Business category, Page 209
For GameStop day traders, the moment they’ve dreamed about
WASHINGTON — They’ve endured a financial crisis. Two deep recessions. Mounds of student debt. Stagnant pay. Costly health care. Dim job prospects. They’ve seen the uber-rich grow richer while a pandemic threw tens of millions of people out of work and left many more isolated and vulnerable at home. Now,...
GameStop soars again; Wall Street bends under the pressure
NEW YORK — Stocks were broadly higher in afternoon trading Tuesday, but shares of closely watched companies like GameStop and AMC Entertainment were falling sharply. The S&P 500 rose 1.8% with each of its 11 sectors making gains. Banks and and a mix of companies that rely on direct consumer...
Lawsuit: Subway’s tuna is not actually tuna, but a ‘mixture of various concoctions’
Sorry, Charlie. Two Bay Area customers allege there’s something fishy with Subway’s tuna sandwiches. Karen Dhanowa and Nilima Amin of California’s Alameda County recently filed a lawsuit accusing the restaurant franchise of misrepresenting its tuna sandwich. The lawsuit, filed in U.S. District Court for the Northern District of California, alleges...
GM hopes to eliminate gas vehicles, have all-electric portfolio by 2040Video
General Motors “aspires” to have all of its global new light-duty vehicles, including full-size pickups and SUVs, be zero emission by 2035. It also targets 2040 for its global products and plants to be carbon neutral. GM made the announcements Thursday, stopping short of saying all of its vehicles will...
Panel overturns 4 Facebook content takedowns in first ruling
LONDON — Facebook’s quasi-independent oversight board issued its first rulings Thursday, overturning four out of five decisions by the social network to take down questionable content. The social media giant set up the oversight panel to rule on thorny issues about content on its platforms, in response to furious criticism...
Apple to crack down on tracking iPhone users in early spring
Apple says it will roll out a new privacy control in the spring to prevent iPhone apps from secretly shadowing people. The delay in its anticipated rollout aims to placate Facebook and other digital services that depend on such data surveillance to help sell ads. Although Apple didn’t provide a...
New home sales rise in December after sharp November drop
Sales of new homes rose 1.6% in December after a big decline in November that was even worse than previously thought. The increase last month pushed sales of new homes to a seasonally adjusted annual rate of 842,000, the Commerce Department reported Thursday, though that was fewer than analysts had...
Stocks claw back some lost ground; GameStop swings wildly
Stocks closed broadly higher Thursday on Wall Street, helping the market recoup some of its losses a day after its biggest pullback in nearly three months. Investors continued to closely watch the wild swings in GameStop, AMC and several other stocks which have become targets for hordes of online investors...
Robinhood app ‘restricting transactions’ for GameStop, AMC, Nokia stocks
Stock trading app Robinhood began restricting transactions on certain stocks Thursday, following days of recent surges from GameStop and others. “We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY,...
U.S. economy shrank 3.5% in 2020 after growing 4% last quarterVideo
WASHINGTON — Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years. For 2020 as a whole, a year when the coronavirus inflicted the worst...
Here’s why it’s hard to make coronavirus vaccines and boost supplies
With demand for covid-19 vaccines outpacing the world’s supplies, a frustrated public and policymakers want to know: How can we get more? A lot more. Right away. The problem: “It’s not like adding more water to the soup,” said vaccine specialist Maria Elena Bottazzi of Baylor College of Medicine. Makers...
U.S. jobless claims drop; still at 847,000 as pandemic rages
WASHINGTON — The number of Americans applying for unemployment benefits fell but remained at a historically high 847,000 last week, a sign that layoffs keep coming as the coronavirus pandemic continues to rage. Last week’s claims dropped by 67,000, from 914,000 the week before, the Labor Department said Thursday. Before...
In duel over GameStop, small investors cause Wall Street elite to lose billions
Across most of America, GameStop is just a place to buy a video game. On Wall Street, though, it’s become a battleground where swarms of smaller investors see themselves making an epic stand against the 1%. The funds serving the financial elite are starting to walk away in defeat. Big...
