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(NEW YORK) — Bitcoin is on a tear.

The largest cryptocurrency has soared more than 20% over the last four days, approaching an all-time high. By contrast, the S&P 500 has dropped slightly over that period.

On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021.

The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News. That initial burst of gains, they added, triggered a stampede of investors fearful of missing out on the returns.

“It’s been a wild ride,” Katie Stockton, the founder of market research firm Fairlead Strategies, told ABC News.

A bitcoin ETF (exchange-traded fund) allows investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the cryptocurrency coin itself.

For instance, an ETF for gold allows individuals and institutions to put money on the price movement of the precious metal, rather than having to buy, transport and store the physical item.

A bitcoin ETF, in turn, gives investors access to the cryptocurrency market without facing the technical impediments and fees associated with navigating a crypto exchange.

Soon after the SEC approved the new investing option, a slew of bitcoin ETFs became available, including offerings from legacy firms such as Fidelity and Franklin Templeton.

The new crypto alternatives unleashed billions of dollars in investment within weeks, Bryan Armour, the director of passive strategies research at financial firm Morningstar, told ABC News. The nine leading bitcoin ETFs have received a combined $10 billion since last month, Armour said.

“There has been a very successful launch for pretty much all of these ETFs,” Armour said. “It’s just crazy for seven weeks on the market.”

When investors place their money in a bitcoin ETF, the funds in turn purchase bitcoin, increasing demand for the cryptocurrency and potentially causing a jump in price, Armour added.

Since bitcoin ETFs gained approval on Jan. 10, the price of bitcoin has skyrocketed 30%.

“There has been significant trading volume,” Armour said.

The rally in recent weeks gave rise to an additional wave of investment when traders witnessed the initial price spike and sought to jump on board, said Stockton, of Fairlead Strategies.

Over roughly a week in the middle of February, the price of bitcoin hovered in a “tight range” at about $51,000, Stockton said, adding that when it broke past that threshold on Monday, the new heights stoked optimism and an onrush of investment.

“The run-up that we’ve seen over the past four days has been really explosive,” Stockton said.

Despite the breakneck pace of gains in recent weeks, some analysts cautioned about the past volatility of bitcoin and the possibility of an imminent price plateau, or even downswing.

In the immediate aftermath of the bitcoin ETF approval, for instance, the price of bitcoin dropped 15% before rebounding, Armour said. Over the past five years, he added, bitcoin has plummeted more than 40% on four separate occasions.

“Investors could expect it to either go up substantially or drop in half,” Armour said. “Anything can happen.”

James Butterfill, head of research at digital asset management firm CoinShares, acknowledged concern about bitcoin’s rapid price ascent, but also pointed to reasons for optimism.

“When you see the price move so dramatically higher, it always worries you a little bit,” Butterfill told ABC News. “Is it sustainable?”

However, Butterfill notes that the price surge has coincided with a period of stubbornly high interest rates, suggesting that the jump in demand owes little to excess cash in search of a place to land.

“It’s not some crazy speculation,” Butterfill said. “There’s genuine demand for this.”

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(MIAMI) — Historic sports cars, million-dollar roadsters and one-off supercars will be on display when two of the auto industry’s flashiest events take place next month.

Enthusiasts from all over the country will travel to Florida March 1-3 to revel in classic and modern cars that are seldom shown in public.

ModaMiami, billed as the “ultimate car show on America’s East Coast,” and The Amelia, “one of the world’s most recognized lifestyle concours,” are likely to draw more than 30,000 spectators. Both events will also feature auctions that could shatter sales records.

The fact that gearheads may be forced to choose between Moda and Amelia has divided the enthusiast community. The inaugural ModaMiami is hosted by RM Sotheby’s at the Biltmore Hotel in Coral Gables; The Amelia, in its 29th year, takes over the Ritz-Carlton Amelia Island and is organized by Hagerty.

