Americans are still spending on flights, hotels and Disneyland

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By Krystal Hur • Thursday, May 9

Good morning! In today’s newsletter: Americans are still spending on flights, hotels and Disneyland despite shopping less. Plus, collapsed FTX says it can pay most creditors back in full.

US stock futures are edging lower. European markets are flat to slightly higher. In Asia, the major indexes ended mixed.

▸ Forwarded this newsletter? Want global markets news and analysis from CNN Business reporters every morning? You can sign up here.

What's happening now in markets:

▼ Dow Futures 39,110.00 (-0.22%)

▼ S&P 500 Futures 5,203.00 (-0.19%)

▼ NASDAQ Futures 18,141.00 (-0.25%)

▲ 10 Year 4.515%

▼ Gold $2,318.80 (-0.00%)

▲ WTI Crude Oil $79.70 (+0.01%)

▼ Bitcoin $60,913.00 (-0.42%)

Fear & Greed Index

Fear is driving the US market

MARKET DATA AS OF 7:14 AM ET

MARKET FLASH

Americans are still spending on travel despite shopping less

(Mario Tama/Getty Images/File)

Consumers may be fed up with high prices at the store, but they’re still willing to splurge on travel.

Disney’s parks and experiences revenue grew roughly 11% during the second quarter from the year prior. The company said that while attendance isn’t at the elevated levels seen following the end of Covid pandemic restrictions, it still rose at its US and Hong Kong Disneyland resorts.

“The bookings … indicate healthy growth in the business, so we still certainly feel good about the opportunities for continued strong growth,” said Hugh Johnston, Disney’s chief financial officer, during the company’s earnings call on Tuesday.

While the media conglomerate is homing in on its streaming business, it’s also making moves to improve its portfolio of theme parks. Disney is planning to bring an “Avatar”-themed experience to Disneyland in California and is expanding its Magic Kingdom in Florida as part of a $60 billion investment in parks, cruises and experiences over the next decade.

Other key players in the travel industry have reported a similar trend this earnings season. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. They’ve even become frugal with some experience-based spending like dining out, opting instead to eat at home.

But travel demand remains robust and is expected to ramp up in the upcoming months.

“Demand continues to be strong, and we see a record spring and summer travel season,” said Delta Air Lines CEO Ed Bastian during a call with analysts last month. “Delta’s core consumers are in a healthy position and travel remains a top purchase priority.”

United Airlines also said in April that it expects both the airline and industry as a whole to report record passenger volumes during the summer.

Marriott International raised its full-year earnings guidance in first-quarter results reported on May 1. The company saw its global revenue per available room climb 4.2% from the year before.

“Our 2024 outlook still assumes continued sturdy travel demand and a continuation of current macroeconomic trends,” said Kathleen Oberg, chief financial officer at Marriott, during a call with analysts.

Still, some executives including at Disney have warned that the appetite for travel doesn’t match the boom seen right after Covid pandemic restrictions were lifted, and that the boost from that period is fading.

Another source of potential woe is the uncertain economic environment. Pandemic-era savings have been spent, while sticky inflation and high inflation rates eat into household budgets. The labor market has shown remarkable resilience through the Federal Reserve’s interest rate hikes, but it cooled in April.

Expedia Group lowered its full-year guidance, citing in part the slower-than-expected growth in gross bookings during the first quarter.

“We saw a healthy but more normalized market environment for travel globally,” CEO Peter Kern told analysts on May 2. “We are largely past the pandemic-driven recovery.”

VOICES

Slaughterhouse cleaning company fined $649,000 for child workers

“The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action."

FAYETTE JANITORIAL SERVICE

Read more from CNN Business

NEWS FLASH

Collapsed FTX says it can pay most creditors back in full

(Fatih Aktas/Anadolu Agency/Getty Images)

FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.

“The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.

The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.

The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash. Sam Bankman-Fried resigned as CEO and the company filed for bankruptcy, reports my colleague Olesya Dmitracova.

A year later, Bankman-Fried was found guilty on seven counts of fraud and conspiracy, including on stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced in March to 25 years in prison.

Read more here.

UP NEXT

Earnings from Honda, Warner Bros Discovery, Hyatt Hotels, Krispy Kreme and Papa John’s.

Plus, the Bank of England announces its latest interest rate decision.

