Here is a rundown of Cheddar News' top trending market stories of the day.
APPLE LABOR VIOLATIONS
The U.S. National Labor Relations Board (NLRB) has ruled that various Apple policies violate labor laws designed to protect workers' right to collective action. The investigation began in 2021 after two former employees accused the company of maintaining work rules that banned discussing wages, hours or other terms of employment. The agency is also looking into statements from Apple executives that could have violated the National Labor Relations Act.
PENDING HOME SALES RISE
Pending home sales went up in December for the first time in six months, according to the National Association of Realtors. The measure jumped 2.5 percent from the month before, though the year-over-year measure is still down 33.8 percent. Some experts see the data as a turning point for the battered housing market. “This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”
IMPOSSIBLE FOODS LAYOFFS
Impossible Foods is laying off 20 percent of its workforce or about 100 employees. This is the second round of cuts in less than six months. The company laid off 6 percent of its workers in October. In a controversial move, CEO Peter McGuinness quoted Martin Luther King Jr. in the initial layoff announcement. He has since apologized. The much-hyped maker of plant-based meat substitutes has struggled to maintain its ambitious growth plans in recent years.
SHOWTIME JOINS PARAMOUNT+
Paramount Global said it is fully integrating its streaming service, Paramount+, with Showtime. The integration will rebrand the company's streaming offering as Paramount+ with Showtime. The latter channel, available for an extra fee in pay-TV bundles, will now feature Paramount+ original series and spinoffs of popular shows such as "Yellowstone" and "Criminal Minds."
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
Shaquille O’Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic.
Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.
