Business News at a Glance

Stocks Plunge as Market Enters ‘Correction’ Territory

Major stock indexes suffered a steep drop in late trading Thursday, the second straight day that stocks dove shortly before the markets closed. The 3.75 percent decline pushed the Standard & Poor’s 500 index down more than 10 percent from its peak in late January. That means the market is technically in correction territory, meaning that a downward trend is more severe than simply a few days of bearish trading. The most likely culprit appears to be fear that central banks will hike interest rates to fend off inflation and ensure that fast-growing economies don’t overheat.

Winter Olympics’ Security on Alert, but Hackers Have a Head Start

The Department of Homeland Security is warning Americans planning to attend the 2018 Winter Olympic Games in Pyeongchang, South Korea, to beware of cybercriminals targeting the games. Security experts from around the world are monitoring threats from North Korean hackers who have been probing the computer networks that manage South Korean finance, media and critical infrastructure systems for years. But cybersecurity researchers said the Olympic Games — more digitized than ever — are ripe targets for hackers searching for embarrassing information on everyone from athletes to organizers or simply looking to cause trouble by manipulating scoring or lighting systems.

PepsiCo Dips Its Toes Into the Sparkling Water Market

On Thursday PepsiCo introduced Bubly, a new brand of sparkling water that comes in eight flavors, including apple, strawberry and mango, in brightly colored cans. Bubly marks the most direct attack yet on LaCroix, a brand of flavored sparkling waters that has seen sales soar as it developed a near cultlike devotion. Bubly will land on shelves this month, and two ads will appear during the Oscars broadcast on March 4. For PepsiCo, it's a big bet on the fast-growing fizzy water market at a time volume sales of carbonated soft drinks declined for the 13th consecutive year in 2017.

Twitter Has Good News for Once: Its First Quarterly Profit

Sometimes it seems as if no one loves Twitter except for the president of the United States. But on Thursday, Twitter's shares were up 12 percent to $30.18 — their highest level in more than two years — after it reported a profit in the fourth quarter, the first black ink since going public in 2013. Overall, Twitter reported a profit of $91 million in the quarter, compared with a loss of $167 million a year earlier. Revenue from advertising, which makes up the bulk of its revenue, increased 1 percent. In general, Twitter exceeded low expectations.

Macy’s Courts Muslims With New Hijab Brand

Macy’s will introduce a collection of modest clothing, including hijabs, making it the latest company to try to capture a piece of the lucrative Muslim clothing market. The retailer’s Verona Collection will debut in stores and online Feb. 15. Macy's said the collection consists of “everyday essentials designed for versatility and comfort": maxi dresses, long tops, hand-dyed hijabs, cardigans and pants — garments that are priced from $12.95 to $84.95. The move into Muslim apparel represents an opportunity to capitalize on a robust market. Globally, consumers spent $254 billion in 2016 on Muslim attire, according to Global Islamic Economy report.

New York Times Co. Subscription Revenue Surpassed $1 Billion in 2017

In a tough environment for journalism, The New York Times Co. continued to post significant subscriber growth. The company said it added 157,000 net digital-only subscriptions in the fourth quarter of the year, pushing overall subscription revenue to more than $1 billion for the year. Total revenue for the year increased 8 percent and 10 percent in the fourth quarter. The company was pleased with the growth and the retention of many new subscribers, CEO Mark Thompson said, referring to the growth in subscriptions recorded around the 2016 presidential election.

Rising Hummus Prices? Blame a Drought Half a World Away

British shoppers began noticing in recent weeks that hummus prices were up significantly. The cause: a drought thousands of miles away. Insufficient rains in India — by far the world’s largest producer of chickpeas — have resulted in several years of poor harvests of the legumes, the main ingredient in hummus. Limited supplies of chickpeas have combined with rising demand for hummus in Britain to send prices higher. Average prices for the dish at supermarket are 12 percent higher than a year ago, according to the trade magazine The Grocer and the research consultancy Brand View.

Cryptocurrencies Come to Campus

While the price of bitcoin has dropped recently, it has shown no signs of cooling off at America’s elite universities, which are rushing to add classes about bitcoin and the record-keeping technology it introduced, known as the blockchain. Graduate-level classes are offered at Carnegie Mellon, Cornell, Duke, Massachusetts Institute of Technology, among other places. Last month, students at the University of California, Berkeley, lined the walls and sat in the aisles for the first lecture of Blockchain, Cryptoeconomics and the Future of Technology, Business and Law. Professor Dawn Song told students: "There are a bazillion other students who are waiting for your spot.”