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Google makes money when people click on ads that appear on pages of search results. Google has just introduced what they call a "new look" – and what a surprise! It's now much harder for users to to distinguish the ads from the search results. Attention, CEO Sundar Pichai: We're on to you!
Google made a big change to search results that makes it harder to distinguish ads from regular results and people are calling Google out for it
https://www.businessinsider.com/goog...furious-2020-1
Marcel and Margrit Schurman founded Papyrus in 1950 as an importer and wholesaler of fine stationery and greeting cards. In 1973, the first Papyrus retail store opened in Berkeley. In 2020, all 254 Papyrus stores are shutting down.
Papyrus, another mall staple, is closing all 254 of its stores
https://www.cnn.com/2020/01/24/busin...tcy/index.html
The first Bar Louie gastropub opened in 1990 in Chicago, selling hamburgers, sandwiches, beer and cocktails. At one time there were 134 Bar Louies – or should that be "Bars Louie"? – in 26 states. The chain now has more than $100,000,000 in debt and today filed for Chapter 11 bankruptcy protection.
Bar Louie files for bankruptcy and closes one-third of its restaurants
https://www.cnn.com/2020/01/27/inves...rnd/index.html
MoviePass launched in 2011 and initially allowed subscribers to pay a monthly fee and be able to go to three movies a month. MoviePass would reimburse the theaters. In August 2017, MoviePass began offering a $9.95-a-month plan that allowed subscribers to go to one movie a day. You don't have to be a mathematics major to see the lunacy of that business model. MoviePass shut down in September 2018.
MoviePass parent company files for bankruptcy
https://nypost.com/2020/01/29/moviep...or-bankruptcy/
Starbucks has temporarily closed more than half of its locations in China because of the coronavirus outbreak. Starbucks shares closed today at $86.72, a loss of $1.88 (2.12%). KFC, Pizza Hut and McDonald's have temporarily closed their locations in and around Wuhan, where the 2019-nCoV virus originated. There have been 6,172 confirmed cases and 133 deaths. In an effort to control the outbreak, China has imposed a travel ban on 40,000,000 people in Wuhan and 15 neighboring cities.
Starbucks temporarily closes more than 2,000 stores in China over coronavirus outbreak
https://www.theweek.com/speedreads/8...virus-outbreak
Boeing CEO David Calhoun said today the 737 Max is a "fundamentally sound airplane." I'm sure the families of the 346 people who died in crashes would disagree. Boeing's costs related to the grounding of the planes were less than analysts had expected and shares of Boeing today rose $5.46 to $322.02, a gain of 1.72%.
Boeing posts first annual loss since 1997, expects 737 Max costs to top $18 billion
https://www.latimes.com/business/sto...l-loss-737-max
In 2019, Facebook's costs and expenses were up 51% over 2018 and operating revenue fell. After releasing its 4th-quarter earnings report yesterday, Facebook fell 7% in after-hours trading. Right now Facebook shares are at $209.97, a loss of $13.26 (5.94%).
Facebook plunges, wiping out more than $50 billion in market value
https://www.msn.com/en-us/money/comp...lue/ar-BBZu8Q9
The 2019-nCoV virus has infected more than 12,000 people worldwide. In China, 259 have died. Apple has joined KFC, Starbucks, McDonald's and other businesses in temporarily closing their locations in China. (Most of Apple's products are made in China. I'm guessing their stockholders aren't verry happy right now.) Delta, American, United, British Airways, Lion Air, Seoul Air and other airlines have suspended flights to and from China. The coronavirus death rate is less than 3%. People are unnecessarily panicking – and wasting money on face masks that offer no protection from the microscopic virus.
Apple will temporarily close its 42 stores in China amid rapid spread of coronavirus
https://www.npr.org/2020/02/01/80183...of-coronavirus
Because Amazon's digital assistant Alexa is viewed as somewhat of a servant, people of all ages are now teasing – and giving commands to – almost anyone named Alexa. I think this is childish and mean-spirited – and my friends Siri and HAL 9000 agree with me.
Kids and adults named Alexa are being teased and bullied mercilessly and Amazon won't even acknowledge their cries for help, parents say
https://www.businessinsider.com/kids...nt-help-2020-1
Donald Trump's trade wars and tariffs – which Americans, not China, are paying for – have led to billions of dollars in losses for US farmers. Donald Trump has tried to offset the losses by giving farmers billions of dollars of taxpayers' money. It hasn't helped. Farm bankruptcies in 2019 rose by 20% over 2018.
Farm bankruptcies hit an eight-year high in 2019
https://www.reuters.com/article/us-u...-idUSKBN1ZT2YE
YouTube's ad revenue in 2019 was 36% higher than in 2018. It was 86% higher than in 2017. Think about that the next time you want to watch a Taylor Swift video and have to sit through several ads for Disney, Hulu, Samsung, Geico, AT&T, Apple, Amazon and dFord Mustang.
