Business category, Page 230
Stocks slide on Wall Street as new coronavirus cases surge
Stocks fell sharply on Wall Street Wednesday as new coronavirus cases in the U.S. climbed to the highest level in two months, dimming investors’ hopes for a relatively quick economic turnaround. The S&P 500 was down 2.6% in late-afternoon trading, giving back all of its gains for the month. The...
GNC files for bankruptcy, plans to close up to 1,200 stores
Pittsburgh-based health and wellness retailer GNC Corp. filed for bankruptcy and plans to close 800 to 1,200 stores, including several in Western Pennsylvania, unless it finds a buyer willing to pay at least $760 million under an agreement with lenders. Saying the covid-19 pandemic “had a dramatic negative impact on...
More gains for tech as U.S. stocks head for a 3rd monthly gain
Stocks closed higher on Wall Street on Tuesday, extending the market’s recent winning streak after another strong showing by technology companies. The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time...
John Dorfman: Hit hard this year, these 4 stocks may rebound
On Wall Street, FOMO means fear of missing out. I think what many investors are feeling now is not FOMO but FOHAMO — fear of having already missed out. The stock market’s waterfall decline in February and March created some bargains, but with a virus-led recession starting, many investors were...
National coin shortage linked to coronavirus pandemicVideo
The novel coronavirus pandemic has caused a coin shortage in the country, according to the Federal Reserve. “What’s happened is that, with the partial closure of the economy, the flow of coins through the economy has gotten all — it’s kind of stopped,” Federal Reserve chairman Jerome Powell said recently....
AMC Theaters reverses course on masks after backlash
LOS ANGELES — The nation’s largest movie theater chain changed its position on mask-wearing less than a day after the company became a target on social media for saying it would defer to local governments on the issue. AMC Theaters CEO Adam Aron said Friday that its theaters will require...
Judge to OK $58B plan to end PG&E bankruptcy after wildfires
SAN FRANCISCO, Calif. — A federal judge on Friday said he was approving a $58 billion plan by the nation’s largest utility to end a contentious bankruptcy saga that began after Pacific Gas & Electric’s outdated equipment ignited wildfires in California that killed more than 100 people, wiped out entire...
Apple re-closes some stores, raising economic concerns
Apple’s Friday decision to close stores in four states with surging coronavirus cases highlights a question that other businesses may soon face: Stay open or prepare for more shutdowns? Apple, like many other major U.S. retailers, shut down all of its U.S. locations in March. On Friday, it said it...
Wall Street ends a sluggish day lower, still up for the week
NEW YORK — Wall Street careened through all the forces that have pushed and pulled it through the week, at first rising on Friday amid hope for the economy and then falling on worries about worsening coronavirus levels in some states, all before ending with modest losses. The S&P 500...
Google loses appeal against $56 million fine in France
PARIS — France’s highest administrative court has upheld a fine of $56 million Google was ordered to pay for not being “sufficiently clear and transparent” with Android users about their data protection options. Google was first slapped with the fine in January 2019, the first penalty for a U.S. tech...
BMW to drop 6,000 jobs through turnover, early retirement
FRANKFURT, Germany — Automaker BMW says it will drop 6,000 jobs through early retirements and turnover, as the auto industry adjusts to a sharp drop in demand due to the coronavirus outbreak. The Munich-based maker of the X5 SUV and 3-Series sedan said Friday that it had agreed on the...
American Airlines bans man who refused to wear face mask
DALLAS — American Airlines has banned a man who was kicked off a plane for refusing to wear a face covering, among the first such incidents since airlines promised this week to step up enforcement of their mask rules. A spokesman for American said Thursday that the airline decided to...
1.5 million more laid-off workers seek unemployment benefits – Jun. 18, 2020
WASHINGTON — About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, a historically high number, even as the economy increasingly reopens and employers bring some people back to work. The latest figure from the Labor Department marked the 11th straight weekly decline in applications since they peaked...
