Business category, Page 202
Intel told to pay $2.18 billion after losing Texas patent trial
Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal. Intel infringed two patents owned by closely held VLSI, the...
Stocks drift lower on Wall Street; yields continue to ease
Stocks are closing lower on Wall Street after a wobbly day, giving back some of their big gains from a day earlier. The S&P 500 lost 0.8% Tuesday after flipping between small gains and losses throughout the day. A day before, it leaped 2.4% for its best performance since June....
Kohl’s reports mixed 4Q results but offers upbeat outlook
NEW YORK — Kohl’s reported mixed results for its fiscal fourth quarter, delivering a 30% increase in profits but a 10% drop in sales. Results handily beat Wall Street estimates. Online sales growth remained strong, up 22% for the latest quarter, and accounted for 42% of net sales. The Menomonee...
Official: Merck to help produce rival Johnson & Johnson’s covid vaccine
WASHINGTON — Drugmaker Merck & Co. will help produce rival Johnson & Johnson’s newly approved coronavirus vaccine in an effort to expand supply more quickly, a Biden administration official confirmed Tuesday. The announcement comes as the White House looks to speed the production of the single-dose vaccine. Officials have said...
Target powers through pandemic; sales growth explodes in 2020
NEW YORK — Target extended its strong streak through the holiday quarter and sales grew by more than $15 billion in a pandemic year, exceeding the company’s annual sales growth over the past 11 years combined. With the habits of millions altered because of the spread of covid-19 in 2020,...
Should you sell short favorites on Wallstreetbets?
Can you make money going against the Wall Street Bets crowd? Yes, but you can also lose a lot — and fast. Investors and traders who frequent the Wallstreetbets forum, part of the website Reddit, have rammed up stocks with questionable fundamentals such as GameStop Corp. (GME) and AMC Entertainment...
Texas top utility regulator quits in fallout over blackouts
AUSTIN — Texas’ top utilities regulator resigned Monday in the widening fallout from blackouts triggered by an unusually heavy and widespread winter storm that left millions in the state without power and water for days. DeAnn Walker, the chairwoman of the Public Utility Commission, is the highest-ranking official to step...
Texas power company seeks bankruptcy protection after storm
The largest and oldest power cooperative in Texas is filing for Chapter 11 bankruptcy protection, citing last month’s winter storm that left millions without power. Brazos Electric Power Cooperative, which serves 16 distribution member cooperatives that cater to more than 1.5 million Texans across 68 counties from the Texas Panhandle...
United expands order for Boeing 737 Max aircraft
United Airlines is expanding its order of Boeing 737 Max airplanes and taking some deliveries sooner as it ramps up for an anticipated increase in travel demand. Chief Operating Officer Andrew Nocella said in a memo on Monday that the company placed an order for 25 new 737 Max aircraft...
United Steelworkers to seek strike authorization at ATI
The United Steelworkers union is preparing for a strike authorization at Allegheny Technologies Inc., the union’s international vice president confirmed Monday. Although the contract that expired Sunday was extended and employees were told to continue to report to work, “the locals have returned home with instructions to begin setting up...
Stocks rally on Wall Street, S&P 500 has best day since June
Wall Street kicked off March with a broad rally Monday that sent the Dow Jones Industrial Average more than 600 points higher and gave the S&P 500 its best day in nine months. The S&P 500 climbed 2.4%, clawing back nearly all of its losses from last week. More than...
Warren Buffett again encourages investors to bet on America
OMAHA, Neb. — Billionaire Warren Buffett encouraged investors to maintain their faith in America’s economy and the businesses his Berkshire Hathaway conglomerate owns in a reassuring letter to his shareholders Saturday. Buffett hardly even addressed the coronavirus that ravaged many businesses last year, instead focusing on the long-term prospects for...
A bumpy day for stocks leaves indexes mixed; yields ease
Stocks ended a bumpy Friday mostly lower on Wall Street. Technology stocks recovered slightly following several days of heavy selling, but the Nasdaq still posted its biggest weekly loss since October. On Friday the S&P 500 gave back 0.5%, and the Dow Jones Industrial Average lost 1.5%. Treasury yields fell...
