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☆ GameStop: Why this meme stock frenzy is different from 2021
▼ + stars: | 2024-06-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Meme stock mania is back. Meme stocks saw a resurgence last month after Keith Gill, an investor who helped stoke the meme stock frenzy in 2021, made his first post on X in three years. For many traders who experienced the original meme stock craze, the phenomenon has prompted a wave of deja vu. Still, there are key differences between the reignited 2024 meme stock craze and the original in 2021. While GameStop shares have surged in recent weeks, it is still down 65% from its record high closing price in 2021.

Persons: Keith Gill, ” Gill, Gill, —, that’s, Craig Sarembock, ”, Joe Biden, Donald Trump, Trump, Biden, Samantha Delouya, That’s, Elon Musk, OpenAI, Hanna Ziady, ” Musk, Apple Organizations: CNN Business, Bell, New York CNN, stoke, GameStop, CNN, Federal Reserve, Bartlett Wealth Management, Global, ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Schlumberger, Apple, SpaceX, Bluetooth, OpenAI, Developers Locations: New York, United States, OpenAI

☆ House votes to hold Attorney General Merrick Garland in contempt over Biden audio
▼ + stars: | 2024-06-12 | by ( Scott Wong | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Republican-controlled House on Wednesday narrowly voted to hold Attorney General Merrick Garland in contempt of Congress, a major escalation in the GOP's war against a justice system the party has portrayed as unfairly targeting Donald Trump. At issue was Garland's failure to hand over audio of special counsel Robert Hur's interview with President Joe Biden about his handling of classified documents. It's also unheard of for Justice Department prosecutors to go after the head of their agency over a contempt issue. Last month, both the House Judiciary and Oversight committees approved a report recommending that the House hold Garland in contempt for defying congressional subpoenas pertaining to the audio recording. Unable to come up with any wrongdoing by the president, they have now trained their sights on the attorney general," Nadler said.

Persons: WASHINGTON, Merrick Garland, Donald Trump, David Joyce of Ohio, Robert Hur's, Joe Biden, Hur, Biden, it's, Garland, It's, James Comer, Jerry Nadler, Nadler, MAGA Organizations: Republican, Wednesday, Democrats, Seven, Republicans, Justice Department, Judiciary, Department of Justice, Representatives, DOJ Locations: York

☆ Wall Street’s facing an economic double-whammy this week
▼ + stars: | 2024-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Despite the rare event, it’s unlikely the stock market will swing widely because of the economic two-fer, some investors say. Inflation showed signs of cooling in April after staying worryingly warm during the first quarter of this year. America’s rural hospitals keep getting attacked by cybercriminals. Microsoft said in a statement to CNN that it would provide free security updates for eligible rural hospitals, as well as security assessments and training for hospital staff. Google will provide free cybersecurity advice to rural hospitals and start a pilot program to match the firm’s cybersecurity services with the needs of rural hospitals.

Persons: Powell, ”, Dave Sekera, Alicia Wallace, Sean Lyngaas, Michelle Watson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, Morningstar, Investors, Traders, Fed, UBS, Federal Reserve Bank of New, The, Consumer, cybercriminals, Microsoft, Google, White, CNN, White House National Security Council Locations: New York, pare, Federal Reserve Bank of New York, York, United States

☆ Russia was scared to fly its Su-57 in combat, fearing a loss. Ukraine scored a hit on one anyway.
▼ + stars: | 2024-06-10 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

Read previewRussia has tried to keep its very limited number of Su-57 fighter jets hidden from the war in Ukraine, fearing that a combat loss would be a blow to the aircraft's reputation, according to Western intelligence and aviation experts. AdvertisementThe aircraft first saw combat in Syria in 2018 and was delivered to the Russian military in 2020. Kremlin officials have claimed that the Su-57 has seen combat in Ukraine, although the evidence supporting the claims is extremely limited. A Russian Su-57 fighter jet makes a demonstration flight during the opening of the MAKS-2021 International Aviation and Space Salon in Zhukovsky outside Moscow on July 20, 2021. He said that the strike demonstrates that Ukraine has a "relatively mature low-cost long-range harassment capability" that it can use to strike military bases deep inside Russia.

