The housing market is currently facing a major challenge, with sales of previously owned homes at a 30-year low. In May, sales remained relatively unchanged, with a decrease of 0.7% from April. This stagnation in sales is concerning, especially considering the high prices and mortgage rates that are deterring potential buyers from entering the market.
Business
Forever 21, a legacy player in the fast fashion industry, is currently facing a difficult time as its sales decline and competition grows fiercer. The company, with over 380 stores in the U.S., has been reported to ask some landlords for a 50% rent reduction to alleviate its financial burdens. This comes as the retailer
Darden Restaurants recently disclosed mixed quarterly results, with Olive Garden’s same-store sales declining for the second consecutive quarter. This news comes as a disappointment, especially considering the overall performance of the restaurant chain. While Darden managed to beat analysts’ expectations in terms of earnings per share ($2.65 adjusted versus $2.61 expected), the revenue fell short
In recent times, the box office has been missing a vital component – family films. Due to the pandemic, many family-centric movies either opted for streaming releases or were so scattered throughout the calendar that any momentum in ticket sales quickly fizzled out. However, in the past few months, a steady stream of family-friendly movies
Sen. Elizabeth Warren, D-Mass., has raised concerns about Federal Reserve Chair Jerome Powell’s intentions regarding proposed changes to regulations aimed at increasing the capital cushion that large American banks must hold. In a letter dated June 17 obtained by CNBC, Warren expressed disappointment over reports suggesting that Powell is advocating for a significant reduction in
Boeing CEO Dave Calhoun will be testifying before a Senate panel to address the company’s safety and manufacturing crises. The recent incident of a door panel blowing out of a nearly new 737 Max 9 jet in January has raised concerns about the company’s safety practices and quality control. Calhoun, who has announced his plans
Merck’s newly approved vaccine, Capvaxive, comes as a breakthrough in protecting adults from the serious bacteria known as pneumococcus. This bacteria can lead to severe illnesses and even pneumonia, particularly affecting older patients and those with chronic health conditions. The introduction of Capvaxive aims to provide broader protection than the currently available vaccines on the
Over the past few years, Disney and Pixar have faced challenges at the box office, with pandemic restrictions and shifting consumer behavior impacting ticket sales. However, the debut of “Inside Out 2” this weekend marked a significant milestone for the studios. The film generated an estimated $155 million domestically, making it the second-highest theatrical opening
Boeing’s Starliner capsule, known as “Calypso,” has received an extension to its mission at the International Space Station, double its original planned duration. This developmental mission, referred to as Boeing’s crew flight test, involves a series of tests being conducted on the Starliner while it is docked with the ISS. The mission marks the first
The recent announcement by the Pentagon regarding the winning bidders in the rocket launch contract sweepstakes has certainly shaken things up in the space industry. One of the most notable winners is Jeff Bezos’ Blue Origin, which secured a spot for the first time in this lucrative endeavor. This marks a significant achievement for Blue