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‘Top Gun: Maverick’ is about to give Tom Cruise his biggest opening ever

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‘Top Gun: Maverick’ is about to give Tom Cruise his biggest opening ever
“High Gun: Maverick” — the sequel to the 1986 blockbuster — lands in theaters for the Memorial Day weekend. Cruise is reprising his function as Pete “Maverick” Mitchell, the cocky fighter pilot who felt the necessity for velocity 36 years in the past.

The Paramount movie — which has Cruise’s Maverick instructing a brand new class of High Gun recruits — is anticipated to make roughly $120 million for its three-day opening. That can simply make “Maverick” the highest-grossing debut in Cruise’s 40 12 months profession, overtaking “Struggle of the Worlds,” which opened to $64.8 million in 2005.

Cruise and Paramount are already on track for a giant weekend, with the movie making $51.8 million for its opening day. The movie can be on observe for a $150 million opening over the four-day vacation weekend.

“Tom Cruise is without doubt one of the few true film stars left within the enterprise,” Paul Dergarabedian, senior media analyst at Comscore (SCOR), instructed CNN Enterprise. “His identify on the marquee means one thing to audiences who’ve come to belief that his movies will likely be price each greenback of that film ticket buy.”

Cruise Management

It may appear odd that none of Cruise’s movies have had a gap in extra of $65 million, however that is as a result of Cruise is the Hank Aaron of the films — a dependable and constant hit maker — who has notched greater than $10 billion on the international field workplace since 1981 regardless of his movies by no means coming near a $100 million opening.

“Cruise is all concerning the marathon, not the dash, in relation to his efficiency on the field workplace,” Dergarabedian stated. “The consistency of his bankability over his greater than 4 a long time on the large display screen is nearly unmatched.”

“Maverick” was presupposed to hit theaters in 2020, however was delayed due to the pandemic. Different theatrical movies pivoted to streaming, however “Maverick” waited and waited till audiences might expertise it on the large display screen — a method Cruise was adamant about.

Holding the discharge for 2 years has paid off, with the movie garnering nice evaluations. It at present has a close to excellent 97% rating on assessment web site Rotten Tomatoes.

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'Top Gun: Maverick' takes off with Tom Cruise on a rousing flight into the sequel zone
Whether or not the thrill interprets into ticket gross sales stays to be seen, however it definitely will not be for lack of attempting on Paramount or Cruise’s half. Cruise has gone all out, from touchdown a helicopter on the deck of an plane provider for the movie’s premiere to terrifying James Corden in a jet to showcasing “Maverick” on the Cannes Movie Competition, the place it impressed a five-minute-long standing ovation.

“‘Maverick’ is nearly assured to develop into his greatest profession opening at this level,” Shawn Robbins, chief analyst at BoxOffice.com, instructed CNN Enterprise. “The whole lot is in its favor, from robust evaluations to social media buzz, ticket pre-sales, and an keen viewers that has waited for a sequel to his career-making function for a really very long time.”

Robbins added that youthful moviegoers “drive the lion’s share of field workplace enterprise,” however regardless that “Maverick” comes 36 years after the unique, it nonetheless issues.

“Make no mistake, that is nonetheless a vital movie for serving to to deliver again extra pandemic period stragglers of a sure age that may nonetheless make a distinction for the general well being of the business because it continues to get better,” Robbins stated.

Climbing Again Up The Mountain

Paramount is having a great year. It could fly even higher with "Top Gun: Maverick."

How “Maverick” fares on the field workplace additionally issues quite a bit to Paramount.

Very similar to it is famed snowy mountaintop emblem, Paramount (PGRE) was once on the high of the mountain in Hollywood, producing mega hits together with “The Godfather,” “Raiders of the Misplaced Ark” and “Titanic.”

Not too long ago, although, the studio has struggled to search out its footing in an ever-evolving movie business. It has been greater than a decade since Paramount positioned first in yearly field workplace market share.

But the studio is doing nice in 2022, and is at present in third place due to hit movies “Scream,” “The Misplaced Metropolis” and “Sonic the Hedgehog 2.” Paramount has even made greater than Disney (DIS) thus far this 12 months. And with “Maverick” set to take off this weekend, Paramount’s 2022 might fly even larger.

“Paramount has been one of many studios on the forefront of film going’s rebound,” Robbins stated. “From a philosophical standpoint, due to what their presence on the large display screen has meant for theatrical exhibition, it’d very properly show to be one of the crucial vital years in Paramount’s storied historical past.”

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NYSE trading glitch costs Interactive Brokers $48mn

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NYSE trading glitch costs Interactive Brokers $48mn

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A trading glitch on the New York Stock Exchange earlier month has cost Interactive Brokers $48mn after its customers tried to pile into Berkshire Hathaway shares following a 99 per cent plunge.

The brokerage on Wednesday said it was considering its options “including any claims at law it could assert against NYSE” but said the hit was not material to earnings.