“It does not do the hobby any favors by having these on the same weekend,” said one longtime auto analyst who has taken part in The Amelia. “People in South Florida may not opt to come up north to show their car. ModaMiami is trying to draw attention away from Amelia.”

The scheduling conflict has a backstory: When Hagerty took over control of The Amelia Concours d’Elegance from founder and car collector Bill Warner, it replaced RM Sotheby’s, the event’s official auction house, with its newly acquired company, Broad Arrow Auctions. Rob Myers, CEO of RM Sotheby’s, said he decided at that point to explore the “concours business” and organize a show that was “the opposite of Amelia and Hagerty.”

“ModaMiami will be a different crowd from Amelia … a lifestyle event, not just an auction,” Myers told ABC News. “I plan on being in Miami next year and maybe do a few of these around the country. This is our first year and I don’t know what to expect. But we’re doing the best we can.”

The auto analyst noted that Myers, though a “savvy business guy,” can be an “absolute pit bull” and has “axes to grind” with Hagerty.

Michigan-based Hagerty has come under fire recently for trying to “own the collector space” and raising ticket prices at its events, which include RADwood, the Greenwich Concours d’Elegance, Motorlux and the California Mille.

“I look forward to how ModaMiami turns out,” the analyst said, though RM Sotheby’s departure “has been an unfortunate loss for Amelia and the local businesses and people.”

At least 25,000 people will attend this year’s multiday car culture celebration on Amelia Island, said McKeel Hagerty, The Amelia chairman and Hagerty CEO, who conceded that ModaMiami would make it challenging for enthusiasts to experience both gatherings.

“It’s unfortunate there’s been a purposeful event to pull some people away from Amelia and all the things happening around it,” Hagerty told ABC News. “We’re going to produce a great show this year and make it exist for another 29 years.”

Hagerty also addressed the recent criticism from fellow enthusiasts.

“We have been attending these events longer than when we were first approached by owners to buy,” he said. “Some people have seen our growth and are questioning it. We’re trying to execute at a high level … our job is to steward these events for the long term.”

Hagerty said this year’s activities will appeal to a broad group of motoring fans. There’s a seminar and a movie night. Saturday’s “Cars & Community” will include a RADwood display, Concours d’Lemons, ride and drives and a Bavarian beer garden. Guests can check out Ricky Hendrick’s car collection including the Garage 56 Chevrolet Camaro ZL1 that was prepared for the 2023 24 Hours of Le Mans. Hendrick, a 15-time NASCAR Cup Series champion and owner of Hendrick Motorsports, is this year’s honoree.

Broad Arrow’s auction includes more than 150 cars including a 2020 McLaren Speedtail; 1958 BMW 507 Series II Roadster; a 1967 Ford GT40; a 1971 Porsche 914/6 GT; 1966 Shelby 427 S/C Cobra; and a 1988 Porsche 959 SC Reimagined by Canepa, among others. On Sunday, The Amelia Concours d’Elegance will highlight more than 250 historically significant vehicles in more than 30 classes, according to Hagerty.

“The level of cars at Amelia are on par with Pebble Beach,” Ian Kelleher, vice president of marketing at Broad Arrow, told ABC News, referring to the Pebble Beach Concours d’Elegance that takes place every August. “These events provide an up close and personal opportunity to come face-to-face with the cars hobbyists love and lust after.”

ModaMiami attendees have a specially curated weekend of automobiles, art, cuisine and design. Myers said the event culminates in a car spectacle on the Biltmore Hotel’s golf course, with “100 of the world’s best supercars” parked on the green for ticket holders to ogle.

An exclusive collection of Mercedes-Benz vehicles, including the legendary Formula One Mercedes-Benz W 196 R, five Mercedes-Benz 300 SL Gullwings, two 300 SL Roadsters and a 540 K Special Roadster, a previous Pebble Beach Best in Show winner, will also be on the showfield. ModaMiami activities range from exclusive driving opportunities to sampling cuisine from celebrity chefs.

“I have friends who are bringing cars from Reno and California and all over the U.S,” Myers said. “Eight Best of Show cars are coming to Miami.”

