Money

By Paul R. La Monica, CNN Business The Super Bowl was a bonanza for the gambling business thanks to new customers from New York, which recently legalized sports betting. But now comes the hard part for companies like DraftKings and FanDuel. Betting upstarts need to spend big bucks to attract new users — but like

By Frank Pallotta, CNN Business After swinging through New York City as Spider-Man, Tom Holland returns this weekend with another film that has him dangling from great heights. This time he does so as adventurer and video game mainstay Nathan Drake. “Uncharted” — based on a best-selling Sony video game — hopes to use Holland’s

By Chris Isidore, CNN Business Billionaire investor Chamath Palihapitiya, who was one of the executives to help take Virgin Galactic public, has stepped down as chariman of the company. The company didn’t say why Palihapitiya was leaving. Evan Lovell, the chief investment officer of Vigin Group, will take his place as interim chairman. Virgin Galactic,

By Rishi Iyengar and Michelle Toh, CNN Business US stocks slid Friday as investors continued to track geopolitical developments in Eastern Europe following Thursday’s steep selloff. The Dow closed down nearly 233 points, or 0.7%. The S&P 500 and Nasdaq Composite ended the day with losses of 0.7% and 1.2%. All three indexes finished the

By Chris Isidore, CNN Business Consumer Reports took a decidedly more negative view of Tesla in this year’s rankings of vehicles. The Model 3, which had been its top pick among EV models, lost that distinction to the Ford Mustang Mach-E. The Model 3 now has the third best ranking among EVs, behind the Mach-E

By Matt McFarland, CNN Business The National Highway Traffic Safety Administration is investigating reports of Teslas braking unexpectedly while using Autopilot. The braking occurs “without warning, at random, and often repeatedly in a single drive,” according to NHTSA. It estimates that 416,000 vehicles may be affected. The agency did not say whether it was aware

By Anneken Tappe, CNN Business America’s “Great Resignation” has transformed the workforce, leading to higher wages and better conditions for many. It has also left a mark on the nation’s high rate of inflation. But as the “Great Return” beckons for employees who have spent months working from home, their attitude to in-person work, pay

By Frank Pallotta, CNN Business The upside-down world of Eleven, Sheriff Jim Hopper and Hawkins, Indiana, is coming to an end. “Stranger Things” — one of Netflix’s biggest franchises and most popular series — will conclude in season 5, the company announced on Thursday. “Seven years ago, we planned out the complete story arc for

By Jeanne Sahadi, CNN Business Want help figuring out how to buy a home or pay down debt? Clueless about budgeting? Just want a second opinion on your decision to retire in a few years or start your own business? You might find it helpful to consult a financial coach. You may even have free

By Paul R. La Monica, CNN Business A conversation with 98-year old Berkshire Hathaway vice chairman Charlie Munger is never dull. Munger talked about his reasons for investing in China, how he still hates bitcoin and why windowless dormitories aren’t as bad as people make them out to be in a wide-ranging chat at the

By Kathryn Vasel It’s a job seekers’ market, and employers are stepping up their benefits in a bid to attract and retain workers. People are walking away from their jobs in droves, with a record number of workers quitting their jobs last year, according to the Labor Department. And with nearly 11 million job openings

By Anna Bahney, CNN Business Mortgage rates increased again, rising to a level not seen since summer 2019. The 30-year fixed-rate mortgage averaged 3.92% in the week ending February 17, up from 3.69% the week before, according to Freddie Mac. It has not been this high since May 2019 when it was at 3.99%. Mortgage

By Hannah Ryan, CNN Business Elon Musk’s implant company Neuralink, which aims to enable brains to connect and communicate with computers, has acknowledged that monkeys died as part of its testing procedures, but denies allegations of animal cruelty. In a blog post on its website, ​Neuralink addressed the “recent articles” that have “raised questions around

By Julia Horowitz, CNN Business Economists and investors have been closely watching climbing producer prices and wages for clues on where inflation is heading. They’re rising, which could add to inflationary pressure in the coming months. But on another front — supply chain backlogs — there are some welcome signs of relief. What’s happening: An

By Matt Egan, CNN Business Economist Larry Summers called on the Federal Reserve Wednesday to take immediate action to catch up to inflation. “There are lots of reasons to suspect the Fed is well behind the curve,” Summers, a former senior official in the Clinton and Obama administrations, said during a virtual event. Summers, who

By Allison Morrow, CNN Business The tale of Zachary Horwitz made headlines this week after he was sentenced to 20 years for bilking investors out of $650 million by peddling bogus licensing deals with HBO and Netflix. Ironically, it is just the kind of juicy swindler story you might binge watch on those platforms: Horwitz,

By Chris Isidore, CNN Business Gas in California hit a record high of $4.72 a gallon on average on Wednesday — and experts say a whopping $5 a gallon will likely be the norm there in a matter of months, if not sooner. This isn’t just an issue for West Coasters: Some of the factors

By Matt Egan, CNN Business Oil prices briefly touched $95 a barrel on Wednesday before backing away as investors try to make sense of the latest developments in the Russia-Ukraine crisis. US crude jumped as much as 3.2% to an intraday peak of $95.01 a barrel as US and NATO officials said they saw no

