By David Goldman, CNN Business Amazon shares are about to get 20 times less expensive. The company announced Wednesday its board approved a 20-for-1 stock split, its first split since 1999. If approved by shareholders in May, the split will go into effect June 6. Amazon closed Wednesday at $2,785 per share. If the stock
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By Frank Pallotta, CNN Business “Hello there.” That’s what Star Wars fans were saying about the first look at Disney+’s upcoming “Obi-Wan Kenobi,” which the company premiered Wednesday. Disney showcased the trailer for the platform’s new Star Wars series at its annual shareholders meeting. It immediately went viral online. Of course it did. Obi-Wan Kenobi
Continue Reading By Frank Pallotta, CNN Business “Hello there.” That’s what Star Wars fans were saying about the first look at Disney+’s upcoming “Obi-Wan Kenobi,” which the company premiered Wednesday. Disney showcased the trailer for the platform’s new Star Wars series at its annual shareholders meeting. It immediately went viral online. Of course it did. Obi-Wan Kenobi
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By Frank Pallotta, CNN Business Bob Chapek, Disney’s CEO, was criticized Monday for speaking out about — but not directly condemning — Florida’s controversial “Don’t Say Gay” bill, with some feeling that Disney’s statement fell short. On Wednesday, Chapek agreed with the criticism. “I understand our original approach, no matter how well intended, didn’t quite
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By David Goldman and Becky Anderson, CNN Business The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue. The UAE’s ambassador to
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By Brian Stelter, CNN Business Major media companies continue to join the exodus from Russia, with Discovery and WarnerMedia making announcements on Wednesday about halting all programming in the country. WarnerMedia, CNN’s parent company, previously paused the release of “The Batman” in Russia, citing the “humanitarian crisis in Ukraine.” As of Wednesday the company is
Continue Reading By Brian Stelter, CNN Business Major media companies continue to join the exodus from Russia, with Discovery and WarnerMedia making announcements on Wednesday about halting all programming in the country. WarnerMedia, CNN’s parent company, previously paused the release of “The Batman” in Russia, citing the “humanitarian crisis in Ukraine.” As of Wednesday the company is
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By Paul R. La Monica, CNN Business American and European businesses are rapidly distancing themselves from Russia in the wake of its invasion of Ukraine. You’d think that would be a problem for America’s top banks, which have deep ties to businesses across the globe, including Russia. But you’d be wrong. While investors are waiting
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By Peter Valdes-Dapena, CNN Business It’s been promised for years. Now it’s finally here. Volkswagen has unveiled the production version of the VW ID. Buzz, a 21st century version of the classic VW Bus. Unlike the noisy and underpowered original bus, the new version will be full electric with ample horsepower. The Bus was a
Continue Reading By Peter Valdes-Dapena, CNN Business It’s been promised for years. Now it’s finally here. Volkswagen has unveiled the production version of the VW ID. Buzz, a 21st century version of the classic VW Bus. Unlike the noisy and underpowered original bus, the new version will be full electric with ample horsepower. The Bus was a
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By Jordan Valinsky, CNN Business Charles Entenmann, who helped to turn his family’s bakery into a baked goods behemoth, died recently, according to published reports. He was 92. The name Entenmann is instantly recognizable to grocery shoppers around the country for its signature white and blue boxes filled with sugary confections such as cakes, muffins,
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By Anna Bahney, CNN Business Homeowners saw massive increases in wealth over the past decade, but most of the gains went to the wealthiest US households. As home prices soared, housing wealth increased by $8.2 trillion over a decade, rising to $24.1 trillion in 2020 from $15.9 trillion in 2010, according to a new report
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By Jeanne Sahadi, CNN Business Confusion. Amnesia. New paperwork. Delays getting through to the IRS. These are some of the top pandemic-induced frustrations marking this tax filing season, both for tax preparers and their clients. A recent survey by the National Association of Tax Professionals found that “only 4% [of tax preparers] think that taxpayers
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By Frank Pallotta, CNN Business Disney’s CEO transition from Bob Iger to Bob Chapek marked a shift from an outspoken, famous CEO with political ambitions, to a largely unfamiliar name whose politics remain a mystery. This week, we got a glimpse at how Chapek’s Disney might respond to the world’s tumultuous political climate. On Monday,
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By Mark Thompson and James Frater, CNN Business Europe will consider joining a US-led embargo of Russian oil this week as the West looks for new ways to punish President Vladimir Putin for waging his devastating war in Ukraine. EU leaders will discuss whether to dump by far the biggest supplier of oil to the
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By Matt Egan, CNN Business Russia’s invasion of Ukraine and the West’s crackdown on Moscow has left the world economy exposed to an epic energy shock. “The uncertainty on how this conflict and oil shortages will be resolved is unprecedented,” Goldman Sachs strategists wrote in a note to clients. The developments have been relentless. On
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By Anneken Tappe, CNN Business America’s worker shortage is far from over: In January, the nation had 11.3 million jobs to fill and not enough workers to do so, according to new data from the Bureau of Labor Statistics. This exceeded economists’ expectations but was a decrease from the revised December number, which was updated
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By Paul R. La Monica, CNN Business Stocks surged Wednesday as investors celebrated a drop in crude oil prices. The Dow gained more than 700 points, or 2.1%, in midday trading. It was a broad-based rally, with oil giant Chevron the only Dow stock trading lower. The S&P 500 and Nasdaq were up about 2.6%
Continue Reading By Paul R. La Monica, CNN Business Stocks surged Wednesday, snapping a four-day losing streak, as investors celebrated a drop in crude oil prices. The Dow gained more than 650 points, or 2%. It was a broad-based rally, with oil giant Chevron the only Dow stock trading significantly lower. It fell 2.5%. The S&P 500
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Opinion by Mark Wolfe for CNN Business Perspectives Rising inflation is hitting all sectors of the economy. The overall rate of inflation on an annual basis reached 7.5% at the end of January, the highest level since 1982. Gas prices, in particular, are rising especially fast, reaching $4.25 a gallon on Wednesday, up from about
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