C&E Industry News Filter

Mark Zuckerberg issues dire economic warning to Meta employees

Mark Zuckerberg has issued a chilling message to Meta Platforms Inc. employees: The company faces one of the “worst downturns that we’ve seen in recent history” that will necessitate a scaling back in hires and resources. The dire economic warning was delivered during an internal videoconference meeting on Thursday for Meta’s META, -0.76% 77,800 workers, …

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Crypto hedge fund Three Arrows files for US bankruptcy

Crypto hedge fund Three Arrows Capital has filed for bankruptcy under Chapter 15 of the US Bankruptcy Code, according to a court filing in the Southern District of New York on Friday. Three Arrows Capital is one of the biggest casualties of the latest so-called “crypto winter”. The digital asset ecosystem has been hit by …

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Weekend reads: What’s ahead for the stock market after that brutal first half of 2022

The first half of 2022 marked a big change for investors and consumers, as inflation reared its ugly head. It was the worst start of the year for US stocks since 1970. William Watts looks back at previous first-half bear markets and you might be surprised to see what happened afterward — every time. Meanwhile, …

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Dow climbs more than 300 points ahead of July 4 holiday, US stocks end higher after a bruising first half of 2022

US stocks closed higher Friday, shaking off earlier weakness that came after a disappointing gauge of manufacturing activity underlined fears that aggressive monetary tightening by the Federal Reserve could lead to a sharp slowdown. How did stocks trade? The Dow Jones Industrial Average DJIA rose 321.83 points, or 1%, to close at 31,097.26. The S&P …

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The US bets billions of dollars on better COVID-19 boosters as it prepares for a spike in COVID-19 cases next winter

The US is gearing up for another wave of COVID-19 infections in the fall and winter following a flurry of activity this week that included putting billions of dollars toward more COVID-19 vaccines and treatments and setting up new rules for how to update the shots . Here’s what happened this week: The Food and …

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‘It could be the difference between an approval and denial’: Experian, Equifax and TransUnion remove fully-paid medical debt from credit reports on July 1. Will this help your credit score?

Paid medical debt is rolling off consumer credit reports in an overhaul that the credit bureaus say will improve people’s financial wellbeing. In a time of rising interest rates and increased costs with the pandemic’s scariest days hopefully done, for some it can’t come a moment too soon. Equifax, Experian and TransUnion are dropping the …

‘It could be the difference between an approval and denial’: Experian, Equifax and TransUnion remove fully-paid medical debt from credit reports on July 1. Will this help your credit score? Read More »

There may be another shoe to drop after Micron’s big outlook miss

Micron Technology Inc. delivered an outlook that fell far short of the consensus view, prompting questions about how the memory market will fare in a downturn. The company expects August-quarter revenue of $6.8 billion to $7.6 billion, whereas analysts tracked by FactSet had been modeling $9.15 billion. Micron’s chief executive acknowledged that “the industry demand …

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GM Warns of Earnings Shortfall as Shortages Impact Volumes

By Dean Seal General Motors Co. Warned Friday that second-quarter earnings are poised to fall short of Wall Street expectations as continued supply chain disruptions impact its wholesale volumes. The auto maker said in a regulatory filing that it expects to post a profit of between $1.6 billion and $1.9 billion in the quarter ended …

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Opinion: The chip boom likely over, as Micron says it’s in a ‘downturn’

The semiconductor boom of the past two years appears to be ending. Memory-chip maker Micron Technology Inc. MU, -1.32% gave a downbeat forecast for its next fiscal quarter Thursday, predicting a massive revenue shortfall ranging from $1.5 billion to $2.3 billion, as COVID-19 restrictions in China and slower demand for consumer products hurt the sale …

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Taco Bell and Cheez-It have tongues wagging with new tostada on a giant cracker

Taco Bell can’t get enough Cheez — and neither can Twitter. The Yum! Brands YUM, +0.31% Tex-Mex chain has teamed up with Kellogg’s K, +1.06% Cheez-It for a new menu item that they’re testing in California: the Big Cheez-It Tostada. Basically, the $2.49 dish piles seasoned beef, reduced-fat sour cream, fresh diced tomatoes, crisp lettuce …

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