401K balances jumped in the fourth quarter of 2022, but were down 23 percent for the entire year, due to the ongoing bear market. New data from Fidelity Investments also found that the average individual retirement account balance was down 20 percent to $104,000 in the fourth quarter. Amid this economic uncertainty, the savings rate remained steady at 13.7 percent, down slightly from the 13.8 percent in the third quarter and 13.9 percent in the second quarter.
GOODBYE TO THE SUPER HORNET
Boeing said it will end production of the F/A-18 Super Hornet in 2025. The shutdown will affect a production line near St. Louis, which could power back on if the company wins a contract in India. The Super Hornet is considered the most successful aircraft in the history of the U.S. Navy. The company will redeploy staff to pursue new opportunities, including the T-7 Red Hawk.
DOMINO'S SALES SLUMP
Domino's Pizza missed sales estimates in the fourth quarter, as high delivery fees put a dent in online orders. Same-store delivery sales dropped 6.6 percent after the company raised delivery fees to make up for higher labor and commodity costs. With deliveries making up 60 percent of sales, the drop hit the company hard. Its share price fell 11 percent on Thursday.
NETFLIX LOWERS PRICES
Netflix is lowering its subscription price across the globe. The streaming giant has lowered prices in more than 100 territories, including large parts of the Middle East, South America, and Eastern Europe. The discount varies by area, but some saw 20 to 60 percent decreases for the basic tier membership, according to data from Ampere Analysis shared with TechCrunch.
Ben & Jerry’s co-founder Jerry Greenfield is leaving the ice cream brand after 47 years. He says the freedom the company used to have to speak up on social issues has been stifled
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
