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US Central Command acknowledged the loss of the aircraft in a statement on Thursday. It is currently unclear if the crash resulted in any casualties. Here's what we know so far. View More

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Shantanu Narayen led Adobe through a transition to subscription software, and he's been positioning the company to grow in the artificial intelligence age. View More

In this articleADBEFollow your favorite stocksCREATE FREE ACCOUNT Adobe CEO Shantanu Narayen appearas at a Diwali celebration in the White House in Washington on Oct. 21, 2025.Allison Robbert | Bloomberg | Getty Images Adobe said CEO Shantanu Narayen will step down after a successor has been appointed, and he will remain as the design software company's chair. Shares tumbled 7% in extended trading. Narayen joined Adobe in 1988 as a vice president and general manager, and he became CEO in 2007. Under Narayen, Adobe pushed from software licenses to subscriptions to its Creative Cloud application bundle, and the company is now working to expand through generative artificial intelligence. He sought to acquire fast-growing design software company Figma, but regulators pushed back, and the companies called off the deal, resulting in Adobe paying Figma a $1 billion breakup fee."On behalf of the Board, I want to recognize Shantanu's contributions as CEO and architect of Adobe's transformation over the past 18 years, and for positioning Adobe for success in the AI-driven era," Frank Calderoni, Adobe's lead independent director, was quoted as saying in a statement. "As we take the next step in succession planning, we are focused on selecting the right leader for this next exciting chapter of the company's growth and are grateful for Shantanu's continued leadership as CEO to ensure a smooth transition."Narayen, 62, is lead independent director of Pfizer in addition to his responsibilities at Adobe, where he received $51 million in total compensation for the 2025 fiscal year, according to a filing. He owns $118 million in Adobe shares, according to FactSet.In a memo to employees, Narayen wrote that he's staying on the board to support the next Adobe CEO, just as co-founders John Warnock and Charles "Chuck" Geschke did when he became chief."What attracted me to Adobe 28 years ago was our leadership in creating new market categories, world-class products, a relentless desire to innovate in every functional area of the company and the people I met during the interview process," Narayen wrote. "We have continued to create new markets, deliver world-class products, drive innovation in everything we do and attract and retain the best and brightest employees."On Narayen's watch, Adobe's stock jumped more than sixfold, while the S&P 500 is up about 350% over that stretch."Shantanu is a leader I've come to know and respect deeply," Dylan Field, Figma's co-founder and CEO, wrote in an X post. "He's thoughtful, kind and relentless in pursuit of Adobe's vision. Grateful for the time we spent together and wishing him all the best in the years ahead!"Satya Nadella, CEO of Adobe partner Microsoft, congratulated Narayen."You've built one of the most important software companies in the world, and expanded what's possible for creators, entrepreneurs, and brands everywhere," Nadella wrote on X. "What has always stood out to me is the empathy you've brought to the creative process and the example you've set as a leader."In addition to making the leadership announcement, Adobe reported strong quarterly results and guidance. Here's how the company did in comparison with LSEG consensus:Earnings per share: $6.06 adjusted vs. $5.87 expectedRevenue: $6.40 billion vs. $6.28 billion expectedAdobe's revenue grew about 12% year over year in the fiscal first quarter, which ended on Feb. 27, according to a statement. Net income of $1.89 billion, or $4.60 per share, increased from $1.81 billion, or $4.14 a share, in the same quarter a year ago. Adjusted income excludes stock-based and deferred compensation expense.Annualized revenue from AI-first products more than tripled, the company said."That should be our next billion dollar business," Narayen said on a conference call with analystsAdobe called for $5.80 to $5.85 in fiscal second-quarter adjusted earnings per share on $6.43 billion to $6.48 billion in revenue. Analysts polled by LSEG were looking for $5.68 per share and $6.42 billion in revenue.Investors have been punishing software stocks because of concerns about disruption from generative AI models. Adobe shares are down nearly 23% so far in 2026 as of Thursday's close, while the S&P 500 index is down about 3% in the same period. Adobe's stock is more than 60% off its record from 2021 after dropping more than 20% in each of the past two years.Revenue from subscriptions for creative and marketing professionals totaled $4.39 billion, up 12% and above the $4.31 billion consensus among analysts polled by StreetAccount.During the quarter, Adobe announced the availability of Acrobat, Express and Photoshop apps for OpenAI's ChatGPT