'Get Out' tops box office with huge $30.5 million in ticket sales

Business / Business News /

LOS ANGELES -- Boosted by strong reviews and a genre-bending story, Jordan Peele's socially conscious horror movie, "Get Out," got a big, neighborly welcome at the box office over the weekend.

The movie from the comedian-turned-director obliterated industry expectations with a studio-estimated $30.5 million in ticket sales in the U.S. and ...Read more

Trump's choice for commerce secretary leaves Russia questions unanswered

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WASHINGTON -- Wilbur Ross is likely to be confirmed as President Donald Trump's secretary of commerce Monday despite unanswered questions about his ownership of a Cyprus bank that caters to wealthy Russians.

Ross, a business turnaround specialist, has not responded to a Feb. 16 letter from six Democratic senators asking him to explain his ...Read more

Jared Kushner, who owns federally subsidized apartments, to distance himself from policy discussions

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BALTIMORE -- Jared Kushner, son-in-law and adviser to President Donald Trump, will recuse himself from any policy discussion related to federal rental assistance for low-income tenants because his real estate company's Baltimore-area properties receive money from the U.S. housing department's voucher program, the White House said.

Three ...Read more

Susan Tompor: Millennials wonder: 'Where's my money going?'

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Millennials could be risking their financial future as they craft ways to tackle their student loans, car payments and credit card debt.

New research indicates that many are overusing credit cards, racking up fees with late payments or overdrawing checking accounts and in some cases even taking loans against 401(k) plans.

What's worse: ...Read more

American-made companies worried about proposed border tax

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CHICAGO -- Some of the loudest opposition to a proposed tax on imports has come from the retail industry, which sent a handful of top CEOs to meet with President Donald Trump earlier this month and has warned that bigger tax bills could mean price hikes for customers.

But the proposed border adjustment tax, part of the House Republicans' tax ...Read more

Consumer Confidential: Your privacy: Verizon's takeover of Yahoo is all about user data

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Verizon Communications and Yahoo have come to terms on the telecom giant's takeover of the seen-better-days internet company. Now, millions of Yahoo users have something else to consider: Verizon's aggressive use of customer information.

Put simply, if you think Yahoo played fast and loose with people's privacy, wait until you see what's in ...Read more

Gail MarksJarvis: Recent college grads now more likely to have good jobs, opportunity

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The college graduate underemployment epidemic is easing.

And the stereotypical image of young people stuck in parents' basements, working as baristas at Starbucks and wondering why they burdened themselves with $30,000 in student loan debt is becoming outdated.

There are still too many recent graduates in jobs that didn't require them to go to...Read more

Will the US punish Mexico on trade? A Trump supporter has doubts

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LOS ANGELES -- Al Zapanta, a Purple Heart and Silver Star-awarded Vietnam War veteran who is rumored to be in consideration for U.S. ambassador to Mexico, thinks that he can change President Trump's mind on the value of doing business with our southern neighbor.

In his first month in office, Trump has sent clear signals that he means to ...Read more

Trump administration makes first move to build border wall

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WASHINGTON -- President Donald Trump's administration is soliciting ideas from contractors on how to build its promised wall between the U.S. and Mexico, a first tangible step toward delivering on the president's signature campaign promise to curb unauthorized immigration.

U.S. Customs and Border Protection issued a preliminary request for ...Read more

The Week Ahead: Searching for words to support the Trump rally

Business / Business News /

Call it the election relief rally. Call it the presidential promise rally. Call it an extension of the longest stock rally in a quarter of a century.

However one wants to refer to the stock market rally we've seen since November, it's indisputable that it has been marked by a historic run-up in prices, with the Standard & Poor's 500 stock index...Read more

Nordstrom has strong fourth quarter, but full-line stores continue slide

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SEATTLE -- Nordstrom handily beat Wall Street expectations for its fourth quarter, with both profits and revenues up from a year ago.

The Seattle-based upscale retailer reported earnings per share of $1.15 for the quarter that ended Jan. 28. That was up 15 percent from the year-ago period.

Excluding certain items, the adjusted earnings came to...Read more

Sears cuts 130 corporate jobs, mostly at HQ

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CHICAGO -- Sears Holdings laid off about 130 corporate employees Thursday, part of a restructuring plan aimed at cutting at least $1 billion in costs this year.

The 130 employees worked in various roles at Sears' corporate offices, mostly in its suburban Chicago headquarters, Sears spokesman Chris Brathwaite said.

Sears Chairman and CEO Edward...Read more

Sears licenses Kenmore brand grills to Permasteel

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CHICAGO -- Sears Holdings has inked a licensing deal that will mean the sale of its Kenmore grills in stores beyond Sears and Kmart.

California-based Permasteel will be able to manufacture Kenmore and Kenmore Elite gas grills, grill covers and accessories for distribution at retailers nationwide, Sears said in a news release. Sears, ...Read more

Trump said to be weighing U.S. Bancorp's Davis for Fed board seat

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WASHINGTON -- President Donald Trump is considering nominating U.S. Bancorp Chief Executive Officer Richard Davis for the Federal Reserve Board, said people familiar with the matter, as the president prepares to start reshaping the central bank's approach to monetary policy and Wall Street oversight.

Davis, who has announced he plans to retire ...Read more

Hewlett Packard Enterprise's sales fall short; outlook disappoints

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PALO ALTO, Calif. -- Hewlett Packard Enterprise said Thursday that its fiscal first-quarter sales fell 10 percent from a year ago and that the computer-technology giant is seeing new "significant headwinds" that will affect its business through the rest of this year.

After the stock market closed, HPE said it earned 16 cents a share on revenue ...Read more

Microsoft invests in maker of drone air traffic management software

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SEATTLE -- The venture capital arms of Microsoft, Airbus and Qualcomm have led a $26 million investment in AirMap, the builder of drone air traffic management software said.

The startup, which opened its first office in Santa Monica, Calif., in 2015, builds technology that tracks air traffic, weather and flight restrictions in real time to ...Read more

Hormel profit squeezed by competition, lower prices in turkey

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MINNEAPOLIS -- Hormel Foods Corp. sold more turkeys during the holidays but made less profit due to low prices and growing competition, its latest quarterly results showed Thursday morning.

Executives lowered their full-year profit outlook as a result of shortfalls in the Jennie-O turkey unit. The company's shares fell 7 percent in early ...Read more

Day after call with Merkel, PSA chief talks jobs with May

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LONDON -- With German and U.K. car jobs on the line, which leader would get to PSA Group Chief Executive Officer Carlos Tavares first?

After two days of trying to find a suitable time to meet in person, British Prime Minister Theresa May finally had a phone call with the CEO on Wednesday to make the case for Vauxhall cars. A day earlier, ...Read more

Resort towns seek a lift from Airbnb taxes

Business / Business News /

In search of some extra cash, Jim and Janet Dooley started renting out a spare bedroom in their Big Bear home to skiers and other outdoor enthusiasts.

"This has brought us a couple of hundred dollars a week," said Janet Dooley, who listed the room about two years ago on the online booking platform Airbnb. Most of the guests have been young ...Read more

The Journey: Want a globetrotting retirement? Get real about saving

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In another win for hope over experience, a new survey shows retirement savers are more confident about the future than they perhaps should be.

Polling 2,001 people age 36 and up with annual income of at least $75,000 and savings of at least $50,000, investment firm T. Rowe Price found 92 percent said their ideal retirement is somewhat or very ...Read more