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Papa John’s is no longer the official pizza of the NFL after ‘mutual decision’ to end sponsorship

Pizza chain Papa John’s is no longer the official pizza of the NFL.

Papa John’s CEO Steve Ritchie told investors Tuesday that the company and the league made the decision mutually stating that it was in the company’s best interest, according to ESPN.

“While the NFL remains an important channel for us we have determined that there are better ways to reach and activate this audience,” Ritchie said. “Thus we will shift our marketing for the broader NFL sponsorship to focus on our partnership with 22 specific NFL teams, a significant presence on league broadcast and digital platforms and on our relationships with many of the league’s most popular players and personalities.”

Papa John’s has been the official pizza of the NFL since 2010.

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An unlikely company has the most to gain if Sears closes all its stores

Sears’ business is declining so rapidly that Wall Street analysts are now betting on who stands to win if the company closes all of its stores.

In that scenario, the retailer with the most to gain is Best Buy, according to a new analysis by UBS.

Best Buy might seem like an unlikely winner if Sears disappears. It’s best known for selling electronics, whereas Sears’ main businesses are apparel and appliances.

But Best Buy has been aggressively expanding its share of the appliance market in recent years. Thanks to that increasing emphasis on appliances, as well as its proximity to existing Sears and Kmart stores, Best Buy would get the biggest lift in same-store sales if all Sears stores closed, analysts found.

Mandatory Credit: Photo by Oleksiy Maksymenko/imageBROK/REX/Shutterstock (4720435a) People entering Sears store, Yorkdale Shopping Centre, Toronto, Canada, Northern America VARIOUS

Home Depot and Lowe’s would also get a huge boost in appliance sales from the demise of Sears. Together, Best Buy, Home Depot, and Lowe’s would capture about 80% of Sears’ appliance business if all its stores closed, analysts said.

Amazon is missing from that list — even though Sears is now selling its Kenmore appliances through Amazon — because shoppers still prefer to buy appliances in physical stores, according to the analysts.

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Amazon’s CEO Jeff Bezos just passed Bill Gates for world’s richest person

Jeff Bezos has leapfrogged Bill Gates again for the title of world’s richest billionaire. But they’re both having a pretty good day.

Amazon stock jumped 13.5% on Friday after the company turned in another incredible earnings report — more than a quarter-billion dollars in profit in three months.

Bezos owned nearly 80 million shares in Amazon (AMZN, Tech30) as of August, according to the most recent available data from FactSet. He made more than $10 billion from the one-day stock surge and is now worth well over $90 billion.

At the end of trading on Thursday, Gates occupied the top spot in the Bloomberg Billionaires Index, with a net worth of $88 billion. Bezos had $83.5 billion, and his big day on Friday was more than enough to close the gap.

But Gates also got a boost as Microsoft (MSFT, Tech30) stock rose 7%. Gates owned 103 million shares as of September, according to FactSet. Microsoft stock climbed about $6 a share, so Gates added almost $600 million to his personal wealth.

Bezos briefly dethroned Gates once before, on July 27, when his net worth topped $90 billion because of a temporary surge in Amazon stock.
Amazon has been on a tear this year. It acquired Whole Foods and plans to establish a second headquarters somewhere in North America. More than 200 cities and regions have submitted bids to become the home for HQ2.

–CNNMoney’s Matt Egan contributed to this report.

Papa John Loses Dough: Pizza Chain Founder Loses $70 Million In Hours, Blames NFL

Papa John is having a bad day.

The net worth of John Schnatter, founder and CEO of pizza chain Papa John’s, fell $70 million in less than 24 hours after the company released its third-quarter financial report on Tuesday afternoon. The business beat estimates on earnings and revenue, but it lowered guidance on same-store sales for the coming period.

Investors were not pleased with that news and sent shares down 11% through 12:30 pm Eastern Time on Wednesday. The stock is now trading at just over $60 per share.

One casualty of the slide was Schnatter’s personal fortune. The 55-year-old—who owns roughly 25% of Papa John’s—is now worth $801 million, Forbes estimates.

Schnatter blames part of the downturn on the National Football League, which has faced turbulence amid widespread national anthem protests in the past year. “The NFL has hurt us by not resolving the current debacle,” he said on a conference call on Wednesday. Papa John’s is the league’s official pizza sponsor.