Persons: —, HUR, milbloggers, Su, Sukhoi Su, Alexei Nikolsky, Alexander Zemlianichenko, Justin Bronk, Bronk Organizations: Service, Business, Ukrainian, Directorate of Intelligence, Ministry of Defense, Institute for, NATO, Aviation, Space, AP, Kremlin, Southern Command, Kyiv, Saturday, Space Salon, Royal United Services Institute Locations: Russia, Ukraine, Zhukovsky, Moscow, Sputnik, Syria, Russian, Alexander Zemlianichenko Russian, Kyiv

☆ Americans tired of sky-high borrowing costs will be disappointed this week
▼ + stars: | 2024-06-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Another month, another hot jobs report that has Wall Street wondering when the Federal Reserve will finally cut interest rates. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner. Before the Bell: Do you think the Fed could lower its projection for three quarter-point rate cuts this year? Is it concerning that the European Central Bank and Bank of Canada have begun cutting rates before the Fed? A Samsung spokesperson told CNN that, “there is no impact on production and management activities” as a result of the one-day walkout.

Persons: Bell, Nate Thooft, I’m, that’s, Yoonjung Seo, —, Son Woomok, Matt Egan, Lina Khan, Beam, Robinson Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Manulife Investment Management, Reserve, European Central Bank, Bank of Canada, European Central Bank and Bank of Canada, Workers, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Reuters, Samsung, SK Hynix, Micron Technology, Federal Trade Commission, Southern, Biden, FTC, Politico Locations: New York, South Korea, Miami, United States

Nearly 78% of foreign-born men were in the labor force, compared to about 66% of native-born men. Foreign-born men had weekly earnings of $1,051, compared to $1,238 for native-born men, while foreign-born women had weekly earnings of $899, compared to $1,025 for their native-born counterparts. The foreign born were more likely to work in service, construction and maintenance jobs, among other occupations, which often pay less. Some 3.6% of the foreign born were unemployed last year – the same share as the native born. Just over 15% of foreign-born workers were White, and nearly 11% were Black.

Persons: Mario Tama Organizations: Getty, Foreign, of Labor Statistics, Labor Force, - Locations: American, Los Angeles , California, America

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ Roaring Kitty: Keith Gill confirms that social media posts, GameStop position are his
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

The famed meme stock icon, also known as “Roaring Kitty,” made a long-awaited appearance on a livestream on his YouTube channel Friday. Finance’s GameStop stock ticker page. Gill had communicated exclusively by posting memes, gifs, short video clips and screenshots of his portfolio until the livestream, leaving it unclear if it even was Gill behind the social media posts. The video game retailer recorded a loss of $32.3 million, slightly better than the $50.5 million loss the prior year. The video game stock has seen wild swings in recent weeks reminiscent of the meme stock craze after Gill’s return to social media in May.

Persons: Keith Gill, ”, Gill livestreamed, “ It’s, Gill, ” Gill, I’m, “, Ryan Cohen, Cohen, he’ll Organizations: New, New York CNN, YouTube, Sporting, Yahoo, GameStop Locations: New York, Brockton , Massachusetts

☆ Middle-class Americans are falling behind
▼ + stars: | 2024-06-06 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Middle-class income growth has lagged behind that of the upper class since 1970, according to a Pew Research Center report published May 31. There are signs that middle-class Americans are dialing back their spending. Fast food joints, a mainstay dining destination for middle-income consumers, are leaning into discounts to placate frustrated diners. Kohl’s that same month reported weak first-quarter results, underlining how middle-income consumers are pulling back spending on non-essential clothing and discretionary merchandise at department stores. Economic growth has been anemic in recent years, squeezing living standards and starving public services of funds.

