Minnesota business: What you might have missed today

The market rose, Sun Country is booking up, Peloton has a new CEO, and bettors eye the Super Bowl.

By Star Tribune staff

February 8, 2022 at 10:14PM
Semi-trailer trucks line up along northbound I-75 in Detroit as the Ambassador Bridge entrance is blocked off for travel to Canada on Tuesday. (Ryan Garza | Associated Press/The Minnesota Star Tribune)

Here's what happened in business, the economy and markets Tuesday:

Truckers blocked the Ambassador Bridge, the busy U.S.-Canadian border crossing between Detroit and Windsor, over COVID-19 vaccine mandates and other restrictions in Canada. Nearly one-fourth of the value of all trade between the two countries happens there.

Sun Country shares rose nearly 8% a day after releasing better-than-expected fourth quarter results and an upbeat outlook for this spring. Executives on Tuesday said the debacle of flight cancellations and delays around Christmas cost the Minneapolis airline about $1 million.

nVent Electric, the St. Louis Park maker of electrical connections and enclosures, beat investors' expectations with its latest results. The company got a boost from two acquisitions.

Peloton co-founder John Foley stepped down as CEO, at a time when the company is cutting 3,000 jobs and is under pressure from activist investors to sell itself. Barry McCarthy, a former CFO at Spotify and Netflix, will take over as CEO.

Apple says retailers soon won't need a special point-of-sale terminal to accept contactless payments from iPhones.

Stocks ended higher, but bond yields also rose, with the 10-year Treasury note hitting 1.95%, its highest level since the pandemic began.

Looking ahead, the popularity of online sports betting is surging and two Minnesota startups, BettorEdge and ShotCaller, aim to attract new users during this weekend's Super Bowl, while publicly traded SharpLink Gaming angles for an even bigger slice of the betting pie.

Our advice on saving money at the grocery store was our top-read article on Monday. Do you have any tips we missed? Add them in the comments.

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Star Tribune staff