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Everything you need to know about how a Reddit group blew up GameStop’s stock

The GameStop frenzy on Wall Street has investors, and much of the internet, enraptured — not unlike a good horror movie. Everyone knows doom is just around the corner for some key players; a lucky few will emerge stronger; and the monster might be subdued but will ultimately come back for a sequel. The cast…

Ben & Jerry’s wants to make it easier to sue cops who abuse their authority

Ben & Jerry’s two co-founders want to make it easier for Americans to sue police officers who abuse their authority, a move that reform advocates say is a key step towards substantive police reform. Ben Cohen and Jerry Greenfield made their views clear during a virtual press conference Tuesday announcing a new campaign to end…

Donald Trump’s final economic report card could be very underwhelming

Economists are grading on a curve. That’s not a good thing if you’re former President Donald Trump. US gross domestic product, the broadest measure of economic activity, is forecast to have grown at an annualized rate of 4% between October and December. In a normal year, that would be something to celebrate — an A+…

AMC is today’s GameStop. A Reddit mob sent its stock more than 200% higher

Welcome to the Reddit market. A group on Reddit’s Wall Street Bets board have been promoting a number of stocks, hoping to squeeze short sellers that have been betting against them. They’re succeeding. Their best-known bet is GameStop, which is up another 100% Wednesday after nearly doubling Tuesday and soaring 685% this year. Today’s target:…

Facing back-to-back crises, Boeing posts a record loss

Boeing closed the books on its worst year ever, posting record losses and plunging sales on the backs of combined crises: the Covid-19 pandemic and the problems getting the 737 Max back in the air. The company’s loss from operations climbed to $12.8 billion, up from nearly $2 billion a year ago, which was Boeing’s…

Tech earnings could supercharge a greedy stock market

Earnings from some of the biggest US technology companies could push the market to new highs as talk of a stock bubble continues to ripple through Wall Street. What’s happening: Investors who think soaring valuations are grounded in reality point to future profits from the likes of Apple and Facebook, which report results from last…

Jerome Powell and Janet Yellen aren’t worried about inflation. Maybe they should be

Federal Reserve chair Jerome Powell and his predecessor Janet Yellen, now the first woman to serve as Treasury secretary, are both known for their dovish stances on inflation. That suggests they are unlikely to be in any particular hurry to push for higher interest rates. And with the economy still struggling due to Covid-19, neither…

$No, Joe Biden still isn’t banning fracking$

No, Joe Biden still isn’t banning fracking

President Joe Biden is cracking down on the oil-and-gas industry, but he is not taking the extreme steps the Trump campaign claimed he would last fall. Last week, the Biden administration imposed a 60-day suspension of new oil and gas leasing and drilling permits on federal lands unless the Interior Department’s leaders approved them. Biden…

EU and AstraZeneca fight over vaccine delays while death toll mounts

A war of words between the European Union and AstraZeneca escalated on Wednesday as the two sides argued in public over coronavirus vaccine delays that threaten the bloc’s fragile recovery from the pandemic. The dispute began on Monday when EU officials said they had been told by AstraZeneca that the company intended to supply “considerably…

Walmart’s latest strategy to get your stuff to you faster

Walmart plans to build automated mini-warehouses in dozens of its stores to speed up customers’ online delivery and curbside pickup orders in a race against Amazon. Walmart announced Wednesday that it will add dozens of 20,000 square-foot to 30,000 square-foot automated fulfillment centers in the coming years, either in the backrooms of its stores or…

Walgreens taps Starbucks executive Rosalind Brewer to be its CEO

Rosalind Brewer will be the next CEO of Walgreens — making her the only Black woman currently slated to take the helm of a Fortune 500 company. Brewer is set to begin on March 15, Walgreens said Tuesday. She currently serves as the chief operating officer at Starbucks, and will remain in the role until…

Goldman Sachs slashes CEO pay by $10 million over massive scandal

Goldman Sachs cut chief executive David Solomon’s annual compensation by $10 million, or 36%, following a penalty deduction that resulted from the bank’s role in a corruption scandal involving a Malaysian investment fund, known as 1MDB. Solomon’s compensation package was reduced to $17.5 million for 2020, down from the $27.5 million he received in 2019,…

Elon Musk tweet fuels frenzied GameStop surge

Amateur investors continued a frenzied runup of GameStop for the fourth session in a row, with the stock ending Tuesday up more than 92%, or about $148 a share. After the market closed, Tesla CEO Elon Musk appeared to join the pile-on with a tweet that sent GameStop shares briefly above $200. His one-word comment…

