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☆ Social Security gains came back to earth. What that means for the economy
▼ + stars: | 2023-10-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

That’s why it’s a big deal when Social Security recipients receive their annual cost-of-living adjustment. Starting in January they’ll see a 3.2% increase in their Social Security checks, that’s a much smaller increase than the inflation-fueled boosts of the past two years, the Social Security Administration announced last week. David Certner: The Social Security Cost-of-Living Adjustment (COLA) is based on the Consumer Price Index for urban wage earners. The amount of GDP that’s generated by Social Security checks is actually larger than the total amount of Social Security money going out in the first place. Before the Bell: Could an increase in Social Security possibly add to inflation since that money is bolstering the economy?

Persons: they’ll, Bell, David Certner, There’s, we’ve, David Goldman, —, ”, Neil Saunders, GlobalData, ” Taylor, Taylor, “ Taylor Swift, ” Elizabeth Frank Organizations: New, New York CNN — Social Security, Social, Security, Social Security Administration, AARP, Consumer, Bell, Social Security, Medicare, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, ”, Aid, Rite Aid, AMC Locations: New York, United States, Canada, United Kingdom, Mexico, Australia, Germany, Philippines, Brazil, South Korea, Malaysia, Singapore, Taiwan, Hong Kong

☆ Rite Aid files for bankruptcy
▼ + stars: | 2023-10-15 | by ( David Goldman | ) edition.cnn.com time to read: +5 min

“It was always a matter of when, not if, Rite Aid would file for bankruptcy,” said Neil Saunders, managing director of GlobalData, in a note to investors. As part of the bankruptcy plan, Rite Aid appointed a new CEO, Jeff Stein, who will also serve as the head of restructuring and a board member. The government accused Rite Aid of missing “obvious red flags” when it filled the prescriptions for addictive pain killers. Rite Aid is a distant third-largest nationwide standalone pharmacy chain in the United States — and the seventh largest pharmacy overall, when taking into account big box chains. Ultimately, in 2017, the companies agreed to a smaller, $4.4 billion deal, in which Walgreens bought just under 2,000 Rite Aid locations, leaving Rite Aid diminished in stature and unable to compete at the scale of its bigger rivals.

Persons: —, ”, Neil Saunders, GlobalData, Jeff Stein, Stein, “, Aid’s, General Merrick Garland, — CNN’s Nathaniel Meyersohn, Juliana Liu Organizations: New, New York CNN — Rite, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, ”, Aid, Rite Aid, Solutions, “, Justice, US Justice Department, US Centers for Disease Control, ., United States — Locations: New York, United States

☆ Student loan repayments are back. Here’s what that could mean for the economy
▼ + stars: | 2023-10-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —This month marks the first time in more than three years that federal student loan borrowers will be required to make monthly repayments. Before the Bell spoke with Betsy Mayotte, president and founder of The Institute of Student Loan Advisors, to talk about what that could mean for the economy. Before the Bell: When exactly do student loan payments resume? The last time I checked, there were more than 40 million federal student loan borrowers. That’s the policy discussion that has to be had in order to permanently fix the student debt crisis.

Persons: Trump, Bell, Betsy Mayotte, they’re, ’ It’s, we’ve, It’s, ’ I’m, I’ve, hasn’t, David Goldman, Michelle Toh, Brent, ” Susannah Streeter, Hargreaves Landsdown, “ We’re, “, ”, Fraser Engerman Organizations: CNN Business, Bell, New York CNN, Biden, Payments, Wall Street Journal, The, Student Loan Advisors, Hargreaves, Walgreens, Pharmacy, CNN, Employees Locations: New York, California , New York, Massachusetts, Israel, East, Gaza, Iran, United States, Kansas City

New York/Hong Kong CNN —Oil prices surged and US stock futures fell on Sunday night in their first reaction to Israel’s war with Hamas. Although Israel is not a major oil producer, escalating tensions in the oil-rich Middle East spooked investors who have already been selling off oil in recent weeks. But on Sunday night, US oil prices surged 4% higher above $86 a barrel. In the equity markets, US stock futures, which surged Friday on a surprisingly strong American job market report, fell sharply Sunday night. Global investors fear prolonged tensions in the Middle East could hurt the fragile global economic recovery.

