business news
Walmart’s lousy quarter has us looking to exit our position in the retailer
We aren’t very interested in waiting around for management to show us that they can turn things around. So we’re downgrading the stock to a 3 rating. Source
Read More
Silicon Valley supply chain fixer Flexport tops the 2022 CNBC Disruptor 50 list
After a year in which supply chain bottlenecks roiled the global economy, Flexport, which uses technology to improve supply chains, reaches the top of the CNBC Disruptor 50 list. Freight forwarding, the official name for the industry Flexport is disrupting, is the centuries-old, trillion-dollar global business of matching companies that make stuff with companies that […]
Read More
Crypto industry wields its influence in Washington after pouring over $30 million into campaigns
U.S. Rep. Ritchie Torres, D-N.Y., called on New Yorkers to support the cryptocurrency market in a March op-ed in the New York Daily News titled, “A liberal case for cryptocurrency.” “With a multi-billion dollar market capitalization, crypto is here to stay. It’s not going anywhere. New York City should and must embrace crypto if it […]
Read More
Coinbase to slow hiring amid plunge in cryptocurrencies and tech stocks
Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped. Chesnot | Getty Images Coinbase has become the latest tech company to warn of a slowdown in hiring. The crypto exchange told staff Tuesday it would slow hiring and reevaluate its headcount, reversing earlier plans to triple its […]
Read More
Elon Musk blasts Joe Biden, says he has failed to get much done
Elon Musk arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York. Angela Weiss | AFP | Getty Images Tesla CEO Elon Musk blasted Joe Biden during an interview this week, saying the president is someone who just reads off a teleprompter and that his administration […]
Read More
New filing reveals the full story behind Musk’s bid to buy Twitter
The official profile of Elon Musk on the social network Twitter. Rafael Henrique | Lightrocket | Getty Images A new filing with the Securities and Exchange Commission sheds light on the Twitter board’s early conversations with billionaire Elon Musk as he decided to join the board, and later, abandon that plan and try to take […]
Read More
Citigroup shares jump 7% after Warren Buffett reveals a near $3 billion stake in the struggling bank
Berkshire Hathaway Chairman and CEO Warren Buffett. Andrew Harnik | AP The 91-year-old “Oracle of Omaha” scooped up Citi shares while they have been underperforming the rest of the financial sector in the past 12 months. The stock is down nearly 40% while the Financial Select Sector SPDR Fund is off by 12% over the […]
Read More
Apple adding live captions to iPhone, iPad and Mac so you can read along with videos
Apple is adding live captions to its products. Apple Apple announced a slew of new accessibility features for its products on Tuesday that can help people with disabilities. One highlight feature is live captions for videos for iPhones, iPads and Macs. It means people who are hard of hearing, or anyone who wants to watch […]
Read More
What may be behind Buffett’s surprising deep value bet on Citigroup
Count veteran banking analyst Mike Mayo among those on Wall Street surprised by Berkshire Hathaway ‘s recent $2.95 billion wager on Citigroup shares. The move, disclosed Monday in regulatory filings, is Berkshire’s biggest new bet on financials made in the first quarter. Berkshire also took a much smaller stake in online bank Ally Financial . […]
Read More
Biden travels to Buffalo to grieve shooting victims, condemn racial violence
U.S. President Joe Biden delivers remarks at the annual National Peace Officers’ Memorial Service at the U.S. Capitol in Washington, May 15, 2022. Elizabeth Frantz | Reuters President Joe Biden is in Buffalo, New York, on Tuesday to console the families of victims of a mass shooting this weekend where a lone white gunman targeted […]
Read More