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WHAT WE'RE READING AND WATCHING

▸ The new Swiss Army Knife will be missing a key feature (CNN)
▸ Billionaires alone won’t turn Narendra Modi’s India into a rich country (CNN)

▸ What the proxy fight at Norfolk Southern means for railroad safety (CNN)

FINAL WORD

Tesla tells its German factory workers to stay home as more protests loom

Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion, reports my colleague Anna Cooban.

A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla spokesperson. But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.

The assembly lines normally run Monday through Friday. Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.

André Thierig, a senior manufacturing director at the Tesla factory, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.

People opposed to CEO Elon Musk’s plans to more than double the production capacity of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.

Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.

Read more here.

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<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Good morning! </span><span style="font-size:16px;"><strong>In today’s</strong> <strong>newsletter</strong>: Americans are still spending on flights, hotels and Disneyland despite shopping less. Plus, collapsed FTX says it can pay most creditors back in full.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<a href="https://www.cnn.com/markets/premarkets" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t5"><strong>US stock futures</strong> </a>are edging lower. <strong><a href="https://www.cnn.com/markets" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t6">European</a></strong> markets are flat to slightly higher. In <strong><a href="https://www.cnn.com/markets" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t7">Asia</a></strong>, the major indexes ended mixed.
</p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;"><strong><span style="color:#0ac5a6;">▸ </span>Forwarded this newsletter?</strong> Want global markets news and analysis from CNN Business reporters every morning? You can <strong><a style="text-decoration: none; color: #00c59e;" href="/business/before-the-bell" target="_blank" rel="noopener" data-location="t8">sign up here</a></strong>.</span></p>
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<p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #0C0C0C;"><strong>What's happening now in markets:</strong></span></p>
<p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #DD7E7E;">▼</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="https://www.cnn.com/markets" alt="CNN Business - Pre-Market" data-location="t9"><span style="color: #00C59E;"><strong>Dow Futures</strong><span> </span></span></a><span style="color: #0C0C0C;">39,110.00</span> <span style="color: #0C0C0C;">(-0.22%)</span></p>
<p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #DD7E7E;">▼</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="https://www.cnn.com/markets" alt="CNN Business - Pre-Market" data-location="t10"><span style="color: #00C59E;"><strong>S&amp;P 500 Futures</strong><span> </span></span></a><span style="color: #0C0C0C;">5,203.00</span> <span style="color: #0C0C0C;">(-0.19%)</span></p>
<p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #DD7E7E;">▼</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="https://www.cnn.com/markets" alt="CNN Business - Pre-Market" data-location="t11"><span style="color: #00C59E;"><strong>NASDAQ Futures</strong><span> </span></span></a><span style="color: #0C0C0C;">18,141.00</span> <span style="color: #0C0C0C;">(-0.25%)</span></p>
<!-- Futures Data Last Updated: 05-09-2024 7:14 AM ET--><p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #58C1A0;">▲</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="https://www.cnn.com/markets" alt="CNN Business - Bonds" data-location="t12"><span style="color: #00C59E;"><strong>10 Year</strong><span> </span></span></a><span style="color: #0C0C0C;">4.515%</span></p>
<!-- Bonds Data Last Updated: 05-09-2024 7:14 AM ET--><p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #DD7E7E;">▼</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="/markets" alt="CNN Business - Commodities" data-location="t13"><span style="color: #00C59E;"><strong>Gold</strong><span> </span></span></a><span style="color: #0C0C0C;">$2,318.80</span> <span style="color: #0C0C0C;">(-0.00%)</span></p>
<p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #58C1A0;">▲</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="/markets" alt="CNN Business - Commodities" data-location="t14"><span style="color: #00C59E;"><strong>WTI Crude Oil</strong><span> </span></span></a><span style="color: #0C0C0C;">$79.70</span> <span style="color: #0C0C0C;">(+0.01%)</span></p>
<!-- Commodities Data Last Updated: 05-09-2024 7:04 AM ET--><p style="font-size: 16px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0; margin-bottom: 5px;"><span style="color: #DD7E7E;">▼</span> <a style="text-decoration: none; color: #00C59E; outline: none;" target="_parent" href="https://www.cnn.com/markets" alt="CNN Business - Bitcoin/US Dollar" data-location="t15"><span style="color: #00C59E;"><strong>Bitcoin</strong><span> </span></span></a><span style="color: #0C0C0C;">$60,913.00</span> <span style="color: #0C0C0C;">(-0.42%)</span></p>
