By Paul R. La Monica, CNN Business Breaking up is the newest craze for ginormous global companies. Johnson & Johnson, Toshiba and GE announced plans to split into multiple entities this week. The trend may have only just begun. Conglomerates are big and unwieldy. Wall Street hates them, because it doesn’t know how to value
Continue Reading
By Matt McFarland, CNN Business Rivian’s stock price soared Thursday, a day after its Wall Street debut, valuing the company at more than $100 billion. It also had the biggest American initial public offering since Facebook. Rivian, which plans to deliver about a thousand consumer vehicles by the end of 2021, is worth more than
Continue Reading By Matt McFarland, CNN Business Rivian’s stock price soared Thursday, a day after its Wall Street debut, valuing the company at more than $100 billion. It also had the biggest American initial public offering since Facebook. Rivian, which plans to deliver about a thousand consumer vehicles by the end of 2021, is worth more than
Continue Reading
By David Goldman and Anneken Tappe, CNN Business Surging prices, a labor shortage and a gummed-up supply chain are making Americans uneasy. The consumer sentiment index fell to a decade low in early November data collected by the University of Michigan. The culprit: pandemic-era inflation woes and worry that no policies are in place to
Continue Reading
By Anneken Tappe, CNN Business A record 4.4 million Americans quit their jobs in September as the sheer volume of available jobs is empowering workers to have their pick. Workers are quitting in search for better pay or better jobs, representing a fundamental shift in America’s labor market. “Labor now has the initiative, and the
Continue Reading
By Jordan Valinsky, CNN Business Roughly 100,000 pounds of raw ground chicken patty products, mostly sold at Trader Joe’s, are being recalled. The US Department of Agriculture’s Food Safety and Inspection Service said in a press release that the affected ground chicken might be “contaminated with extraneous materials, specifically pieces of bone.” The Trader Joe’s
Continue Reading
By Frank Pallotta, CNN Business Taylor Swift fans entered a state of grace on Friday thanks to the artist re-releasing one of her most beloved albums, 2012’s “Red.” Why would one of the biggest names in music — who is already fairly busy releasing multiple albums over the last year and a half — re-record
Continue Reading By Paul R. La Monica, CNN Business Breaking up is the newest craze for ginormous global companies. Johnson & Johnson, Toshiba and GE announced plans to split into multiple entities this week. The trend may have only just begun. Conglomerates are big and unwieldy. Wall Street hates them, because it doesn’t know how to value
Continue Reading
By Julia Horowitz, CNN Business News that prices for American consumers are rising at the fastest rate in three decades has spooked investors and economists, piling pressure on President Joe Biden and the Federal Reserve to respond more aggressively. What’s happening: Biden and his team are now steeling themselves for high inflation to persist into
Continue Reading
By Chris Isidore, CNN Business Elon Musk sold another block of Tesla shares Thursday. In two additional filings, Musk disclosed early Friday that he had sold another $687.3 million worth of the stock Thursday. That brings his sales of stock for this week to 5.2 million shares for a total of $5.8 billion. Last weekend,
Continue Reading
By Jordan Valinsky, CNN Business Johnson & Johnson, the world’s largest health products company, is splitting up. The company, which traces its roots back to 1886, will break into two: One company will focus on consumer health products customers can buy over the counter, including Benadryl, Band-Aids and Tylenol. The other business will sell prescription
Continue Reading
By Walé Azeez, CNN Business AstraZeneca has booked its first profit from sales of its Covid-19 vaccine. The company sold $2.2 billion worth of the shot in the first nine months of the year. In the quarter ending September 30, the vaccine’s sales totaled $1.05 billion, contributing one cent to earnings per share. Announcing its
Continue Reading By Walé Azeez, CNN Business AstraZeneca has booked its first profit from sales of its Covid-19 vaccine. The company sold $2.2 billion worth of the shot in the first nine months of the year. In the quarter ending September 30, the vaccine’s sales totaled $1.05 billion, contributing one cent to earnings per share. Announcing its
Continue Reading
By Helen Regan and Cape Diamond, CNN Business A military court in Myanmar has sentenced American journalist Danny Fenster to 11 years in prison, his lawyer said on Friday. Fenster, a 37-year-old from Detroit, Michigan, has been detained in Myanmar for more than five months. He has been denied bail and held in Insein Prison,
Continue Reading
By Jordan Valinsky, CNN Business Starbucks lovers can now order Taylor Swift’s favorite drink by saying two simple words. Customers who ask for “Taylor’s Latte” or “Taylor’s Version” will receive the singer’s favorite drink: a grande caramel nonfat latte. This latest collaboration between a fast food chain and a celebrity is being launched to celebrate
Continue Reading
By Diksha Madhok, CNN Business India’s latest billionaire is a 58-year-old former investment banker whose beauty startup made its blockbuster debut on the stock market this month. Shares in FSN E-Commerce Ventures — the owner of cosmetics e-commerce site Nykaa — have surged since they began trading in Mumbai this week. The stock has more
Continue Reading
By Michelle Toh, CNN Business China’s leading chipmaker is going through another massive leadership shake-up. Semiconductor Manufacturing International Corporation (SMIC) announced a wave of resignations in stock exchange filings Thursday evening. As many as four directors stepped down effective immediately, including Vice Chairman Chiang Shang-yi, who had joined the company just barely a year ago
Continue Reading By Helen Regan and Cape Diamond, CNN Business A military court in Myanmar has sentenced American journalist Danny Fenster to 11 years in prison, his lawyer said on Friday. Fenster, a 37-year-old from Detroit, Michigan, has been detained in Myanmar for more than five months. He has been denied bail and held in Insein Prison,
Continue Reading
By Peter Valdes-Dapena, CNN Business Another one of the auto industry’s greatest hits is coming back. Toyota brought back the Supra; Ford brought back the Bronco; Jeep dusted off the Wagoneer model; and Land Rover resurrected the Defender. Now you can add the Acura Integra to the mix, too. Acura unveiled a prototype version of
Continue Reading By Peter Valdes-Dapena, CNN Business Another one of the auto industry’s greatest hits is coming back. Toyota brought back the Supra; Ford brought back the Bronco; Jeep dusted off the Wagoneer model; and Land Rover resurrected the Defender. Now you can add the Acura Integra to the mix, too. Acura unveiled a prototype version of
Continue Reading