In opening arguments Wednesday in the criminal fraud trial of former FTX CEO Sam Bankman-Fried, prosecutors said he used billions of dollars of customer money for personal enrichment, amassing power and influence that put him on top of the world, but that it was all “built on lies.” Defense lawyers…

Key takeaways Rivian has confirmed it’s raising a $1.5 billion convertible green note for institutional investors It’s the second time the EV maker has done so in a year to raise cash Rivian’s share price fell 23% in a day, a new record drop for the company since its 2021…

The cat that went missing after a Lyft driver took off with the owner’s pet carrier in the backseat “is back to her usual self” the owner told MarketWatch. Lyft’s CEO has apologized for the “awful” response the ride-share company gave to an Austin man whose cat went missing for…

2023 has been a big year for live music, driven by the phenomenal success of Taylor Swift’s Eras tour, Beyoncé’s Renaissance tour and, last week, U2’s eagerly-anticipated opening of new Las Vegas venue Sphere. This year also marked the culmination of Elton John’s Farewell Yellow Brick Road tour. Fellow music…

Costco Wholesale Corp. COST, -0.40% on Wednesday said that total same-store sales rose 4.5% in September, better than the pace it reported for August and its fiscal fourth quarter. Same-store sales were up 3.2% in the U.S. and 6.7% in Canada through the five weeks ending Oct. 1. Elsewhere internationally,…

This bear market has made up for its relatively shallow depth with its historic duration. The S&P 500 reached a high of 4,818 in December, 2021 before plunging to 3,602 in September 2022—a decline of approximately 25%, certainly sizable but nothing compared to the 50% declines after the 2000 dotcom…

Shares of Rite Aid Corp. fell 2% after hours on Wednesday after the drugstore chain said the New York Stock Exchange notified the company that it is “no longer in compliance” with the exchange’s minimum pricing and valuation standards, following a steep drop for the stock so far this year.…

Key News Asian equities, except for South Korea and the Philippines, rebounded after yesterday’s downdraft. Hong Kong managed a small gain, though volumes were exceedingly light at only 41% of the 1-year average as volume turnover marked a 52-week low and the lightest volume day in three years. The Financial…

Amazon.com Inc. AMZN, -0.86% is shutting down its live audio platform Amp, as the online retail and media giant continues to seek ways to cut costs and shore up profits. “We’ve made the difficult decision to close Amp,” an Amazon spokesperson said in a statement, adding that the company “learned…

In the fickle business of fashion, the popularity of denim has ebbed and flowed over the years, and likewise, the fortunes of Levi Strauss. This venerable brand invented blue jeans in 1873. Just two years ago, Levi’s was riding high, sporting a market capitalization of $12 billion in May 2021,…