Business Headlines
US economy grew much faster than expected in second quarter
Javier Ghersi/Getty Images(NEW YORK) -- The U.S. economy grew much faster than expected over three months ending in June, accelerating from the previous quarter and defying concerns about a possible slowdown.U.S. GDP grew at a 2.8% annualized rate over three months ending in September. That figure doubled the annualized rate of growth undertaken over the previous quarter.The economic expansion reflected a surge in consumer spending, the U.S. Bureau of Economic Analysis said on Thursday. The uptick in spending included purchases of housing, and cars, among other items, the BEA added.The fresh data delivers a strong bill of health for the nation's economy. The robust performance defies a years-long period of high interest rates, which typically weigh on demand and slow ... Read More
Boeing finalizes plea deal with DOJ over misleading FAA during 737 MAX evaluation
The Boeing company logo (Photo by Patrick Pleul/picture alliance via Getty Images)(NEW YORK) -- The Department of Justice and Boeing have finalized their plea agreement -- the manufacturer will plead guilty to conspiracy to defraud the United States and pay a fine of $243.6 million, according to a court filing.Boeing will also serve a three-year term of organizational probation; invest $455 million in compliance, quality and safety programs; and the board of directors will meet with the families of victims of the two MAX crashes. An independent compliance monitor will also be appointed.This is not a done deal until it is approved by U.S. District Judge Reed O'Connor in the Northern District of Texas, who can either approve the deal ... Read More
Tesla shares plummet after company reports falling profits
Smith Collection/Gado/Getty Images(NEW YORK) -- Shares of Tesla fell 12% in early trading on Wednesday after an earnings release showed slumping profits in the face of strengthened competition and sluggish sales.The earnings report fell short of Wall Street expectations for profit.“There have been quite a few competing electric vehicles that have entered the market and mostly, they have not done well, but they have discounted their EVs quite substantially, which has made it more a bit difficult for Tesla,” Tesla CEO Elon Musk told analysts on Wednesday.Tesla shares plummeted more than 25% at the outset of 2024 but the company had recovered all of those losses this month after it released a better-than-expected report on vehicle deliveries. The stock price ... Read More
Frustrated families grounded as Delta chaos continues, DOT launches investigation
Travelers wait to board their delayed flight at the Hartsfield-Jackson Atlanta International Airport on July 23, 2024 in Atlanta, Georgia. (Brandon Bell/Getty Images)(NEW YORK) -- Delta Air Lines passengers are voicing outrage over the growing chaos with the carrier that has yet to rebound its operations since the global tech outage.The Atlanta-based airline is in its sixth day of flight disruptions leaving ticketed passengers stranded at airports, following the CrowdStrike outage on Friday that impacted industries from banks to hospitals."This is our fourth cancellation," one frustrated traveler, Sarah Lassig, told ABC News Bay Area station KGO-TV. "I just wish we had given up and stayed home," her husband, Nathan Lassig, added.As of time of publication, according to the U.S. Department of ... Read More
Delta issues apology to passengers after CrowdStrike outage along with bonus miles, reimbursements
A Delta Airlines plane sits on the tarmac at the Charlotte Douglas International Airport on July 23, 2024 in Charlotte, North Carolina. Delta Airlines has canceled and delayed hundreds of additional flights as problems from the outage caused by the Crowdstrike software update continue into a fifth day. (Brandon Bell/Getty Images)(NEW YORK) -- Delta apologized for its widespread cancellations and delays over the last several days, issuing a new message Wednesday to customers affected by the fallout from the global IT outage last Friday.The airline also says it plans to issue 10,000 bonus miles and offers to reimburse "reasonable expenses."“Please accept our sincere apologies for the disruption to your recent travel plans caused by a vendor technology outage affecting airlines ... Read More
McDonald’s extends $5 meal, Wendy’s adds $1 breakfast sandwich
ermingut/Getty Images(NEW YORK) -- McDonald's is extending its popular $5 meal deal as the value meal battle between fast food chains wages on.In a company memo obtained by ABC News, McDonald's executives said most U.S. locations will extend the deal through August.The deal that first launched on June 25 was only supposed to stay on menus for a month, but executives said the deal has resonated with millions of customers and has helped boost traffic at restaurants.The meal combo includes a choice of a McDouble or McChicken sandwich, small french fries, four-piece chicken nuggets and a small soft drink.Several other fast food chains including Burger King, Wendy's, Starbucks and Taco Bell have rolled out comparable discounts this summer to entice ... Read More
Department of Transportation opens investigation into Delta over flight disruptions
EllenMoran/Getty Images(WASHINGTON) -- The U.S. Department of Transportation is opening an investigation into Delta Airlines over recent flight disruptions, Transportation Secretary Pete Buttigieg said on Tuesday in a post on X."All airline passengers have the right to be treated fairly, and I will make sure that right is upheld," Buttigieg said.The airline is struggling to resume normal service five days after a global IT outage at cybersecurity firm CrowdStrike.Delta canceled more than 400 flights on Tuesday morning, the most of any major airline, according to flight tracking site FlightAware. The airline with the second-most cancellations on Tuesday has nixed only 55 flights, FlightAware says.The outage at CrowdStrike on Friday hindered services at airlines and hospitals in the U.S., banks in ... Read More