Persons: ”, Jennifer Jones Austin, Thomas Kingsbury, Narendra Modi, Diksha Madhok, Peeyush Mittal, Modi, ” Shilan Shah, ” Read, Hanna Ziady, Rishi Sunak, Sunak, Keir Starmer, Tony Blair, Starmer Organizations: CNN Business, Bell, New York CNN, Pew Research, Living Coalition, Data, Bureau of Labor Statistics, Matthews Asia, Bharatiya Janata Party, BJP, Capital Economics, Conservative Party of, European Union, Labour Party, National Health Service, Labour, Conservative Party Locations: New York, India’s, India, United Kingdom, China, San Francisco, Beijing, Washington, Ukraine

☆ Ukraine's exploding naval drones are hunting down Russian vessels like tugboats after the big Black Sea Fleet warships fell back
▼ + stars: | 2024-06-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Read previewUkraine is using its arsenal of exploding naval drones to hunt down smaller Russian vessels instead of the larger Black Sea Fleet warships, which Moscow pulled back to reduce their vulnerability to attacks. Kyiv has relied on a fleet of homemade Magura V5 and Sea Baby drones packed with explosives to carry out devastating missions against ships of the Russian Black Sea Fleet throughout the war. Russia has relied on these types of defenses — along with moored barges — to try to protect its ports from Ukraine's naval drones. Last month, for instance, Kyiv used its naval drones to conduct multiple operations against Russian patrol boats near Crimea. Lacking a proper navy of its own, Kyiv has relied on naval drones and long-range anti-ship missiles to wage an asymmetrical style of warfare against the Black Sea Fleet.

Persons: —, HUR, @DI_Ukraine Organizations: Service, Moscow, Ukrainian, Directorate of Intelligence, Business, —, Russian, Ukraine, Black Locations: Ukraine, Russian, Crimean, Ukrainian, Kyiv, Crimea, pic.twitter.com, Russia, Black, Moscow

☆ White House again forced into damage control effort to dispel concerns about Biden’s age
▼ + stars: | 2024-06-05 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —It’s the recurring threat President Joe Biden’s reelection bid will never be able to fully outrun. Democrats accused Republicans quoted or referred to in the account of making false claims and contradicting previous statements to damage Biden politically. But all it takes is one halting on-camera moment or media report to revive the frenzy over Biden’s age. Biden’s team habitually dismisses any concern over his capacity, and his doctors have certified him fit for duty. But they are concerned about Biden’s age.

Persons: CNN —, Joe Biden’s, Biden, Washington Sen, Patty Murray, Donald Trump isn’t, Trump, it’s, Biden —, —, he’s, ” Biden, that’s, ” Massimo Calabresi, Calabresi, ”, Joe, Kevin McCarthy, “ He’s, Mike Johnson, “, Andrew Bates, Robert Hur’s, — François Mitterrand, Helmut Kohl –, Ronald Reagan Organizations: CNN, Wall, White, Republicans, ABC, “, Trump, Republican, White House, Congressional, Atlantic Locations: Ukraine, Time’s Washington, “, New York, Hell, Egypt, Mexico, ”, France, California, Italy

Hunter Biden, son of U.S. President Joe Biden, arrives at the federal court on the opening day of his trial on criminal gun charges in Wilmington, Delaware, U.S., June 3, 2024. Top House Republicans on Wednesday sent criminal referrals to the Justice Department recommending President Joe Biden's son Hunter Biden and brother James Biden be charged with making false statements to Congress. In his prepared opening statement at the deposition, Hunter Biden pushed back at the basis of the committee's impeachment inquiry. NBC News has reached out to the Justice Department and a representative of James Biden for comment. Hunter Biden and his attorney were in court in Wilmington and could not immediately be reached.

