Business

People hold signs during a strike rally for the International Association of Machinists and Aerospace Workers (IAM) at the Seattle Union Hall in Seattle, Washington, on October 15, 2024.Jason Redmond | AFP | Getty ImagesBoeing machinists voted against a new labor deal that included 35% wage increases over four years, their union said Wednesday, extending a more than five-week strike that has halted most of the company's aircraft production, which is centered in the Seattle area.The contract's rejection by 64% of the voters is another major setback for the company, which warned earlier Wednesday that it would continue to burn cash through 2025 and reported a $6 billion quarterly loss, its largest since 2020.The strike is costing the company about $1 billion a month, according to S&P Glo...

Check out the companies making headlines in midday trading: McDonald's — The fast-food stock pulled back more than 5% after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak was tied to the chain's Quarter Pounder burgers . The outbreak led to 10 hospitalizations and one death, the CDC said. Walmart — The retail stock advanced almost 1% to reach a fresh all-time high on Wednesday, breaking with the broader market's trend lower. Shares of Walmart have outpaced the S & P 500 in 2024, up 57% compared to the index's nearly 22% jump. Boeing — The troubled aerospace stock slipped nearly 3% after reporting its largest quarterly loss since 2020 . Boeing reported a loss of more than $6 billion in the third quarter, and it lost more than $4 billion in its commercial ai...

A man walks past signage for the the 2024 IMF/World Bank Annual Meetings outside of the headquarters of the International Monetary Fund in Washington, DC on October 18, 2024. Daniel Slim | AFP | Getty ImagesThe International Monetary Fund warned Wednesday that the public debt situation worldwide could be more dire than most think, highlighting skyrocketing fiscal deficits in the U.S. and China.Global public debt will rise above $100 trillion by the end of 2024, the agency projected in its annual Fiscal Monitor report. By the end of the decade, the IMF forecasts global public debt will reach 100% of world GDP. The U.S. and China account for a significant share of rising public debt levels. If the two countries were excluded from calculations, the global public debt to GDP ratio would fall a...

A series of iPhone 16s on display inside the Apple store at Tun Razak Exchange in Kuala Lumpur, Malaysia, on Sept. 20, 2024.Annice Lyn | Getty Images News | Getty ImagesApple shares fell about 2% on Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units for the fourth quarter of this year and the first half of 2025.Kuo said most of the cuts affect the regular iPhone 16 instead of the iPhone 16 Pro models, which have nicer displays and better cameras and have been more popular with consumers."As a result, iPhone 16 production for 2H24 is now estimated at 84 million units," Kuo wrote, noting that his estimate is down from about 88 million units.Stock Chart IconStock chart iconApple sharesKuo now forecasts Apple p...

Democratic presidential nominee, U.S. Vice President Kamala Harris delivers remarks before departing the vice president’s residence on October 23, 2024 in Washington, DC.Kevin Dietsch | Getty ImagesVice President Kamala Harris blasted Donald Trump on Wednesday for his reported praise of Adolf Hitler and said the Republican presidential nominee "wants unchecked power."Harris, the Democratic nominee, spoke at her residence in Washington, D.C., a day after reports of recent interviews with Trump's former White House chief of staff John Kelly, who recounted Trump's comments about the Nazi leader while Trump was president."It is deeply troubling and incredibly dangerous that Donald Trump would invoke Adolf Hitler, the man who is responsible for the deaths of six million Jews and hundreds of tho...

Tim Cook, chief executive officer of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 10, 2024.Bloomberg | GettyApple on Wednesday released a beta version of a slew of Apple Intelligence features, including its long-awaited ChatGPT integration.The company announced its answer to the artificial intelligence boom this summer, but is slowly rolling out its features to users. Investors hope AI features will spur a wave of iPhone upgrades because the tools are only available on newer devices.Apple Intelligence has been available in previews for developers and early adopters, but the official public release will come next week as part of the official iOS 18.1 release, Apple said. This latest batch of features is inclu...

A customer walks out of a McDonald’s restaurant in Omaha, Nebraska, on Oct. 23, 2024.Mario Tama | Getty ImagesThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday.At that time, the number of connected cases was smaller than it is now, though the company did not say how many cases there were then. As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers.Once notified about the link, McDonald's started working with the CDC, the U.S. Department of Agriculture and the U.S. Food and Drug Administration. By the time the CDC had issued its advisory notice Tuesday afternoon, McDonald's had al...

Former Abercrombie & Fitch Chairman and CEO Mike Jeffries addresses stockholders during the company's annual meeting at its headquarters in New Albany, Ohio, on May 22, 2003.Will Shilling | Via ReutersAbercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is "committed to fully cooperating with law enforcement as the legal process continues." "As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago," a company spokesperson said in a statement to CNBC. "For close to a decade, we have successfully transform...

Check out the companies making headlines after the bell : T-Mobile U.S. — The telecommunications giant rose about 3% after posting a third-quarter earnings surprise to the upside. T-Mobile reported earnings per share of $2.61 on $20.16 billion in revenue, while analysts polled by LSEG had been looking for earnings of $2.42 per share on revenue of $20.01 billion. Tesla — Shares leapt 9%. The electric vehicle manufacturer reported third-quarter adjusted earnings of 72 cents per share, beating Wall Street's estimates of 58 cents, per LSEG. Revenue came in slightly below expectations at $25.18 billion, while analysts were looking for $25.37 billion. Mattel — The toymaker added 3% after adjusted earnings came in at $1.14 per share for the third quarter. That is well ahead of the consensus forec...

Tesla and SpaceX CEO Elon Musk speaks with former president Donald Trump during a campaign event at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. Jabin Botsford | The Washington Post | Getty ImagesAs Tesla prepares for quarterly results Wednesday, many investors have one big issue on their minds: Donald Trump.On a forum Tesla uses to solicit investor questions online in advance of its earnings calls, dozens of inquiries poured in from retail shareholders about Elon Musk's politics, his incendiary commentary on X, and his efforts to get Trump back in the White House."Elon Musk has the right to express his political views, but his public activism seems at odds with his responsibility as CEO to protect shareholder value," an anonymous retail investor wrote on the forum. "How do...