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☆ Premarket stocks: How the ‘Black Ceiling’ is holding some professionals and the economy back
▼ + stars: | 2023-11-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

In his new book “The Black Ceiling” Woodson, a former attorney, sheds light on systemic issues within elite professional settings and the broader economic repercussions that come from underutilizing and marginalizing talented Black professionals. Woodson spoke with more than 100 Black professionals about what he calls the Black ceiling — a significant barrier that impedes career progression and creates stigma and anxiety in the workplace. Racial discomfort encapsulates the sense of unease that a lot of Black professionals experience working in elite white work settings. Selective punitiveness is the widespread perception that Black professionals get treated especially harshly when they make mistakes. Firms need to train their personnel, especially their senior white professionals so that they don’t judge junior Black professionals adversely for these challenges.

Persons: Kevin Woodson, ” Woodson, Woodson, Bell, it’s, who’ve, Kim Schmidt, they’re, that’s, doesn’t, It’s, Eva Rothenberg, ” Grant Gustafson, Corie Barry, “, ” Barry, Nathaniel Meyersohn Organizations: CNN Business, Bell, New York CNN — Corporate America, University of Richmond School of Law, Elite, Sensormatic, Black, Adobe, Retailers Locations: New York, underutilizing, DC

☆ Empty Bed Bath & Beyond stores are hot real estate. Here’s who’s moving in
▼ + stars: | 2023-11-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

(Overstock.com bought Bed Bed & Beyond’s brand out of bankruptcy and has relaunched it online, complete with the 20% coupons.) Burlington, Michaels, Barnes & Noble, Ollie’s Bargain Outlet, Macy’s, HomeGoods and other chains have replaced old Bed Bath & Beyond stores. The majority of Bed Bath & Beyond’s stores are in the suburbs of mid-size and large cities, and are under 50,000 square feet. Bed Bath & Beyond spaces have been grabbed up swiftly at rents of up to 50% what Bed Bath & Beyond was paying, according to commercial real estate investment firm CBRE. Kimco Realty, a real estate owner with 26 former Bed Bath & Beyond leases, said that new leases were 38% higher than Bed Bath & Beyond rents.

Persons: Michael O’Sullivan, Barnes, Noble, hasn’t, Warby Parker, Brandon Isner, CBRE’s, ”, TJ Maxx, REI Organizations: New, New York CNN, Sears, Circuit, Kmart, Burlington, Bed, Kimco, Sports Authority Locations: New York, Burlington, . Burlington, Michaels, Kimco, HomeGoods

☆ How Best Buy is beating shoplifting
▼ + stars: | 2023-11-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

But Best Buy says it has shoplifting under control. Best Buy has some inherent advantages over, say, CVS because heavy flat-screen TVs are harder to steal than razor blades. Not too many things in criminology are better understood than that.”Higher levels of staffing in stores have made a difference in Best Buy’s success against shoplifting, CEO Barry said. Best Buy has security staff at the front of stores to monitor customers entering and exiting and does not have many self-checkout machines. We don’t really have self-checkout.”Lowe’s has also attributed its low theft rates to higher staffing levels in stores.

Persons: Corie Barry, “, ” Barry, John Eck, ” Eck, you’re, Barry, Lowe’s, ”, Marvin Ellison Organizations: New, New York CNN, National Retail Federation, Retailers, Staff, University of Cincinatti Locations: New York

☆ The tug-of-war is on between deal-hungry shoppers and retailers wary of giving them throw-away prices on Black Friday
▼ + stars: | 2023-11-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

So are the start-of-the-season deals enticing enough for shoppers or are they holding out in a cat-and-mouse game with retailers? Michael Brown, retail industry leader and partner with management consulting firm Kearney, said the much earlier-than-usual jumpstart to holiday sales this year could be to blame. Shoppers will be holding out for better deals,” he said. Kena Betancur/Getty ImagesTotal holiday sales this year are expected to come in softer compared to last year. He said there were plenty of 25% off Black Friday deals mall-wide and some deeper 40% off promotions for early-bird shoppers.