assistant, along with an expanded partnership with advertising company WPP.Adobe had 850 million monthly users across Acrobat, Creative Cloud, Express and Firefly during the fiscal first quarter, up 17%, Narayen said. The adoption is "a clear indication that we have both strong usage and a foundation for monetization," he said.The Adobe Stock service that offers stock photos and other media, representing a book of business of around $450 billion, declined more sharply than management had predicted during the quarter."This shift is playing out more quickly than we had planned for, and our focus remains on giving customers meaningful choice between Stock and generative AI as they build their creative and marketing workflows," David Wadhwani, president of Adobe's creativity and productivity business, said on the call.Adobe's CEO search should take a few months, Narayen said.— CNBC's Ari Levy contributed to this report.WATCH: What Jim Cramer thinks of the move in enterprise software stocks watch nowVIDEO1:2501:25What Jim Cramer thinks of the move in enterprise software stocksMad Money with Jim Cramer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Palantir CEO Alex Karp sat down exclusively with CNBC to discuss the Iran war and how AI is being used in wartime. View More

In this articlePLTRFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO4:1204:12Palantir CEO says AI is elevating US wartime capabilitiesSquawk on the Street Palantir CEO Alex Karp told CNBC on Thursday that artificial intelligence is giving the U.S. and its allies an edge in the escalating conflict in Iran and across the Middle East."What makes America special right now is our lethal capacities, our ability to fight war," Karp said at Palantir's AIPcon 9 in Maryland. He added that another major advantage is that "the AI revolution is uniquely American."Karp alluded to his company's ability to link combat data between the U.S. and Middle East partners that were hit by Iranian airstrikes."If you were attacked and you needed to coordinate, you would have to have a coordinating function. There's only one product that can actually do that for security," Karp said, referencing Palantir's platform.Palantir's Project Maven is a real-time AI surveillance capability that leverages satellite imagery. The platform was used with Anthropic's Claude in the capture of Venezuela's President Nicolás Maduro, according to the Wall Street Journal. Karp declined to comment on whether Maven was used to kill Iranian Supreme Leader Ayatollah Ali Khamenei in a joint U.S.-Israel military operation two weeks ago."I have read that Palantir's Project Maven is the core backbone of that," he said, speaking generally about U.S. involvement in the Middle East. "And then I've also read that all the allies, Arab and non-Arab in the Middle East, may or may not be users of our platform as well, and that's expanding rapidly."Experts and executives in the industry say AI is pushing the conflict to a new frontier. That was evident when Iran bombed three Amazon data centers in the Middle East last week.U.S. data centers are increasingly seen as national security assets, hosting critical digital infrastructure used by governments and big companies."They're evil, they're not stupid," Karp said. "Look who's on the list, look who's not. We're in the middle of war. You would expect it to be a list of hardcore military companies. They are interested in the things they can't produce." While Palantir may be best known for its defense technology, the company's commercial business is booming. U.S. commercial revenue jumped 137% in the fourth quarter to $507 million. Palantir shares are up 12% so far this month, while the Nasdaq is down about 1.6%. WATCH: Palantir's Q4 earnings beat watch nowVIDEO4:0404:04Palantir earnings ‘absolutely blew away expectations,’ says Moor Insights’ Patrick MoorheadSquawk on the Street Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Private equity built the SaaS installed base. It may also be the one that rips it out. View More

In this articleBXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO1:4201:42Private equity firms in talks to form joint AI venture embedding ClaudeTechCheck Editor's note: The following article is a commentary on some of the top trends in technology and its broader impact.The technology to disrupt enterprise software already exists. What's been missing is the forcing function.A potential tie-up between artificial intelligence and private equity could be exactly that.The Information reported Wednesday that Anthropic is in talks with firms, including Blackstone, to form a joint venture, using a Palantir-style model to sell consulting services that would integrate Claude into their portfolio companies. The deal makes sense for Anthropic, which just lost its Pentagon distribution channel. But private equity firms risk cannibalizing their own businesses and accelerating the software-as-a-service, or SaaS, shakeout that's already underway. For a firm like Blackstone, the math is more forgiving. Its portfolio spans manufacturing, healthcare, real estate, financial services, and