Peloton will cut jobs, close stores and raise prices as part of a company-wide overhaul

Peloton will cut jobs, close stores and raise prices as part of a company-wide overhaul

Aug 12 (Reuters) – Peloton Interactive Inc (PTON.O) said on Friday it would cut jobs, close stores and raise prices for its exercise equipment, including high-end treadmills and bikes, as it undertakes a company-wide overhaul to shore up revenue and improve cash flow. The company’s shares jumped about 11% in afternoon trading after the company … Read more

Has inflation peaked? Maybe, but it could be ‘painfully slow’ to fall

Has inflation peaked?  Maybe, but it could be ‘painfully slow’ to fall

Gary Kaltbaum, Chairman of Kaltbaum Capital Management, and Mark Tepper, CEO of Strategic Wealth Partners, discuss the continued acceleration of inflation on “Cavuto: Coast to Coast.” Colder-than-expected July inflation data fueled hopes that consumer prices peaked earlier this summer after a year of relentless increases that crushed Americans, created a political storm for President Biden … Read more

Six Flags CEO blasted ‘teen daycare’ remark

Six Flags CEO blasted ‘teen daycare’ remark

Six Flags’ new CEO is facing a backlash from customers and Wall Street analysts over his aggressive moves to raise prices at the theme park — not to mention his snobby attitude. In a conference call on Thursday, Chief Executive Selim Bassoul said the company’s 27 parks had become “cheap daycare centers for teenagers” and … Read more

Trader Joe workers unionize second store with Minneapolis win

Trader Joe workers unionize second store with Minneapolis win

Just over two weeks ago, an upstart union campaign, Trader Joe’s United, won an election in Massachusetts to form the grocery chain’s first union. But Trader Joe’s independent group of employees have already proven that victory was no fluke. The union won its second election on Friday at a store in downtown Minneapolis, where workers … Read more

Bitcoin is here to stay

Bitcoin is here to stay

Bitcoin BTC/USD Bulls are regaining optimism as the world’s largest investment manager, BlackRock, yesterday announced the launch of a private trust offering US-based institutional clients exposure to spot Bitcoin. BlackRock said: “Despite the sharp decline in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and … Read more

The Auto Industry Has Lost Its Spectrum Battle With The FCC Because V2V Has Always Been A Fantasy

The Auto Industry Has Lost Its Spectrum Battle With The FCC Because V2V Has Always Been A Fantasy

Today, the DC Circuit Court issued its decision, siding with the Federal Communications Commission, on its reassignment of part of the 5.9 GHz band. It’s a big win for the FCC and a big loss for the auto industry, which has promised to use the airwaves to improve safety through a technology called “vehicle-to-vehicle” (V2V) … Read more

Tesla and Ford attract new investment from Soros’ fund

Tesla and Ford attract new investment from Soros’ fund

Billionaire investor George Soros’ investment fund bought stakes in Tesla Inc. and Ford Motor Co. and added to existing stakes in electric vehicle makers Lucid Group Inc. and Nio Inc., according to a filing Friday night. The fund acquired 29.5 million shares of Ford F, +2.21% in the reporting period ended in June, the filing … Read more

S&P 500 and Nasdaq close 4th straight week as optimism grows

S&P 500 and Nasdaq close 4th straight week as optimism grows

Nasdaq and S&P 500 post longest weekly winning streaks since November S&P 500 recoups 50% of bear market losses The S&P 500 is up 17.7% from a mid-June low NEW YORK, Aug 12 (Reuters) – Wall Street closed higher on Friday as signs that inflation may have peaked in July boosted investor confidence in the … Read more