Berkshire Hathaway’s class A shares were among several that plummeted unexpectedly on June 3 because of a technical issue in early trade on the NYSE, which is part of Intercontinental Exchange.

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Berkshire’s shares collapsed from about $622,000 to $185 a share before the exchange halted trading.

The price plunge spurred a raft of buy orders during the halt, “presumably expecting those orders to be filled at approximately $185/share when trading resumed”, Interactive said.

The broker, founded by electronic trading pioneer Thomas Peterffy, is popular with retail investors as well as professional traders such as hedge funds.

When trading resumed almost two hours later Berkshire’s shares shot as high as $741,941 within minutes, leading Interactive’s customers to have their orders filled “at various prices during this run-up, including some who were filled at the peak price”.

After markets closed on June 3, NYSE said it would “bust” or cancel, all trades at or below $603,718.3 conducted before trading was halted.

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The loss stems from Interactive Brokers’ decision to take over a substantial portion of the trades through its platform “as a customer accommodation” after NYSE on the day told the brokerage that it would not cancel Interactive’s deals as the broker had asked.

NYSE on Tuesday denied Interactive’s subsequent claims for compensation, spurring Wednesday’s notice. NYSE declined to comment.

About 40 securities in total were affected by the June 3 episode, including Barrick Gold and restaurant chain Chipotle. The exchange said the glitch stemmed from a technical issue with price bands published by the group that consolidates the trading data from all the US securities exchanges, known colloquially as the “tape”.

Shares in Interactive Brokers were unaffected by Wednesday’s news, trading up 0.5 per cent by late morning on Wednesday and up about 48 per cent this year.

In 2020 the brokerage lost up to $88mn from the collapse in value of short-term WTI oil futures contracts when it stepped in to pay margin calls owed to clearing houses for customers caught on the wrong side of the trade.

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Congress poured billions of dollars into schools. Did it help students learn?

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Congress poured billions of dollars into schools. Did it help students learn?

Two new studies offer a first look at how much more students learned thanks to federal pandemic aid money.

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Blend Images – JGI/Jamie Grill/Tetra images RF/Getty Images

America’s schools received an unprecedented $190 billion in federal emergency funding during the pandemic. Since then, one big question has loomed over them: Did that historic infusion of federal relief help students make up for the learning they missed?

Two new research studies, conducted separately but both released on Wednesday, offer the first answer to that question: Yes, the money made a meaningful difference. But both studies come with context and caveats that, along with that headline finding, require some unpacking.

How much of a difference did the money make?

$190 billion is an enormous amount of money by any measure. But districts were only required to spend a fraction of the relief on academic recovery, by paying for proven interventions like summer learning and high-quality tutoring. So how much additional student learning did the federal aid actually buy?

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Study #1, a collaboration including Tom Kane at Harvard’s Center for Education Policy Research and Sean Reardon at Stanford’s Educational Opportunity Project, estimates that every $1,000 in federal relief spent per student bought the kind of math test score gains that come with 3% of a school year, or about six school days of learning. That’s during the 2022-23 academic year.

Improvements in reading scores were smaller: roughly three school days of progress per $1,000 in federal relief spending per student.

The federal relief “was worth the investment,” Reardon tells NPR. “It led to significant improvements in children’s academic performance… It wasn’t enough money, or enough recovery, to get students all the way back to where they were in 2019, but it did make a significant difference.”

Study #2, co-authored by researcher Dan Goldhaber at the University of Washington and American Institutes for Research, offers a similar estimate of math gains. The increase in reading scores, according to Goldhaber, appeared comparable to those math gains, though he says they’re less precise and a little less certain.

“It did have an impact,” Goldhaber tells NPR, an impact that’s “in line with estimates from prior research about how much money moves the needle of student achievement.”

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Who benefited the most?

The federal recovery dollars came in three waves, known as ESSER (Elementary and Secondary School Emergency Relief Fund) I, II and III. The first two waves were relatively small, roughly $68 billion, compared to the $122 billion of ESSER III.

The windfall was distributed to schools based largely on need – specifically, based on the proportion of students living in or near poverty. The assumption being: Districts with higher rates of student poverty would need more help recovering. COVID hit high-poverty communities harder, with higher rates of infection, death, unemployment and remote schooling than in many affluent communities.

“These and other factors likely caused greater learning loss during the pandemic and dampened academic recovery,” Goldhaber writes in Study #2, pointing out that, “the Detroit, MI public school district received about $25,800 per pupil across all waves of ESSER… [while] Grosse Pointe, MI (a nearby suburb) only received about $860 per pupil.”

Here’s where the story of these federal dollars gets complicated, because the learning they appear to have bought wasn’t experienced evenly, according to Goldhaber.

