Money

By Paul R. La Monica, CNN Business Shares of drug giant Pfizer surged nearly 11% Friday after the company announced positive test results for an experimental pill it has developed to fight Covid-19. Pfizer said the pill reduced the risk of hospitalization and death for high-risk patients who were part of a trial taking the

By Jordan Valinsky, CNN Business Peloton investors are going to have to take a meditation class (or several) after its latest earnings report that sent its shares plunging by about a third. The once-hot fitness company reported late Thursday that sales of its stationary bikes and treads, which makes up 60% of its business, fell

By Charles Riley and Kevin Liptak, CNN Business The White House has accused OPEC and its allies of putting the global economic recovery at risk by refusing to pump more oil. That sets up a geopolitical showdown that could spark more price swings and prompt the United States to release crude from its strategic reserves.

By Michelle Toh, CNN Business Another Chinese real estate company appears to be at risk of default, escalating fears of further problems in the country’s embattled property sector. Shares of Kaisa Group, a Shenzhen-based developer, were suspended from trading on Friday in Hong Kong. The company’s subsidiaries, which were also halted from trading, cited a

By Vanessa Yurkevich and Chris Isidore, CNN Business Mine workers have been on the picket line outside of two mines owned by Warrior Met Coal in rural Alabama for the last seven months, waging one of the longest US strikes this century. On Thursday they brought that protest to the streets of New York City.

By Anneken Tappe, CNN Business US labor market productivity fell dramatically in the third quarter of the year, dropping to its lowest level in 40 years. That sounds terrible. But there are plenty of reasons it might not be a bad sign for the nation’s economic outlook. To be sure, the recovery stumbled between July

By Sana Noor Haq, CNN Business As people around the world begin to celebrate Diwali, Google is commemorating the event with a special Easter egg. When users type in the word “Diwali” on the search engine, an animation of a miniature oil lamp — known as a diya — appears on the page. Once users

By Jordan Valinsky, CNN Business Twitter suspended Newsmax White House correspondent Emerald Robinson for posting blatant misinformation about the Covid-19 vaccine, including claims the shots contain tracking devices linked to the devil. “Dear Christians: the vaccines contain a bioluminescent marker called LUCIFERASE so that you can be tracked. Read the last book of the New

By Jordan Valinsky, CNN Business Sports fans who can’t get enough of watching legendary games of the past are in for a disappointment: ESPN Classic is shutting down early next year. The 26-year-old channel will cease operation on January 1, 2022, a Disney spokesperson confirmed. ESPN Classic is currently available in just 2 million homes,

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