By Paul R. La Monica, CNN Business Stocks rallied heading into the weekend, despite lousy results from Amazon. Solid earnings from Apple and record profits from oil giants Chevron and Exxon Mobil were enough to counter the weak outlook from the retail and cloud giant. The Dow, which has Apple and Chevron as two of
Continue Reading By Paul R. La Monica, CNN Business The Dow fell nearly 130 points, or 0.4% Monday, but it still ended October up 14% — its best monthly gain since January 1976. The blue chips remain off by almost 10% this year, though. Meanwhile, the S&P 500, which closed down 0.8% Monday, has dropped about 20%
Continue Reading By Clare Duffy and Donie O’Sullivan, CNN Elon Musk has completed his $44 billion acquisition of Twitter, the company confirmed in a securities filing Friday, putting the world’s richest man in charge of one of the world’s most influential social media platforms. The company said the deal “became effective” on Thursday, as part of a
Continue Reading By Alicia Wallace, CNN Business A new batch of inflation data released Friday showed that while prices remained uncomfortably high in September, a slowdown in wage growth indicates some relief may be in sight. That’s an encouraging development for the Federal Reserve, which is battling to bring down the highest inflation in 40 years. The
Continue Reading By Clare Duffy, CNN Business After spending months attempting to get out of his deal to buy Twitter, Elon Musk officially owns the hugely influential platform. Now the question is: What will he actually do with it? Musk’s takeover — which was finalized Thursday night, a source familiar with the matter told CNN — not
Continue Reading By Chris Isidore, CNN Business America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results which had been the record and
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Donie O’Sullivan and Clare Duffy, CNN Business Elon Musk has completed his $44 billion deal to buy Twitter, a source familiar with the deal told CNN Thursday, putting the world’s richest man in charge of one of the world’s most influential social media platforms. Musk fired CEO Parag Agrawal and two other executives, according
Continue Reading By Clare Duffy, CNN Business Apple beat Wall Street analysts’ sales and income expectations for the quarter ended in September, despite an otherwise bruising earnings season for tech companies and worries that demand for the newest iPhones might have been weaker-than-expected. The tech giant posted sales of just over $90 billion during its fiscal fourth
Continue Reading By Vanessa Yurkevich, CNN Three hundred business groups are calling on President Joe Biden to intervene in the ratification of the national tentative agreement he helped broker last month between rail unions and US freight railroads. In a letter sent to the president Thursday, retail, agricultural, manufacturing, and trucking associations jointly asked the president to
Continue Reading By Clare Duffy, CNN Business Apple beat Wall Street analysts’ sales and income expectations for the quarter ended in September, despite an otherwise bruising earnings season for tech companies and worries that demand for the newest iPhones might have been weaker-than-expected. The tech giant posted sales of just over $90 billion during its fiscal fourth
Continue Reading By Catherine Thorbecke, CNN Business Amazon stock fell some 14% in after-hours trading Thursday after the company forecast its holiday quarter sales would be lighter than analysts had expected. The e-commerce giant said it expects revenue for the final three months of the year to be between $140 billion to $148 billion, significantly below the
Continue Reading By Peter Valdes-Dapena, CNN Business The Ford Fiesta, a hugely popular little hatchback in much of the world, will soon no longer appear in Ford’s European dealerships. Introduced in 1976 as a fuel-efficient subcompact “global car,” the Fiesta was only sold in the United States for about 10 years total, appearing here from 1978 to
Continue Reading By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Matt Egan Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement.
Continue Reading By Jeanne Sahadi, CNN Business The demand to buy US Series I savings bonds this week has been so great that it temporarily crashed the Treasury web site where those bonds are purchased. That could mean some investors’ requests may not be processed in time to lock in the bond’s 9.62% rate by the October
Continue Reading By Christine Romans, CNN Business Don’t expect the bounce-back in the US economy in the third quarter to quiet the chorus of recession calls. The US economy grew by a stronger-than-expected 2.6% from July to September, after contracting 1.6% in the first quarter and 0.6% in the second quarter of the year. The welcome GDP
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