Core Points - The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Walmart and Branch Messenger for allegedly forcing over a million delivery drivers to use accounts that incurred more than $10 million in junk fees [5] - The lawsuit claims that Walmart misled drivers about their access to wages, stating they would have instant access, while in reality, they faced delays and fees [4][7] - Walmart and Branch Messenger have denied the allegations, asserting that the CFPB rushed to file the lawsuit without allowing them adequate time to respond [6] Summary by Category Lawsuit Details - The CFPB's lawsuit alleges that Walmart threatened to fire drivers unless they opened Branch accounts without their consent [2] - The agency is seeking to end the alleged conduct, return funds to affected consumers, and impose fines to be paid into the CFPB's victim relief fund [8] Company Responses - Walmart has expressed its intention to vigorously defend itself in court, emphasizing the importance of due process [2][6] - Both Walmart and Branch Messenger have criticized the CFPB for not allowing them time to provide explanations before the lawsuit was filed [6]

Core Viewpoint - The recent surge in Apple shares is driven by investor enthusiasm for artificial intelligence and expectations of a supercycle in iPhone upgrades [1] Group 1: AI Enhancements and iPhone Sales - Apple launched iOS 18.2, a significant update that enhances its Apple Intelligence functions, including Visual Intelligence [2] - The company is expected to see strong iPhone sales during the Christmas shopping season, with positive trends for iPhone 16 upgrades based on supply chain checks [3][8] - Recent AI features, such as Image Playground, are aimed at rejuvenating iPhone sales, which had previously been sluggish [7][9] Group 2: Market Capitalization and Stock Performance - Apple is on track to become the first company to surpass a $4 trillion market capitalization, driven by AI advancements [5] - As of Monday, Apple's stock was trading around $255, reflecting a nearly 40% increase since the beginning of the year [10] - Analysts predict that Apple's stock could exceed $300 per share within the next 12 months, with a market cap surpassing $4 trillion by early 2025 [12] Group 3: Financial Performance - iPhone sales totaled $46.22 billion for the July-September period, marking a 6% increase year-over-year [17] - The company has reversed two consecutive years of declining quarterly iPhone sales, indicating a recovery in demand [12][9] Group 4: Competitive Landscape - Apple has outpaced Nvidia and Microsoft in the race to reach a $4 trillion market cap, aided by a 16% increase in shares since early November [13] - Despite recent stock cooling due to concerns over a new AI chip, Blackwell, the overall outlook remains positive [14]

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.The five-day strike, which began on Friday and initially closed Starbucks cafes in Los Angeles, Chicago and Seattle, has added locations in New Jersey, New York, Philadelphia and St. Louis, Workers United said in a statement. It did not specify in what New Jersey city the walkout was occurring.Starbucks said the disruptions from the strike have no signifi ...

Frustrated workers at Amazon’s largest facility in Staten Island walked out on the job Saturday morning, joining a nationwide strike against the retail giant just days before Christmas. Workers from the JFK8 Fulfillment Center, which employs a staff of about 5,500, joined the picket lines in solidarity with thousands of employees from warehouses across the country, including one other in New York City, the Teamsters Union announced.Demonstrators are demanding higher wages, better benefits and improved worki ...

Amazon workers affiliated with the Teamsters union continued a strike Friday at seven of the company’s delivery hubs just days before Christmas.At midnight on Saturday, workers at a prominent unionized warehouse in New York will also join, the Teamsters said. However, the union has not indicated how many employees were participating in any of the walkouts or when it will end.The workers, who voted to authorize strikes in recent days, first joined picket lines on Thursday after Amazon ignored a Sunday deadli ...

Starbucks is responding as some of its union workers took to picket lines Friday after Starbucks Workers United (SBWU) baristas voted to authorize a strike earlier this week.According to the coffee chain, the union is seeking pay hikes that are “not sustainable.”“Workers United proposals call for an immediate increase in the minimum wage of hourly partners by 64% and by 77% over the life of a three-year contract,” Starbucks said in a statement. “This is not sustainable.”According to Starbucks, the average p ...

Core Points - A federal regulator has sued JPMorgan Chase, Wells Fargo, and Bank of America for failing to protect consumers from fraud on the Zelle payment network, violating consumer financial laws [1][10] - The lawsuit claims that the banks did not take meaningful action to address fraud issues on Zelle for years after its launch [2][9] - The Consumer Financial Protection Bureau (CFPB) is seeking an unspecified amount of money for refunds, damages, and penalties [3] Company Responses - Bank of America disagrees with the lawsuit, stating it would impose "huge new costs" on banks and credit unions offering Zelle [5] - Wells Fargo declined to comment on the lawsuit [14] - JPMorgan did not immediately respond to requests for comment [7] Zelle Usage and Impact - In the first half of 2024, Zelle users transferred $481 billion across more than 1.7 billion transactions [8] - The CFPB claims that customers of the three banks have lost over $870 million due to fraud on Zelle since its launch [11] - The three banks account for 73% of Zelle's activity, with more than 99.95% of transactions going through without incident [12][13] Background on Zelle - Zelle has become one of the most widely used peer-to-peer payment networks in the U.S. since its launch in 2017, with over 143 million users [15] - Early Warning Services, a fintech company operating Zelle and owned by seven U.S. banks, is also named as a defendant in the lawsuit [4]

Core Viewpoint - Novo Nordisk's late-stage trial results for its obesity drug CagriSema were disappointing, leading to a significant drop in market value, estimated at $125 billion [1][2]. Group 1: Trial Results and Market Impact - The trial showed an overall weight loss of 22.7% after 68 weeks, which was below the expected 25% [17][24]. - Following the announcement, Novo's shares fell as much as 27%, marking one of the largest one-day declines for a European company [2][23]. - The disappointing results have raised concerns about Novo's ability to maintain its competitive edge in the obesity drug market, especially against rivals like Eli Lilly [30][31]. Group 2: Competitive Landscape - Eli Lilly's Zepbound demonstrated an average weight loss of nearly 23% in its clinical trials, positioning it as a strong competitor [7][16]. - Analysts had previously estimated peak sales for CagriSema could reach $20 billion, indicating high expectations for the drug [14]. - The pressure on Novo to deliver a more effective successor to Wegovy has intensified following Lilly's positive trial results [31][38]. Group 3: Patient Response and Side Effects - The trial indicated that 40.4% of patients achieved a weight loss of 25% or more, but only 57% reached the highest dose of the drug [4][24]. - Common adverse events associated with CagriSema were gastrointestinal, mostly mild to moderate, and diminished over time [13][27]. - Concerns were raised about patient tolerability and adherence to the treatment, with some patients potentially stopping injections after achieving satisfactory weight loss [10][11]. Group 4: Future Plans - Novo Nordisk plans to submit CagriSema for regulatory approval towards the end of 2025 and intends to start a new trial in the first half of next year to explore additional weight-loss potential [28][35].

Google CEO Sundar Pichai reportedly said he has slashed a tenth of the search giant’s managerial roles since last year as part of a drive to become more efficient.In total, Google has reduced the number of managers, directors, and vice presidents within its workforce by 10%, Pichai said during an all-hands meeting on Wednesday.A Google spokesperson said the structural changes described by Pichai are designed have been rolling out since 2023 and did not represent job cuts beyond those previously reported.CEO ...

Nike’s results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter.Nike’s new CEO Elliott Hill warned of short-term pain as the embattled sportswear seller works to revive tepid demand for its brands. Shares of Nike surged 11% immediately after the earnings report but gave up those gains after Hill and CFO Matthew Friend reined in expectations ...