Elon Musk has filed a lawsuit against OpenAI, which is backed by Microsoft, and its CEO, Sam Altman, among others. Musk alleges that they have deviated from the original mission of the company, which aimed to develop artificial intelligence “for the benefit of humanity broadly.” The lawsuit, submitted to a San Francisco court on Thursday, outlines that in 2015, Altman and OpenAI co-founder Greg Brockman … Continue reading Elon Musk sues OpenAI and CEO Sam Altman over contract breach

Bitcoin (BTC) surged past $63,000 on Wednesday, marking the cryptocurrency’s first venture beyond this level since the peak of the last bull market in November 2021. This substantial rally coincided with significant inflows into U.S.-traded spot ETFs this week. The newly added funds contributed over 12,000 bitcoins on Tuesday, following an addition of approximately 10,000 on Monday. Notably, this surge precedes the anticipated bitcoin halving … Continue reading Bitcoin Tops $63K for First Time Since November 2021

Avoid labeling Wendy’s innovative pricing strategy as “surge pricing.” In a blog post published on Tuesday, the fast-food chain clarified that its experimentation with dynamic menus featuring fluctuating prices throughout the day is not intended to increase costs for customers. “This was misconstrued in some media reports as an intent to raise prices when demand is highest at our restaurants,” the company statement read. “Digital … Continue reading Wendy’s says it won’t use surge pricing

Stocks saw incremental gains as investors absorbed a key inflation metric that aligned with economist expectations. The Dow Jones Industrial Average rose by 38 points, equivalent to a 0.1% increase, while the S&P 500 recorded a 0.5% climb. The Nasdaq Composite showed a more significant advance of 0.9%. Data revealed that the Federal Reserve’s favored measure of inflation in January remained persistently above the central … Continue reading Stocks rise after key January inflation reading meets forecasts

Wendy’s is gearing up to experiment with an “Uber-style” surge-pricing model, where the prices of menu items will vary throughout the day based on demand. This implies that popular items like the Dave’s burger may cost more during peak lunch or dinner hours. The fast-food chain’s controversial initiative, set to undergo a high-stakes trial next year, could pose an additional financial burden on Americans already … Continue reading Wendy’s planning Uber-style ‘surge pricing’ where burger prices fluctuate based on demand

On Tuesday, Macy’s projected annual sales and profits below expectations, announcing plans to close approximately 150 stores by 2026 as part of a new strategy to achieve $100 million in cost savings this year. Despite the lower-than-anticipated forecast, Macy’s shares saw a 7% increase as the department store chain surpassed quarterly profit estimates. However, its performance has trailed behind competitors in 2023, with a 3% … Continue reading Macy’s to close 150 stores in new turnaround effort, forecasts weak 2024 sales

Warner Bros. Discovery has halted discussions regarding a potential acquisition of Paramount Global, marking a pause after months of exploring the merger of the two media companies, according to sources familiar with the matter. Skydance Media, led by David Ellison, is currently conducting due diligence for a potential transaction, as reported by two anonymous insiders, given the private nature of deal talks. Paramount Global has … Continue reading Warner Bros. Discovery halts merger talks with Paramount Global, sources say

The dollar demonstrated strength on Monday as the market geared up for a busy week filled with significant economic releases that will offer insights into the global interest rate landscape. The spotlight is on a pivotal U.S. inflation reading, with the core personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, scheduled for Thursday. Projections suggest a 0.4% monthly increase. This … Continue reading Dollar gains ground in busy data week, US inflation in focus

On Sunday, AT&T revealed its decision to provide a $5 bill credit to numerous customers who experienced the extensive cellphone service disruption last week. The outage, reaching its peak on Thursday, impacted over 70,000 customers. Earlier in the day, waves of outages were reported, affecting more than 32,000 and 50,000 customers at different times. “We apologize for Thursday’s network outage,” said AT&T, based in Dallas. … Continue reading AT&T to give $5 credits to customers affected by widespread service outage

Berkshire Hathaway, the conglomerate led by Warren E. Buffett for several decades, achieved its all-time highest annual profit in the previous year. However, the CEO attributed the impact of government regulation to adversely affecting the performance of some of its major businesses. In the customary investor letter accompanying the annual report, Mr. Buffett also honored Charlie Munger, his longtime collaborator and Berkshire’s vice chairman until … Continue reading Berkshire Hathaway Reports Profit of $97 Billion Last Year, a Record

The underlying inflation in the United States likely increased in January, possibly marking the most significant rise in a year, according to the Federal Reserve’s preferred metric. The core personal consumption expenditures price index, which excludes food and energy costs, is anticipated to show a 0.4% increase from the previous month. This would signify the second consecutive monthly acceleration in a metric that has generally … Continue reading Fed-Favored Inflation Gauge Seen Rising Most in a Year

Since February 9, Ford has halted the shipment of its all-electric F-150 Lightning pickups, holding them for quality inspections. Ford spokesperson Emma Bergg did not specify the exact quality concern prompting the pause, referring to such holds as a routine part of the manufacturing process when transitioning to a new model year. The automaker has recently initiated shipments for the new 2024 model year F-150 … Continue reading Ford stopped shipping F-150 Lightning electric pickups

Robust corporate performances have played a pivotal role in propelling the S&P 500 to new peaks this year, diverting attention from the Federal Reserve’s intricate journey toward lower interest rates. As the earnings season concludes, some investors anticipate a resurgence of monetary policy as a dominant factor. Nvidia Corp’s exceptional earnings results served as a striking conclusion to the fourth-quarter reporting period, with the soaring … Continue reading Soaring US stocks could take cues from Fed as earnings wind down

