The housing market is currently facing a crisis with sales of previously owned homes at a 30-year low. In May, existing home sales remained essentially flat, decreasing by 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million units. This represents a 2.8% decrease from May of the previous year. The sluggish sales
Business
Forever 21, a legacy fast-fashion player, is currently facing financial difficulties that are causing the company’s sales to decline. The retailer, with over 380 stores in the U.S., has reached out to landlords to request a decrease in rent, with some landlords being asked to cut rent by as much as 50%. This move shows
Darden Restaurants recently reported their quarterly results, which were met with mixed reactions. While the company’s same-store sales forecast for fiscal 2025 indicated a modest growth of 1% to 2%, there were concerns about Olive Garden’s performance, with its same-store sales declining for the second consecutive quarter. The quarter ended May 26 saw Darden reporting
In recent years, the box office has been lacking the presence of family films, creating a void in the entertainment industry. However, a change has been observed with a new wave of family-friendly movies making their way back to cinemas. This resurgence can be attributed to the success of recent releases such as Disney and
Senator Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of acting in favor of the financial industry by considering changes to regulations that would impact the capital requirements of large American banks. According to Warren, Powell’s alleged advocacy for reducing the required increase in capital under the Basel III Endgame rules raises concerns about
Boeing, one of the leading aircraft manufacturers in the world, is currently facing a severe crisis related to its company culture. The CEO, Dave Calhoun, has admitted that the company’s culture is “far from perfect,” acknowledging that there are significant issues that need to be addressed. As fresh whistleblower claims surface, it becomes apparent that
Merck recently announced the approval by the Food and Drug Administration of its latest vaccine, Capvaxive, aimed at protecting adults from a dangerous bacteria known as pneumococcus. This vaccine is specifically designed to target 21 strains of the bacteria, offering protection against severe forms of pneumococcal disease that can lead to pneumonia. The significance of
The soaring demand for weight loss and diabetes treatments has paved the way for Eli Lilly’s unprecedented success in the past year. With CFO Anat Ashkenazi at the helm, the pharmaceutical giant has managed to navigate the windfall in revenue generated by diabetes injection Mounjaro and obesity drug Zepbound. However, despite these accomplishments, Ashkenazi acknowledges
Disney and Pixar made a significant impact at the box office this past weekend with the debut of “Inside Out 2,” which brought in an estimated $155 million domestically. This marks the second-highest theatrical opening of an animated film, with the first film to achieve this milestone since Warner Bros.’ “Barbie.” Notably, Disney does not
Boeing’s Starliner capsule “Calypso” has recently undergone an unexpected extension in its stay at the International Space Station (ISS), doubling the original planned mission duration. Initially intended to be in space for nine days, the crew flight test mission now anticipates returning to Earth on June 22 after at least 17 days in space, as