Peloton on Wednesday reported a wider-than-expected loss and a quarterly drop in new subscribers that it blamed on its recall of its Bike seat post and seasonality, sending shares plunging about 20%. The company fell short of analysts’…
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Business
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Business
Peloton shares fall after posting wider-than-expected loss, falling sales due to Bike recall, seasonality
Peloton on Wednesday reported a wider-than-expected loss and a quarterly drop in new subscribers that it blamed on its recall of its Bike seat post and seasonality, sending shares plunging about 20%. The company fell short of analysts’…
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Business
Truck purchases are driving up the average cost of car payments. Some buyers pay over $1,000 a month
Car shoppers are paying more than ever to finance new vehicles — and pickup trucks are driving up the average cost in at least two states. More than 1 in 4 car shoppers in Texas and Wyoming…
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UPS workers ratified the Teamsters-negotiated labor deal reached nearly a month ago, allowing the next five-year contract covering 340,000 employees to take effect. “This contract will improve the lives of hundreds of thousands of workers,”…
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S&P Global followed Moody’s in cutting its credit ratings and outlook on multiple U.S. regional banks, saying higher funding costs and troubles in the commercial real estate sector will likely test the credit strength of…
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Mortgage interest rates continue to climb, putting homeownership further out of reach for many potential buyers. On Monday, the average interest rate on 30-year mortgages rose to 7.48%, according to Mortgage News Daily — the highest…
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Gree Electric Appliances, Inc., is recalling 1.56 million dehumidifiers sold between 2011 and 2014 under brand names like Kenmore and GE due to fire and burn hazards, according to the Consumer Products Safety Commission. Gree,…
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Business
Several Buy Buy Baby and Harmon stores to reopen after buyers scored deals on the bankrupt brands
Bed Bath & Beyond may never return to its brick-and-mortar heyday, but the doors at former corporate siblings Buy Buy Baby and Harmon are set to reopen, CNBC has learned. The group that bought Buy Buy Baby’s…
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Target and Walmart are both catering to thriftier shoppers, but the two big-box retailers have seen very different outcomes when it comes to winning their dollars. Target missed Wall Street’s sales expectations for the fiscal second-quarter. Walmart beat Wall Street’s revenue estimates for…
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Business
Fed officials see ‘upside risks’ to inflation, possibly leading to more rate hikes, minutes show
Federal Reserve officials expressed concern at their most recent meeting about the pace of inflation and said more rate hikes could be necessary in the future unless conditions change, minutes released Wednesday from the session…