Business category, Page 204
‘We’ve had enough’: 95% of United Steelworkers support striking against ATI
A whopping 95% of 1,300 United Steelworkers agreed to authorize a possible strike against Allegheny Technologies Inc. after more than a year of stalled contract negotiations, union officials said. The vote included more than 420 members who cast their ballots at the union hall on Brackenridge Avenue by 5 p.m....
Antivirus software creator McAfee charged with cheating investors
NEW YORK — Antivirus software entrepreneur John McAfee was indicted on fraud and money laundering conspiracy charges alleging that he and cohorts made over $13 million by fooling investors zealous over the emerging cryptocurrency market, authorities said Friday. McAfee, 75, was charged in a newly unsealed indictment in Manhattan federal...
Minimum wage hike falls short as Senate debates virus bill
WASHINGTON — The Senate seemingly killed progressives’ last-ditch effort to include a minimum wage hike in the Democrats’ $1.9 trillion covid-19 relief bill Friday, as the chamber began climactic votes on the huge package embodying President Joe Biden’s top legislative priority. Senators voted 58-42 against the increase, though the vote...
California would ban boys and girls sections at big retailers under proposed law
SACRAMENTO, Calif. — California’s large retailers would have to do away with boy and girl signage for toys and child care aisles, under a bill being considered by state lawmakers. Assembly Bill 1084 would require retailers with 500 or more employees “to maintain undivided areas of its sales floor where...
Stocks climb, erasing earlier losses, as economy heats up
Stocks shook off an early slide and turned solidly higher in afternoon trading Friday, placing the market on track to snap a three-day losing streak. The S&P 500 was 1.9% higher as of 3:43 p.m. Eastern time, after spinning more than 360 degrees earlier. The benchmark index had jumped to...
Tech pulls stocks lower as bond yields continue upward march
Technology companies led another broad sell-off Thursday on Wall Street as a spike in bond yields put more pressure on the market’s high-flying stocks. The S&P 500 was fell 1.3%, its third straight loss. The benchmark index, which briefly dipped into the red for the year, is on track for...
Amazon opens first U.K. checkout-free grocery store in London
LONDON — Amazon has opened a cashier-free supermarket in London, its first bricks and mortar expansion outside the U.S. as the company bets on strong demand for its contactless shops. The online retailing giant opened the doors to its Amazon Fresh shop in West London’s Ealing neighborhood on Thursday, in...
SpaceX Starship lands upright, then explodes in latest test
CAPE CANAVERAL, Fla. — SpaceX’s futuristic Starship looked like it aced a touchdown Wednesday, but then exploded on the landing pad with so much force that it was hurled into the air. The failure occurred just minutes after SpaceX declared success. Two previous test flights crash-landed in fireballs. The full-scale...
Fed survey finds modest gains in the U.S. economy in February
WASHINGTON — A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. The Fed survey released Wednesday shows that the central bank’s business contacts were expressing optimism last month about a stronger rebound as more covid-19...
Bed Bath & Beyond goes with something new to revive brand
NEW YORK — Bed Bath & Beyond will launch a slew of new store brands to lure younger customers in a bid to energize sales at the home retail chain. The chain will begin selling eight new store brands this year, six of them in the first half of 2021....
Art and crafts store Michaels signs a deal to go private
NEW YORK — Arts and crafts retailer Michaels is going private. The retail chain, based in Irving, Texas, said Wednesday that it has agreed to be acquired by Apollo Global Management Inc. for a transaction valued at $5 billion. Under the terms of the agreement, approved by Michaels’ board, Apollo...
Technology stocks lead indexes lower as yields resume climb
Technology companies led stocks lower on Wall Street as another rise in bond yields rattled investors. The S&P 500 fell 1.3% Wednesday, and the tech-heavy Nasdaq dropped 2.7%. Higher bond yields can signal that inflation could be on the way as the economy picks up. They can also make stocks...
