Category Archives: CNN – Business

Dow pops 250 points on blockbuster earnings

Dow pops 250 points on blockbuster earnings

Wall Street celebrated on Tuesday after the latest results from corporate America suggested maybe the sky isn’t falling after all. Blockbuster earnings from the likes of JPMorgan Chase and UnitedHealth sent the Dow climbing more than 250 points, or roughly 1%, in afternoon trading. The S&P 500 rallied 1.2%, while the Nasdaq jumped 1.3%. After…MORE

Wells Fargo takes $1.6 billion hit linked to fake-account scandal

Wells Fargo takes $1.6 billion hit linked to fake-account scandal

Wells Fargo’s fake-account scandal continues to haunt the big bank, exacerbating headaches caused by shrinking interest rates. Wells Fargo revealed on Tuesday a 23% drop in third-quarter profit that disappointed investors. The decline was driven by a $1.6 billion charge for legal costs linked to the bank’s infamous retail sales tactics. The legal hit underscores…MORE

Gymboree is being revived in early 2020

Gymboree is being revived in early 2020

Gymboree is being revived just several months after it went bankrupt. Former rival retailer The Children’s Place announced Tuesday that it’s bringing back Gymboree as a website and as “shop-in-shop” locations at more than 200 of its stores early next year. The company promises that the revitalized brand will return to its “classic roots of…MORE

AMC Theatres enters the streaming market with on demand service

AMC Theatres enters the streaming market with on demand service

AMC Theatres, the largest movie theater chain in the world, is getting into streaming. The company is launching AMC Theatres On Demand, a digital movie service that will allow members of its Stubs loyalty program the chance to rent or buy from 2,000 films produced by major Hollywood studios like Disney and Universal. Members will…MORE

Hyundai is investing $35 billion in autonomous driving and electric cars

Hyundai is investing $35 billion in autonomous driving and electric cars

Hyundai does not intend to be left behind in the high-stakes race to build mass-market electric and self-driving cars. South Korea’s largest car company said Tuesday that it plans to invest 41 trillion won ($35 billion) into “future mobility technology” by 2025. That massive pledge puts it on par with some of the industry’s top…MORE

Chipotle will cover tuition for tech and business degrees

Chipotle will cover tuition for tech and business degrees

Chipotle will pay for its employees to get business or technology degrees at certain colleges, the company said Tuesday. The new program, which kicks off on November 15, is the restaurant chain’s latest effort to attract and retain talent in a highly competitive labor market. Employees who have been at the company for at least…MORE

Consumers are still spending, says JPMorgan Chase CEO Jamie Dimon

Consumers are still spending, says JPMorgan Chase CEO Jamie Dimon

Consumers are still spending, according to JPMorgan Chase CEO Jamie Dimon. But Dimon added that the US trade war with China is weighing on corporate sentiment. During a conference call with reporters after the bank’s third quarter earnings release Tuesday, Dimon said that geopolitics are reducing confidence, but that the US consumer is doing fine.…MORE

IMF sees weaker global economic recovery. US growth pegged at 2.1% in 2020

IMF sees weaker global economic recovery. US growth pegged at 2.1% in 2020

Next year’s recovery in the global economy will be slightly weaker than expected, and US growth will continue to slow, the International Monetary Fund said Tuesday. The IMF trimmed its global growth forecast for 2020 by 0.1 percentage points to 3.4%, saying that rising trade and geopolitical tensions had put economies in a “precarious” position.…MORE

Worried about the economy? Watch US bank earnings

Worried about the economy? Watch US bank earnings

Happy Tuesday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Earnings season will begin with a bang. A slew of financial services companies are set to report results for July through September on Tuesday. The results will tell us a…MORE

Blogs

When the “Victims” Strike Back

A lot of terms were used to describe the man that opened fire on Republicans members of Congress at their baseball practice in Alexandria, Virginia on Wednesday.  “Bernie Sanders supporter”, “left wing extremist”, “disturbed”, and “troubled” were the most common used by those investigating the matter, those who were among the targets and those who…

Less Than Compelling

Usually us curmudgeons like to go on and on about how sports, music and movies were better in “our day”.  I think that you can add Congressional hearings to that list as well.  That’s what I was thinking during both the James Comey and Attorney General Jeff Sessions testimony the last couple of weeks.  While…

Un-settling the Science

While James Comey was sucking up all the oxygen in the room, there was a pretty major science announcement last week.  It turns out that the human species might be much older than we originally thought.  Fossils found in Morocco place our earliest ancestors on the planet as far back as 350-thousand years ago.  Until…

Open Week

Welcome to US Open week here in Wisconsin.  Many of you will be venturing down to Erin (or Hartford or Richfield–I’ve seen all three used to describe the location of the course in stories) for practice rounds the next three days–or for the competitive rounds Thursday through Sunday (and possibly Monday–more on that later).  Here…