‘We’re stretching’: As grocery prices continue to climb, shoppers redefine their staples
The sticker shock is real: Grocery prices’ month-over-month increase in August were the highest they’ve been in three years. And relief doesn’t appear to be on the horizon, according to one food economist. The reasons might sound familiar. “There’s been a convergence of factors: lingering supply-chain issues from covid, the...
Spicy dispute over the origins of Flamin’ Hot Cheetos winds up in court
A court case could soon settle a spicy dispute: Who invented Flamin’ Hot Cheetos? A former PepsiCo executive is suing the company, saying it destroyed his career after questioning his claim that he invented the popular flavor of Cheetos snacks. PepsiCo said Thursday it has no comment on the lawsuit,...
Average rate on a 30-year mortgage inches up to 6.78%, first uptick in 3 weeks
LOS ANGELES — Mortgage rates inched higher this week, keeping the average rate on a 30-year mortgage essentially flat and near the 7% range it’s been in most of this year. The rate rose to 6.78% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the...
IMF head expects less than 3% global economic growth in 2023
WASHINGTON — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said growth is expected to remain around 3% for the next five years, calling...
Key U.S. inflation measure surges at fastest rate since June
WASHINGTON — The Federal Reserve’s preferred inflation gauge rose last month at its fastest pace since June, an alarming sign that price pressures remain entrenched in the U.S. economy and could lead the Fed to keep raising interest rates well into this year. Friday’s report from the Commerce Department showed...
U.S. home sales fell in November, the 10th consecutive month
LOS ANGELES — The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month — the longest such stretch on records going back to 1999. Existing home sales fell 7.7% last month from October to a seasonally adjusted annual rate of...
Free returns less common for online shoppers
One of the foundations of online shopping has been free returns, but not anymore. After years of subsidizing them, more retailers are charging customers to send back unwanted goods. It’s a risky move because shoppers have become accustomed to buying an item in multiple sizes and colors and returning what...
John Dorfman: Micron and ViacomCBS are on the Casualty List
The stock market came in like a lamb and went out like a hyena in the third quarter. Gains in July and August were followed by a slide in September. When the dust settled, some stocks had been knocked down to what I consider attractive levels. Identifying such stocks is...
Warm welcome for oat milk maker Oatly in Wall Street debut
Oatly, the world’s largest oat milk company, raised $1.4 billion in an initial public offering Thursday on the Nasdaq stock exchange, capitalizing on a global surge in demand for its products. Oatly priced its shares at $17 apiece ahead of the IPO, giving the company a valuation of nearly $10...
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...
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...
Most-hated stocks trounced most-loved ones in 2020
As a new year gets underway, the four stocks Wall Street analysts love most are Amazon.com, Microsoft Corp., Burlington Stores and Valero Energy (VLO). Should you run out and buy them? No, according to my 22-year study. Analysts’ favorites frequently flop. For example, at the beginning of last year, 15...
Infrastructure, jobs are key to coming together under Biden, say Pennsylvania Republicans, unions
After more than a decade of division — Republicans trying to block Barack Obama at every move and Democrats questioning Donald Trump’s legitimacy — President-elect Joe Biden is inheriting a contentious crowd. His best strategy to bring them around a table together, a diverse group of Pennsylvanians say, would be...
John Dorfman: My Ratings on the Largest 20 Stocks
There are a few thousand stocks in the U.S. But a big part of the market value, the trading volume — in short, the action — is in the largest 20. Here are my ratings on the largest 20 stocks. Apple Inc. (AAPL, market value $1.92 trillion), Buy. Apple has...
John Dorfman: Top CEOs have jettisoned boatload of stock this summer
I see very few chief executives stepping up to buy their company’s stock this summer. But I see scads of sellers. Corporate chieftains usually talk bullishly about their companies’ prospects. But if they’re selling some of their shares, it’s worth thinking twice. Of course, there are many reasons to sell....
Pa. Liquor Control Board reports record net income despite sales decline
Despite the first annual sales decline in 26 years, the Pennsylvania Liquor Control Board on Wednesday reported record net income for the fiscal year that ended June 30. Liquor sales were hit hard particularly in the early stages of the pandemic when state wine and spirits stores were closed due...
Ford will reintroduce the Bronco on O.J. Simpson’s birthday
The newest addition to the Ford line of trucks and SUVs is actually a familiar one, the Bronco. The Bronco is making a comeback after being off the market since the mid ‘90s. In a ironic turn, Ford announced that it will debut the Bronco on July 9 — the...
Pennsylvania business owners worry about ability to bounce back from covid-19 lockdown
Bob Sodini’s small accounting firm in Harrison was in its busiest month of the year — tax filing season — when Gov. Tom Wolf imposed a statewide lockdown to thwart the spread of covid-19. With the doors closed to Sodini & Co.’s office on Freeport Road, the firm’s four employees...
Wolf: More than 6K business owners granted waivers during covid-19 shutdown, nearly 13K denied
More than 6,000 Pennsylvania businesses received waivers to operate during the pandemic-spurred lockdown, or about 14% of those who applied for the exemption, data released Friday show. Among them were car washes, bike shops, furniture and appliance stores, lumberyards, sheet metal manufacturers, and toilet rental services. Also approved were bookkeepers,...
Extradition hearing begins for top Huawei exec in Canada
VANCOUVER, British Columbia — The first stage of an extradition hearing for a senior executive of Chinese tech giant Huawei started in a Vancouver courtroom Monday, a case that has infuriated Beijing, caused a diplomatic uproar between China and Canada and complicated high-stakes trade talks between China and the United...
After bankruptcy, PG&E headed back to court over wildfires
SAN FRANCISCO — Pacific Gas & Electric Co. will be back in a U.S. courtroom a day after declaring bankruptcy, as it tries to convince a judge not to order dramatic steps to try to prevent its equipment from causing more wildfires. U.S. Judge William Alsup is scheduled to hear...
