Chris Isidore
Chris Isidore
Chris Isidore is a senior writer for CNN Business, where he covers the auto industry, airlines, labor and all other manner of breaking financial news. Over the last 30 years, he has covered most major US bankruptcies, including GM, Chrysler, Lehman Brothers, most US airlines and Sears, as well as the city of Detroit.Source
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The rental car industry has ground to a near halt. This is what that means for automakers and car buyers

The rental car industry has ground to a near halt. This is what that means for automakers and car buyers

The nation's rental car companies are in deep trouble. And that's another blow for the already struggling auto industry. During normal times rental car companies account for 10% or more of US new car sales -- an estimated 1.7 million to 1.9 million cars purchases last year. But these are not normal times. Far from it. But rental car companies get two-thirds of their revenue from airport locations. With flying down 94% in April and May, according to data of people passing through TSA checkpoints, there are far fewer people needing to rent cars. And much of the non-airport business comes...

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Chris Isidore
May 15
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Moderna execs dumped nearly $30 million of stock after news of promising coronavirus vaccine

Moderna execs dumped nearly $30 million of stock after news of promising coronavirus vaccine

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)Moderna's stock price skyrocketed as much as 30% on Monday after the promising early results for its coronavirus vaccine. As ordinary investors piled in, two insiders were quietly heading for the exits. Moderna's chief financial officer and chief medical officer executed options and sold nearly $30 million of shares combined on Monday and Tuesday, reviewed by CNN Business show.The sales occurred after excited Wall Street before markets opened Monday by announcing encouraging...

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Chris Isidore
4d ago
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Hertz files for bankruptcy

Hertz files for bankruptcy

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)Hertz filed for bankruptcy Friday night, the latest victim of the sudden sparked by the Covid-19 pandemic.The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. By declaring bankruptcy, Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company."The impact of...

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Chris Isidore
May 1
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JCPenney files for bankruptcy

JCPenney files for bankruptcy

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)JCPenney filed for bankruptcy on Friday, the latest retail giant to see its downfall hastened by the coronavirus crisis. The pandemic was the final blow to a 118-year-old company struggling to overcome a , and damaging .The company said it has an agreement with most of its lenders on the turnaround plan that will allow it to stay in business as a more financially healthy company, but will include closing an as yet unannounced number of its 846 stores. As part of the turnaround...

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Chris Isidore
Apr 13
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JCPenney gives executives bonuses ahead of deadline for possible bankruptcy filing

JCPenney gives executives bonuses ahead of deadline for possible bankruptcy filing

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)As JCPenney struggles with missed debt payments and prepares for a possible bankruptcy filing, it approved bonuses of $1 million or more to its top four executives.JCPenney won't comment on its bankruptcy plans, but it disclosed that it $12 million due to bond holders on April 15, and a $17 million payment due on a credit line this past Thursday. The grace periods for those missed payments are Thursday and Friday this week, suggesting a bankruptcy filing . But the company...

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Chris Isidore
Apr 13
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After years without turning a profit, Tesla is now poised to be a powerhouse

After years without turning a profit, Tesla is now poised to be a powerhouse

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)It hasn't received a lot of attention with all the and comments from CEO , but . It is a remarkable achievement for a company that reported its only in January, and has never posted an annual profit using the strict accounting measures used to judge net income and losses. followed that successful 2019 result by surprising Wall Street , despite the Covid-19 pandemic cutting into its sales and and . (.)The key to that profitability has to do with product itself — electric vehicles...

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Chris Isidore
May 12
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Airlines will be cutting jobs this fall. Waiting until then poses a big problem

Airlines will be cutting jobs this fall. Waiting until then poses a big problem

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)US airline workers have been largely spared from the carnage that's pushed the country's since the start of the coronavirus pandemic. But those same workers -— roughly 750,000 pilots, flight attendants, baggage handlers, mechanics and others — will soon be among the most at-risk for losing their jobs. The for the airline industry barred layoffs, involuntary furloughs or pay cuts for employees. But executives have been blunt that job cuts are coming once that prohibition lifts on...

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Chris Isidore
May 6
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A flood of corporate debt could make the economic recovery more difficult

A flood of corporate debt could make the economic recovery more difficult

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)Corporate debt was already at historic highs even before the coronavirus crisis. Now it's soaring at an unprecedented pace as companies scramble to ensure they have enough cash to weather the crisis.That added debt could make an economic recovery much more difficult. Companies will have to pay down those borrowings, forcing them to scale back planned investments, defer capital spending projects or postpone bringing back employees they let go during the crisis."If a company is...

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Chris Isidore
Feb 18
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Boeing won't be returning to 'normal' anytime soon

Boeing won't be returning to 'normal' anytime soon

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)Boeing's assembly lines will lurch to a start next week, building commercial aircraft for the first time since its Washington state assembly shut down a month ago. But the utter collapse of demand for air travel means its airline customers may not need those jets -- and might not even accept them. "If you're an airline today, your last focus these days is buying airplanes, your primary focus is survival," said Ron Epstein, aerospace analyst with Bank of America Merrill Lynch.News...

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Chris Isidore
Jan 29
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How Trump's three years of job gains compares to Obama's

How Trump's three years of job gains compares to Obama's

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)President Donald Trump says he is particularly pleased with the jobs created during his three years in office. "We're producing jobs like you have in this country," he said during a recent speech in Michigan.But you don't have to go back far to find three years of better job growth. Just to back to the previous three years under Barack Obama.During Trump's first 36 months in office, the US economy has gained 6.6 million jobs. But during a comparable 36-month period at the end of...

