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Billionaire real estate investor Barry Sternlicht had some harsh words for the newly elected mayor of New York City, Zohran Mamdani. Sternlicht is Chairman and CEO of Starwood Capital Group, which has both commercial and residential holdings and joint ventures in the city, as well as its own offices in Midtown Manhattan.Sternlicht blamed overly expensive development and management costs on unions and said he only expected it to get worse in the Mamdani administration.”Over $100 million, every project in New York has to go union, and it’s super expensive. It leads to extremely expensive housing. And other developers have tried…

U.S. Transportation Secretary Sean P. Duffy and FAA Administrator Bryan Bedford hold a press conference at the U.S. Department of Transportation Headquarters on Nov. 5, 2025 in Washington, DC. Tasos Katopodis | Getty ImagesTransportation Secretary Sean Duffy announced Wednesday afternoon that he will be reducing flight capacity by 10% at 40 major airports starting on Friday morning, affecting roughly 3,500 to 4,000 flights daily.It was not immediately clear which airports would be affected.”This is proactive,” Duffy said in a news conference.Federal Aviation Administration Administrator Bryan Bedford said additional measures could be taken after the initial reduction.”As we slice the data…

Snap shares climbed 15% on Wednesday after the company issued its third-quarter earnings, reporting revenue that beat analysts expectations and a $500 million stock repurchase program.Here is how the company did compared with Wall Street’s expectations:Earnings per share: Loss of 6 cents. That figure is not comparable to analysts’ estimates.Revenue: $1.51 billion vs. $1.49 billion expected, according to LSEG Global daily active users: 477 million vs. 476 million expected, according to StreetAccountGlobal average revenue per user (ARPU): $3.16 vs. $3.13 expected, according to StreetAccountSnap also announced that it is partnering with the startup Perplexity AI, which “will integrate its conversational search directly into Snapchat.” The…

Robinhood beat Wall Street expectations for the third quarter on Wednesday, extending a hot streak that has made it one of the biggest large-cap U.S. tech stocks this year.Here is how Robinhood’s results compared to Wall Street estimates, according to analysts surveyed by LSEG:Earnings per share: 61 cents vs. 53 cents expectedRevenue: $1.27 billion vs. $1.19 billion expectedRevenue doubled year-over-year, while net income climbed to $556 million, or 61 cents per share, up significantly from the same quarter last year, when the company posted net income of $150 million, or 17 cents per share.Transaction-based revenue, which is a proxy for…

Dylan Field, co-founder and CEO of Figma, center, appears on the floor of the New York Stock Exchange in New York on July 31, 2025. Figma Inc. shares surged as much as 229% after the design software maker and some of its shareholders raised $1.2 billion in an IPO, with the trading valuing the company far above the $20 billion mark it would have reached in a now-scrapped merger with Adobe Inc.Michael Nagle | Bloomberg | Getty ImagesDesign software maker Figma on Wednesday reported stronger-than-expected third-quarter revenue and quarterly revenue guidance. The stock moved as much as 6% higher in…

Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.Justin Sullivan | Getty ImagesDETROIT – Lucid Group missed Wall Street’s expectations for a second consecutive quarter as the all-electric vehicle maker continues to address problems with the launch of its new flagship Gravity SUV.The company, for a second consecutive quarter, also cut the high end of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Its original target for this year was 20,000 units. It also reduced the low end…

Hailey Bieber’s cosmetics line Rhode is expected to increase E.l.f. Beauty’s annual sales by $200 million this fiscal year, but its new parent company’s full-year guidance still fell below expectations, leading its stock to plunge 29% Wednesday.E.l.f., which declined to release full-year guidance last quarter, is expecting full-year revenue to be between $1.55 billion and $1.57 billion, implying 18% to 20% sales growth. That’s far below the $1.65 billion analysts were expecting, according to LSEG. In an interview with CNBC, CEO Tarang Amin said Rhode, which the company acquired earlier this year in a blockbuster $1 billion deal, is expected to…

Clara Shih, who’s now head of business AI at Meta., speaks during the 2024 Dreamforce conference in San Francisco, California, US, on Tuesday, Sept. 17, 2024.David Paul Morris | Bloomberg | Getty ImagesHubSpot announced on Wednesday that Clara Shih, Meta’s head of business AI, has been added to the software company’s Board of Directors.Shih joined Meta last year to lead its artificial intelligence product team, which develops AI tools for businesses, like its digital assistant dubbed Business AI, which debuted last month. She was previously CEO of Salesforce AI. While parts of the tech universe are seeing a big bump…

Qualcomm CEO Cristiano Amon delivers a keynote speech at Computex in Taipei, Taiwan May 19, 2025. Ann Wang | ReutersQualcomm reported fiscal fourth-quarter results on Wednesday that beat analyst estimates on the top and bottom lines.Here’s how the company did, compared with estimates from analysts polled by LSEG:Earnings per share: $3.00 adjusted vs. $2.88 expectedRevenue: $11.27 billion vs. $10.79 billion expectedRevenue rose 10% from $10.24 billion a year earlier, Qualcomm said in a statement. Due to an income tax expense, the company recorded a net loss of $3.12 billion, or $2.89 a share, after reporting net income a year earlier…

A former South Carolina state lawmaker has been indicted on federal allegations that he schemed to defraud his legal clients.According to court papers, a federal grand jury on Wednesday indicted former Rep. Marvin Pendarvis, a Democrat and attorney, on 10 charges including wire fraud, aggravated identity theft and money laundering.Federal prosecutors said that Pendarvis, between 2022 and 2024, negotiated financial settlements on behalf of his clients, but didn’t tell them that he had received the funds. Instead, according to the government, Pendarvis — who was at the time serving as a lawmaker representing the Charleston area — allegedly pocketed the…