Business

CVS Health said Friday CEO Karen Lynch has stepped down after the pharmacy chain once again warned its earnings will fall short of Wall Street's forecasts. Lynch will be replaced by CVS Caremark president David Joyner, who will attempt to steer the health care giant through a worsening environment of rising medical costs.CVS, which had cut its…

Carlos Tavares, chief executive officer of Stellantis NV, speaks to the media at the Stellantis auto manufacturing plant in Sochaux, France, on Thursday, Oct. 3, 2024. Nathan Laine | Bloomberg | Getty ImagesDETROIT — Automaker Stellantis plans to shutter and sell its large vehicle proving grounds in Arizona at the end of this year, CNBC has…

Meta has reportedly fired a handful of staffers who have been abusing the company’s $25 meal stipend, spending the money on nonfood items or having meals delivered to their homes. According to posts on the tech-professional social media site Blind, the firings took place last week, with staff being discharged from their posts in the Los…

The Chinese economy continued to grow at a lackluster pace over the summer, according to data released on Friday, underscoring the urgency of the government’s recent attempts to bolster the economy.Construction has slowed because of a housing market meltdown. Millions of young college graduates have been unable to find work. Many local…

Harvard’s fundraising crisis now has a price tag: $151 million.Total philanthropic contributions fell by 14 percent in fiscal year 2024 as several billionaire donors publicly severed ties with Harvard over its response to campus antisemitism.The $151 million decline marks one of the most significant year-over-year drops in donations in the past…

In this photo illustration, the Robinhood Markets, Inc. logo is displayed on a smartphone screen.Rafael Henrique | Sopa Images | Lightrocket | Getty ImagesRetail brokerage firm Robinhood is launching a new tool for more sophisticated traders as it looks for additional avenues for growth.The firm introduced Robinhood Legend, a desktop-based…

The US Federal Trade Commission (FTC) has adopted a 'click to cancel' rule, which aims to make it easier for people to end subscriptions.It will force companies to make subscription sign-ups and cancellations equally straightforward.Businesses, including retailers and gyms, will also have to get consent from customers before renewing…

Intel Corp. is laying off hundreds of workers in Arizona as part of the chipmaker’s overall plans to cut 15,000 jobs globally.Santa Clara, California-based Intel (Nasdaq: INTL) on Wednesday filed a Worker Adjustment and Retraining Notification — or WARN notice — with the state of Arizona announcing plans to cut 385 jobs at its Ocotillo campus in…

The small-cap Russell 2000 (^RUT) index is up more than 1.5% on Wednesday, far outpacing the gains of the three major indexes and closing in on it's 52-week high of 2,300.If the Russell closes at its current levels it mark the highest close for the index since November 2021.Small caps have been one of the most highly debated trades on Wall…

(Bloomberg) -- Investors in chip stocks are facing a fresh gut check after a tepid outlook from key equipment supplier ASML Holding NV sparked a global rout in the sector.Most Read from BloombergListen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or anywhere you listen.Combined market value losses for an index of US-traded…