Business news 2021

[Rewind]

Peloton Interactive, founded in January 2012 in New York City, manufactures treadmills and stationary bicycles. Following reports of several children being injured by the Tread+ treadmill – and one child dying – the Consumer Product Safety Commission says the treadmill "poses serious risks to children.” Gee, ya think? Peloton shares closed today at $107.75, a loss of $8.46 (7.28%)

Peloton refuses to recall its Tread+ treadmill after 39 accidents. Its stock is tumbling.

https://www.cnn.com/2021/04/19/inves...ock/index.html

[Rewind]

Among the tech stocks posting gains today: Intel +0.48 (0.84%), Alphabet +14.58 (0.62%), Microsoft +2.73 (1.09%), Dell +1.29 (1.29%), Hewlett-Packard +1.82 (6.41%).

Why the horrid April jobs report was actually great news for stocks
Business Insider, May 7 2021 5:48 PM

The April jobs report badly missed estimates today but the stock market promptly hit record highs anyway. That's because the market is now in a phase where bad economic news is good news for equities. The biggest fear for investors is an inflation spike that prompts the Federal Reserve to tighten monetary policy sooner than expected. The weak jobs report soothed those worries.

April saw an addition of 266,000 jobs, well below the estimated forecast of 1 million. Unemployment rose to 6.1% from 6.0%, bucking expectations for a decline. It was the worst miss since 1998. But instead of an instant drop in stocks following the April jobs report, there were record highs for the S&P 500 and a spike in tech shares. The tech-heavy Nasdaq 100 soared more than 1%. And while the more economically sensitive Dow Jones industrial average initially sold off, it quickly reversed into positive territory.

If the weak jobs reports continue, it could result in a jump in wage inflation as businesses are forced to pay top-dollar for workers. But for now, as evidenced by today's move in the stock market, bad news is good news.

https://markets.businessinsider.com/...1-5-1030402886

[Rewind]

My advice: If you have weeds on your property, pull them up by hand. Don't use sprays and chemicals.

Appeals court upholds $25 million award in Monsanto cancer case
The Associated Press, May 14 2021

A federal appeals court has upheld a $25 million award against agribusiness giant Monsanto Co. in a lawsuit that alleged a California man developed cancer from exposure to its best-selling weed killer, Roundup. In a 2-1 ruling, a panel of the US 9th Circuit Court of Appeals rejected Monsanto's appeal of punitive damages awarded in 2019 by a San Francisco jury.

The jurors found that Edwin Hardeman proved Roundup’s design was defective, it lacked sufficient cancer warnings and its manufacturer was negligent. They initially awarded Hardeman more than $80 million in damages but a judge later reduced the punitive portion of the award, bringing the total to around $25 million. Hardeman blamed his non-Hodgkin's lymphoma on decades of using Roundup products to treat poison oak, overgrowth and weeds on his San Francisco Bay Area property.

https://www.wfmj.com/story/43890468/...to-cancer-case

[Rewind]

After inventing and patenting the telephone, Alexander Graham Bell co-founded the Bell Telephone Company in 1875. A subsidiary, the American Telephone & Telegraph Company (AT&T), was established in 1885. I can imagine all of today's teenagers – who have grown up with computers and mobile phones – asking, "What the heck is a 'telegraph'?"

AT&T set to end media voyage with $43 billion Discovery deal
Reuters, May 17 2021 7:49 PM

AT&T, owner of HBO and Warner Bros studios, and Discovery, home to lifestyle TV networks such as HGTV and TLC, will combine their content to form a standalone global entertainment and media business. Discovery Chief Executive David Zaslav will lead the proposed new company, which will comprise one of Hollywood’s most powerful studios, including the Harry Potter and Batman franchises, news network CNN, sports programming and Discovery’s unscripted home, cooking and nature and science shows.

