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by Chris Isidore, CNN Business Ford reported an unexpected drop in its fourth quarter earnings, rather than the improved results expected by Wall Street, but the company promised it sees a better 2022 ahead. The company reported income excluding special items of $1.1 billion, down from $1.4 billion on that same basis a year ago.
Continue ReadingBy Jennifer Korn MacKenzie Scott has donated $133.5 million to educational nonprofit Communities in School, an organization that helps students navigate issues inside and outside of the classroom. The billionaire philanthropist’s donation is the largest unsolicited gift in the program’s history. Communities in School works in 2,900 schools in America, supporting students at risk of
Continue ReadingCNN By Clare Duffy, CNN Business Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States, the company announced along with its earnings report Thursday. The price of a monthly subscription will also increase from $12.99 to $14.99. The company said it is increasing the
Continue ReadingBy Matt McFarland, CNN Business Kaylen Barker, a Black woman who worked at a Tesla manufacturing plant, filed a lawsuit this week in California claiming that the automaker tolerates “rampant acts of racism” in its factories. Barker’s lawsuit describes a series of escalating racist encounters in 2021 that the automaker allegedly ignored until a coworker
Continue ReadingBy Matt Egan, CNN Business US oil prices jumped above $90 a barrel on Thursday for the first time in more than seven years. The latest rally comes just a day after OPEC and its allies declined to aggressively ramp up production to cool off red-hot energy prices. Crude jumped 2.2% to $90.15 a barrel
Continue ReadingBy Anna Bahney, CNN Business Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of
Continue ReadingOpinion by Carlo Pizzinelli and Ippei Shibata for CNN Business Perspectives Almost two years after the pandemic upended labor markets, job openings are plentiful in many advanced economies, yet workers have not fully returned. The broader trend of plentiful jobs and not enough workers can have major implications for growth, inequality and inflation. This gap,
Continue ReadingBy Sara Ashley O’Brien, CNN Business Wag, a dog-walking startup that once received $300 million from a single investor only to stumble in executing its strategy, is set to go public in a deal valued not much higher than that one investment. Wag said Thursday that it has entered an agreement to go public through
Continue ReadingBy Clare Duffy, CNN Business Meta Platforms, the company formerly known as Facebook, just had its worst trading day in its history as a public company. The company’s shares closed down more than 26% Thursday, shaving off nearly $240 billion from its market value, after a rough earnings report released after trading hours on Wednesday.
Continue ReadingCNN By Rachel Metz, CNN Business Meta, the parent company of Facebook, has a new feature aimed at cutting down on harassment and assault in virtual reality: It will give avatars in its Horizon Worlds social app and Horizon Venues events app an invisible “personal boundary” of four feet to stop others from getting too
Continue ReadingBy Matt Egan, CNN Business Nearly a dozen US Senators are calling for the Biden administration to curb overseas shipments of natural gas as Americans struggle with home heating sticker shock this winter. “As families across the country continue to face steep residential energy and heating costs, we urge you to take swift action to
Continue ReadingBy Jennifer Korn, CNN Business Melinda French Gates may be shifting her approach to how she gives away her vast wealth following her high-profile divorce last year from Microsoft founder Bill Gates. French Gates is said to have decided not to give the bulk of her estimated $11.4 billion fortune to the Bill & Melinda
Continue ReadingBy Frank Pallotta, CNN Business Spotify has had a rough couple of weeks. Its stock took a big hit Wednesday because of a slowing growth forecast, and the company has seen creators from the music and podcasting world desert the platform because of comments by comedian and podcast host Joe Rogan. While the departures are
Continue ReadingBy Chris Isidore and Matt McFarland, CNN Business Federal safety regulators are mulling a probe after Tesla owners complained that their cars were stopping for no reason. The issue may stem from Tesla’s automatic braking feature hitting the brakes when there is no need to do so. A spokesperson for the National Highway Traffic Safety
Continue ReadingBy Anneken Tappe, CNN Business Meta ruined things for the stock market on Thursday. Wall Street was deep in the red as the tech company formerly known as Facebook plummeted following its earnings report. The Nasdaq Composite finished the day down 3.7%. The S&P 500, the broadest measure of the US stock market, fell 2.4%.
Continue ReadingBy Danielle Wiener-Bronner, CNN Business Stress eating is about to get more expensive: Hershey is raising prices this year. “Pricing will be an important lever for us this year and is expected to drive most of our growth,” Hershey CEO Michele Buck said in prepared remarks discussing the company’s financial results Thursday. In its 2022
Continue ReadingBy Anna Bahney, CNN Business More people are flipping homes, but they are making less of a profit. Investors looking to get a piece of skyrocketing home prices by buying a home, fixing it up and then quickly putting it back on the market, aren’t getting quite the returns they used to. Finding a home
Continue ReadingBy Celine Alkhaldi and Eoin McSweeney, CNN Almost 90% of Dubai’s population is made up of foreigners who flocked to the Gulf business hub for its yearlong sunshine, a chance for prosperity and, of course, zero taxes. But this week, the United Arab Emirates, of which Dubai is part, announced the introduction of a corporate
Continue ReadingCNN By Julia Horowitz, CNN Business Amazon and Facebook’s Meta are two of the market’s biggest players. Both have come under pressure during a recent sell-off in tech stocks. But this morning, the direction of these companies and their stocks couldn’t look more different. What’s happening: Facebook’s earnings report triggered a 26% collapse in its
Continue ReadingBy Chris Isidore, CNN Business Elon Musk has trained his Twitter guns on top Democrats such as Bernie Sanders and Elizabeth Warren. Now he’s going after Joe Biden. Last week, after Biden praised General Motors’ announcement that it would invest $7 billion to build EV pickups and batteries in Michigan, Musk tweeted that the president
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