Business News

Fry’s Electronics suddenly went out of business

Fry’s Electronics suddenly went out of business

Fry’s Electronics suddenly closed all of its stores overnight, ending a nearly four-decade run in business. The company, which had 31 stores across nine US states, said in a statement on its website that it “made the difficult decision to shut down its operations and close its business permanently” because of changing consumer shopping habits…

Housing market concerns begin to emerge

Housing market concerns begin to emerge

The housing market is still red hot. But there are growing concerns about how much longer this strength can last. Home Depot reported earnings and sales that topped Wall Street’s forecasts Tuesday. Lowe’s also reported better-than-expected earnings and sales on Wednesday morning, and CEO Marvin Ellison said in a statement that sales were lifted thanks…

LA Times reporter explains how he led the way on the Tiger Woods story

LA Times reporter explains how he led the way on the Tiger Woods story

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Richard Winton, the prominent law enforcement reporter for the Los Angeles Times, was sitting in his home office late on Tuesday morning when he saw a tweet fly across his screen. The tweet was from…

New Postal Service delivery vehicle unveiled. It’s a pretty radical change

New Postal Service delivery vehicle unveiled. It’s a pretty radical change

Few things have changed less during the course of this century than this nation’s fleet of postal delivery vehicles. The squat, box-like van (OK, let’s just call them what they are–ugly) have a steering wheel on the right to make it easier for drivers to reach out and put mail in curbside mail boxes. They…

Michael Bolton wants you to break up with Robinhood. Yes, that Michael Bolton

Michael Bolton wants you to break up with Robinhood. Yes, that Michael Bolton

Michael Bolton wants you to dump Robinhood. In the strangest twist yet in the already bizarre Robinhood saga, Bolton is singing about payment for order flow in a YouTube video published by rival online brokerage Public.com. Set to the tune of his Grammy-winning 1989 hit, “How Am I Supposed to Live Without You,” which Bolton…

America’s unemployment problem is much worse than it seems

America’s unemployment problem is much worse than it seems

The national unemployment rate is masking how much some groups are still struggling in the pandemic economy. That’s why the Federal Reserve looks at more than just the average jobless numbers to determine the nation’s economic health. “When we say maximum employment is a broad and inclusive goal, we don’t only look at the headline…

Celebs including A-Rod and Ciara are getting into SPACs. What could go wrong?

Celebs including A-Rod and Ciara are getting into SPACs. What could go wrong?

SPAC mania has entered the celebrity phase. Colin Kaepernick, Shaquille O’Neal, Larry Kudlow and pop star Ciara are all lending their star power to the blank-check boom. Baseball legend Alex Rodriguez’s special purpose acquisition corporation, Slam Corp., began trading Tuesday on the Nasdaq after raising $500 million. The fact that athletes, politicians and musicians are…

Instacart is moving beyond the grocery store

Instacart is moving beyond the grocery store

Instacart started as a grocery delivery service. But it’s increasingly moving into delivering office supplies, sporting goods, televisions, makeup and drug store essentials. Its latest move: Instacart announced a partnership with Walgreens Tuesday for same-day delivery on over-the-counter medications, beauty items and other drug store purchases. The partnership will start in Illinois and expand across…

New York theaters are going to open. Now will anyone show up?

New York theaters are going to open. Now will anyone show up?

Governor Andrew Cuomo announced Monday that movie theaters would reopen in New York City next month, welcome news for an industry that has been battered by the coronavirus pandemic for nearly a year. New York has long been one of the most important markets for movie theaters. With it reopening for business, studios may be…

Oprah-backed Oatly just made a move to go public

Oprah-backed Oatly just made a move to go public

Oatly, the popular oat milk maker backed by Oprah, is making plans to go public. The Swedish company said it filed confidential IPO forms with the SEC, the company said in a statement Tuesday. The move is “the first official step towards pursuing a potential IPO,” said Sara Fletcher, an Oatly spokesperson. The price and…

