Sales of previously owned homes unexpectedly dropped 1% in September, reaching an annual rate of 3.84 million, the lowest pace since 2010. This represents a 3.5% decline from last year, according to the National Association of Realtors (NAR). Meanwhile, the median sales price rose 3% from September 2023 to $404,500, marking 15 consecutive months of price increases. Inventory of unsold homes increased by 1.5% to … Continue reading Existing home sales fall to lowest level since 2010

Tesla’s third-quarter net income increased by 17.3% year-over-year, reaching $2.17 billion, thanks to stronger electric vehicle sales and price cuts. Despite facing challenges in the auto sales environment, CEO Elon Musk predicts 20% to 30% sales growth next year. Tesla sold 462,890 vehicles from July to September, a 6.4% increase, though revenue of $25.18 billion fell short of analyst expectations. The company’s gross profit margin … Continue reading Tesla posts surprise $2.17 billion third-quarter profit, up 17.3%

McDonald’s (MCD) is facing significant challenges following an E. coli outbreak that led to a 7% drop in its stock on Tuesday. About 2,700 U.S. restaurants are temporarily not serving Quarter Pounders or onions as a precaution. The CDC has issued a food safety alert, and there are currently 49 reported cases linked to the outbreak, including one death. McDonald’s is investigating the source, suspecting … Continue reading McDonald’s provides update on E. coli breakout as shares drop amid scandal

23andMe, one of the world’s largest biotech companies, is now facing bankruptcy, raising concerns about the security of its vast genetic data. Founded in 2006, the company gained popularity with its affordable DNA testing kits, used by millions to learn about their health and ancestry. Despite initial success and going public in 2021, 23andMe’s financial struggles have escalated. With 14 million users to date, privacy … Continue reading Millions of People’s DNA in Doubt as 23andMe Faces Bankruptcy

Gold and silver prices continued to rise on Monday, with gold futures reaching near-record highs of $2,750 per ounce and silver briefly hitting $34 per ounce, the highest in 12 years. Gold is up 26% and silver 35% year to date, outperforming the S&P 500’s 19% gain. Central banks’ record gold purchases and increased investor interest in gold-backed ETFs have driven the surge, Yahoo Finance … Continue reading Gold extends record, silver jumps to 12-year high as precious metals outperform stock market

TreeHouse Foods has voluntarily recalled dozens of frozen waffle products, including those sold by Kodiak Cakes, Publix, Walmart, Target, and Food Lion, due to potential listeria contamination. Consumers are urged to check their freezers and either discard the recalled waffles or return them for a refund. No illnesses have been reported. The recall affects products distributed across the U.S. and Canada, and both the FDA … Continue reading Frozen waffles from Kodiak, Target, Walmart recalled due to potential listeria contamination

Stellantis plans to close and sell its 4,000-acre vehicle proving grounds in Arizona by the end of the year as part of ongoing cost-cutting measures under CEO Carlos Tavares. This move comes amid pressure from Wall Street, dealers, and the United Auto Workers (UAW) union due to the company’s poor financial performance and layoffs. The proving grounds, used for vehicle testing since Chrysler purchased the … Continue reading Stellantis to shutter and sell large testing facility amid cost-cutting efforts

Chinese regulators announced a relending program of 300 billion yuan (approximately US$42.2 billion) that allows listed companies and key shareholders to apply for loans from 21 banks to fund stock buybacks and increase stakes. This initiative aims to strengthen the equity market, leading to a 3.6% rise in the CSI 300 Index, the largest gain in nearly two weeks. Loans will be offered at a … Continue reading China unveils details of $42 billion re-lending scheme to sustain stock market

Meta recently fired about two dozen employees from its Los Angeles office for misusing company meal credits, using them to buy items like laundry detergent, wine glasses, and acne treatment pads instead of food. The company provides meal vouchers for employees at smaller offices without food services, intended for meals during long work hours. This internal investigation followed complaints about inappropriate use of these vouchers. … Continue reading Meta fires employees for spending food allowances on personal 

Walgreens plans to close a significant number of its approximately 8,600 locations in the U.S. as part of a multiyear optimization program aimed at improving the struggling pharmaceutical chain’s performance. Although the company has not specified the exact number of closures, CEO Tim Wentworth announced that changes are imminent for about 25% of its underperforming stores. The closures will target locations that are unprofitable, too … Continue reading Walgreens is closing 1,200 stores

Lufthansa, Germany’s largest airline, has been fined a record $4 million by the U.S. Department of Transportation (DOT) for discriminating against Jewish passengers. The fine arises from a May 2022 incident where 128 Jewish passengers, identifiable by their Orthodox attire, were denied boarding on a New York to Budapest flight in Frankfurt due to alleged misbehavior by a few, despite the passengers not knowing each … Continue reading Lufthansa fined a record $4 million for denying boarding to 128 Jews

7-Eleven is closing 444 underperforming locations across North America, citing declining sales, lower foot traffic, inflation, and a drop in cigarette purchases. This accounts for 3% of its 13,000 stores in the U.S., Canada, and Mexico. The closures are part of the company’s strategy to remain efficient and profitable amid challenges, including a 26% decline in cigarette sales since 2019 and competition from online and … Continue reading 7-Eleven is closing more than 400 locations