Aaron Weiss, president of The Concours Club, a private racing circuit for members, said ModaMiami will attract a diverse group of collectors who are seeking unique experiences.

“Purists will still go to Amelia … they’re looking for specific cars,” he told ABC News. “Miami has a vibrant car culture. There are lots of ways to indulge in the car passion. ModaMiami is going for the lifestyle crowd and young collectors.”

Mac Morrison, executive editor of Motor Trend, said there has been a “big explosion” in luxury-type vehicle shows, which is helping to boost interest in car culture again as traditional auto shows become smaller and less influential.

“Car enthusiasm is waning in the era of EVs and technology, but there is a reinvigoration and interest in cars as a lifestyle,” he told ABC News. “A whole culture has sprung up around these events. It’s encouraging to see car guys and car girls finding an outlet to indulge in this passion.”

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(MIAMI) — Historic sports cars, million-dollar roadsters and one-off supercars will be on display when two of the auto industry’s flashiest events take place next month.

Enthusiasts from all over the country will travel to Florida March 1-3 to revel in classic and modern cars that are seldom shown in public.

ModaMiami, billed as the “ultimate car show on America’s East Coast,” and The Amelia, “one of the world’s most recognized lifestyle concours,” are likely to draw more than 30,000 spectators. Both events will also feature auctions that could shatter sales records.

The fact that gearheads may be forced to choose between Moda and Amelia has divided the enthusiast community. The inaugural ModaMiami is hosted by RM Sotheby’s at the Biltmore Hotel in Coral Gables; The Amelia, in its 29th year, takes over the Ritz-Carlton Amelia Island and is organized by Hagerty.

“It does not do the hobby any favors by having these on the same weekend,” said one longtime auto analyst who has taken part in The Amelia. “People in South Florida may not opt to come up north to show their car. ModaMiami is trying to draw attention away from Amelia.”

The scheduling conflict has a backstory: When Hagerty took over control of The Amelia Concours d’Elegance from founder and car collector Bill Warner, it replaced RM Sotheby’s, the event’s official auction house, with its newly acquired company, Broad Arrow Auctions. Rob Myers, CEO of RM Sotheby’s, said he decided at that point to explore the “concours business” and organize a show that was “the opposite of Amelia and Hagerty.”

“ModaMiami will be a different crowd from Amelia … a lifestyle event, not just an auction,” Myers told ABC News. “I plan on being in Miami next year and maybe do a few of these around the country. This is our first year and I don’t know what to expect. But we’re doing the best we can.”

The auto analyst noted that Myers, though a “savvy business guy,” can be an “absolute pit bull” and has “axes to grind” with Hagerty.

Michigan-based Hagerty has come under fire recently for trying to “own the collector space” and raising ticket prices at its events, which include RADwood, the Greenwich Concours d’Elegance, Motorlux and the California Mille.

“I look forward to how ModaMiami turns out,” the analyst said, though RM Sotheby’s departure “has been an unfortunate loss for Amelia and the local businesses and people.”

At least 25,000 people will attend this year’s multiday car culture celebration on Amelia Island, said McKeel Hagerty, The Amelia chairman and Hagerty CEO, who conceded that ModaMiami would make it challenging for enthusiasts to experience both gatherings.

“It’s unfortunate there’s been a purposeful event to pull some people away from Amelia and all the things happening around it,” Hagerty told ABC News. “We’re going to produce a great show this year and make it exist for another 29 years.”

Hagerty also addressed the recent criticism from fellow enthusiasts.

“We have been attending these events longer than when we were first approached by owners to buy,” he said. “Some people have seen our growth and are questioning it. We’re trying to execute at a high level … our job is to steward these events for the long term.”

Hagerty said this year’s activities will appeal to a broad group of motoring fans. There’s a seminar and a movie night. Saturday’s “Cars & Community” will include a RADwood display, Concours d’Lemons, ride and drives and a Bavarian beer garden. Guests can check out Ricky Hendrick’s car collection including the Garage 56 Chevrolet Camaro ZL1 that was prepared for the 2023 24 Hours of Le Mans. Hendrick, a 15-time NASCAR Cup Series champion and owner of Hendrick Motorsports, is this year’s honoree.

