Author: Editor

Ever since the epic run on housing in the first years of the pandemic, fueled by record-low mortgage rates, the market has been plagued by low supply and high prices.Prices in March were 39% higher nationally than they were in March 2019, pre-pandemic, according to the S&P CoreLogic Case-Shiller Index. While prices continue to gain, the supply crunch is finally starting to ease — but not at the right price points.Demand for housing is strong overall, but strongest on the lower, more-affordable end of the market. That segment is still desperately undersupplied. As a result, home sales in the lower…

Dick’s Sporting Goods said Thursday it plans to acquire rival Foot Locker as it looks to expand its international presence, win over a new set of consumers and corner the Nike sneaker market. Under the terms of the agreement, Dick’s will use a combination of cash-on-hand and new debt to acquire Foot Locker for $2.4 billion. Foot Locker shareholders can receive either $24 in cash – a roughly 66% premium of Foot Locker’s average share price over the last 60-days – or 0.1168 shares of Dick’s stock.Foot Locker CEO Mary Dillon has been undertaking an ambitious turnaround at the footwear retailer,…

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Microsoft co-founder Bill Gates announced one week ago that he would give away “virtually all” of his wealth over the next 20 years through his namesake philanthropy. At the end of 2045, the Gates Foundation will close its doors after disbursing all its assets. Gates estimated that the sum would exceed $200 billion, including his wealth and the foundation’s endowment of $77.2 billion as of the…

Bombas founder David Heath is stepping down from his role as CEO as the socks and T-shirt company looks to expand beyond its direct-to-consumer roots.Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company’s next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through its next phase of growth.”We’ve reached a size and scale that is beyond my expertise. I didn’t come from a big apparel company before … I found myself more so over the last 18 months saying, ‘I don’t know…