By Nicole Goodkind, CNN Business It’s no secret that Warren Buffett isn’t a fan of Robinhood. The Oracle of Omaha has been sparring with the online brokerage platform since 2021. Until now, the fight has been over a difference in their philosophical views of the stock market. A recent paper by three academics may have
Continue Reading By Danielle Wiener-Bronner, CNN Business Taco Bell can thank Mexican Pizza for a boost in sales last quarter. Sales at US Taco Bell stores open at least a year jumped 8% in the three months ending June 30. In that period, Taco Bell sold more than 20 million Mexican Pizzas across the country and saw
Continue Reading By Alexandra Peers, CNN Business Credit giant Equifax sent lenders incorrect credit scores for millions of consumers this spring, in a technology snafu with major real-world impact. In certain cases the errors were significant enough — the differential was at least 25 points for around 300,000 consumers — that some would-be borrowers may have been
Continue Reading By Alexandra Peers, CNN Business Credit giant Equifax sent lenders incorrect credit scores for millions of consumers this spring, in a technology snafu with major real-world impact. In certain cases the errors were significant enough — the differential was at least 25 points for around 300,000 consumers — that some would-be borrowers may have been
Continue Reading By Oliver Darcy, CNN Business The dishonesty of right-wing conspiracy theorist Alex Jones was spotlighted in a Texas court on Wednesday as a lawyer for a pair of Sandy Hook parents cross-examined the Infowars founder and fact-checked his answers in real-time. The jury hearing the case will determine how much Jones will have to pay
Continue Reading By Anna Cooban, CNN Business The world’s oil-exporting countries have agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. The Organization of the Oil Exporting Countries and its allies — which includes Russia — also known as OPEC+, said on Wednesday that it would produce an
Continue Reading By Matt Egan, CNN Business Prices at the pump continue to sink, providing relief to inflation-weary consumers and an economy mired in a slowdown. The national average for regular gasoline dropped three cents to $4.16 a gallon on Wednesday, according to AAA. That marks the 50th consecutive day of falling prices. Gas prices have tumbled
Continue Reading By Nicole Goodkind, CNN Business Americans may be wondering why they’re forced to spend more than $4 per gallon at the pump while energy companies are raking in record profits. Even more aggravating: Exxon and Chevron announced last week they’d spend billions of dollars of their earnings buying back their own stock, fattening investors’ portfolios.
Continue Reading By Julia Horowitz, CNN Business China’s yuan has fared better than many other major currencies this year. It’s shed 6.5% against the US dollar, holding its ground as the greenback has gone on a breakneck rally. The euro, the British pound and South Korea’s won have all dropped more than 10%, while Japan’s yen has
Continue Reading By Oliver Darcy, CNN Business Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little more than $4 million in compensatory damages, a jury decided Thursday, capping a stunning and dramatic case that showcased for the public the real-world harm inflicted by viral conspiracy theories.
Continue Reading By Michelle Toh, CNN Business The Reddit retail army is back. A little-known Hong Kong-based company appears to have become the latest obsession of traders on the popular Reddit forum WallStreetBets, helping its stock shoot up 21,000% since its IPO less than a month ago. Shares of AMTD Digital have spiked nearly 3,000% over the
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has suspended some trade with Taiwan in apparent retribution for a visit by the US House Speaker Nancy Pelosi to the self-governing island. The curbs include the suspension of some fruits and fish imports from Taiwan, and exports of natural sand to the island. China
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has suspended some trade with Taiwan in apparent retribution for a visit by the US House Speaker Nancy Pelosi to the self-governing island. The curbs include the suspension of some fruits and fish imports from Taiwan, and exports of natural sand to the island. China
Continue Reading By Alicia Wallace, CNN Business Just months after cutting 9% of its workforce, Robinhood on Tuesday announced plans to lay off another 23%. The latest cuts, which will affect 780 employees, continues a massive freefall for the once high-flying online brokerage. In a separate development Tuesday, the state of New York hit the Menlo Park,
Continue Reading By Oliver Darcy, CNN Business The parents of a child who was murdered during the 2012 Sandy Hook shooting delivered emotional testimony in a Texas court on Tuesday, telling a jury that the lies pushed by right-wing conspiracy theorist Alex Jones have stained the legacy of their son and tormented them for years. The jury
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks sales took a plunge in China due to the country’s strict Covid-19 restrictions. In the three months ending on July 3, sales at Starbucks’ Chinese locations open at least 13 months dropped 44%. “China faced its most severe COVID disruption since the onset of the pandemic,” in the quarter,
Continue Reading By Sara O’Brien, CNN Business Demand for Airbnb bookings continues to soar even as high gas prices and inflation weigh on consumers and the economy. Airbnb said Tuesday that it had 103.7 million bookings on its platform during the three months ended in June, a new quarterly high for the company and a 24% increase
Continue Reading By Catherine Thorbecke, CNN Business Private astronaut missions to the International Space Station will have to be chaperoned by a former NASA astronaut, per new proposed requirements from the US space agency. NASA posted a public notice online on Tuesday that laid out a handful of updated requirements for future private astronaut missions, which the
Continue Reading By Oliver Darcy, CNN Business The parents of a child who was murdered during the 2012 Sandy Hook shooting delivered emotional testimony in a Texas court on Tuesday, telling a jury that the lies pushed by right-wing conspiracy theorist Alex Jones have stained the legacy of their son and tormented them for years. The jury
Continue Reading By Sara O’Brien, CNN Business Even higher gas prices and soaring inflation aren’t slowing down Uber’s rebound from the worst days of the pandemic. Uber on Tuesday said its revenue hit $8.1 billion during the three months ending in June, more than doubling from the year prior as more customers turn to the ride-hailing service.
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