infrastructure. If Claude can cut costs across hundreds of companies in those industries, Blackstone has zero reason to hesitate. But many of the licenses those companies cancel may belong to software companies owned by a different set of PE firms, ones whose entire business depends on recurring software revenue holding up. Thoma Bravo and Vista Equity Partners both call themselves one of the largest software-focused asset managers. Their revenue is now in the crosshairs. Claude Code can approximate what many horizontal SaaS tools do: Project management, basic customer relationship management, analytics dashboards and even portions of human resources and finance workflows. When a Blackstone-owned manufacturer, for example, uses Claude to build a custom internal tool instead of renewing its Smartsheet license, Blackstone saves money while the software company, which Blackstone also happens to own, loses a customer. But they'll make that trade every time because PE optimizes for the fund as a whole, not a single at-risk software company. Private equity might be the accelerant the "SaaSpocalypse" has been waiting for. Read more CNBC tech newsHow the Iran war and rising energy prices are threatening semiconductor demandKevin Mandia sold his cybersecurity company to Google in 2022. He has a fresh $190 million for a new ventureMusk's xAI wants to build a power plant in Mississippi. Regulators planned a key meeting on Election Day, 200 miles awayOracle is building yesterday's data centers with tomorrow's debt PE firms have board control, internal rate of return targets and a ticking clock. If a joint venture with a top AI lab gives the biggest firms a turnkey way to cut software spending across their portfolios, they'll move.Private equity firms drove the last major wave of enterprise technology adoption when they pushed cloud software into their portfolio companies a decade ago. That migration replaced on-premises systems with SaaS, expanding the total software market.This time, the dynamic is inverting. Private equity is essentially pushing AI as a service that eliminates the need for certain categories of software entirely. A replacement cycle that might have taken five years through normal enterprise adoption could compress to 18 months inside a PE portfolio, since the firms have the authority to enact change and the incentive to move fast.PE firms should be able to see this far into the future, especially if we can. Thoma Bravo's Orlando Bravo has publicly argued that AI is a tailwind for enterprise software, making existing products more valuable by adding intelligent features. He told CNBC that his firm has roughly the same number of developers across its portfolio as a year ago that are actually producing more. But Thoma Bravo looks behind the curve if it doesn't push AI into its own portfolio companies and start implementing AI reductions. This week, Atlassian cut about 1,600 jobs, a tenth of its workforce, to fund AI investment. The stock rose. A few weeks earlier, Block shares jumped 17% after announcing 4,000 AI-related cuts. Wall Street has already made clear which side it's on. It will pay more for companies that shrink in the name of AI than for companies that defend the old model.It's an uncomfortable paradox: Thoma Bravo needs to deploy AI across its software companies to stay competitive and keep margins expanding. But the more AI gets deployed across the broader economy, the less enterprises need the horizontal software products Thoma Bravo sells. Push AI and you accelerate your own disruption. Don't push it and diversified firms like Blackrock will deploy it from the other side, potentially cutting your software out of their portfolio companies while you stand still. The horizontal SaaS companies most at risk are the ones whose customers sit inside the diversified PE portfolios that now have a vehicle, like a potential JV with Anthropic, and the incentive to replace them.Private equity built the SaaS installed base. It may also be the one that rips it out. watch nowVIDEO36:1636:16AI’s new power brokers: Ramp’s chief economist and the 24-yr-old taking on Big AITechCheck Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

As both energy prices and inflation fears pop higher, expectations for cuts are sliding lower. View More

U.S. Federal Reserve Chair Jerome Powell reacts during a press conference following a two-day meeting of the Federal Open Market Committee (FOMC) on interest rate policy, in Washington, D.C., U.S., Jan. 28, 2026. Jonathan Ernst | Reuters As both energy prices and inflation fears pop, expectations for Federal Reserve interest rate cuts are sliding.Traders in recent days have abandoned hopes of an early summer easing from the central bank, a change in thinking that coincided with the U.S.