DETROIT — The strength of the U.S. automotive industry will face an early test this spring that has nothing to do with cars or trucks.

With tax season starting, industry experts are projecting that some Americans, many of whom have been priced out of the new-vehicle market, will use anticipated higher tax returns to purchase a new or used vehicle.

Extra cash on hand could lend a needed boost to an industry that’s suffering from slowing vehicle sales — or it could reveal continued problems for the automotive industry with inflated prices and consumers still reluctant to spend on big-ticket items.

“Their new tax bill is actually going to be less, and they’re going to be getting more in their tax return. It’s going to be a little bit of a surprise, we think, for a lot of potential buyers out there,” said Cox Automotive senior economist Charlie Chesbrough at a recent auto analyst conference.

The average IRS tax refund is up 10.9% so far this season, compared with the same point in 2025, according to early filing data. As of Feb. 6, the average refund amount was $2,290, compared with $2,065 reported about one year prior.

The increases were expected under tax changes by the Trump administration, including the One Big Beautiful Bill Act signed in July. That legislation removed taxes on overtime and tips and allowed eligible taxpayers to deduct up to $10,000 in annual interest paid on loans for new, U.S.-assembled vehicles purchased, among other adjustments.

Many of the tax changes were made retroactive to January 2025, which means taxpayers may have withheld more than they will ultimately owe.

“Although it’s a bit of an unknown, it feels like it could be really beneficial to vehicle sales, particularly in that sort of Q1-Q2 time frame,” said David Oakley, GlobalData manager of Americas vehicle sales forecasts.

March is historically one of the top months for U.S. vehicle sales, especially for used vehicles. The month has represented 9.1% of annual new vehicle sales on average over the past 12 years, according to Cox, trailing only the month of December at 9.3% of sales.

Many of the recent tax changes also assist middle- and higher-income consumers who may decide to pull ahead a vehicle purchase. The industry saw a similar dynamic during the Covid pandemic when the Trump administration issued many Americans $1,400 stimulus checks.

Back then, though, federal interest rates were near zero compared to the current Federal Reserve funds rate of 3.5% to 3.75%, and the inventory of new vehicles was low. Now, with higher borrowing costs, but improved inventory, the equation could be different.

More buyers are agreeing to longer-term loans amid higher financing costs and prices. Putting down extra cash can help lower monthly payments, which Carmax’s Edmunds reports reached a record of $772 per month for new vehicles during the fourth quarter.

The average transaction price for new vehicles in the U.S. was hovering around $50,000 toward the end of last year, up 30% from the start of 2020, according to Cox.

“What we don’t know is with consumer finance so stressed already, is that extra money already spent? Whether that’s going to be in the pockets. It’s a really mixed bag out there,” Chesbrough said.

Consumers could choose to use higher tax returns to pay off credit card debt — which nationally stands at a record level of $1.28 trillion, according to a report last week by the Federal Reserve Bank of New York — or replenish their savings after a period of persistent inflation.

U.S. consumer confidence fell to 84.5 in January, the lowest level since May 2014, driven by intense anxiety over high prices and a weakening labor market.

“It’s only confident people, people who feel comfortable about their economic fortunes of the economy of the United States, that are going to be interested in taking out a $40,000 or $50,000 auto loan,” Chesbrough said. “It’s a very difficult situation right now.”

— CNBC’s Kate Dore contributed to this report.

Nestle shares rose 3% Thursday after the maker of Nescafé and KitKat reported organic sales growth for the fourth quarter that beat analyst forecasts.

The closely watched organic growth rate came in at 4%, beating a FactSet consensus of 3.55%. For 2026, Nestle said it is targeting organic sales growth of 3% to 4%, along with an improvement in its underlying trading operating profit margin, which stood at 16.1% in 2025.

The Vevey, Switzerland-based company also announced it was planning to sell its remaining ice cream business to Haagen-Dazs owner Froneri, a joint venture by PAI and Nestle. 

In addition, Nestle said it started the formal process to shed its water business earlier in the first quarter, and expects the business, which holds brands such as Henniez and Perrier to be deconsolidated by 2027. 

Shares were last trading up 2.6% and the stock is around 2% so far this year.

The company, under its new leadership duo of CEO Philipp Navratil and Chairman Pablo Isla, a former Inditex executive, have been focusing on streamlining the sprawling consumer giant, after years of operational and share-price underperformance. 

