Author: starbpo

FedEx Corp. said on Wednesday that it is cutting the number of workers in Europe by 1,700 to 2,000 in order to save money and earn up to $175 million a year. FedEx FDX, -0.51% said it expects the costs of legal and professional fees, as well as severance pay, to range from $250 million to $375 million. FedEx thought the steps to cut costs would save at least $125 million and possibly as much as $175 million a year starting in fiscal 2027. The money would mostly be saved in back-office and business functions. In Wednesday morning trades, FedEx’s…

An awful lot of people are still mad about the high prices, and a lot of them blame the government. That’s what a new working paper from the National Bureau of Economic Research called “People’s Understanding of Inflation” says. About 3,000 people were asked what they thought about the causes, effects, and consequences of a general price increase. People who answered the survey thought that government actions, especially spending on war and foreign aid, were the main cause of inflation. Problems with the supply chain and higher costs of production, such as those caused by the COVID-19 pandemic or changes…

Can a famous meat eater help the fake meat business get back on its feet? Some people are wondering this after hearing that Joey Chestnut, the hot dog eating champion who will always be linked to Nathan’s Famous’s annual July Fourth contest, has become a celebrity endorser for Impossible Foods, a company that makes plant-based hot dogs, hamburgers, and other foods. Chestnut, who has won the event at Nathan’s famous Coney Island location a record 16 times, has been kicked out of the competition by Major League Eating, a company that puts on eating contests all over the country. According…

GameStop Corp. said it raised about $2.14 billion by selling shares. The video game store and meme stock said it might use the money to buy other companies or merge with other companies. Before the market opened, shares of GameStop GME, +22.80% were down 0.7%. On Tuesday, the stock rose 22.8%, which was the biggest gain since June 6, when it rose 47.5%. GameStop said on its website on Tuesday that it had sold all 75 million shares that it had promised to sell on June 7, when it also reported earnings that showed a surprise drop in sales. Also…

On Wednesday, Nelson Peltz’s activist hedge fund Trian Partners confirmed that it had bought a “significant position” in the British pest control company Rentokil Initial. Shares of the company went up by as much as 16%. Trian Partners, an activist fund that Peltz started in 2005, told MarketWatch that it has bought a stake in Rentokil of an unknown size. This makes Trian Partners one of the ten biggest shareholders in Rentokil. Trian also confirms that it has contacted Rentokil to talk about ways to increase the value of its shares. Someone from the hedge fund added, “Trian is excited…

On Tuesday, shares of Paramount Global fell after news came out that Shari Redstone’s National Amusements, which controls Paramount (Para, -7.85%), had called off merger talks between Skydance Media and the media and entertainment giant Paramount. The move comes after weeks of tensions surrounding the deal, which saw Paramount’s CEO and several board directors quit, new bidders come forward and angry shareholders who thought the deal with Skydance would benefit Redstone at the expense of them. The Wall Street Journal wrote about the news that the talks did not work out. The Journal said that Redstone is now more likely…

Stocks in Tesla Inc. could go up after Thursday, when shareholders vote on CEO Elon Musk’s huge pay package, unless they vote against it. Thursday is the day of the vote on whether to give Musk the controversial $56 billion package. Musk said that a huge majority of small shareholders are in favour of the pay package. However, some institutional investors, proxy advisors, and even judges are against it. Ben Kallo, a research analyst at Baird, said that about 45% of Tesla’s shareholders are institutions, 42% are individual investors, and the rest are people who work for the company. As…

A proposed rule would erase unpaid medical bills from people’s credit reports. This is good news for people who are trying to get their finances back on track after a health emergency, the Biden administration said Tuesday. Most of Americans’ medical debt was already taken off their credit reports by the three main credit bureaus. However, the Consumer Financial Protection Bureau’s new rule would erase most of the remaining medical debts that show up. The CFPB says that if the rule is made official, it will erase up to $49 billion in medical debts from the records of 15 million…

Chief Executive Officer of Tesla Inc. Elon Musk has been very critical of artificial intelligence lately, but he just dropped his lawsuit against OpenAI CEO Sam Altman. A document filed on Tuesday showed that the Superior Court of California threw out the complaint without prejudice. The court’s calendar showed that there would be a meeting about the case on Wednesday at 10 a.m. in San Francisco. Musk had previously sued Altman and other top people at OpenAI, saying that they put making money ahead of helping people. The CEO of Tesla (TSLA, -1.80%), who used to be on the OpenAI…

Apple Inc.’s stock price went up a lot on Tuesday, adding about $215 billion to the market capitalization of the company and bringing it closer to becoming the biggest U.S. company again. Shares of Apple AAPL, +7.26% went up 7.3% on Tuesday, which was the best single-day percentage gain since 2022 and only the third gain of more than 7% in the last three years. The stock went up the most in both the S&P 500 SPX and the Dow Jones Industrial Average DJIA that day. Its rise added nearly 92 points to the Dow. Bloomberg says that since November…