-Israel attacks on Iran and a burst in oil prices to around $100 a barrel.Prior to the conflict, the market anticipation had been for a quarter percentage point rate reduction in June, likely another one in September, and an outside chance of even three depending on how the economics played out, according to the CME Group's FedWatch calculations.Much of the thinking behind that approach was that a softening labor market, moderating inflation and a new dovish chair coming on board in May would push the Fed into an easing posture. But at least as long as the Iran drama plays out, the expectations now are that fighting inflation will remain paramount."A higher inflation path will make it harder for the Fed to start cutting soon," Goldman Sachs economists said in a Wednesday note. watch nowVIDEO4:1904:19Fed's next rate decision almost certainly a pause, says former Fed vice chair Roger FergusonClosing Bell The firm officially adjusted its rate forecast pushing back the next cut to September from June. However, Goldman's economists still think the Fed could lower once more before the end of 2026."If the labor market weakens sooner and more substantially than we expect, we do not think that concern about the impact of higher oil prices on inflation and inflation expectations would be an obstacle to earlier rate cuts," they wrote. An elusive second cut Other market players aren't so sure.Traders in the fed funds futures market have taken even a September cut off the table and now see only one coming, in December, according to the CME gauge. There are no additional cuts priced in until well into 2027 or even into the early part of 2028, despite the presence of presumptive new Chair Kevin Warsh, picked by President Donald Trump ostensibly for a willingness to ease aggressively. Current Chair Jerome Powell leaves the position in May.Whether that outlook holds up likely will depend on how things play out in the Middle East. Should the situation improve, it could reinstall a sense of normalcy to the markets and renew hopes for more easing.Even with Brent crude settling above $100, Trump again called on Powell to cut."Where is the Federal Reserve Chairman, Jerome "Too Late" Powell, today? He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting!" Trump posted on Truth Social.The Fed will get another look at inflation data Friday morning when the Commerce Department releases the personal consumption expenditures price index data for January. Economists surveyed by Dow Jones expect core PCE, a key focus for Fed officials, to show an increase to 3.1% on the annual inflation rate. A reading like that would represent a 0.1 percentage point gain from December as well as a step further away from the Fed's 2% goal. It also would indicate that inflation pressures were percolating well ahead of the Iran strike and might well give officials even further pause about the prospects for lower rates.Bank of America economist Stephen Juneau said in a note that while some important components — housing, in particular — are showing signs of stabilizing or receding, inflation otherwise "has been rangebound and remains above levels consistent with 2% core PCE.""The upshot is that the Fed should not be in a rush to ease rates further," Juneau said.The rate-setting Federal Open Market Committee issues its next rate decision March 18. Traders are assigning a nearly 100% probability to the committee staying on hold. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Senate passed the bill 89-10, but House lawmakers say more changes are needed before it could go to President Donald Trump's desk. View More

watch nowVIDEO1:1401:14Senate votes to pass housing affordability bill, sends to HouseHalftime Report The Senate on Thursday passed the largest housing affordability bill in 30 years, including a ban on investors from buying single-family homes, with a 89-10 vote.But the bill faces an upward battle in the House, which passed its own bipartisan legislation in February. House GOP leaders have already said the measure will need to be negotiated, suggesting they will not take up the Senate-passed bill. House Majority Leader Steve Scalise, R-La., earlier this week told fellow House Republicans in a closed-door meeting that the measure is likely to bog down over differences between the two chambers' versions.One of the biggest issues is a ban on investors and companies from buying single-family homes if they already own 350 or more. Companies that add to the housing supply through building or serious renovations would be able to own more homes, but would need to sell those homes after no more than seven years. That provision was not initially in the Senate bill, or in the bill the House passed, but President Donald Trump championed the ban and indicated he wouldn't sign a bill without it. Residential apartment buildings and houses in the Queens borough of New York, US, on Friday, Jan. 16, 2026.Michael Nagle | Bloomberg | Getty Images Numerous industry groups, including the National Association of Home Builders, Mortgage Bankers Association and National Housing Conference said in a position statement that the seven-year limit would eliminate production of build-to-rent housing and "would take hundreds of thousands of housing units off the market over the next decade, many of which would serve lower- and middle-income households."Sen. Elizabeth Warren, D-Mass., supported adding the institutional investing homeownership limit