NEW YORK — Nike sales and profits slumped in its fiscal first quarter as the sportswear giant wrestles with shoppers’ sluggish demand for new sneaker models and other products. The lackluster results Tuesday came after Nike announced last month that its CEO, John Donahoe, is stepping down on Oct. 13. Company veteran Elliott Hill is … Read more
U.S. stocks pulled back from their records after a sharp escalation of tensions in the Middle East raised worries about potential disruptions to the flow of oil. The S&P 500 fell 0.9% Tuesday, and the Dow Jones Industrial Average lost 0.4%. Both had set all-time highs the day before. The Nasdaq composite sank 1.5% after … Read more
Fiery union boss Harold Daggett has long cast himself as a staunch advocate for blue-collar workers, even as he has lived in luxury, owning a yacht and driving a Bentley — and fought off alleged ties to the Mafia. Sporting a polo shirt with a chunky gold medallion around his neck, the 78-year-old Daggett, who … Read more
A dockworkers strike that has idled more than a dozen of the largest ports across the Eastern US threatens to reignite food inflation in the coming weeks, and could create a shortage of toys and Christmas trees just as the holiday season gets underway. Some 45,000 members of the International Longshoremen’s Association walked off the … Read more
BlackRock CEO Larry Fink said on Tuesday investors are wrong if they think the Fed will make massive interest rate cuts later this year because the billionaire money man believes the US economy will continue to grow. Fink dismissed market predictions that rates will be slashed further through the end of year after Chairman Jerome … Read more
SEA GIRT, N.J. — The federal government gave a key approval Tuesday to an offshore wind farm in New Jersey, even as residents in the town where its power cable would come ashore worry it could go through underground toxic waste that’s still being cleaned up. The U.S. Bureau of Ocean Energy Management approved Atlantic … Read more
CVS Health announced that it will cut 2,900 jobs as part of a cost-cutting plan. The layoffs will mostly affect corporate positions, a CVS spokesperson told Fox Business. More than 300,000 people work for CVS across its segments, according to its website. The cuts represent 1% of the company’s workforce. The job cuts will not affect … Read more
OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway is buying the rest of its utility unit from the estate of a longtime board member who died three years ago, but it’s not clear exactly how much it will pay for that 8% stake in the massive utility business. Berkshire Hathaway Energy said in a regulatory filing … Read more
NEW YORK — The 2024 class of the John D. and Catherine T. MacArthur Foundation fellows includes more writers, artists and storytellers than in years past, though the so-called “genius grants” list also includes multiple scientists. The interdisciplinary awards announced Tuesday come with a $800,000 grant over five years that the 22 recipients — including … Read more
NEW YORK — The holidays are the busiest time of year for many small retailers and other businesses. But the holidays this year could be particularly challenging. Although inflation has retreated, small businesses are still dealing with high costs and consumers have been tightening the purse strings, too. And a longshoreman strike that kicked off … Read more