Business

Nvidia Is a Must-Buy. Or Is It?
Business

Nvidia Is a Must-Buy. Or Is It?

In 2002, after the dot-com bubble burst and Sun Microsystems swooned, the company’s co-founder Scott McNealy highlighted the folly of Wall Street analysts who favored one particular financial metric to gauge a stock’s worth: its price relative to the company’s sales.Mr. McNealy was musing about the “price to sales” ratio — an important measure of a company’s value relative to how much cash it generates. A high ratio can be justified if investors think a company has room to grow; a low ratio typically signals that investors think the company is accurately valued.Using that metric, analysts had gambled that Sun’s stock was undervalued even when it was trading at more than 10 times its revenue — a value its business couldn’t ultimately sustain. Even if Sun passed on every dollar it was making...
Will Food Prices Stop Rising Quickly? Many Companies Say Yes.
Business

Will Food Prices Stop Rising Quickly? Many Companies Say Yes.

Few prices are as visible to Americans as the ones they encounter at the grocery store or drive-through window, which is why two years of rapid food inflation have been a major drag for U.S. households and the Biden administration.Shoppers have only slowly regained confidence in the state of the economy as they pay more to fill up their carts, and President Biden has made a habit of shaming food companies — even filming a Super Bowl Sunday video criticizing snack producers for their “rip off” prices.But now, the trend in grocery and restaurant inflation appears to be on the cusp of changing.After months of rapid increase, the cost of food at home climbed at a notably slower clip in January. And from packaged food providers to restaurant chains, companies across the food business are report...
William Beecher, Who Revealed Secret Cambodia Bombing, Dies at 90
Business

William Beecher, Who Revealed Secret Cambodia Bombing, Dies at 90

William Beecher, who as a reporter for The New York Times revealed President Richard M. Nixon’s secret bombing campaign over Cambodia during the Vietnam War, and who later won a Pulitzer Prize at The Boston Globe, died on Feb. 9 at his home in Wilmington, N.C. He was 90.His daughter, Lori Beecher, and son-in-law, Marc Burstein, confirmed the death.President Nixon ordered the bombings, code-named Operation Menu, in March 1969 in response to stepped-up attacks by the North Vietnamese Army and South Vietnamese guerrillas based in Cambodia, a neutral country. The campaign was so secret that even William P. Rogers, the secretary of state, was unaware of it.Mr. Beecher’s article about the bombings, which appeared on the front page of The Times on May 9, 1969, noted that in the previous two weeks...
Amazon Argues National Labor Relations Board Is Unconstitutional
Business

Amazon Argues National Labor Relations Board Is Unconstitutional

In the latest sign of a growing backlash within corporate America to the 88-year-old federal agency that enforces labor rights, Amazon argued in a legal filing on Thursday that the National Labor Relations Board was unconstitutional.The move followed a similar argument by SpaceX, the rocket company founded and run by Elon Musk, in a legal complaint in January, and by Trader Joe’s during a labor board hearing a few weeks later.The labor board consists of a prosecutorial arm, which issues complaints against employers or unions deemed to have violated federally protected labor rights; administrative judges, who hear complaints; and a five-member board in Washington, to which decisions can be appealed.Amazon’s filing was part of a case before an administrative judge in which labor board prosec...
Chocolate Chip Ice Cream Has Fallen Out of Favor
Business

Chocolate Chip Ice Cream Has Fallen Out of Favor

By Matt RichtelReported from ice-cream shops and frozen-food aisles in Boulder, Colo.Feb. 15, 2024Banana pudding, chocolate fudge brownie, salted caramel, Cherry Garcia, Dr Pepper Float and dozens of other flavors packed the ice-cream freezer at a local Safeway. Robin Sawyer, one recent Sunday afternoon, hunted for her personal favorite, black raspberry chocolate chunk.Her husband, Mark, 68, has long been a fan of chocolate chip, but he doesn’t see it around much anymore.“Here it is!” Ms. Sawyer, 66, said to him, kneeling in front of the Haagen-Dazs section. “In the small container.” Then she corrected herself: “Oh, that’s chocolate chocolate chip.”Vanilla chocolate chip ice cream, once a staple of the ice cream world and one of the top sellers of all time, has fallen out of favor. The fla...
This Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics.
Business

This Arctic Circle Town Expected a Green Energy Boom. Then Came Bidenomics.