Persons: New York CNN —, Michael Brown, Kearney, ”, Brown, Emily Elconin, Marshal Cohen, ” Cohen, Barbie, Willing, they’ve, Kena Betancur, Brian Schroeder, Kendra Scott, “, Aeropostale, Aritzia, Shannon Stapleton, Marc Rosen, Rosen, ” Rosen, Nathaniel Meyersohn Organizations: New, New York CNN, “, Shoppers, Black, National Retail Federation, Adobe Analytics, Disney Little, Marvel, Macy's, Brookfield Properties, Brookfield Asset Management, Nike, Apple, Simon Property Group, JCPenney Locations: New York, Oaks, Michigan, New York , New York, La Cantera, San Antonio , Texas, Brookfield, Roosevelt, Garden City , New York, Penney

☆ Lowe’s, Best Buy and Kohl’s predict weak holiday
▼ + stars: | 2023-11-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

Best Buy, Lowe’s and Kohl’s all reported sales declines during their most recent quarter Tuesday and are forecasting holiday sales to drop from a year ago. In 2021, Holiday shopping sales spiked by 14% and grew by a healthy 5% last year. But Moody’s Investors Service said in a report today that consumers are “losing spending steam” and holiday sales will grow by just 1% to 3% this year. “Retailers offering a combination of value and non-discretionary essentials will see their sales outperform the broader retail industry this holiday season,” according to Moody’s. “One trend that’s sticking is a longer holiday season.

Persons: Corie Barry, TJ Maxx, Moody’s, ”, Berna Barshay Organizations: New, New York CNN, Shoppers, Consumer, Moody’s, Service, Walmart, Costco, “ Retailers, Retailers, Sporting Goods Locations: New York

☆ Target is testing a new self-checkout policy
▼ + stars: | 2023-11-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Target is testing a new self-checkout policy as retailers are finding the cashier-less technology can put off customers. At a handful of stores, Target has restricted self-checkout to customers buying 10 items or fewer. Target and other retailers had expanded self-checkout machines in recent years. Self-checkout machines sometimes break. Target said that merchandise losses, known as shrink, were not a factor in testing new self-checkout policies.

Persons: John Mulligan, “, we’ve, Michael Fiddelke Organizations: New, New York CNN, Target, BBC, Walmart, Costco, ” Locations: New York, United States, Britain

☆ Why America is panicking about shoplifting
▼ + stars: | 2023-11-17 | by ( Ally Hill | Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

New York CNN —“Shoplifting in Great Department Stores.” “The Shoplifting Profession.” “No Mercy to Shoplifters.”These headlines could be from articles today. While shoplifting has seemingly never been a bigger problem than it is now, shoplifting has long captured the public’s attention. Angela Weiss/AFP/Getty ImagesAlthough shoplifting increased in some cities during the first half of the year compared to pre-pandemic levels, there is no clear national rise in shoplifting, according to a new analysis by the Council on Criminal Justice, a nonpartisan criminal justice policy organization. Middle-class women shoplifting in Victorian Britain during the 1800s were the focus of an early panic over shoplifting. Fears spread over middle-class women shoplifting during the early years of department stores.

Persons: New York CNN —, ”, ” James Walsh, Alex Vitale, Donald Trump, Angela Weiss, ” Vitale, Michael Flamm, San Francisco —, Adam Gelb, Tammy Whitlock, kleptomania, “ Said, Abbie Hoffman’s, ” Flamm, Abbie Hoffman, John Shearer, Barry Goldwater, Richard Nixon, JC Penney, ” David Johnston, Jeffrey Greenberg, we’d, Jeffrey Butts, “ Organizations: New, New York CNN, Great Department, University of Ontario Institute, Technology’s, CNN, Brooklyn College, ”, Getty, Criminal, Ohio Wesleyan University, “, San, New York Times, University of Kentucky, Consumer Culture, Times, Ohio Wesleyan, National Retail Federation, Retailers, Universal, Commerce, Chamber of Commerce, Department of Justice, “ Research, Research, John Jay College of Criminal Locations: New York, Shoplifters, Britain, America, New York City, Los Angeles, Dallas, Victorian Britain, England, Ohio, Vietnam

☆ Walmart CEO says food deflation may come soon
▼ + stars: | 2023-11-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Lower grocery prices may soon be coming for shoppers. Food prices have increased 25% since the pandemic started. The pace of food inflation has slowed in recent months, but food prices are mostly still going up. Food prices rose 3.3% annually in October from a year ago, according to the latest reading from the Labor Department. If you think prices will go down in the future, you may delay making a lot of purchases today.

