CNN By Chris Isidore, CNN Business Profits soared at the nation’s two largest oil companies, as ExxonMobil and Chevron both benefited from the recent run-up in oil prices. ExxonMobil, America’s largest oil company, posted net income of $6.8 billion, swinging to a profit after a $680 million loss a year ago. Oil prices got crushed
Continue ReadingBy Nathaniel Meyersohn, CNN Business Amazon’s rise has been relentless for more than a decade, with regulators and rivals alike failing to slow it. But now Amazon has taken a hit from a pair of immovable forces: snarled supply chains and worker shortages. The company’s third-quarter earnings and sales fell well short of Wall Street’s
Continue ReadingCNN, CNN BUSINESS By Paul R. La Monica, CNN Business October may be notorious for big market crashes. But this month was more of a Rocktober than Shocktober for stocks. Despite some notable drops in big techs Friday following disappointing sales from Apple and Amazon, the broader market still finished October with healthy gains. The
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The Bureau of Economic Analysis reports the economy grew at an annualized rate of just 2% in the third quarter of the year.
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Orchard analyzed data from the U.S. Census Bureau to find the 1950 median home values for every state plus Washington D.C.
Continue ReadingBy Matt Egan, CNN Business Oil prices are unlikely to stay elevated for long, Chevron’s chief financial officer told CNN. “This feels more cyclical than structural,” Pierre Breber, the CFO of Chevron, the No. 2 US oil company, said in a phone interview. “We view these prices as above mid-cycle and above what our price
Continue ReadingCNN By Alicia Wallace, CNN Business When members of the cannabis industry descended upon Las Vegas last week for the biggest trade show in the business, there was something stirring in the air. It wasn’t the aroma of a freshly lit joint, but rather a sense that everything seems to be coming up roses for
Continue ReadingBy Gabe Cohen, CNN The free food delivery that arrives at Beth Greenlee’s door each week is much more than an endpoint of the US supply chain. It’s her lifeline. The 61-year-old has Stage 4 endometrial cancer and little income. For eight months, she’s been relying on food from MANNA, a non-profit that provides free
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Facebook is changing its company name to Meta as it confronts wide-ranging scrutiny of the real-world harms from its various platforms after a whistleblower leaked hundreds of internal documents.
Continue ReadingBy Nathaniel Meyersohn, CNN Business It’ll be a very merry Christmas for America’s biggest retailers. Retail sales in November and December are expected grow between 8.5% and 10.5% this year compared with the 2020 holiday season, to a record of up to $859 billion, the National Retail Federation, a trade group for retailers, said Wednesday.
Continue ReadingBy Jordan Valinsky, CNN Business A prominent venture capitalist is under fire for calling new dads “losers” if they take months of paternity leave. Palantir cofounder Joe Lonsdale responded to a tweet Wednesday about US Transportation Secretary Pete Buttigieg, who took off work to care for his twin newborns. “Any man in an important position
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Housing prices are surging to new records with no end in sight. They’re being fueled by historically low interest rates — but also investors and economists’ belief that the housing market has a unique ability to support runaway prices.
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CNN, CNNBUSINESS By Donie O’Sullivan, Clare Duffy, Tara Subramaniam and Sarah Boxer, CNN Business In public, Facebook has touted the resources it has dedicated to tackling Covid-19 and vaccine misinformation, even scolding US President Joe Biden for his harsh criticism of the company’s handling of the issue. In doing so, it claimed that “more than
Continue ReadingBy Rachel Metz, CNN Business In late 2017, Facebook had a big problem: users were commenting on, “liking” and resharing posts less than they had in the past. The declines in engagement, visualized in charts on an internal document viewed by CNN Business, looked like wiggly black-and-blue frowns. Facebook decided to make a change —
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It happens every day someone walks off of a job and, regardless if you were laid off, you quit or they fired you, the reality is, you’ll need a new job.
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Here’s some news that might re-ignite panic buying: supply chain issues are impacting the supply of alcohol in the U.S.
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By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion in 2020. The deficits in both years reflected trillions of dollars in government spending to counteract the devastating effects of a global
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President Joe Biden’s vaccine order will force employers to lay off thousands of workers, making the supply-chain crisis much worse, a major business group warned the White House this week.
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For about twenty minutes, Alex Barbosa had his full menu on display — written in permanent marker on peach-colored butcher paper — before he had to start taking parts of it down.
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Although plenty of attention has been given to the rising price of gasoline and natural gas, Canadian propane prices are also skyrocketing – a surge analysts say will have a big impact on rural Canadians this winter.
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