Persons: Brent, Stephen Innes, ”, Israel, Australia’s Organizations: Hong Kong CNN, Management, Dow, Nasdaq, Shanghai Locations: New York, Hong Kong, Israel, East, Asia, China, Shenzhen, Japan, South Korea

☆ Here's why this jobs report is going to cost you
▼ + stars: | 2023-10-06 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

So you’d think some really, really, shockingly good news about the job market would give Americans’ spirits a boost. So a robust job market won’t make most people feel like the economy is strong. The Fed is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. We should never cheer a bad job market. But a job market that has remained this healthy for this long really isn’t excellent news for average Americans struggling to pay their bills.

Persons: Joe Biden’s, ”, Chris Rupkey, Jamie Dimon Organizations: New, New York CNN, Federal Reserve, Fed, CNN, SSRS, JPMorgan Locations: New York, Government

☆ Dollar Tree said theft is such a problem it will start locking up items or stop selling them altogether
▼ + stars: | 2023-08-24 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar Tree had a miserable quarter, and company management is chalking it up to a mix of factors: changing consumer demands on top of higher prices for fuel and electricity … and theft. Shares of Dollar Tree plunged 10% on the news. Dick’s Sporting Goods this week also cited theft as a primary reason why its profit plunged last quarter, even though sales rose. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft. And the summer heat has sent air conditioning costs through the roof; Dollar Tree said that, too, has hurt its bottom line.

Persons: Richard Dreiling, Jeffrey Davis, Davis, Dreiling, “, Kurt Petermeyer Organizations: New, New York CNN, Wall, OSHA, Dick’s, Goods, Walgreens Locations: New York, Atlanta, Lowe’s

☆ Softbank's Arm: Mega IPO could be just around the corner, a year after the biggest chip deal in history fell apart
▼ + stars: | 2023-08-21 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to CPU makers, including Apple and Samsung. Softbank tried to offload Arm to Nvidia for $40 billion, in what would have been the biggest chip deal of all time. But global antitrust regulators put a stop to it, and the deal fell apart in February 2022. Softbank CEO Masayoshi Son has touted Arm as an AI company that could have “exponential growth.” He promised ChatGPT-like services would eventually be offered on Arm-designed machines. But Arm said it does not make AI chips and is not a direct competitor to Nvidia and others that make chips that are purpose-built for AI.

Persons: New York CNN —, Japan’s Softbank, Softbank, Masayoshi Son, ”, Arm, “ Organizations: New, New York CNN, Apple, Samsung, Nvidia, Reuters, Saudi Vision Fund, Financial Times Locations: New York, British

☆ Tupperware may not go out of business after all
▼ + stars: | 2023-08-04 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Tupperware was left for dead; a relic of a lost time when leftovers storage had but one dominant market player. In other words, Tupperware (TUP) has been given new life. Tupperware is still an extremely troubled brand, and the stock is still trading below $6 a share. Tupperware has been considering layoffs and property sales to stay afloat. Once sold exclusively by multi-level marketers, similar to Avon and Amway, Tupperware parties were a staple of a bygone era.

Persons: New York CNN — Tupperware, “, ”, Mariela Matute, aren’t, Tupperware, CNN’s Nicole Goodkind Organizations: New, New York CNN, Tupperware, ”, BlackRock, Amway, Target, New York Stock Exchange Locations: New York, Avon, noncompliance

☆ Incandescent light bulb ban: What you need to know
▼ + stars: | 2023-08-01 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —America’s ban on incandescent light bulbs, 16 years in the making, is finally a reality. That effectively outlaws the manufacture and sale of common incandescent bulbs, the kind you screw into the vast majority of light sockets in your home. That’s because traditional incandescent bulbs provide just 15 lumens per watt, according to light bulb manufacturer Philips. Not all incandescent light bulbs are banned as part of the new rule, according to the Department of Energy. The ban caps off a decades-long bipartisan effort to ban incandescent bulbs that started in the Bush administration.

Persons: New York CNN —, Trump, Biden, Joe Biden’s, Bush, Donald Trump’s, Obama, Republicans “, CNN’s Ella Nilsen Organizations: New, New York CNN, Joe Biden’s Department of Energy, Philips, Department of Energy, Energy Department, US Energy Information Administration, Republicans Locations: New York

☆ With home improvement projects down, it’s Ikea’s moment
▼ + stars: | 2023-07-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.

