A top Costco executive sounded the alarm on the potential consequences of President-elect Donald Trump’s proposed tariffs — warning that it will raise prices of goods across the board.“When it rains, it rains on everybody,” Gary Millerchip, the chief financial officer of the $447 billion big-box retailer, told investors on an earnings call on Thursday.“Of course, tariffs raise costs. That’s not something that we see as a positive in general.” 4 Business leaders are reacting to President-elect Donald Trump ...

Core Viewpoint - The Walt Disney Company has agreed to a $233 million settlement for a class-action lawsuit regarding unpaid minimum wages for Disneyland workers, impacting over 50,000 employees [1][2][7]. Group 1: Settlement Details - The settlement includes back pay with interest owed to employees since January 1, 2019, when Anaheim's $15-an-hour minimum wage law took effect [2][3]. - Disney will also pay penalties, interest, and other fees as part of the settlement [2]. - A California state judge is set to review the settlement on January 17, and employees will be notified of their individual compensation amounts if approved [3]. Group 2: Wage Issues - The lawsuit stemmed from allegations that Disney did not comply with local minimum wage laws, leading to claims of wage theft [5][8]. - Prior to the lawsuit, a survey indicated that Disney workers struggled to meet basic living expenses, prompting labor unions to take action [6][8]. - In July, Disney agreed to a new contract raising the minimum wage for unionized workers at Disneyland to $24 an hour [3]. Group 3: Historical Context - The dispute began in February 2018, and Anaheim voters approved a new minimum wage measure later that year [6][8]. - Disney had negotiated pay raises with individual unions but did not adjust wages in accordance with the new law, leading to the class-action lawsuit filed in December 2019 [8].

Core Viewpoint - Apple is developing a "giant foldable iPad" to enhance its product lineup, aiming to eliminate the screen crease common in foldable devices [1][2]. Product Development - The foldable iPad is designed to unfold into the size of two iPad Pros side-by-side, with current iPad Pro models being 11-inch and 13-inch [1]. - The device is expected to be ready for market by 2028, having been in development for several years, though details on its operating system and capabilities are limited [3]. - Speculation suggests the foldable iPad will incorporate elements from both current iPads and Mac computers, with iPadOS potentially supporting more advanced applications by 2028 [4]. Market Strategy - Apple is focusing on expanding its product offerings as smartphone sales have slowed, with the company deriving most of its revenue from iPhone sales [6]. - The company has also been exploring the development of a foldable iPhone, which is not expected to launch before 2026 [4]. - Last year, Apple introduced the $3,500 "Vision Pro" virtual-reality headset but has since reduced production due to disappointing sales [7].

Core Viewpoint - The CEO of UnitedHealth Group, Andrew Witty, acknowledged the flaws in the health system and emphasized the need for improvement in response to the murder of CEO Brian Thompson, while condemning the negative sentiments directed at the industry following the incident [1][8][12]. Group 1: Incident Overview - Brian Thompson, the CEO of UnitedHealthcare, was murdered in an ambush-style shooting on December 4 in Midtown Manhattan [4][10]. - The alleged shooter, Luigi Mangione, has been charged with murder and is currently fighting extradition to New York [5][11]. - Mangione expressed his grievances against the healthcare system in a manifesto and was reportedly uninsured by UnitedHealthcare [7][8]. Group 2: Response from Leadership - In an op-ed published in the New York Times, Witty expressed understanding of public frustration with the healthcare system and described Thompson as part of the solution [8][12]. - Witty highlighted that the current health system is a "patchwork built over decades" and acknowledged the company's shared responsibility for the lack of understanding regarding coverage decisions [12]. - He emphasized that employees should not face threats while grieving the loss of a colleague, underscoring the need for safety in the workplace [12][13]. Group 3: Vision for Improvement - Witty articulated that Thompson was dedicated to improving the healthcare experience for consumers, advocating for preventive health and quality outcomes rather than merely increasing tests and procedures [14]. - He noted that Thompson believed healthcare decisions should prioritize individual needs, promoting transparency in costs and coverage options for consumers [14].

