Category Archives: CNN – Business

Trump pardons junk bond king Michael Milken

Trump pardons junk bond king Michael Milken

President Donald Trump said Tuesday that he was granting clemency to Michael Milken, the legendary bond king from the 1980s who served several years in prison for violating securities laws and has since become a prominent philanthropist. Trump made the announcement to reporters Tuesday, along with the news that he was commuting the sentence of…MORE

Virgin Galactic shares have skyrocketed nearly 200% already this year

Virgin Galactic shares have skyrocketed nearly 200% already this year

Shares of Richard Branson’s Virgin Galactic soared more than 20% at one point Tuesday, putting the private space company on track for a seven-day winning streak. The stock pared its gains later in the day but is still up a stunning 160% so far in 2020. Shares have surged lately due to optimism about the…MORE

Michael Bloomberg might not be Wall Street’s BFF after all

Michael Bloomberg might not be Wall Street’s BFF after all

Michael Bloomberg might be Wall Street’s preferred Democratic presidential candidate, but the billionaire is nonetheless vowing to crack down on the financial industry. The former New York City mayor released a tougher-than-expected Wall Street reform plan Tuesday that calls for restoring some of the post-crisis financial guardrails “gutted” by President Donald Trump. Bloomberg, who has…MORE

Blue Apron revolutionized meal kits but investors think it’s toast

Blue Apron revolutionized meal kits but investors think it’s toast

Blue Apron is leaving a bad taste in the mouths of its investors. The meal-delivery service company will report its latest quarterly results on Wednesday and analysts are predicting that Blue Apron will report a loss of $1.60 a share — a bigger loss than the same period last year — and a sales drop…MORE

Walmart’s holiday season ‘wasn’t as good as expected’

Walmart’s holiday season ‘wasn’t as good as expected’

Walmart, America’s largest retailer, reported subpar holiday sales Tuesday, reflecting a weak holiday shopping season for the brick-and-mortar retail industry. Sales at stores and websites open for at least one year — a key measure of the retailer’s health— increased only 1.9% during its final quarter of 2019. That included a 35% spike in online…MORE

HSBC plans to cut 35,000 jobs as profit drops 33%

HSBC plans to cut 35,000 jobs as profit drops 33%

HSBC on Tuesday said it would cut around 35,000 jobs and dramatically overhaul its business after its profit plunged by a third in 2019. The bank plans to reduce its global headcount by roughly 15% to 200,000 over the next three years, a company spokesperson said, although the precise figures have not been finalized. HSBC…MORE

Dairy farmers agree to buy ‘substantial’ part of Dean Foods

Dairy farmers agree to buy ‘substantial’ part of Dean Foods

Dairy Farmers of America, a major farmer-owned cooperative, has put in a bid for a “substantial” part of Dean Foods’ business. Dean, the country’s largest milk processor, filed for bankruptcy in November. For US dairy farmers, keeping Dean afloat is essential. The milk processor is a “significant customer of DFA,” Rick Smith, president and CEO…MORE