Business - Page 28

Moderna Stock Falls 18% on Lower Vaccine Revenue Forecast

By Chris Isidore, Moderna fell short of profit and sales expectations for the third quarter, and the Covid vaccine maker warned that its full year shipments of the vaccine will not meet its forecasts. Shares of Moderna plunged nearly 20% at their low point of the day Thursday and closed down 18% for the day. The share price had more than tripled so far this year before Thursday’s plunge. The company earned $3.3 billion, on revenue of $5 billion in the quarter. But analysts surveyed by Refinitiv had forecast that income would reach $3.9 billion on revenue of $6.2 billion.

Pfizer Earnings Double as Covid Vaccine Drives $14.6B Sales

By Chris Isidore, Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%. Both easily cleared results forecast by analysts. The vaccine business alone was responsible for more than 60% of the company’s sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. The company said its Covid vaccine sales accounted for $13 billion of

American Airlines Cancels 1,500+ Flights Over Weekend

By Pete Muntean and Ramishah Maruf, American Airlines canceled another 634 flights on Sunday, more than 12% of its total operations for the day, the company said Sunday. The airline has now canceled more than 1,500 flights since Friday, as it deals with weather issues and staffing shortages that started last week. “With additional weather throughout the system, our staffing begins to run tight as crew members end up out of their regular flight sequences,” American said in a statement to CNN on Saturday. Two days of severe winds in Dallas-Fort Worth, its largest hub, sharply reduced arrival capacity, the

Clark Atlanta MBA Wins 2021 National Black MBA Case Contest

By Clark Atlanta University Newsroom, On Friday, September 17, 2021 students from the Clark Atlanta University MBA program won first place in a highly competitive business case competition held at the National Black MBA Association Conference held in Chicago, IL. Clark Atlanta University’s first place team members were; Christine Fasuyi, Rasheeda Muhammed, and Shannon Smith. The students won top honors to include $25,000 in scholarhisps over Georgia Tech who placed second and the University of Michigan scholars who placed third. Clark Atlanta University MBA students in the preliminary round, beat Alabama A&M, Auburn University, Morgan State University, the University of

Jennifer Bates: Amazon Worker Who Led Union Push in Bessemer

Story by Sara Ashley O’Brien, When Amazon opened a sprawling warehouse in her community in March 2020, Jennifer Bates never guessed she’d find herself testifying before members of Congress one year later about the “grueling” conditions she experienced working inside it. Bates, grandmother of seven, had been excited Amazon was coming to Bessemer, Alabama, because of the economic growth she thought it would bring to the area — and the possibility that a job there would allow her to spend more time with family. What she found at Amazon instead was a job with 10-hour shifts that she felt were “more

Southwest, American Airlines Report Losses Amid Covid Impact

By Chris Isidore, Southwest Airlines says that its recent service problems, which prompted it to cancel more than 2,000 flights over a four-day period, cost the airline $75 million. That’s just one of the headwinds facing the discount airline. Southwest warned Thursday that it believes revenue will take a $100 million hit this quarter from the lingering effects of the Covid surge caused by the Delta variant — even though bookings have improved recently, especially during the upcoming holiday travel period. About $40 million of that hit is expected to come in October. Still, that’s an improvement from the revenue hit in

Why Women of Color Still Struggle in Corporate Leadership

Opinion by Denise Hamilton Despite promises from across the corporate world to diversify leadership and give people of all backgrounds equal opportunities, women of color remain stuck with little to no progress in sight. A recent study from McKinsey and LeanIn.org found that while women overall have more high-ranking roles than in previous years, women of color make up just 4% of C-suite executives, a percentage that hasn’t changed for several years. Women of color also continue to deal with discrimination at work, including just as many microaggressions as they did two years ago — all of which contribute to stress and burnout. But

Southwest Airlines Faces Staff Crisis & Flight Cancellations

By Chris Isidore, Gregory Wallace and Pete Muntean, The problems at Southwest Airlines run deeper than the operational meltdown that caused more than 2,000 flight cancellations in recent days. And they’ll continue well after the airline is back on schedule. Although this weekend’s problems were mainly limited to Southwest, it is by no means the only airline struggling to restore staff and flights that were trimmed during the pandemic. Fixing these problems will be expensive and time-consuming — and are likely to cause further pain for passengers returning to the skies. Southwest said a number of issues caused the weekend cancellations, including

Facebook Whistleblower Exposes Misinformation Failures

By Tara Subramaniam, Facebook’s week is off to a tumultuous start. On Monday, Facebook, WhatsApp and Instagram went down for about six hours. On Tuesday, Frances Haugen, the Facebook whistleblower, testified before a Senate subcommittee, following the release of thousands of pages of internal research and documents. Haugen, the 37-year-old former Facebook (FB) product manager who worked on civic integrity issues at the company, revealed her identity during a “60 Minutes” segment that aired Sunday night. She has reportedly filed at least eight whistleblower complaints with the Securities and Exchange Commission alleging that the company is hiding research about its shortcomings from investors and the public.

Facebook Outage Disrupts Global Services for 6 Hours

By Clare Duffy and Sean Lyngaas, Around six hours after Facebook, WhatsApp and Instagram went down, service started coming back online, though coverage was still spotty. Facebook, Instagram and WhatsApp all suffered outages midday Monday, according to public statements from the three Facebook services. Outage tracking site Down Detector logged tens of thousands of reports for each of the services. Facebook’s own site would not load at all; Instagram and WhatsApp were accessible, but could not load new content or send messages. The outage came amid mounting difficulties for the company. At a Senate hearing on Sept. 30, Sen. Richard Blumenthal pressed Facebook global

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