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| Hey Insiders, Monday's edition of Inside Business takes a look at Carnival Cruise Lines' Q2 earnings report as well as Prologis buying up more commercial real estate properties. Plus, if you're interested in sports franchise investing, we have multiple stories on new stakeholders in golf and racing. Happy Monday! Christopher
p/chris951156 | |
| 1 | | With the burst of online retail over the past 10 years, warehouse space is at a premium, and Prologis, a real estate investment trust (REIT), has agreed to pay Blackstone $3.1B for a portfolio of U.S. warehouses. Industrial space remains one of the strongest property types to invest in for those looking to take advantage of the real estate market. More: - The purchase includes nearly 14 million square feet across 70 properties spread throughout the nation.
- The warehouses are in major markets, including Atlanta, Dallas, California, southern Florida, Washington, D.C., and New York.
- It is one of the largest commercial real estate transactions of the year, and it was an all-cash deal.
- It is expected to close by the end of the month.
- Prologis is the world's largest industrial property company, with 1.2 billion square feet in 19 countries.
Zoom Out: - Last year, Prologis purchased rival Duke Realty for $23B, the largest commercial property deal since the COVID-19 pandemic began.
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What the numbers say: After a disastrous time for the cruise industry during the COVID-19 pandemic, Carnival Cruise Line has seen upward growth in revenue, trending toward what it was pre-pandemic. The company earned $4.91B in its most recent earnings announcement, reaching the highest revenue the company has earned since the summer of 2019. Relevance: Carnival Cruise Line announced its Q2 2023 earnings today. The company beat expectations with $4.91B in revenue this quarter but reported a loss of $407M. It lost $0.32 per share this quarter. For the quarter ending in August, Carnival expects its per-share earnings to range from $0.70 to $0.77. More data: Overall, the stock has climbed 46% in the past 12 months. Interestingly, CCL had its lowest stock prices in 2022, not during the pandemic in 2020. It reached $6.38 in October 2022, the lowest it had been since 1995. After the earnings announcement, Carnival was at around $14 today. | | | |
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| 3 | | Teachers in Newark, New Jersey, are putting AI tutoring bots to the test in classrooms, seeing how public schools can utilize the technology. Newark Public Schools are using technology from Khan Academy, an educational nonprofit, as an automated teaching aid to help students. More: - Many schools scrambled over the past year to block the use of AI-enhanced chatbots like ChatGPT from helping students with their homework, as the fear is that the students wouldn't do it themselves.
- But the pilot test of Khanmigo, the automated teaching aid, is to decide how effective AI can be in the classroom.
- Those in favor believe that AI can democratize tutoring, allowing children to learn at their own customized pace, while those against it warn AI can create plausible-sounding misinformation databases.
- "It's important to introduce our students to it because it's not going away," Timothy Nellegar, the director of educational technology at Newark Public Schools, said of A.I.-assisted technology. "But we need to figure out how it works, the risks, the good and the bad."
- Khan Academy is one of the few online learning companies to create tutoring bots that are based on language models developed by OpenAI.
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| 4 | | Fenway Sports Group, the U.S. owner of Liverpool F.C. and the Boston Red Sox, is investing in the new virtual golf league owned by Tiger Woods and Rory McIlroy. Fenway Sports Group will become the second owner of a team in the TGL, the new league, which is set to launch next year. More: - The team is set to be based in Boston.
- Tennis legend Serena Williams and her husband, Reddit co-founder Alexis Ohanian, acquired the first team, Los Angeles Golf Club, earlier in June.
- TGL is majority owned by TMRW, an investment vehicle jointly controlled by Woods and McIlroy.
- FSG will own a 3% stake in TGL as a part of the deal.
- TGL will feature six teams with three players competing on a simulator inside an arena. The matches will last around two hours and be broadcast on primetime U.S. television.
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| 5 | | Aston Martin struck a deal with California-based electric car startup Lucid Group for future Aston Martin vehicles. Lucid Group will provide electric motors and battery systems for the British luxury car company's electric vehicles. More: - Saudi Arabia's Public Investment Fund is the second-largest shareholder in Aston Martin and the largest shareholder in Lucid Group.
- Lucid will take a 3.7% stake in Aston Martin as a part of the deal.
- The contracts with Aston Martin are worth $450M, according to Lucid.
- Aston Martin intends to develop its own electric vehicle engineering by using Lucid's components.
Zoom Out: - Last year, Aston Martin announced its plans to produce its first fully electric vehicle by 2025.
- Aston Martin also has deals with Mercedes-Benz for various components it uses in both gas-powered and electric vehicles.
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| 6 | | Pfizer is stopping the development of its experimental obesity and diabetes pill due to elevated liver enzymes in patients that took it during clinical studies. The drug lotiglipron caused elevated enzymes, which often indicates damage to the liver cells. More: - Shares of Pfizer dropped 5% after the announcement.
- The pharmaceutical company has said that, despite halting the development of the drug, no patient experienced liver-related symptoms or side effects.
- Pfizer will instead pivot to another oral obesity drug, danuglipron, which is currently in phase two clinical trials.
- That study has found that those with Type 2 diabetes taking it in the study saw a reduction in body weight after high-dose versions twice a day for 16 weeks.
- Pfizer CEO Albert Bourla has previously stated that an obesity pill could eventually generate $10B annually for the company.
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| 7 | | Quick Hits: - Kubernetes doesn't need to be complex. Join us for a conversation about how to increase developer productivity & reduce your pull request time by 75%.*
- The Nobel-winning creator of the lithium-ion battery passed away at the age of 100.
- PwC is selling its advisory business in Australia.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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