“We are accelerating our strategy. We are focusing our portfolio on four businesses, led by our strongest brands, with prioritized resources and a simplified organization,” Navratil said in a statement.

The CEO later told analysts that the remaining ice cream business was “strong, but small and a distraction” for the company.

Nestle’s portfolio plans were “little changed and undramatic for now,” analysts at Jefferies said. They noted that there had been some anticipation and uncertainty ahead of the earnings report, but the CEO had left most key ambitions unchanged.

UBS wrote in a note that the results reflected early signs of progress while pointing to the strength of confectionery, beverages and petcare as being the biggest drivers of growth in the fourth quarter. 

An infant formula recall, which has also engulfed rival Danone and privately held Lactalis in France, has provided a stumbling block for restoring trust in the business.

Nestle said Thursday its organic growth guidance includes a negative 20 basis point impact from the recall and flagged 1.7 billion Swiss francs in restructuring items, mainly due to the recall. 

A congressional deposition of Leslie Wexner, one of Jeffrey Epstein’s closest known associates and top benefactors, kicked off behind closed doors in Ohio on Wednesday.

The deposition of the 88-year-old retail billionaire is occurring weeks after the Department of Justice released millions of additional Epstein-related files, which have revealed new links between the notorious sex offender and major figures in business and politics.

Wexner, the retired founder of Victoria’s Secret former parent company L Brands, has faced intense scrutiny for years over his personal and financial relationships with Epstein. The latest document dump raises new questions about the extent of that relationship and how long it lasted, despite Wexner’s claim that it was “completely severed” nearly two decades ago.

“I was naïve, foolish, and gullible to put any trust in Jeffrey Epstein,” Wexner said in a statement submitted to the House Oversight Committee ahead of the deposition.

“He was a con man. And while I was conned, I have done nothing wrong and have nothing to hide,” Wexner said.

He went on to call Epstein a “master manipulator” who “lived a double life,” insisting that any criminal activities were “most carefully and fully hid from me.”

“Again, to be clear, I never saw or heard about Epstein being in the company of a minor girl,” Wexner said.

Decades earlier, Wexner had given Epstein, a high school math teacher turned well-connected money manager, power of attorney over his finances. Wexner had long been Epstein’s only publicly known client.

“The most important information for us is really about the money,” Rep. Robert Garcia of California, the Oversight Committee’s ranking Democrat, said on CNN earlier Wednesday.

“We know that Wexner was Jeffrey Epstein’s single largest benefactor,” Garcia said. “When you think about Epstein’s wealth, whether it was the plane, the island, the amount of money when had, his homes — much of that came directly from Wexner.”

“We’re not exactly sure why. It’s not clear,” he said. “When you talk to survivors, they’ll all share with you that Wexner was at the center of what Epstein was doing.”

Wexner has not been charged with any crime. After Epstein was arrested on federal sex trafficking charges in July 2019 — and died by suicide in jail a month later — Wexner said he was embarrassed to have been “taken advantage of by someone who is … so depraved.”

The Oversight Committee had subpoenaed Wexner and other Epstein associates in January with bipartisan support.

In his prepared statement before Wednesday’s deposition, Wexner maintained that he “completely and irrevocably cut ties with Epstein nearly twenty years ago when I learned that he was an abuser, a crook, and a liar.”

“And, let me be crystal clear: I never witnessed nor had any knowledge of Epstein’s criminal activity. I was never a participant nor coconspirator in any of Epstein’s illegal activities. To my enormous embarrassment and regret I, like many others, was duped by a world-class con man. I cannot undo that part of my personal history even as I regret ever having met him,” Wexner’s statement said.

Wexner said he hired Epstein as a financial manager years after being introduced to him in the 1980s by insurance giant Aon’s former vice chairman Bob Meister. Wexner also said he consulted about Epstein with Ace Greenberg and Jimmy Cayne, of Epstein’s former employer Bear Stearns, and Elie de Rothschild of the Rothschild family banking dynasty, whom Epstein offered as a reference.

Epstein initially refused to take on Wexner as a client, instead offering occasional financial advice for free. “Little did I realize that, from the very start, Epstein was conniving to gain my trust,” Wexner’s statement read.