So far 2017 has been a challenging year for the restaurant chain. It has lost a quarter of its market capitalization since the start of January. Its future looked significantly brighter earlier this year. Shares hit an all-time high in December 2016, and Schnatter made Forbes’ list of the World’s Billionaires for the first time in March. He has since fallen off the ranks.

Schnatter, a native of Indiana, built his business from scratch. After graduating from college in 1983, he started working at his father’s tavern, then on the brink of bankruptcy. He sold his car, a 1971 Camaro Z28, to pay off debts and to buy used pizza equipment, which he installed in a broom closet at his father’s bar.

After righting the finances at the bar, Schnatter opened his first Papa John’s in Jeffersonville, Indiana in 1985. Growth came quickly; within six years he had 100 locations. The company now boasts more than 5,000 restaurants in 45 countries and territories.

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Haunting Video Shows Postal Worker Delivering Mail To Scorched Homes

As wildfires continue to ravage parts of northern California, evacuees have begun returning to recover whatever belongings they have left. For some, that may be only their mail.

A stirring video taken by a drone over a Santa Rosa neighborhood on Tuesday shows a lone U.S. Postal Service truck making its rounds past razed homes and burned-out vehicles. When it comes upon a mailbox that’s still standing, the postal worker stops and dispenses the mail.

Professional drone pilot and cinematographer Douglas Thron told HuffPost he was out filming the devastation in hopes of raising public awareness when he caught sight of the USPS driver, piquing his curiosity.

“At first, I thought he was taking pictures with his cell phone but then I saw that he was actually delivering mail,” he said on Thursday. “It was just so surreal looking, like he was the only form of normalcy in this whole aftermath, so it kind of stuck out.”

He uploaded the video to YouTube on Wednesday, and it became one of the site’s top trending videos. The video includes a link to the Santa Rosa Fire Department’s website, which lists volunteer and donation information.

On Tuesday, the Federal Aviation Administration prohibited aircraft from flying over Santa Rosa “to provide a safe environment for fire fighting.” The ban lasts until November 10. Thron told HuffPost he is aware of the restriction, but flew his drone before it was issued.

Noemi Luna, the district manager for USPS San Francisco, confirmed the worker’s unusual mail route to Mercury News, saying the employee was fulfilling a request made by some of the evacuees.

“This is an example of the long standing relationship that has been established between our carriers and their customers based on trust,” she told Mercury News in a statement. “The carrier in question was honoring a request by a few customers who were being let back in the fire zone to retrieve personal items. A few customers asked the carrier to leave their mail if the mailbox was still standing because they could not get to the [mail distribution center] to retrieve it.”

The fact that some mailboxes were left standing at all could be a surprise to some people viewing Thron’s video. The majority of the footage resembles a war zone, with smoke continually rising from piles of ash and charred debris. There are some areas that appear completely unscathed, however.

“It was kind of like an all or nothing — either your house was left or it was gone,” Thron said of the fire’s unpredictable destruction.

Thron said he’s worked as a cinematographer since the early 90s, and has filmed “quite a few wildfires but I’ve never seen anything like this.”

“You saw cars that had exploded and flipped over on its side and the fires are still going now,” he said.

Thron said the experience gave him “a whole different outlook on things” as the neighborhood seemed like it was in a safe location, with it located next to a major highway and a Hilton Hotel ― which was also destroyed.

“It’s like a regular mom and pop neighborhood,” he said. “I would probably not have evacuated, I would have been like, ‘whatever.’”

As he flew his drone over the smoldering wreckage, he said he spoke with some people on the ground who had returned to search for belongings. Two people, a father and daughter, were there looking for items belonging to the man’s late wife.

“He was looking for a safe deposit box that was under the house. But he said it was so hot it probably melted,” Thron said.

Thron said he showed the pair footage taken by his drone, allowing them to see the full magnitude of the devastation.

“I think him and his daughter were in shock,” he said.

This story has been updated to include the FAA’s no-fly restriction.

This article originally appeared on HuffPost.

US weekly jobless claims total 243,000, vs 251,000 expected

A job seeker (L) talks to representatives of Hilti at the Job Market at the South by Southwest (SXSW) Music Film Interactive Festival 2017 in Austin, Texas.