Persons: Hunter Biden, Joe Biden, James Comer, Jim Jordan, Jason Smith, Hunter, James Biden, Donald Trump, General Merrick Garland, David Weiss, Weiss, Joe Biden's, Robert K, Hur, Mike Johnson, Biden, he'd, Hunter Biden's, Tony Bobulinski, Abbe Lowell Organizations: Committee, Top, Republicans, Wednesday, Justice Department, Rep, GOP, NBC Locations: Wilmington , Delaware, U.S, Ohio, New York, Delaware, Washington ,, Wilmington

☆ Why Biden’s escalation on Trump guilty verdict is so significant
▼ + stars: | 2024-06-04 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Other Trump cases are in suspended animationTwo federal cases against Trump, in which he’s also pleaded not guilty, are in a holding pattern. At the same time, multiple disputes in pre-trial motions have put the looming federal trial in Florida over Trump’s alleged mishandling of classified documents into suspended animation. But if Trump wins, he could appoint an attorney general who could halt the federal cases in their tracks. Garland is also likely to face scrutiny over the Hunter Biden trial. Republicans celebrated when a plea deal, which they saw as “sweetheart” treatment for Hunter Biden, collapsed in court.

Persons: Joe Biden’s, Donald Trump, ”, ” Biden, Hunter, Biden, Trump, Fani Willis, —, ’, Willis, he’s, Jack Smith’s, Aileen Cannon, Ty Cobb, CNN’s Erin Burnett, “, it’s, ” Cobb, Cobb, Hunter Biden, who’s, marveling, Joe Biden, Biden’s, Juan Merchan, “ I’m, Adam Schiff, Kasie Hunt, General Merrick Garland, Garland, Robert Hur’s, New Jersey Democratic Sen, Robert Menendez Organizations: CNN, Republican, Democratic, Republicans, Trump, Georgia, US, Department, Trump White House, Fox News, Capitol, California Democrat, House Republicans, New Jersey Democratic Locations: Connecticut, New York, Georgia, Fulton County, Florida, York, Delaware, Trump, “ State, California, Washington

Washington CNN —Attorney General Merrick Garland appeared defiant Tuesday as he spent hours fielding questions from lawmakers on a range of topics, occasionally sparring with Republican House members seeking to use his testimony to attack the Justice Department. “These repeated attacks on the Justice Department are unprecedented, and they are unfounded,” he told lawmakers. “I will not be intimidated, and the Justice Department will not be intimidated. “It is not the fault of the Department of Justice that Donald Trump has surrounded himself with criminals,” Lieu said. “Trump brought that upon himself.”Lieu also noted that President Biden’s son Hunter is being prosecuted “in federal court right now” by Garland’s Justice Department.

Persons: General Merrick Garland, Garland, Donald Trump, Hunter Biden, Garland’s, Joe Biden’s, Robert Hur, ” Garland, lobbed, ”, “, Biden, Trump, Jack Smith’s, Jim Jordan, Jack Smith, Smith, Jordan, Hunter Biden’s, Ben Cline, Cline, Ted Lieu, Paul Manafort, Rick Gates, George Papadopoulos, Michael Cohen, Roger Stone, Elliott Broidy –, ” Lieu, “ Trump, Biden’s, Hunter Organizations: Washington CNN, Republican, Justice Department, GOP, Department, DOJ, CNN, Manhattan District, Republicans, Trump, Manhattan District Attorney, Justice, Ohio Republican, White House, Democratic, Department of Justice, Garland’s Justice Department Locations: New York, York, Washington ,, Florida, Delaware, Trump

☆ Attorney General Merrick Garland fires back at House GOP contempt threat: 'I will not be intimidated'
▼ + stars: | 2024-06-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

U.S. Attorney General Merrick Garland testifies before the House Judiciary Committee in Washington, June 4, 2024. Attorney General Merrick Garland on Tuesday hit back at House Republicans threatening to hold him in contempt, calling their efforts part of a wave of "unprecedented and unfounded" attacks against the Department of Justice. "I will not be intimidated," Garland said in his testimony at the start of a hearing before the Republican-led House Judiciary Committee. The Judiciary panel's hearing Tuesday morning was billed as an examination of how the DOJ under Garland has become "politicized and weaponized." "Guys, I'm starting to think you're in a cult," Rep. Eric Swalwell, D-Calif., told the committee's Republicans at one point.

