Uber discovered yesterday that its computer network had been hacked, with a person claiming responsibility sending “images of email, cloud storage and code repositories to cybersecurity researches and The New York Times.” The...more
As if we needed to say it, a potential rail workers’ strike would not be ideal for the American supply chain. The walkout “could exacerbate the congestion that has plagued American ports” and “would bring fresh pressure to...more
So . . . . That was a day on Wall Street, amirite? – NYTimes and WSJ and Bloomberg and MarketWatch For those who somehow missed it, you can thank the slightly-worse-than-expected CPI figures for that market freefall...more
Peloton founder John Foley is heading out the door along with other senior leaders “in a management shake-up as the maker of connected exercise equipment races to turn itself around.” Foley had stayed on at the company as...more
As expected, the ECB hiked interest rates ¾ of a percentage point on Thursday, the latest bold move by a central bank to tackle the persistently high inflation that’s dragging down economic growth around the world...more
Fed Vice Chair Lael Brainard affirmed this week that the Fed’s in no hurry to dial back its rate hikes, suggesting that the central bank “would need to see ‘several months’ of low monthly inflation data to be convinced that...more
Vaping powerhouse Juul has reached a sweeping deal to resolve a multi-state inquiry over its “sales and marketing practices that they claim fueled the teenage vaping crisis.” Under the tentative agreement, Juul would pay...more
Can it be? Jobs Report Friday again? Here’s what we’re watching for in the numbers today and early speculation on what that could mean for the Fed’s next rate decision...more
Disney is reportedly mulling over a “broader membership plan, which could offer discounts, special experiences and other perks to its legion of super fans.” The Prime-style program would tout increased value on the company’s...more
New figures showed that job openings increased in July, “a sign that the U.S. labor market remains vibrant even as the Federal Reserve tries to cool the economy by raising interest rates.” The job openings and labor turnover...more
California lawmakers have passed a bill that, if signed into law by Governor Gavin Newsome, could “transform the way the service sector is regulated by creating a counsel to set wages and improve working conditions for...more
Today’s the day, and you KNOW that Wall Street will be watching. In a few hours, Fed Chair Powell will take the stage at the Kansas Fed’s annual Jackson Hole conference and provide “an update on the economic outlook that...more
The White House announced plans on Wednesday to forgive $10k in student loan debt for Americans “earning less than $125,000 per year” and an addition $10k for those who received Pell grants. Industry experts anticipate that...more
In a complaint that has not gone unnoticed by Elon Musk and his legal team, Twitter’s former head of security, Peiter Zatko, “accused the company of making false and misleading statements about its security practices and...more
U.S. home sales fell in July for the sixth month in a row “as higher mortgage rates continue to push would-be buyers to the sidelines.” Sales of existing homes were down almost 6 percent in July from a month earlier and fell...more
Markets got the back-to-school blues on Monday, apparently deciding that a couple weeks of rallying was plenty and diving across the board to start the week. Despite the Fed doing its damnedest in recent months to convince...more
The Fed’s July Open Market Committee meeting minutes dropped on Wednesday, and they showed a central bank pleased that early efforts to tame inflation were “beginning to have an effect” but very committed to additional rate...more
Yesterday President Biden signed into law the massive Inflation Reduction Act, a wide-ranging reconciliation measure “meant to reduce health costs, reduce greenhouse gas emissions and raise taxes on corporations and wealthy...more
After pushing Disney to go all in on streaming in 2020, activist investing firm Third Point has amassed another sizeable stake in Big Mouse and is lobbying for additional changes aimed at making the sprawling company more...more
E-truck maker Rivian posted yet another disappointing quarterly result, losing some $1.7 billion in Q2 and citing ongoing supply-chain issues as a prime factor in its struggles. On the plus side, it increased its estimated...more
Wednesday’s CPI Report delivered welcome news to U.S. consumers and affirmed consumer sentiment that the price hikes that have marked so much of 2022 are easing. Officially, “only a monthly basis, prices barely moved” from...more
As the crypto annus horribilis marches on, the largest cryptocurrency exchange in the U.S.—Coinbase—finds itself dragged down by as well. On Tuesday, the company reported a 63% decline in revenue and “swing to a net loss of...more
A largely brutal 2022 for tech stocks has led to a massive $23.4 billion quarterly loss for Masa Son’s SoftBank conglomerate, its largest ever, “driven by poor performance of its flagship tech investments and a weak yen”...more
Jobs Report Friday! Most economists are expecting a slowdown, and the question is how much the Fed’s newly hawkish approach (aimed at fighting inflation) is seeping into the labor market. Here’s what we’re looking for in the...more
Walmart is joining the recently expanded ranks of companies cutting positions in an effort to fight falling profits. The massive retailer will terminate about 200 corporate workers as part of a restructuring effort largely...more