Google just revealed YouTube's ad revenue. The video site brought in $15 billion last year – $28,822 per minute.
https://www.businessinsider.com/yout...reakout-2020-2
In 1976, President Gerald Ford officially recognized February as Black History Month in 1976. He called upon the public to "seize the opportunity to honor the too-often neglected accomplishments of black Americans in every area of endeavor throughout our history." Black History Month has been observed every year since. Apparently we're not supposed to care about black history during the other 11 months of the year. Anyway, some schmuck at Barnes & Noble decided it would be a good idea to "celebrate diversity" by printing famous novels with new covers. A black Juliet. A black Captain Ahab. A black Frankenstein monster. Wow. The Twitterverse is not amused:
https://twitter.com/PublishersWkly/s...30023347122178
'Apologize for this racist idea': Barnes & Noble faces backlash over 'disgusting' book covers
https://www.aol.com/article/news/202...vels/23919386/
Three months ago, Daimler and Audi cut nearly 20,000 jobs amid falling sales and the increasing cost of electric car production. Trade wars and Brexit also hurt sales and drove up costs. And.....here comes another round of layoffs:
Mercedes-Benz parent company Daimler is preparing to lay off 15,000 workers as it tries to adapt to electric cars
https://www.businessinsider.com/merc...layoffs-2020-2
A federal judge rejected the argument of Attorneys General from 13 states and DC that the merger would lead to fewer telecom choices and higher prices. I think the Attorneys General are right and the judge is wrong. If the.......oh wait, I'm getting another robocall. When are the telecom companies going to put a stop to these annoying calls?
T-Mobile, Sprint $26.5 billion merger cleared after federal judge rejects challenge from states
https://www.msn.com/en-us/money/comp...tes/ar-BBZSREO
What the Sprint and T-Mobile merger means for you
https://www.nytimes.com/2020/02/11/b...explained.html
Who knew a cloud contract cancellation could concurrently cause a clearly calamitous, costly catastrophe for Microsoft? (Yes, I like alliteration. Can you tell?)
Microsoft sees $17 billion of market value erased in just 5 minutes after a judge grants Amazon's request to block a key cloud contract
Business Insider, Feb 13 2020 3:54 PM ET
A federal judge today approved a motion by Amazon to have the Defense Department suspend work on the JEDI cloud contract Microsoft won last year. The move erased $17 billion from the technology giant's market capitalization in just a few minutes. Microsoft won the contract over Amazon last year in a surprise upset. After the loss, Amazon challenged the decision by the Pentagon, accusing the agency of "clear deficiencies, errors and unmistakable bias" against the company.
https://www.businessinsider.com/micr...ontract-2020-2
Our vain, pompous, narcissistic, egotistical, self-centered President likes to take sole credit when the economy is good and new jobs are created. Funny thing, though, he never assumes any blame or responsibility for bankruptcies, store closures and job losses.
Nearly 1,800 retail employees lost their jobs at 4 major companies this week – and it shows the great retail shakeout is far from over
https://www.businessinsider.com/reta...ntinues-2020-2
Last month, Pier 1 Imports announced it would close up to 450 stores and distribution centers and lay off 300 workers at its Fort Worth headquarters. The chain has now filed for Chapter 11 bankruptcy and is seeking a buyer. Five years ago, Pier 1 shares were $233. Today they're at $3.56.
Pier 1 files for bankruptcy
https://www.cnn.com/2020/02/17/busin...tcy/index.html
"A Scout is trustworthy, loyal, helpful, friendly, courteous, kind, obedient, cheerful, thrifty, brave, clean and reverent." And bankrupt. Don't forget bankrupt.
Boy Scouts of America files for bankruptcy protection due to flood of sex abuse lawsuits
https://www.chicagotribune.com/natio...qhu-story.html
HSBC, headquartered in London, is the world's seventh-largest bank. (Industrial & Commercial Bank of China is the largest.) Fifteen percent of HSBC's employees are losing their jobs.
Banking giant HSBC to cut 35,000 jobs amid restructuring
https://www.npr.org/2020/02/18/80700...-restructuring
E*Trade launched in 1991 offering an electronic platform for the trading of stocks, mutual funds, futures contracts and other financial assets. The company went public in 1996 and today has more than 5.2 million clients and $360 billion in client assets. Following today's news of E*Trade's acquisition by Morgan Stanley, shares rose more than 25%. Right now, shares are up 10.01 to 54.94, a gain of 22.27%.
Morgan Stanley acquiring E*Trade for $13 billion
https://abcnews.go.com/Business/morg...ry?id=69102277