Broad Arrow’s auction includes more than 150 cars including a 2020 McLaren Speedtail; 1958 BMW 507 Series II Roadster; a 1967 Ford GT40; a 1971 Porsche 914/6 GT; 1966 Shelby 427 S/C Cobra; and a 1988 Porsche 959 SC Reimagined by Canepa, among others. On Sunday, The Amelia Concours d’Elegance will highlight more than 250 historically significant vehicles in more than 30 classes, according to Hagerty.

“The level of cars at Amelia are on par with Pebble Beach,” Ian Kelleher, vice president of marketing at Broad Arrow, told ABC News, referring to the Pebble Beach Concours d’Elegance that takes place every August. “These events provide an up close and personal opportunity to come face-to-face with the cars hobbyists love and lust after.”

ModaMiami attendees have a specially curated weekend of automobiles, art, cuisine and design. Myers said the event culminates in a car spectacle on the Biltmore Hotel’s golf course, with “100 of the world’s best supercars” parked on the green for ticket holders to ogle.

An exclusive collection of Mercedes-Benz vehicles, including the legendary Formula One Mercedes-Benz W 196 R, five Mercedes-Benz 300 SL Gullwings, two 300 SL Roadsters and a 540 K Special Roadster, a previous Pebble Beach Best in Show winner, will also be on the showfield. ModaMiami activities range from exclusive driving opportunities to sampling cuisine from celebrity chefs.

“I have friends who are bringing cars from Reno and California and all over the U.S,” Myers said. “Eight Best of Show cars are coming to Miami.”

Aaron Weiss, president of The Concours Club, a private racing circuit for members, said ModaMiami will attract a diverse group of collectors who are seeking unique experiences.

“Purists will still go to Amelia … they’re looking for specific cars,” he told ABC News. “Miami has a vibrant car culture. There are lots of ways to indulge in the car passion. ModaMiami is going for the lifestyle crowd and young collectors.”

Mac Morrison, executive editor of Motor Trend, said there has been a “big explosion” in luxury-type vehicle shows, which is helping to boost interest in car culture again as traditional auto shows become smaller and less influential.

“Car enthusiasm is waning in the era of EVs and technology, but there is a reinvigoration and interest in cars as a lifestyle,” he told ABC News. “A whole culture has sprung up around these events. It’s encouraging to see car guys and car girls finding an outlet to indulge in this passion.”

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — Wendy’s announced it will launch new menu prices that will fluctuate depending on the time of day.

The country’s second-largest burger chain, which has 6,000 restaurant locations, said the change will begin next year.

Customers could pay $1 more for a sandwich like the Baconator during the lunch rush, for example.

“Historically, companies just set one price that was constant across time. Pricing algorithms allow companies to change prices throughout the day or perhaps even throughout an hour,” Zach Brown, a professor of economics at the University of Michigan, told ABC News’ Good Morning America.

Wendy’s CEO Kirk Tanner said the company will spend $20 million on high-tech digital menu boards that can update prices in real time, similar to surge pricing strategies adopted by rideshare companies like Uber and Lyft, airlines and hotels.

“During the busy times, they can obviously increase profits then,” Brown said. “And also, some consumers will want to shift to the less busy times when demand is lower and prices are lower.”

Wendy’s is already receiving a frosty reaction to the price change announcement with one user on X, formerly known as Twitter, writing, “Surge pricing is just Price Gouging by any other name.”

Wendy’s told ABC News in a statement that its dynamic menu pricing can “be competitive and flexible with pricing, motivate customers to visit and provide them with the food they love at a great value. We will test a number of features that we think will provide an enhanced customer and crew experience.”

