Business category, Page 165
Stocks slump as Wall Street heads for another losing week
Stocks are opening lower on Wall Street, capping a bumpy week as the Federal Reserve promises to be more aggressive about fighting inflation. Health care stocks were leading the way lower, led by a 14% drop in HCA after the hospital operator cut its financial forecasts. The S&P 500 fell...
U.S. drone company Zipline starts delivering medicine in Japan
Zipline, an American company that specializes in using autonomously flying drones to deliver medical supplies, has taken off in Japan. They’re flying, starting Thursday, across the tiny Goto Islands, off the western coast of Kyushu, in southwestern Japan, delivering to pharmacies and hospitals. Other parts of Japan may follow, including...
Fewest Americans collecting jobless aid since 1970
Applications for unemployment benefits inched down last week as the total number of Americans collecting aid fell to its lowest level in more than 50 years. Jobless claims fell by 2,000 to 184,000 last week, the Labor Department said Thursday. The four-week average of claims, which levels out week-to-week volatility,...
CNN’s streaming service shutting down a month after launch
CNN is shutting down its CNN+ streaming service less than a month after its launch, a spectacular flameout for a venture that had attracted stars such as Chris Wallace and Alison Roman and was seen as a way to attract a new generation of news consumers. It had started March...
Elon Musk says he has $46.5B in financing ready to buy Twitter
Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he’s trying to negotiate an agreement with the company. Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did not...
Ford recalls over 650K trucks; windshield wipers can fail
Ford is recalling more than 650,000 pickup trucks and big SUVs in the U.S. because the windshield wipers can break and fail. The recall covers certain F-150 pickups, and Ford Expedition and Lincoln Navigator SUVs from the 2020 and 2021 model years. Also included are F-250, 350, 450 and 550...
Feeling ‘right,’ ‘safe,’ people greet cannabis sales in NJ
Michael Barrows wore his Grateful Dead T-shirt and Jerry Garcia face mask for opening day of recreational marijuana sales in New Jersey on Thursday, one of dozens of people who lined up before dawn to join the celebratory scene. “It’s pretty amazing, exciting and if I get pulled over on...
Florida Legislature votes to strip Disney self-government
The Florida House of Representatives on Thursday gave final passage to a bill that would dissolve Walt Disney World’s private government, handing Republican Gov. Ron DeSantis a victory in his feud with the entertainment giant over its opposition to a measure that critics have dubbed the ” Don’t Say Gay...
U.S. stocks edge higher; Netflix plunges on subscriber losses
Stocks edged mostly higher in afternoon trading on Wall Street Wednesday, but were held back by streaming entertainment giant Netflix, which lost lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500...
Rivian electric car plant blasted by foes at Georgia meeting
Opponents trying to derail a $5 billion, 7,500-job electric truck plant in Georgia dominated a state meeting this week that was meant to gather suggestions on how to design the plant to mitigate any impact on the environment. The state assumed oversight over the Rivian Automotive project after opponents overwhelmed...
Netflix aims to curtail password sharing, considers ads
SAN FRANCISCO — An unexpectedly sharp drop in subscribers has Netflix considering changes it has long resisted: Minimizing password sharing and creating a low-cost subscription supported by advertising. Looming changes announced late Tuesday are designed to help Netflix regain momentum lost over the past year. Pandemic-driven lockdowns that drove binge-watching...
Netflix shares drop 26% after it loses 200K subscribers
SAN FRANCISCO — Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 25% in extended trading amid concerns that the pioneering streaming service may have already seen its best days. The company’s customer base fell by 200,000 subscribers during the January-March period, according...
Citing Russia’s war, IMF cuts global growth forecast to 3.6%Video
WASHINGTON — The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants. The 190-country lender cut...
Tech stocks rally after an early loss, leading market higher
NEW YORK — Stocks overcame a weak start and finished broadly higher Tuesday, giving the major indexes on Wall Street their best day in nearly five weeks. The S&P 500 rose 1.6%, enough to recoup almost all of its losses from last week. The Dow Jones Industrial Average rose 1.5%...
Latest apps promise fast service but can they deliver?
NEW YORK — When Mahlet Berhanemeskel gets back to her New York City home from her 90-minute commute, she doesn’t feel like cooking. So instead she orders food like BLTs, Cheez-Its and cookies from an app called Gorillas. It’s affordable and takes 10 minutes. “It’s instant gratification,” she said. Gorillas...
John Dorfman: 5 stocks to buy in teeth of the small-stock debacle
The small-stock slaughter continues. In the 12 months through April 14, small stocks fell almost 10%, while large stocks rose 8%. Moreover, the market’s big boys have beaten the small fry in four of the past five years. With inflation roaring, the Federal Reserve raising interest rates and Russia waging...
Twitter says poison pill makes ‘coercive’ takeover difficult
DETROIT — Twitter’s board of directors says it adopted a “poison pill” defense in order to protect the social media platform from “coercive or otherwise unfair” takeover tactics. The company announced the move Friday and provided more details in a regulatory filing early Monday. On Thursday, Tesla CEO Elon Musk...
Wall Street drifts as rate worries offset strong profits
Stocks are drifting in mixed trading Monday, as worries about interest rates and inflation keep a lid on Wall Street despite some better-than-expected profit reports. The S&P 500 was 0.2% higher, coming off its second straight week of losses. Like it, the other two major U.S. stock indexes also flipped...
Tax Day laggards: Consider filing for extension if in a rush
WASHINGTON — Millions of Americans wait until the last minute to file their taxes and this year is no exception. Monday is Tax Day — the federal deadline for individual tax filing and payments — and the IRS will receive tens of millions of last-minute filings electronically and through paper...
FDA investigating Lucky Charms after reports of illness
The Food and Drug Administration is investigating Lucky Charms cereal after dozens of customers complained of illness after eating it. The FDA said during the weekend it has received more than 100 complaints related to Lucky Charms so far this year. “The FDA takes seriously any reports of possible adulteration...
Pa. unemployment rate falls in March, 23rd straight month without an increase
Pennsylvania’s unemployment rate has fallen again. The state Department of Labor and Industry’s monthly report for March, released Friday, shows the unemployment rate dropped two-tenths of a percentage point, declining to 3.6%. In addition, the commonwealth’s unemployment rate for March 2022 was 2.2 percentage points below its March 2021 level....
Twitter adopts ‘poison pill’ defense in Musk takeover bid
PROVIDENCE, R.I. — Twitter said Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private. The move would allow existing Twitter shareholders to buy additional shares at a discount, thereby diluting...
U.S. mortgage rates hit 5% for first time since early 2011
Mortgage rates in the U.S. surged, reaching 5% for the first time in more than a decade. The average for a 30-year loan jumped from 4.72% last week, Freddie Mac said in a statement Thursday. The last time rates hit 5% was in February 2011. Borrowing costs have been soaring...
A safe bet: If you want a casino job, odds are on your side
ATLANTIC CITY, N.J. — As a casino dealer, Shamikah Townsend knows when the odds are in her favor. And they definitely are right now. While working at one Atlantic City casino last year, she went to a job fair held by a different one, and was surprised at how instantly...
Elon Musk wants to buy Twitter, make it ‘maximally trusted’
In 10 days, Tesla CEO Elon Musk has gone from popular Twitter contributor and critic to the company’s largest individual shareholder to a would-be owner of the social platform — a whirlwind of activity that could change the service dramatically given the sometimes whimsical billionaire’s self-identification as a free-speech absolutist....
