Target said Thursday that it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base.
About 1,000 employees are expected to receive layoff notices next week, and the company also plans to eliminate about 800 vacant jobs, a company spokesperson said. The cuts represent about 8% of Target’s corporate workforce globally, although the majority of the affected employees work at the company’s Minneapolis headquarters, the spokesperson said.
Chief Operating Officer Michael Fiddelke, who is set to become Target’s next CEO on Feb. 1, issued a note to personnel on Thursday announcing the downsizing. He said further details would come on Tuesday, and he asked employees at the Minneapolis offices to work from home next week.
“The truth is, the complexity we’ve created over time has been holding us back,” Fiddelke, a 20-year Target veteran, wrote in his note. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
Target, which has about 1,980 U.S. stores, lost ground to Walmart and Amazon in recent years as inflation caused shoppers to curtail their discretionary spending. Customers have complained of messy stores with merchandise that did not reflect the expensive-looking but budget-priced niche that long ago earned the retailer the jokingly posh nickname “Tarzhay.”
Fiddelke said in August when he was announced as Target’s next CEO that he would step into the role with three urgent priorities: reclaiming the company’s position as a leader in selecting and displaying merchandise; improving the customer experience by making sure shelves are consistently stocked and stores are clean; and investing in technology.
He cited the same goals in his message to employees, calling the layoffs a “necessary step in building the future of Target and enabling the progress and growth we all want to see.”
“Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution,” he wrote.
Target has reported flat or declining comparable sales — those from established physical stores and online channels — in nine out of the past 11 quarters. The company reported in August that comparable sales dipped 1.9% in its second quarter, when its net income also dropped 21%.
The job cuts will not affect any store employees or workers in Target’s sorting, distribution and other supply chain facilities, the company spokesperson said.
The corporate workers losing their jobs will receive pay and benefits until Jan. 8 as well as severance packages, the spokesperson said.
Card-reading contact lenses, X-ray poker tables, trays of poker chips that read cards, hacked shuffling machines that predict hands. The technology alleged to have been used to execute a multistate, rigged poker operation sounds like it’s straight out of Hollywood.
And those were only some of the gadgets that authorities say were used to swindle millions of dollars from unsuspecting victims through rigged, high-dollar, underground poker games over more than five years.
A sprawling indictment unsealed Thursday by the U.S. attorney for the Eastern District of New York charged Chauncey Billups, the head coach of the NBA’s Portland Trail Blazers, and Damon Jones, a former NBA player, along with members of the Mafia and dozens of other defendants, with being part of a conspiracy.
The victims were “at the mercy of concealed technology, including rigged shuffling machines and specially designed contacts lenses and sunglasses to read the backs of playing cards, which ensured that the victims would lose big,” U.S. Attorney Joseph Nocella of Brooklyn said in a statement.
Cheating at poker is as old as poker itself. But today, wearable tech and nano-cameras are putting even upstanding poker players on their guard.
The defendants used “special contact lenses or eyeglasses that could read pre-marked cards,” Nocella said at a news conference announcing the indictments.
He also showed a photo of an X-ray table that “could read cards face down on the table … because of the X-ray technology.”
An X-ray poker table in an image from defendant Robert Stroud’s iCloud account.U.S. Justice Department
“Defendants used other cheating technologies, such as poker chip tray analyzers, which is a poker chip tray that secretly reads cards using a hidden camera,” he said.
And while marking poker cards so they are visible only with special eyewear is an old trick, new radio-frequency identification and infrared technologies have ramped up the sophistication levels.
Technically speaking, many of the devices involved in the alleged scam authorities detailed Thursday are relatively cheap to manufacture, said Sal Piacente, a gaming security consultant.
By the time they reach their customers, however, the cost of industrial shufflers or tables can easily approach $100,000, once distributors and middlemen are factored in.
“You could make a lucrative career buying this stuff,” Piacente said.
Casino and gaming security consultants told NBC News that the alleged scheme was possible only because the games were underground. In backrooms, there was none of the surveillance tech that reputable casinos use to catch players cheating.
“A lot of the features which made this scheme so successful would have been ID’d a lot sooner, or very quickly, in a traditional regulated gaming environment,” said Ian Messenger, a former U.K. law enforcement officer and founder and CEO of the Association of Certified Gaming Compliance Specialists.
More than any other tech, it was the reprogramming of the industrial card shufflers — identified in charging documents as Deckmate-brand machines — that authorities said was key to the alleged game rigging.
A DeckMate 2 shuffler taken apart on a table in an image from defendant Shane Hennen’s iCloud account. U.S. Justice Department
Deckmates are not sold directly to the public — though many used ones can be found for sale online. The ones at the high-dollar games cited in the indictment could read cards and predict which player had the best hand. Neither Deckmate nor its parent company, Light & Wonder, were implicated in any way in Thursday’s indictments.