Persons: General Merrick Garland, Garland, Donald Trump, Joe Biden's, Robert Hur, Hur, Biden, Barack Obama, there's, Jim Jordan, Madeleine Dean, I'm, Dean, Eric Swalwell, Adam Schiff, Samuel Alito Organizations: House Republicans, Department of Justice, Republican, Committee, Justice Department, Republicans, Democratic, GOP, Trump Locations: Washington, New York, Ohio, York

☆ Stocks slide as Wall Street worries about the economy’s health
▼ + stars: | 2024-06-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks tumbled Monday after fresh data stoked concerns about the economy’s health. Investors have in recent weeks grappled with data that suggests inflation is continuing to run hot while the economy cools. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, showed Friday that inflation stayed stubbornly high in March. New gross domestic product data released last Thursday showed that the US economy expanded at a weaker pace earlier this year than initially reported. Elsewhere, the New York Stock Exchange said Monday that a technical issue that halted trading for some stocks and caused Berkshire Hathaway shares to be down 99.97% has been resolved.

Persons: Dow, ”, José Torres, cinched, Keith Lerner, Berkshire Hathaway Organizations: New, New York CNN, Nasdaq, Institute for Supply Management, Interactive Brokers, Federal Reserve, PCE, Commerce Department, Commerce, New York Stock Exchange, Berkshire Locations: New York

☆ Feds raise concerns that releasing Biden audio would spark a deepfake frenzy
▼ + stars: | 2024-06-03 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. The DOJ clapped back against the groups in a legal filing late last week, arguing that releasing the audio could ignite an AI-powered, deepfake frenzy. Though a full transcript of the Biden-Hur interview was released in March, Republicans have been demanding the DOJ release the audio recordings. Nearly a dozen news outlets, including Business Insider, have also sued to get the audio released, Politico reported. A politics and national security expert previously told Business Insider that Republicans could, for example, use the tapes as "raw material for campaign ads."

Persons: —, doesn't, Biden, Robert Hur, Hur Organizations: Service, of Justice, Business, DOJ, Biden, Republicans, Judicial Watch, Heritage Foundation, Politico, Democratic Locations: New Hampshire

☆ Inflation seems to be cooling again. Americans aren’t buying it
▼ + stars: | 2024-05-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

A slew of big-box retailers have lowered prices on items in recent weeks, citing moderating inflation and frugal customers. Recent economic data has also suggested that inflation is cooling, after data earlier this year spurred fears that progress had stalled. Yet Americans don’t seem convinced that inflation is moderating or that the economy is as healthy as indicators suggest. Mortgage rates have declined in recent weeks but remain near 7%. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets.

Persons: aren’t, Charles Schwab’s, ”, James Kostulias, Charles Schwab, Joe Raedle, Jerome Powell, Powell, Neel Kashkari, “ I’m, Schumer, Chuck Schumer, General Merrick Garland, “, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Read, Matt Egan, Mat Ishbia, homebuyers, refinances Organizations: CNN Business, Bell, New York CNN, Walmart, Target, Ikea, Aldi, CPI, “ Traders, Minneapolis Federal, CNBC, Democrats, Justice Department, Oil, Big Oil, DOJ, Big, Federal Trade Commission, United Wholesale Mortgage, Phoenix Suns NBA Locations: New York, Miami , Florida, Minneapolis, Texas, Sens

☆ Inflation isn’t keeping Americans from having fun this Memorial Day weekend
▼ + stars: | 2024-05-24 | by ( Alicia Wallace | Krystal Hur | ) edition.cnn.com time to read: +5 min

And this Memorial Day weekend could be a case in point: Travelers are expected to come out in record-setting droves. Three-plus years of high inflation have taken their toll on Americans’ budgets and, especially, their mindsets. Inflation has slowed during the past couple of years, pulling back significantly from its peak of 9.1% in June 2022. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. Pandemic-era savings have been spent while sticky inflation and high inflation rates eat into household budgets.