In Study #2, he and co-author Grace Falken, found larger academic benefits from federal spending in districts serving low shares of Black and Hispanic students. Though he tells NPR, these patterns “do not necessarily imply that ESSER’s impacts vary because of student demographics. Rather, the results could reflect other district characteristics that happen to correlate with the student populations the districts serve.”

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Reardon and Kane did not find statistically significant evidence of this kind of variation.

Goldhaber and Falken also found that towns saw more math gains than cities, while rural areas led the way in reading growth. Interestingly, suburban districts generally experienced “smaller, insignificant impacts” from the federal spending in both subjects.

But did the money help enough?

If your standard for “enough” is a full recovery for all students from the learning they missed during the pandemic, then no, the money did not remedy the full problem.

But the researchers behind both studies say that’s an unrealistic and unreasonable yardstick. After all, Congress only required that districts spend at least 20% of ESSER III funds on learning recovery. The rest of the relief came with relatively few strings attached.

Instead, the researchers say, the money’s effectiveness should be judged by a more realistic standard, based on what previous research has shown money can and cannot buy.

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Harvard’s Tom Kane, of Study #1, points out that their results do line up with pre-pandemic research on the impact of school spending, and suggest a clear, long-term return on investment.

“These academic gains will translate into improvements in earnings and other outcomes that will last a lifetime,” Kane tells NPR.

For example, the academic gains associated with every $1,000 in per student spending would be worth $1,238 in future earnings, Kane estimates. Increased academic achievement also comes with valuable social returns, he says, including lower rates of arrest and teen motherhood.

What’s more, Reardon tells NPR, because these federal dollars disproportionately went to lower-income districts, “not only do we find that the federal investment raised test scores, but we also find that it reduced educational inequality.”

But the work’s not over.

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In Study #2, Goldhaber and Falken write, “to recover from these remaining losses, our estimates suggest schools would need between $9,000 and $13,000 in additional funds per pupil, assuming the return on those funds is similar to what we estimated for ESSER III.”

They also warn that middle-income districts could continue to struggle – because they experienced academic losses but got less federal aid.

In a presidential election year, it’s unlikely Congress will agree to send schools more money. And Goldhaber worries, as ESSER funds begin to expire this year, districts will have to cut staff.

“Some districts, particularly high poverty, high minority districts, are going to lose so much money that I think teacher layoffs are inevitable,” Goldhaber tells NPR. “So I’m worried that the funding cliff – there’s a downside that we’re not thinking hard enough about.”

The good news, says Kane, is that ESSER was a massive, “brute force” effort, and a far smaller, state-driven effort could still make a big difference, so long as it’s hyper-focused on academic interventions.

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Kane says, “It falls to states to complete the recovery.”

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Atos crisis deepens as biggest shareholder ditches rescue plan

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Atos crisis deepens as biggest shareholder ditches rescue plan

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A rescue bid for French IT services group Atos led by its largest shareholder has collapsed, casting the future of the troubled group into doubt once again.

Atos said on Wednesday that the consortium led by Onepoint, an IT consultancy founded by David Layani, had withdrawn a proposal that would have converted €2.9bn of Atos debt into equity and injected €250mn of fresh funds into the struggling company.

“The conditions were not met to conclude an agreement paving the way for a lasting solution for financial restructuring,” Onepoint said in a statement on Wednesday.

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The decision by Onepoint comes less than a month after Atos had picked its restructuring proposal over a competing plan from Czech billionaire Daniel Křetínsky. Atos said on Wednesday that Křetínsky had already indicated he wanted to restart talks.

Once a star of France’s tech scene, Atos is racing to strike a restructuring deal by next month as it struggles under its €4.8bn debt burden. It has cycled through multiple chief executives over the past three years and its shares have collapsed. They were down 12 per cent in early trading on Wednesday.

Atos also said it had received a revised restructuring proposal from a group of its bondholders.

“Discussions are continuing with the representative committee of creditors and certain banks on the basis of this proposal with a view to reaching an agreement as soon as possible,” the company said. 

Jean-Pierre Mustier, former chief executive of Italian lender UniCredit, was installed as chair in October 2023 and given the task of putting Atos on a stable footing for the future. Since his appointment, several efforts to stabilise Atos through asset sales have fallen apart.

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If talks with Křetínsky do restart, it will mark the Czech businessman’s third attempt to do a deal with Atos after an earlier plan to buy its lossmaking legacy business unravelled.

One of the people close to the talks said creditors had not necessarily become more receptive to Kretinsky’s plan given it cutting a larger chunk of the group’s debt.

The crisis at Atos has prompted the French government to intervene. It is currently seeking to acquire three parts of Atos that are deemed of importance to national security for up to €1bn.

Atos said on Wednesday it had concluded a deal with the French state that would give it so-called “golden shares” in a key Atos subsidiary, Bull SA. The agreement also gives the government the right to acquire “sensitive sovereign activities” in the event a third party acquired 10 per cent of the shares — or a multiple thereof — in either Atos or Bull.

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