The number of Americans filing for unemployment benefits fell to more than a one-month low last week as claims in Texas and Florida continued to decline after being boosted by Hurricanes Harvey and Irma.

Initial claims for state unemployment benefits decreased 15,000 to a seasonally adjusted 243,000 for the week ended Oct. 7, the lowest level since late August, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 fewer applications received than previously reported.

A Labor Department official said Harvey and Irma along with Hurricane Maria affected claims for Texas, Florida, South Carolina, Puerto Rico and the Virgin Islands. In addition, claims for Virginia were estimated.

Economists polled by Reuters had forecast claims falling to 251,000 in the latest week. Claims have been declining since surging to an almost three-year high of 298,000 at the start of September as workers displaced by the hurricanes were left temporarily unemployed.

As a result of Harvey and Irma, nonfarm payrolls dropped by 33,000 jobs last month, the first decrease in employment in seven years. A rebound in job growth is expected in October, boosted by the return of the dislocated workers as well as the start of rebuilding and clean-up efforts in storm-ravaged areas.

Underscoring the labor market’s underlying strength, claims have now been below the 300,000 threshold, which is associated with a robust labor market, for 136 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller.

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BlackBerry shares soar as software sales hit record

TORONTO (Reuters) – Canada’s BlackBerry Ltd reported stronger-than-expected quarterly profit on Thursday as high-margin software sales hit a record, boosting investor confidence in its turnaround and sending shares up 14 percent.

Software and services revenue rose 26 percent to $196 million in the second quarter ended Aug. 31 from a year earlier, above the average forecast of $175 million of two analysts polled by Reuters.

The results bolstered hopes that Chief Executive John Chen was succeeding in rebuilding BlackBerry, whose revenue has declined for seven years as its smartphone business collapsed. Chen has discontinued handset manufacturing and focused on selling software to industrial companies, governments and corporations.

“Obviously a very good quarter for the software business, which is a good sign for BlackBerry,” said Nicholas McQuire, an analyst at CCS Insight.

The company reported quarterly profit of 5 cents a share, excluding special items, versus a break-even forecast by analysts.

Quarterly software and services revenue was buoyed by a sharp increase in licensing fees, to $56 million from $16 million a year earlier.

Licensing will eventually contribute about as much revenue as BlackBerry’s larger enterprise software business, Chen said in a call with reporters, according to Bloomberg News.

Chen told BNN television that the company hoped to close another autonomous-vehicle software deal directly with an unnamed carmaker later this year, which would follow a deal inked with Ford Motor Co last October that has started to produce revenue for BlackBerry.

“There’s some exciting growth opportunities,” Morningstar analyst Ali Mogharabi said, citing progress in getting BlackBerry technology into self-driving cars.

The company said on Sept. 20 that it would partner with auto supplier Delphi Automotive Plc on a software operating system for self-driving cars, sending its shares up 9 percent that day.

BlackBerry could earn licensing fees of $5 to $25 per car with advanced self-driving technology, up from the $1.50 to $5 it earns for just providing infotainment systems, Chen said on an analyst call.

Some investors said it was too early to call the turnaround a success.

“The company is at the intersection of some interesting trends … but it’s still early days for them,” said Lori Keith, a portfolio manager at Parnassus Investments, which does not own BlackBerry shares.

Waterloo, Ontario-based BlackBerry said it expected adjusted full-year revenue of $920 million to $950 million. Analysts on average had forecast $924.4 million, according to Thomson Reuters I/B/E/S. It also forecast meeting its software sales growth target of 10 to 15 percent.

Licensing revenue for its software and brand name include royalties on BlackBerry-branded devices sold by China’s TCL Communication Technology Holdings Ltd and Indonesia’s BB Merah Putih.

BlackBerry also said on Thursday it signed a new deal for a Chinese manufacturer to sell BlackBerry Secure-branded devices starting early next year.

The company posted quarterly net income of $19 million, or 4 cents per share, compared to a loss of $372 million, or 71 cents a share, a year earlier. Total revenue excluding items fell 29 percent to $249 million.

BlackBerry’s Canadian-listed shares were up 12.5 percent at C$12.98 after rising as high as $13.47. Its U.S.-listed stock rose 13.2 percent to $10.45, the highest since June.

Source : Reuters.com