JPMorgan Chase and Wells Fargo saw stock gains on Friday after better-than-expected third-quarter results, signaling resilience in the banking sector. Despite profit declines of 2% and 11% from last year, both banks benefited from strong investment banking activity, with fees up over 30%. JPMorgan’s CFO Jeremy Barnum linked the performance to a potential “soft landing” for the U.S. economy, as inflation slows without triggering a … Continue reading JPMorgan touts ‘soft landing’ possibility after better-than-feared earnings

Boeing CEO Kelly Ortberg announced plans to cut 10% of the company’s workforce due to ongoing financial struggles and structural challenges. Ortberg, who has been CEO for two months, is managing a strike by 33,000 workers and facing severe financial losses totaling $33 billion over five years. Boeing has dealt with major safety issues, including fatal 737 Max crashes, and faces increasing scrutiny from regulators, … Continue reading Boeing to lay off roughly 10% of its workforce

Honda is recalling around 1.7 million Honda and Acura vehicles in the U.S. due to a potentially defective steering gearbox component that could increase the risk of crashes. Affected models include the 2022-2025 Honda Civic, 2023-2025 Honda CR-V, 2023-2025 Honda HR-V, and 2023-2025 Acura Integra, among others. The issue, caused by increased friction in the steering mechanism, has not resulted in any injuries or deaths, … Continue reading Honda recalls 1.7M vehicles for defective steering gearbox component

The U.S. government is considering breaking up Google, marking the first potential dismantling of a major monopoly since AT&T’s breakup four decades ago. The Justice Department may propose separating Google’s search business from Android, Chrome, and Google Play to prevent it from using these products to dominate search and emerging AI markets. This follows a federal ruling that Google violated antitrust laws through exclusive contracts … Continue reading US government considers a breakup of Google

Brazil’s Supreme Court has lifted the ban on Elon Musk’s X (formerly Twitter) after the platform was blocked over disinformation issues. Judge Alexandre de Moraes authorized X’s return after the company paid $5.2 million in fines for failing to comply with court orders. Brazil’s communications regulator was given 24 hours to restore access. The platform, suspended in August over election-related disinformation and legal noncompliance, faced … Continue reading Brazil lifts ban on Elon Musk’s X platform

US stocks declined on Monday, with the Dow Jones Industrial Average falling 0.9%, around 400 points, while the S&P 500 and Nasdaq Composite dropped almost 1% and 1.2%, respectively. The 10-year Treasury yield rose above 4% for the first time since August, ahead of important inflation data and the start of earnings season. The decline was exacerbated by a judge’s order for Alphabet to open … Continue reading Stock market today: Dow tumbles 400 points, tech leads Nasdaq, S&P 500 lower as 10-year yield tops 4%

Despite gold prices reaching record highs this year, sales at Costco Wholesale have surged as the retailer offers gold at competitive prices, appealing to a broader range of consumers. Costco began selling bullion in June 2023, and its convenience, coupled with additional rewards for members, has made gold buying more accessible. A recent survey found about 77% of Costco locations stocking gold sold out as … Continue reading Costco’s Gold Bars Fly Off Shelves as Bullion Prices Smash Records

Google CEO Sundar Pichai is exploring the use of electricity from nuclear plants to power the company’s data centers amid rising energy demands from artificial intelligence (AI). In an interview with Nikkei, Pichai mentioned plans to increase investments in solar and thermal energy while evaluating technologies like small modular nuclear reactors. AI applications require significant energy; for example, a single ChatGPT query consumes nearly ten … Continue reading Google CEO eyeing electricity from nuclear plants for its data centers

Italian prosecutors have accused seven individuals and two subcontractors of fraud and violating airplane safety regulations in connection with defective parts produced for Boeing’s 787 Dreamliner. The investigation, initiated in late 2021, revealed that subcontractors allegedly used cheaper, non-compliant titanium and aluminum to manufacture parts, compromising their structural integrity and aviation safety. Among those accused are Antonio Ingrosso, owner of Manufacturing Process Specification (MPS), and … Continue reading Italian prosecutors accuse 7 people, 2 firms over flawed Boeing plane parts

The FDA has issued a Class I recall for chicken eggs from Milo’s Poultry Farms and Tony’s Fresh Market, stating they “will cause serious adverse health consequences or death.” This recall, initially announced on September 6, affects all sizes and types of eggs from these brands, with no expiration dates exempted. The CDC has linked the recalled eggs to an outbreak of Salmonella that has … Continue reading FDA recalls eggs that ‘will cause serious adverse health consequences or death’

Spirit Airlines’ shares plummeted on Friday following reports from The Wall Street Journal about the airline negotiating with bondholders and creditors regarding a potential bankruptcy filing. This comes after Spirit’s $3.8 billion merger with JetBlue Airways fell through in March due to regulatory hurdles. CEO Ted Christie acknowledged the company’s ongoing discussions to address upcoming debt maturities, as Spirit’s total debt reaches $3.3 billion, Fox Business has … Continue reading Spirit Airlines stock plummets on report of potential bankruptcy filing