<!-- Crypto Data Last Updated: 05-09-2024 7:14 AM ET--><p style="font-size: 16px; line-height: 1.2; margin: 0; margin-top: 9px;margin-bottom: 8px;"><a style="text-decoration: none; outline: none;font-weight: 700" target="_parent" href="https://www.cnn.com/markets/fear-and-greed" alt="CNN Business - Fear &amp; Greed Index" data-location="t16"><span style="color: #0C0C0C;text-decoration: underline;"><strong>Fear &amp; Greed Index</strong></span></a></p>
<p style="font-size: 16px; line-height: 16px; mso-line-height-alt: 19px; margin: 0 auto;font-weight: 400;"><a style="text-decoration: none; color: #CD6200; outline: none;" target="_parent" href="https://www.cnn.com/markets/fear-and-greed" alt="CNN Business - Fear &amp; Greed Index" data-location="t17"><span style="color: #CD6200"><strong>Fear</strong></span> <span style="color: #0C0C0C;">is driving the US market</span><!-- Fear & Greed Score: 40.00 ▼--></a></p>
<!-- Fear & Greed Data Last Updated: 05-09-2024 7:09 AM ET--><p style="font-size: 12px; line-height: 1.2; mso-line-height-alt: 19px; margin: 0;margin-top: 10px"><span style="color: #AEAEAE;"><strong>MARKET DATA AS OF 7:14 AM ET</strong></span><!-- ALL MARKET DATA COMPILED AS OF 05-09-2024 7:25 AM ET --></p>
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<table class="row row-7" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:630px;margin:0 auto" width="630"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:10px;padding-left:20px;padding-right:20px;padding-top:10px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-left:0"><table class="html_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad"><div style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;text-align:center" align="center"><table align="center" border="0" cellpadding="0" cellspacing="0"><tbody><tr><td colspan="2"><a href="https://www.letsmakeaplan.org" data-location="t18"><img src="https://li.cnn.com/imp?s=682743&amp;li=&amp;[email protected]&amp;p=1264259" border="0" width="600" style="width: 100%; max-width: 600px !important;"></a></td></tr></tbody></table></div></td></tr></table></td></tr></tbody></table></td></tr></tbody></table>
<table class="row row-8" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:630px;margin:0 auto" width="630"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:20px;padding-left:20px;padding-right:20px;padding-top:10px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-left:0">
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<tr><td class="pad" style="width:100%"><div class="alignment" align="center" style="line-height:10px"><div style="max-width:590px"><img src="https://images.newsletters.cnn.com/images/3dfe4d97843b307b4fa50e553d3f9467/Before%20the%20Bell/BTB%20Dividers/BTB_Divider_MarketFlash.png" style="display:block;height:auto;border:0;width:100%" width="590" alt="Market Flash" title="Market Flash" height="auto"></div></div></td></tr>
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<table class="text_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:10px;padding-top:20px"><div style="font-family:sans-serif"><div class style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:12px;mso-line-height-alt:14.399999999999999px;color:#214968;line-height:1.2"><p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:16.8px;letter-spacing:2px"><span style="font-size:14px;"><strong><span style="color:#214968;font-size:14px;">MARKET FLASH</span></strong></span></p></div></div></td></tr></table>
<table class="text_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:20px;padding-top:10px"><div style="font-family:sans-serif"><div class style="font-size:12px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;mso-line-height-alt:14.399999999999999px;color:#00c59e;line-height:1.2"><p style="margin:0;font-size:12px;text-align:center;mso-line-height-alt:14.399999999999999px"><span style="font-size:20px;">Americans are still spending on travel despite shopping less</span></p></div></div></td></tr></table>
<table class="image_block block-4" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%;padding-right:0;padding-left:0"><div class="alignment" align="center" style="line-height:10px"><div class="fullWidth" style="max-width:590px"><img src="https://images.newsletters.cnn.com/images/3dfe4d97843b307b4fa50e553d3f9467/editor_images/gettyimages-1484907525.webp" style="display:block;height:auto;border:0;width:100%" width="590" alt="chart" title="chart" height="auto"></div></div></td></tr></table>
<table class="text_block block-5" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="font-family:sans-serif"><div class style="font-size:14px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;mso-line-height-alt:16.8px;color:#555;line-height:1.2"><p style="margin:0;font-size:14px;text-align:left;mso-line-height-alt:16.8px">
<span style="font-size:12px;">(Mario Tama/Getty Images/File)</span></p></div></div></td></tr></table>
