By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities imposed a lockdown
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By Danielle Wiener-Bronner, CNN Business Kraft Heinz is using the metaverse to help get Lunchables, Velveeta and ketchup onto shelves faster. Last month, the company announced a deal with Microsoft to help secure its supply chain by, among other things, using automation to speed up operations and replicate the company’s facilities online. Kraft created “digital
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By Matt Egan, CNN Business US Treasury Secretary Janet Yellen told lawmakers on Tuesday the Covid-19 pandemic and the war in Ukraine may continue to add turbulence to the world economy. “There is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic,” Yellen said during a
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By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
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By Paul R. La Monica, CNN Business Investors are very nervous about what’s next for America’s economy, with market fear gauges spiking. But there are still some bright spots for investors seeking companies that may still report healthy earnings even in a further-weakened economy. The market is grappling with a lot: interest rate hikes to
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By Kathryn Vasel With the job market still going strong, millions of workers have switched jobs in the past year. In March, a record 4.5 million people quit their jobs, according to the Labor Department, many of whom left to seek higher pay, better benefits and flexibility or new career opportunities. But sometimes new roles
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By Allison Morrow, CNN Business Around the world, warning signs of a recession are flashing. Wall Street is on edge. Central banks are hiking interest rates to try to rein in inflation. And geopolitical upheaval is exacerbating supply chain headaches that began in 2020. “We will get a major recession,” Deutsche Bank economists warned last
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By Frank Pallotta, CNN Business After the pandemic pummeled its business, the movie industry is counting on a comeback. The good news for theaters is they couldn’t ask for a better film to kick off the summer. Marvel’s “Doctor Strange in the Multiverse of Madness” hits theaters this weekend. It’s one of the most anticipated
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By Frank Pallotta, CNN Business “Doctor Strange in the Multiverse of Madness,” the latest film in the Marvel Cinematic Universe, made an estimated $185 million domestically for its opening this weekend, according to Disney. That number hit the high end of expectations, which had the film making around $170 million to $185 million in North
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By Paul R. La Monica, CNN Business Stocks ended the day lower in a volatile session Friday. A solid jobs report was not enough to fully convince investors to look for bargains following Thursday’s more-than-1,000-point plunge. The Dow fell nearly 100 points, or 0.3%. Nike was one of the biggest drags on the blue chips,
Continue Reading By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
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By Julia Horowitz, CNN Business This newsletter yesterday highlighted warnings that market enthusiasm after the Federal Reserve’s latest meeting was misplaced. Investors quickly came to the same conclusion. What’s happening: After the S&P 500 rallied 3% on Wednesday, logging its best day in almost two years, it plunged 3.6% in an ugly trading session on
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By Anna Cooban, CNN Business Adidas on Friday blamed poor sales in China for a sharp drop in first quarter profit. The German sportswear giant reported net profit of €310 million ($327 million) in the first three months of 2022, down 38% on the same period last year. The company said the decline was caused
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By Parija Kavilanz, CNN Business Russia’s continuing assault in Ukraine has devastated the country and the lives of millions of its citizens. The youngest among them — Ukraine’s children — have been robbed of the ability to attend school and learn in a classroom, sitting next to their peers and friends. Since Russia invaded Ukraine
Continue Reading By Anneken Tappe, CNN Business After an electric economic recovery from the pandemic, the job market is showing signs of returning to normal. It’s still growing at a remarkably strong pace, but the months of millions of jobs added are probably over. America’s employers added 428,000 jobs in April, the same as in March, the
Continue Reading By Anneken Tappe, CNN Business The days of millions of monthly job gains are behind us: America’s employers added 428,000 jobs in April, the same as in March, the Bureau of Labor Statistics reported Friday. Although that was more than the 391,000 that economists had predicted, the slowdown in job growth is no surprise. It
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By Laura He, CNN Business Global shipping was just starting to recover from the chaos of the pandemic. Now port congestion and delays are back and could be around for a while. Covid lockdowns in China have wreaked havoc at Shanghai, the world’s biggest container port, and are now causing problems at other major ports
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By Laura He and Mark Thompson, CNN Business Global markets slid Friday after Wall Street suffered its worst day of the year. Major European indexes dropped in early trading. They followed stocks in Asia, which sold off as China’s pledge to stick to its zero-Covid policy stoked concerns about the world’s second biggest economy. Hong
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By Jackie Wattles, CNN Business Three NASA astronauts and a European astronaut splashed down aboard their SpaceX Crew Dragon capsule off the coast of Florida after midnight Friday morning, capping off their six-month mission during which they worked alongside Russian cosmonauts and hosted the first all-private crew to visit the orbiting outpost. The crew of
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By Jeanne Sahadi, CNN Business Bitcoin is notoriously volatile. But it may also prove politically vexing for Fidelity, which is getting blowback from two senators for its recent decision to offer bitcoin as an investment option on its 401(k) platform. Massachusetts Sen. Elizabeth Warren and Minnesota Sen. Tina Smith sent a letter to Fidelity this
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