Author: Press Room

Check out the companies making headlines in midday trading.Costco — The wholesale retailer’s shares dropped 2.2% after the company announced sales dipped 1.1% year over year in March. Meanwhile, comparable sales growth was positive when excluding changes in gasoline prices and foreign exchange rates, with the fastest growth coming from overseas markets.Bed Bath & Beyond — The stock tumbled 8.2% after the retailer proposed a stock split as it attempts to avoid bankruptcy.FedEx — Shares of the parcel delivery company were up 0.9% a day after the company announced its DRIVE program, a comprehensive $4 billion cost-cutting restructuring plan. Analysts covering the…

Sean “Diddy” Combs is still paying the price for sampling The Police’s “Every Breath You Take,” and it’s not cheap.The mogul, who sampled the smash hit for his 1997 “I’ll Be Missing You” tribute to the late Notorious B.I.G., tweeted this week that he’s still paying Police frontman Sting $5,000 in royalties each and every day.Diddy made the revelation after a 2018 clip from “The Breakfast Club” was recirculated on Twitter in which Sting said that the rapper was paying him $2,000 every day “for the rest of his life” for using the song.Sting and Sean “Diddy” Combs at the…

US employers added just 236,000 jobs in March, coming in below expectations and indicating that the labor market is cooling off amid the Federal Reserve’s yearlong rate-hiking campaign to chill inflation. The unemployment rate dropped to 3.5%, according to the March jobs report released Friday by the Bureau of Labor Statistics. Economists were expecting a net gain of 239,000 jobs for the month and a jobless rate of 3.6%, according to Refinitiv. This is the first jobs report in 12 months that came in below expectations. While the US labor market has kept trucking along despite other areas of the…

Friday April 7, 2023 – The Vote-to-Earn meme coin Love Hate Inu ($LHINU) has appointed Carl Dawkins, known for his success with Tamadoge, as CEO after raising $3 million in just over three weeks.Dawkins is well known in the meme coin world for his exploits with Tamadoge (TAMA), the successful meme-infused gaming platform.The TAMA token leaped from its initial presale price of $0.01 to an all-time intraday high of $0.173 – a 1,629% gain or 16x. It gained 10x from the exchange list price to an all-time high.He aims to repeat that coin launch achievement with $LHINU. “I’m here to beat…

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PacWest Bancorp shares slid even after its subsidiary Pacific Western Bank raised 1.4 billion from Atlas SP Partners. The Los Angeles-based financial group said it explored the idea of raising new capital but decided against the move due to a rout in bank stocks. In a statement issued by the bank on Wednesday, Paul Taylor, Pacific Western Bank president and CEO, said the bank was encouraged by “the clear message from government officials, regulatory agencies, and industry leaders, including Secretary [Janet] Yellen’s recent remarks regarding the protection of smaller bank depositors.””As we look ahead, we have continued confidence in the…

Corporate bankruptcy petitions in the U.S. surged last month and first-quarter filings this year reached the highest level since 2010, according to new data. S&P Global Market Intelligence reported Thursday that it recorded 71 corporate bankruptcies in March, marking the fourth straight month of increases and the highest monthly tally since July 2020. In the first three months of 2023, 183 major companies announced bankruptcies, S&P Global said, which is the greatest total for the period in the past dozen years.BANKS COULD BEGIN CANCELING LINES OF BUSINESS CREDIT SOON The analysts included both public and private firms with public debt…

Inflation and rising costs are why 33% of Americans said they were struggling to get by or were in trouble financially, according to Lincoln Financial Group’s most recent Consumer Sentiment Tracker. Survey respondents also said they didn’t expect much relief from these economic hardships, with 76% saying they anticipated that inflation, market volatility and debt will worsen this year.However, 88% of respondents said they saw room to improve their finances and 45% said they believed their financial situation would get better this year.  Moreover, 53% said they planned to set financial goals for themselves this year despite the dire outlook on…

An inflation-adjusted boost to social security income and a rise in minimum wages has led to an increase in consumer spending at the beginning of 2023, according to a new Bank of America (BofA) report. Credit and debit card spending on BofA cards rose 5.1% annually in January, compared to a 2.2% annual increase the month before, the BofA Consumer Checkpoint February report stated. Monthly, customers spent 3.5% more on airlines and increased spending on restaurants and bars by 1.8%. Retail spending per household increased 1.7% year-over-year compared to 1.1% in December.  The increase in spending shows that while consumers have…