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."
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
