transports is up 19% in 2023, far outperforming the Dow Jones Industrial Average’s 3.4% gain.
Among the index’s big winners are 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, made fresh in June. Both indices are within 1% of these values.
— Darla Mercado, Gina Francolla
48 minutes ago
The Atlanta Braves have the best record in baseball a week before Liberty Media’s spin-off, according to Gordon Haskett
Perfect timing.
The Atlanta Braves’ formal spinoff from John Malone’s Liberty Media next Tuesday comes a week before tonight’s Major League Baseball All-Star Game, and the Braves have a .844 (27-5) win ratio since June 3 and the best record since then, MLB has scored this season overall (60-29 or .674), according to Gordon Haskett Research’s Don Bilson.
“Malone & Company laid out this plan back in November as part of a larger restructuring. And starting next Tuesday, investors no longer need to get exposure to the Braves through a tracking stock. Aside from the Braves, which Forbes values at $2.6 billion, “The stock will offer some real estate exposure as the Braves own their stadium and a mixed-use building adjacent to the stadium,” Bilson wrote to clients Tuesday.
Bilson couldn’t help but notice that the Braves are 18.5 games ahead of the New York Mets, owned by Point72’s Steven Cohen, while their tracking value is up 55% over the past year, almost double the return of James Dolan’s Madison Square Garden Sports Class A Corp. Dolan owns the New York Knicks and New York Rangers.
See grafic…
Braves tracks the stock versus Madison Garden Sports over the past year.
— Scott Schnipper, with reporting by CNBC’s Michael Bloom
Before an hour
Coty shares soar after Kim Kardashian is reportedly considering buying back the minority stake in the beauty line
Coty, the beauty and perfume company that bought a minority stake in Kim Kardashian’s SKKN BY KIM from the celebrity three years ago, gained more than 3% in extended trading on Tuesday. The move comes after the Wall Street Journal reported that Kardashian was in talks to buy back the stake.
Kardashian, known for the reality shows Keeping Up With The Kardashians and The Kardashians, sold her 20 percent stake in Coty when SKKN was valued at $1 billion. The Journal, citing people familiar with the matter, said the sale price has yet to be determined and there is a possibility the deal could still fall through
Coty is up more than 50% so far in 2023, more than erasing losses from its 18.5% decline in 2022.
Disclosure: The reality TV series Keeping Up With The Kardashians has aired on E! aired, which has the same parent company as CNBC.
— Alex Harring
Before an hour
Stock futures haven’t changed much
Stok futures saw muted moves just after 6pm ET.
Dow and S&P 500 futures were down just 0.1%, while Nasdaq 100 futures were almost flat.
— Alex Harring