Kamala Harris’ wealth comes mostly from her and her husband’s investments, records show
U.S. Vice President Kamala Harris and second gentleman Douglas Emhoff descend from Air Force Two at Delaware National Air Guard base in New Castle, Delaware, on July 22, 2024. (ERIN SCHAFF/POOL/AFP via Getty Images)(WASHINGTON) -- When Kamala Harris ran for president in 2020, she released 15 years of her personal tax returns, the most of any 2020 presidential candidate. The disclosure offers a glimpse into how Harris, who has emerged as the front-runner for the Democratic presidential nomination after President Joe Biden's sudden withdrawal from the race, became a millionaire as a public servant.After Harris, in 2014, married Doug Emhoff, who was then an entertainment lawyer, her net worth increased significantly due to the couple's combined assets, a review of ... Read More
Families, friends shop and split with ‘bulk sharing’ to save money on groceries
Justin Sullivan/Getty Images(NEW YORK) -- Families, friends, and even roommates are combining forces to create more savings on grocery products by buying in bulk and splitting the bill at big box retailers like Costco and Sam's Club.The idea of "bulk sharing," as first reported by the Wall Street Journal, applies to the idea that's catching on with more American shoppers hoping to find any savings they can on everyday items.Marissa Verna told "Good Morning America" that she shops and splits bulk items with her sister Jill."I don't need 40 bags of this toddler snack," Verna said, adding that's why she thought to ask her sister, "'Do you want to go halves on it and I'll send over 20 bags for ... Read More
CrowdStrike stock price plummets amid worldwide IT outage
Yuichiro Chino/Getty Images(NEW YORK) -- The stock price of cybersecurity company CrowdStrike plummeted on Friday amid a global IT outage that has affected clients worldwide.Shares were down 11% at the close of trading on Friday. That performance marked a slight recovery from the morning hours, when the stock price had fallen as much as about 15%. The stock ended the day at its lowest level since May."The issue has been identified, isolated and a fix has been deployed," CrowdStrike CEO George Kurtz said in a post on X.The outage affected CrowdStrike customers who use Windows products, Kurtz added.Shares of Microsoft inched downward on Friday morning but did not experience the sell-off endured by CrowdStrike.The outage hindered services at airlines in ... Read More
Family says Norwegian will reimburse costs after getting stranded in Alaska during excursion mishap
Courtesy the Gault Family(NEW YORK) -- A cruise vacation through Alaska turned into a travel nightmare for one Oklahoma family who got stranded without their belongings after a mishap with a local excursion caused them to miss their ship's boarding window.The Gault family, including six young kids and a 78-year-old grandmother, are now safely back home from Ketchikan. They had disembarked from the Norwegian Encore on Friday, July 12 to see a lumberjack show that they booked through the cruise line."When you talk about cruise nightmares this is the definition of it," Joshua Gault told Good Morning America of the incident.He said when they tried to get back to the ship, the local tour operator had told them to wait ... Read More
Crypto is here to stay, but don’t trust its get-rich-quick persona, author says
We Are/Getty Images(NEW YORK) -- Writer, entrepreneur, and influencer Nathaniel "Nat" Eliason sat down with ABC News to discuss his new book, "Crypto Confidential: Winning and Losing Millions in the New Frontier of Finance."Eliason needed to make money quickly, so he turned to the most promising get-rich-quick opportunity at the time, crypto. By 2022, he was deeply involved in the world of cryptocurrency.As a self-taught programmer, Eliason's journey was a roller-coaster of earning and losing millions of dollars, a testament to his determination and resourcefulness. His new book lays out his learning journey and is a source of inspiration for others.Eliason talked about the good, bad, and ugly in his cryptocurrency journey.ABC NEWS: In 2021, writer and entrepreneur Nat Eliason ... Read More
Trump’s Truth Social stock soars after assassination attempt
Andrew Brookes/Getty Images, STOCK(NEW YORK) -- Shares of former President Donald Trump's social media platform Truth Social soared in early trading on Monday, extending a rally that began in the immediate aftermath of an assassination attempt two days earlier.In early trading on Monday, shares climbed about 30% to a price of $40. That figure marked the highest level for the stock in more than a month, but shares still stood well below a peak of about $62."The stock serves as a little bit of a proxy for sentiment toward Donald Trump himself," Tyler Richey, an analyst at Sevens Report Research, told ABC News."I think there's a resurgence of people -- your die-hard Trump fans and fair-weather supporters -- who think, ... Read More
Good American CEO Emma Grede shares her strategies for success
Emma Grede attends the FRAME & Amelia Gray dinner at the Chateau Marmont, April 4, 2024, in Los Angeles. -- Stefanie Keenan/Getty Images for FRAME, FILE(NEW YORK) -- Emma Grede, a British entrepreneur and the mastermind behind brands like SKIMS and Good American is sharing her secrets on how she built a successful career.Grede is CEO of Good American, a fashion line on which she partners with Khloé Kardashian, serves as chairperson of the nonprofit 15 Percent Pledge and has also made her mark on ABC's hit series Shark Tank.The 41-year-old businesswoman, also a mentor on and executive producer of Side Hustlers on The Roku Channel, told Good Morning America that one secret to her success is thinking about her ... Read More
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