Why the Oil Production Cuts Are Less Than Expected

Text size Major oil producers agreed to reduce their crude production levels starting next month. Joe Klamar/AFP/Getty Images Major oil producers meeting in Vienna Wednesday agreed to reduce their crude production levels by 2 million barrels a day starting next month, but that’s not a guarantee that prices will continue to climb. “The market wasn’t … Read more

What’s Next for Twitter: Layoffs, a Purge of Spam Accounts, and Trump’s Return

What’s Next for Twitter: Layoffs, a Purge of Spam Accounts, and Trump’s Return

The viral Miami Boys Choir is spreading Jewish joy on TikTok

Sure, Chananya Begun was surprised when he saw people on TikTok obsessing over a 2008 performance by the Miami Boys Choir, an Orthodox Jewish pop group led by his father, Yerachmiel Begun. But he wasn’t that surprised. After all, everything about it is ridiculously good. The soaring tween vocals! The funky sax break! The choreography! … Read more

Loretta Lynn, coal miner’s daughter turned country queen, dies at 90

CNN — Loretta Lynn, the “Coal Miner’s Daughter” whose gutsy lyrics and twangy, down-home vocals made her a queen of country music for seven decades, has died. She was 90. Lynn’s family said in a statement to CNN that she died Tuesday at her home in Tennessee. “Our precious mom, Loretta Lynn, passed away peacefully … Read more

Rivian Stock Is Climbing After Confirming 2022 Production Guidance

Shares in electric truck maker Rivian Automotive were rising Tuesday after the company backed its production guidance for the year, despite deliveries undershooting consensus expectations. Rivian (ticker: RIVN) said late Monday that it produced 7,368 vehicles at its manufacturing site in Illinois in the third quarter and delivered 6,584 vehicles. Consensus expectations had been for … Read more

CEOs are preparing for a recession, and they don’t think it will be short

New York CNN Business — Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation. According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping 91% are … Read more

Nvidia and AMD Rise on Report Biden Will Further Restrict China Exports

Shares of semiconductor makers rose Tuesday on a report that said the US was planning new restrictions on exporting cutting-edge semiconductors to China, stepping up efforts to prevent the second-largest economy from manufacturing the latest circuitry. Nvidia (ticker: NVDA) climbed 3%, Broadcom (AVGO) was up 1.8%, Advanced Micro Devices ( AMD ) advanced 2.7%, and … Read more

Cathie Wood’s ARK Snaps Up Tesla After Stock Plunges on Deliveries Miss

Cathie Wood’s ARK funds said Monday it had snapped up Tesla stock. It comes after the EV maker’s shares tumbled following a delivery miss in the third quarter. Wood’s ARK Innovation ARK Innovation exchange-traded fund (ticker: ARKK) purchased 108,380 Tesla shares, while the ARK Next Generation Internet ETF (ARKW) bought 23,833 shares, according to a … Read more

Tillerson testifies at corruption trial of Trump adviser

NEW YORK — Rex Tillerson, who served a turbulent term as secretary of state under former President Donald Trump, was called as a government witness Monday at the trial of a Trump ally accused of leaking intelligence to the United Arab Emirates. Tillerson testified that he barely knew the defendant, Tom Barrack, once the chairman … Read more

Logistics Not to Blame for Tesla’s Deliveries Miss. There Is a Bigger Reason.

Tesla stock was getting hammered after weaker-than-expected third-quarter delivery numbers. Wall Street seems to believe the shortfall was due to logistics. That isn’t what investors are worried about, however. They’re worried about demand. Tesla (ticker: TSLA) reported Sunday third-quarter deliveries and production of 343,830 and 365,923 units, respectively. Wall Street was looking for about 358,000 … Read more