Business category, Page 222

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...

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