Wexner eventually succeeded in formally hiring Epstein. “Because my public company and other duties required my full attention, I provided Epstein with a power of attorney so he could execute transactions quickly, without constantly requiring my signature,” according to Wexner.

“The need for a power of attorney was clear to me, and I provided the same scope of authority to Epstein as I did to his successor, Dennis Hersch,” the statement said. “What I did not anticipate was Epstein misusing the trust I placed in him despite his fiduciary obligation to act in my best interest.”

As for the allegations that Epstein ran a widespread sex trafficking operation that exploited girls and young women, Wexner is adamant that he knew nothing about it.

“He knew that I never would have tolerated his horrible behavior. Not any of it. At no time did I ever witness the side of Epstein’s life for which he is now infamous,” Wexner’s statement said.

“To be clear, never once in 36 years have I been unfaithful to Abigail in any way, shape, or form. Never,” he said referring to his wife. “Any suggestion to the contrary is absolutely and entirely false.”

Wexner also said he never traveled on Epstein’s airplane and disputed the “rumor” that he gave Epstein a townhouse in New York. Epstein “purchased it from me for what I was told was the appraised value,” and Wexner never entered the house afterward, according to the statement.

Wexner admitted visiting Epstein’s private island in the U.S. Virgin Islands, but said he did so only once, when his wife and young children “stopped for a few hours one morning while we were on a cruise on our boat.”

Wexner said he revoked Epstein’s power of attorney in September 2007, months before Epstein pleaded guilty in Florida to a state charge of soliciting a minor for prostitution.

“In light of his eventual guilty plea and deception of our family, we completely severed our relationship with Epstein. Epstein was permanently and irrevocably out of my life,” Wexner wrote.

The Wexner Foundation told CNBC in a statement, “We hold in our hearts the survivors of Epstein’s horrific crimes and pray for their healing and strength.”

Mortgage interest rates dropped last week to the lowest level in a month, prompting more current borrowers to seek savings in a refinance. While lower rates didn’t give potential buyers much incentive, the run on refinances was enough to push total mortgage demand 2.8% higher compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.17% from 6.21%, with points remaining unchanged at 0.56, including the origination fee, for loans with a 20% down payment.

“Treasury yields ended the week lower as weaker data on retail sales and home sales outweighed better-than-expected readings on the job market for January,” said Joel Kan, vice president and deputy chief economist at the MBA, in a release.

As a result, applications to refinance a home loan rose 7% for the week and were 132% higher than the same week one year ago. Last year, rates were 76 basis points higher. While that annual jump may seem large, refinancing was at extremely low levels at this time last year.

“Refinance applications increased across all loan types, marking the strongest week for refinancing since mid-January,” Kan added.

Applications for a mortgage to purchase a home dropped 3% for the week and were just 8% higher than the same week one year ago. While lower mortgage rates are making homes slightly more affordable, new supply is not coming onto the market fast enough, and concern over the broader economy has consumers sitting on the sidelines.

Mortgage rates didn’t move at all to start this holiday-shortened week, but economic data set for release this week could impact the current trajectory. In general, however, mortgage rates have been hovering in a pretty narrow range, between 6% and 6.25%, since the start of this year.

The Rev. Jesse Jackson, a civil rights icon, Baptist minister and two-time Democratic presidential candidate, died Tuesday at age 84.

The Jackson family confirmed his passing in a statement on Tuesday morning.

“Our father was a servant leader — not only to our family, but to the oppressed, the voiceless, and the overlooked around the world,” his family said.

“We shared him with the world, and in return, the world became part of our extended family. His unwavering belief in justice, equality, and love uplifted millions, and we ask you to honor his memory by continuing the fight for the values he lived by.”

He died peacefully surrounded by his family on Tuesday morning, the family said in their statement. Jackson is survived by his wife, Jacqueline, six children and multiple grandchildren.

The civil rights leader spent decades in the public eye fighting to end racial and class divisions in America.

A protégé of Martin Luther King Jr., Jackson fought on the front lines of the battle against Jim Crow segregation laws as a college student. He stood out for his rousing speeches, radical ideas and passion for racial equality. Jackson would become a key figure in the civil rights movement that pressed for broader economic opportunities for Black people through the Southern Christian Leadership Conference, or SCLC, and more recently, his organization the Rainbow PUSH coalition. 

