The Fed is expected to cut rates multiple times, but the reason behind those cuts could have vastly different implications for the market.Marketsread more
"This is going to be the biggest thing that's happened to Facebook in years," says CNBC's Jim Cramer. "It will be vital."Investingread more
These are the stocks posting the largest moves midday.Market Insiderread more
The red-hot market for new public companies in 2019 like Beyond Meat and Chewy could spell bad news for the stock market, Bernstein says.Marketsread more
It's about time to write off high-growth tech stocks, Goldman warns, saying software carries the highest multiples since the tech bubble.Marketsread more
Profits for major U.S. tobacco companies could be cut in half if the FDA adopts a "maximum nicotine" rule within the next 15 years, according to analysts at Morgan Stanley.Tobaccoread more
Former Egyptian president Mohamed Mursi has died in court, state television reported on Monday.World Politicsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing says the airline industry will need 44,000 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Sotheby's announces it has signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Wheels Up has hired bankers for "strategic initiatives" that could include acquisitions, the company's CEO told CNBC.
"We have hired advisors to assist us with our pursuit of strategic initiatives that include exploring acquisition opportunities and expansion of our digital platform," Wheels Up CEO Kenny Dichter told CNBC in a statement Wednesday evening.
"Our plan calls for leveraging proprietary technology that will allow Wheels Up to bring private air travel to the broader public, and make booking a private airplane as simple as booking an Uber or an Airbnb," the statement said.
Earlier Wednesday, Dichter told CNBC's "Squawk Box" that the company has hired Goldman Sachs, Bank of America and Jefferies.
Asked by CNBC's Andrew Ross Sorkin whether his intent was to roll up other companies as part of an initial public offering, Dichter responded, "I think it's all connected. You need currency to be able to consolidate folks."
The strategic push comes amidst a broad shake-up in the private jet market. New apps have made it easier to book flights on-demand, while a glut of planes and competitors are all vying for a dominant share.
VistaJet last year acquired XOJET, the on-demand charter company, while Directional Aviation bought U.K.-based PrivateFly, a digital booking service. At the same time, a number of start-ups with bold plans to disrupt the industry, like BlackJet and Beacon, have shut down in recent years.
There are "a lot of subscale players in our space," with 1,000 operators and more than 5,000 private aircraft "that can play in this marketplace," Dichter said. Wheels Up plans to double its membership from 5,000 to 10,000 in the next three or four years, he said.
Unlike NetJets, which mainly sells fractional ownership, or conventional jet charter companies, Wheels Up charges customers an annual subscription fee and per-hour flight fees, starting at around $4,500 an hour.
"What if it were as easy to book a private airplane as it was to book an Uber or Airbnb?" Dichter asked.
Dichter said the key to Wheels Up strategy is its brand and technology, driven by the company's 50-person tech-team. The company has also put a big focus on sports, with a roster of athletes including Tom Brady, Serena Williams and Rickie Fowler.
"We have the billion-dollar brand," he said.
Correction: This story has been updated to more narrowly reflect the nature of the work that Wheels Up has hired advisors to do.