Core Viewpoint - The introduction of a bipartisan bill aimed at forcing health insurers and pharmacy benefit managers (PBMs) to divest their pharmacy businesses has led to a decline in shares of major companies in the sector, including CVS Health, Cigna, and UnitedHealth Group. Group 1: Legislative Impact - A bipartisan bill sponsored by Senators Elizabeth Warren and Josh Hawley will require companies that own health insurers or PBMs to divest their pharmacy operations within three years [3][7]. - The bill is supported by Representatives Diana Harshbarger and Jake Auchincloss and will be introduced in Congress [3]. Group 2: Market Reaction - Shares of CVS Health, Cigna's Express Scripts, and UnitedHealth Group's Optum fell between 4.8% to 5.5% following the news of the bill [2]. - Other insurers such as Elevance, Humana, and Centene experienced a decline in shares ranging from 1% to 3% [6]. Group 3: PBM Operations and Criticism - PBMs negotiate prescription drug prices among insurers, pharmacies, and drugmakers, and they directly reimburse pharmacies for drugs under agreed terms [4]. - PBMs have faced criticism for their role in inflating drug costs and creating conflicts of interest, as highlighted by Senator Warren [5].

Core Points - Meta's applications, including WhatsApp, Facebook, and Instagram, are experiencing significant service outages, affecting over 150,000 users as reported by DownDetector.com [2][3] - The peak of the outage reports occurred just before 1 p.m., with more than 96,000 users reporting issues with Facebook [2] - Instagram also faced issues, with over 69,000 users reporting access problems, while WhatsApp had more than 12,000 outage reports [3] User Impact - The outage reports are widespread across the country, with a notable concentration in major cities such as New York, Boston, Los Angeles, and San Francisco [5]

Core Viewpoint - Albertsons has filed a lawsuit against Kroger after a US judge blocked their proposed $25 billion merger, claiming Kroger did not make sufficient efforts to secure regulatory approval and is seeking billions in damages [1][4][7]. Group 1: Lawsuit Details - Albertsons alleges that Kroger failed to exercise "best efforts" to obtain regulatory approval for the merger [2][4]. - The lawsuit seeks a $600 million termination fee along with additional damages to compensate Albertsons and its shareholders [1][4]. - Kroger has responded by calling Albertsons' claims "baseless" and an attempt to deflect blame for the merger's failure [3][6]. Group 2: Merger Background - The merger, agreed upon in October 2022, aimed to create the largest grocery chain in the US with nearly 5,000 stores across 48 states and Washington, D.C. [7]. - The Federal Trade Commission (FTC) intervened in February, arguing that the merger would harm competition, particularly citing Kroger's plan to divest 579 stores for $2.9 billion as insufficient [7][9]. - FTC Chair Lina Khan expressed concerns that the merger could lead to higher prices for consumers due to reduced competition [8][9]. Group 3: Market Reactions - Following the news of the lawsuit and merger blockage, Albertsons' shares fell by 0.1%, while Kroger's shares increased by 1.4% [4].

The US Supreme Court sidestepped on Wednesday a decision on whether to allow shareholders to proceed with a securities fraud lawsuit accusing artificial intelligence chipmaker Nvidia of misleading investors about how much of its sales depended on the volatile cryptocurrency market.The justices, who heard arguments in the case on Nov. 13, dismissed Nvidia’s appeal of a lower court’s ruling that allowed a 2018 class action — litigation led by the Stockholm, Sweden-based investment management firm E. Ohman J:o ...

Target has failed to persuade a judge in Florida to dismiss a lawsuit that accused the retailer of deceiving shareholders after its sales of LGBTQ-themed merchandise for Pride Month sparked a backlash and a customer boycott.US District Judge John Badalamenti in Fort Myers ruled that the plaintiffs had presented enough information for now to pursue claims that Target misled investors about its efforts to guard against social and political risks.The lawsuit from investor Brian Craig claims that Target’s board ...

Core Viewpoint - Chipotle Mexican Grill has raised menu prices by approximately 2% to counteract rising input costs amid a challenging demand environment for restaurants in the US [1][4][5] Group 1: Price Increase and Market Response - The price increase is a response to higher costs of key ingredients such as dairy, beef, and avocado, which have negatively impacted margins for restaurant operators [2][3] - Chipotle's shares rose by 5% to $63.99, reflecting a 42% increase in stock value this year [2] - The company had previously indicated that a price increase might not occur until early 2025, but the current demand trends prompted this decision [3][6] Group 2: Inflation and Consumer Behavior - Inflation in input costs has led to US restaurants and fast-food chains raising menu prices in 2023, which has tempered consumer demand as they opt for cheaper meals at home [2] - Chipotle's executives noted a low-single-digit inflation on the cost of sales and labor, indicating ongoing cost pressures [3]