Jackson eventually transitioned into politics. In 1984 and 1988, he ran for the Democratic presidential nomination, winning multiple primaries and surpassing expectations each time. He based his campaigns on expanded equality for various racial minority groups, the working class and women.

Later, Jackson served as U.S. special envoy to Africa in the 1990s. He also acted as “shadow senator” for Washington, D.C., a role in which he lobbied for the district’s statehood.

During the 1980s and 1990s, Jackson also negotiated the release of dozens of international hostages and prisoners, and became a vocal supporter of voting and LGBTQ rights. 

He was no stranger to controversy. During the 1984 presidential primary, he referred to Jews with the slur “Hymies” and called New York “Hymietown” in remarks he at first denied and later apologized for. “Saturday Night Live” lampooned the incident in a sketch featuring Eddie Murphy playing Jackson. And, in a testament to his stature in American political and popular culture, Jackson himself hosted “SNL” later that year.

In 2001, he admitted to having an extramarital affair that led to the birth of a daughter.

Jackson had been fighting Parkinson’s disease since November 2017. In August 2021, he and his wife were hospitalized with Covid-19 at Northwestern Memorial Hospital in Chicago. He was discharged in September after receiving successful treatment for the virus and Parkinson’s disease. 

While Jackson had largely been absent from the political and civil rights main stage in recent years, he had taken every opportunity to renew pushes for equality. 

“If we played the big game, and the rules are not fair, and goals not clear and public, we would protest, but in politics we seem to make it alright, it’s not alright,” said Jackson in a 2018 podcast appearance. “We want a system that’s fair, and fairly applied. Americans want and deserve an even playing field with equal protection under the law, equal access and fairness.”

His family said Tuesday that it was his “unwavering commitment to justice, equality and human rights” that helped shape “a global movement for freedom and dignity.”

“A tireless change agent, he elevated the voices of the voiceless—from his Presidential campaigns in the 1980s to mobilizing millions to register to vote—leaving an indelible mark on history,” the statement said.

”It is where I get the drive to think I could change the South through the civil rights movement and run for President,” Jackson told The New York Times in 1997. 

As a child, Jackson would know the harsh reality of the Jim Crow era, growing up at a time when racial segregation was in full force across the U.S. He attended all-Black public schools and was taught to sit at the back of buses and use “colored” restrooms and drinking fountains. 

After graduating from Greenville’s Sterling High School in 1959, Jackson spent a year at the University of Illinois at Urbana-Champaign. He then transferred to North Carolina Agricultural and Technical College, or A&T, a historically Black school in Greensboro, North Carolina. 

It was during his time at A&T that he first became active in the civil rights movement. Jackson joined the local Congress of Racial Equality chapter in Greensboro and participated in local protests and sit-ins against segregated public facilities. 

“I came out of Greensboro,” Jackson told the Greensboro News & Record in 2015. “It was my launching pad. All that I subsequently became in the movement came out of the lessons I learned in Greensboro.”

After being barred from accessing books at the public library and placed in jail for trying to use the same library for class work, Jackson said he felt the “insult of segregation” and the “liberating power of going to jail for dignity,” according to the News & Record. 

While home from college, he became a part of the Greenville Eight, a group of Black students who in 1960 protested the South Carolina city’s segregated library system. Jackson and seven Black high school students refused to leave the whites-only Hughes Main Library and were arrested for “disorderly conduct.”

Following their staged sit-in, the library system of the city became racially integrated.

It marked the beginning of what would become a lifetime career of civil rights activism. 

After graduating from A&T in 1964, Jackson pursued divinity studies at the Chicago Theological Seminary and began to organize student support for Martin Luther King Jr. 

On March 7, 1965, a day that would become known as Bloody Sunday, Jackson watched on television as club-wielding Alabama state troopers fired tear gas and charged at hundreds of nonviolent demonstrators who had just crossed the Edmund Pettus Bridge in Selma, Alabama. The demonstrators were part of the historic marches from Selma to the Alabama capital of Montgomery to fight for Black civil and voting rights. 

A day after witnessing the violence on television, Jackson organized a caravan of seminary students to drive down to Alabama and join King in the Selma-to-Montgomery marches.

