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☆ A cryptic message that's been on Blockbuster's website for months has people wondering if it'll make a comeback
▼ + stars: | 2023-03-25 | by ( Grace Mayer | ) www.businessinsider.com time to read: +4 min

People recently noticed a message on Blockbuster's website: "We are working on rewinding your movie." The message sparked speculation of a possible comeback and nostalgia for the defunct rental stores. People recently noticed that a message greets you when you visit Blockbuster's website. Before that, the website showed a message from its current owner, Dish Network, directing people to Dish's on-demand service. So far, Dish hasn't commented on whether the message on the website means anything, and the company did not respond to Insider's request for comment ahead of publication.

☆ Premarket Stocks: Who do we blame for the fall of SVB?
▼ + stars: | 2023-03-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Blame the Fed: SVB’s downfall was largely caused by a record $42 billion bank run that left the bank in desperate need of cash. But the Fed’s rate hikes had undermined the value of bonds, a critical source of capital for SVB. “The Federal Reserve failed as a bank supervisor,” he wrote. On Capitol Hill, frequent Fed critic Sen. Elizabeth Warren has been quick to blame Federal Reserve Chair Jerome Powell for a lack of oversight. Blame SVB: Others say the blame should be placed on the banks themselves.

☆ SVB: What the worst bank failure since 2008 means for markets, the financial sector, and interest rates
▼ + stars: | 2023-03-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +8 min

Here's what SVB's sudden demise means for markets, the US banking sector, and interest rates. That capped a turbulent week that saw a botched fundraising attempt by Silicon Valley Bank (SVB) and a $1.8 billion loss on its bond holdings, which ultimately triggered an old-fashioned bank run. Silicon Valley Bank's collapse exposed a serious risk many banks face in their business portfolios – the dependence on uninsured deposits. However, former Treasury chief Larry Summers took a less pessimistic view, saying SVB's collapse was "unlikely to be a broadly systemic problem." But as bad as it is, it's unlikely to trigger a repeat of the 2008 global financial crisis that set the stage for the Great Recession, according to analysts.

☆ AOC says there's still hope for Biden's student-loan forgiveness plan if the Supreme Court rules against it
▼ + stars: | 2023-03-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

AOC said Biden "should be prepared to respond" to whatever the Supreme Court rules on student-debt relief. The White House has maintained it does not have a backup plan and is confident Biden's relief will prevail. Some other Democratic lawmakers have also said the focus right now should be on voicing the legality of Biden's current debt relief plan. Still, the White House has previously said that it is not deliberating a backup plan right now if the Supreme Court strikes down the relief. And there is no current backup plan, or anything like that.

☆ Warren Buffett lashed out against critics of stock buybacks. The White House says it isn't anti-repurchases, it just wants to encourage smart spending.
▼ + stars: | 2023-03-02 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Warren Buffett slammed critics of stock buybacks as economically "illiterate" in his annual letter. But a White House official said Biden isn't anti-repurchases, he just wants to encourage smart spending. The 92-year-old billionaire investor — who has touted the value of stock buybacks for decades — slammed opponents of stock buybacks in his annual letter to Berkshire Hathaway shareholders. But Biden isn't an opponent of share repurchases — he just wants to encourage smart spending, a National Economic Council official told MarketWatch. Berkshire has been one of the US's leaders in stock buybacks, spending nearly $8 billion on its own shares in 2022.

☆ A recession could be 'deeper than expected' this year, says analyst—here's what it means for your money
▼ + stars: | 2023-02-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Raheel Siddiqui, senior research analyst at Neuberger Berman, told CNBC Make It a recession in 2023 "will be more severe than expected." The labor market is strong, too, with a tiny unemployment rate of 3.4%. "In a plain-vanilla recession, earnings go down 20%. And when economic downturns occur at the same time as deflation, you can expect a larger-than-normal drop in earnings, Siddiqui said. The bottom quartile is entering a recession," Siddiqui said.