Persons: ” Gus Faucher, Price, ” Faucher, Taylor, it’s, ”, Ed Bastian, Swift, Delta, Taylor Swift’s, That’s, Kathleen Oberg, “, Peter Kern Organizations: New, New York CNN, Transportation Security, TSA, PNC Financial Services, CNN, Consumer, Mickey Consumer, Commerce Department, Disney, Delta Air, ” United Airlines, Mastercard, Institute, Marriott International, Marriott, Expedia Group Locations: New York, United States, Hong Kong, Europe

☆ Wall Street is about to see its biggest trading change in years
▼ + stars: | 2024-05-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.

Persons: “, That’s, ” Gary Gensler, ”, Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI

☆ Walmart and Target are slashing prices. What does that mean for inflation?
▼ + stars: | 2024-05-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That doesn’t mean the battle against inflation is won. Walmart saw first-quarter sales at stores open at least a year climb 3.8% from the prior year, in part thanks to its ability to keep prices low even as inflation remains sticky. “Our combination of everyday low prices plus a large number of rollbacks is resonating” with consumers, Walmart CEO Doug McMillon said on a call with analysts. Investors will get more inflation data next week from the Personal Consumption Expenditures index for April. Without that discount, the combined fine would have topped £88 million ($112 million).

Persons: Doug McMillon, Price, we’re, ”, Preston Caldwell, Scarlett Johansson, Will Scarlett Johansson, OpenAI, Johansson, OpenAI’s, Sam Altman, Brian Fung, OpenAI didn’t, Anna Cooban, “ Organizations: CNN Business, Bell, New York CNN, Walmart, Ikea, Aldi, Morningstar Research Services, Bureau of Labor Statistics, Investors, Citi, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, CNN Locations: New York, United States

☆ BuzzFeed stock soars after Vivek Ramaswamy acquires activist stake
▼ + stars: | 2024-05-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —BuzzFeed’s stock is soaring after former Republican presidential candidate Vivek Ramasamy revealed that he’s taken an activist stake in the beleaguered media company in a bid to adjust the firm’s strategy. Shares of BuzzFeed gained about 20% on Wednesday after a securities filing revealed that Ramaswamy has acquired a 7.7% stake in the company. Ramaswamy “believes the securities of the Issuer are undervalued and represent an attractive investment opportunity,” the filing. BuzzFeed’s portfolio of brands includes HuffPost, Tasty and the First We Feast brand that houses its “Hot Ones” YouTube series. Last year, BuzzFeed shuttered its Pulitzer Prize-winning digital news site as part of a broader move to slash the company’s headcount by 15%.

Persons: Vivek Ramasamy, he’s, Ramaswamy, ” Ramaswamy, Tricia McLaughlin, BuzzFeed, Ramaswamy “ Organizations: New, New York CNN, Republican, BuzzFeed, CNN, Networks Locations: New York

☆ Ivan Boesky, famed trader in 1980s insider trading scandal, dies at 87
▼ + stars: | 2024-05-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Ivan Boesky, the infamous insider trader whose name became synonymous with financial greed and helped inspire the fictional character Gordon Gekko in the 1987 film “Wall Street,” has died. His daughter, Marianne Boesky, confirmed to CNN on Monday that he died in his sleep. Nicknamed “Ivan the Terrible” on a 1986 Time Magazine cover, Boesky profited from the corporate takeover boom in the 1980s, using insider information to receive advanced information on pending deals. He pleaded guilty in 1986 to insider trading and was sentenced to three years of prison and fined $100 million, half of which went to returning the profits he made from insider trading and the other half as a civil penalty. Boesky was barred from securities trading for the rest of his life.

