Target took a big hit from higher costs during the first quarter despite brisk sales and shares appeared headed for their most severe selloff since the Black Monday market crash of 1987. Profits for major retailers has come under pressure from both surging inflation and stubborn clogs in the global supply chain. Target’s net income fell roughly … Read more
Billionaire Tesla boss Elon Musk made a bold prediction this week about China’s growth, indicating that it could double or even triple the size of the United States’ economy in the years ahead. Musk, whose electric car firm operates a factory in Shanghai and plans to open a second facility there in the future, argued … Read more
An ex-Apple executive who quit over the company’s strict return-to-office policy is joining Google just weeks later, according to a report. Ian Goodfellow — who worked as Apple’s director of machine learning until he resigned in early May — is joining Google’s DeepMind division as a contributor, Bloomberg reported. DeepMind uses artificial intelligence and machine … Read more
The average price for gasoline could hit $6 nationwide by the end of the summer after it crossed the dreaded the threshold in California, according to analysts at JPMorgan. Limited supply exacerbated by the Russian invasion of Ukraine, coupled with what is expected to be sky-high demand as Americans take to the roads this summer … Read more
Elon Musk is finding there is a limit to the amount of money he can raise — even from his exploration company SpaceX — after the privately-owned firm launched a funding round this week. There is “very tepid demand” in SpaceX’s tender offer for $1.25 billion, a source with direct knowledge of the situation told … Read more
A coterie of financial elites — from the unseasoned to the unsavory — are launching more than a dozen restaurants in the Hamptons and on the North Fork to serve the moneyed masses starved for dining options as the East End booms. The roster of restaurateurs includes the first venture from Valerie Mnuchin, the socialite … Read more
Phil Falcone is angling to profit from TV coverage of crypto assets — an oddball bid to reverse a decade-long slide from being a billionaire to pleading that he’s broke. The fallen hedge fund star — who amassed a $2 billion fortune from shorting the housing market before squandering the riches over the past 10 … Read more
Disney is keeping its streaming service squeaky clean amid its recent flap over Florida’s so-called “Don’t Say Gay” law. The Mouse House, which is launching an advertising-supported tier, won’t take commercials promoting alcohol or political points of view, Variety reported. Disney+, which is home to “The Mandalorian,” “Encanto” and hours of family-friendly programming, will unveil … Read more
A legal stink over the price of a marijuana merger that had allegedly gotten an improper nudge from Gov. Kathy Hochul has been settled — with the acquirer forking over some extra green. Boston-based cannabis retailer Ascend Wellness has agreed to pay an extra $15 million — hiking the purchase price by 20% to $88 … Read more
Netflix is laying off roughly 150 employees weeks after the streaming giant posted its first loss in subscribers since 2011. The job cuts were outlined in an internal memo obtained by The Hollywood Reporter, which first reported the news. A Netflix spokesperson confirmed the cuts on Tuesday, saying: “As we explained on earnings, our slowing … Read more