Money
Europe has a vaccine shortage. So why is it fighting with AstraZeneca?
The European Union has been locked in a very public and acrimonious fight with AstraZeneca over vaccine delays. The temperature may have cooled slightly after a meeting late Wednesday, which both sides said was constructive, but the problem hasn’t been fixed yet and the stakes for EU countries are high. These are the battle lines:
Continue ReadingGameStop continues to surge — now up 2,500% this year
So much for what goes up must come down. GameStop continued to defy gravity Thursday. Shares soared another 30% in premarket trading thanks to massive support from individual investors on Reddit. GameStop shares are now up nearly 2,500% this year — surging from just under $20 at the end of 2020 to a current price
Continue ReadingChipotle is testing curbside pickup
Chipotle is testing curbside pickup at 29 locations in California to give customers a way to get their tacos and burritos without having to go inside restaurants. Here’s how it works: Customers who order from participating restaurants through the Chipotle app will see a “curbside pickup” option before they check out. Once the order is
Continue ReadingToyota overtakes Volkswagen as world’s biggest automaker
Toyota is back on top. The Japanese company has reclaimed its place as the world’s best-selling automaker, with its latest results showing an edge over Volkswagen Group. Toyota sold 9.5 million vehicles around the world in 2020, according to figures released on Thursday that include its Daihatsu and Hino lineups. That’s compared with the 9.3
Continue ReadingSteamy period drama ‘Bridgerton’ is Netflix’s ‘biggest series ever’
Netflix has just claimed its biggest hit ever with “Bridgerton,” a drama set in Britain in the early 1800s. Some 82 million households watched the drama, based on novels by Julia Quinn, in its first 28 days, Netflix said in a statement on Wednesday. The company also claims that the show has “made the top
Continue ReadingDonald Trump’s final economic report card could be very underwhelming
Economists are grading on a curve. That’s not a good thing if you’re former President Donald Trump. US gross domestic product, the broadest measure of economic activity, is forecast to have grown at an annualized rate of 4% between October and December. In a normal year, that would be something to celebrate — an A+
Continue ReadingAnalysis: After building a radicalization engine, Mark Zuckerberg aims to ‘turn down the temperature’
A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Mark Zuckerberg built one of the world’s most powerful — if not the most powerful — radicalization engines in history. For years and years, his platform has algorithmically pushed people into ideological political bubbles and
Continue ReadingElon Musk tweet fuels frenzied GameStop surge
Amateur investors continued a frenzied runup of GameStop for the fourth session in a row, with the stock ending Tuesday up more than 92%, or about $148 a share. After the market closed, Tesla CEO Elon Musk appeared to join the pile-on with a tweet that sent GameStop shares briefly above $200. His one-word comment
Continue ReadingEverything you need to know about how a Reddit group blew up GameStop’s stock
The GameStop frenzy on Wall Street has investors, and much of the internet, enraptured — not unlike a good horror movie. Everyone knows doom is just around the corner for some key players; a lucky few will emerge stronger; and the monster might be subdued but will ultimately come back for a sequel. The cast
Continue ReadingTesla disappoints Wall Street despite strong profits
Tesla capped its breakout year with a record profit that still fell short of analysts forecasts, sending its shares lower in after-hours trading. The electric car maker reported fourth quarter adjusted income of $903 million, excluding special items, more than double its earnings a year ago but short of the $1.1 billion forecast by analysts.
Continue ReadingFacebook plans to reduce political content in the News Feed
Facebook’s business continues to fire on all cylinders even as the company faces growing scrutiny from regulators over its acquisitions and from critics for the role its platform may have played in spreading lies about the US presidential election. The company said Wednesday that it posted a profit of $11.2 billion in the final three
Continue ReadingApple just had a blowout quarter, thanks to iPhone 12 sales
Analysts have talked for at least a year about the potential for Apple’s first 5G iPhone to drive a “supercycle” of device sales. On Wednesday, Apple’s earnings report for the three months ended December 26 — the first since the iPhone 12 went on sale — offered an initial look at how actual sales are
Continue ReadingApple posts record quarterly revenue on stronger-than-expected iPhone sales
Analysts have talked for at least a year about the potential for Apple’s first 5G iPhone to drive a “supercycle” of device sales. On Wednesday, Apple’s earnings report for the three months ended December 26 — the first since the iPhone 12 went on sale — offered an initial look at how actual sales are
Continue ReadingFacebook profit jumped 53% amid growing scrutiny
Facebook’s business continues to fire on all cylinders even as the company faces growing scrutiny from regulators over its acquisitions and from critics for the role its platform may have played in spreading lies about the US presidential election. The company said Wednesday that it posted a profit of $11.2 billion in the final three
Continue ReadingAMC is today’s GameStop. A Reddit mob sent its stock more than 200% higher
Welcome to the Reddit market. A group on Reddit’s Wall Street Bets board have been promoting a number of stocks, hoping to squeeze short sellers that have been betting against them. They’re succeeding. Their best-known bet is GameStop, which rose another 133% Wednesday after nearly doubling Tuesday. It has now soared about 1,700% this year.
Continue ReadingFed dismisses worries about inflation and pledges to keep rates low
The Federal Reserve left interest rates unchanged Wednesday and assured investors that there are no near-term plans to raise them. Interest rates are expected to stay at current record lows for the foreseeable future to facilitate this recovery, and the central bank isn’t concerned that inflation pressure will get in the way of that. Some
Continue ReadingFed warns of a slowing recovery, leaves rates unchanged
The Federal Reserve left interest rates unchanged Wednesday and again stressed it would use its “full range of tools” to support the US economy during the recovery, which has slowed in recent months. Rising Covid-19 infections are weighing on the economy, which still remains far from its pre-pandemic strength. Renewed shutdowns in various states have
Continue ReadingNo, Joe Biden didn’t just ban fracking
President Joe Biden is cracking down on the oil-and-gas industry, but he is not taking the extreme steps the Trump campaign claimed he would last fall. Last week, the Biden administration imposed a 60-day suspension of new oil and gas leasing and drilling permits on federal lands unless the Interior Department’s leaders approved them. Biden
Continue ReadingBen & Jerry’s co-founders want to make it easier to sue cops who abuse their authority
Ben & Jerry’s two co-founders want to make it easier for Americans to sue police officers who abuse their authority, a move that reform advocates say is a key step towards substantive police reform. Ben Cohen and Jerry Greenfield made their views clear during a virtual press conference Tuesday announcing the new campaign to end
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