Breaking News

Business

Netflix posts higher Q2 results but shares drop due to forecast

Netflix said Thursday its second-quarter profit grew thanks to new membership signups and price increases, which “had gone well and as expected.” But the company’s shares declined sharply in after-hours trading as the video streaming company’s forecast for the current quarter fell below Wall Street’s expectations. Netflix earned $3.4 billion, or 80 cents per share, in the March-June period. That’s up 9% from $3.13 billion, or 72 cents per share, in the same period a year earlier. Revenue grew 13% to $12.56 billion from $11.08 billion. Analysts, on average, were ...

Operations at Schwebel’s to end, according to court filing

The Schwebel Baking Company’s efforts to find a new buyer have failed, and the company will halt operations. The news came out of an hourlong telephone status conference Wednesday morning with U.S. District Judge David A. Ruiz in U.S. District Court, Youngstown. “Extensive discussion occurred,” according to minutes of the proceeding released by the court. “Notably, Defendant’s discussions with a potential buyer have come to a close, and the company is proceeding with a wind-down of its operations. In addition, a secured creditor of Defendant just filed a lawsuit seeking to ...

US stocks rise within 0.5% of their record, even as oil prices keep climbing

NEW YORK (AP) — U.S. stocks ticked higher Wednesday following strong profit reports from BlackRock and other big companies. The tentative gains came as oil prices swung to their highest levels in a month because of the war with Iran. The S&P 500 rose 0.4% after flipping between modest gains and losses through the day, and it’s back within 0.5% of its all-time high set last month. The Dow Jones Industrial Average added 150 points, or 0.3%, and the Nasdaq composite climbed 0.6%. BlackRock helped lead the market with a rise of 6.6% after the company behind some of the most popular ...

New York won’t build big data centers for a year as it weighs energy and climate risks

NEW YORK (AP) — No large data centers can be built in New York for up to a year as the state creates rules to protect the environment and its energy grid from the power-hungry facilities fueling artificial intelligence. Gov. Kathy Hochul signed an executive order Tuesday imposing the country’s first statewide moratorium on hyperscale data centers, which house thousands of computer servers and require massive amounts of energy and a steady supply of water to keep cool. The move pushes the state into a raging debate over how to regulate the AI industry, as concerns over rising ...

Operations at Schwebel’s to end, according to court filing

The Schwebel Baking Company’s efforts to find a new buyer have failed, and the company will halt operations. The news came out of an hourlong telephone status conference this morning with U.S. District Judge David A. Ruiz in U.S. District Court, Youngstown. “Extensive discussion occurred,” according to minutes of the proceeding released by the court. “Notably, Defendant’s discussions with a potential buyer have come to a close, and the company is proceeding with a wind-down of its operations. “In addition, a secured creditor of Defendant just filed a lawsuit seeking to ...

Massive AI buildout poses latest inflation threat

WASHINGTON (AP) — American consumers — and the Federal Reserve — are being hit with another high-cost headache. The gusher of investment in data centers — likely topping $700 billion this year — to power artificial intelligence has made memory chips, computer processors and other equipment, as well as electricity, more expensive. Economists expect it will continue to push up inflation at least through the end of this year. While it won’t be as large a spike as occurred in 2021-2023, when inflation peaked at 9.1%, massive AI spending is likely to keep prices rising more ...