Persons: Doug McMillon, ” McMillon, CNN’s Elisabeth Buchwald Organizations: New, New York CNN, Walmart, Labor Department, Federal Reserve Locations: New York, United States, Japan

☆ Target finally gets some good news. But there’s a catch
▼ + stars: | 2023-11-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —After a half year of negative headlines, culture war distractions and a massive stock slump, Target finally had something to cheer. Target’s profit beat Wall Street’s expectations last quarter, and the stock surged 14% in premarket trading Wednesday. Heading into Wednesday, Target’s stock had dropped 36% over the past year. But Target’s inventory levels are leaner than they were a year ago and Target is marking down fewer products. Target’s profit also grew from lower freight and supply chain costs.

Organizations: New, New York CNN, Target Locations: New York

☆ Toyota, Honda and Hyundai are raising wages in wake of big UAW wins
▼ + stars: | 2023-11-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —The United Automobile Workers’ won big wage and benefit gains in tentative contract agreements with Ford, General Motors and Stellantis. Now, non-union companies are rushing to give their non-unionized workers raises, too. Toyota said it’s raising wages by more than 9%, and Honda announced 11% wage hikes beginning next year. While the auto companies didn’t directly attribute their raises to the UAW, the UAW has said it will be targeting non-union factories in the wake of its big wins. UAW President Shawn Fain already encouraged non-union autoworkers to join the UAW, and Fain has called the non-union wage increases the “UAW bump.” The UAW hopes its new contracts with Detroit automakers will inspire other workers to unionize.

Persons: ” Hyundai, ”, A.J, Jacobs, Shawn Fain, autoworkers, Fain, ” Fain, Tesla, Thomas Kochan Organizations: New, New York CNN, United Automobile Workers ’, Ford, General Motors, Toyota, Honda, Hyundai, UAW, Labor, East Carolina University, Foreign, Detroit, Subaru, Volvo, BMW, Mercedes, MIT Sloan School of Management Locations: New York, Alabama, Georgia, United States, “

☆ Walmart, Costco and other companies rethink self-checkout
▼ + stars: | 2023-11-13 | by ( Robert Ilich | Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

In the United States, Walmart, Costco, Wegmans and other chains have also revised their self-checkout strategies. British supermarket Booths is removing self-checkout machines. Paul Melling/Alamy Stock PhotoCustomers at Booths also frequently misidentified which fruits and vegetables they were buying when prompted by self-checkout machines. Walmart removed self-checkout machines at some stores in New Mexico earlier this year. Costco said it’s adding more staff in self-checkout areas after it found that non-members were sneaking in to use membership cards that didn’t belong to them at self-checkout.

Persons: we’ve, Nigel Murray, Paul Melling, ” Murray, “, ”, Lindsey Nicholson, ShopRite, Wegmans Organizations: New, New York CNN, Walmart, Costco, BBC ., Alamy, CNN, Getty Locations: New York, British, United States, BBC . British, Britain, New Mexico, Delaware

☆ A majority of Americans tip 15% or less at dinner
▼ + stars: | 2023-11-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

But the majority of Americans say they tip 15% or less for a typical meal at a sit-down restaurant, according to a wide-ranging new poll on tipping attitudes from Pew Research Center. Fifty-seven percent of US adults surveyed told Pew they tip 15% or less for an average sit-down meal. By the latter part of the 20th century, a typical restaurant tip was 15%. The public is more likely to oppose than favor suggested tip amounts on screens. Forty percent of people oppose businesses suggesting tip amounts to their customers on screens.

Persons: There’s, Emily Post’s, they’re, ” Pew Organizations: New, New York CNN, Pew Research Center, Pew Locations: New York

☆ What orange juice futures tell us about the state of our world
▼ + stars: | 2023-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Cocoa and orange juice futures have hit multi-decade highs as climate change and harsh weather takes their toll on crops in warmer climates. Here’s the latest in the commodities market:Orange juiceOrange juice futures have soared to their highest levels since the commodity began trading in 1966. The January contract for frozen concentrated orange juice is currently sitting around $3.95, up nearly 94% so far this year. The rally has led to a rise in speculative betting, leading some analysts to call orange juice futures the new GameStop. But “the eventual crash in the price of orange juice will be one for the record books,” he quipped.