Some experts say customers could see more menu pricing changes ahead at other fast food chains, including McDonald’s and Burger King, especially if Wendy’s sees a boost in its bottom line after implementing dynamic pricing.

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(WASHINGTON) — The Federal Trade Commission on Monday sued to halt the Kroger and Albertsons merger, according to court documents filed in federal court. The merger would represent two of the largest grocery store chains in the United States combining forces.

Kroger announced that it intended to acquire Albertsons for $24.6 billion in October 2022, and that deal, according to the FTC, would lead to higher grocery prices for millions of Americans.

“This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years. Kroger’s acquisition of Albertsons would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today,” said Henry Liu, Director of the FTC’s Bureau of Competition. “Essential grocery store workers would also suffer under this deal, facing the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating.”

Kroger stores are in 36 states and include companies like Fred Meyer, Fry’s, Harris Teeter, King Soopers, Kroger, and Quality Food Centers. Albertsons operates stores in 35 states under regional names including Albertsons, Haggen, Jewel-Osco, Pavilions, Safeway and Vons.

If the merger were completed, Kroger and Albertsons would operate more than 5,000 stores and approximately 4,000 retail pharmacies and would employ nearly 700,000 employees across 48 states, according to the FTC.

Kroger says the FTC lawsuit will “actually harm” Americans instead of helping them, according to a statement released after the lawsuit was filed.

“The FTC’s decision makes it more likely that America’s consumers will see higher food prices and fewer grocery stores at a time when communities across the country are already facing high inflation and food deserts,” the statement reads. “In fact, this decision only strengthens larger, non-unionized retailers like Walmart, Costco and Amazon by allowing them to further increase their overwhelming and growing dominance of the grocery industry.”

Kroger says customers would benefit from lower prices and more choices following the merger close. The company says it has committed to investing $500 million to begin lowering prices Day One post-close, and an additional $1.3 billion to improve Albertsons stores.

California Attorney General Bonta issued a statement calling the proposed merger “bad for workers.”

“This megamerger is bad for workers, for agricultural producers, and for California communities. In some markets in Southern California, Kroger-Albertsons is expected to be the only one-stop grocery option. Today, we are going to bat for a more just and competitive economy, one where companies need to compete for labor and where prices and service matter,” Bonta said in the statement.

Bonta and the attorneys general from Washington D.C., Illinois, Maryland, Nevada, New Mexico, Arizona, Oregon and Wyoming joined the lawsuit.

“Bottom line: this merger will benefit the shareholders of these companies, not regular Arizonans. I am proud to stand with the FTC and my fellow attorneys general in suing to block this anticompetitive, anti-consumer, and anti-worker merger,” Arizona Attorney General Kris Mayes said.

Sen. Dan Sullivan, R-Ark., applauded the FTC lawsuit.

“The FTC found that the merger would likely reduce competition and raise prices—putting further strain on working families in our state who are being crushed by the high inflation caused by the Biden administration’s policies. I appreciate and support the FTC’s thorough analysis and decision to take action to block this merger for the benefit of Alaskans,” Sullivan said.

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(WASHINGTON) — As the tax filing season gets underway, taxpayers in some states will have a new way to file online available to them in “the coming days,” the IRS said this week.

Direct File, the free site for filing federal tax returns directly through the IRS, will be open for new users in 12 states during unspecified windows of time, before becoming widely available to taxpayers in those states in mid-March, according to the IRS.

The IRS has already launched its filing site to some federal government workers in a testing phase.

With this pilot program, the IRS says it is trying to provide a free alternative to taxpayers so they can use the government website for online filing instead of paying to do so with a commercial company.

According to the IRS, the website explains tax concepts and has customer support representatives available via chat to answer basic tax law questions in English and Spanish.

The agency created the platform with funds from the 10-year 2022 Inflation Reduction Act that included $80 billion for IRS improvements.

Here’s how Direct File works and how taxpayers can use it:

Who is eligible?

Direct File will be available to taxpayers who in 2023 lived in these 12 states: Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington and Wyoming.