Jackson appeared at several commemorations of the marches, including an event hosted by former President Bill Clinton on the Edmund Pettus Bridge in 2000.  

“The blood of Selma set all of us free,” Jackson said at the event, surrounded by several prominent civil rights leaders and then-President Clinton. “How can I forget that season? My first-born son Jesse Jr. was born when we were marching here, I almost named him Selma.” 

“In Selma, America was reborn, democracy redefined, human rights redefined. The fruits of Selma are bountiful. And so today, we say to all of America, America won. One flag, one nation,” Jackson said, drawing roaring applause. “Not the flag of sedition and slavery and segregation. But one America, one flag.”

Impressed by Jackson’s passion and organizational abilities during the marches, King gave him a staff position at the SCLC, the civil rights organization that King led until his death. Just three courses short of finishing his studies at the seminary, Jackson dropped out to pursue a full-time career in civil rights. Though he still became an ordained Baptist minister in 1968. 

In 1966, he was placed in charge of the Chicago branch of Operation Breadbasket, an SCLC initiative that monitored white companies’ treatment of Black people and organized boycotts calling for fair hiring practices. 

While Jackson was seen by some in the SCLC as a “loose cannon” that worked too independently of others in the organization, his leadership was integral to the Chicago branch’s success. Under Jackson, the Operation Breadbasket branch won 2,000 new jobs worth $15 million a year in new income to the Black community. 

He was promoted to national director of Operation Breadbasket in 1968, the same year King was assassinated in Memphis, Tennessee. Jackson was a floor below King when he was shot dead at the Lorraine Motel on April 4, though he told reporters that the civil rights leader died in his arms, a claim that several King aides have disputed. 

“Every time I go back, it pulls a scab off and the wound is still raw. Every time, the trauma of the incident. His lying there. Blood everywhere. It hurts all the time,” Jackson said in a 2018 interview with CNN. 

Jackson was embroiled in controversy after the assassination, with other SCLC leaders accusing him of using the organization and King’s death for self-promotion. 

Ralph Abernathy, King’s successor as chairman of the SCLC, told the New York Times in 1977, “I hope God has forgiven [Jackson.]”

In 1971, Jackson formally resigned from the SCLC and founded Operation PUSH, or People United to Serve Humanity — his own Chicago-based civil rights organization that aimed to improve the economic conditions of Black communities across the U.S. Twenty five years later, it would merge with the National Rainbow Coalition, Jackson’s other civil rights organization that sought equal rights for the working class, women and racial minority groups. 

Since its establishment, Jackson has served as president of the Rainbow PUSH Coalition, which aims to “protect, defend, and gain civil rights by leveling the economic and educational playing fields,” according to its website. 

″Why D.C. statehood? Why not mayor?″ Jackson asked at a gathering of Democratic women in July 1990, The Associated Press reported. ″Because my life commitment is to expand democracy. My quest is not employment. It’s empowerment.″

He would serve as a “shadow senator” until getting tapped by then-President Clinton to become the U.S. special envoy to Africa in 1997. 

“What joy, what privilege, what responsibility,” Jackson said at his swearing-in ceremony. “I called my mother; we prayed.”

“It is quite a journey from Haynie Street in Greenville, South Carolina. A happy home, but an environment of such low expectations, where our family was denied the right to vote, even though my father was an honorably discharged veteran of the army,” Jackson said. “From that to an assignment by the President and Secretary of State, to in some small measure, to help shape our foreign policy by building bridges between the U.S. and Africa.”

On several occasions, Jackson also worked independently to secure the release of prisoners held by anti-American regimes. 

He frustrated President Ronald Reagan’s administration by traveling to Syria in 1983 to fight for the release of a U.S. fighter pilot who had been held hostage by the Syrian government. That same year, he negotiated the release of 48 American and Cuban prisoners held hostage by the communist Cuban government. And in 1991, Jackson worked to free several hundred citizens hiding in Iraq and Kuwait before the Persian Gulf War. 

Jackson also advocated for the LGBTQ community when few prominent Democrats dared to do so, becoming the first speaker at a Democratic National Convention to mention gay and lesbian Americans.

He has been a long champion of voting rights as well. In August, he and others were arrested outside the U.S. Capitol during a demonstration calling for the end to the filibuster. 

