Cruise dismisses 9 top executives amid probe into crash that injured pedestrian
Cruise, the troubled autonomous-vehicle unit of General Motors, has dismissed nine “key leaders” in the wake of an October crash in San Francisco that left a pedestrian critically injured. Among those departing the company are its legal, government affairs, commercial operations, and safety and systems leaders, Cruise said in a statement Wednesday. “As a company, […]
Etsy laying off 11% of staff, citing competitive environment
Etsy is laying off 11% of its workforce at the height of the holiday season as the e-commerce giant looks to restructure its business and streamline costs against a “very challenging” macro and competitive environment, the company announced Wednesday. Approximately 225 employees will be cut from Etsy’s workforce, which will bring the headcount for the […]
Vertex nonopioid painkiller posts positive midstage trial results
A sign hangs in front of the world headquarters of Vertex Pharmaceuticals in Boston on Oct. 23, 2019. Brian Snyder | Reuters Shares of Vertex Pharmaceuticals jumped Wednesday after the company’s painkiller, which is being tested as an alternative to opioids, significantly decreased pain in a midstage trial. Those positive results for diabetes patients suffering […]
Dow scores its highest close in history. Here’s what that means.
The Dow Jones Industrial Average scored both an intraday high and a record close on Wednesday after the Federal Reserve signaled a pivot to rate cuts was likely in 2024. The Dow DJIA went up 512.30 points, or 1.4%, to close at 37,090.24, marking the first time the index has risen above 37,000 intraday, according […]
Pfizer 2024 revenue, profit forecast disappoints
Shares of Pfizer fell Wednesday after the drugmaker forecast 2024 revenue and profit below Wall Street’s expectations, as it sees weak demand for its once-blockbuster Covid products. Pfizer also raised the target of its sweeping cost-cutting plan by $500 million, bringing the anticipated total to $4 billion. The company expects 2024 revenue of $58.5 billion […]
Private-equity firms build up record $2.59 trillion in ‘dry powder,’ or capital on the sidelines
Capital waiting to be deployed in the private equity market, or so-called dry powder, rose 8% to a record $2.59 trillion in the past year, S&P said Tuesday. S&P said the mountain of unused capital in the industry comes after a slow year in dealmaking “with limited opportunities” for firms that have raised money from […]
Washington Capitals, Wizards to move to Virginia in 2028
The NHL’s Washington Capitals and NBA’s Washington Wizards are slated to move to Alexandria, Virginia, as part of a $2 billion entertainment complex effort, the state’s Gov. Glenn Youngkin announced Wednesday. The development, about 8 miles south of Washington, D.C., will house the new global headquarters for Monumental Sports & Entertainment, which owns the Capitals […]
Mortgage refinance demand jumps after rates drop
An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images Homeowners looking to refinance are finding savings after mortgage rates dropped again last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming […]
Treasury yields inch lower in cautious trading ahead of Fed decision and Powell comments
U.S. bond yields fell slightly early Wednesday as traders waited for a monetary policy update from the Federal Reserve later in the day. What’s happening The yield on the 2-year Treasury BX:TMUBMUSD02Y dipped by less than 1 basis point to 4.731%. Yields move in the opposite direction to prices. The yield on the 10-year Treasury […]
Fenway moves forward in final talks to invest in PGA Tour’s Saudi deal
Tiger Woods wipes his driver grip on the 18th tee box during the first round of the PGA TOUR Champions PNC Championship at The Ritz-Carlton Golf Club on December 17, 2022 in Orlando, Florida. Ben Jared | PGA Tour | Getty Images A coalition of U.S. sports investors led by Fenway Sports Group have entered […]
