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Making Financial Headlines · AM edition

Published · New York time

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10 pages · 23 stories

PAGE 1 OF 10

Holiday Shoppers Wrap Their Wanderlust While Markets Schedule Peace

A Visa survey finds gifts still favor physical goods, and a BNY strategist warns investors about a prolonged Iran war.

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Shoppers Ask for Adventure, Then Put It in a Box

A Visa survey finds consumers are prioritizing physical gifts this holiday season even as travel and experiences top wish lists. The gap leaves a familiar scene under the tree: people dreaming of a trip while buying something that fits neatly in wrapping paper. A physical gift has a practical advantage on the big day. It can be handed over, opened and admired immediately. A trip requires dates, planning and a recipient who can take time away. A gift card or booking confirmation may be useful, but it is harder to arrange dramatically beneath a tree. For households with limited holiday budgets, the difference between an appealing experience and an actual purchase can be substantial. A journey may involve travel, lodging and time off, while a smaller object has a more contained price. Retailers selling tangible goods also have the advantage of offering an immediate choice when shoppers are ready to buy. The survey suggests that wanting memories and paying for them are separate items on the holiday list. The travel industry can take comfort in its popularity, while the sweater industry gets the sale. The family vacation remains a wonderful idea, especially when it is not competing with everything else in the cart.

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Wall Street Gives the Iran War a Checkout Time

Alicia Levine of BNY's wealth management business says markets have not priced in the possibility that the Iran war lasts a long time. She described a prolonged conflict as the market's real black swan, a risk with consequences that investors may be underestimating. Her assessment challenges the comfort of treating a war as a brief disturbance followed by a tidy return to normal. The length of a conflict can matter to energy prices, inflation and business planning, all of which feed into the assumptions investors use to value assets. A quick resolution and a long campaign are not interchangeable entries in a spreadsheet. The warning is an assessment, not a prediction that the war will follow a particular course. It does, however, put the market's apparent confidence in an awkward position. Investors can price a share in seconds, but the duration of a conflict is not something a trading desk can settle before lunch. Households with retirement accounts and companies making spending plans also have reason to notice the assumptions built into market prices. The financial world likes an ending that fits neatly inside a quarterly report. Levine's point is that the calendar may have other ideas, and it has not promised to consult the consensus forecast.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 2 OF 10

Fox Gets an Election Review While Coffee Gets a New Corporate Parent

Trump blames the network for GOP losses, and Kraft Heinz agrees to sell its North American coffee business.

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Trump Blames Fox for Losses, Ratings Decline Without Waiting for His Review

President Donald Trump has blamed Fox News for Republican election losses as the network's ratings slide. The criticism puts a major media business under pressure from a politician who has frequently attacked broadcasters he regards as biased against him. For a cable network, ratings are more than a public scoreboard. Audience size matters to advertisers and helps shape the value of programming. A decline can therefore concern executives even before a prominent political figure adds his own assessment of the product. Trump's criticism also highlights the awkward relationship between a political movement and a network that covers it. A broadcaster needs an audience to keep watching, while a politician wants coverage that serves his interests. Those goals can overlap without being identical, particularly after an election loss. Fox now has two very different reviews to consider: the numerical one from its audience and the political one from Trump. Neither automatically explains the other. The network's programming decisions remain its own, and viewers have reasons of their own for tuning in or leaving. It is an uncomfortable position for a business built around interpreting events. The network is accustomed to putting elections on the screen. This time a former fixture of its coverage has put the network on the ballot, with ratings already counting the votes.

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Kraft Heinz Decides Coffee Is Someone Else's Morning Problem

Kraft Heinz has agreed to sell its North American coffee business to private equity firm One Rock Capital Partners for $650 million. The deal comes as CEO Steve Cahillane works to revive the packaged-food company. For Kraft Heinz, the sale removes a familiar household category from its portfolio and brings in a buyer whose business is acquiring companies. For customers, the transaction changes the corporate owner behind a daily routine, though the deal itself does not establish what will happen to individual products or prices. A company trying to improve its performance can decide that a business fits better under another owner. That makes sense on a balance sheet, even when the product involved is something people encounter before they are fully awake. Coffee may be a ritual in the kitchen, but in the executive suite it is also an asset with a price tag. One Rock will take over a business built around repeat purchases, while Kraft Heinz continues its effort to revive the rest of the company. The contrast is hard to miss: consumers rely on coffee for a dependable start, and the company has chosen this particular staple as a way to change its own routine. The morning cup has not moved, but the ownership paperwork is getting a thorough stir.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 3 OF 10

Wall Street Rallies on Hope as Wayfair Wins the Slow Sofa Race

The Dow posts its best day in 18 months, while Wayfair reports its strongest quarter since the pandemic.

