Business News

Exclusive: This billionaire says Elizabeth Warren is a ‘superficial, nasty hater’

Exclusive: This billionaire says Elizabeth Warren is a ‘superficial, nasty hater’

Hedge fund billionaire Leon Cooperman escalated his fight with Elizabeth Warren on Friday by calling the Democratic presidential candidate a “superficial, nasty hater” who isn’t interested in dealing with facts. “The voting public should not be taken in by this political charlatan,” Cooperman told CNN Business in an email. His comments come after Warren took…

Ford workers appear set to approve labor deal

Ford workers appear set to approve labor deal

Hourly workers at Ford appeared set on Friday to easily approve a tentative four-year labor deal with the automaker. The deal reached two weeks ago has been the subject of plant-by-plant votes by rank-and-file union members around the country. Final results are due Friday evening. So far about 62% of United Auto Workers union members…

Wait. Is that … hope for JCPenney?

Wait. Is that … hope for JCPenney?

JCPenney has a long way to go before it’s a turnaround story. But the company had some rare good news Friday: It was able to trim its losses in the third quarter, and it raised its profit forecast, even as its sales continue to fall. The company reported an operating net loss of $97 million…

Starbucks opens its biggest store ever

Starbucks opens its biggest store ever

Chicago just got a major caffeine jolt from Starbucks. The coffee chain opened its world’s largest Roastery location on Friday. The five-story location is 35,000 square feet, overtaking the Tokyo Roastery as Starbucks’ biggest location. Located in the city’s Magnificent Mile neighborhood, the new Roastery is replacing a former Crate and Barrel location. It was…

US consumers are gearing up for their next challenge: holiday shopping

US consumers are gearing up for their next challenge: holiday shopping

Happy Friday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Retailers are gearing up for the holiday season — and so far, it looks to be a good one. All signs point to healthy spending from Americans, who are expected…

Hong Kong expects first annual recession since 2009 as protests rage

Hong Kong expects first annual recession since 2009 as protests rage

The Hong Kong government is warning that six months of increasingly violent mass protests will cause the economy in the Asian financial hub to shrink this year. A forecast published Friday by the government predicts Hong Kong’s economy will contract by 1.3% in 2019, marking the first year of recession since the global financial crisis…

Alibaba says the ‘future of Hong Kong remains bright’ as it kicks off share sale

Alibaba says the ‘future of Hong Kong remains bright’ as it kicks off share sale

Hong Kong’s financial markets are getting a boost of confidence from Alibaba’s multibillion-dollar public offering. The Chinese e-commerce company, founded by billionaire entrepreneur Jack Ma, said Friday it would begin selling shares to retail investors for up to 188 Hong Kong dollars ($24) each. It began selling to institutional investors earlier this week, and it…

US-China trade deal negotiations hit another snag

US-China trade deal negotiations hit another snag

President Donald Trump was supposed to sign a partial trade deal with Chinese President Xi Jinping next week, but negotiations over the final text have reached a rough patch, according to people familiar with the matter. It’s not clear when a final text will be ready for the two men to sign. The planned signing…

The worst isn’t over yet for Kraft Heinz

The worst isn’t over yet for Kraft Heinz

Kraft Heinz was crushed like an overripe tomato Thursday after Goldman Sachs cut its rating on the struggling food company to a “sell,” citing concerns about a “persistent” decline in profit. Shares of Kraft Heinz fell more than 6% following the downgrade. It was the second-worst performer in the S&P 500, trailing only tech giant…

The one-trick tech pony is dead

The one-trick tech pony is dead

The rise and fall of Fitbit on Wall Street is a cautionary tale for other one-trick pony techs. Fitbit makes activity trackers and smartwatches that are beloved by many. But it ultimately couldn’t compete with similar products from tech giants Apple and Samsung. That’s a big reason why Fitbit recently agreed to sell itself to…

Gannett shareholders approve GateHouse merger

Gannett shareholders approve GateHouse merger

Hundreds of local newspapers are now under one umbrella company, making it the largest US media company by print circulation and completing a deal that has journalists and advocates for strong local media worried about the future. New Media Investment Group, parent company of GateHouse Media, announced its plan to acquire Gannett in August. On Thursday, the deal…

Smith & Wesson will become a standalone gun business

Smith & Wesson will become a standalone gun business

American Outdoor Brands has announced plans to split its firearms unit, Smith & Wesson, from its outdoor products business, citing “changes in the political climate.” The firm said in a statement Wednesday that it would create two independent, publicly traded companies. The restructuring is expected to be completed in the second half of next year.…

Twinkies is being turned into a breakfast cereal

Twinkies is being turned into a breakfast cereal

More than six years after a Twinkies shortage gripped the United States, the sweet snack is stronger than ever and taking on new forms. Post is partnering with Hostess to turn the 90-year-old treat into a cereal that will be available nationwide in late December. The taste of Twinkies Cereal “replicates the distinctive taste and…

Walmart surges heading into holidays

Walmart surges heading into holidays

Walmart notched another quarter of strong sales growth and raised its expectations for the holiday shopping season. “We’re prepared for a good holiday season,” Walmart CEO Doug McMillon said in a statement Thursday. Walmart, America’s largest retailer, is a bellwether of consumer health and the retail sector. The company’s upbeat results are a sign American…

Recession fears recede in Germany but the global economy is still fragile

Recession fears recede in Germany but the global economy is still fragile

Happy Thursday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Investors have a heap of economic data to sort through on Thursday. First up, China: Retail sales in China grew 7.2% in October compared to a year prior, below the…

Late night takes on the first day of impeachment hearings

Late night takes on the first day of impeachment hearings

“It’s finally here.” That’s how CBS’ Stephen Colbert kicked off “The Late Show” on Wednesday night before delving into the biggest story of the day: the first public impeachment hearing of President Trump. “It’s what we’ve been praying for since the beginning of the Trump presidency: the end of the Trump presidency,” Colbert said during…