A spokesman for Light & Wonder told NBC News in a statement that the company was aware of reports about the charges against people but said they were not affiliated with the company.
“We sell and lease our automatic card shufflers and other gaming products and services only to licensed casinos and other licensed gaming establishments,” said Andy Fouché, the company’s vice president of communications. “We will cooperate in any law enforcement investigation related to this indictment.”
Reprogramming shufflers is not a new trick. In 2023, hackers at the Black Hat security conference in Las Vegas presented research showing how to hack a Deckmate shuffler and use it to cheat.
The rigged shuffler machines would transmit information about the players’ hands to an off-site “operator,” according to prosecutors.
The computer program showing information transmitted by the rigged shuffling machine in an image from defendant Shane Hennen’s iCloud account. U.S. Justice Department
The operator would then communicate the information to someone else at the table, dubbed the “quarterback.” The victim was known as the “fish.”
Here, the high-tech gadgets met the low-tech of a card game.
The quarterback might touch the $1,000 poker chip or tap his chin or touch his black chips to indicate who at the table had the best hand.
Text messages obtained by prosecutors also appear to show defendants concerned that a fish would leave the table if he lost too many hands.
“Guys please let him win a hand he’s in for 40k in 40 minutes he will leave if he gets no traction,” read one text message released by authorities.
But according to Messenger, the consultant, it was not the tech that made the alleged scheme so successful for so long. What set it apart was the level of communication.
For example, he said, the card information had to be seamlessly passed from the dealing machines to an off-site operator and back to a person back at the table, all without alerting the fish.
“The piece that made this so successful was the coordination, not the technology,” he said.
The opportunity to buy Bitcoin under $100K may not last much longer. On April 21, 2025, Bitcoin (BTC) traded just below the $100,000 mark, a price level many analysts believe could be the last stop before a massive new rally begins. With institutional adoption rising and macroeconomic pressures easing, the case for long-term BTC growth is strengthening.
Why Now Might Be the Time to Buy Bitcoin Under $100K
Market experts point to several factors fueling the bullish sentiment. Firstly, Bitcoin’s halving event earlier this year significantly reduced block rewards, cutting daily supply by half. Historically, halving events have preceded major bull runs. Secondly, growing interest from ETFs and institutional players is creating steady buying pressure. Lastly, declining inflation and improved global liquidity conditions are encouraging investment in risk assets like Bitcoin.
According to Bitwise CIO Matt Hougan, “It’s not too late to buy Bitcoin under $100K. This could be one of the last best opportunities before we see a surge well beyond six figures.”
Long-Term Outlook for BTC Investors
Looking ahead, many analysts predict that Bitcoin could exceed $150,000 by the end of the year. While this isn’t guaranteed, trends in institutional adoption, limited supply, and rising use cases for Bitcoin suggest that prices may continue climbing.
Although short-term volatility persists, long-term investors remain focused on fundamentals. If history repeats itself, buying Bitcoin at sub-$100K levels may prove to be a decision rewarded in the coming cycle.
Final Thoughts
If you’ve been on the sidelines, now could be your moment to enter the market. The chance to buy Bitcoin under $100K might not last much longer. As always, do your research and consider your financial goals before investing.
The recent spotlight on Trump’s Fed Criticism has sparked unease among investors and financial analysts alike. President Donald Trump’s repeated public attacks on Federal Reserve Chair Jerome Powell have amplified concerns over the central bank’s independence. As a result, markets have reacted with volatility, and investor sentiment has taken a noticeable hit.
Market Reactions to Political Pressure
Wall Street’s response to Trump’s Fed Criticism was swift. Major stock indices, including the S&P 500 and Nasdaq, posted losses amid uncertainty over future monetary policy decisions. Investors fear that political attempts to sway the Federal Reserve’s agenda may undermine its objectivity. If monetary policy is dictated by short-term political goals rather than long-term economic data, the implications could be severe for inflation, interest rates, and overall economic health.
Why Federal Reserve Independence Matters
One of the cornerstones of a stable economy is a politically neutral central bank. Trump’s Fed Criticism has called that neutrality into question. The Federal Reserve must be able to act without external pressure to maintain credibility in the eyes of global markets. Political interference could compromise its ability to control inflation or manage unemployment rates effectively.
Investor Sentiment and Future Outlook
Investor confidence remains fragile. Many market participants have shifted assets into safer investments such as gold and U.S. treasuries, seeking shelter from potential turmoil. Economic advisors stress the importance of maintaining clear, data-driven policy guidance, especially as the U.S. navigates ongoing trade issues and inflation concerns.
