CNN Money: Top business headlines for Jan. 23

    6:11 AM, Jan 23, 2014   |    comments
    • Share
    • Print
    • - A A A +

    NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Thursday, January 23.

    North Little Rock's Argenta Market closing its doors
    North Little Rock's Argenta neighborhood has seen substantial growth in recent years but locals found out Wednesday that the area is losing one of the community's most loved businesses. A sign posted on the front door of Argenta Market said the popular grocery store and deli will close its doors on February 8th. "It's going to be missed. It's not just the food and the groceries, you know, it's the comradery down here," said Wayne Hogan, who lives and works in North Little Rock. "To see this place vacant is going to hurt," added Argenta Neighborhood Boosters President John Pflasterer. "I could say, pretty much across the gambit of the neighborhood, that everyone's going to be disappointed and sad that they're leaving."

    Target cuts 475 jobs
    Target on Wednesday announced plans to eliminate 475 jobs from its global workforce. The cuts come about a month after Target (TGT, Fortune 500) reported a major breach of customer information during the holiday shopping season. Spokeswoman Molly Snyder said the cuts are unrelated to the breach. "We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business," she said. "We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future." The discount retailer has about 361,000 employees worldwide and more than 1,700 U.S. stores.

    Netflix soars 16% on huge subscriber growth
    Netflix's blistering rate of growth continued in the fourth quarter of 2013. More than 2.3 million new American households signed up for the streaming service, its best quarterly performance in three years. In international markets, including Canada and Latin America, the service gained another 1.7 million subscribers, allowing Netflix to surpass the 10 million mark overseas for the first time. Overall, Netflix ended 2013 with over 44 million members, the company said in its quarterly letter to shareholders Wednesday afternoon. Neflix's (NFLX) subscriber totals came in ahead of many estimates, causing the stock to rise sharply -- about 16% -- in after-hours trading. Netflix's revenues were $1.2 billion in the quarter, up from $1.1 billion in the prior quarter, reflecting gains during the holiday season. Its net income was $48 million, up from $32 million.

    China's web traffic at a tiny Wyoming house
    Yesterday, many of China's 500 million internet users were mysteriously rerouted to a bunch of web addresses registered to this unassuming house in Cheyenne, Wyoming. The New York Times says a fluke in China's internet censoring system was to blame. But why, of all the places in the world, did the traffic come here? And how? From the looks of things, Chinese internet censors attempted to block access to websites owned by Sophidea Incorporated, which appears to be a re-routing service designed to evade national firewalls. But instead of blocking those sites, they mistakenly ended up blasting them with tons of traffic, and leaving the majority of Chinese internet users unable to access .com, .org, or .net addresses for up to eight hours. Sophidea, it turns out, has its global headquarters in Cheyenne, in the tiny house pictured above.



    Most Watched Videos