Business category, Page 157
Pittsburgh area experts have mixed reactions to Elon Musk’s Twitter purchase
It was Remington shaver spokesman Victor Kiam who famously said, “I like it so much, I bought the company.” For Elon Musk, the opposite is true. The world’s richest man, according to Forbes Magazine, Musk reached an agreement to buy Twitter for $44 billion on Monday and then said he...
Delta to begin paying flight attendants during boarding
Delta Air Lines, which is facing another attempt to unionize its flight attendants, will begin paying cabin crews during boarding, a first for a major U.S. airline. Across the airline industry in the United States, hourly pay for flight attendants starts when all the passengers are seated and the plane’s...
Tech stocks slump again; Nasdaq has worst loss since 2020
NEW YORK — Stocks closed broadly lower Tuesday on Wall Street, weighed down by sharp declines in Big Tech stocks that also left the Nasdaq with its worst drop since September 2020. Investors are busy reviewing the latest round of corporate earnings and are facing a particularly heavy week with...
Will Musk’s hands-off ideal for Twitter have broad appeal?
Coming up with $44 billion to buy Twitter was the easy part for Elon Musk. Next comes the real challenge for the world’s richest person: fulfilling his promise to make Twitter “better than ever” as a lightly regulated haven for free speech. His vision for improving the 16-year-old company leans...
Bitcoin in 401(k) becomes reality for more, despite warnings
NEW YORK — More workers may soon be able to stake some of their 401(k) retirement savings to bitcoin, as cryptocurrencies crack even deeper into the mainstream. Retirement giant Fidelity said Tuesday that it’s launched a way for workers to put some of their 401(k) savings and contributions directly in...
John Dorfman: Over 19 years, Old Faithful has averaged 21% return
Here are some new stocks to consider, spawned by my Old Faithful stock-picking paradigm. Old Faithful is a simple stock-picking tool, but my selections from it in this column have averaged a 21% return over 19 years. To pop up on this screen, a stock must: • Have a return...
Trump says he has no plans to rejoin Twitter after Musk deal
NEW YORK — Former President Donald Trump said Monday that he has no intention of rejoining Twitter even if his account is reinstated following Elon Musk’s agreement to buy the social media giant for roughly $44 billion. Trump told Fox News that he will instead focus on his own platform,...
Will the Fed cause a recession by raising rates? Here’s what experts are saying
High inflation comes with a heavy economic price, but so can the Federal Reserve’s attempts to get it under control. The Fed has a tried-and-true method for curing inflation: raising interest rates. But it’s a blunt instrument, with no room to fine-tune specific corners of the economy. Hiking borrowing costs...
Stocks rally, erase early loss ahead of big earnings week
NEW YORK — Stocks stormed back from sharp losses in the morning to notch gains Monday, the latest round of turbulence for Wall Street. The S&P 500 climbed 24.34 points, or 0.6%, to 4,296.12 after erasing an early 1.7% loss. Stocks of internet-related companies helped lead the way, including Twitter,...
Survey: 93% of Pittsburgh hospital workers are thinking about leaving profession
The pandemic has been extremely hard on health care workers, with hospitals facing record high patient numbers during the past two years. Many workers have reported burnout, long hours, and feeling hopeless. A new survey from researchers at the University of Pittsburgh confirms those reports. So much so that among...
Ford recalls more than 650,000 vehicles because of windshield wiper defect
Ford Motor Company has recalled 652,996 vehicles because of a windshield wiper defect that could affect visibility for the driver. On documents submitted with the National Highway Traffic Safety Administration, Ford said the wiper arms may break, which would cause the wipers to fail and increase the risk of a...
Elon Musk buys Twitter for $44B and will privatize company
Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more...
Coca-Cola sales surge offsetting rising costs, Russia exit
Sales at Coca-Cola surged 16% during the first quarter as crowds returned to movie theaters, music venues and sport stadiums, offsetting rising input costs for the company and the suspension of operations in Russia. Coca-Cola was among the companies to pull the plug on Russian operations after the country invaded...
Amazon union could face tough road ahead after victory
NEW YORK — In the aftermath of their hard-won labor victory, Amazon workers in the New York City borough of Staten Island popped Champagne, cheered their victory and danced in celebration. But their jovial attitude will be tested by a company that seems likely to drag its feet to the...
Afraid to fly with unmasked passengers? Call your airline
DALLAS — Airlines say they are offering options — including refunds in some cases — for people worried about flying now that other passengers aren’t required to wear face masks. However, the airlines aren’t providing many details. Customers could find themselves at the mercy of workers at airline customer-service centers....
The Edsel, Quibi and CNN+? New addition to business failures
NEW YORK — The Edsel. Quibi. New Coke. The Segway. DeLorean sports cars. The pantheon of colossal business failures has a new member in the CNN+ streaming service. The news network’s subscription offering hadn’t even been operating for a month before Warner Bros. Discovery announced this week that it would...
Stocks slump as Wall Street heads for another losing week
Stocks are opening lower on Wall Street, capping a bumpy week as the Federal Reserve promises to be more aggressive about fighting inflation. Health care stocks were leading the way lower, led by a 14% drop in HCA after the hospital operator cut its financial forecasts. The S&P 500 fell...
U.S. drone company Zipline starts delivering medicine in Japan
Zipline, an American company that specializes in using autonomously flying drones to deliver medical supplies, has taken off in Japan. They’re flying, starting Thursday, across the tiny Goto Islands, off the western coast of Kyushu, in southwestern Japan, delivering to pharmacies and hospitals. Other parts of Japan may follow, including...
Fewest Americans collecting jobless aid since 1970
Applications for unemployment benefits inched down last week as the total number of Americans collecting aid fell to its lowest level in more than 50 years. Jobless claims fell by 2,000 to 184,000 last week, the Labor Department said Thursday. The four-week average of claims, which levels out week-to-week volatility,...
CNN’s streaming service shutting down a month after launch
CNN is shutting down its CNN+ streaming service less than a month after its launch, a spectacular flameout for a venture that had attracted stars such as Chris Wallace and Alison Roman and was seen as a way to attract a new generation of news consumers. It had started March...
Elon Musk says he has $46.5B in financing ready to buy Twitter
Elon Musk says he has lined up $46.5 billion in financing to buy Twitter, and he’s trying to negotiate an agreement with the company. Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did not...
Ford recalls over 650K trucks; windshield wipers can fail
Ford is recalling more than 650,000 pickup trucks and big SUVs in the U.S. because the windshield wipers can break and fail. The recall covers certain F-150 pickups, and Ford Expedition and Lincoln Navigator SUVs from the 2020 and 2021 model years. Also included are F-250, 350, 450 and 550...
Feeling ‘right,’ ‘safe,’ people greet cannabis sales in NJ
Michael Barrows wore his Grateful Dead T-shirt and Jerry Garcia face mask for opening day of recreational marijuana sales in New Jersey on Thursday, one of dozens of people who lined up before dawn to join the celebratory scene. “It’s pretty amazing, exciting and if I get pulled over on...
Florida Legislature votes to strip Disney self-government
The Florida House of Representatives on Thursday gave final passage to a bill that would dissolve Walt Disney World’s private government, handing Republican Gov. Ron DeSantis a victory in his feud with the entertainment giant over its opposition to a measure that critics have dubbed the ” Don’t Say Gay...
U.S. stocks edge higher; Netflix plunges on subscriber losses
Stocks edged mostly higher in afternoon trading on Wall Street Wednesday, but were held back by streaming entertainment giant Netflix, which lost lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500...