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<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;">Consumers may be fed up with high prices at the store, but they’re still willing to splurge on travel.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;"> </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Disney’s parks and experiences revenue grew roughly 11% during the second quarter from the year prior. The company said that while attendance isn’t at the elevated levels seen following the end of Covid pandemic restrictions, it still rose at its US and Hong Kong Disneyland resorts.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;"> </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">“The bookings … indicate healthy growth in the business, so we still certainly feel good about the opportunities for continued strong growth,” said <strong>Hugh Johnston, Disney’s chief financial officer</strong>, during the company’s earnings call on Tuesday.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">While the media conglomerate is homing in on its streaming business, it’s also making moves to improve its portfolio of theme parks. Disney is planning to bring an “Avatar”-themed experience to Disneyland in California<strong> </strong>and is <strong><a href="https://www.cnn.com/2024/04/04/travel/disney-expansion-magic-kingdom-10-year-investment" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t19">expanding its Magic Kingdom</a> </strong>in Florida<strong> </strong>as part of a <strong><a href="https://www.cnn.com/travel/disneyland-expansion-rezoning-approval/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t20">$60 billion investment</a></strong> in parks, cruises and experiences over the next decade.</span>
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<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Other key players in the travel industry have reported a similar trend this earnings season. Americans, especially lower-income consumers, <strong><a href="https://www.cnn.com/2024/05/05/business/retailers-cutting-prices/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t21">have pulled back spending</a></strong> at retailers as goods inflation outpaces wage growth. They’ve <strong><a href="https://www.cnn.com/2024/05/03/investing/premarket-stocks-trading-consumers-restaurants/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t22">even become frugal</a></strong> with some experience-based spending like dining out, opting instead to eat at home.</span>
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<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;">But travel demand remains robust and is expected to ramp up in the upcoming months.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">“Demand continues to be strong, and we see a record spring and summer travel season,” said <strong>Delta Air Lines CEO Ed Bastian</strong> during a call with analysts last month. “Delta’s core consumers are in a healthy position and travel remains a top purchase priority.”</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">United Airlines also said in April that it expects both the airline and industry as a whole to report record passenger volumes during the summer.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Marriott International raised its full-year earnings guidance in first-quarter results reported on May 1. The company saw its global revenue per available room climb 4.2% from the year before.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">“Our 2024 outlook still assumes continued sturdy travel demand and a continuation of current macroeconomic trends,” said <strong>Kathleen Oberg, chief financial officer at Marriott</strong>, during a call with analysts.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Still, some executives including at Disney have warned that the appetite for travel doesn’t match the boom seen right after Covid pandemic restrictions were lifted, and that the boost from that period is fading.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Another source of potential woe is the uncertain economic environment. Pandemic-era savings have been spent, while sticky inflation and high inflation rates eat into household budgets. The labor market has shown remarkable resilience through the Federal Reserve’s interest rate hikes, but <strong><a href="https://www.cnn.com/2024/05/03/economy/april-jobs-report-final/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t23">it cooled in April</a></strong>.</span>
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<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;">Expedia Group lowered its full-year guidance, citing in part the slower-than-expected growth in gross bookings during the first quarter.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">“We saw a healthy but more normalized market environment for travel globally,” <strong>CEO Peter Kern</strong> told analysts on May 2. “We are largely past the pandemic-driven recovery.”</span></p>
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<table class="row row-9" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:630px;margin:0 auto" width="630"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:20px;padding-left:20px;padding-right:20px;padding-top:10px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-left:0">
<table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%"><div class="alignment" align="center" style="line-height:10px"><div style="max-width:590px"><img src="https://images.newsletters.cnn.com/images/3dfe4d97843b307b4fa50e553d3f9467/Before%20the%20Bell/BTB%20Dividers/BTB_Divider_Voices.png" style="display:block;height:auto;border:0;width:100%" width="590" alt="Voices" title="Voices" height="auto"></div></div></td></tr></table>
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<td class="pad" style="padding-bottom:10px;padding-top:20px"><div style="font-family:sans-serif"><div class style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:12px;mso-line-height-alt:14.399999999999999px;color:#214968;line-height:1.2"><p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:16.8px;letter-spacing:2px"><span style="font-size:14px;"><strong><span style="color:#214968;font-size:14px;">VOICES</span></strong></span></p></div></div></td>
