The daily business briefing: December 8, 2021
Stock futures rise after Pfizer says 3 vaccine doses provide protection against Omicron, American Airlines says CEO Doug Parker is retiring, and more
- 1. S&P 500, Nasdaq futures rise after Tuesday's big gains
- 2. American Airlines says CEO Doug Parker is retiring
- 3. Striking Kellogg workers reject proposed contract
- 4. Publisher drops plan to release Chris Cuomo's book
- 5. Biden bank-regulator nominee withdraws under fire from Republicans
1. S&P 500, Nasdaq futures rise after Tuesday's big gains
U.S. stock futures rose early Wednesday after Pfizer said early tests indicated that three doses of the coronavirus vaccine it developed with BioNTech provide significant protection against the new Omicron variant. Futures tied to the S&P 500 and the tech-heavy Nasdaq were up by 0.5 percent at 7 a.m. ET. Futures for the Dow Jones Industrial Average reversed earlier losses and were up by 0.4 percent as Wall Street continued a strong rebound from the recent Omicron sell-off. All three of the main U.S. indexes jumped on Tuesday after preliminary reports suggested the new variant causes less severe COVID-19 than the still-widespread Delta variant. The S&P 500 and the Nasdaq gained 2.1 percent and 3 percent, respectively, on Tuesday, their best days since March. The Dow rose by 1.4 percent.
2. American Airlines says CEO Doug Parker is retiring
American Airlines announced Tuesday that Doug Parker will retire as CEO in March. Robert Isom, the company's president, will take over, and Parker will remain chairman of the airline's board. Parker is the longest-serving U.S. airline chief executive, and one of the industry's most influential leaders. He oversaw consolidation, including American's 2013 merger with US Airways, which made airlines more profitable but limited options and raised fares for passengers. Isom will take charge as American tries to rebuild after huge losses caused by the pandemic. Parker is the latest in a series of airline leaders to retire this year. Southwest Airlines' Gary Kelly said in June that he was stepping down and being replaced by longtime executive Robert Jordan, and Alaska Airlines CEO Brad Tilden was succeeded by Ben Minicucci in April.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Striking Kellogg workers reject proposed contract
The Kellogg Company announced Tuesday that a majority of its U.S. workers rejected a proposed five-year contract that would have hiked wages by 3 percent for long-serving employees, with smaller increases for newer hires based on years of service. The company has been using temporary hires to keep its four Michigan, Nebraska, Pennsylvania, and Tennessee cereal plants running since workers went on strike more than two months ago. Kellogg North America president Chris Hood said in a statement that the company's only option now is to start hiring permanent replacements for striking employees. The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which represents the 1,400 striking employees, said it would continue providing "full support to our striking Kellogg's members."
4. Publisher drops plan to release Chris Cuomo's book
Publisher HarperCollins announced Tuesday that it had dropped plans to publish ousted CNN host Chris Cuomo's book, originally titled Deep Denial. The book had been scheduled for release next year. HarperCollins had described it as "a provocative analysis of the harsh truths that the pandemic and Trump years have exposed about America — about our strength and our character — and a road map of the work needed to make our ideals match reality." The publisher's move came days after CNN fired Cuomo after new revelations about the extent to which he helped his brother, former New York Gov. Andrew Cuomo, counter sexual harassment allegations that ultimately forced him from office. CNN also received a sexual misconduct allegation against Chris Cuomo, which he has denied, dating to his time at another network. On Monday, Cuomo said he was ending his daily SiriusXM radio talk show.
5. Biden bank-regulator nominee withdraws under fire from Republicans
President Biden's nominee for comptroller of the currency, Saule Omarova, withdrew from Senate consideration on Tuesday after facing forceful opposition from Republican senators over her writings as a legal scholar. Some Republicans also were disturbed that the Cornell University scholar was raised in the former Soviet Union. "I don't know whether to call you professor or comrade," Sen. John Kennedy (R-La.) said at her confirmation hearing. Biden condemned Republicans for what he described as "inappropriate personal attacks" that were unfair to Omarova and "far beyond the pale." Biden said Saule would have "brought invaluable insight" to the position overseeing the U.S. banking system because she is "a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
How to make the most of your leftover pumpkins
The Week Recommends As the Halloween fun wraps up, snap up pumpkins still on sale and don't leave your jack-o-lanterns to rot
By Tess Foley-Cox Published
-
How Harris and Trump differ on education
The Explainer Trump wants to disband the Department of Education. Harris wants to boost teacher pay.
By Joel Mathis, The Week US Published
-
How to minimize capital gains tax on investments
The Explainer It can take a chunk out of your profits
By Becca Stanek, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
TD Bank accepts $3B fine over money laundering
Speed Read The US retail bank pleaded guilty to multiple criminal charges
By Peter Weber, The Week US Published
-
The pros and cons of globalization
Pros and Cons Globalization can promote economic prosperity but also be exploitative
By Justin Klawans, The Week US Published
-
The pros and cons of labor unions
Pros and Cons Joining a labor union can have positives — and negatives
By Justin Klawans, The Week US Published
-
The rise and fall of Tupperware
Under The Radar The byword for food storage has filed for bankruptcy – was it a victim of its own success?
By Chas Newkey-Burden, The Week UK Published
-
Boar's Head plant closure leaves another small town looking for answers
The Explainer The Jarratt, Virginia, Boar's Head plant has been shuttered indefinitely after a listeria outbreak
By Justin Klawans, The Week US Published
-
The rise of the world's first trillionaire
in depth When will it happen, and who will it be?
By Justin Klawans, The Week US Published
-
The government's growing concern over a potential US Steel takeover
In the Spotlight Japan's largest steelmaker, Nippon Steel, is attempting to buy the company
By Justin Klawans, The Week US Published