Specialized mini Apple stores to open in Target locations, online
Apple mini stores will open in select Target locations and online this month, expanding the number of iPhones and other products available. The Monticello, Minn., store will be one of the first with the concept. The mini stores will expand to locations throughout 2021, Target said Thursday. The newly designed...
U.S. consumers rebound to boost spending 2.4% as income jumps
WASHINGTON — Bouncing back from months of retrenchment, America’s consumers stepped up their spending by a solid 2.4% in January in a sign that the economy may be making a tentative recovery from the pandemic recession. Friday’s report from the Commerce Department also showed that personal incomes, which provide the...
Best Buy cuts 5,000 jobs even as sales soared during pandemic
NEW YORK — Best Buy said Thursday that it laid off 5,000 full-time store workers earlier this month, even as the company’s sales soared during the pandemic as homebound people bought laptops, TVs and other gadgets. The company said it cut the jobs because more shoppers are choosing to buy...
Twitter to let users charge followers to see premium posts
Twitter is branching out from advertising to find more ways to make money — both for itself and for its most prolific users, whether those are businesses, celebrities or regular people. In an investor presentation Thursday, the social media company announced a new feature called “Super Follows,” which will let...
Twitter to let users charge followers to see premium postsVideo
Twitter is branching out from advertising to find more ways to make money — both for itself and for its most prolific users, whether those are businesses, celebrities or regular people. In an investor presentation Thursday, the social media company announced a new feature called “Super Follows,” which will let...
New coronavirus grants for small Pa. businesses aim for inclusivity, but can’t track success
Spotlight PA is an independent, non-partisan newsroom powered by The Philadelphia Inquirer in partnership with PennLive/The Patriot-News, TribLIVE/Pittsburgh Tribune-Review, and WITF Public Media. HARRISBURG — Applications open next month for $145 million in state grants for small hospitality businesses, with a significant change by lawmakers intended to ensure the money...
Anticipation? Heinz’s website takes 57 minutes to load — on purposeVideo
We’ve all been on the receiving end of a website taking forever to load. That spinning hourglass mocking us relentlessly. But sometimes playing the waiting game is the entire point. Kraft Heinz, the company known for its “anticipation” ad campaign of the ’70s and ’80s, is going for the slow...
Is it a truck? Or duck? USPS unveils new delivery vehicles
The U.S. Postal Service on Tuesday unveiled a new-generation vehicle coming to its fleet. The striking design — likened to a duck or “Pixar”-inspired car — is a major change from current delivery vehicles seen on the roads. Car and Driver called it a “visual abomination,” but probably better at...
IRS still hasn’t processed millions of 2019 tax returns
Christanine Brodis gathered her tax paperwork in February including a 1099-G for state unemployment compensation and a W2-G for some gambling winnings at MGM Grand Detroit, the only bright spot in a money-losing 2020. But she’s looking at taxable income now. Brodis, 48, sent her forms to a tax preparer...
Anticipating 2021 boom, Q4 GDP revised up slightly to 4.1%
WASHINGTON — The economy grew at a 4.1% pace in the final three months of 2020, slightly faster than first estimated, ending a year in which the overall economy, ravaged by a global pandemic, shrank more than in any year in the past seven decades. The influx of new government...
Tech rout pulls Nasdaq down 3.5%, biggest loss since October
Rising bond yields triggered a broad sell-off on Wall Street Thursday that erased the market’s gains for the week and handed the Nasdaq composite its biggest loss in nearly four months. The S&P 500 dropped 2.4%, led lower by heavy selling in technology and communications companies. The tech-heavy Nasdaq fell...
U.S. jobless claims fall to 730,000 but layoffs remain high
WASHINGTON — The number of Americans seeking unemployment benefits fell sharply last week but remained high by historical standards. Applications for benefits declined 111,000 from the previous week to a seasonally adjusted 730,000, the Labor Department said Thursday. It is the lowest figure since late November. Still, before the virus...