In Mo i Rana, a small Norwegian industrial town on the cusp of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope.The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed in 2022. Perhaps the most significant climate legislation in history, the Inflation Reduction Act promised an estimated $369 billion in tax breaks and grants for clean energy technology over the next decade. Its incentives for battery production within the United States were so generous that they eventually helped prod Freyr to pause its Norway facility and focus on setting up shop in Georgia.The start-up is still raising funds to build the factory...
How China Built BYD, Its Tesla Killer
Business

How China Built BYD, Its Tesla Killer

China’s BYD was a battery manufacturer trying its hand at building cars when it showed off its newest model in 2007. American executives at the Guangzhou auto show gaped at the car’s uneven purple paint job and the poor fit of its doors.“They were the laughingstock of the industry,” said Michael Dunne, a China auto industry analyst.Nobody is laughing at BYD now.The company passed Tesla in worldwide sales of fully electric cars late last year. BYD is building assembly lines in Brazil, Hungary, Thailand and Uzbekistan and preparing to do so in Indonesia and Mexico. It is rapidly expanding exports to Europe. And the company is on the cusp of passing Volkswagen Group, which includes Audi, as the market leader in China.BYD’s sales, over 80 percent of them in China, have grown by about a million...
Pro Sports in Las Vegas Aren’t Cheered by Everyone
Business

Pro Sports in Las Vegas Aren’t Cheered by Everyone

The history of Las Vegas has been marked by a relentless churn of hotels, casinos, theaters and restaurants. But only recently has the city’s landscape included major professional sports teams.The Golden Knights of the National Hockey League were the first to start play here in 2017. The Aces of the Women’s National Basketball Association started in 2018, and the National Football League’s Raiders arrived from Oakland in 2020. Last year, Major League Baseball’s Athletics were given the go-ahead to make the same Oakland-to-Las Vegas move, and the National Basketball Association is expected to add a team in the coming years.Las Vegas’s transformation into a pro sports town reflects not just the leagues’ interest in the city and their general embrace of sports betting, but also the power of t...
130-Year-Old California Bookstore Seeks Buyer
Business

130-Year-Old California Bookstore Seeks Buyer

Dawn Levesque, 77, goes to learn about World War II. Heidi Barnett, 43, a mother of two, comes to buy presents for her children. Justin Beblawi, 25, has visited since he was a kid and now goes to work there as a clerk.For people of all ages in Pasadena, Calif., Vroman’s Bookstore, founded in 1894, has been a mainstay, a meeting place, a reliable sanctuary in a world of rapid change. When its founder, Adam Clark Vroman, died in 1916, he left the bookstore to his godson, Alan Sheldon, a Vroman’s employee.The current chairman and majority shareholder, Joel Sheldon III, 79, is the third generation of his family to guide the company and has been at the helm for more than 45 years.Now, as Vroman’s prepares to celebrate its 130th anniversary, Sheldon has decided it’s time to hand over the reins.H...
President of Powerful Service Workers Union Will Step Down
Business

President of Powerful Service Workers Union Will Step Down

Mary Kay Henry, the president of the Service Employees International Union, one of the nation’s largest and most politically powerful labor unions, announced Tuesday that she would step down after 14 years in her position.Ms. Henry was the first woman elected to lead the union, which represents nearly two million workers like janitors and home health aides in both the public and private sectors.Under her leadership, it launched a major initiative known as the Fight for $15, which sought to organize fast-food workers and push for a $15 minimum wage. Winning over skeptics in the ranks, Ms. Henry argued that the union could make gains through a broad-based campaign that targeted the industry as a whole rather than individual employers.Labor experts and industry officials cite the campaign as ...