In the coming weeks, the Federal Reserve’s actions will be closely watched. Should Trump’s Fed Criticism intensify, it could further erode market stability and investor trust in U.S. monetary policy.
Oil Prices Rebound After Trump’s Criticism of Fed Chair Powell
On April 22, 2025, oil prices rebound experienced a modest rebound following a significant drop the previous day. The initial decline was triggered by President Donald Trump’s renewed criticism of Federal Reserve Chair Jerome Powell, which unsettled financial markets and raised concerns about the central bank’s independence.
Market Reaction to Political Commentary
President Trump’s comments on Monday intensified investor fears regarding the Federal Reserve’s autonomy in setting monetary policy. The criticism led to a broad sell-off in equities and commodities, with oil prices bearing the brunt of the market’s anxiety.
Short-Covering Leads to Price Recovery
Despite the initial plunge, oil prices rebound edged higher on Tuesday as investors engaged in short-covering. Brent crude futures rose 0.5% to $66.62 per barrel, while West Texas Intermediate (WTI) crude for May delivery increased by 1% to $63.73 per barrel. The more actively traded WTI June contract also gained 0.7% to $62.84 per barrel.
Ongoing Economic Concerns
Market participants remain cautious amid ongoing fears of a potential recession linked to U.S. tariff policies and concerns over Federal Reserve independence. These factors have increased worries about the U.S. economy and crude demand. Additionally, progress in U.S.-Iran nuclear deal talks has eased supply concerns, potentially impacting oil prices further.
As the situation evolves, investors will closely monitor geopolitical developments and central bank communications to assess the potential long-term impacts on the energy markets.
On April 16, 2025, the cryptocurrency market experienced a notable downturn following Federal Reserve Chair Jerome Powell’s remarks about potential stagflation. Bitcoin’s price fell to $83,700, reflecting a 1.5% decrease over 24 hours, as investors reacted to concerns about inflation and slowed economic growth.
Stagflation Concerns Emerge
In a speech addressing the economic implications of recent tariff policies, Powell stated, “We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension.” This acknowledgment of possible stagflation—a combination of stagnant economic growth and high inflation—prompted a cautious response from markets.
Impact on Cryptocurrency Market
The immediate effect of Powell’s comments was a swift decline in Bitcoin’s value, which had been approaching the $86,000 level earlier in the day. The broader cryptocurrency market mirrored this trend, with major altcoins experiencing similar losses. The Nasdaq also dropped 3.4%, indicating a wider market apprehension.
Investor Sentiment and Outlook
Analysts suggest that the Federal Reserve’s hawkish stance may delay anticipated interest rate cuts, affecting liquidity and risk appetite in financial markets. Quinn Thompson, CIO at Lekker Capital, noted, “Powell came out extremely hawkish… It’s difficult for me to paint a constructive picture in the immediate term.”
As the market adjusts to these developments, investors are advised to monitor economic indicators and central bank communications closely. The interplay between monetary policy and cryptocurrency valuations remains a critical factor in market dynamics.
Bitcoin Slips to $83.6K Amid Nvidia’s $5.5B Charge
On April 15, 2025, Bitcoin (BTC) experienced a notable decline, dropping to $83,600. This downturn coincided with Nvidia’s announcement of a substantial $5.5 billion charge, which unsettled investors and reverberated across the cryptocurrency market.
Market Reaction to Nvidia’s Financial Disclosure
Nvidia’s unexpected financial charge raised concerns about the broader tech sector’s health, leading to a ripple effect in risk-sensitive markets. Bitcoin, often viewed as a barometer for investor risk appetite, responded with a swift decline, reflecting the market’s apprehension.
Impact on Major Cryptocurrencies
The negative sentiment wasn’t limited to Bitcoin. Other prominent cryptocurrencies also felt the pressure:
XRP: Fell over 2% to $2.08.
Cardano (ADA): Decreased by 4% to $0.61.
CoinDesk 20 Index: A broader market gauge, weakened over 2%.
These declines underscore the interconnectedness of the cryptocurrency market and its sensitivity to developments in the traditional financial sector.
Investor Sentiment and Outlook
The convergence of traditional financial news and cryptocurrency performance highlights the evolving dynamics of the market. Investors are increasingly attentive to macroeconomic indicators and corporate disclosures, which can influence digital asset valuations.
As the market processes Nvidia’s announcement, stakeholders will monitor subsequent corporate earnings reports and economic data to gauge potential impacts on cryptocurrency valuations.
On April 14, 2025, Bitcoin (BTC) climbed close to the $85,000 mark, signaling a strong recovery after a period of volatility. This recent Bitcoin price surge is attributed to easing global tariff tensions and broader market stability. The rally marks a shift in sentiment, with both retail and institutional investors showing renewed confidence in the cryptocurrency market.
