Daily fantasy sports company and bookmaker DraftKings is merging with a special purpose acquisition company, allowing it to become public while forgoing the typical IPO process. DraftKings is combining with Diamond Eagle Acquisition Corp., a SPAC with a market cap of roughly $500 million, and SBTech, a betting and gaming technology company. The company will trade on the Nasdaq with an estimated market cap of $3.3 billion. DraftKings and rival FanDuel gained popularity earlier in the decade for t

Energy: NextEra Energy (NEE)The shift to clean energy is no longer about if, it’s when. “We expect the drive towards cleaner energy to continue, as cleaner power generation isincreasingly competitive versus traditional fossil-fuel-based technologies,” Credit Suisse said in a January note. We expect this segment to grow at least 15% for the next decade or longer,” Credit Suisse said. “Over the next few years, the number of global connected devices is expected to grow exponentially, according to o

A $1 million bet on Netflix’s stock placed on Jan. 1, 2010, would be worth close to $43 million today. Customers fled and the stock plunged 75% in four months, forcing Netflix to backtrack on the spinoff and then raise $400 million in emergency funding. Streaming — Film studios were focused on digital downloads, while Netflix was pushing the on-demand model of watching when you want, where you want from whatever device. Licensing — Studios were saying that Netflix wouldn’t be able to afford prem

Senate Majority Leader Mitch McConnell on Monday said that Republicans have not foreclosed on the possibility of calling witnesses in President Donald Trump’s eventual impeachment trial in the Senate. “We haven’t ruled out witnesses,” McConnell said in a Fox News interview. One sticking point for Democrats is whether McConnell will allow witnesses in the Senate trial. Republicans have argued that Democrats’ attempt to pursue further investigation is evidence that the House rammed through Trump’s

A steeper yield spread, which measures the difference between shorter- and longer-term bonds, boosts a banks’ net interest margins. Banks borrow on the short end of the yield curve and lend on the long end, meaning higher interest rates on longer-term bonds benefit their profitability. A more accommodative Federal Reserve should continue to fuel banks’ gains, says Gina Sanchez, CEO of Chantico Global. They continue to be cheap relative to the rest of the market,” Sanchez said. “Investors want go

Comcast’s NBCUniversal and Starz announced a new deal Monday to license streaming content from one another. The two companies have entered a long-term agreement that will give NBC’s Peacock streaming service a fresh batch of content. NBCUniversal has also agreed to license out content to Starz for its own streaming service. The streaming service will also include older series that aired on NBC including “The Office” (beginning in 2021), “Cheers” and “Friday Night Lights.” CNBC reported last week

Advance Auto Parts is acquiring Sears’ DieHard brand, known for its car batteries, for $200 million in cash, CNBC has learned. “[W]e have long believed that the [DieHard] brand has even more potential,” Peter Boutros, president of Transformco’s Kenmore, Craftsman and DieHard business unit, said in a statement. At the time of Sears’ bankruptcy, there were more than 700 Sears and Kmart stores. It hopes to attract people who are loyal to the DieHard brand, which has been around since 1967. In Decem

A majority of millionaires support a wealth tax on those worth $50 million or more, but their support declines for a tax on those worth $10 million, according to a new poll. Fifty-nine percent of millionaires said they would support a new federal tax on wealth over $50 million, according to the Q4 CNBC Millionaire Survey. Democratic presidential candidate Elizabeth Warren’s tax plan includes a wealth tax of 2% on wealth over $50 million and 6% over $1 billion. Attitudes toward the wealth tax are

Boeing CEO Dennis Muilenburg is the latest casualty in a string of chief executive exits this year. Through November, 1,480 CEOs left their companies in 2019, according to business and executive coaching firm Challenger, Gray & Christmas. The previous highest total year on record was 2008, when 1,484 chief executives departed in the midst of the financial crisis. Boeing Chairman David Calhoun will replace Muilenburg as CEO of the embattled manufacturer on Jan. 13. CFO Greg Smith will serve as th

Former Boeing CEO Dennis Muilenburg had to be fired in order for the 737 Max jet to receive regulatory approval, CNBC’s Jim Cramer said Monday. Boeing announced Muilenburg’s firing Monday morning as the Chicago-based aviation giant struggled to regain the trust of regulators who need to certify the 737 Max. The 737 Max has been grounded worldwide since March after two of them crashed — one in October 2018 and the other in March — killing 346 people in total. But the Federal Aviation Administrati

