• White House weighs executive order on cryptocurrencies: report

    The Biden administration is weighing an executive order on cryptocurrencies, as part of an effort to set up a government-wide approach to the asset class, Bloomberg News reported Friday. Bloomberg said the proposed directive would charge federal agencies with studying and offering recommendations on crypto, and would touch on financial regulation, economic innovation and national security. The report cited people familiar with the matter.

  • Chipotle's smoked brisket will be a hit, says UBS

    Chipotle's Mexican Grill Inc.'s smoked brisket limited-time offer will be a hit, according to UBS analysts. "We anticipate solid demand for the just launched smoked brisket limited-time offer, which is priced at a 10% premium to steak and we could see a ~high-single digit sales mix based on historical launches and a favorable initial customer response based on our select store checks," analysts wrote. Chipotle announced it would add smoked brisket to the menu last month. "We don't anticipate...

  • Target will bump pay by $2 per hour during peak parts of the holiday season

    Target Corp. has announced another pay bump for its workers, this one focused on the holiday season. Target says it will raise wages by $2 per hour during peak moments during the holidays. The pay raise will apply to hourly store associates, select headquarter workers and service center team members every Saturday and Sunday from Nov. 20 to Dec. 19, Friday, Dec. 24 and Sunday, Dec. 26. Hourly supply chain workers will receive the extra pay for a two-week period that varies depending on building...

  • Hertz's stock rallies after former Ford CEO Mark Fields is named interim CEO

    Hertz Corp., a subsidiary of Hertz Global Holdings Inc. , said it has named Mark Fields as interim chief executive, effective immediately. The rental-car company said Fields, who had joined Hertz's board of directors in June, is a senior adviser at TPG Capital and is a former CEO of Ford Motor Co. . Hertz's stock rallied 2.9% in morning trading. The company, which exited bankruptcy at the end of June, also named Paul Stone as its president and chief operations officer. Stone was formerly Hertz's...

  • Sen. Manchin says he's not ruling out social-spending plan above $1.5 trillion

    Sen. Joe Manchin, a West Virginia Democrat, said Tuesday he's not ruling out a social-spending package of between $1.9 trillion and $2.2 trillion, CNN reported. The key moderate has previously suggested a price tag of $1.5 trillion for Democrats' major legislative proposal. "I'm not ruling anything out," he told CNN. President Joe Biden is visiting Michigan on Tuesday to press for action on the package and a separate bipartisan infrastructure deal, as infighting between Democratic moderates and...

  • Dow just bagged its first record close since Aug. 16 as Powell says U.S. might see 'maximum employment' in 2022

    The Dow Jones Industrial Average registered its first record closing high in over two months, but the broader market faced headwinds from selling in information technology shares in an otherwise solid week of gains for the main three equity benchmarks. The Dow closed up 0.2% to reach 35,677, on a preliminary basis, marking the first all-time closing high since Aug. 16. The advance for the price-weighted blue-chip benchmark were supported in part by gains in American Express Corp. and Goldman...

  • U.S. oil futures log a 9th straight weekly climb

    Oil futures finished higher on Friday, with U.S. prices up tallying a ninth consecutive weekly climb --- the longest streak of weekly gains for front-month crude on record, based on data going back to April 1983, according to Dow Jones Market Data. Analysts attributed oil's price gains to easing travel restrictions, as well as a slow recovery in U.S. crude output and expectations for higher energy demand for the upcoming holiday season. West Texas Intermediate crude for December delivery rose...

  • Gold futures settle higher, posting a gain for the week

    Gold futures settled higher on Friday, with concerns surrounding rising inflation prompting prices to post a gain for the week. Gold prices, however, finished off the session's highest price levels after Federal Reserve Chairman Jerome Powell said Friday that it was "time to taper" the central bank's $120 billion in monthly asset purchases. December gold climbed by $14.40, or 0.8%, to settle at $1,796.30 an ounce. Prices based on the most-active contract climbed about 1.6% for the week, marking...