“Black and Brown people are the base of the party. We’re not the bottom. We’re the foundation,” Jackson told the crowd, according to The Washington Post. “If we lose, they lose. If we lose, democracy loses. If we lose, Democrats lose. If we lose, the nation loses.”

Warner Bros. Discovery‘s board is considering reopening sales talks with Paramount Skydance after recently receiving an amended offer with sweetened deal terms, Bloomberg News reported on Sunday, citing unnamed sources.

Warner Bros. in December agreed to sell both its film studio and HBO Max streaming service to Netflix for $27.75 per share. Paramount, which owns CBS and MTV, in December launched a hostile bid for Warner Bros., promising its shareholders $30 per share in an all-cash deal.

Last week, Paramount upped the ante, saying it would add a ticking fee of 25 cents a share to its offer for any delay in regulatory approval of the deal.

The ticking fee would be approximately $650 million in cash value per quarter for every quarter the deal has not closed by Dec. 31, 2026, CNBC.com previously reported.

Paramount also said it will cover a $2.8 billion termination fee paid to Netflix if the Warner Bros. deal is terminated. Paramount also said it will eliminate $1.5 billion in possible debt refinancing costs.

Both Paramount and Netflix have said they would be willing to raise their bids to secure the Warner Bros. deal, Bloomberg reported. However, this is the first time Warner Bros. has considered whether Paramount’s offer could either result in a better deal or prompt Netflix to offer better deal terms, according to the report.

Read the complete Bloomberg report here.

WATCH: Chadwick: This is a once-in-a-lifetime opportunity for Paramount

American Airlines flight attendants’ union held a picket outside the company’s headquarters on Thursday pushing for new leadership at the carrier, which has lagged rivals Delta Air Lines and United Airlines in profitability and punctuality.

Ahead of the picket on Wednesday night, American CEO Robert Isom sought to calm frustrated employees and listed improvements the carrier expects this year, including a jump in profits as well as improvements to schedules and new cabins.

“We look forward to working with all of you to make it happen,” Isom said in a video message filmed at the airline’s Fort Worth, Texas headquarters.

The picket came days after the Association of Professional Flight Attendants, representing American’s 28,000 cabin crew members, issued a vote of no confidence in Isom, which the union said was its first such move. The chief executive was also criticized by the pilots’ union, which sought a meeting with the airline’s board, of which Isom is a member, to discuss the problems. Unions for pilots, flight attendants and mechanics have all recently said the company needs to do better to improve reliability and financial results.

The protest is an unusual move outside of contract negotiations.

The signals from the labor groups have increased pressure on Isom, who took the helm nearly four years ago, and American’s leadership team, which is investing in cabin upgrades, bigger airport lounges and other on-board products.

Last month, American forecast stronger revenue and profits for 2026 and said it expects to report adjusted earnings per share of as much as $2.70, up from an adjusted 36 cents last year.

American is in the middle of a revamp that it hopes will help revive profits with more modern airplane cabins that command higher fares, which is especially important as coach-class fares have dropped. It has also built bigger lounges and added free Wi-Fi for customers.

For the first 11 months of the year, American ranked eighth in punctuality with a 73.7% on-time rate, according to the Department of Transportation. It is now adjusting its schedules, including at its massive Dallas-Fort Worth International hub where it is spreading out flights more throughout the day.

But it has a long way to go. In 2025, American posted net income of $111 million compared with Delta’s $5 billion and more than $3.3 billion from United. The lower profits meant a smaller profit-sharing pool for employees, which staff members have complained about.

In a town hall with employees last month, Isom noted that American’s pilots, flight attendants and other groups have recently sealed new labor contracts that have meant higher wages compared with their counterparts at rival United. But he said he was disappointed by the profit-sharing.

The flight attendants have also said they were frustrated with American’s struggles to recover from major winter storms, which left some crew members without a place to sleep.

Picketing crew members on Thursday carried signs that said “everything froze, AA melted down,” referring to the disruptions, and “Failed Ops=Failed CEO,” nodding to the carrier’s operation.

“This airline is headed down a path that puts our careers at risk,” the flight attendants’ union said in a notice about the picket. “Now is the time for Flight Attendants to stand together and show up in protest. American Airlines needs real accountability, decisive action, and leadership that will put this airline back on a competitive path.”