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Chris Isidore
Feb 6
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American factories just had their worst month since 1946

American factories just had their worst month since 1946

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)US factories just suffered their steepest one-month slowdown since 1946.Back then, wartime production was ramping down after the end of World War II. This time around, factories have shut down or slowed production due to the coronavirus pandemic.US industrial production plunged 5.4% in March as work at factories that make autos, aircraft and many other goods was halted to protect workers from the outbreak of COVID-19, the Wednesday. The industrial production index measures output...

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Anneken Tappe
Apr 15
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America could lose 1 million jobs in March, former Trump adviser warns

America could lose 1 million jobs in March, former Trump adviser warns

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)The United States could lose up to 1 million jobs in March because of the severe disruptions caused by the former Trump administration economist Kevin Hassett warned Monday. "You're looking at one of the biggest negative job numbers we've ever seen," Hassett told CNN's Poppy Harlow. That ominous forecast underscores the enormous strains the coronavirus has placed on the American economy. Airlines are canceling flights. Cruises are halted. , and other Las Vegas . Millions of...

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Chris Isidore
Mar 16
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More than half of American jobs are at risk because of coronavirus

More than half of American jobs are at risk because of coronavirus

Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.New York (CNN Business)A week ago, Darrin Dixon wasn't all that concerned about the coronavirus.Now he's losing sleep over the prospect that the virus could cost him his food truck and catering business, which provides three jobs, including his own.Sales at Dixon's food truck, KC Cajun, plunged this week as businesses in downtown Kansas City, Missouri, where he's based, have shifted to working from home. His catering business is having cancellations like he's never seen before."I know I'm stressed. I've...

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Chris Isidore
Mar 16
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Solar might be Tesla's secret weapon

Solar might be Tesla's secret weapon

Most investors only think about electric cars when they think about Tesla. But the company's solar power and storage battery business could be a major factor in the performance of Tesla shares, according to a new analyst note. Alex Potter, an analyst with Piper Sandler, raised his price target on Tesla shares to $928, up $199 from his previous price target. And he believes an underappreciated key to the company's future performance is the non-automotive part of the business that currently accounts for only 6% of its revenue. "It's easy to forget that Tesla sells batteries and solar power...

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Chris Isidore
Mar 9
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Elon Musk might not have to wait long for huge payday

Elon Musk might not have to wait long for huge payday

Elon Musk's big payday may be closer than you think. As part of a pay package approved by shareholders in 2018, the Tesla CEO stands to get options to buy 1.7 million shares of Tesla shares once the company has achieved a $100 billion market value over a period of six months, as well as hitting certain financial performance targets it has already achieved. Tesla didn't cross the $100 billion market cap threshold until a few weeks ago, on Jan. 22, but Musk could qualify for this first batch of options later this spring. That's because the Tesla (TSLA) stock continues to soar past that $100...

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Chris Isidore
Feb 13
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Sears gets out of bankruptcy alive

Sears gets out of bankruptcy alive

U.S. EditionU.S.InternationalSwitzerlandU.S. EditionU.S.InternationalSwitzerland FOLLOW CNN BUSINESS Chat with us in Facebook Messenger. Find out what's happening in the world as it unfolds.White Plains, New York (CNN Business)Sears lives.Bankruptcy Court Judge Robert Drain approved the sale of most of the retailer's assets to a hedge fund controlled by Eddie Lampert, the company's chairman, for $5.2 billion. The decision will keep 425 stores open and save the jobs of about 45,000 employees.In his decision Thursday afternoon, Drain rejected arguments from a committee of creditors, including...

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Nathaniel Meyersohn
Feb 8
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Tesla loses most valuable U.S. car company title after stock slide - Jul. 6, 2017

Tesla loses most valuable U.S. car company title after stock slide - Jul. 6, 2017

Tesla's brief reign as the most valuable U.S. automaker has come to an end, at least for now. Tesla (TSLA) shares, which moved ahead of General Motors market value in April, have been on a bit of a slide recently, losing 5.6% in trading Thursday, on top of a 7% drop in Wednesday trading. The slide in shares cut $3 billion off of its market value on Thursday alone, bringing the value of all its shares down to $50.7 billion. GM (GM) shares also lost ground, but only slightly, dropping its market value by only by $211 million to $52.6 billion. Tesla stock is still up 45% so far this year,...

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Chris Isidore
Jul 7
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Ford to build the Focus in China instead of Mexico - Jun. 20, 2017

Ford to build the Focus in China instead of Mexico - Jun. 20, 2017

Ford Executive Chairman: We need to be quickerBut the move is more bad news for Mexico than it is for the United States. While the Focus has been built at the Michigan Assembly plant in Wayne, Michigan for years, had previously announced plans to shift its production to Mexico. wants to make room for larger, more profitable vehicles at the Michigan plant, which employs 3,600. The factory won't lose any jobs as a result of the move.Ford will start building its new small pickup, the Ranger, in 2018, after the Focus moves to China. In 2020, it will build the new Bronco, the SUV model it is...

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Chris Isidore
Jun 20
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Amazon is buying Whole Foods for $13.7 billion

Amazon is buying Whole Foods for $13.7 billion

We're no longer maintaining this page.For the latest business news and markets data,Why Amazon is buying Whole FoodsThe online retail giant announced Friday that is buying organic grocery chain for $13.7 billion in cash. The deal values Whole Foods at $42 a share, 27% higher than where the stock was trading Thursday.said Whole Foods stores will continue operating under that name as a separate unit of the company. Whole Foods CEO John Mackey will stay on to lead Whole Foods, which will keep its headquarters in Austin, Texas. The deal shows Amazon's interest in moving into the business of...

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Chris Isidore
Jun 16
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