Presidential candidate Mike Bloomberg is pouring tens of millions of dollars from his vast personal fortune into his campaign. Hawkfish will be the “primary digital agency and technology services provider for the campaign,” Julie Wood, a Bloomberg campaign spokeswoman, told CNBC. Bloomberg’s campaign disclosed details about the company after CNBC pressed the campaign about its recent hiring spree. Bloomberg LP, a financial services and data company, rose to success on the strength of its “termin

Boeing has fired CEO Dennis Muilenburg and said Monday it replaced him with the company’s chairman as the manufacturer struggles to regain the trust of regulators, customers and the public after two fatal crashes of its best-selling plane, the 737 Max. Earlier this month, Boeing said it would suspend production of the 737 Max early next year. Earlier this month, the FAA’s chief said that he would not rule out fining Boeing for failure to make disclosures about the 737 Max. Muilenburg became CEO

Hong Kong’s 30,000-strong police force has been so stretched by a half year of anti-government protests that it is struggling to keep the peace. Still, Hong Kong remains a city where visitors don’t need to think twice about venturing out at night. It had six times fewer homicides last year than New York, seven times fewer burglaries and 88 times fewer robberies. The police overtime bill has soared, approaching 1 billion Hong Kong dollars ($128 million). The latest police figures appear to bear o

Emaar Properties is selling the observation decks of the world’s tallest skyscraper the Burj Khalifa, four sources told Reuters, potentially raising $1 billion for Dubai’s biggest developer amid a real estate downturn. Two of the sources said Emaar had appointed Standard Chartered to advise it on the sale of the popular “At The Top” tourist attraction. Emaar, in which the Dubai government has a minority stake of 29.2%, and Standard Chartered declined to comment. Dubai is a regional hub for touri

So it felt “natural” for the entrepreneur to stay in car retail when it came to setting up his first business in Paris, France in 2008. Setting up and building a business in the midst of the global financial crisis, when investment capital wasn’t “abundant,” was a learning curve for the entrepreneur. In this environment, Kaddoura said he learned how to run a business in a “lean” way, in terms of balancing cost and innovation. Having less investor capital readily available also taught Kaddoura th

South Africa’s Competition Commission is seeking extraterritorial powers to prosecute foreign banks whose actions affect South Africans. The call comes after a four-year investigation which alleged that 23 local and foreign banks, including J.P. Morgan Chase, Bank of America Merrill Lynch and Credit Suisse, had colluded to rig the rand. The banks themselves have dismissed the allegations and called for the probe to be closed. The Competition Commission initially recommended fines totaling 10% of

ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was down at 1.9083%. The yield on the 30-year Treasury bond was also lower at around 2.3334%. U.S. government debt prices were higher Monday morning as investors looked to shore up their positions going into the holiday season. U.S. President Donald Trump tweeted on Friday that he had held a “very good talk” with Chinese President Xi Jinping about the recently agreed partial deal. Auctions will be held Monday

Activist hedge fund Marcato Capital Management, backed by Blackstone Group and billionaire William Ackman, is shutting down as assets have shriveled after two years of poor returns, sources said on Sunday. The decision marks the end of a nine-year run for one of the hedge fund industry’s most celebrated newcomers who launched in 2010 with the backing of Blackstone Group, the world’s biggest hedge fund investor, and Ackman, his former boss at Pershing Square Capital Management. An activist fund’s

U.S. electric vehicle maker Tesla and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker’s Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan. That new loan will be partially used to roll over the previous 3.5 billion yuan debt, according to the first source. The new loan’s interest rate will be pegged at 90% of China’s one-year benchmark interest rate, the same

Saudi Arabia on Monday sentenced five people to death and three more to jail terms totaling 24 years over the killing of Saudi journalist Jamal Khashoggi in Istanbul in October last year. Khashoggi was a U.S. resident and critic of Saudi Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler. He was last seen at the Saudi consulate in Istanbul on Oct. 2, 2018, where he had gone to receive papers ahead of his wedding. The CIA and some Western governments have said they believe Prince Moha