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GameStop Story Provides These 7 Crisis Management Lessons For Business Leaders
SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store inside … [+] the Susquehanna Valley Mall. An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images The meteoric rise of GameStop’s stock price has generated international headlines. Because of how and why the company’s stock price increased so dramatically, this is a story that will likely continue to play out in the days ahead— together with several crisis management-related
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Apple posts record quarterly revenue on stronger-than-expected iPhone sales
Strong iPhone sales pushed the company’s total quarterly revenue to a record $111.4 billion — well above the $103.3 billion Wall Street analysts had predicted. Apple (AAPL) posted earnings of $16.8 per diluted share, up 35{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} from the same period in the prior year. iPhone sales were also even better than expected: Growing more than 17{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} year-over-year to nearly $65.6 billion, compared with the $59.8 billion analysts had expected. Apple executives last quarter had said they expected single-digit percentage growth in iPhone sales during the December quarter. The total active installed base of iPhones worldwide is now over
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Cygnet Infotech Updates FACE Accounting Platform
Share Tweet Share Share Share Email Business software maker Cygnet Infotech has updated its FACE (Financial Accounting Comprehensive and Easy) accounting software platform, according to a published report. The update to the FACE offering comes 19 months after the offering debuted, the report stated. Cygnet Infotech promotes FACE as a product that handles not only conventional accounting processes, but also provides specialized handling of challenges around goods and services taxes. One facet of helping with compliance is the automatic recording of journal entries. The new version supports accounting for multiple companies working in multiple currencies, among other
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Biden Moves to Expand Health Coverage in Pandemic Economy
Dr. Natalia Kanem, the executive director of the United Nations Population Fund, said the decision would greatly help the agency’s work not only in family planning, but in other health services for women and girls in poor countries. “We now have the support of a very important member state,” Dr. Kanem said in a phone interview. The rule has been riding a philosophical seesaw for decades — in place when a Republican occupies the White House and overturned when a Democrat moves in. Mr. Biden also directed the Department of Health and Human Services to, “as soon as practicable, consider
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GameStop saga shows ‘we don’t have enough people who can go short,’ finance expert says
The battle between amateur investors and the financial establishment has transfixed Wall Street and Washington this week around GameStop (GME), which has seen its stock price swing wildly and had trading of its stock restricted by online brokerage Robinhood. Other than Robinhood itself, perhaps the one thing less popular in Washington this week has been short sellers and the hedge funds that usually employ them, which had, until recently, been making money by betting against the struggling video game retailer. House Financial Services Chairwoman Maxine Waters called out “funds engaging in predatory short selling” while announcing Congressional hearings coming soon.
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Fed holds rates close to zero, as economy remains ‘adversely affected’
The Federal Reserve, in its first meeting since the inauguration of President Joe Biden, who has pledged a swift fiscal response to the Covid-19 crisis, kept its benchmark borrowing rate at 0 percent to 0.25 percent, in line with economists’ expectations. In a statement, the Federal Open Market Committee, the Fed’s policymaking group, concluded Wednesday: “The path of the economy will depend significantly on the course of the virus, including progress on vaccinations.” Although some metrics show improvement, the economic picture is mixed at best, with flagging job market gains, anemic retail sales and a pandemic that is still out
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Several Kansas City area small businesses file lawsuit against their insurance company
KANSAS CITY, Mo. — The pandemic has devastated small businesses owners as many struggle to recoup heavy financial losses. Some of those owners thought all-risk insurance policies would help ease that financial burden but some of those insurance claims have not been paid out, and the businesses have taken their fight to the courtroom. Andy Rieger, the great-great-great grandson of Jacob Rieger, re-established his family’s distillery in 2014. He has a lot on his plate, and that includes making sure his business is protected. “One of the biggest things you try to fight for with insurance is you’re fully covered
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Banks press Treasury, SBA to fix ‘systemic’ small business loan glitches
In the latest version of the popular program, the SBA worked with a contractor to develop a whole new interface for banks. While it appears to be working more smoothly than before, Monday’s letter showed that lenders are facing a whole new set of technical issues. The issue concerns applications for businesses that received PPP loans last year and are now applying for a second round of aid, which was authorized under economic relief legislation enacted in December. Nichols said the Paycheck Protection application portal was not allowing banks to submit second-draw loan applications if a business previously applied to
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