Amazon changes the logo on its app after customers say it looks like Hitler
Amazon has tweaked its iPhone app after customers said the design looked like Adolf Hitler and his mustache. The app featured the Amazon smile with a blue piece of packing tape with a jagged edge overhead. Although it was supposed to look like a cardboard Amazon package, it drew comparisons...
Intel told to pay $2.18 billion after losing Texas patent trial
Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal. Intel infringed two patents owned by closely held VLSI, the...
Stocks drift lower on Wall Street; yields continue to ease
Stocks are closing lower on Wall Street after a wobbly day, giving back some of their big gains from a day earlier. The S&P 500 lost 0.8% Tuesday after flipping between small gains and losses throughout the day. A day before, it leaped 2.4% for its best performance since June....
Kohl’s reports mixed 4Q results but offers upbeat outlook
NEW YORK — Kohl’s reported mixed results for its fiscal fourth quarter, delivering a 30% increase in profits but a 10% drop in sales. Results handily beat Wall Street estimates. Online sales growth remained strong, up 22% for the latest quarter, and accounted for 42% of net sales. The Menomonee...
Official: Merck to help produce rival Johnson & Johnson’s covid vaccine
WASHINGTON — Drugmaker Merck & Co. will help produce rival Johnson & Johnson’s newly approved coronavirus vaccine in an effort to expand supply more quickly, a Biden administration official confirmed Tuesday. The announcement comes as the White House looks to speed the production of the single-dose vaccine. Officials have said...
Target powers through pandemic; sales growth explodes in 2020
NEW YORK — Target extended its strong streak through the holiday quarter and sales grew by more than $15 billion in a pandemic year, exceeding the company’s annual sales growth over the past 11 years combined. With the habits of millions altered because of the spread of covid-19 in 2020,...
Should you sell short favorites on Wallstreetbets?
Can you make money going against the Wall Street Bets crowd? Yes, but you can also lose a lot — and fast. Investors and traders who frequent the Wallstreetbets forum, part of the website Reddit, have rammed up stocks with questionable fundamentals such as GameStop Corp. (GME) and AMC Entertainment...
Texas top utility regulator quits in fallout over blackouts
AUSTIN — Texas’ top utilities regulator resigned Monday in the widening fallout from blackouts triggered by an unusually heavy and widespread winter storm that left millions in the state without power and water for days. DeAnn Walker, the chairwoman of the Public Utility Commission, is the highest-ranking official to step...
Texas power company seeks bankruptcy protection after storm
The largest and oldest power cooperative in Texas is filing for Chapter 11 bankruptcy protection, citing last month’s winter storm that left millions without power. Brazos Electric Power Cooperative, which serves 16 distribution member cooperatives that cater to more than 1.5 million Texans across 68 counties from the Texas Panhandle...
United expands order for Boeing 737 Max aircraft
United Airlines is expanding its order of Boeing 737 Max airplanes and taking some deliveries sooner as it ramps up for an anticipated increase in travel demand. Chief Operating Officer Andrew Nocella said in a memo on Monday that the company placed an order for 25 new 737 Max aircraft...
United Steelworkers to seek strike authorization at ATI
The United Steelworkers union is preparing for a strike authorization at Allegheny Technologies Inc., the union’s international vice president confirmed Monday. Although the contract that expired Sunday was extended and employees were told to continue to report to work, “the locals have returned home with instructions to begin setting up...
Stocks rally on Wall Street, S&P 500 has best day since June
Wall Street kicked off March with a broad rally Monday that sent the Dow Jones Industrial Average more than 600 points higher and gave the S&P 500 its best day in nine months. The S&P 500 climbed 2.4%, clawing back nearly all of its losses from last week. More than...
Warren Buffett again encourages investors to bet on America
OMAHA, Neb. — Billionaire Warren Buffett encouraged investors to maintain their faith in America’s economy and the businesses his Berkshire Hathaway conglomerate owns in a reassuring letter to his shareholders Saturday. Buffett hardly even addressed the coronavirus that ravaged many businesses last year, instead focusing on the long-term prospects for...
