Business category, Page 209
Parler CEO John Matze says he’s been terminated by company’s board
Parler, the social media platform partial to the far right, has dismissed its CEO John Matze, according to several media outlets. Matze confirmed the decision in a text to Reuters, which was originally reported by Fox News. Parler CEO John Matze said he was fired on Friday by the social-media...
Major stock indexes end with modest gains on Wall Street
Wall Street capped a choppy day of trading with modest gains Wednesday, as investors focused on some strong earnings reports from Big Tech companies while remaining cautiously optimistic that Washington will deliver more economic stimulus. The S&P 500 inched up 0.1% after swinging between a gain of 0.6% and a...
GameStop’s stupefying stock rise doesn’t hide its reality
NEW YORK — Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming. GameStop has been swept up in a battle between big-moneyed hedge funds betting against it and small investors trying to prop it...
Pittsburgh region struggles to recover as unemployment rises slightly
The Pittsburgh area’s recovery from depths of the pandemic-caused recession slowed in December, as 5,300 jobs were lost in the region, pushing the unemployment rate up slightly at the end of the year, the state said Tuesday. “We‘re still kind of scuffling along,” said Frank Gamrat, executive director of the...
Dick’s Sporting Goods sues Baseball Reference over GameChanger trademark infringement
A Dick’s Sporting Goods subsidiary is suing the company that operates the popular Baseball Reference website, alleging trademark infringement. GameChanger, which is owned by Dick’s, is a software application for youth baseball and softball. The app provides statistics tracking, as well as the ability to live stream games. According to...
Jeff Bezos, Amazon’s founder, will step down as CEO
NEW YORK — Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced...
Tesla to fix touch screens, ending spat with U.S. regulators
After initially refusing a request from U.S. safety regulators, Tesla has now agreed to recall about 135,000 vehicles because the large touch screens on the console can go dark. The recall of certain 2012 through 2018 Model S sedans and 2016 through 2018 Model X SUVs ends a fight with...
Headquarters helix: Amazon reveals eye-catching office tower in Virginia
FALLS CHURCH, Va. — Amazon revealed plans Tuesday for the next phase of its headquarters redevelopment in Virginia, featuring a signature 350-foot helix-shaped office tower that can be climbed from the outside like a mountain hike. The head-turning helix building is the centerpiece of the proposal that also features multiple...
Online shopping surge delivers record revenue for UPS
NEW YORK — A surge in online shopping helped UPS post record revenue during the last three months of 2020. Shares of United Parcel Service Inc. rose 5% before the stock market opened Tuesday. UPS and other delivery companies have benefited as more people shop online during the pandemic and...
Pfizer swings to small profit as vaccines begin to roll out
Pfizer, the first company to get U.S. emergency use authorization for a covid-19 vaccine, swung to a small profit in the fourth-quarter as it started shipping vaccines globally. The drugmaker expects roughly $15 billion in revenue this year from the vaccine, which won emergency clearance in mid-December in the U.S....
Kennametal quarterly earnings up
Strong sales for the October through December quarter combined with savings from its restructuring and modernization initiatives helped to boost the quarterly net income of Kennametal Inc. to $20.2 million and earnings to 23 cents per share, a turnaround from losses a year ago, the metalworking toolmaker said Monday. Pittsburgh-based...
John Dorfman: Value or momentum? How about some of both?
You might think, in the aftermath of Tesla and GameStop’s huge recent gains, that momentum investing has gone crazy. Maybe so, but momentum stocks were popular even before the Reddit “Wall Street Bets” frenzy. There have always been folks who like to jump onto a speeding train, but they have...
Wall Street recovers some of last week’s drop, silver climbsVideo
Stocks notched broad gains Monday on Wall Street, clawing back some of their losses following the market’s worst weekly loss since October. The S&P 500 rose 1.6%. The benchmark index was coming off a 3.3% slide last week, when volatility spiked as online traders hoping to inflict damage on hedge...
CBO projects 4.6% growth in Biden’s first year, jobs lag
The economy is projected to grow at a robust 4.6% annual rate this year, but employment isn’t expected to return to pre-pandemic levels until 2024, the Congressional Budget Office said Monday. The 10-year outlook said the economic recovery from the coronavirus got a boost from an unprecedented wave of government...
Giant Eagle lauded for LGBTQ workplace policies
Giant Eagle was named tops in corporate policies related to LGBTQ workplace quality, in part for its equitable benefits and fostering an inclusive culture, according to a national benchmarking survey. The O’Hara-based company earned a score of 100 on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI). “We...
Wall Street’s GameStop bug may have mutated; silver surgesVideo
NEW YORK — The erratic trading in shares of underdog companies like GameStop that turned markets combustible last week appears to have migrated to commodities, sending silver prices surging to an eight-year high. Silver futures jumped more than 9% on Monday to $29.42 per ounce with #silversqueeze trending on Twitter....
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,...
