Business News

Disinformation dystopia: Is Big Tech prepared for the 2020 election?

Disinformation dystopia: Is Big Tech prepared for the 2020 election?

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for it here. In 256 days, Americans will head to the polls to vote on whether to re-elect Donald Trump as President or to go in another direction. A lot will happen between now and then. But one thing…

Markets were totally calm. Then stocks fell off a cliff

Markets were totally calm. Then stocks fell off a cliff

It was shaping up to be a quiet day on Wall Street. Then around midday, stocks sold off sharply and investors scrambled. With no obvious catalyst triggering the selloff, worries about the coronavirus outbreak seemed to be the obvious suspect. At its worst, the Dow was off by 388 points, with all three major stock…

How Bernie Sanders could actually be helping the stock market

How Bernie Sanders could actually be helping the stock market

Few could have predicted this scenario: The American stock market is brushing up against record highs at the same time that Bernie Sanders is the frontrunner for the Democratic presidential nomination. Despite the Sanders surge, or perhaps because of it, the Dow has flirted with the 30,000 level for the first time ever. The Nasdaq,…

Peloton is giving free bikes to disappointed Flywheel customers

Peloton is giving free bikes to disappointed Flywheel customers

Owners of Flywheel’s in-home bikes will soon be forced to spin into enemy territory. Flywheel said Wednesday that it will shut down the virtual classes that are connected to its in-home bikes in March. Peloton will let Flywheel customers swap out the $1,500 bikes for a used Peloton bike for free. This comes after Flywheel…

HBO Max is coming to YouTube TV

HBO Max is coming to YouTube TV

WarnerMedia has reached a deal that will bring HBO Max to YouTube TV customers as it tries to promote its upcoming streaming service to as many subscribers as possible. The media company, which is the parent of CNN, announced the deal on Thursday, adding that HBO and Cinemax content will also be available on YouTube…

The cannabis industry’s next big threat: Hacks and fraud

The cannabis industry’s next big threat: Hacks and fraud

Cannabis is an emerging industry with stratospheric growth expectations. Like the California Gold Rush, the dot-com boom and every other new market with boundless potential, the cannabis industry also has the tendency to attract some sketchy characters with dubious motives. Security experts have long warned that the cannabis industry is susceptible to both cybercriminal and…

Cheap pizza propels Domino’s stock 25% higher

Cheap pizza propels Domino’s stock 25% higher

People love pizza, and they also love discounts. That combination proved successful for Domino’s, which reported strong fourth-quarter earnings Thursday. Sales at stores open at least a year in the United States jumped 3.4% for the quarter and net sales rose 6.3% to $1.15 billion — both figures beat analysts’ expectations. It’s a sharp turnaround…

Goldman Sachs warns of stock market correction

Goldman Sachs warns of stock market correction

Stocks keep reaching record highs. Goldman Sachs is worried that leaves investors vulnerable to surprises. The investment bank told clients this week that a near-term correction, in which the market slides at least 10% from a recent peak, “is looking much more probable.” The thinking: Equity markets look “increasingly exposed” to disappointing earnings growth due…

American paychecks just aren’t getting much bigger — unless you’re rich

American paychecks just aren’t getting much bigger — unless you’re rich

Income inequality in the United States worsened in 2019. Earners at the top of the income ladder received the largest increase in their paychecks, according to a report from the Economic Policy Institute. Wages at the 95th percentile grew by 4.5% last year, while the median increase was just 1%. That’s nothing new: The median…

Victoria’s Secret is going private. It’s only worth $1.1 billion

Victoria’s Secret is going private. It’s only worth $1.1 billion

Victoria’s Secret, the troubled lingerie brand owned by L Brands, is being sold to a private equity firm in a $525 million deal. Sycamore Partners and L Brands will split control of the brand: The private equity firm is buying a 55% stake, while L Brands is taking control of the remaining 45%, but Victoria’s…

Morgan Stanley is buying E-Trade for $13 billion

Morgan Stanley is buying E-Trade for $13 billion

Morgan Stanley is buying online broker E-Trade for $13 billion in an all-stock deal, a move that shows how serious the Wall Street giant is about catering to everyday consumers. Shares of E-Trade rose 24% in early trading on the news while Morgan Stanley fell more than 4%. The deal comes nearly three months after…

Goldman Sachs warns of stock market correction

Goldman Sachs warns of stock market correction

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Stocks keep reaching record highs. Goldman Sachs is worried that leaves investors vulnerable to surprises. The investment bank told clients this week that a near-term correction, in which the market slides at…

UBS, the world’s largest wealth manager, is getting a new CEO

UBS, the world’s largest wealth manager, is getting a new CEO

There’s another leadership change atop a major Swiss bank. UBS, the world’s largest wealth manager, has announced that Sergio Ermotti is stepping down as CEO. He’ll be replaced by Ralph Hamers, the current chief executive of Dutch bank ING. Axel Weber, the chairman at UBS, said in a statement that Hamers “is the right CEO…

Qantas, Air France, KLM tally up coronavirus costs

Qantas, Air France, KLM tally up coronavirus costs

Qantas, Air France and KLM are taking a big hit from the novel coronavirus. The airlines on Thursday estimated the financial cost from the outbreak, which has forced airlines around the world to cancel flights in Asia. Qantas, the flagship carrier of Australia, reported the coronavirus could reduce its profit by up to 150 million…