U.S. stocks opened higher on Friday, setting up Wall Street for a strong quarterly performance, as Apple shares hit record high and signs of easing inflation offered relief to investors worried about more interest rate hikes. The Dow Jones Industrial Average rose 147.50 points, or 0.43 percent, at the open to 34,269.92. The S&P 500…
Wall Street Opens Higher as Apple Hits Record High, Inflation Cools
June 30, 2023
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Bud Light Declining Sales Are ‘Business as Usual,’ Might Improve Next Year: Beer Industry Expert
Declining sales of Bud Light now appear to be “business as usual” for parent company Anheuser-Busch after it was caught up in controversy earlier this year, according to Beer Business Daily publisher Harry Schuhmacher. In an interview with Fox News published on June 30, Schuhmacher pointed to recent disappointing sales of the beverage in the…
Mulvaney Breaks Silence, Hits Back Against Bud Light For Failing to Support Influencer
Transgender influencer Dylan Mulvaney spoke out publicly on Bud Light for the first time since the marketing fiasco that has cost the beer company the top position among retail beer brands and billions in sales. “I took a brand deal with a company that I loved, and I posted a sponsored video to my page,…
Joby Aviation Gets FAA Approval to Start Flight Tests of Electric Air Taxi
June 30, 2023
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Joby Aviation received approval from the Federal Aviation Administration (FAA) for test flights of its electric air taxi after receiving a $100 million investment from South Korea’s SK Telecom. Joby announced on June 23 that the federal aviation regulator gave the nod to start tests of its flying air taxi, as the innovative design steps…
Nvidia Reacts to Possible US Chip Restrictions to Beijing
June 30, 2023
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Nvidia is downplaying possible U.S. chip-export restrictions to China by the Biden administration. The Wall Street Journal reported on June 27 that the White House was mulling even more restrictions on artificial intelligence (AI) chip exports to China. A potential chip ban could affect Nvidia’s status as the world’s leader for the graphics processors needed to…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
Bed Bath & Beyond Lives On!(line). Overstock.com Buys Rights to Bankrupt Retailer and Changes Name
NEW YORK—Bed & Bath & Beyond will live on, online at least, after Overstock.com acquired the bankrupt retail chain’s intellectual property assets for $21.5 million. The online retailer Overstock.com is dumping its name online and will become Bed & Bath & Beyond, which declared bankruptcy earlier this year. Overstock.com’s CEO Jonathan Johnson told The Associated…
Johnson & Johnson’s $8.9 Billion Talc Settlement Faces US Bankruptcy Test
Johnson & Johnson’s proposed $8.9 billion settlement of thousands of lawsuits alleging that its talc products cause cancer faces a crucial hurdle this week as a U.S. bankruptcy judge in New Jersey considers whether or not a J&J subsidiary may resolve them by filing for bankruptcy a second time. J&J subsidiary LTL Management’s first attempt…
Warren Buffett’s Firm Buys More Occidental Petroleum and Now Owns More Than 25 Percent of the Oil Producer
OMAHA, Neb.—Billionaire Warren Buffett’s company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 percent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about $123 million. The latest purchases give Berkshire more than…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
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