By Nicole Goodkind and Paul R. La Monica, CNN The US could be approaching a 2011-style debt ceiling market meltdown, but worried investors shouldn’t abandon ship, Wall Street analysts say. Instead, they should jump on a ship (hypothetically speaking) and plant their money in overseas equities. What’s happening: The US government has hit its $31.4
Continue Reading By Nicole Goodkind and Paul R. La Monica, CNN The US could be approaching a 2011-style debt ceiling market meltdown, but worried investors shouldn’t abandon ship, Wall Street analysts say. Instead, they should jump on a ship (hypothetically speaking) and plant their money in overseas equities. What’s happening: The US government has hit its $31.4
Continue Reading By Diksha Madhok, CNN India’s Adani Group has denounced allegations of fraud made by Hindenburg Research as “baseless” and a “malicious combination of selective misinformation,” and is considering legal action against the US-based short seller. Hindenburg Research published an investigation on billionaire Gautam Adani’s sprawling conglomerate on Tuesday, accusing it of “brazen stock manipulation and
Continue Reading By Chris Isidore, CNN Boeing reported a $650 million operating loss in the fourth quarter, surprising Wall Street analysts who had expected the aircraft giant to turn a profit. The company blamed the unexpected loss on “abnormal production costs” as it tried both to deliver the remaining backlog of 737 Max jets and to step
Continue Reading By Chris Isidore, CNN Tesla is expected to report record earnings after the bell Wednesday, but it might not be enough to satisfy anxious investors. The company is facing growing doubts about its business after disappointing sales and a series of price cuts for its cars around the world. “I don’t think Q4 matters other
Continue Reading By Catherine Thorbecke, CNN Microsoft on Tuesday posted weaker-than-expected revenue and a double-digit percentage drop in profit for the final three months of last year amid broader economic uncertainty and reduced demand for personal computers and software. The tech giant reported revenue of $52.7 billion for the quarter, a modest 2% increase from the year
Continue Reading By Oliver Darcy, CNN Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his broadcasting and print publishing companies under one roof. The companies said in nearly identical press releases that they had received a letter from Murdoch indicated that both he, and his son Lachlan,
Continue Reading By Samantha Murphy Kelly, CNN Business Lawmakers grilled a top executive of Ticketmaster’s parent company, Live Nation Entertainment, on Tuesday after the service’s inability to process orders for Taylor Swift’s upcoming tour left millions of people unable to buy tickets late last year. During the three-hour hearing, senators pressed Live Nation president and CFO Joe
Continue Reading By Samantha Murphy Kelly, CNN Business Lawmakers grilled a top executive of Ticketmaster’s parent company, Live Nation Entertainment, on Tuesday after the service’s inability to process orders for Taylor Swift’s upcoming tour left millions of people unable to buy tickets late last year. During the three-hour hearing, senators pressed Live Nation president and CFO Joe
Continue Reading By Chris Isidore, CNN Union Pacific, one of the major freight railroads that successfully fought off union demands for paid sick days for workers during contentious labor negotiations in 2022, reported another year of record earnings Tuesday. The company, along with CSX, Norfolk Southern and Burlington Northern Sante Fe, narrowly avoided a strike by its
Continue Reading By Oliver Darcy, CNN Justin Bieber has sold the rights to his publishing and artist royalties from his song catalog, adding himself to a growing list of pop stars who have inked rights deals. Bieber sold his catalog to Hipgnosis, the music rights investment company announced Tuesday. “Justin is truly a once in a generation
Continue Reading By Brian Fung, CNN The Justice Department and eight states sued Google on Tuesday, accusing the company of harming competition with its dominance in the online advertising market and calling for it to be broken up. The move marks the Biden administration’s first blockbuster antitrust case against a Big Tech company. The eight states joining
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By Matt McFarland, CNN Business Tesla CEO Elon Musk returned to the witness stand for a third day in a California court room Tuesday, as he testified in a class-action lawsuit over his controversial “funding secured” tweet from 2018. It will likely be Musk’s final day of testimony. Musk, Tesla and company directors are facing
Continue Reading By Matt McFarland, CNN Business Tesla CEO Elon Musk returned to the witness stand for a third day in a California court room Tuesday, as he testified in a class-action lawsuit over his controversial “funding secured” tweet from 2018. It will likely be Musk’s final day of testimony. Musk, Tesla and company directors are facing
Continue Reading By Nathaniel Meyersohn, CNN Business Walmart, America’s largest private employer, said Tuesday that it will raise its minimum wage from $12 to $14 an hour as it tries to retain store and warehouse workers in a tight labor market for lower-wage industries. Walmart has 1.7 million workers in the United States, 94% of whom are
Continue Reading By Oliver Darcy, CNN Business The Washington Post on Tuesday became the latest media company to conduct layoffs, cutting 20 roles in a move that publisher Fred Ryan had indicated last month the newspaper would take in early 2023. Sally Buzbee, executive editor of The Post, described the decision to cut the jobs as “difficult”
Continue Reading By Nicole Goodkind, CNN The New York Stock Exchange experienced a technical issue Tuesday morning that led to a brief trading halt for dozens of major companies just after the market opened. As a result of the issue, some trades that occurred before the halt will be made “null and void,” according to an exchange
Continue Reading By Danielle Wiener-Bronner, CNN In the past, Oreo has partnered with Lady Gaga, Pokémon and Ritz on new limited-time flavors. Now, it’s working with … itself. And Martha Stewart. The cookie brand’s latest limited-edition cookie is an Oreo stuffed with Oreos. Dubbed “the Most OREO OREO,” the cookie is made with the usual chocolate wafers,
Continue Reading By Nathaniel Meyersohn, CNN Amazon is expanding its push into healthcare with a $5 monthly unlimited delivery pass on 60 common generic prescription drugs treating allergies, inflammation, high blood pressure and other conditions. Amazon announced the new delivery service, RXPass, on Tuesday and it will launch immediately in most states except California, Texas, Minnesota and
Continue Reading By Chris Isidore, CNN Business America’s largest banks announced plans Tuesday for an electronic wallet that will take aim at Apple Pay and PayPal. The banks are working with Early Warning Services, the company that runs their Zelle electronic payment service. The new electronic wallet, which will operate separately from Zelle, would allow people to
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