MoviePass raising prices 50%, to $15 a month
NEW YORK — MoviePass, the discount service for movie tickets, is raising prices by 50 percent and barring viewings of most major releases during the first two weeks. The new $15-a-month rate for up to one movie each day still won’t make MoviePass profitable. Because it typically pays theaters the full cost of tickets — which can be $15 or more in big cities — a movie or two can put the service in the red. The old monthly rate was $10. At some theaters, it is common to see long lines with people holding red MoviePass cards, which subscribers can use to charge a movie to the service.
No charges over Moonves allegations
LOS ANGELES — Prosecutors in Southern California declined to pursue sexual abuse claims against CBS Corp. CEO Les Moonves because the statute of limitations has expired, according to documents. The unidentified woman, who worked in the television industry, went to Los Angeles police in February to report three alleged incidents, two in 1988 and one from 1986. The incidents reviewed by prosecutors were not included in a weekend article in The New Yorker by Ronan Farrow.
Apple rises on earnings report
Apple made more money from higherpriced iPhones in the latest quarter, even as unit sales were relatively unchanged. Shares of Apple rose nearly 3 percent Tuesday after it reported fiscal third-quarter results that beat Wall Street expectations. The average selling price grew 20 percent to $724 per iPhone, up from $606 a year ago. That suggests that more consumers were buying its premium iPhone X, which starts at $999. Apple said quarterly net income rose 32 percent to $11.52 billion. Revenue was $53.27 billion.
Home prices up sharply in May
U.S home prices rose rapidly in May. The S&P CoreLogic Case-Shiller 20-city home price index released Tuesday rose 6.5 percent in May from a year earlier.
New chief at Ferragamo
MILAN — The Salvatore Ferragamo fashion house has named Micaela Le Divelec Lemmi, a former Gucci executive, as CEO to relaunch the brand after reporting a 23 percent drop in first-half profits.
Chipotle restaurant reopens after calls
A Chipotle restaurant in Ohio has reopened as officials investigate reports of illnesses linked to the location. A health district spokeswoman said dozens of calls were received from people reporting illnesses since Sunday, with many mentioning they ate at the Chipotle in Powell, Ohio. In a statement, Chipotle says it closed the store Monday “out of an abundance of caution” and that it’s cooperating with local health authorities.