Persons: Nicole, it’s, they’re, ”, Dave Reiter, It’s, Brent, David Morrison, stoking, That’s, WeWork, Nathaniel Meyersohn, Ermengarde Jabir, Alicia Wallace, “, Ted Rossman Organizations: CNN Business, Bell, New York CNN, OJ, Sunshine State, Futures, GameStop, Reiter Capital Investments, Cocoa, West Texas Intermediate, “ Traders, Trade Nation . Energy, Wheat, Organisation for Economic Co, Federal Reserve Bank of New, New York Fed Locations: New York, Ukraine, Orange, US, Brazil, Mexico, Florida, Ghana, Ivory Coast, Ivory, Chicago, Southeast Asia, Europe, China, Russia, America, United States

☆ WeWork’s bankruptcy could have a painful effect on cities
▼ + stars: | 2023-11-07 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

WeWork’s bankruptcy will increase financial stress on commercial landlords that have rented large chunks of their office buildings to the co-working company. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp, a commercial real estate data provider. “This is another huge problem for the office market to contend with.”No single tenant can make or break the office market, he said. Around 42% of WeWork’s occupancies are in those three cities, according to CoStar, a commercial real estate data firm. Commercial real estate was hit hard by the pandemic, with fewer people returning to offices and spending money in downtown corridors.

Persons: WeWork, ”, Ermengarde Jabir, Goldman Sachs, Stijn Van Nieuwerburgh, Peter Morgan, ” Alie Baumann, can’t, “, ” Baumann, Van Nieuwerburgh Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, Columbia Business School, Cities, New York City’s Locations: New York, America, Silicon, New York City, San Francisco, Boston, New York City . New York, NYC, New, United States, Columbia

☆ Retailers predict a slower holiday shopping season
▼ + stars: | 2023-11-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back. The government reported that strong consumer spending drove the economy to a robust 4.9% annual growth rate in the July-September quarter. Consumer confidence dropped for the third consecutive month despite the booming economy. The resumption of student loan repayments last month after a three-year pause could also impact consumer spending. “Student loan repayments will diminish the already dwindling savings among younger households,” Moody’s said in a report this week.

Persons: Matthew Shay, ” Dana Peterson, “ Consumers, ”, ” Moody’s, ” Shay Organizations: New, New York CNN — Retailers, National Retail Federation, “, Consumer, Conference Board, Consumers Locations: New York, splurging

☆ The UAW won big against Detroit automakers. Unionizing Tesla and Toyota will be tougher
▼ + stars: | 2023-11-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

But the UAW’s ambitious plans to organize Tesla and other non-union automakers face steep odds. To grow, the UAW will need to gain a foothold at non-union automakers, which produce more than half of the cars assembled in the United States. Historically, UAW talks with the Detroit automakers have been closely watched by non-union automakers and suppliers. Anti-union companiesThe UAW will have to overcome weak protections for labor organizing in the United States and automakers’ aggressive tactics to defeat unions. It may be easier for UAW to organize Volkswagen and other European automakers like BMW and Mercedes-Benz than automakers from Asia, experts say.

Persons: Tesla, Shawn Fain, ”, Harry Katz, “, Thomas Kochan, Tesla's, Justin Sullivan, Bill Lee, Nikki Haley, Joe Biden, Kochan, ” Kochan, “ There’s, “ Fain, he’s, Harley Shaiken, Jesse Jackson, John J, Kim, Elon Musk, Musk, “ Tesla, ” Shaiken, Biden, Erica Smiley, Smiley, ‘ we’ve, won’t Organizations: New, New York CNN, United Auto Workers, Ford, General Motors, Jeep, Chrysler, Detroit automakers, UAW, American, Toyota, Hyundai, Honda, Volvo, Mercedes, BMW, Nissan, Volkswagen, Cornell University’s School of Industrial and Labor Relations, Labor, Companies, Employers, National Labor Relations Act, MIT Sloan School of Management, Getty, Workers, Benz, Tennessee Gov, Former South Carolina Gov, Environmental Defense Fund, Alabama, M University, Jackson State University, University of California, Berkley, Chicago Tribune, Tribune, Service, Tesla, National Labor Relations Board, Employees, Bloomberg, CNN, Biden Union, Union, Biden, Justice, Detroit Locations: New York, United States, California, Texas, Tesla's Fremont , California, Tennessee, Kentucky, Alabama, Volkswagen’s, Chattanooga, Michigan, Detroit, Chicago, Chattanooga , Tennessee, Asia, Europe, Tesla’s Fremont California, ”

