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GameStop leads meme stock rally in pandemic trade comeback

The Associated Press Meme stocks jumped Wednesday after GameStop, one of the most heavily traded off-brand stocks during the pandemic, posted a surprise profit for the fourth quarter, its first quarterly profit in two years. Rather than a per-share loss of 16 cents as Wall Street had expected, the video game retailer reported a profit of 16 cents per share, or $48.2 million in all. GameStop’s revenue fell and much of the profit gain came from aggressive cost cutting, including store closures and layoffs. However, as was the case during the pandemic, fundamentals that typically ...

GM to stop making Camaro muscle car

By TOM KRISHER The Associated Press DETROIT — The Chevrolet Camaro, for decades the dream car of many teenage American males, is going out of production. General Motors, which sells the brawny muscle car, said Wednesday it will stop making the current generation early next year. The future of the car, which is raced on NASCAR and other circuits, is a bit murky. GM says another generation may be in the works. “While we are not announcing an immediate successor today, rest assured, this is not the end of Camaro’s story,” Scott Bell, vice president of Chevrolet, said in a ...

TikTok sends influencers to DC as troubles grow

WASHINGTON (AP) — TikTok is ramping up a public relations campaign to fend off the possibility of a nationwide ban by the Biden administration, and it’s bringing some unconventional advocates to help: online influencers. Dozens of TikTok creators — some with millions of followers on the video-sharing app — came to Capitol Hill on Wednesday to lobby in favor of the platform, one day before lawmakers are slated to grill the company’s chief executive about concerns over user data falling into the hands of the Chinese government. Shou Zi Chew plans to tell Congress on Thursday ...

Newsmax returns to DirecTV, inks multiyear distribution deal

The Associated Press Newsmax is returning to DirecTV after a dispute between the parties saw the conservative network removed from the satellite carrier. The duo were initially unable to agree to financial terms on an agreement, which led to DirecTV losing the rights to distribute Newsmax programming on Jan. 25. The companies said Wednesday that they’ve now reached a multiyear distribution deal that will see the Newsmax channel return to DirecTV, DirecTV Stream and U-verse starting on Thursday. DirecTV emphasized in a statement that the dispute that led to dropping Newsmax was always ...

Stocks rise for 2-day rally since banking crisis began

NEW YORK (AP) — Stocks rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed. The S&P 500 jumped 1.3% to lock in its first back-to-back gain since Silicon Valley Bank’s rapid failure began two weeks ago. The Dow Jones Industrial Average rose 316 points, or 1%, while the Nasdaq composite jumped 1.6%. Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to ...

Venezuela oil czar in surprise resignation amid graft probes

CARACAS, Venezuela (AP) — The man responsible for running Venezuela’s oil industry — the one that pays for virtually everything in the troubled country, from subsidized food to ridiculously cheap gas — has quit amid investigations into alleged corruption among officials in various parts of the government. Tareck El Aissami’s announcement Monday was shocking on multiple counts. He was seen as a loyal ruling party member and considered a key figure in the government’s efforts to evade punishing international economic sanctions. And he led the state oil company PDVSA in a ...