Persons: Ivan Boesky, Gordon Gekko, ”, Marianne Boesky, Marianne Boesky’s, Boesky, “ Ivan, ” Michael Milken, Milken, Ana Organizations: New, New York CNN, CNN, Haas School of Business, University of California, Wall, SEC, SEC Historical Society Locations: New York, Berkeley

It’s just the latest sign that the pilgrimage to Trump’s criminal trial in New York has become a new litmus test for Trump loyalty inside the GOP ahead of November. Then, the GOP members joined Trump in his motorcade – including the Republican candidate challenging GOP Rep. Bob Good, who has tried to cozy up to Trump after initially endorsing Florida Gov. President, we’ve got your back,” GOP Rep. Andy Ogles said outside the courthouse. Gaetz along with Boebert and GOP Rep. Anna Paulina Luna, who were all in New York on Thursday, missed the vote. GOP Rep. Marjorie Taylor Greene sparked outrage when she went after Democratic Rep. Jasmine Crockett’s appearance and Democratic Rep. Alexandria Ocasio-Cortez’s intelligence, with the committee meeting devolving into a heated sparring match.

Persons: Donald Trump, Trump’s, Trump, GOP Sen, Rick Scott of, Mike Johnson – who’s, “ There’s, It’s, it’s, Johnson, Lauren Boebert, Ralph Norman of, ”, Doug Burgum, Ohio Sen, J.D, Vance, Rick Scott, Vivek, Ramaswamy, Todd Blanche, Sen, We’ve, Eric, Bob Good, Ron DeSantis –, “ Mr, we’ve, Andy Ogles, ” Norman, “, Matt Gaetz, Stormy Daniels, Andrew Kelly, Reuters Legislating, Merrick Garland, Joe BIden’s, Robert Hur –, Andy Biggs, Biden, Anna Paulina Luna, Marjorie Taylor Greene, Jasmine Crockett’s, devolving, haven’t, “ Greene, johnny, suzy, latelys, Greene –, –, Boebert, Greene, “ Lauren Boebert, ” Boebert Organizations: CNN, Trump, he’s, GOP, Republicans, ”, North Dakota Gov, Manhattan Criminal, Caucus, Capitol, White House, Republican, Florida Gov, US Capitol Police, U.S, Reuters, Judiciary, Democratic Rep Locations: Manhattan, New York, Rick Scott of Florida, Colorado, Ralph Norman of South Carolina, Ohio, New York City, Trump, U.S, Capitol Hill, Israel, Gaza, Gaetz, Alexandria

CNN —Democratic Rep. Jasmine Crockett criticized Republican Rep. Marjorie Taylor Greene, calling her “racist,” following a tense House Oversight markup Thursday evening that quickly devolved into personal attacks. Speaking to reporters on Friday about the incident, Crockett said, “That’s all it is, it is racism. After a series of votes in response to Greene’s explosive rhetoric, Crockett made a dig that appeared to be directed at the Republican. Crockett said on Friday that Greene is unserious and does not respect the process. The top Democrat on the committee, Rep. Jamie Raskin, said that House Republicans’ behavior “brought disgrace to the whole institution,” criticizing Greene’s conduct in the hearing.

Persons: Jasmine Crockett, Marjorie Taylor Greene, General Merrick Garland, Joe Biden’s, Robert Hur, Greene, ” Greene, Crockett, “, can’t “, Judge Juan Merchan, Donald Trump, Alexandria Ocasio, Cortez, “ I’m, ” Crockett, doesn’t, we’re, MAGA, ”, I’m, Tim Burchett, butch, ’, Jamie Raskin, Greene’s Organizations: CNN — Democratic, Republican, Georgia Republican, CNN, Republicans, Trump, Democrats, Democratic, New York Democrat, Democrat Locations: Georgia, New York, Texas, Alexandria

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