☆ Cities try to take back curbs from cars and delivery trucks
▼ + stars: | 2023-10-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

There are a slew of users and uses that compete for curb space. The solution, some advocates say, is removing free parking and charging for spots based on demand. Free parkingThe root of the chaos at the curb stems from free on-street parking, critics say. Cities “squander curbs for free parking for cars because drivers are the people who show up at public meetings,” Shoup said. Smart loading zonesEven if cities managed their on-street parking problems for private vehicles more effectively, bikers, delivery workers, outdoor dining and other uses would still crowd the curb.

Persons: ”, Chrissy Mancini Nichols, ” Nichols, Yorkers, Donald Shoup, ” Shoup, Mike Estey, ” Estey, Michelle Wu Organizations: New, New York CNN, Workers, Walker Consultants, city’s Department of Transportation, University of California, Drivers, New York City’s Department of Transportation, Seattle Department of Transportation, Boston Locations: New York, “, New York City, Seattle, Los Angeles, America, San Francisco, Baltimore, Boston, Los Angeles , Milwaukee, Pittsburgh, Washington, New, Omaha , Nebraska, Minneapolis, Philadelphia

☆ Crime spree? Retailers are actually overstating the extent of theft, report says
▼ + stars: | 2023-10-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

But some retail analysts and researchers, bolstered by local crime statistics, say stores may be over-stating the extent and impact of theft. Mentions of “organized retail crime” on companies’ earnings calls increased 43% from January through August from a year ago, the Chamber of Commerce found. Cities and states are passing new laws with harsher punishments for organized retail crime offenses and shoplifting. A Target spokesperson said that organized retail crime increased 50% in its stores since 2021. According to the Chamber of Commerce, 12 states have created new statutes, revised existing statutes, or created enhanced penalties for organized retail crime.

Persons: William Blair, Dylan Carden, Phillip Blee, James Kehoe, Kehoe, Alex Vitale, ”, Donald Trump, Judd Legum, Blair, “, Pew Organizations: New, New York CNN — Retailers, Retailers, “, National Retail Federation, Walgreens, Brooklyn College, Commerce, U.S . Chamber of Commerce, Republican, Costco, Chamber of Commerce, Pew Locations: New York, U.S, San Francisco, Oakland, Seattle, Portland

☆ Donor revolt at Harvard and UPenn over Israel shows big checks often have strings attached
▼ + stars: | 2023-10-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

New York CNN —Big money donations are booming at America’s colleges, helping fund higher education for millions of students. The biggest donors often sit on universities’ board of trustees, which governs the university and selects university leadership, priorities and direction. The donor backlash at the University of Pennsylvania and uproar at Harvard University over Israel and Palestine highlight how big donations often come with demands for changes to university policy and politics. The backlash has raised questions about the influence big donors wield and pressure donors may exert over leadership, hiring decisions and academic affairs. Restricted giftsMore donations are coming with strings attached, rather than letting schools spend their donations however they want.

Persons: ’, ”, Cliff Asness, James Finkelstein, David Callahan, George Mason, Nikole Hannah, Jones, Rob Reich, “, Ann Marcus Organizations: New, New York CNN, University of Pennsylvania, Harvard University, Harvard, George Mason University, Faculty Senate Tri, Council, Advancement, “, ”, Aid, Education, Critics, Indiana University, George, Koch Foundation, Yale University, University of North, Chapel, Michigan State, Stanford University, Universities, New York University, NYU’s Steinhardt, of Higher Locations: New York, Israel, Palestine, University of North Carolina, Saudi Arabia, Qatar, Kuwait

☆ Harvard and UPenn donors are furious. It may have a financial domino effect
▼ + stars: | 2023-10-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Donors often give for specific purposes — facilities, faculty research, technology on campus, athletics, scholarships and financial aid for low-income students. The Wexner Foundation said it’s breaking off ties with Harvard University, alleging the school has been “tiptoeing” over Hamas’ attacks. Lawrence Summers, the former president of Harvard and US Treasury Secretary, has criticized the “morally unconscionable” student statement and Harvard leaders’ response. But he said that financial threats from donors were not the right solution to influencing universities’ positions on these issues. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian.