Additionally, taxpayers in those states need to qualify depending on their income type and amount. For example, taxpayers with wages of more than $200,000 or independent contractors won’t be able to use the site. The type of health insurance the taxpayer purchased might also restrict them from using the platform.

When does it become available to taxpayers?

The platform will be available to the taxpayers in those 12 states in the coming days, IRS said in a news release.

There’s no specific date and time for when Direct File will be open to new users in those 12 states, instead it will be available for “short, unannounced windows of time.” The state of the platform will be displayed on top of the website. The platform will be available to the wider public in mid-March, according to the IRS.

This is part of the testing phase to see how the site will work with a bigger volume of users, the IRS said.

The agency is supposed to start with a smaller testing group and the simplest characteristics, said Nina E. Olson, the executive director of the nonprofit Center for Taxpayer Rights. That’s how platforms in the private sector had started, too, she said.

Currently, 1200 government employees are using the site to file their taxes as part of the testing, according to the updates on the IRS website.

What kind of taxes is the site for?

Direct File can be used only for federal taxes. State taxes must be filed separately through a different platform. However, the site will guide the taxpayers living in Arizona, California, Massachusetts or New York to a state-supported platform and transfer their information to file the state returns. These states were selected because they chose to partner with the agency, according to the IRS website.

How to use it?

Direct File is a website, so taxpayers don’t need to install a special software or application.

To start with, taxpayers have to sign up with the IRS identity verification tool, ID.me, with which users say they have had issues.

According to Olson, the issues with ID.me are government wide and not specific to the IRS. The testing phase should also help identify why some taxpayers get turned away when trying to sign up, so that can be addressed later, she said.

If the taxpayer misses the window when Direct File is open, they can still sign up for ID.me and check the site for the next window.

The site has a step-by-step guide on how to track the progress of the return, the IRS said. Once they start the return, the taxpayers can come back to the platform anytime during the season and continue working on their returns — even if the site is closed for new users.

The agency’s Direct File is voluntary. The other paid or free alternatives are still available for taxpayers.

A similar site should have been created decades ago but this is a move in the right direction, Olson said.

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(NEW YORK) — A sluggish housing market for most of last year began to heat up as the calendar turned to 2024.

In recent weeks, however, the market has cooled once again.

A surge in mortgage rates accounts for the slowdown in the housing market, experts told ABC News, pointing to elevated home prices pushed out of reach for most consumers when combined with high borrowing costs.

The jump in mortgage rates is due to stubbornly high inflation that has delayed interest rate cuts at the Federal Reserve, experts said. Mortgage rates track yields on 10-year treasury bonds, which are highly sensitive to the Fed’s benchmark rate.

“High mortgage rates and high housing prices have led to an affordability problem of a dimension that we haven’t seen in decades,” Susan Wachter, a professor of real estate at University of Pennsylvania’s Wharton School of Business, told ABC News.

The average interest rate for a 30-year fixed mortgage has soared to 6.9%, rebounding after a steady decline at the end of last year, according to a report from Freddie Mac on Thursday.

Meanwhile, home sales have plummeted. Mortgage-purchase applications fell 10% from a week earlier, data from the Mortgage Bankers Association on Wednesday showed.

“Existing home sales have fallen off a cliff,” Lu Liu, also a professor at the Wharton School at the University of Pennsylvania, told ABC News.

The housing market dynamic traces back to a highly anticipated announcement in December, during which the central bank revealed expectations of interest rate cuts in 2024.

The signal elicited a boost of optimism among key market players, who foresaw the end of the Fed’s fight against inflation and the decline of interest rates from near-historic highs. In turn, yields fell on 10-year treasury bonds, and mortgage rates soon followed suit.

Inflation, however, has refused to cooperate. Stronger than expected economic performance and resilient consumer demand have helped buoy price increases, keeping them above the Fed’s target rate.

“The strengthening of the economy is a surprise,” Wachter said. “It does raise questions about the Fed’s next steps.”