Key Drivers Behind Bitcoin’s Surge
Multiple economic and technical factors contributed to Bitcoin’s upward momentum:
Tariff Easing: The U.S. and EU signaled a pause in ongoing trade disputes, reducing uncertainty in global financial markets. As traditional investors seek alternative stores of value, Bitcoin stands out as a leading choice.
Stock Market Gains: Major global stock indices recorded solid growth over the past week, reflecting positive investor sentiment. Cryptocurrency trends often mirror or follow traditional markets, and BTC benefited from the spillover effect.
Technical Signals: Analysts noted bullish chart patterns, including a golden cross and RSI support. These indicators pushed traders to open long positions, helping fuel the rally.
Growing Investor Confidence
The return of capital to riskier assets like cryptocurrencies suggests that investors are increasingly comfortable with current market conditions. Bitcoin’s resilience during previous downturns and its growing mainstream adoption as a digital store of value are key reasons for this trust.
Several large institutions reportedly increased their BTC holdings during the dip, reaffirming long-term confidence in the asset despite short-term volatility.
What Lies Ahead for BTC?
While market optimism is high, experts advise caution. Macroeconomic variables, including inflation, interest rate decisions, and geopolitical tensions, will continue to influence price action. Investors should track these developments closely and remain diversified in their strategies.
Conclusion: Bitcoin’s approach toward $85K reflects more than just a bounce — it highlights a maturing market, increasing adoption, and greater investor awareness.
The gold price surge continued on April 21, 2025, as gold hit a record high of $3,385 per ounce. This milestone came amid a weakening U.S. dollar and renewed global trade tensions. Investors are increasingly turning to gold as a safe-haven asset, signaling market uncertainty and shifting investment strategies.
Gold Price Increase Driven by Dollar Weakness
The U.S. dollar index fell sharply, hitting its lowest level since January 2024. A weaker dollar typically boosts gold prices, as it makes the metal more attractive to international buyers. This contributed significantly to the ongoing gold price surge seen in recent weeks.
In addition, economic data indicating slower growth in key global markets has prompted investors to reduce their exposure to riskier assets. Gold’s long-standing reputation as a hedge against economic uncertainty has once again proven true.
Trade Tensions Fuel Demand for Safe-Haven Assets
Ongoing trade friction between major economies—particularly the U.S. and China—has triggered market anxiety. Announcements related to new tariffs and supply chain risks are further motivating the shift from equities to gold. This environment is ideal for a gold price surge to gain momentum.
Analysts Predict Continued Gold Price Growth
Market analysts suggest that the upward trend is far from over. If inflation persists and interest rates remain steady or fall, the gold price could climb even higher. Some predict that the next psychological barrier of $3,500 per ounce may soon be tested.
As the global economic landscape continues to evolve, gold is expected to remain a central pillar in investor portfolios. Whether as a hedge against inflation or a response to geopolitical unrest, the gold price surge is being closely monitored by financial experts.
BNB Price Surge Leads Crypto Gains as Bitcoin Climbs
The BNB price surge on April 21, 2025, stole the spotlight as Binance Coin jumped over 3.2% to cross the $600 mark. This move came as Bitcoin soared past $87,000, reigniting investor interest in altcoins. The bullish wave didn’t stop with BNB—SOL and XRP also made strong moves, reflecting a positive trend across the cryptocurrency market.
BNB Price Surge Driven by Token Burn and Momentum
Fueling the BNB price surge was Binance’s recent $1 billion token burn, which reduced the circulating supply. Additionally, increased trading volumes and renewed faith in Binance’s ecosystem helped BNB regain upward momentum. Investors are optimistic that Binance’s expansion and focus on compliance could drive long-term growth.
SOL Rally and XRP Breakout Add to Market Optimism
Solana (SOL) saw a 10.2% rally, breaking above the $135 resistance level with strong volume and technical confirmation. XRP, on the other hand, climbed past $2.10, setting the stage for a potential breakout above $2.15. These moves indicate bullish setups that are gaining attention from both traders and long-term holders.
Bitcoin Reinforces Its Role as Digital Gold
Bitcoin’s rise above $87,000 reflects renewed demand for a digital safe-haven. With increasing global economic uncertainty and inflation concerns, many investors view Bitcoin as “digital gold.” This sentiment is spilling over into altcoins, triggering the current crypto rally.
Conclusion and Market Outlook
The BNB price surge highlights growing investor confidence in altcoins. Alongside Bitcoin’s strength, tokens like SOL and XRP are enjoying increased attention. If this trend continues, more gains could be ahead for altcoin markets. Investors should monitor resistance levels and trading volumes closely for signs of sustained momentum.