On Friday morning, Nvidia achieved a significant milestone as its market value exceeded $2 trillion, joining an exclusive club. This accomplishment followed the chipmaker’s remarkable earnings report, which once again fueled enthusiasm on Wall Street for artificial intelligence. However, later in the day, Nvidia’s stock experienced a partial pullback, causing its market value to dip below the $2 trillion mark by the market’s close. During … Continue reading Nvidia’s market value briefly catapults to $2 trillion

Chipmaker Broadcom is on the verge of finalizing a $3.8 billion deal to sell its end-user computing business, which enables users to access desktops and applications from any device, to private-equity firm KKR, according to individuals familiar with the matter on Saturday. The potential agreement is part of Broadcom CEO Hock Tan’s efforts to streamline the company’s portfolio, following the completion of its $69 billion … Continue reading Broadcom reportedly nears $3.8 billion sale of remote access unit to KKR

Walgreens Boots Alliance is set to be removed from the 30-stock Dow Jones Industrial Average, with Amazon taking its place, according to a statement from S&P Dow Jones Indices on Tuesday. The change is aimed at reflecting the “evolving nature of the American economy” by increasing the Dow’s consumer retail exposure. This alteration means that investors relying on the Dow Jones Industrial Average will now … Continue reading Amazon is replacing Walgreens in the Dow Jones Industrial Average

Palo Alto Networks Inc., a cybersecurity company, experienced a decline in late trading after revising its revenue forecast for the year, raising concerns about a potential contraction in tech spending by customers. The company stated on Tuesday that sales for the fiscal year would be between $7.95 billion and $8 billion. This is a reduction from its earlier projection of revenue reaching up to $8.2 … Continue reading Palo Alto Networks Plunges After Cutting Revenue Forecast

On Tuesday, Walmart revealed its plans to acquire the television manufacturer Vizio for $2.3 billion. The retail giant stated in a press release that this acquisition, including Vizio and its smart TV operating system, SmartCast, is aimed at expanding Walmart’s media business. The move is expected to integrate VIZIO’s advertising solutions business with Walmart’s extensive reach and capabilities. “There is a lot to be excited … Continue reading Walmart is buying TV maker Vizio in play for ad business

On Monday, the Biden administration declared its intention to allocate $1.5 billion in government funds to support the expansion of domestic production by the computer chip company GlobalFoundries in New York and Vermont. This announcement marks the third instance of direct financial assistance granted to a semiconductor company under the 2022 CHIPS and Science Act. Enacted to address the challenges in the semiconductor industry, this … Continue reading Billions Start Flowing to Chip Makers for New U.S. Factories

According to The Wall Street Journal on Monday, Capital One Financial is on the verge of acquiring Discover Financial Services, a move that would combine two of the largest credit-card issuers in the United States. This significant transaction, anticipated to be among the most substantial acquisitions of 2024, might be officially disclosed as early as Tuesday, as per reports. It’s important to note that the … Continue reading Capital One is set to acquire Discover, merging 2 of the US’ largest credit-card companies

The Bank of England’s former chief economist, Andy Haldane, has cautioned that unless the central bank promptly reduces interest rates to alleviate the financial strain on households amid the cost of living crisis, it risks exacerbating the UK’s recession. Haldane, previously an advocate for raising interest rates, expressed concern that maintaining borrowing costs at the highest level in 16 years could potentially “crush the economy.” … Continue reading Bank of England ‘risks worsening UK recession if no interest rate cuts soon’

On Thursday, Ford Motor CEO Jim Farley encouraged Wall Street to shift its focus away from Tesla and its FSD driver-assistance systems, suggesting that the future of the auto industry should be centered on Ford’s “Pro” fleet business. Farley drew parallels to Deere & Co., noting that the “Pro” unit, with a nearly doubled pretax earnings of $7.2 billion last year, mirrors the trajectory of … Continue reading Ford CEO tells Wall Street: Forget Tesla

Cisco Systems, a pioneer in internet networking, is set to lay off more than 4,000 employees, aligning with the current trend in the technology industry. This move, announced in conjunction with Cisco’s latest quarterly results on Wednesday, accounts for approximately 5% of its global workforce, which totals 84,900. The layoffs come after Cisco’s earlier cutbacks in late 2022, which saw 5,000 job reductions. The workforce … Continue reading Cisco Systems to lay off more than 4,000 workers

On Monday, Bitcoin surged above $50,000, reaching its highest point in over two years. The flagship cryptocurrency’s current price stands at $50,168.36, reflecting a 4% increase, as reported by Coin Metrics. At its peak, Bitcoin reached $50,334.00, marking its highest level since December 2021. Ether also experienced a gain of over 5.5%, reaching $2,643.80, and hitting $2,638.62 for the first time since January 12. Bitcoin … Continue reading Bitcoin extends its gains, breaking through the $50,000 level

On Monday, activist investor Carl Icahn disclosed ownership of almost 10% of JetBlue Airways, asserting that the airline’s stock is currently undervalued. Following this revelation, JetBlue’s shares experienced a surge of over 15% during extended trading. Icahn acquired this substantial stake through a series of purchases made in January and February, as outlined in regulatory filings. These documents also indicate Icahn’s intention to engage in … Continue reading JetBlue shares jump 15% as activist Carl Icahn reports stake