2 CBS executives shelved pending diversity investigation
NEW YORK — CBS has placed two top executives on administrative leave as it investigates charges of a hostile work environment for women and minorities at news operations in some of its largest individual stations. Peter Dunn, president of the CBS Television Stations, and David Friend, senior vice president for...
Hazelwood’s Center of Life honored for covid-19 work with Champion in Action award
Citizens Bank, Trib Total Media and Pittsburgh Cares have named Center of Life in Pittsburgh’s Hazelwood neighborhood as a 2021 Champion in Action, an award that comes with $35,000 in funding and promotional and volunteer support. The announcement was made Wednesday at Hazelwood’s Spartan Community Center, where Center of Life...
Fed stresses its commitment to low rates for the long run
WASHINGTON — The Federal Reserve pledged on Wednesday to keep its low interest rate policies in place even well after the economy has sustained a recovery from the viral pandemic. The Fed said in a statement after its latest policy meeting that the improvement in the economy and job market...
Stocks have their worst day since October as Big Tech sinksVideo
Technology companies led a broad sell-off in stocks Wednesday, knocking more than 600 points off the Dow Jones Industrial Average and handing the market its worst day in nearly three months. The S&P 500 fell 2.6%, its biggest single-day drop since it lost 3.5% on October 28. It had set...
In GameStop saga unfolding on Wall Street, 2 Goliaths fall
In the David and Goliath saga surrounding the struggling retail chain GameStop, Goliath has fallen. Two Goliaths, actually. A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have largely abandoned their positions. The victors: an army of smaller investors who...
Twitter permanently bans My Pillow CEO
Twitter has permanently banned My Pillow CEO Mike Lindell’s account after he continued to perpetuate the baseless claim that Donald Trump won the 2020 U.S. presidential election. Twitter decided to ban Lindell, who founded bedding company My Pillow, due to “repeated violations” of its civic integrity policy, a spokesperson said...
The January effect is alive and well in 2021
So far, this January looks the way Wall Street folklore says it should. Stock traders talk about the “January effect” and the “January barometer.” The January effect is actually a confluence of three effects. The market in general tends to rise in January. Small stocks usually do better than large....
Smaller investors face down hedge funds, as GameStop soarsVideo
NEW YORK — A head-scratching David and Goliath story is playing out on Wall Street over the stock price of a money-losing videogame retailer. An army of smaller-pocketed, optimistic investors is throwing dollars and buy orders at the stock of GameStop — in direct opposition to a group of wealthy...
Godiva closing its U.S. chocolate stores, including 1 at Ross Park Mall
Luxury chocolatier Godiva is closing all of its brick and mortar stores in the United States. The company will exit its 128 physical locations, some through sales and others through closures, by the end of the first quarter of 2021. Locally, Godiva has a store at Ross Park Mall in...
More cancellations for Carnival amid jumbled vaccine rollout
Carnival Cruise Line is canceling and delaying more U.S. trips with new cases of covid-19 averaging about 170,000 per day in the country amid a jumbled rollout of vaccines. Carnival’s planned seasonal service out of San Diego has been suspended until further notice, and cruises scheduled through April 2023 were...
Google says Chrome cookie replacement plan making progress
LONDON — Google says it’s making progress on plans to revamp Chrome user tracking technology aimed at improving privacy even as it faces challenges from regulators and officials. The company gave an update Monday on its work to remove from its Chrome browser so-called third-party cookies, which are used by...
A bumpy day on Wall Street ends with stock indexes mixedVideo
NEW YORK — Stocks swerved to a mixed finish Monday on Wall Street, ahead of a deluge of corporate earnings reports scheduled to arrive this week. The S&P 500 rose 13.89 points, or 0.4%, to 3,855.36 as gains for influential Big Tech stocks were big enough to steady the index...
