Opinion by Mark Zandi for CNN Business Perspectives The stock market is having a rough go. Since hitting an all-time high on the first trading day of the year, stock prices have fallen by more than 20%. Known as a bear market, the losses have been financially painful. Trillions of dollars in stock wealth has
Continue Reading By Parija Kavilanz, CNN Business For one group of workers, the baby formula shortage is a multi-pronged crisis that threatens not only the well-being of their young children — but also their own livelihoods. Many shoppers’ weekly grocery trips don’t require much more than a short car ride into town. But that’s not how it
Continue Reading By Anna Bahney, CNN Business Home prices hit a new all-time high in June, even as home sales declined for the fifth straight month as a lack of affordability continues to push buyers out of the market. The median home price was $416,000 last month, up 13.4% from one year ago, according to a report
Continue Reading By Michelle Toh, CNN Business Macao’s casinos have been bleeding hundreds of millions of dollars a month during the pandemic. Now a prolonged lockdown is adding more uncertainty for players in the world’s largest gambling hub. Since last week, Macao has been under strict stay-home orders as it grapples with a surge in coronavirus cases.
Continue Reading By Julia Horowitz, CNN Business It wasn’t long ago that Wall Street would have bristled at such grim news out of Netflix: Between April and June, the company lost 970,000 subscribers. But investors aren’t freaking out about the number of customers bailing from the service. In fact, they’re cheering. What’s happening: Shares of Netflix are
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors and Lockheed Martin are working together on a new Lunar Rover. but it needs tires. So, Goodyear is now joining the team. GM and Goodyear have been over this dry, dusty ground before. Both companies worked on NASA’s original Lunar Roving Vehicles that went to the moon in
Continue Reading By Michelle Toh, CNN Business A new show about a young female attorney has become another South Korean hit on Netflix, giving investors hope that the producer may have another “Squid Game”-like success on its hands. “Extraordinary Attorney Woo,” a series that follows the titular character Woo Young-woo as “a newbie at a top law
Continue Reading By Anna Cooban, CNN Business The European Union has unveiled its emergency gas rationing plan — a day before it fears Russia could drastically cut the flow of natural gas to the continent. The “Save Gas for a Safe Winter” plan announced Wednesday sets a target for the 27 member states to reduce their gas
Continue Reading By Catherine Thorbecke, CNN Business Weeks after Daily Harvest announced the voluntary recall of its French Lentil and Leek Crumbles, the company said on Tuesday that it had identified the ingredient suspected to be causing the mysterious illness reported by hundreds of customers. “At this time, we have identified tara flour as the cause of
Continue Reading By Clare Duffy, CNN Business In an early victory for Twitter, a judge on Tuesday ruled that the company’s lawsuit against Elon Musk over their $44 billion acquisition agreement should go to a five-day trial in October. The decision came at the end of the first hearing in the case over whether to expedite the
Continue Reading By Danielle Wiener-Bronner and Chris Isidore, CNN Business Chipotle permanently closed a restaurant in Augusta, Maine that filed to form a union last month. “We have been unable to adequately staff this remote restaurant with crew and continue to be plagued with excessive call-outs and lack of availability from existing staff,” Laurie Schalow, chief corporate
Continue Reading By Catherine Thorbecke, CNN Business Apple has agreed to pay $50 million to settle a class action lawsuit from customers who say they experienced failures related to the so-called “butterfly” keyboards included for years on certain MacBook laptops. The proposed settlement, which still requires a judge’s approval, was indicated in court documents filed Monday in
Continue Reading By Frank Pallotta, CNN Business Netflix lost roughly a million customers last quarter — the most in the company’s 25-year history. But it stopped the bleeding in a nightmarish year, and the company believes that its new long-term initiatives will boost sales and subscribers. Those efforts — which include cracking down on password sharing and
Continue Reading By Frank Pallotta, CNN Business Netflix reported Tuesday that it lost 970,000 subscribers in the second quarter of 2022 — a number far lower than its own forecasts, which had projected that the streaming giant would lose two million subscribers. The company also said it would add another one million subscribers in the third quarter,
Continue Reading By Anna Bahney, CNN Business Home builders are hitting the brakes as building costs rise and prospective buyers get priced out of the market. June housing starts, a measure of new home construction during the month, fell 2% month-over-month and 6.3% from a year ago, according to the US Census Bureau. Meanwhile, a separate survey
Continue Reading By Jackie Wattles, CNN Business One of four passengers who joined SpaceX’s first-ever space tourism mission last year and who spent months training on the company’s spacecraft before taking a three-day trek to orbit is now working for Blue Origin, one of SpaceX’s top rivals. Chris Sembroski, an engineer who previously worked at yet another
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks may not be done closing stores over safety concerns. “We are beginning to close stores,” because of safety issues, interim CEO Howard Schultz said in a video posted to Twitter last week. “This is just the beginning. There are going to be many more.” Starbucks said last week that
Continue Reading By Brian Fung, CNN Amazon said Tuesday it has sued the administrators of more than 11,000 Facebook groups allegedly responsible for facilitating the purchase and sale of fake reviews on Amazon’s marketplace in seven countries. The group operators are accused of recruiting people to write fake or misleading product reviews in exchange for money or
Continue Reading By Brian Fung, CNN Business The Biden administration is pushing to fill hundreds of thousands of cybersecurity jobs in the United States as part of a bid to close a talent shortage US officials describe as both a national security challenge and an economic opportunity. On Tuesday, the administration announced a multi-agency plan to create
Continue Reading By Paul R. La Monica, CNN Business It has been an absolutely brutal year for investors in bitcoin and other cryptocurrencies. Bitcoin has lost more than half its value in 2022. Now hovering around $23,000, the price of a single bitcoin has plunged more than 65% below last year’s all-time high of nearly $70,000. The
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