S&P 500 falls short of new record high

The S&P 500 is so close to a new record high — its first since the pandemic hit and exceeding its all-time high from February. The stock index fell short of a new peak on Tuesday, but it remains just an arm’s length away. A new all-time high in the next few days would mean…MORE

Barry Diller’s IAC rolls dice with $1 billion stake in casino giant MGM

IAC recently spun off its stake in Tinder-owner Match. But the company apparently has its sights set on people taking a different kind of gamble: It has bought a nearly $1 billion stake in MGM Resorts. The stake purchased by IAC, a conglomerate run by media mogul Barry Diller, amounts to about a 12% interest…MORE

Trick-or-treating is in doubt this year, so Halloween candy is coming early

No, your eyes aren’t playing tricks on you. Halloween candy displays have arrived even earlier this year. The Covid-19 pandemic, and its potential to put a damper on trick-or-treating and spooky fêtes, has candy manufacturers like Hershey hedging their bets for what is typically their biggest season. That includes dressing up fewer treats in Halloween-specific…MORE

Saudi Aramco sees ‘partial recovery’ in oil market as China picks up

Saudi Aramco said Sunday that its net profit plunged 73.4% in the second quarter to $6.6 billion. But CEO Amin Nasser said there are signs of improvement as coronavirus shutdowns ease. It was the second consecutive quarter of falling earnings at the world’s top oil producer — net profit in the January-March period slumped 25%.…MORE

McDonald’s is suing its ousted CEO for lying about sexual relationships with employees

Ousted McDonald’s CEO Steve Easterbrook lied to the board about the extent of his relationships with employees, the company alleged in a new lawsuit. He misled investigators about engaging in physical sexual relationships with three employees in the year before his ouster, according to the documents. Now, McDonald’s is suing Easterbrook for the amount of…MORE

Foot Locker is booming as people spend their stimulus on sneakers

Consumers have more money in their pockets thanks to government stimulus checks — and apparently many are using it at malls and online to buy new sneakers, which is good news for Foot Locker. The sneaker chain previewed its second-quarter results Monday ahead of the official release, saying sales were much better than expected and…MORE

Kodak stock dives 30% after $765 million loan is put on hold

Kodak stock plunged 30% Monday after a $765 million loan from the US government to help make drug ingredients was put on hold, as regulators are reportedly looking into allegations of insider trading. The stock was temporarily halted after plunging as much as 43% earlier in the day. “Recent allegations of wrongdoing raise serious concerns,”…MORE

Will Richard Branson ever be Richard Branson again?

Richard Branson loves a challenge. The Virgin Group founder has built a reputation, and his more than $4 billion fortune, on the back of his willingness to take bold risks and venture into new areas of business. “Virgin loves to take on seemingly insurmountable problems, and try to overcome them,” he said in 2018. But…MORE

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