By Paul R. La Monica, CNN Business AMC Entertainment, the theater chain and darling of the meme stock crowd, is hoping to profit as more people stay home to watch movies on streaming networks like Netflix and Disney+. How? In the immortal words of NFL Hall of Famer Terrell Owens: Getcha popcorn ready. AMC announced

By Rebecca Wright, CNN The International Finance Corporation, one of the world’s leading development banks, has for decades touted its success in funding companies it says can help end extreme poverty in developing countries. But new research suggests the organization, which operates under the World Bank Group, has been providing hundreds of millions of dollars

By Peter Valdes-Dapena, CNN Business Mercedes’ AMG performance division is most famous for making hand-built gasoline engines, but times are changing and electric motors are the new thing. Mercedes just unveiled its latest AMG model, the Mercedes-AMG EQE, a fully electric high-perfomance mid-size sedan. With two high-output electric motors engineered specifically for AMG — one

By Anneken Tappe and Nathaniel Meyersohn, CNN Business Inflation is rampant in the pandemic economy, but that didn’t keep Americans from opening up their wallets last month. US retail sales rose by 3.8% in January from the month prior, adjusted for seasonal swings — more than the 2% increase economists had predicted. That puts the

By Julia Horowitz, CNN Business Wall Street is convinced it’s discovered the future of Silicon Valley. But early bets on the “metaverse” are running into some turbulence. What’s the metaverse? It’s a virtual world in which people hang out, attend meetings and play games as avatars. It’s generating tons of buzz. But shares of video

By Brian Stelter, CNN Business Nearly two weeks after CNN president Jeff Zucker was forced out of his position, his former lieutenant Allison Gollust has also resigned from the company. In a memo to staffers Tuesday evening, WarnerMedia CEO Jason Kilar said Gollust resigned after an investigation “into issues associated with” former CNN anchor Chris

By Sonia Moghe, CNN The New York Times has prevailed in defending itself against a defamation lawsuit brought by Sarah Palin after jurors found she had not proven her case. The jury of nine, which had been deliberating since Friday afternoon, found the Times not liable for defamation against Palin. Unbeknownst to them, during deliberations,

By David Goldman, CNN Business Among the many appeals of the massively successful Wordle game is that it has just one solution per day. Every player in the world is trying to guess the same five-letter word. Well, it had only one until Tuesday. The New York Times, which bought Wordle two weeks ago, eliminated

By Matt Egan, CNN Business The cost of living is already very high in America. The Russia-Ukraine crisis could make it even worse. Oil prices have jumped well above $90 a barrel in recent weeks as the risk of a Russian invasion has increased. If the Russia-Ukraine crisis drives oil to about $110 a barrel,

By Frank Pallotta, CNN Business The Super Bowl had a little bit of everything Sunday night: a close game that went down to the wire, an exciting halftime show starring some of hip hop’s greatest artists and a Los Angeles venue that added a Hollywood vibe. All of that led to big ratings for the

By Matt Egan, CNN Business The Biden administration warned Russian President Vladimir Putin on Tuesday against weaponizing its energy exports during the standoff with Ukraine. “If Putin decides to weaponize his energy supplies, it would be a major mistake,” Daleep Singh, US deputy national security advisor, said on CNBC. The Biden official noted that Russia

By Anneken Tappe, CNN Business America’s rising prices were unrelenting in January. Another key inflation measure showed prices rising more than expected last month. The producer price index, which tracks average price changes America’s producers get paid for their goods and services over time, rose 9.7% in the 12 months ended in January, not adjusted

By Paul R. La Monica, CNN Business Sometimes in investing, a little luck goes a long way. Just ask Warren Buffett. The Oracle of Omaha is set to make a handsome profit from a new investment in video game maker Activision Blizzard that Berkshire Hathaway made during the quarter before Microsoft announced its plans to

By Julia Horowitz, CNN Business America’s economy is driven by shoppers who shell out big money for items like iPhones, sofas and cars and experiences such as dining out. So when consumers start to feel less confident, economists and investors worry. What’s happening: Consumer sentiment in the United States has dropped to its worst level

By Jordan Valinsky, CNN Business Tim Hortons is singing Justin Bieber’s praises Tuesday because his line of donuts just turned around the Canadian restaurant’s fortunes. The Canadian coffee chain’s parent company, Restaurant Brands International, reported that sales rose 10.3% at stores open at least a year in the fourth quarter of 2021. That reversed a

By Rob McLean, CNN Business Zachary Horwitz, a small-time actor who admitted to operating a multimillion-dollar Ponzi scheme, was sentenced to 20 years in federal prison on Monday. The Department of Justice said in a news release that Horowitz “raised at least $650 million with bogus claims that investor money would be used to acquire

By David Goldman, CNN Business The stock market gave investors whiplash Monday as Wall Street tried to predict the next events in a rapidly evolving and tumultuous conflict between Russia and Ukraine. US stocks fell on Monday after the United States said it would close the US embassy in Kyiv. US officials are “temporarily relocating”

By Paul R. La Monica, CNN Business If Russia invades Ukraine, global stock markets could be in for a rough ride — much worse than most other geopolitical events of the past several decades. A Russian invasion of Ukraine could further disrupt supplies of crude, potentially leading prices that are already their highest in seven