Money

By Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. HOUSE FLOP Zillow shares fell more than 20% Wednesday on the news that it’s pulling the plug on its house-flipping business and laying off a quarter

Opinion by Gad Levanon for CNN Business Perspectives After enhanced unemployment benefits expired and schools re-opened in person, many expected workers to go back to work and the nation’s labor shortage to ease significantly by September. But recent data suggest that, if anything, the shortage is getting more severe. And though the risk of a

By Sana Noor Haq, CNN Business Tastykake cupcakes sold by US retailers including Target and Walmart are being recalled over concerns they might contain tiny fragments of metal mesh wire. Flowers Foods is withdrawing its Tastykake multi-pack cupcakes as a “precautionary measure,” the US Food and Drug Administration said in a statement. The company decided

By Nathaniel Meyersohn and Danielle Wiener-Bronner, CNN Get ready to pay even more for the fun stuff in your grocery cart. Top snack makers Kraft Heinz and Mondelez say they will hike prices for retail customers on varieties of Kraft Mac & Cheese, Jell-O, Bagel Bites, Cool Whip, Toblerone, Sour Patch Kids and other items

By Julia Horowitz, CNN Business For about 20 months, central banks have funneled an unprecedented amount of cash into the financial system, aiming to limit the worst effects of the Covid-19 pandemic on the economy. Now, with an eye on inflation, they’re changing course — with big ramifications for stocks and bonds. What’s happening: The

By Charles Riley, CNN Business OPEC and its allies have disregarded calls from US President Joe Biden to do more to tame soaring energy prices that are fueling inflation and hurting vulnerable households. Energy ministers from major oil and gas producers, including Saudi Arabia and Russia, decided during a virtual meeting on Thursday to stick

By Chris Isidore, CNN Business Moderna fell short of profit and sales expectations for the third quarter, and the Covid vaccine maker warned that its full year shipments of the vaccine will not meet its forecasts. Shares of Moderna plunged nearly 20% at their low point of the day Thursday and closed down 18% for

By Jordan Valinsky, CNN Business MGM Resorts is putting the Mirage resort and casino in Las Vegas up for sale, ending a 21-year ownership of one of the strip’s most famous properties. The company made the announcement in its earnings call late Wednesday, explaining to analysts that it doesn’t want to invest more money into

By Anneken Tappe, CNN Business America’s job market recovery hit a roadblock in the late summer and early fall. In recent months, the tally of jobs added to the economy has been disappointingly low. But economists have high hopes that the streak of bad news will end with the October jobs report, which is due

By Blake Ellis and Melanie Hicken, CNN The federal government’s academy for merchant mariners is halting a key training program that sends students thousands of miles away from campus on commercial ships after a 19-year-old student was allegedly raped at sea. The decision by the Department of Transportation, which oversees the US Merchant Marine Academy

By Vanessa Yurkevich, CNN Ford will mandate vaccines for most of its 32,000 US salaried employees, a spokesperson for the company said Wednesday. Those workers have until December 8 to be fully vaccinated. Employees who refuse to do so and do not have an approved religious or medical exemption could be put on unpaid leave

By Allison Morrow, CNN Business It’s official: The Federal Reserve is winding down its aggressive pandemic-era stimulus measures, a process Wall Street nerds call “tapering.” But what, exactly, does that mean? The short answer: Money has essentially been free for the past year and a half, thanks to the Fed’s double-barrel shotgun approach to economic