In a recent acquisition deal, Cheddar News, the financial news streaming service, has been sold by Altice USA to media company Archetype. The deal was facilitated by private equity firm Regent LP, which owns Archetype. This move signifies a change in ownership for Cheddar News and raises questions about its future direction. Archetype, the media
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Warner Bros. Discovery had every reason to celebrate this Christmas as the studio’s latest film, “The Color Purple,” secured a staggering $18.15 million in box office receipts on its opening day. This remarkable achievement marks the highest Christmas Day opening since 2009, positioning the film as the second-largest Christmas Day opener of all time. “The
Nike, the athletic apparel maker, faced a significant setback as its shares plummeted on Friday following a downward revision of its revenue outlook for the fiscal year. This unfortunate news also impacted sneaker retailer Foot Locker, which heavily relies on Nike products in its stores. While Nike experienced a decline of more than 10%, Foot
The automotive industry in the United States is poised for a slight increase in new vehicle sales in 2024. After grappling with the impact of the COVID-19 pandemic and supply chain disruptions, the sector is gradually normalizing. Forecasts from leading automotive data firms project a year-over-year growth rate of between 1% and 4%, resulting in
The mortgage market experienced a decline in demand last week, despite a continued drop in interest rates, according to the Mortgage Bankers Association. This article will discuss the factors contributing to this trend and the association’s predictions for the future. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to
FedEx, the renowned package delivery giant, encountered a substantial setback as its shares plummeted over 9% during after-hours trading on Tuesday. This downfall was triggered by the company’s decision to revise its revenue forecast downwards due to weakened demand, which directly impacted sales. Previously projecting flat sales for the fiscal year, FedEx now anticipates a
In recent months, the Red Sea has become a hotspot for attacks by Iran-backed Houthi militants, posing a significant threat to global trade. These assaults on vessels have led to disruptions and potential price increases for shipments of goods and fuel. Major shipping lines and oil transporters have already suspended their services through the Red
In a major announcement, Citigroup has revealed that most of its employees will be able to work remotely for the final two weeks of December. This move comes as the bank aims to adapt to the changing landscape of work and provide more flexibility to its workforce. However, this development has been met with mixed
General Motors’ Cruise, the robotaxi startup, has announced that it will lay off 900 employees, accounting for 24% of its workforce. These layoffs primarily affect commercial operations and related corporate functions, marking the latest upheaval for the company. This decision comes just one day after Cruise dismissed nine “key leaders” due to their response to
Etsy, the popular e-commerce platform known for its marketplace of handmade items and connection to local artisans, is facing significant challenges. In an attempt to restructure the business and cut costs, the company announced on Wednesday that it will be laying off approximately 11% of its workforce, totaling around 225 employees. This decision comes at