Consumer prices rose 3.1% in January compared to a year ago, slowing markedly from the previous month but missing expectations of an even larger cooldown, a report from the Bureau of Labor Statistics earlier this month showed.

Inflation stands well below a peak of 9% last year but remains more than a percentage point above the Fed’s target rate of 2%.

“The inflation rate is reflected in the 10-year treasury rate, which pushes mortgages up,” Wachter said.

When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage rate stood at just 4.45%. The average mortgage is now nearly 2.5 percentage points higher.

Each percentage point increase in a mortgage rate can add thousands of dollars, or even tens of thousands, in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

The rising mortgage rates have put a freeze on the housing market in part because home prices remain high, Liu said. Potential homebuyers would rather stick with mortgages that have comparatively low rates rather than shift to higher rates that would compound the elevated home prices, she added.

“A lot of people are holding back from moving or selling,” Liu said.

Observers would expect home prices to fall amid low consumer demand, but the stubbornly high housing costs may be owed to that reluctance among prospective homebuyers to first put their own homes up for sale, Liu added.

“It’s a little bit of a puzzle why home prices have remained stable or even ticked up,” Liu said. “Home owners may be buying, but they’re not selling.”

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(NEW YORK) — A network disruption is affecting AT&T customers in the U.S. Thursday.

In a statement to ABC News, the company confirmed the outage and advised customers to make calls over Wi-Fi.

“Some of our customers are experiencing wireless service interruptions this morning. We are working urgently to restore service to them. We encourage the use of Wi-Fi calling until service is restored,” an AT&T spokesperson said.

Story developing…

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(NEW YORK) — The trendy oversized Stanley thermos that reached viral fame on social media and became a must-have item is facing new criticism from customers.

The parent company of the viral tumblers is facing two lawsuits after Stanley acknowledged that part of the insulation at the bottom of the bottle — which people do not come into contact with — contains some lead.

In one of the lawsuits filed last week, Mariana Franzetti alleges the company, Pacific Market International, “engaged in a campaign of deceiving customers by failing to disclose the presence of lead in its tumbler products.”

The lawsuit also claims the company “knew or reasonably should have known about this lead issue for years but chose to conceal it from the public presumably to avoid losing sales.”

The cups are still available for sale online.

Pacific Market International did not immediately respond to ABC News’ request for comment.

“When I discovered that lead was possibly in the Stanley cup, I was really upset,” Franzetti told ABC News. “I tried to treat my body as well as possible. I wouldn’t have bought any sort of product that had lead in it, to my knowledge. And I just thought, why is a company like this being so deceptive?”

Last month, several customers said they performed at-home tests on the cups — with some allegedly testing positive for lead.

Stanley released a statement in response saying the material used for the insulation seal at the bottom of the products does contain “some lead,” but that it is covered with stainless steel and “no lead is present on the surface of any Stanley product that comes into contact with the consumer nor the contents of the product.”

The company told USA Today in response to the lawsuits that it will “vigorously defend itself against meritless claims.”

“My trust has been shaken in the company, but I would like to see them not just with the Stanley cups currently, but with all their products, make a commitment to being lead-free,” Franzetti said.

Stanley cups have gained massive popularity in recent months. In January, videos across social media showed shoppers at Target clamoring for the brand’s limited edition “Galentine’s Day” red and pink tumblers.

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(NEW YORK) — Boeing has announced it is replacing the head of its 737 Max program as part of a reshuffling of the company in the wake of the much-publicized incident of a door plug blowing out of an Alaska Airlines flight last month.

Katie Ringgold will be replacing Ed Clark – an 18-year veteran of the company – as vice president and general manager of the 737 Max program and Renton site, Boeing said.

The company also announced other leadership changes.

Boeing Commercial Airplanes President Stan Deal said, “I am announcing several leadership changes as we continue driving BCA’s enhanced focus on ensuring that every airplane we deliver meets or exceeds all quality and safety requirements. Our customers demand, and deserve, nothing less.”

This is a developing story. Please check back for updates.

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