By Nathaniel Meyersohn, CNN Business Activist investors are circling Macy’s and Kohl’s. The department store chains are fighting back. Macy’s on Tuesday rejected calls from activist investor Jana Partners to spin off its e-commerce operations after completing a board review of the company’s entire strategy. Jana Partners in October said that Macy’s could double its
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By Anneken Tappe, CNN Business American consumer confidence slipped again in February, a new report from the Conference Board said Tuesday. The index tracking how Americans are feeling fell to 110.5 this month, a steeper decline than economists had expected and the lowest level since September. The January number was revised down as well. Inflation
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By Matt Egan, CNN Business As oil rapidly approaches $100 a barrel, JPMorgan warned Tuesday that a spike in energy prices and other ripple effects from the Russia-Ukraine crisis could hurt both the stock market and the economic recovery. “An energy price shock amidst an aggressive central bank pivot focused on inflation could further dampen
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By Paul R. La Monica, CNN Business Home Depot was the Dow’s best-performing stock in 2021, soaring more than 55% thanks to strong demand from consumers in what was a red hot housing market. But shares are off to a bumpy start this year. Shares of Home Depot have fallen 24% because of fears about
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By Eoin McSweeney, CNN When the world’s biggest cryptocurrency exchange decided in December to set up an advisory body in Dubai, local bitcoin enthusiasts celebrated. Binance’s presence would be the jewel in the city’s crypto crown as it tried to position itself as a hub for the digital asset. The crypto exchange’s CEO Changpeng “CZ”
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By Paul R. La Monica, CNN Business Wall Street’s attempt for a Wednesday rally failed, with stocks closing broadly lower on continued worries about the likelihood of an imminent invasion of Ukraine by Russia. The Dow closed down more than 464 points, or 1.4%, after opening the session higher. It was a broad-based slide, with
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By Chris Isidore, CNN Business Tesla CEO Elon Musk is escalating his battle with the Securities and Exchange Commission, accusing a staff member of illegally leaking the results of an investigation. Musk said the regulator is trying to “weaponize” an earlier consent decree he and Tesla signed “for illicit ends.” The allegations in a court
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By Anna Bahney, CNN Business Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data and substantially ahead of 2020’s 10.4% gain. All regions saw price gains last year, but increases were strongest in the South and the Southeast, each
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By Jordan Valinsky, CNN Business The highly anticipated arrival of boozy Mountain Dew is finally here, but not everyone will be able to get it at first. HARD MTN DEW is launching Tuesday at select retailers in Tennessee, Florida and Iowa. Availability of the sugar-free, spiked seltzer will expand to more states later this year
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By Samantha Murphy Kelly, CNN Business Twenty years after 3G was first introduced in the United States, paving the way for a new generation of mobile apps, the network is officially being phased out. AT&T is set to pull the plug on its 3G network Tuesday, with other major US carriers expected to follow suit
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By Charles Riley and Julia Horowitz, CNN Business The West showed Tuesday it was ready to target Russia’s huge energy industry — even at the risk of hurting itself — after Moscow ordered troops into parts of eastern Ukraine. Germany said it was halting certification of the Nord Stream 2 gas pipeline following Moscow’s actions
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By Charles Riley, CNN Business Russian stocks whipsawed and the ruble rebounded from a near-record low on Tuesday as investors reacted to President Vladimir Putin’s decision to order troops into eastern Ukraine. Moscow’s MOEX stock index pared heavy losses after shedding more than 10% on Monday, bringing losses so far this year to about 20%.
Continue Reading By Charles Riley, CNN Business Russian stocks plunged and the ruble slid closer to a record low on Tuesday as investors reacted to President Vladimir Putin’s decision to order troops into eastern Ukraine. Moscow’s MOEX stock index dropped 4% after shedding more than 10% on Monday, bringing losses so far this year to over 20%.
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By Anna Bahney, CNN Business Across the US rent is rising so fast that in many cities buying has become more affordable than renting, even with sky-high home sale prices. The national median rental price jumped 19.8% in January from a year ago, marking the eighth straight month of double-digit increases, according to a report
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By Diksha Madhok, CNN Business Bitcoin and other major cryptocurrencies have been feeling the heat this week as tensions between Russia and Ukraine escalate and investors shun riskier assets. On Tuesday, bitcoin was trading at $36,649 at 2:30 a.m. ET, falling nearly 6.5% in the last 24 hours, according to data from CoinDesk. The world’s
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By Michelle Toh, CNN Business HSBC announced plans Tuesday to buy back up to another $1 billion in shares as it outlined a “significantly” brighter outlook due to the prospect of rising interest rates around the world. The buyback is on top of an existing $2 billion program the global bank announced last October. On
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Russian President Vladimir Putin put on a show on Monday — first with a Security Council meeting that was likened to a Netflix drama, then a long speech that was
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Russian President Vladimir Putin put on a show on Monday — first with a Security Council meeting that was likened to a Netflix drama, then a long speech that was
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By Laura He and Rob McLean, CNN Business Global stock markets tumbled and crude oil prices surged to $99 per barrel on Tuesday after Russia ordered troops into parts of eastern Ukraine. European markets dropped in early trading. The FTSE 100 dipped 0.4% in London, while France’s CAC 40 shed 0.8%. Germany’s DAX tumbled 1.4%.
Continue Reading By Laura He and Rob McLean, CNN Business Global stock markets tumbled and crude oil prices surged to $99 per barrel on Tuesday after Russia ordered troops into parts of eastern Ukraine. Wall Street also fell as traders returned from the holiday weekend, but stocks finished off their lows of the day. The Dow briefly
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