In the midst of dropping interest rates, mortgage demand has surprisingly fallen in the last week, as reported by the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages also decreased, reaching its lowest level since June 2023. However, the response from borrowers has been lackluster, with applications to
Business
In a disappointing turn of events, FedEx shares plunged more than 9% in after-hours trading on Tuesday. This steep decline came after the renowned package delivery giant revised its revenue forecast due to a significant decrease in demand, ultimately impacting its sales. Previously anticipating flat sales year over year, FedEx now expects a low-single-digit decline
The recent attacks carried out by Iran-backed Houthi militants on ships in the Red Sea have had a significant impact on global trade. These attacks have caused major shipping lines and oil transporters to suspend their services through the Red Sea, leading to disruptions in the shipment of goods and fuel. As a result, there
In a move to adapt to the changing landscape of work, Citigroup has recently announced its remote work policy for the final two weeks of December. According to undisclosed sources, the majority of Citigroup’s 240,000 employees, who are considered hybrid workers, have the option to work remotely from Monday to Friday during this period. While
General Motors’ Cruise has recently faced a series of setbacks, including layoffs and safety concerns, which have put the future of the robotaxi startup in question. This article will analyze the current state of Cruise and its implications for the company’s future prospects. Cruise announced internally that it will lay off 900 employees, constituting 24%
Etsy, the renowned e-commerce platform known for its handmade items and connections with local artisans, is facing significant challenges as it navigates a “very challenging” macro and competitive environment. In response to these difficulties, the company has made the difficult decision to lay off approximately 11% of its workforce, amounting to around 225 employees, during
Creators and fans of Netflix can rejoice as the streaming giant finally opens up about its viewership statistics. In a bold move, Netflix released its first “What We Watched” report, providing insights into the popularity of its shows and movies over the past six months. This groundbreaking transparency marks a significant shift for the company,
In a surprising move, Ford Motor has announced plans to cut production of its highly anticipated all-electric F-150 Lightning pickup truck by nearly half in 2023. This decision comes as a major reversal for the automaker, which had previously increased plant capacity for the electric vehicle. Instead of the initially planned average volume of around
McDonald’s, the global fast-food giant, recently held its investor day where executives highlighted the company’s strength and outlined its long-term goals. However, despite the positive portrayal, McDonald’s faces several potential roadblocks as it looks ahead to 2024. While the event did include some new targets, the reaction from Wall Street has been relatively subdued, with
Starbucks recently announced its intentions to resume contract negotiations with the union representing its baristas, commencing in January. This development follows the two-year anniversary of the first unionization of company-owned Starbucks cafes in the United States. Although more than 360 locations have voted to unionize, accounting for approximately 4% of the company’s total U.S. footprint,