Money

By Allison Morrow, CNN Business Rivian, a 12-year-old startup with no revenue, is now the third most valuable carmaker in the world. The electric vehicle maker has been public for all of one week, but its share price has more than doubled in that time, valuing Rivian at more than $140 billion — just ahead

By Anneken Tappe and Nathaniel Meyersohn, CNN Business Americans keep spending even as prices are spiking. That’s good news for retailers heading into the holiday season, as well as for the economy as a whole, which runs on consumer spending. Adjusted for seasonal swings, US retail sales rose 1.7% in October compared to the previous

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. While watching the news coverage of Steve Bannon’s initial appearance in federal court on Monday, I kept thinking about his 2018 confession to the acclaimed writer Michael Lewis. His quote

By Danielle Wiener-Bronner, CNN Business Papa Johns is the latest restaurant brand to give itself a makeover. The pizza chain on Tuesday unveiled a number of changes, including a new logo, new advertising and new restaurant designs. The updated logo ditches the word “pizza” and removes the green border around “Papa John’s.” Instead, it just

By Jordan Valinsky, CNN Business Nike has postponed the release of its latest sneaker collaboration with Travis Scott following the Astroworld concert tragedy that left 10 people dead. “Out of respect for everyone impacted by the tragic events at the Astroworld Festival, we are postponing the launch of the Air Max 1 x Cactus Jack,”

By Paul R. La Monica, CNN Business Is the red hot housing market finally set to cool off? If so, someone forgot to tell Home Depot shoppers. Home Depot reported earnings for the third quarter Tuesday that easily topped forecasts. Overall sales rose nearly 10% from a year ago to $36.8 billion, also surpassing Wall

By Julia Horowitz, CNN Business The stock market is booming, and despite uncertainty about the economy, Wall Street is confident it can keep pressing ahead. But as inflation surges, there’s also an undercurrent of anxiety about what the future holds. Want evidence? Just look at the recent rise in gold and the US dollar. What’s

By Nathaniel Meyersohn, CNN Business The supply chain crisis isn’t slowing down Walmart. America’s largest retailer and a bellwether of consumer spending reported strong sales growth during its most recent quarter. The company also raised its annual sales and profit growth, a signal that it’s expecting a strong holiday shopping stretch. Walmart on Tuesday said

By Reuters JPMorgan Chase on Monday sued Tesla for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract related to stock warrants after its share price soared. According to the complaint filed in Manhattan federal court, Tesla in 2014 sold warrants to JPMorgan that would pay off if their “strike price”

By Jordan Valinsky, CNN Business McDonald’s Egg McMuffin is turning 50 years old, and it’s giving the breakfast sandwich a price to match. On Thursday, McDonald’s will sell the Egg McMuffin for its original price of 63 cents during breakfast hours (6 am to 10:30 am). The promotion will be offered exclusively on the McDonald’s

By Mark Thompson and Walé Azeez, CNN Business Natural gas prices in Europe soared on Tuesday after Germany confirmed that it has suspended the process of certifying a controversial new Russian pipeline called Nord Stream 2. The German energy market regulator said in a statement that it could not certify Nord Stream 2 as an