☆ Elon Musk says it's easy for him to get investment support because he has an 'extremely good' track record
▼ + stars: | 2023-01-30 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk said his "extremely good" track record made getting investment support easy, per AP. Musk said he had "no ill motive" by tweeting his "funding secured" tweet in 2018, AP reported. During a trial over accusations that Musk committed securities fraud, he said: "It is relatively easy for me to get investment support because my track record is extremely good," per AP. Recently in court, Musk testified that he had "no ill motive" and his "intent was to do the right thing for all shareholders," AP reported. Musk said in court on January 24 he could have sold enough SpaceX stock to fund a Tesla buyout.

☆ Carvana spikes 30% to extend massive 2023 gains amid meme-style short squeeze
▼ + stars: | 2023-01-30 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The company holds the second-highest short interest at 59%, according to MarketWatch. Traders are placing bets that the firm's rally won't last on looming bankruptcy concerns. Short sellers are placing bets that the firm's rally won't last as it faces a slew of financial problems, including looming bankruptcy concerns. Additionally, Carvana stock will likely be sensitive to the Federal Reserve's rate hike announcement later this week. That created a so-called short squeeze in which retail traders target a stock with high short interest.

☆ Get ready for a gig-worker boom that could make it harder for contractors to earn a living
▼ + stars: | 2023-01-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Current gig workers could end up worse off because of the added competition. Many US gig workers are already struggling to earn a steady income. He says it's been very difficult for him to get ahead financially since he began gig work in 2019. If more competition does come, gig workers will have to decide whether the income justifies the hours they're putting in. Some full-time gig workers, who research has found account for roughly 3% of US adults and between 30 and 60% of overall gig workers, are making over six figures.

☆ In leaked memo one day after Dow Jones layoffs, News Corp CEO urges 'full compliance' with back-to-office schedule for Wall Street Journal, New York Post staffers
▼ + stars: | 2023-01-12 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +6 min

News Corp CEO Robert Thomson sends staff memo about the importance of in-person collaboration. The news comes a day after layoffs at News Corp unit Dow Jones that affected less than 2% of staff. The CEO flagged that he'd be asking business leads to consult with managers to "ensure full compliance with in-office work schedules," which "will evolve in the coming weeks," he wrote. The Wall Street Journal's in-office staffing situation in New York is currently being monitored by the company, according to two sources. The spontaneity and serendipity of a dynamic office environment are crucial in creating and in iterating, so in-office attendance is vital to our future success.

☆ The Wall Street Journal parent Dow Jones is laying off staff as it faces an economic downturn
▼ + stars: | 2023-01-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Layoffs are coming to The Wall Street Journal parent Dow Jones, according to people familiar with the situation. Layoffs are coming to The Wall Street Journal parent Dow Jones, according to people familiar with the situation, with one knowledgeable source saying the cuts amounted to less than 2% of staff. A Dow Jones spokesperson emailed a statement saying: "Dow Jones is focused on continuing to build on the momentum it has generated across its wide range of leading brands and platforms. The Dow Jones cuts come as the Journal has just appointed a new editor, Emma Tucker, from fellow News Corp. title The Sunday Times in London. This article was originally published on the morning of January 11 and has been updated to include Dow Jones' statement.

☆ Dow Jones news to lay off employees today–union
▼ + stars: | 2023-01-11 | by ( Helen Coster | ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Dow Jones, a division of News Corp that includes the financial news outlets the Wall Street Journal, Barron's and MarketWatch, plans to lay off a number of employees on Wednesday, according to IAPE, the union representing unionized Dow Jones employees. In a statement to Reuters, a Dow Jones spokesperson said that "several teams have partially reorganized to align with our priorities and position us for further growth" and "certain positions have been eliminated." The news of expected layoffs at Dow Jones comes amid planned cuts at other outlets, including the Washington Post. In December News Corp (NWSA.O) named Sunday Times editor Emma Tucker the new editor of the Wall Street Journal and Dow Jones Newswires. Reuters, part of Thomson Reuters Corp (TRI.TO), competes with Dow Jones.