  • Baker Hughes reports the first weekly decline in U.S. oil-drilling rigs in 7 weeks

    Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 443 this week. The weekly decline followed six consecutive weeks of increases. The total active U.S. rig count, which includes those drilling for natural gas, also fell by one to stand at 542, according to Baker Hughes. December West Texas Intermediate crude continued to trade higher, up 93 cents, or 1.1%, at $83.43 a barrel on the New York Mercantile Exchange.

  • Amazon under pressure from fulfillment costs

    Amazon.com Inc.'s price target was cut to $4,200 from $4,700 at Credit Suisse as fulfillment and shipping costs rise. Amazon has announced plans for 150,000 seasonal hires in addition to more than 150,000 other hires it has announced. "We assume that from a customer service perspective Amazon will expedite delivery/bear the incremental shipping cost," analysts wrote. "As we further anticipate global logistics headwinds do not abate until mid-22, our EBIT estimates for 2H21/22 decrease...

  • Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hike

    U.S. stock indexes were turning lower midday Friday, with the main benchmarks retreating from records to end an otherwise strong week of gains, as investors digested comments from Federal Reserve Chairman Jerome Powell. Some of the shift lower in sentiment intraday als was blamed on comments from hedge-fund luminary David Tepper, who said he didn't think stocks were "a great investment right here," in an interview with CNBC on Friday. "I just don't know how interest rates are going to behave...

  • Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gain

    Shares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , was revealed to be merging with an entity called Trump Media & Technology Group. Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest...

  • Valkyrie bitcoin ETF sinks in Friday debut on Wall Street, but trailblazer ProShares fund still bouncy

    Shares of the Valkyrie Bitcoin Strategy exchange-traded fund were trading flat to lower on Friday as the U.S's second ETF linked to bitcoin made its debut on Wall Street. The launch of the Valkyrie Bitcoin fund comes days after the ProShares Bitcoin Strategy ETF became the first U.S. ETF linked to bitcoin on Tuesday, in a watershed moment for the crypto sector. Both Valkyrie and ProShares's funds are futures based, which Gary Gensler, chairman of the Securities and Exchange Commission has...

  • Stocks open mostly lower after disappointing tech earning

    Stocks opened mostly lower Friday, with the Nasdaq Composite leading the way to the downside after disappointing tech earnings.The Dow Jones Industrial Average shook off the weaker tone, rising 66 points, or 0.2%, to 35,669, while the S&P 500 was down less than 0.1% at 4,548 after closing at a record Thursday. The tech-heavy Nasdaq was off 0.3% at 15,164. Shares of chip maker Intel Corp. dropped 11% after reporting disappointing sales.

  • Chipotle to open its first drive-through Chipotlane in Canada

    Chipotle Mexican Grill Inc. said Friday that it will open its first Chipotlane in British Columbia on Monday. Chipotlanes are the fast-casual chain's drive-through pickup lanes for digital orders. Chipotle, which is focused on its digital business, has 280 Chipotlanes in the U.S. There are currently 25 Chipotle restaurants in Canada. Chipotle reported earnings that beat expectations on Thursday. Chipotle stock has gained 33% for the year to date while the S&P 500 index is up 21.1% for the...

  • BJ's Restaurants has cut items from its menu and limited dining room capacity due to staffing shortages

    BJ's Restaurants Inc. Chief Executive Greg Levin said in a third-quarter earnings statement that staffing shortages have driven the company to shorten its menu, cut dining room capacity and cut hours in certain locations. "As a result, we finished the third quarter with comparable restaurant sales down 0.5%, compared to the same period in 2019," he said. "Looking forward, as our staffing levels improve, we expect sales to benefit as we seat more tables, expand back to pre-pandemic hours, and...

  • Beyond Meat shares slide 14% after company issues revenue warning, citing range of factors including COVID

    Beyond Meat Inc. shares slid 14% in premarket trade Friday, after the plant-based food company issued a revenue warning for the third quarter, citing a range of issues including the highly transmissible delta variant of the coronavirus. "The company also experienced a decrease in retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants, expected incremental orders that did not materialize from a change in a distributor servicing...