industrial news

Supreme Court dismisses case against SEC’s ‘no admit, no deny’ policy backed by Musk, Cuban

The US Supreme Court Tuesday rejected a challenge brought against the Securities and Exchange Commission by a former Xerox executive, and backed by Tesla CEO Elon Musk, against the Securities and Exchange Commission’s practice of barring those who agree to settlements with the agency from publicly proclaiming their innocence. The SEC’s so-called gag rule was …

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Elon Musk says SpaceX will accept Dogecoin for some merchandise, though the crypto is down 90% from all-time high

Dogecoin has jumped 13% over the past 24 hours on Tuesday to around $0.068, after Elon Musk reiterated his support for the meme coin, even though the crypto has lost more than 90% of its value from its all-time high in May 2021. Musk, chief executive at both Tesla TSLA, +11.05% and SpaceX, said Tuesday …

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What the Fed’s biggest rate hike in decades means for the bear market in bonds

historically bad. That’s how the mammoth $53 trillion US fixed-income market has performed this year as the Federal Reserve works to curtail high inflation threatening to wreck the economy. To turbo charge the effort, the Fed on Wednesday fired off its biggest benchmark interest rate increase in nearly thirty years. But what does that mean …

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Dogecoin investor sues Elon Musk, Tesla, SpaceX for $258 billion, claiming ‘pyramid scheme’

A dogecoin investor is suing Elon Musk and two of his companies, Tesla Inc. and SpaceX, for $258 billion, accusing them of operating a “pyramid scheme” to inflate the price of the cryptocurrency. The lawsuit, filed Thursday by Keith Johnson in Manhattan federal, accused Musk and his court of committing fraud, as well as violating …

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Amazon Prime Day will be huge for deal seekers hoping to score a discount amid soaring inflation

Amazon.com Inc.’s Prime Day shopping bonanza will arrive this year at a good time for bargain-hunting shoppers trying to save money amid soaring inflation. The e-commerce giant AMZN, -3.72% announced Thursday that Prime Day will take place July 12 and July 13, offering discounts on electronics, subscription services and more. The event comes as consumers …

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Johnson & Johnson stock outperforms market on strong trading day

Shares of Johnson & Johnson JNJ, +0.05% inched 0.05% higher to $170.08 Thursday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -3.25% falling 3.25% to 3,666.77 and Dow Jones Industrial Average DJIA, -2.42% falling 2.42% to 29,927.07. This was the stock’s second consecutive …

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KKR predicts corporate profit downturn as market looks beyond Fed moves

With the stock market fixed on recession and interest rate hikes, KKR & Co. Inc. economic forecast Henry McVey has come out with a bearish call on corporate profits. Signaling that broad-based profit margin degradation has not yet been priced in, McVey said S&P 500 SPX, -3.32% earnings per share will go down by 5% …

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Crypto crash: What contagious risks could Celsius, Three Arrows pose? Here’s what to watch

The latest crisis started Sunday with Celsius, one of the biggest crypto lending platforms, pausing all withdrawals, swaps and transfers between accounts. The company reportedly has hired restructuring attorneys to advise on possible solutions for its mounting financial problems, according to a Tuesday report by the Wall Street Journal. Meanwhile, rumors swirled over potential stress …

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Kraft Heinz Co. stock rises Wednesday, still underperforms market

Shares of Kraft Heinz Co. KHC, +0.11% Inched 0.11% higher to $36.18 Wednesday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX, +1.46% rising 1.46% to 3,789.99 and the Dow Jones Industrial Average DJIA, +1.00% rising 1.00% to 30,668.53. This was the stock’s second …

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Caterpillar to move headquarters to Texas from Illinois in fresh blow to the Chicago area

Caterpillar Inc. said Tuesday it will move its global headquarters from Illinois to an existing divisional office in Irving, Texas, in the Dallas–Forth Worth area, in another blow to metropolitan Chicago, which last month lost the Boeing Co. headquarters. The move is “in the best strategic interest of the company,” Chief Executive Jim Umpleby said …

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