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By Nicole Goodkind, CNN Wall Street was able to breathe a sigh of relief on Tuesday as Google-parent company Alphabet and Microsoft both beat the market’s relatively modest earnings expectations. The companies saw big boosts from their search and cloud computing businesses. After a disastrous year for both stocks, the shares rebounded strongly in the
Continue ReadingBy Chris Isidore, CNN Losses continued to mount for Boeing, as the supply chain problems caused higher-than-expected losses. The company reported a loss of $1.27 per share, excluding special, one-off charges and gains. Although that was an improvement from the $2.75 a share it lost on that basis a year earlier, it marked the seventh-straight
Continue ReadingBy Hanna Ziady, CNN The UK antitrust regulator has blocked Microsoft’s purchase of Activision Blizzard, threatening to thwart one of the tech industry’s biggest deals over concerns it will stifle competition in cloud gaming. The Competition and Markets Authority said in a statement Wednesday that it was worried the deal would lead to “reduced innovation
Continue ReadingBy Hannah Rabinowitz and Holmes Lybrand, CNN Two tobacco companies have agreed to pay over $600 million to US authorities over allegations that the companies were selling tobacco products to North Korea in violation of US sanctions. The agreement was simultaneously announced with criminal charges against the two companies for North Korean sanctions violation, conspiracy
Continue ReadingCNN, TIME By Jordan Valinsky, CNN Just a few years ago, Kim Kardashian was dyeing her own shapewear in a sink with teabags. Fast forward to the present day, the idea has blossomed into Skims — a $3.2 billion brand that has catapulted the reality TV star into a business titan. “For me, I was
Continue ReadingBy Jordan Valinsky, CNN Just a few years ago, Kim Kardashian was dyeing her own shapewear in a sink with teabags. Fast forward to the present day, the idea has blossomed into Skims — a $3.2 billion brand that has catapulted the reality TV star into a business titan. “For me, I was just looking
Continue ReadingBy Elisabeth Buchwald, CNN A month ago, code blue sirens went off at banks across the globe after the collapse of Silicon Valley Bank and Signature Bank. As banks work to put that painful episode in the rear view mirror, it’s unclear if the situation has stabilized or if it’s the calm before another storm.
Continue ReadingBy Elle Reeve, CNN Crypto company Yuga Labs has won its claims of trademark infringement against artist Ryder Ripps who copied their NFTs in what he called a protest of their racially offensive imagery. Ripps and his legal team raised issues of celebrity endorsements, art, the First Amendment and what crypto really is as defenses
Continue ReadingBy Jennifer Korn, CNN BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. They join a growing list of companies cutting back on their workforce this year amid concerns about economic uncertainty, as well as the need to rightsize after going on a hiring spree during the pandemic. The
Continue ReadingBy Peter Valdes-Dapena, CNN Matchbox, maker of tiny toy cars, is bringing back one if its most important models. It’s not a car, but a little horse-drawn coach, and its success led to the creation of Matchbox toy cars. And it was Matchbox cars that, in turn, inspired their one-time competitor, Hot Wheels. Both brands
Continue ReadingBy Jennifer Korn and Krystal Hur, CNN Musician Ed Sheeran took the stand Tuesday in a high-profile copyright trial about whether his smash single “Thinking Out Loud” copied a classic Marvin Gaye song. Ben Crump, a lawyer representing the family of the co-writer for Gaye’s 1973 hit “Let’s Get It On,” said in his opening
Continue ReadingBy Parija Kavilanz, CNN It seems to be a turbulent time for retailers who cater to couples in love. On the heels of David’s Bridal, the largest seller of wedding dresses declaring bankruptcy last week, another big seller of symbols of enduring love, like rings, disclosed that their business has not yet recovered from Covid-19.
Continue ReadingCNN, CNN BUSINESS By Clare Duffy, CNN In the days after TikTok’s CEO was grilled by Congress for the first time, many TikTok users began posting about an alternative platform called Lemon8, sometimes with eerily similar language. Multiple creators described the app as being like “if Pinterest and Instagram had a baby, with TikTok’s algorithm.”
Continue ReadingBy Brian Fung, CNN A group of Republican senators on Tuesday urged the Biden administration to “use all available tools” to sanction cloud computing firms with links to China. The letter led by Sen. Bill Hagerty calls on the Departments of Commerce, State and Treasury to impose “sanctions, export restrictions, and investment bans” on companies
Continue ReadingBy Veronica Miracle, Cheri Mossburg and Phil Gast, CNN Nima Momeni, the man accused of killing Cash App founder Bob Lee in San Francisco, intends to plead not guilty next week, his attorney said. Momeni was to be arraigned on a murder charge Tuesday but that was put off until May 2 after defense attorney
Continue ReadingBy Lindsay Isaac, CNN Buckingham Palace and Rupert Murdoch’s News Group Newspapers reached a secret agreement over historical phone hacking claims, court documents filed on behalf of Prince Harry allege. The documents, which claim that NGN privately reached an undisclosed settlement with Prince William, are part of the Duke of Sussex’s lawsuit against the media
Continue ReadingCNN By Lindsay Isaac, CNN Buckingham Palace and Rupert Murdoch’s News Group Newspapers reached a secret agreement over historical phone hacking claims, court documents filed on behalf of Prince Harry allege. The documents, which claim that NGN privately reached an undisclosed settlement with Prince William, are part of the Duke of Sussex’s lawsuit against the
Continue ReadingBryan Mena, CNN US consumer confidence worsened in April as Americans become more pessimistic about the job market. The Conference Board’s Consumer Confidence Index, which measures attitudes toward the economy and the job market, fell to 101.3 in April, down from 104 in March and marking the lowest level since July 2022. The business group’s
Continue ReadingBy Peter Valdes-Dapena, CNN Business The Chevrolet Bolt EV, General Motors first fully electric vehicle to be built and sold on a large scale, will go out of production by the end of this year. The Michigan assembly plant where it’s produced will be turned over to electric pickup truck production as part of GM’s
Continue ReadingBy Anna Bahney, CNN New home sales rose in March, climbing for the fourth month in a row as mortgage rates eased and buyers looked to new construction as an alternative to the tight inventory of existing homes for sale. Sales of newly constructed homes were up 9.6% in March from February, but were down
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