and said it would protect consumers."They can also build as many apartment houses, as many condo complexes, as many triplexes as they want," Warren said in an interview Thursday with CNBC. "But there's a point of principle here, and that is that private equity cannot come in and buy up all of the housing supply in America. Homes should be for families, not for giant corporations."That view was not universally shared, however. Sen. Brian Schatz, D-Hawaii, who voted against the bill, said the 350 homes cap is "bananas" and would ultimately result in a ban on rental housing. Schatz, like Warren, has a liberal voting record."I don't think people are clocking how bad this is going to be on the supply side," he said, adding that it will "screw up" the single-family and duplex rental market. Read more CNBC politics coverageHousing affordability bill clears Senate as investor ban creates headachesFed chair pick Kevin Warsh meets with more senators as Thom Tillis blockade continuesTrump-backed SAVE America Act will get a Senate vote next week, Thune says Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Amid geopolitical turmoil, the Federal Reserve is widely expected to keep interest rates unchanged at its March meeting. View More

In this articleFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:3503:35Lale Akoner: Markets may be underestimating medium and long term inflation risksWorldwide Exchange Amid a war in Iran, inflation pressures, a weakening job market and an uncertain outlook for tariff policy, Federal Reserve officials will meet next week and announce a decision on interest rates. The federal funds rate, set by the Federal Open Market Committee, is the rate at which banks lend to one another overnight, but it also has a trickle-down effect on many consumer borrowing and savings rates.For now, experts think the central bank will stay on hold. Futures market pricing is implying almost no chance of a rate cut, according to the CME Group's FedWatch gauge. "Fed officials will sit on their hands until they get some clarity around how the war with Iran is playing out and which of its mandates, low and stable inflation or full-employment, is most in jeopardy," said Mark Zandi, chief economist at Moody's. "That could take weeks, if not two to three months."For consumers caught in the crosshairs, that means there will be little relief to come. "Anyone expecting the Fed to ride in and save the day anytime soon is likely going to be disappointed," said Matt Schulz, chief credit analyst at LendingTree. Read more CNBC personal finance coverageIran war heightens affordability issues ahead of the Fed's March meetingCouples often miss this 'overlooked tax break' for retirement savers: CFPTrump administration has scaled back oversight of student loan servicers: GAOSocial Security 2027 COLA forecast may rise with high oil pricesYou can't 'borrow your way out of debt,' expert says, but more people are tryingHere's the inflation breakdown for February 2026 — in one chartSAVE plan used by millions of student loan borrowers is over, court ordersIdentity theft and your taxes: It's 'a terrible reverse lottery,' one victim saysAs Iran war disrupts oil prices, consumers could be 'hammered,' economist saysMillion-dollar earners have already stopped paying into Social Security for 2026Women and the K-shaped economy: Lower pay, affordability issues reduce spendingSmall 401(k) accounts may follow workers to their next job — except Roth moneyIn a jobs apocalypse, look to 'AI-proof' skilled trades, career experts sayMiddle-income homebuyers have $30,000 more buying power than a year agoAverage IRS tax refund is up 10.6%, early filing data showsCNBC's Financial Advisor 100: Best financial advisors, top firms ranked In the meantime, "the attack on Iran has made life more expensive and more uncertain for American households," said Brett House, an economics professor at Columbia Business School. "Oil and gasoline prices have shot up, as have the yields on 10-year Treasurys, which are the benchmark for mortgage rates."The consumer price index, or CPI, a key measure of inflation, rose 2.4% in February from a year earlier, according to the latest reading by the Bureau of Labor Statistics. But that was before the Iran war, which caused energy prices to spike, feeding into longer-term inflation fears. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Higher oil prices could complicate the inflation picture in the months ahead, economists say, as those increases filter through to airfares, shipping and other costs.  Brent crude futures briefly hit $100 a barrel again on Thursday, and the national average gasoline price climbed to $3.59 a gallon, up 22% from a month ago, according to AAA.Inflationary pressures in the wake of the joint U.S.