On February 18, 2024, the following are some of the top business news highlights:
- Companies are prioritizing cost cuts in 2024, with 2 out of 5 industrial stocks at record highs.
- The U.S. Securities and Exchange Commission cleared Donald Trump’s media and technology company to merge with a blank-check acquisition vehicle, valuing the parent of his social media app Truth Social at as much as $10 billion.
- Nike announced it will lay off 2% of its employees, cutting more than 1,500 jobs amid restructuring.
- Intuitive Machines, a moon mission company, saw its stock spike after the first mission update.
- Airfare is down, but airlines are facing pressure for higher wages.
- Molson Coors gained market share as consumers shifted away from Bud Light.
- Carl Icahn won seats on JetBlue’s board after taking a stake in the airline.
- Autos deliveries dried up in January amid the latest Max crisis.
- Paramount Global laid off about 800 employees after record Super Bowl ratings.
- Stellantis CEO warned that Chinese EVs are a significant risk for his carmaker and Elon Musk’s Tesla.
- Fast-food giants are feeling the burn from Middle East boycotts, with McDonald’s, Starbucks, and Yum Brands’ earnings affected.
- Dry January has helped lure people into the non-alcoholic beer category, but they often stick on for health and moderation reasons.
- Los Angeles is finally tackling a $1.5 billion eyesore left vacant by China real-estate bust, beloved by daredevil influencers.
- Donald Trump actually owes more than $500 billion in legal judgments, when factoring in interest.
- Trump’s finances were hit by a New York fraud case ruling, with a $355 million payment required for ‘ill-gotten gains’.
- SEC Clears Trump’s Media and Technology Company Merger with a Blank-Check Acquisition Vehicle, Valuing the Parent of His Social Media App Truth Social at as Much as $10 Billion.
- Young Adults Are Getting Used to Living on a Financial Cliff.
- Wall Street May Have Killed the American Dream of Homeownership, Depending on Where You Live.
- A Record-Breaking January for New Jersey Gambling, Even as In-Person Casino Winnings Fall.
- Crews Take Steps to Secure Graffiti-Scarred Los Angeles Towers Left Unfinished by Developer.
- Trump’s Legal Debts Top a Half-Billion Dollars.
- Amazon Argues That National Labor Board Is Unconstitutional, Joining SpaceX and Trader Joe’s.
- A Small Business in War-Time Gaza Sews Padded Cloth Diapers, Creating Jobs and Helping Weary Parents.
- Chinese Foreign Minister Says Trying to Cut His Country Out of Trade Would Be a Historic Mistake.
- Tech Giants Come Together to Combat Deceptive Deepfakes Ahead of 2024 Elections.
These highlights represent a snapshot of the business news landscape on February 18, 2024, and are subject to change as new developments emerge.