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<table class="text_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:10px;padding-top:10px"><div style="font-family:sans-serif"><div class style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:12px;mso-line-height-alt:14.399999999999999px;color:#202020;line-height:1.2"><p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:16.8px"><span style="font-size:20px;color:#00c59e;">Slaughterhouse cleaning company fined $649,000 for child workers</span></p></div></div></td></tr></table>
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<p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:21px">
<strong><span style="font-size:20px;color:#000000;">“The realization that the use of fraudulent identification documents had allowed individuals under the age of 18 to circumvent our policies and procedures required immediate action."</span></strong></p>
<p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:21px">
<span style="font-size:14px;"><span style="color:#c6c6c6;"><span style><strong><span style>FAYETTE JANITORIAL SERVICE</span></strong></span></span></span></p>
<p style="margin:0;font-size:12px;text-align:center;mso-line-height-alt:24px"><span style="font-size:16px;"><a href="https://www.cnn.com/2024/05/07/business/child-labor-slaughterhouse-cleaning/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t24"><strong>Read more</strong></a> from CNN Business</span></p>
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<table class="row row-10" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:630px;margin:0 auto" width="630"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:20px;padding-left:20px;padding-right:20px;padding-top:10px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-left:0">
<table class="image_block block-1" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%"><div class="alignment" align="center" style="line-height:10px"><div style="max-width:590px"><img src="https://images.newsletters.cnn.com/images/3dfe4d97843b307b4fa50e553d3f9467/Before%20the%20Bell/BTB%20Dividers/BTB_Divider_Newspaper.png" style="display:block;height:auto;border:0;width:100%" width="590" alt="Market Flash" title="Market Flash" height="auto"></div></div></td></tr></table>
<table class="text_block block-2" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:10px;padding-top:20px"><div style="font-family:sans-serif"><div class style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:12px;mso-line-height-alt:14.399999999999999px;color:#214968;line-height:1.2"><p style="margin:0;font-size:14px;text-align:center;mso-line-height-alt:16.8px;letter-spacing:2px">
<span style="font-size:14px;"><strong><span style="color:#214968;font-size:14px;">NEWS FLASH</span></strong></span></p></div></div></td></tr></table>
<table class="text_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:20px;padding-top:10px"><div style="font-family:sans-serif"><div class style="font-size:12px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;mso-line-height-alt:14.399999999999999px;color:#00c59e;line-height:1.2"><p style="margin:0;font-size:12px;text-align:center;mso-line-height-alt:14.399999999999999px"><span style="font-size:20px;">Collapsed FTX says it can pay most creditors back in full</span></p></div></div></td></tr></table>
<table class="image_block block-4" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tr><td class="pad" style="width:100%"><div class="alignment" align="center" style="line-height:10px"><div style="max-width:590px"><img src="https://images.newsletters.cnn.com/images/3dfe4d97843b307b4fa50e553d3f9467/editor_images/gettyimages-1245966892.webp" style="display:block;height:auto;border:0;width:100%" width="590" alt="Image" title="Image" height="auto"></div></div></td></tr></table>
<table class="text_block block-5" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="font-family:sans-serif"><div class style="font-size:14px;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;mso-line-height-alt:16.8px;color:#555;line-height:1.2"><p style="margin:0;font-size:14px;mso-line-height-alt:16.8px">
<span style="font-size:12px;">(Fatih Aktas/Anadolu Agency/Getty Images</span><span style="font-size:12px;">)</span></p></div></div></td></tr></table>
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<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;">FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px"><span style="font-size:16px;">“The plan contemplates payment in full of all non-governmental creditors based on the value of their claims as determined by the (relevant) bankruptcy court,” FTX said in a statement.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">The plan, which needs to be approved by the US court, would resolve disputes with governmental and private stakeholders “without costly and protracted litigation,” FTX added.</span></p>
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<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">The once high-flying exchange imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash. <strong>Sam Bankman-Fried</strong> resigned as CEO and the company filed for bankruptcy, reports my colleague Olesya Dmitracova.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">A year later, Bankman-Fried was found guilty on seven counts of fraud and conspiracy, including on<strong> </strong>stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced in March to 25 years in prison.</span></p>
