By Nathaniel Meyersohn, CNN Business CVS is heading in the wrong direction: Traditional pharmacies are on the decline, and America’s largest drug store chain plans to close about one in 10 of its outdated locations. One company is particularly primed to take advantage — and it’s not Walgreens or Rite Aid. Dollar General has rapidly
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By Matt Egan, CNN Business Democratic Senators Sheldon Whitehouse and Jeff Merkley on Friday came out against to keeping Jerome Powell at the helm of the Federal Reserve due to what they see as his insufficient response to the climate crisis. The opposition further complicates the imminent decision by President Joe Biden on whether to
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By Julia Horowitz, CNN Business In spring 2020, in the depths of coronavirus lockdowns, investors couldn’t dump Macy’s stock fast enough. Shares fell as low as $4.38 apiece. That was then. On Thursday, Macy’s stock jumped 21% after the company reported better-than-expected earnings. That brought gains so far this year to more than 230%. A
Continue Reading By Paul R. La Monica, CNN Business It’s no secret that consumers love Amazon, Walmart and Target. But they are not the only retailers that bargain-hunting shoppers — or investors — are expected to flock to during the holidays. With Black Friday a week away, the SPDR S&P Retail ETF is up an astonishing 61%
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By Julia Horowitz, CNN Business For months, there have been warnings to shoppers: Get through your holiday to-do list early. Wait until Black Friday or later, and you may not be able to find what you want. But as stores prepare for the peak of the most important season for retailers, bigger companies are starting
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By Esha Mitra and Rhea Mogul CNN Santosh Singh’s earliest memory is of tilling soil on his family’s farm. Now, the 70-year-old farmer’s eyes gleam with pride as he recalls watching his grandson do the same. But Singh hasn’t been home to Punjab for one year since he joined farmers at one of three protest
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By Laura He and Paul R. La Monica, CNN Business Shares of Alibaba plummeted in Hong Kong on Friday after the tech giant warned of weaker growth this year as China’s economy slows and Beijing continues its regulatory crackdown. Alibaba dropped 10.7%, the steepest decline since its listing in the city in November 2019. The
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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. In the words of Committee to Protect Journalists executive director Joel Simon, “To practice journalism in the face of grave danger requires a profound sense of optimism and a sincere
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By Manveena Suri, Vedika Sud, Arpit Goel and Rhea Mogul, CNN India’s Prime Minister Narendra Modi said Friday he would repeal three contentious agricultural laws that sparked more than a year of protests, in a rare apparent climb down ahead of pivotal state elections. “Today I have come to tell you, the whole country, that
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By Chris Isidore, CNN Business Sean O’Brien will be the next president of the 1.4-million member Teamsters union, succeeding James Hoffa, the son of the union’s most famous leader who has led the union for 23 years. O’Brien, a fourth-generation member of the union, has been a harsh critic of Hoffa and the contract negotiated
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By Alicia Wallace, CNN Business The “Great Migration” may not be as pronounced as once thought. The US Census Bureau this week released data showing that migration activity has fallen to its lowest rate in more than 70 years. The findings toss some cold water on anecdotes that Americans were relocating more than ever during
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By Danielle Wiener-Bronner, CNN Business Wall Street is hungry for fancy salads. Sweetgreen’s stock nearly doubled in price mid-day Thursday, hours after the upscale salad chain made its Wall Street debut. The company set its price at $28 per share Wednesday, ahead of its initial public offering Thursday. The stock price jumped to about $54
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By Paul R. La Monica, CNN Business A group of cryptocurrency investors took the notion “We the people” from the US Constitution to the next level. They pooled money to try to buy a rare copy of the document — and they claimed to have raised $40 million to do so. But despite the huge
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By Matt McFarland, CNN Business When a dozen small children crossed in front of our Tesla with “full self-driving,” I had good reason to be nervous. I’d spent my morning so far in the backseat of the Model 3 using “full self-driving,” the system that Tesla says will change the world by enabling safe and
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One of the perks of owning a Tesla is using your smartphone as a key to open and drive your car. It does away with carrying a separate key fob in your pocket. But what if your smartphone app glitches? You could be stuck not being able to use your car, which seems to be
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By Matt Egan, CNN Business Nearly a dozen Congressional Democrats are urging President Joe Biden to combat high gas prices by not only releasing barrels from the US Strategic Petroleum Reserve but by banning US oil exports, according to a letter viewed by CNN. The letter sent Monday to Biden adds to the pressure the
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren wants federal regulators to investigate whether any laws were broken by the shell company that is facilitating former President Donald Trump’s return to Wall Street. In a letter to the Securities and Exchange Commission, Warren cited a report by The New York Times that found Trump
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By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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By Matt Egan, CNN Business Not even coffee is immune to the powerful forces of extreme weather and inflation. Coffee futures climbed on Thursday to the highest level since January 2012. It’s just the latest spike for a commodity that has seen its value surge more than 80% so far this year. Unfortunately, this means
Continue Reading By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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