Today's move marks the unwinding of AT&T's ambitious plan to forge a telecoms and media powerhouse through a flurry of deals including the 2018 $108.7 billion acquisition of media conglomerate Time Warner and the 2015 purchase of satellite TV service DIRECTV for $68 billion. AT&T will use the $43 billion proceeds from the tax-free spin-off of its media assets to pay down its more than $160 billion of debt.

https://www.reuters.com/technology/a...se-2021-05-17/

[Rewind]

In 1904, Marcus Loew founded Loew's Theatres, the first theater chain in the United States. In 1924, he created MGM by purchasing Metro Pictures, Goldwyn Pictures and Louis B. Mayer Pictures. And in 2021.......

Amazon nears deal to buy MGM Studios for nearly $9 billion
It would be Amazon's biggest acquisition since it bought Whole Foods in 2017 for $13.7 billion.

https://www.cnbc.com/2021/05/24/amaz...9-billion.html

[Rewind]

Two days ago, French tycoon Bernard Arnault, whose LVMH corporation owns several luxury brands including Fendi, Givenchy, Tiffany, Christian Dior, Louis Vuitton and Dom Pérignon, surpassed Jeff Bezos as world's richest man. Arnault's net worth reached $186.3 billion, $300 million above Bezos. And now Bezos will become a "chair." What a neat trick!

Jeff Bezos will step down as Amazon CEO on July 5
CNN Business, May 26 2021 4:05 PM ET

Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, he announced during the company's annual shareholder meeting today. Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services, after a nearly three-decade run leading the internet giant that made him one of the richest people in the world. Bezos will become Amazon's executive chair.

https://www.cnn.com/2021/05/26/tech/...ceo/index.html

[Rewind]

Vernon Rudolph opened the first Krispy Kreme store in 1937 in Winston-Salem, North Carolina. The first Krispy Kreme outside the United States opened in 2003 in Penrith, Australia. There are now more than 1,000 Krispy Kremes worldwide.

Krispy Kreme officially files to go public via an IPO and list on the Nasdaq under the ticker DNUT

https://www.businessinsider.com/kris...gs-dnut-2021-6

[Rewind]

A bill signed by Florida's Retrumplican Governor will allow the state to fine social media sites if they inactivate the account of a Florida politician (such as Donald Trump) and will allow Florida residents (such as Donald Trump) to sue the sites if they feel they've been treated unfairly. However, Florida's new law is trumped – no pun intended – by federal law. Section 230 of the Communications Decency Act exempts websites from being sued for removing content deemed to be “obscene, lewd, lascivious, filthy, excessively violent, harassing or otherwise objectionable." Retrumplicans – who do not believe in social media's First Amendment right to regulate content on their sites – are fighting to abolish Section 230.

Groups representing Facebook, Twitter, Amazon and Google are suing Florida over Governor DeSantis' new law banning 'deplatforming'

https://www.businessinsider.com/face...esantis-2021-6

[Rewind]

Sanity has prevailed. Thank you, YouTube!

YouTube bans masthead ads for politics, alcohol, gambling and prescription drugs

https://www.reuters.com/technology/y...ts-2021-06-14/

[Rewind]

Washington Prime Group owns interests in 104 malls and shopping centers including Cottonwood Mall in Albuquerque, Rolling Oaks Mall in San Antonio, Sunland Park Mall in El Paso, Towne West Square in Wichita and Charlottesville Fashion Square in Virginia. WPG shares closed today at $3.38, a drop of $1.46 (30.17%).

Major US mall owner files for bankruptcy
CNN, Jun 14 2021 12:18 PM ET

Washington Prime Group, a major mall owner of more than 100 locations across the United States, filed for bankruptcy, citing pandemic-related shutdowns. The Columbus, Ohio-based company filed for Chapter 11 late Sunday, saying COVID-19 "created significant challenges" and that the move is "necessary." Washington Prime secured $100 million in new funding to support its day-to-day operations so it can "continue in the ordinary course without interruption."

https://www.cnn.com/2021/06/14/busin...ptcy/index.htm