By Matt McFarland, CNN Business Intel spun out its driver-assist subsidiary Mobileye Wednesday and raised $861 million in the initial public offering. Mobileye’s stock was up about 34% during trading Wednesday from the initial public offering price of $21 a share. Intel had purchased Mobileye in 2017 for $15.3 billion, but announced in Dec. 2021
Continue Reading By Parija Kavilanz, CNN Business The list of companies cutting ties with artist and designer Ye following a series of antisemitic remarks continues to grow, with TJ Maxx boycotting the apparel line, the retailer announced Wednesday. The decision follows similar moves by Gap and Foot Locker to pull Yeezy merchandise from their stores. Gap said
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business Rank and file members of another railroad union have rejected a tentative labor deal, a move that further raises the odds that America’s freight railroad workers will go on strike sometime next month. The Brotherhood of Railroad Signalmen voted against September’s tentative agreement, according to results announced
Continue Reading By Nicole Goodkind, CNN Business The Securities and Exchange Commission voted Wednesday to adopt a new rule that would require public companies to take back executive compensation when their financial statements contain errors. These “clawback” requirements are intended to hold corporate executives financially accountable for any reporting errors, whether they are the result of fraud
Continue Reading By Zoe Sottile and Claudia Dominguez, CNN Two disgruntled customers are suing a California marijuana company, alleging that their prerolled joints were not as strong as claimed. The lawsuit was filed on October 20 against DreamFields Brands, Inc. for allegedly falsely claiming that their products have a high THC component, according to the suit. THC,
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors makes a big deal out of the Ultium battery technology underpinning its new and upcoming electric vehicles like the Cadillac Lyriq, GMC Hummer EV and the Chevrolet Silverado EV pickup. But the GM EV that’s a hit with customers right now is, ironically, the Bolt, a model that
Continue Reading By Matt Egan, CNN Business Democratic Sen. Sherrod Brown is warning the Federal Reserve not to attack inflation so aggressively that it undoes the historic progress in the jobs market. “For working Americans who already feel the crush of inflation, job losses will make it much worse. We can’t risk the livelihoods of millions of
Continue Reading By Paul R. La Monica, CNN Business Recession worries continue to haunt Wall Street. A key indicator in the bond market is flashing signs of a potential downturn. The spread between super short-term 3-month Treasury yields and the benchmark 10-year yield briefly inverted late Tuesday and did so again Wednesday. That means that yields for
Continue Reading By Chris Isidore, CNN Business Boeing reported an unexpected loss in the third quarter Wednesday after taking a massive $2.8 billion charge related to its high profile defense and space businesses, including completing the new versions of Air Force One and its much delayed Starliner space capsule. The company also continued to report losses from
Continue Reading By Anna Bahney, CNN Business New home sales fell in September amid rising mortgage rates that have pushed some buyers away from the housing market. Sales of newly constructed homes dropped 10.9% in September from August and were down 17.6% from a year ago, according to a joint report from the US Department of Housing
Continue Reading By Anna Cooban, CNN Business Europe has more natural gas than it knows what to do with. So much, in fact, that spot prices briefly went negative earlier this week. For months, officials have warned of an energy crisis this winter as Russia — once the region’s biggest supplier of natural gas — slashed supplies
Continue Reading By Frank Pallotta, CNN Business Ye — formerly known as Kanye West — has lost partnerships with fashion brands including Gap, Balenciaga and Adidas following his antisemitic comments in recent weeks. Now, questions remain about the business that helped propel Ye onto the fashion scene in the first place: Music. Since 2004’s “The College Dropout”
Continue Reading By Jordan Valinsky, CNN Business Bed Bath and Beyond has named a new CEO — and investors were selling the stock. The beleaguered retailer has tapped interim leader Sue Gove to the position permanently. She’s held the position for the past four months following the exit of its former CEO Mark Tritton, who failed to
Continue Reading By Jordan Valinsky, CNN Business Roughly 37 million bottles of Pine-Sol products have been recalled because they could contain a potentially harmful bacteria. Clorox said some of the affected Pine-Sol products might contain a bacteria called Pseudomonas aeruginosa, which can harm people with compromised immune systems or people with external medical devices because they pose
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By Nicole Goodkind, CNN Business Imminent recession is the topic du jour. From Goldman Sachs to the IMF, analysts and economists seem to agree that an economic downturn is coming for the United States in early 2023. That’s why it’s so surprising that the US economy is expected to show robust growth in Thursday’s third-quarter
Continue Reading By Nicole Goodkind, CNN Business Imminent recession is the topic du jour. From Goldman Sachs to the IMF, analysts and economists seem to agree that an economic downturn is coming for the United States in early 2023. That’s why it’s so surprising that the US economy is expected to show robust growth in Thursday’s third-quarter
Continue Reading By Hanna Ziady and Julia Horowitz, CNN Business The UK government has delayed its budget by more than two weeks, buying new Prime Minister Rishi Sunak some time to make difficult choices about how to tackle the country’s “profound economic crisis.” Finance minister Jeremy Hunt will now deliver the government’s medium-term fiscal plan on November
Continue Reading By Rob McLean, CNN Business Two high profile athletes are leaving Kanye West’s sports agency, Donda Sports, in the wake of the artist and businessman’s repeated antisemitic statements. Aaron Donald, a star football player on the Los Angeles Rams, announced Tuesday that he is leaving the agency. In a statement shared on Twitter, Donald and
Continue Reading By Chris Isidore, CNN Business Rapper Ye’s falling out with corporate partners has cost him his status as a billionaire, according to Forbes. In the last few weeks, Ye — also known as Kanye West — has seen luxury fashion house Balenciaga, Gap and most recently Adidas end business relationship with him for antisemitic comments
Continue Reading By Jeanne Sahadi, CNN Business There are few places to keep your cash these days that can protect your money from inflation. And while you might have missed an opportunity to get a nearly 10% interest rate on ultra safe government I Bonds, you can still get a high rate that will keep pace with
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