MacKenzie Sigalos of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC.com’s Maggie Fitzgerald explains where retail interest is heading after GameStop reports its results. Plus, Amazon’s latest incentive for hourly workers is free college education.
GameStop staged a stunning intraday comeback of its after-profit sale on Thursday as retail investors moved past lack of clarity on recovery plans and crammed into memes star.
Shares of the video game retailer closed the session up 0.2% at $ 199.18 in intense trading after losing as much as 10.5% to its low of $ 178 apiece.
The initial drop came as GameStop failed to provide an outlook for the next few quarters and details on its ecommerce transformation, which disappointed Wall Street analysts. But signs have emerged that small investors in Reddit’s chat room WallStreetBets have decided to buy the name down, pushing the stock higher.
GME was the most popular ticker mention on the forum, overtaking previous show stars Clover Health and SPY (the exchange-traded fund that tracks the S&P 500), according to alternative research provider Quiver Quantitative.
Amazon announced Thursday that it will offer to pay 100% of the tuition fees of its 750,000 hourly employees in the United States.
The e-commerce giant is following the lead of other large US companies that offer perks such as education benefits or higher pay to entice workers in a tight labor market.
Starting in January, Amazon said, it will cover tuition, fees and textbooks for hourly employees in its operating network after 90 days of employment. It will also begin to cover high school diploma programs, GEDs and ESL certifications for employees. Operations employees include employees of Amazon’s extensive warehouse and distribution center network.
The benefit will apply to hundreds of educational institutions across the country, Amazon said. Amazon had previously offered to pay 95% of tuition, fees and textbooks for hourly associates through its Career Choices program.
A Los Angeles megaman that was slated to list for $ 500 million has been placed in receivership after the owner defaulted on more than $ 165 million in loans and debts, court documents show.
Bel Air’s 105,000-square-foot estate, known as “The One,” has been placed in receivership in Los Angeles County Superior Court and is expected to relist for a lower price in the coming months , according to people familiar with the property. .
The receivership marks a stunning reversal for “The One” and its flashy developer, Nile Niami, who has often touted the property as his “living mission” and “the tallest and most expensive house in the urban world.”
Scheduled to hit the market in 2017 with a price tag of $ 500 million, “The One” has been hampered by repeated delays, funding issues and shifting strategies. The house stretches like an ultra-modern eight-acre palace on top of a hill overlooking LA. It has nine bedrooms, several kitchens, a nightclub, a four-lane bowling alley, a lounge, a gym, a 50-seat theater, a running track and an underground garage for 50 cars, with two automatic turntables. Its seven bodies of water include several swimming pools, a jacuzzi and a moat that surrounds the house. The master bedroom is 4,000 square feet. Each door in the house is electric, as are all the toilets. Niami had planned a “jellyfish room” and an ice bar, but both turned out to be too expensive.