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Wayfair Takes More of a Furniture Market That Would Rather Sit Still

Wayfair says third-quarter sales rose 10% as it gained share in a sluggish furniture market. The online retailer reported its strongest quarter since the pandemic, a notable result in a category where customers can often postpone a purchase. A sofa or dining table is not bought as frequently as groceries. When shoppers delay replacing furniture, a retailer can face a slow market even if it is doing a better job than competitors at attracting the customers who remain. Wayfair's reported share gains and sales growth therefore describe both its own performance and the slower backdrop against which it is competing. The distinction matters for the company. Winning a larger slice can support growth without requiring the entire furniture market to be lively. But a strong quarter does not guarantee that every household will suddenly decide its old couch has reached retirement age. Shopping online also asks customers to choose a large household item from a screen, then wait for it to arrive. The process gives retailers room to compete for attention, even as buyers weigh the cost of something intended to last for years. Wayfair has found a way to grow while the wider market lounges. In furniture retail, apparently, a company can win the race by persuading customers that the seat they already own is not comfortable enough.

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Dow Treats Hope of a Shorter War as the Day's Best Earnings Report

The Dow posted its best day in 18 months Wednesday as stocks surged, oil prices plunged and bond yields fell. The rally reflected optimism that the Iran war could end sooner after Democrats clinched control of Congress, according to MarketWatch. The moves linked several markets in a broad relief rally. Lower oil prices can ease a source of pressure on fuel costs, while falling bond yields affect the backdrop for borrowing and investing. Rising stocks lift the value of portfolios, at least for the day. None of those moves by itself settles the political or military questions behind the optimism. The election result changed the balance of power in Washington, prompting investors to reassess what might happen next. The prospect of a shorter war was part of that reassessment, not an established timetable for peace. Markets can respond immediately to a change in expectations even when the events they are anticipating remain uncertain. That speed is useful for putting a price on new information, and less useful for making the future comply with it. The rally gave traders a way to celebrate a possible outcome before anyone could deliver it. Hope had an excellent session; the actual calendar has yet to report its results.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 4 OF 10

Switch 2 Meets the Price Menu and Uber Searches for the Drivers

Nintendo reports a 41% console sales decline, while Uber beats revenue expectations and invests in driver supply.

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Nintendo Raises the Price of Play and Customers Pause the Game

Nintendo's Switch 2 sales fell 41% in its fiscal second quarter after the company raised prices amid soaring memory costs. The decline puts a normally invisible component at the center of a very visible consumer decision. Memory is one of the parts that helps a console operate, and a rise in its cost presents manufacturers with a choice. They can absorb more of the expense or pass it along through prices. Passing it on may protect the economics of each device, but it can also make shoppers reconsider when to buy. Nintendo sells to a worldwide audience, including American households weighing the cost of a console against other purchases. A 41% decline is a measure of sales in the quarter, not proof that memory prices alone explain every customer's decision. The company nevertheless made its price changes in the context of those rising costs. The tension is familiar across consumer electronics: the customer sees a finished product, while the manufacturer sees a collection of components with prices of their own. For a gaming company, that turns the cheerful promise of play into a rather serious exercise in arithmetic. Nintendo can make the console more expensive, but it cannot make the household budget grow an extra controller. For now, the price menu is getting as much attention as the game menu.

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Uber Beats Revenue Forecast, Finds Instant Rides Still Require Drivers

Uber reported better-than-expected revenue, but its mobility business faced higher fuel costs overseas and tighter driver supply. Its chief executive told CNBC the company is investing significantly to add drivers. The result captures a basic tension in ride-hailing. An app can make requesting a trip nearly instantaneous, but a trip still requires an available driver. When supply is tight, the platform must find ways to attract enough people to meet demand rather than simply make the booking screen more attractive. Fuel costs also matter to the economics of driving, and Uber identified higher costs overseas as a pressure on its mobility unit. The company's revenue beat shows a stronger result than expected on that measure, while the investment in drivers points to work still needed on the supply side. For riders, the value of the service depends partly on whether a car is available when needed. For Uber, recruiting drivers is an expense as well as a way to support that service. Revenue and supply can tell different parts of the story in the same quarter. The app promises a convenient trip, not a magical vehicle that appears without anyone behind the wheel. Uber's latest investment recognizes that the most important feature on the screen remains a person who is willing to arrive at the curb.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 5 OF 10

CVS Plans a Breakup While Congress Discovers the Presidential Pen

The healthcare company proposes a major split, and Democrats face limits on their cost-of-living plans.