Persons: ”, Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, “, Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, —, Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California

☆ Tyson will stop using its ‘no antibiotics ever’ label on chicken
▼ + stars: | 2023-07-03 | by ( David Goldman | ) edition.cnn.com time to read: +4 min

The company said the antibiotics it plans to use in chicken production are not important to the treatment of humans. Tyson-branded chicken will begin using a “no antibiotics important to human medicine” label by the end of 2023. “But we want to make sure that antibiotics continue to work.”‘No antibiotics important to human medicine’Tyson’s elimination of some antibiotics followed similar reductions by competitors Pilgrim’s Pride, which says it uses some antibiotics, and Perdue, which still says it does not. In addition to chickens’ health, antibiotics are particularly important to promote growth in poultry for items like large broiler chickens. It noted in that 2007 publication that “an appropriate balance should be struck between animal health needs and human health considerations – human health being, however, paramount compared to animal health.”

Persons: New York CNN — Tyson, “, ”, Tyson, Tyson’s, Christine Daugherty, Melinda Gates, Perdue Organizations: New, New York CNN, Street Journal, Tyson Foods, USDA, World Health Organization, TSN, Melinda Gates Foundation, Pilgrim’s, WHO Locations: New York, United States

☆ Apple is finally fixing the iPhone's ducking autocorrect problem
▼ + stars: | 2023-06-06 | by ( David Goldman | ) edition.cnn.com time to read: 1 min

How relevant is this ad to you? Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues

☆ Disney’s ‘The Little Mermaid’ rakes in $117 million at the US box office on opening weekend
▼ + stars: | 2023-05-29 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Disney’s live-action movie “The Little Mermaid” brought in $117.5 million at the US box office in the fifth-best opening for Memorial Day weekend in history, according to Box Office Mojo. Despite the controversy, the movie was among the most successful films ever to debut on Memorial Day, Box Office Mojo reported. Last year’s “Top Gun Maverick” tops that list with $160 million at the US box office over the long holiday weekend. That came in a hair lower than “The Little Mermaid” with an opening weekend haul of $116.8 million. Including international ticket sales, “The Little Mermaid” brought in $185.8 million over the weekend.

☆ Premarket stocks: Will the debt ceiling debate finish the Fed's inflation fight?
▼ + stars: | 2023-05-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Over the last 14 months, the Federal Reserve has taken a deliberate and economically painful approach to combating elevated inflation rates through interest rate hikes. The regional banking crisis and a possible debt-ceiling induced default on US debt could change all of that. What’s happening: There are two policy options that the Fed can use to address elevated inflation. For the first quarter, Lowe’s said overall sales fell 5.5% to $22.3 billion. Home Depot missed on first quarter sales and lowered its outlook for the year after customers slowed their spending.

Persons: shouldn’t, ”, Laurence Ball, Edward Boehne, Jerome Powell, Ben Bernanke, Powell, Ball, there’s, Austan Goolsbee, “, Julian Brigden, Bernanke, ” Bernanke, Olivier Blanchard, Bryan Mena, Blanchard, David Goldman, Parija, Lowe’s Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Johns Hopkins University, ” Former Philadelphia Fed, Fed, Valley Bank, Signature Bank, Federal Reserve Bank of Chicago, Yahoo Finance, Partners, International Monetary Fund, Brookings Institution, Target, Walmart, Home Depot Locations: New York, ”, Washington ,, America, California

CNN —A fake image purporting to show an explosion near the Pentagon was shared by multiple verified Twitter accounts on Monday, causing confusion and leading to a brief dip in the stock market. “Large explosion near the Pentagon complex in Washington DC. Under owner Elon Musk, Twitter has allowed anyone to obtain a verified account in exchange for a monthly payment. A fake image purporting to show an explosion near the Pentagon was shared by multiple verified Twitter accounts on Monday, causing confusion and leading to a brief dip in the stock market. AI-Generated Fake Image/Twitter“Republic had aired news of a possible explosion near the Pentagon citing a post & picture tweeted by RT,” the outlet later posted on its Twitter account.

New York CNN —Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss the US government’s fraud charges against him. Bankman-Fried’s attorneys said the government failed to properly explain what offenses the former CEO of the bankrupt crypto exchange committed. Bankman-Fried has pleaded not guilty to the 13 charges. Prosecutors allege that Bankman-Fried stole FTX customer deposits to finance risky bets at his hedge fund, Alameda Research, and to funnel contributions to American politicians. Three of Bankman-Fried’s former business partners — Gary Wang, Caroline Ellison and Nishad Singh — have pleaded guilty to numerous charges and are cooperating with investigators.

