Business
This week’s best performers include several retail stocks and one exchange operator
It hasn’t been the best week for the broader market. The S & P 500 is down about 1% week to date, as investors weighed fresh commentary from Federal Reserve officials on inflation and monetary policy, which heightened concerns of even higher interest rates. Several retail stocks bucked the overall market trend, however, on the […]
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Carvana to lay off 1,500 employees following stock freefall
A Carvana used car “vending machine” on May 11, 2022 in Miami, Florida. Joe Raedle | Getty Images Carvana plans to lay off about 1,500 people, or 8% of its workforce, following a freefall in the company’s stock this year and concerns around its long-term trajectory, according to an internal message first obtained by CNBC’s […]
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Erie County hit with 3 feet of snow as Buffalo braces for ‘historic’ winter storm
A person walks through downtown in the snow Friday, Nov. 18, 2022, in Buffalo, N.Y. Joshua Bessex | AP Residents of Buffalo and other parts of New York state woke up Friday morning to heavy snowfall that officials warn could “paralyze” the hardest-hit communities. As of Friday morning, Erie County, home to Buffalo, has seen three feet […]
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Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyers
A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. David Paul Morris | Bloomberg | Getty Images Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines. Sales of previously owned homes dropped 5.9% from September to […]
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Wall Street is skeptical of GM’s ambitious EV plans
DETROIT – Wall Street is skeptical of General Motors’ plans to produce profitable electric vehicles years ahead of schedule and substantially bring down battery costs amid supply chain problems and broader economic concerns. Following an in-depth investor event Thursday afternoon in New York that outlined its short-term financials and growth plans for EVs – something […]
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Trump’s former Treasury secretary calls G-7 Russian oil price cap ‘the most ridiculous idea I’ve ever heard’
Former US secretary of the treasury Steven Mnuchin on a panel at the Future Investment Initiative in Saudi Arabia in October 2022. Mnuchin this week criticized the G-7’s plan for a cap on Fayez Nureldine | Afp | Getty Images Former U.S. Treasury Secretary Steve Mnuchin described the G-7’s plan for a price cap on […]
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Bank of America downgrades Coinbase, says FTX collapse raises ‘contagion risk’ for crypto platform
Bank of America says the collapse of FTX is clouding the outlook for Coinbase . Analyst Jason Kupferberg downgraded shares of Coinbase to neutral from buy, citing “contagion risk” for the cryptocurrency exchange platform, even if it is not “another FTX.” “We think Coinbase (COIN) likely faces a number of new headwinds over the near/medium-term […]
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Marvel didn’t recast Chadwick Boseman in ‘Black Panther: Wakanda Forever’ — and it was the right move
A still from the movie “Black Panther.” Source: Marvel In August 2020, Disney’s Marvel Studios was faced with an unenviable task — how to handle the sudden and tragic death of Chadwick Boseman, the star of its megahit film “Black Panther.” At the time of Boseman’s death from colon cancer, director Ryan Coogler had already […]
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Morgan Stanley downgrades Rent the Runway, cites ‘volatile’ business growth
Rent the Runway is a “show-me story” for now, according to Morgan Stanley. Analyst Lauren Schenk downgraded shares to equal weight from overweight, and slashed her price target, citing data that points to a more challenging path ahead for the online retailer. “Recent data suggests a meaningful October slowdown and a 3Q sub miss after […]
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Qatar to reportedly ban beer at World Cup in dramatic reversal two days before tournament
Alex Tai | SOPA Images | Getty Images Qatar is set to ban all beer sales at and around its World Cup stadiums, in a dramatic U-turn just two days before the massive soccer tournament begins, according to multiple reports citing people with knowledge of the matter. The conservative, gas-rich Muslim nation does not fully […]
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