Hillary Clinton is co-writing a political thriller

Hillary Clinton is co-writing a political thriller

Hillary Clinton is working on a book with Canadian mystery novelist Louise Penny, set in the aftermath of US political chaos. The book, titled “State of Terror,” focuses on a Secretary of State who is trying to solve a wave of terrorist attacks. It will be published by Simon & Schuster and St. Martin’s Press…

4 reasons Tesla’s stock is tumbling

4 reasons Tesla’s stock is tumbling

Tesla, the hottest stock in the market for more than a year, has sunk into bear market territory. Shares of Tesla fell 6% Tuesday after closing down 8.5% Monday, wiping out its gains for the year. The stock closed at a record just above $883 on January 26 and has tumbled since. It fell low…

Regulators examine Texas energy market after natural gas prices soared 10,000%

Regulators examine Texas energy market after natural gas prices soared 10,000%

Federal regulators are looking closely at the Texas energy market after natural gas prices rocketed during last week’s deep freeze. And they’re warning that extreme weather will continue to stress the power grid. “We are monitoring irregularities in the Texas energy markets following last week’s freeze,” Rostin Behnam, acting chair of the Commodity Futures Trading…

Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumbling

Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumbling

Bitcoin’s roller coaster ride continues. The top cryptocurrency surged to a new all-time high above $58,000 on Sunday but fell to just above $46,000 in early trading Tuesday morning. The move followed skeptical comments from Tesla CEO Elon Musk, Treasury Secretary Janet Yellen and Microsoft co-founder Bill Gates. Prices stabilized around $49,000 in early trading…

Macy’s made money for the first time in the pandemic

Macy’s made money for the first time in the pandemic

The pandemic has slammed Macy’s and other department stores. But signs of a recovery are beginning to emerge. Macy’s said Tuesday that it turned a profit for the first time in the pandemic, making $160 million during the 13 weeks ended Jan. 30, down from $340 million in the same stretch a year ago. To…

‘I was behind it.’ The man responsible for the 1973 oil shock has died

‘I was behind it.’ The man responsible for the 1973 oil shock has died

Ahmed Zaki Yamani, the long-serving Saudi oil minister who masterminded an OPEC embargo that plunged western economies into recession in 1973, has died at the age of 90, Saudi state TV reported on Tuesday. Yamani became Saudi oil minister in 1962, a rare instance of someone from outside the Royal Family being promoted to such…

A spike in prices could change everything for Wall Street

A spike in prices could change everything for Wall Street

Wall Street is increasingly concerned that a wave of spending when the economy reopens could cause prices to spike, spoiling the financial market party that’s been raging since last March. What’s happening: Government bond yields — which move opposite prices — have jumped, signaling rising optimism about the economic recovery. But a surging economy can…

JPMorgan and Google launch program to help minority-owned banks

JPMorgan and Google launch program to help minority-owned banks

JPMorgan Chase and Google launched a program Tuesday to help banks owned and led by people of color increase their lending capabilities. The new initiative is dubbed “Empowering Change.” It’s designed to help banks that are majority-owned or directed by people of color provide JPMorgan-backed money market funds to large companies. Most minority depository institutions…

Goodyear is going big in China with $2.8 billion takeover of Cooper

Goodyear is going big in China with $2.8 billion takeover of Cooper

Goodyear has agreed to buy rival Cooper for $2.8 billion. The deal will give America’s largest tire producer a much bigger footprint around the world, including in China, the world’s top car market. Goodyear was already the world’s third largest tire manufacturer after Japan’s Bridgestone and France’s Michelin. It will retain that spot after the…

HSBC is pushing even harder into China and India

HSBC is pushing even harder into China and India

HSBC is pushing even harder into Asia as the bank seeks to shore up its business in the wake of the coronavirus pandemic. It’s also bringing back its dividend, a sign that it’s optimistic about its ability to navigate the year ahead. The bank — which is still headquartered in London even though it makes…

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly. LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z’s Champagne brand Armand de Brignac, also known as “Ace of Spades.” The terms of the deal were not disclosed. The partnership comes at a time…