☆ BlackRock is cutting 500 jobs as Wall Street layoffs continue
▼ + stars: | 2023-01-11 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —BlackRock, the world’s largest asset manager, is cutting about 500 jobs following a period of rapid hiring. A spokesperson for BlackRock told CNN on Wednesday that the layoffs amount to less than 3% of the company’s workforce. BlackRock (BLK), a leader on Wall Street, has been on a major hiring spree in recent years. BlackRock is just the latest major company and Wall Street firm to cut jobs. Despite the uptick in layoffs, many other companies appear reluctant to cut jobs amid the ongoing worker shortage.

A spokesperson for the Washington Post, which Bezos bought in 2013 for $250 million, said it is not for sale. "A Bloomberg acquisition of the (Post) is not necessarily just a business decision. According to Axios, Bloomberg sees Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Bezos was interested in selling. Dow Jones did not immediately respond to Reuters' request for comment. Reuters competes with Dow Jones and Bloomberg News, a unit of Bloomberg L.P., a provider of financial news.

☆ Media mogul Michael Bloomberg looking to buy Dow Jones or Washington Post- Axios
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

Dec 23 (Reuters) - Billionaire Michael Bloomberg, the owner of Bloomberg L.P., is interested in acquiring either Wall Street Journal parent Dow Jones or the Washington Post, news website Axios reported on Friday, citing an unnamed source familiar with the matter. According to the Axios report, Bloomberg sees News Corp-owned (NWSA.O) Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Amazon.com Inc (AMZN.O) founder Jeff Bezos was interested in selling. Bloomberg L.P., the Washington Post and Dow Jones did not immediately respond to Reuters' requests for comment. In October, Rupert Murdoch had started a process that could reunite his media empire, News Corp and Fox Corp (FOXA.O), nearly a decade after the companies split. Reuters competes with Bloomberg News, a unit of Bloomberg L.P., as a provider of financial news.

☆ Michael Bloomberg reportedly wants to buy either Rupert Murdoch's WSJ or Jeff Bezos' Washington Post
▼ + stars: | 2022-12-23 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Michael Bloomberg wants to expand his media empire with either Dow Jones or The Washington Post, Axios reports. Dow Jones is the parent company of publications like The Wall Street Journal and Barron's. Axios reported on Friday that Bloomberg, who owns the Bloomberg media outlet, wants to buy one of his fellow billionaires' media companies. He reportedly sees a Dow Jones purchase as the stronger option. Dow Jones, which is owned by Murdoch's News Corp, is the parent company of such publications as the Journal, Barron's, and MarketWatch.

☆ Media mogul Bloomberg eyes Dow Jones or Washington Post acquisition, no talks yet
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

According to the Axios report, Bloomberg sees News Corp-owned (NWSA.O) Dow Jones, also the publisher of Barron's and MarketWatch, as the ideal fit but would buy the Post if Amazon.com Inc (AMZN.O) founder Jeff Bezos was interested in selling. Bloomberg L.P., the Washington Post and Dow Jones did not immediately respond to Reuters' requests for comment. "The transaction would be challenged only if the resulting choices leave insufficient competition in the market for either users or suppliers. In October, Rupert Murdoch had started a process that could reunite his media empire, News Corp and Fox Corp (FOXA.O), nearly a decade after the companies split. Reuters competes with Bloomberg News, a unit of Bloomberg L.P., as a provider of financial news.

☆ Homebuyers are losing out on homes and big deposits as affordability escapes them
▼ + stars: | 2022-12-12 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Many people who put thousands down on new homes canceled their contracts and lost money, per NPR. They told NPR they didn't have a choice because the payments had grown since rates rose. That's because home builders are feeling the heat too — Paul Schwinghammer, president of the Indiana Builders Association, told NPR that many home builders can't afford to give back the cash. "The sales guy, he always tells us we're going to lose the deposit if we don't buy the house," Paulo Echeverry, one such person, told NPR. Today, with the average 30-year mortgage rate at 6.33%, according to Freddie Mac, the same home would be $1,475 per month, according to Insider's mortgage calculator, a 45% increase in monthly payments.