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CVS Spent $78 Billion Bringing Aetna Home, Now Plans Separate Addresses

CVS Health plans to split off its drugstore business, a major breakup that would reverse its $78 billion acquisition of Aetna and dismantle the vertically integrated healthcare conglomerate created in 2018. CVS shares fell 10% after the news. The proposed separation marks a sharp change from the strategy of combining pharmacy and insurance under one corporate roof. Vertical integration joins different parts of a business in one company. Breaking those parts apart would give investors a different way to assess them, while raising practical questions about how the resulting businesses would operate. The plan is a proposed restructuring, not a completed separation. Patients, employees and investors will be watching its details, but the announcement alone does not establish changes to any particular prescription, insurance decision or job. The market reaction showed that investors had an immediate view of the news even though the work of carrying out a breakup would take longer. A 10% share decline is a concrete result of the announcement; the eventual effects of the proposed split remain to be seen. CVS once assembled a large healthcare house by bringing pharmacy and insurance together. Now it wants the drugstore to move out. Corporate strategy has discovered that a wall can be presented as either a barrier or an improvement, depending on which side of the deal a company is standing.

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Democrats Win Congress, Discover Grocery Bills Do Not Respect the Veto

Democrats will hold Congress, but President Donald Trump retains the power to block their plans, leaving their ability to address food, fuel and taxes constrained by divided government. The cost of living remains a practical concern for households regardless of which party controls the legislative agenda. A congressional majority can advance proposals, but a president can veto legislation. That gives the White House leverage over measures that require a new law. Political control is consequently not the same thing as the ability to enact every promise made to voters. Food and fuel prices also reflect factors beyond a single vote in Washington. Tax changes have their own legislative requirements. The new balance of power gives Democrats an opportunity to put forward their priorities, while making any agreement with the president a central part of the process. For families planning spending, the distinction between a proposal and a law is not an abstract civics lesson. A policy announced at a podium does not automatically change the next grocery receipt or fuel bill. Politicians can describe a majority as a mandate, but a budget still has to survive the arithmetic of government. The election supplied Congress with a new set of officeholders and left the president with the same pen. The household receipt, meanwhile, continues to arrive without asking either side for permission.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 6 OF 10

AMD Wins Praise for Servers While Hiring Refuses to Become a Fireworks Display

The chipmaker beats expectations, and ADP reports 86,000 private-sector jobs added in October.

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AMD's Server Forecast Makes Analysts Forget Their Indoor Voices

Advanced Micro Devices reported strong third-quarter revenue and earnings and offered a bullish forecast for server growth, impressing analysts. The results gave the chipmaker a favorable assessment on both its recent performance and its outlook for a business central to computing infrastructure. Server chips help power the machines that run data centers and business computing services. Demand for those systems is important to the companies that design the components, as well as to customers deciding how much computing capacity to purchase. A forecast of growth is encouraging for investors, though it remains a forecast rather than revenue already collected. AMD's quarter beat Wall Street expectations on the top and bottom lines, giving analysts a reason to review the business with more enthusiasm. The server outlook adds a forward-looking component to that assessment. Future orders will determine how much of the projected strength ultimately appears in results. The company has managed a rare corporate double: deliver numbers the market likes and offer a forecast that gives analysts something else to applaud. Both are useful, but they are not the same item on the balance sheet. For now, the server rack is the star of the earnings presentation. The analysts are delighted, the forecast is bullish, and the hardware has once again demonstrated that a very large box can generate a very large amount of excitement.

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ADP Finds 86,000 New Jobs, Economists Find Another Chart to Examine

Private employers added 86,000 jobs in October, slightly more than expected, according to ADP. The report showed steady private-sector job growth, with gains spread across sectors. ADP's measure provides a view of private payrolls, rather than a complete count of every job in the economy. Its monthly estimate gives businesses and market watchers one indicator of hiring conditions as they assess the pace of employment growth. The result suggests that private hiring continued without producing a dramatic surprise relative to expectations. For people looking for work, conditions can still differ by industry and location. An aggregate figure can describe the direction of hiring without promising a particular opening or wage to any individual. Employers also use the broader climate to consider staffing and spending. A steady increase is a different signal from a sudden surge or a contraction, and the slightly stronger-than-expected figure gave analysts a modest detail to discuss. There is something reassuringly untheatrical about a report that arrives close to expectations. After all the forecasts, the private sector added jobs and economists got to move a point on their graphs. The labor market has declined to provide a dramatic season finale, but the chart makers will still be back next month.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 7 OF 10

Voters Rank the Economy First, Qualcomm Finds Two Ways to Worry Investors

A CNBC poll puts economic concerns ahead of democracy and immigration, while Qualcomm shares fall.