-Israel strike also pushed the yield on the benchmark 10-year Treasury — the barometer for mortgage rates — up to 4.173%. "Nothing about this war is making life more affordable for average Americans," House said. The 'rockets and feathers' effect watch nowVIDEO2:4002:40Consumer prices rose 2.4% annually in February, as expectedSquawk Box Even if the war ends "very soon," as President Donald Trump has said, and those spikes prove short-lived, when oil prices fall, gasoline prices may come down more slowly. Economists call this the "rockets and feathers" effect, according to a Wednesday research note by Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics. "Gasoline prices shoot up like a rocket but float down like a feather," he wrote.Because fuel distributors buy gas from refineries and store it before selling it to consumers, they may still be unloading inventory purchased at higher prices long after crude supplies have stabilized. "Until that inventory is replaced with cheaper fuel, prices at the pump tend to fall gradually rather than immediately," Sohn wrote. Even before the expanding U.S. war in the Middle East fueled inflation fears, the high cost of living and a softening labor market had created an affordability crunch for many U.S. households. The U.S. economy lost jobs in February, and the unemployment rate edged up to 4.4%, the Bureau of Labor Statistics reported Friday."The Federal Reserve and the Treasury Department are likely examining options to ease the burden on households, though the available tools are limited," said certified financial planner Stephen Kates, a financial analyst at Bankrate."The Federal Reserve's task has become more complicated," Kates said. "Although the labor market showed signs of weakness in February, concerns about accelerating inflation are likely to keep the Fed from cutting rates at either of the next two meetings."Subscribe to CNBC on YouTube. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Dick's Sporting Goods' merger with Foot Locker led to a 60% increase in sales but a substantial decline in companywide profits. View More

In this articleDKSFollow your favorite stocksCREATE FREE ACCOUNT FILE PHOTO: People queue during Black Friday sales in front of a Foot Locker shoe store, in Zurich, Switzerland November 27, 2020. Arnd Wiegmann | Reuters Dick's Sporting Goods said Thursday it saw a better-than-expected holiday quarter, but the retailer issued weak profit guidance for the year ahead as its acquisition of Foot Locker continues to weigh on its bottom line. The company is expecting fiscal 2026 adjusted earnings per share to be between $13.50 and $14.50, weaker than the $14.67 analysts had expected, according to LSEG. Dick's said it expects Foot Locker to get back to both profit and sales growth during the year, but it's still doing the costly work of clearing through stale inventory and closing unproductive stores that it acquired during the merger last year.The company expects those efforts, along with other expenses associated with the deal, to cost between $500 million and $750 million. It said around $390 million of those costs were recorded in fiscal 2025, with more expected in the current fiscal year. In an interview with CNBC's Sara Eisen, Executive Chairman Ed Stack said the company is "basically done" with its efforts to rightsize the Foot Locker business. "In retail you're never really done cleaning out the garage," said Stack. "Anything else going forward is normal course of business." Dick's beat Wall Street's expectations on the top and bottom lines for the three months ended Jan. 31. Here's how the company did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Earnings per share: $3.45 adjusted vs. $2.87 expectedRevenue: $6.23 billion vs. $6.07 billion expectedDick's posted net income of $128.3 million, or $1.41 per share, a 57% decline from $299.97 million, or $3.62 per share, a year earlier. Excluding one-time items related to its acquisition of Foot Locker, Dick's posted adjusted earnings of $3.45 per share.Sales rose to $6.23 billion, up from $3.89 billion a year earlier, when the business didn't include Foot Locker.Six months ago, Dick's acquired Foot Locker in a $2.5 billion deal, and the combined entity is now one of the largest distributors of products from key athletic brands like Nike, Adidas and New Balance. The merger gave Dick's an in with a new type of customer, allowed it to expand its international presence and gave it more negotiating power with brands at a time when athleticwear companies are less reliant on wholesalers. While the acquisition led to a 60% increase in sales during the fiscal fourth quarter, it also saddled Dick's with a business that's underperformed for years and earns most of its revenue from a sprawling store footprint heavily concentrated in malls. Since acquiring the business, Dick's has worked to close poor performing stores. In fiscal 2025, it shuttered 57 stores globally across Foot Locker, Champs, Kids Foot Locker and WSS. It's started a pilot program with 11 Foot Locker stores dubbed "Fast Break" that'll test changes in products and the in-store presentation. So far, Dick's said the pilot has delivered "standout performance" through improved storytelling and presentation and a streamlined assortment. The retailer plans to expand the model later this year.Before the acquisition, Foot Locker's former CEO, Mary Dillon, had been leading an aggressive store transformation strategy that sought to move shops to off-mall locations and renovate existing doors with a refreshed concept. It's unclear if Fast Break will be different from the strategy Foot Locker already had underway. Dick's said it expects to see an inflection in Foot Locker's comparable sales and profitability beginning with the back-to-school shopping season. For the full year, it expects Foot Locker comparable sales to grow between 1% and 3%. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