Persons: ”, Lee Gardner, Adam Glanzman, Sara Harberson, ” Gardner, “, Indiana University’s, ” Harvard, Harvard “, Leslie Wexner, Abigail, Charles Mostoller, Claudine Gay, Boycott, Lawrence Summers, ” Summers, Jon Huntsman, Marc Rowan, Billionare Ronald Lauder, Susan Abulhawa, ” UPenn, Liz Magill, ” Magill Organizations: New, New York CNN, Harvard University, University of Pennsylvania, Ivy League, Harvard, Higher Education, Philanthropy, Bloomberg, Getty, “ Ivy League, Indiana, Indiana University’s Lilly Family School, “, ”, “ Revenue, Wexner Foundation, Palestinian, College Hall, Israel, Israel Fellows, Wexner, US, CNN, Wall, Daily, University Locations: New York, Israel, UPenn, United States, Philadelphia , Pennsylvania, U.S, “, Palestine, Palestinian

☆ The Ivy League donor backlash is a PR nightmare, and that’s the point
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Donors understand as well as anyone that pulling their funds won’t inflict significant financial damage on Ivy League institutions, which boast huge endowments, my colleague Nathaniel Meyersohn reports. But he said that financial threats from donors were not the right solution to influencing universities’ positions on these issues. At 5 million subscribers paying $3.99 a month, Snapchat+ is set to earn around $239 million in annual revenue. Still, analysts are intrigued by Snap’s user growth, especially for a company that’s been around for over a decade. “In my view, there’s significant value for a company that’s growing its installed base at this level,” said Angelo Zino, senior equity analyst at CFRA Research.

Persons: CNN Business ’, Nathaniel Meyersohn, Lee Gardner, ” Gardner, “, Indiana University’s, Lawrence Summers, ” Summers, TikTok, Twitter, Snapchat, Clare Duffy, it’s, we’ve, Clare, that’s, ”, Angelo Zino, you’ll Organizations: CNN Business, CNN, Harvard, Ivy League, Higher Education, “ Ivy League, Indiana, Indiana University’s Lilly Family School, Philanthropy, “, US, Netflix, Twitter, Facebook, CFRA Research Locations: Israel, United States, China

☆ Costco’s CEO steps down
▼ + stars: | 2023-10-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: 1 min

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☆ Premarket stocks: What the Israel-Hamas war means for US markets
▼ + stars: | 2023-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Growing unrest in the Middle East has cast a shadow on global financial markets. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Funds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker. Big names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. “If the war remains confined between Israel and Palestinians, it’s likely that the markets will forget about it after a few days,” he wrote.

Persons: ”, Steven Schoenfeld, Jamie Dimon, “, Benjamin Netanyahu, Raffi Boyadjian, Sam Stovall, Nathaniel Meyersohn, drugstores, David Silverman, Bill Ford, Vanessa Yurkevich, Ford, Jim Farley, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Nasdaq, Funds, Bloomberg, Hamas, Bank of Israel, JPMorgan, Israel Innovative Technology, Mobileye, Tower Semiconductor, Teva Pharmaceutical, XM, CVS, Walgreens, Walmart, Fitch, Ford Motor Company, United Auto Workers, Big Three, UAW, Monday, Ford Locations: New York, Tel Aviv, New Jersey, Israel, United States, Canada, China, Ukraine, Kippur, Kuwait, Kansas City, drugstores, Rouge, Dearborn , Michigan

☆ Why so many drug stores are closing
▼ + stars: | 2023-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. It comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores. Drug store strugglesRite Aid’s bankruptcy reflects long-term struggles in the retail pharmacy industry. Walgreens and other drug stores have closed thousands of stores in recent years. But this strategy requires fewer brick-and-mortar retail stores.

Persons: Angus Mordant, Justin Sullivan, drugstores, ”, David Silverman, ” Silverman, Drugstores Organizations: New, New York CNN, Rite Aid, Bloomberg, Getty Images Rite, Walgreens, CVS, Walmart, Fitch, Aetna, Pharmacy, McKinsey . Rite, American Medical Association Locations: New York, Kansas City, drugstores

☆ 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

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