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Voters Give the Economy Top Billing, Politicians Get the Supporting Roles

Participants in the CNBC Voter Poll ranked the economy as the most important issue facing the country, ahead of issues tied to democracy and immigration. The result puts financial conditions at the center of voters' stated priorities. The poll measures what respondents said was most important at the time they were asked. It does not mean that other issues are irrelevant to them, or that every voter has the same economic concern. Prices, jobs and household finances can all influence the way people think about the economy and judge political leaders. For parties and officeholders, the ranking is a reminder that an economic message competes with the experience of paying bills. A campaign can choose its preferred topic, but voters can choose another one when asked what matters most. The finding also gives strategists plenty to debate. A party might emphasize policy proposals, point to economic statistics or argue about who deserves responsibility for conditions. None of those approaches changes the basic result of the poll: respondents placed the economy ahead of the other named topics. In a crowded field of political arguments, the household budget has secured the leading role without hiring a consultant. Politicians can fight over the script, but the audience has already told pollsters which character it wants to hear from first.

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Qualcomm Loses Apple's Business and Finds Memory Costs Remembered by Everyone

Qualcomm shares fell as the chip company faced the loss of Apple's business and pressure from high memory costs on overall smartphone demand. The two forces affect different parts of the company's outlook: one involves a major customer, the other the market for phones more broadly. Qualcomm designs chips used in smartphones, making device demand an important consideration for its business. Higher memory costs can raise the expense of making phones, potentially affecting the price consumers face and their willingness to upgrade. The loss of Apple business adds a separate challenge tied to a particular customer relationship. The share decline reflects investors' assessment of those pressures, not a final accounting of their eventual effects. Phone makers and component suppliers must work through their own pricing and purchasing decisions, while consumers decide whether a new device is worth the cost. The episode also shows how a component that most buyers never see can still become part of the shopping decision. Customers may compare screens, cameras and battery life, but the bill for the hidden parts helps determine the price of the finished phone. Qualcomm's problem is that both the customer list and the cost of components are demanding attention at once. In an industry built on communication, the message from investors was delivered with unusual efficiency.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 8 OF 10

AppLovin Gets a Reprieve While Figma's Popular AI Sends a Bill

A positive earnings report lifts the year's worst S&P 500 performer, and Figma investors weigh the cost of AI usage.

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AppLovin Gets a Standing Ovation for Climbing Out of Last Place

AppLovin shares rose after earnings results described as clearly positive, giving relief to a stock that had been the year's worst performer in the S&P 500. The jump changed the mood around the company, although one market session cannot erase a difficult year. The S&P 500 includes many large US companies, so finishing at the bottom of its performance rankings represents a substantial disappointment for shareholders. A favorable earnings report can prompt investors to reassess expectations, particularly when sentiment has been poor. The rise says something about the market's reaction to the results. It does not by itself establish how the business will perform in future quarters or whether the improvement in the share price will last. Those questions remain separate from the immediate relief rally. For investors who watched the stock struggle, a positive report can feel especially welcome. But the mathematics of a rebound still depends on the decline that preceded it. A strong day and a strong year are different achievements, even when both are presented on the same chart. AppLovin has given the market a reason to stop staring at the bottom of the league table for a moment. The crowd is applauding the comeback, while the scoreboard quietly reminds everyone why a comeback was necessary.

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Figma's AI Attracts Users and Brings Its Own Expense Account

Figma shares dipped as investors worried about the cost of the company's AI momentum. Its investments in AI models and agents are driving usage, but delivering those features is expensive. That creates a difficult pairing for a software company: customers can find a feature useful while the business pays more to provide it. Increased usage may support growth, but the cost of running the tools matters to the economics of that growth. A popular feature is not automatically a cheap one. Investors reacted to that tension in the stock, weighing the promise of greater use against the price of supporting it. Figma's challenge is to turn the interest in its AI features into a business that can bear their operating costs. The market's reaction does not settle whether it will succeed. For designers and software teams, the attraction is the additional functionality. For the company, each additional use is also part of a cost calculation. Those perspectives can coexist without reaching the same conclusion about how quickly the feature should expand. The AI is doing what the company wanted by drawing users. Unfortunately for anyone hoping for a free celebration, it has also brought an invoice. Figma now has to make sure the guest that fills the room does not consume the entire catering budget.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 9 OF 10

Burgers Compete to Be Cheap While Crypto Learns Custody Has a Price

McDonald's tests a value menu, a major Binance breach raises security questions, and defense shares fall.