By the time Warren Buffett stepped down as Berkshire Hathaway CEO, the company held a record amount of cash while he hunted for attractive deals. View More

When Warren Buffett stepped down as CEO of Berkshire Hathaway at the end of 2025, the company held an enormous stash of cash. Berkshire reported more than $370 billion in cash equivalents on the books at year-end, largely held in Treasury bills.  It wasn't a matter of simply being more conservative with his investments in his old age, 95-year-old Buffett told CNBC's Becky Quick in "Warren Buffett: A Life and Legacy." Rather, he explained, it would take an enormous investment to move the needle in a portfolio of Berkshire's size. And he hadn't been able to find an investment worth spending his large cash pile on."It's external circumstances," he told Quick. "Believe me, if after we get finished talking you say, 'I've got a great $100 billion new idea.' I would say, 'Let's talk.'"All in all, Buffett said he would rather be putting his money to work making more money. While the cash on the company's books brings in a modest amount of interest, Buffett prefers productive investments, such as stocks, that can grow at a compounding rate over time above and beyond the rate of inflation."It's at certain levels necessary, but cash is not a good asset," he said. It's like oxygen for your portfolio, he added — cheap to obtain and necessary, if unexciting. Essentially, Buffett likes to keep some level of cash to pay obligations and as "dry powder" for any attractive acquisitions."You do need oxygen, and if you're ever without it for four or five minutes, you will learn," Buffett said. "And cash is that way. So you always need to have it available, because you do not know what will happen." How to hold cash the Buffett way When he was running Berkshire's immense portfolio, Buffett's cash dilemma wasn't necessarily relatable to everyday investors — not many of us have more money than we can reasonably deploy. But the Oracle of Omaha's approach to managing cash is nevertheless in line with what many financial pros recommend for their clients. Notably, Buffett doesn't flee to the safety of cash or bonds when he believes the market is overvalued or that a crash is imminent. Even though the cash position grew as he and Berkshire waited for attractive opportunities, he said repeatedly that he'd prefer to be invested. "Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities — mostly American equities although many of these will have international operations of significance," Buffett wrote in his 2024 shareholder letter. "Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned."Buffett said in that letter that periods of runaway inflation have, in the past, eroded the value of cash and left bonds in the dust. Investable businesses, by contrast, "will usually find a way to cope with monetary instability as long as their goods or services are desired by the country's citizenry," Buffett wrote. Indeed, from January 1975 through January 2026, the S&P 500 index rose by nearly 6,700% compared with a 524% increase in the Consumer Price Index, according to data analyzed by Charles Schwab. In general, Buffett has urged investors to invest regularly in a broadly diversified way over the long term. "Consistently buy an S&P 500 low-cost index fund," Buffett told CNBC in 2017. "I think it's the thing that makes the most sense practically all of the time."Some level of cash, however, remains essential because no one — not even Buffett — knows what will happen over the short term. "I may have read every book in the public library, but I didn't find the answer then to the question of what the stock market is going to do next week or next month or next year," Buffett told Quick.Financial advisors typically recommend that everyday investors build and maintain an emergency cash reserve equal to three to six months' worth of expenses. That way, should an emergency arise — such as a job loss or a surprise medical bill — you can safely keep the rest of your financial life on track. Want to improve your communication, confidence and success at work? Take CNBC's new online course, Master Your Body Language To Boost Your Influence. Take control of your money with CNBC Select CNBC Select is editorially independent and may earn a commission from affiliate partners on links.Six ways to file your taxes for freeWhat is a good monthly retirement income in 2026?How to buy gold from CostcoHere are 5 grocery rewards cards to beat inflationThe 6 best personal loans of February 2026 VIDEO8:3508:35I travel the world and live rent-free by pet sitting full timeMillennial Money