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<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;"><a href="https://www.cnn.com/2024/05/08/business/ftx-bankruptcy-plan-repay-creditors/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t25"><strong>Read more here</strong></a>.</span></p>
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<p style="margin:0;font-size:16px;mso-line-height-alt:24px" data-paragraph-id="paragraph_8D7BD04C-CA01-4642-85C7-9A7B93574628" data-act-id="paragraph_22">Earnings from Honda, Warner Bros Discovery, Hyatt Hotels, Krispy Kreme and Papa John’s.</p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px" data-paragraph-id="paragraph_8D7BD04C-CA01-4642-85C7-9A7B93574628" data-act-id="paragraph_22"> </p>
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<span style="font-size:14px;"><strong><span style="font-size:14px;">WHAT WE'RE READING AND WATCHING</span></strong></span></p></div></div></td></tr></table>
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<span style="font-size:16px;"><span style="color:#00c59e;font-size:16px;">▸<span style="color:#000000;"> The new Swiss Army Knife will be missing a key feature </span></span></span><span style="font-size:16px;"><span style="color:#2a2a2a;font-size:16px;"><strong><a href="https://www.cnn.com/2024/05/07/business/swiss-army-knife-blade-scli-intl/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t27">(CNN)</a></strong></span></span><br>
<span style="font-size:16px;"><span style="color:#00c59e;font-size:16px;">▸ <span style="color:#000000;">Billionaires alone won’t turn Narendra Modi’s India into a rich country</span> </span></span><span style="font-size:16px;"><strong><a href="https://www.cnn.com/2024/05/07/business/india-economy-modi-ambani-adani-influence-intl-hnk/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t28">(CNN)</a></strong></span></p>
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<span style="font-size:16px;"><span style="color:#00c59e;font-size:16px;">▸ <span style="color:#000000;">What the proxy fight at Norfolk Southern means for railroad safety</span><span style="color:#000000;"> </span></span></span><span style="font-size:16px;color:#000000;"><span style="font-size:16px;"><span style><strong><a href="https://www.cnn.com/2024/05/08/business/norfolk-southern-proxy-fight-railroad-safety/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t29">(CNN)</a></strong></span></span></span>
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<span style="font-size:14px;"><strong><span style="color:#214968;font-size:14px;">FINAL WORD</span></strong></span></p></div></div></td></tr></table>
<table class="text_block block-3" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad" style="padding-bottom:10px;padding-top:10px"><div style="font-family:sans-serif"><div class style="font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:12px;mso-line-height-alt:14.399999999999999px;color:#00c59e;line-height:1.2"><p style="margin:0;text-align:center;font-size:12px;mso-line-height-alt:14.399999999999999px"><span style="font-size:20px;">Tesla tells its German factory workers to stay home as more protests loom</span></p></div></div></td></tr></table>
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<span style="font-size:16px;">Tesla will shut its factory near Berlin to all employees Friday when crowds are expected to gather outside its gates to protest against a planned expansion, reports my colleague Anna Cooban.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
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<span style="font-size:16px;">A stoppage of the plant’s production lines this Friday was announced back in January, CNN affiliate RTL reported late Tuesday, quoting a Tesla spokesperson. But with the protests “in mind,” the electric vehicle maker has decided that all other workers at the factory should also stay at home, RTL said.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
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<span style="font-size:16px;">The assembly lines normally run Monday through Friday. Thursday is a public holiday in Germany, making Friday a so-called “bridge day” between the holiday and the weekend.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;"><strong>André Thierig, a senior manufacturing director at the Tesla factory</strong>, confirmed in a post on X Tuesday that there would be a “one-day planned production shutdown” Friday.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">People opposed to <strong>CEO Elon Musk</strong>’s plans to more than double the production capacity<em> </em>of Tesla’s only factory in Europe are planning four days of protests, starting Wednesday.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;">Disrupt, a coalition of self-declared anti-capitalist protest groups, argues that the expansion would require clearing swathes of the surrounding forest and would further strain local water supply.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:18px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:24px">
<span style="font-size:16px;"><strong><a href="https://www.cnn.com/2024/05/08/business/tesla-berlin-plant-shutdown-protests/index.html" target="_blank" style="text-decoration: none; color: #00c59e;" rel="noopener" data-location="t30">Read more here</a></strong>.</span></p>
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