Mark Cuban to host SiriusXM Radio business show
NEW YORK — Mark Cuban is ready to talk business — or whatever else his radio listeners want to discuss. The outspoken Dallas Mavericks owner will host specials on SiriusXM’s Business Radio on the next two Thursdays, speaking about business issues and answering questions from callers. “Ask Me Anything with...
Former Bumble Bee CEO gets jail in price fixing conspiracy
SAN FRANCISCO — A former CEO of Bumble Bee Foods has been sentenced to more than three years in jail for his role in a canned tuna price-fixing conspiracy involving three major companies, the U.S. Justice Department said. Christopher Lischewski was also ordered Tuesday to pay a $100,000 fine in...
J.C. Penney starts liquidation sales at closing stores, including Pittsburgh Mills, Monroeville Mall
Liquidation sales at 136 J.C. Penney stores slated to close, including several in Western Pennsylvania, began Wednesday. Stores at the Pittsburgh Mills in Frazer, Monroeville Mall, the Clearview Mall near Butler and the Beaver Valley Mall in Center Township are among the stores to close and are holding going-out-of-business sales....
Aunt Jemima name, image to be dropped by Quaker Oats
Quaker Oats announced Wednesday it’s changing the name of Aunt Jemima syrup and pancake mix. “We recognize Aunt Jemima’s origins are based on a racial stereotype,” Quaker vice president and chief marketing officer Kristin Kroepfl said in a statement. “As we work to make progress toward racial equality through several...
Ford will reintroduce the Bronco on O.J. Simpson’s birthday
The newest addition to the Ford line of trucks and SUVs is actually a familiar one, the Bronco. The Bronco is making a comeback after being off the market since the mid ‘90s. In a ironic turn, Ford announced that it will debut the Bronco on July 9 — the...
Coal union seeks order protecting miners from coronavirus
CHARLESTON, W.Va. — A union representing coal miners asked a court Tuesday to force the federal government to take unspecified measures to protect them from the coronavirus. The petition asked the U.S. Circuit Court of Appeals for the District of Columbia for an expedited order against the U.S. Mine Safety...
Pittsburgh Post-Gazette reporter sues newspaper over protest coverage ban
A Pittsburgh Post-Gazette reporter is suing the newspaper, claiming racial discrimination and retaliation after management barred her from covering local protests stemming from the death of George Floyd. The federal lawsuit filed Tuesday is the latest in a series of events that began June 1, the date on which the...
Stocks rally worldwide on hopes for coming economic recoveryVideo
NEW YORK — Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly. The S&P 500 climbed 1.9% for its third straight gain, bringing it...
Children’s Place to close 300 stores by end of 2021
The Children’s Place will close nearly a third of its stores by the end 2021, the specialty apparel retailer announced recently in revealing its first quarter 2020 results. The company said it plans to close 200 stores in 2020, and another 100 in 2021. The Children’s Place had 920 stores...
EU opens antitrust probes into Apple Pay and App StoreVideo
LONDON — European Union regulators began two antitrust investigations on Tuesday into Apple’s mobile app store and payment platform over concerns its practices distort competition, opening a new front in the EU’s battle against the dominance of big tech companies. The EU’s executive Commission said it launched the formal investigations...
John Dorfman: T. Rowe Price, Align Technology, PetMed Express show high profit, low debt
Ask some average investors how to identify a company that’s doing well. They will probably reply, “Good earnings growth and a rising stock price.” Well, sure, those things are fine. But I feel that most investors neglect at least two other important characteristics: high profitability and low debt. High profits...
Auto workers chief, prosecutor to discuss reforming union
DETROIT — The head of the United Auto Workers will meet this month with the U.S. attorney in Detroit to discuss potential changes for the union following a wide-ranging corruption probe. Matthew Schneider, the U.S. Attorney for the Eastern District of Michigan, has floated the idea of the government taking...
