By Alice Seeley On May 20, the Securities and Exchange Commission announced charges against Wells Fargo Advisors for failing to file at least 34 suspicious activity reports in a timely manner between April 2017 and October 2021. These incidents occurred because Well Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction [...]
By Alice Seeley Last week jobless claims in the U.S. rose to a four-month high of 218,000 last week according to a news release from the Department of Labor. Most claims came from just a few states, such as Kentucky and California. There were 6,728 jobless claims in Kentucky last week, while California reported an increase of 3,315. The other states with the [...]
By Alice Seeley During Spirit Airlines board meeting on May 19, board members urged Spirit shareholders to reject JetBlue Airways' hostile bid citing regulatory hurdles, calling the move "a cynical attempt to disrupt" its merger with Frontier Airlines. The company indicated that JetBlue's $30 per share cash offer is not in the best interest of the shareholders and that [...]
By Alice Seeley Nearly one month after Netflix reported its first major subscriber loss in more than a decade, the streaming platform announced it had laid off 150 employees on May 17. As of December 2021, Netflix had around 11,300 full-time employees, meaning this layoff represents 1.3% of the company's workforce. In April, Netflix also laid off 25 employees in marketing-related [...]
By Alice Seeley Demand for mortgages fell last week as the average interest rate on the average home loan rose to a nearly 13-year high, according to a new report from the Mortgage Bankers Association. According to the Mortgage Bankers Association (MBA), applications for mortgages decreased by 12% on a weekly basis and are down 15% compared with the [...]
By Alice Seeley Despite the increased prices of goods, consumers kept spending in April as retail sales rose about in line with Wall Street expectations. The Commerce Department reported on May 17 that monthly sales rose 0.9% overall in April, just below the Dow Jones estimate of a 1% increase but in line with expectations from Refinitiv [...]
By Alice Seeley The U.S. Food and Drug Administration (FDA) announced on May 17 that it amended the emergency use authorization (EUA) for the Pfizer-BioNTech COVID-19 vaccine, authorizing the use of a single booster dose for administration to children 5 through 11 years of age. Children will be eligible for booster shots five months after completing a [...]
By Alice Seeley After Spirit Airlines rejected JetBlue's $3.6 billion offer twice over antitrust issues, JetBlue Airways is now going hostile in its quest to acquire Spirit Airlines. JetBlue is currently appealing directly to Spirit's shareholders, urging them to reject the $2.9 billion acquisition by Frontier. On May 16, in a letter addressed to Spirit shareholders, JetBlue [...]
By Alice Seeley As of May 16, there are only three states in the U.S. with a gas price average below $4 per gallon – Georgia, Kansas, and Oklahoma. On May 15, the national gas price average reached a new high at $4.47 per gallon. A year earlier, the average gas price was $1.44 less at $3.028. [...]
By Alice Seeley On May 4, the Federal Reserve increased its interest rate by a half-percentage point to combat the highest inflation in forty years. This is the largest increase in more than two decades. The interest rate is now in a range of 0.75 and 1%, with the central bank projecting a total of about six additional hikes [...]
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