May 20, 2024

Markets Now Monday, May 20, 2024

Red Lobster files for bankruptcy

Red Lobster, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, has filed for bankruptcy.  
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Analysis: Why Jay Powell really wants to lower interest rates this September

Markets rallied to new record highs last week after inflation cooled, stoking hopes that the Federal Reserve could start cutting interest rates as soon as September.  
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Ivan Boesky, famed trader in 1980s insider trading scandal, dies at 87

Ivan Boesky, the infamous insider trader whose name became synonymous with financial greed and helped inspire the fictional character Gordon Gekko in the 1987 film “Wall Street,” has died. He was 87.  
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Target is cutting prices on up to 5,000 items to lure back inflation-wary shoppers

Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices.  
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How Red Lobster’s misguided endless shrimp promotion drove it into bankruptcy

Last summer, Red Lobster made $20 endless shrimp a permanent menu item.  
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China launches its own anti-dumping probe following Biden’s monster tariffs

China has hinted at possible tit-for-tat action against trade barriers imposed by the United States last week, as relations between the two economic superpowers become increasingly fraught.  
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Source: CNN Business

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