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Best Buy raises its holiday outlook, but not as much as investors hoped

Business / Business News /

Best Buy's top executives signaled Thursday that the retailer's high-flying sales growth of the past six months will once again slow down during the holidays.

The fourth quarter, which accounts for a third of the electronics chain's annual sales and half its annual profits, has been a rough go for the company in recent years with sales sliding ...Read more

Richard Spencer, other white supremacists lose Twitter verification

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A week after the ruckus over blue checks on Twitter, the company has updated its policy on verifications and revoked the verifications of some white supremacists.

Richard Spencer, Jason Kessler and others have lost the blue check marks next to their names on Twitter.

"We are conducting an initial review of verified accounts and will remove ...Read more

Cheaper batteries will help GM profit from electric vehicles by 2021, Barra says

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DETROIT –– General Motors intends to make a profit on its next generation of electric vehicles because the batteries will cost nearly one-third less than the batteries in today's Chevrolet Bolt, CEO Mary Barra said this week.

Last month, GM product development chief Mark Reuss said the company intends to introduce 20 new electrified ...Read more

Auto review: What it's like driving the Dodge Demon, the world's fastest production car

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Tired of stories about driverless cars? Then how about a story of the 2018 Dodge Challenger SRT Demon, one of the world's quickest cars ever made? It's so tuned to driving it comes standard with only a driver's seat.

The latest addition to the Challenger lineup is specifically engineered for drag racing. The Demon is one of the new "widebody" ...Read more

Facebook launches video app for content creators in challenge to YouTube

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Facebook has launched a video app called Creators aimed at building a community of closely followed producers like YouTube's, the company announced Thursday.

The company opened a new office in Playa Vista last year in part to strengthen its relationship with the entertainment industry and video creators who have flocked to YouTube.

Video -- ...Read more

NY state fines Cigna for insurance violations

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New York state has fined Cigna Health and Life Insurance Co. $2 million on accusations that it violated state insurance law.

The state said the Bloomfield, Conn.-based insurer illegally sold stop-loss insurance and unapproved health insurance policies.

Stop-loss insurance, policies that limit claim coverage to protect against numerous or ...Read more

Investment firm puts $65 million into Johns Hopkins research

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BALTIMORE -- Johns Hopkins University scientists will get a $65 million infusion of funding from a Wall Street investment firm to boost early stage therapeutic research that also could help bring drugs and treatments to market.

Deerfield Management, a New York-based health-care-oriented investment management firm, will disburse the money over ...Read more

Honda, Ford, Chevrolet get Blue Book Best Buy awards

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The Honda Accord was named "best car overall" Thursday and Honda swept seven categories as Kelley Blue Book released its 2018 Best Buy car awards.

Ford and Audi each won two awards in the various vehicle segments. Chevrolet and Porsche made the final cut, too.

The Honda Civic and Porsche 718 Boxster won again. And both Chevrolet Impala and the...Read more

Sensor-equipped pill raises technological, ethical questions

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The first drug with a sensor embedded in a pill that alerts doctors when patients have taken their medications was approved by the Food and Drug Administration, raiding issues involving privacy, cost, and whether patients really want caregivers looking over their shoulders.

Japan's Otsuka Pharmaceutical Co. will insert a tiny chip -- the size ...Read more

Viacom stock drops amid cord-cutting fears; Paramount Pictures suffers another loss

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Cord-cutting squeezed Viacom Inc. earnings as the owner of cable channels MTV, Comedy Central and Nickelodeon struggles to improve its fortunes in a more challenging media environment.

Viacom said its revenue increased 3 percent to $3.3 billion in its fiscal fourth quarter, beating analysts' expectations. However, domestic TV advertising ...Read more

Publisher Meredith is trying to by Time Inc. with Koch brothers' help, reports say

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Magazine publisher Meredith Corp. reportedly is again in talks to acquire Time Inc., this time with financial backing from the billionaire Koch brothers.

Meredith -- which publishes Family Circle and Better Homes and Gardens -- recently approached Time about a deal, the latest in several rounds of negotiations between the firms going back the ...Read more

Robert Reed: When it comes to restructuring, GE can learn from Caterpillar

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As it embarks on one of the largest corporate transformations in modern history, General Electric may find it helpful to use Caterpillar as a guiding light.

That's because when it comes to cost-cutting, boosting sales, making money and getting back in the good graces of Wall Street, Deerfield, Ill.-based Caterpillar's two-year-plus ...Read more

Venture capitalist Peter Thiel helps Missouri attorney general, who is investigating Google

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Venture capitalist and PayPal co-founder Peter Thiel isn't saying publicly why he gave hundreds of thousands of dollars to the campaign of a state attorney general who just began an antitrust investigation of Google.

It's not the first time Thiel has donated cash to an attorney general who went after Google over monopoly concerns.

Missouri ...Read more

After hurricanes strike, US Virgin Islands pitches Florida investors to help rebuild

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After the worst hurricanes in U.S. Virgin Islands history, economic development specialists from the territory is seeking investors, offering generous tax incentives.

The U.S. territory, which was hit by Hurricanes Irma, Maria and Jose, used the Fort Lauderdale International Boat Show as a platform to pitch professional service firms and light ...Read more

In challenging times, Chicago's Mag Mile retail rents stay among North America's highest

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CHICAGO -- Chicago's North Michigan Avenue storefronts still bring in some of the highest rents in North America, with new deals averaging $550 per square foot even amid volatile times for retailers.

Magnificent Mile annual retail rents remained unchanged from 2016, according to the Main Streets Across the World report by commercial real estate...Read more

Real estate Q&A: No 'hard' law offers guidance for when HOAs require buyers to join golf clubs

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Q: Our homeowner association recently passed an amendment to our community requiring everyone who buys a resale in our community to join the golf and country club. It is costly to do so, and I am having a problem selling my home. Can the association do this? – David

A: This is an area of law where there is no clear answer to give you. You ...Read more

The Mortgage Professor: Can mortgage shoppers rely on the APR?

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APR stands for "Annual Percentage Rate," designed to be a comprehensive measure of the cost of credit that mortgage borrowers could use to compare loans offered by different lenders, or loans with different features. The APR adjusts the interest rate to take account of all loan fees paid up front by the borrower to the lender. (Note: It does NOT...Read more

Bill Gates just bought a huge chunk of land — he wants to build his own 'smart city'

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The richest man in the United States wants to build his own city.

Microsoft co-founder and billionaire philanthropist Bill Gates put down $80 million for a massive swath of land in Arizona, about 45 minutes west of downtown Phoenix, KPNX reports.

His goal? Developing 25,000 acres of land into a 'smart city' that will be called "Belmont." The ...Read more

Murkiness surrounds firm linked by dossier to hacking of Democrats

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WASHINGTON -- The dossier that has fueled investigations into Russian connections to Donald Trump's team got a lot right. Indeed, congressional probes and the first guilty plea in special counsel Robert Mueller's investigation have shown the document's suggestions that the Kremlin sought for years to cultivate Trump, that it cozied up to key ...Read more