☆ First Horizon stock tumbles 50% after TD Bank merger collapses
▼ + stars: | 2023-05-04 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —First Horizon and TD Bank have called off a $13 billion deal that would have formed America’s sixth-largest bank, adding to the turmoil sweeping the country’s regional lenders. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank. On Monday, a third regional bank, First Republic, failed and JPMorgan purchased most of its assets. Other regional bank stocks have tumbled in recent days after First Republic’s failure. Customers had been moving their money to bigger banks, leaving some regional banks without the cash they need to pay for withdrawals.

☆ PacWest Bank shares fall more than 50% on report that it could be the next regional bank to collapse
▼ + stars: | 2023-05-03 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

“Exploring strategic options” is Wall Street lingo for “please help.” The last bank to announce it was exploring strategic options was First Republic Bank. That regional bank failed Monday, and JPMorgan purchased most of its assets. PacWest Bank did not immediately respond to CNN’s request for comment. PacWest Bank is reportedly considering splitting up the company or trying to raise capital to support itself, Bloomberg reported. Like many other regional banks, the value of PacWest’s loans and bond holdings have crumbled as interest rates have surged.

New York CNN —CNN has parted ways with longtime host Don Lemon. “Don will forever be a part of the CNN family, and we thank him for his contributions over the past 17 years,” said CNN CEO Chris Licht in a memo to staff. In a statement of his own, Lemon said his agent told him Monday morning that CNN had terminated him. Prior to “CNN This Morning,” Lemon hosted the prime-time show “Don Lemon Tonight” for more than eight years. “When I make a mistake, I own it,” Lemon told staff during an editorial meeting.

☆ SVB Financial Group: CEO Greg Becker and CFO Daniel Beck have resigned
▼ + stars: | 2023-04-21 | by ( David Goldman | ) edition.cnn.com time to read: 1 min

☆ ‘Love is Blind’ live reunion delayed as Netflix pleads for patience
▼ + stars: | 2023-04-16 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Netflix’s highly anticipated live reunion Sunday for the season 4 cast of its reality dating show “Love is Blind” has been delayed, leaving fans waiting for over an hour. A couple minutes after its scheduled start time, Netflix tweeted: “Love is … late. — Netflix (@netflix) April 17, 2023The company isn’t used to airing live events like many of its streaming competitors. Netflix’s rivals have found success with live streaming. The company started experimenting with live broadcasts as the media landscape continues to shift.

☆ Johnson & Johnson tries to use bankruptcy to settle talc cases for $8.9 billion
▼ + stars: | 2023-04-04 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —Johnson & Johnson is trying once again to use the bankruptcy courts to settle tens of thousands of cases that claim its talc products cause cancer. The pharmaceutical company is now willing to pay $8.9 billion to plaintiffs over 25 years. A previous attempt to use Chapter 11 bankruptcy protection to resolve the talc cases was rejected by an appellate court, which ruled the company couldn’t go bankrupt because it wasn’t in financial distress. Johnson & Johnson has long held that talcum powder products are safe to use. Although J&J claims it has won the majority of its talc lawsuits, juries have awarded some customers billions of dollars in damages, siding with claimants’ arguments that the company’s talc products caused their cancer.

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☆ Trump-related stocks surge after indictment
▼ + stars: | 2023-03-31 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

It’s not clear why investors sent shares of those companies soaring Friday, although the stocks tend to swing wildly — surging and plummeting — when Trump makes news. And Rumble (RMBL), a conservative video platform that partners with Trump’s Truth Social app, also rose 3%. DWAC announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app. That money is intended to fund the merger with Truth Social owner TMTG. A liquidation would have also threatened the additional $1 billion the Trump media company has raised.

☆ Lindsay Lohan, Jake Paul and other celebrities charged $400,000 for violating crypto rules
▼ + stars: | 2023-03-22 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

New York CNN —The Securities and Exchange Commission on Wednesday charged Lindsay Lohan, Jake Paul and several other celebrities with failing to disclose that they were paid to promote crypto. The celebrities agreed to pay $400,000, including fines, and return what they were paid for the promotion. For their violations, Lohan agreed to pay $30,000 in fines in addition to the $10,000 she earned for the promotion. Paul agreed to pay $75,000 in fines on top of the $25,000 he earned. “At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation.”

☆ Global banking crisis: One big problem down. Too many others left to go
▼ + stars: | 2023-03-20 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

New York CNN —Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span. That sent shockwaves through the global banking system. Good news and bad newsThe good news: Those loans do not indicate anything inherently wrong with the global banking system. But the banking system and regulators would have to calm fears before that happens system-wide.

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