CBS suspends two top execs after LA Times report alleging racism and misogyny

CBS has suspended two of its top TV executives following a Los Angeles Times investigation that alleged they cultivated a toxic work culture involving racist and misogynistic behavior. Peter Dunn, president of CBS television stations, and David Friend, senior vice president of news for television stations, “have been placed on administrative leave, pending the results…

Pepsi bets on plant-based snacks with Beyond Meat

Beyond Meat and PepsiCo are combining forces to develop and distribute snacks and drinks made with plant-based protein as the plant-based trend gains even more traction. With Pepsi, Beyond Meat — which already makes plant-based alternatives to beef and pork — will have access to a global distribution and marketing powerhouse. That means Beyond Meat…

Goya board silences its CEO after he tells Fox News the election was rigged

Goya’s board of directors had enough of CEO Robert Unanue’s public comments in support of former President Donald Trump and his unfounded claims of voter fraud. On Friday, it voted to muzzle him. The board of the privately held Latino food company voted to censure Unanue, following his most recent controversial remarks that questioned the…

Airbnb was ensnared in the Capitol Riot fallout. It somehow still came out on top

Brian Chesky had some air mattresses, but not much more, in 2008 when the presidential election triggered an idea for his then-fledgling startup, Airbnb. To draw attention to their site, Chesky and his co-founders started selling politically themed cereals. There were Obama-os, “the breakfast of change,” and Captain McCains, “a maverick in every bite,” as…

Martha Stewart launches line of CBD-infused dog treats

Martha Stewart wants to help pet owners turn dog days into dog daze. The lifestyle guru is bringing a new line of CBD dog treats to the market. Stewart’s CBD for Pet line includes soft-baked chews and oil drops in three different formulas, including wellness, calm and mobility, with flavors such as chicken and cranberry,…

Pizza buffet chain Cici’s files for bankruptcy

Cici’s, a restaurant chain best known for its pizza buffets, has filed for bankruptcy. In a court filing late Monday, Cici’s blamed its Chapter 11 filing on the “unpredictable and unprecedented scale” of the pandemic, which decimated its bottom line and customer demand because it relies heavily on its dining rooms. The Texas-based company has…

Washington Post editor Marty Baron announces his retirement

Marty Baron, the editor who transformed the Washington Post into an international powerhouse and led the news organization to win 10 Pulitzer Prizes, is retiring next month. Baron, 66, said in an internal memo Tuesday morning that he feels “ready to move on.” His last day at the paper will be February 28. “From the…

Evictions, unemployment and hunger: The American economy Joe Biden inherits

Michelle Bennett is trying to keep life inside her Waldorf, Maryland, home as normal as possible during Covid-19. Three of her four daughters are learning remotely, while she makes them three meals a day. But outside, the relentless threat of eviction keeps knocking. She lost her job as a receptionist at a doctors’ office in…

Target drops Chaokoh coconut milk over allegations of monkey labor

Target is the latest major retailer to stop selling Chaokoh coconut milk following accusations that its manufacturer uses monkey labor. In a statement Monday, PETA said the retailer dropped the product because an investigation conducted by the nonprofit organization found that the Thailand-based Theppadungporn Coconut Co. has been “exploiting monkeys and lying about it.” Target…

America’s billionaires have grown $1.1 trillion richer during the pandemic

Billionaires are minting money during the pandemic, even as millions of Americans join the ranks of the poor. US billionaires have collectively become $1.1 trillion — nearly 40% — richer since mid-March, according to a report published Tuesday by progressive groups Institute for Policy Studies and Americans for Tax Fairness. In other words, not only…

The stock market is at peak dumb: Etsy soars because Elon Musk tweets about it

Tesla CEO Elon Musk is the richest person on the planet, but he’s apparently still happy to shop on handmade craft site Etsy. And in a sign of just how much influence Musk has on social media, shares of Etsy soared nearly 10% in premarket trading Tuesday just because he said he’s a fan. “I…

The GameStop saga is captivating Wall Street — for good reason

The meteoric rise in GameStop’s stock, as traders congregating on Reddit and Discord take on short sellers and hedge funds, is hard to look away from. It’s the closest thing Wall Street has to David vs. Goliath. What’s happening: Shares of GameStop, a legacy company whose stores are often located in struggling malls, have soared…

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