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McDonald's Turns the Value Menu Into a Competitive Sport

McDonald's is testing a new value menu as fast-food discount competition heats up. The chain is overhauling its offerings and seeking what it calls a clear and compelling value proposition. The test places price at the center of the pitch to customers deciding where to eat. For a restaurant, a discount has to attract enough business to make the lower price worthwhile. For a customer, the question is simpler: whether the meal fits the budget and feels like a deal. Rival chains face similar pressure to make their offers stand out, so a value menu is also a signal to the rest of the industry. McDonald's is testing an approach rather than announcing that every restaurant has adopted it. The modern bargain must apparently do two jobs: save money and explain, with corporate confidence, that it is saving money. The burger comes with a side of positioning.

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Binance Breach Gives Crypto's Custody Pitch an Unwanted Demonstration

A $6.3 billion Binance hack is putting custody at the center of discussion about crypto infrastructure, CNBC reports. The breach has drawn attention to how digital assets are held and protected, and to the businesses that provide those services. Custody is the practical question of who safeguards assets and how access is controlled. In crypto, that question sits alongside trading and speculation, even when rising prices make the plumbing less glamorous than the market itself. The lessons from the hack could shape the next phase of the infrastructure trade, according to CNBC. That is a prospective assessment, not a guarantee that any particular company or security approach will benefit. An industry famous for promising a new financial system now has a very old problem to address: keeping valuables safe. The future of money still needs someone to mind the vault.

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Defense Shares Retreat as Investors Debate a Budget Not Yet Written

Defense stocks fell on fears that Democrats will curb spending after their midterm sweep. Wolfe Research argued that investors should look beyond the decline, offering a more optimistic assessment of the sector. Government budgets matter to defense contractors, so a change in control of Congress can prompt investors to reconsider future spending. But fear of cuts is not the same as an enacted budget, and the analyst's view is a judgment about the selloff rather than a guarantee of future returns. The debate also matters to suppliers and workers whose businesses are tied to long-term programs. Those plans can extend well beyond the daily movements of a share price. For now, the stock market has voted on a spending debate before lawmakers have finished it. Wolfe sees opportunity in the reaction; the appropriations process has not yet cast its ballot.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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PAGE 10 OF 10

Promotions Cost Money, Data Centers Promise It, and Washington Debates the Bill

Flutter, Kentucky communities, E.l.f. Beauty and the debt ceiling each face their own arithmetic.

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FanDuel's Welcome Offers Give Flutter's Profits a Cold Reception

Flutter's new CEO Dan Taylor presented his first earnings report as chief executive as the company leans on FanDuel promotions to attract customers, even while profits suffer. Incentives can make a betting platform appealing, but they also cost the business money. The strategy asks shareholders to accept that expense in pursuit of customers who may stay longer than the offer. The welcome mat looks generous from the front door; the accounting department has to pay for it from the back.

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Kentucky Coal Country Welcomes Servers to the Revenue Table

Communities in Kentucky's former coal country are welcoming data centers in hopes that they will bring in money and help make up for coal losses. The proposed economic promise is a reason for local optimism, not proof that every expected benefit has arrived. Data centers house computing equipment, connecting local investment to the growing demand for digital services. For places seeking a new source of income, the appeal is clear. The region's next economic chapter may contain fewer miners and considerably more machines that need electricity.

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E.l.f. Raises Its Outlook After Sales Refuse to Stay Modest

E.l.f. Beauty reported stronger-than-expected quarterly results, with sales up 51% and growth across its portfolio. The company also raised its full-year guidance, signaling a more optimistic forecast after the strong quarter. Guidance remains a projection, while the reported sales increase is an accomplished result. The beauty company has given investors both a dramatic number and a promise to watch the next one. In an industry used to a polished presentation, the growth figure managed to supply its own shine.

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Debt Ceiling Offers Washington a Lever With a Very Expensive Handle

The next debt-ceiling confrontation could reverse Washington's usual political roles and create possibilities for spending concessions, market volatility and default, according to a CNBC analysis. The borrowing limit requires congressional action to raise or suspend it, making it a potential point of leverage in a divided government. Those outcomes are possibilities, not settled results. The proposed bargaining strategy would put federal financing at the center of a political contest, giving markets another reason to follow negotiations they would rather see completed quietly.

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Satire. Not factual reporting. Read the original reporting from the linked publishers.

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