Isom is also trying not only to win support of frontline crews but also to rally higher-ups. Last week, at Globe Life Field in Arlington, Texas, Isom spoke to about 6,000 managers about the years ahead as the airline turns 100.

“We’ve filled an entire Major League Baseball field with this proud and talented team. The best in the industry,” he said, according to a transcript of his remarks, which were seen by CNBC. “It’s incumbent on all of us to build on our progress … and to ensure that we grow profitability so American is around for the next 100 years.”

Restaurant Brands International on Thursday reported quarterly earnings and revenue that topped expectations, fueled by strong international growth.

Here’s what the company reported for the period ended Dec. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 96 cents adjusted vs. 95 cents expected
• Revenue: $2.47 billion vs. $2.41 billion expected

Restaurant Brands reported fourth-quarter net income attributable to shareholders of $113 million, or 34 cents per share, down from $259 million, or 79 cents per share, a year earlier.

Excluding transaction costs, restructuring expenses and other items, the company reported adjusted earnings of 96 cents per share.

Net sales rose 7.4% to $2.47 billion. Stripping out currency fluctuations and sales from restaurants it plans to refranchise, Restaurant Brands’ organic revenue ticked up 6.5%.

The company’s same-store sales increased 3.1%, fueled by strong international growth.

Outside of the U.S. and Canada, Restaurant Brands’ same-store sales climbed 6.1%. International Burger King restaurants, which represents the bulk of the segment, saw same-store sales growth of 5.8%.

Analysts were projecting international same-store sales growth of just 3.7%, based on StreetAccount estimates.

And Restaurant Brands plans to keep growing its business abroad. In November, the company announced its plan to form a joint venture for Burger King China to accelerate expansion. Under the terms of the deal, which closed in late January, CPE, a Chinese alternative asset manager, owns roughly 83% of Burger King China. Restaurant Brands has retained a minority stake of about 17%, along with a seat on the board of directors.

Canadian coffee chain Tim Hortons reported same-store sales growth of 2.9%, although Wall Street was projecting an increase of 3.8%, according to StreetAccount. Tim Hortons accounted for 46% of Restaurant Brands’ overall revenue during the quarter.

Burger King reported overall same-store sales growth of 2.7%, topping StreetAccount estimates of 2.4%.

Popeyes was the laggard of Restaurant Brands’ portfolio. Its same-store sales fell 4.8%, a steeper decline than the 2.4% decrease forecast by Wall Street.

But the company has plans to revive the embattled fried chicken chain. In November, Restaurant Brands tapped Burger King veteran Peter Perdue to lead the chain’s U.S. and Canadian business; last month, the company also named Popeyes veteran Matt Rubin as the chain’s latest chief marketing officer.

Restaurant Brands plans to share more of its ideas to grow the business at its investor day in Miami on Feb. 26.

Novo Nordisk CEO Mike Doustdar on Wednesday said the company is aiming to capture around 15 million new patients, at least initially, when Medicare starts covering obesity treatments for the first time later this year.

Around 67 million Americans are covered by Medicare, but “when you take a look at specifically our products and the target group, I think around 15 million people would be a good number to target,” he told CNBC in an interview. 

Medicare is slated to start covering obesity medicines for the first time later this year under the landmark “most-favored-nation” drug pricing deals that Novo and its chief rival, Eli Lilly, struck with President Donald Trump in November.

Health experts say the long-awaited coverage could broaden the market for the medicines and spur more private insurers to cover them. Some experts estimate that 20 million to 30 million Medicare patients are suffering from obesity and related conditions.

Doustdar said Medicare coverage, along with the launch of Novo’s new obesity pill and other factors, should help the company gradually boost prescription volumes and offset lower prices in the U.S. following that agreement with Trump. 

But he said he doesn’t expect Medicare access to obesity treatments to open up overnight. 

“Now, it would be great if we could find a way to get access very, very fast. But I think that would be a bit naive,” Doustdar said, pointing to the slow adoption seen among eligible patients with commercial insurance. 

It’s a slightly more conservative tone on the initial impact of Medicare coverage compared with Lilly, which has cited that coverage as a key tail wind to its guidance this year. Last week, Lilly said it expects Medicare coverage to come online by July. 

Meanwhile, Doustdar said Novo is in the midst of negotiations with the government on “exactly which month, which week that is going to be opening.”