A GameStop store operates in a strip mall on March 16, 2023 in Chicago, Illinois. Scott Olson | Getty Images GameStop on Tuesday posted a quarterly profit for the first time in two years, finishing out the year on a high note after grappling with sales declines, inventory woes and cash flow pressure. Shares of the company jumped about 35% during after-hours trading. For the quarter ended Jan. 28, net sales dropped slightly to $2.23 billion from $2.25 billion in last year’s fourth quarter. The video game retailer also posted a profit of $48.2 million, or 16 cents a share,...

Bill Ross | The Image Bank | Getty Images Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months amid turmoil in the banking sector. The Brent contract with May delivery last rose 73 cents, or 1%%, to $73.70 a barrel, after earlier hitting $71.64 per barrel at 11:00 London time. The front-month April WTI Nymex gained 73 cents, or 1.09%, to $67.47 a barrel. Oil prices have come under pressure from a crisis in the Western banking sector, which has seen the downfall of tech startup-focused Silicon Valley Bank and the...

UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” read a statement from the Swiss National Bank, which noted the central bank worked with the Swiss government and the Swiss Financial Market Supervisory Authority to bring about the combination of the country’s two largest...

WASHINGTON — Treasury Secretary Janet Yellen sought to reassure markets and lawmakers on Thursday that the federal government is committed to protecting U.S. bank deposits following the failure of Silicon Valley Bank and Signature Bank over the weekend. “Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them,” Yellen said in testimony before the Senate Finance Committee. Under questioning, however, Yellen admitted that not all depositors will be protected over the FDIC insurance limits of $250,000 per account as they did for customers of the two failed banks. A Silicon...

U.S. Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S, February 7, 2023. REUTERS/Amanda Andrade-Rhoades Amanda Andrade-rhoades | Reuters The Federal Reserve is one year down its rate-hiking path, and in some ways it’s both closer and further away from its goals when it first set sail. Exactly one year ago, on March 16, 2022, the Federal Open Market Committee enacted the first of what would be eight interest rate increases. The goal: to...

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Stefan Wermuth | Bloomberg | Getty Images Shares of Credit Suisse on Wednesday plunged to a fresh all-time low for the second consecutive day after a top investor in the embattled Swiss bank said it would not be able to provide any more cash due to regulatory restrictions. Trading in the bank’s plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs...

Meta will lay off 10,000 more workers and incur restructuring costs ranging from $3 billion to $5 billion, the company announced Tuesday, with CEO Mark Zuckerberg warning economic instability could continue for “many years.” Meta shares closed up 7% on Tuesday. “Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in a message to employees, which was also posted to the technology company’s blog. He added that the Facebook parent plans to close 5,000 additional...

Jeffrey Gundlach speaking at the 2019 SOHN Conference in New York on May 6th, 2019. Adam Jeffery | CNBC DoubleLine Capital CEO Jeffrey Gundlach believes that the Federal Reserve will still pull the trigger on a small rate hike next week despite the ongoing chaos in the banking sector that prompted extraordinary rescue action from regulators. “I just think that, at this point, the Fed is not going to go 50. I would say 25,” Gundlach said on CNBC’s “Closing Bell” Monday. To save the central bank’s “credibility, they’ll probably raise rates 25 basis points. I would think that that would be...

A sign is posted in front of the Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report. It is still possible that no deal is reached, the...

3D-printing specialist Relativity Space is attempting its first rocket launch on Saturday, a mission that marks the most significant test yet of the company’s ambitious manufacturing approach. The company’s Terran 1 rocket is launching from LC-16, a launchpad at the U.S. Space Force’s facility in Cape Canaveral, Florida. The mission is called “Good Luck, Have Fun,” and aims to successfully reach orbit. In an attempt to launch at 2:42 p.m. ET, the rocket’s engines ignited but a launch abort was called with 0.5 seconds remaining before liftoff. The company is reassessing whether it can make another attempt on Saturday. Relativity...