☆ Sam Bankman-Fried gave $2.5 million to a leading political ethics watchdog. The group says it can't give the money back because officials already spent it.
▼ + stars: | 2022-12-08 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +10 min

The Campaign Legal Center fights against lawlessness and unethical behavior in politics. Brendan Quinn, a spokesperson for the Campaign Legal Center, says the nonprofit organization cannot return or give away Bankman-Fried's money because the money is already spent. Asked whether the Campaign Legal Center would consider disgorging an amount of money equivalent to what Bankman-Fried contributed, Quinn noted that the Campaign Legal Center is not a political candidate or committee. The Campaign Legal Center has not yet provided Insider a copy, first requested December 2, of the most recent IRS 990 tax document filed by Campaign Legal Center Action, its advocacy arm. Former President Donald Trump has been a frequent target of the Campaign Legal Center's legal and ethics efforts.

☆ Ron Klain: 'Catastrophic' to Not Raise Debt Ceiling
▼ + stars: | 2022-12-05 | by ( ) www.wsj.com time to read: 1 min

Your "Market Brief" for the week of Monday, November 4thIn a week packed with earnings reports and key economic data releases, Market Brief anchor Caroline Woods breaks down all the headlines with William Watts of MarketWatch and Josh Nathan-Kazis of Barron's.

☆ Treasury yields slip as investors assess impact of China’s Covid policy
▼ + stars: | 2022-11-29 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury yield was last down by around 4 basis points to 3.661% at 6:31 a.m. The 2-year Treasury yield was last trading at around 4.434% after dipping by more than 3 basis points. U.S. Treasury yields pulled back on Tuesday as investors closely watched Covid developments in China and digested comments from Federal Reserve officials on monetary policy plans. Investors closely followed Covid developments in China as uncertainty about the country's economic reopening has spread in recent weeks. Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now.

☆ Fed has 'a ways to go' on interest rate hikes, Bullard says
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. Once at a high enough level, rates would then "have to stay there all during 2023 and into 2024" given the historical behavior of inflation, Bullard said. The Fed has raised its policy rate by 375 basis points this year, the fastest pace of tightening since the early 1980s as it tries to quash stubbornly high inflation. However, Bullard also repeated comments made earlier this month that he would defer to Fed Chair Jerome Powell regarding how much higher to move rates at upcoming policy meetings. Investors overwhelmingly anticipate the Fed to raise its policy rate by half a percentage point at its next policy meeting on Dec. 13-14.

☆ Thousands of users mistakenly signed up to a management firm called Hive instead of buzzy Twitter alternative, Hive Social
▼ + stars: | 2022-11-24 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Many of those signing up had mistaken the management platform for social-media site, Hive Social. Many of the people who registered had mistaken the site for Hive Social, which is quickly becoming a favored alternative to Twitter. Hive Social is a mobile-only platform that is similar to Twitter but doesn't use any of the algorithms that control what users see. "The majority of these posts are words of gratitude for a Twitter alternative," Wilson said. Hive Social has exploded in popularity as some social-media users look for an alternative to Twitter.

☆ Waves of workers are 'quick quitting' as the clock runs down on the Great Resignation
▼ + stars: | 2022-11-20 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Some people part of the Great Resignation may be "quick quitting" and leaving jobs that they've been at for less than a year. Recession fears may impact those thinking about quick quitting. But there's a new twist: "quick quitting," which LinkedIn defines as leaving a position that they had for less than a year, according to its data. But for now, LinkedIn's analysis of short tenure rates using its own data show white-collar workers are among the workers quick quitting. Salemi said she's "cautious" though about people quickly quitting though because "it shouldn't necessarily be spontaneous."

☆ Stocks crashed 50% in the 2008 crisis. Here's how bad Jamie Dimon, Nouriel Roubini, Michael Burry, and other top commentators see it getting in the next recession.
▼ + stars: | 2022-10-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Here's how bad a the next downturn could hit the stock market, according to five top experts. The stock market cratered from 2008-2009, with the Dow Jones Industrial Average ending at a low of 6,594 in March 2009, down more than 50% from its peak before the recession. With warning signs piling up, here's what five experts have to say about the next recession and what's in store for the stock market. "This is just the beginning of that pain," Roubini said of a potential repeat of the 2008 recession. He's voiced concerns about financial stability, warning markets that the Fed could "break something" on the way to reducing inflation.

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