Corporate News

Fiat Chrysler Accused Of Cheating On Emissions Tests

The Environmental Protection Agency has accused Fiat Chrysler (NYSE:FCAU) of cheating on emissions test by using specialized software. The EPA says that the company installed software on certain diesel trucks that allowed them to emit far more pollutants than emissions laws allow under the Clean Air Act. The software reduced the amount of nitrogen oxide […]

T-Mobile Launches New Initiatives That Benefit Customers

T-Mobile (NYSE:PCS) is continuing on its path to disrupt the wireless industry. The company recently announced a number of new initiatives that are designed to increase transparency and make things easier for their customers. Beginning January 22, T-Mobile will only offer the T-Mobile ONE plan. With the new plan, T-Mobile customers will be charged exactly […]

Disney Sued Over Worker Discrimination Allegations

A group of information technology workers have sued Walt Disney Parks and Resorts (NYSE:DIS) over alleged workplace discrimination violations. The 30 laid off IT workers says they were fired and replaced by contractors from India, making them victims of national origin discrimination. The lawsuit was filed in the US District Court of Orlando. Disney said […]

Boeing Seals $16.6B Deal With Iran

Boeing Co. (NYSE:BA) has completed the first major agreement between a U.S. company and Iran by clinching a deal to sell 80 jetliners to the Islamic Republic. The Boeing deal, first announced in June, is valued at $16.6 billion. U.S. officials cleared the way for Boeing to start the contract talks in September. The company […]

Chipotle Turns Its Focus To Improving Customer Service

Even Chipotle Mexican Grill (NYSE:CMG) thinks a lot of its restaurants leave a lot to be desired. Chipotle co-founder and CEO Steve Ells admits that he doesn’t think his restaurants are run well enough to bring customers back. He gives only half of Chipotle’s restaurants an A or a B grade, with most of the […]

Carrier Corp. Offered $7M In Incentives To Retain U.S. Jobs

Carrier Corp. will receive a $7 million incentive package as part of a deal to keep some of its workers in the United States. Carrier will receive $5 million in tax credits over 10 years in exchange for keeping 1,069 jobs at its Indianapolis plant. The company also will receive $1 million in training grants […]

Airbnb Agrees To Rental Limits For First Time

Popular home-sharing website Airbnb has agreed to rental limits in two European cities after complaints that the company’s practices were negatively affecting home availability. Critics complain that homeowners using the site can potentially make more money by renting out their properties to short-term visitors instead of long-term tenants. Airbnb promised to institute restrictions that would […]

GoPro Slashing Jobs In Bid To Become Profitable

GoPro Inc. (NASDAQ:GPRO) has announced that it will reduce its workforce by 15 percent in its latest bid to help the company become profitable. That equates to more than 200 full-time positions. The company currently employs approximately 1,700 people. Tony Bates, who joined as GoPro’s President in June 2014, is stepping down by the end […]

Samsung Responds To Investors’ Call For Change

South Korean electronics giant Samsung (SSNLF) has issued a response to pressure from investors seeking changes in the company. The company released a lengthy statement detailing how it was working to satisfy shareholders. In the statement, the company said it was looking at ways to optimize its long-term value. Investors have been calling for the […]

Delta To Debut Premium Economy Service Next Year

Over the past few years, Delta Air Lines (NYSE:DAL) has invested billions of dollars in its cabin modernization program and the customer experience. Now, it is bringing those results to market through its new Delta Premium service. Delta SVP and chief marketing officer Tim Mapes’ stated that “Delta Premium is Delta’s latest example of paying […]

Wells Fargo Investigating Leadership’s Role In Account Scandal

Wells Fargo & Co. (NYSE:WFC) is continuing to investigate the circumstances surrounding the recent account scandal that rocked all levels of the company. A generation of executives thrived in the ambitious sales culture promoted by the bank in recent years, winning promotions and being held up as examples of what colleagues could aspire to. At […]

Caterpillar Woes Continue With Weak Demand In 3Q

Caterpillar Inc. (NYSE:CAT) continues to suffer in the global commodities bust. Sales of construction, mining and oil equipment remain weak. Caterpillar is currently the world’s largest maker of mining and construction equipment, including bulldozers, trucks and other heavy machines, so it is feeling the effects more than most in the industry. Caterpillar Chairman and Chief […]

Amazon Ramps Up Holiday Hiring By 20%

Amazon (NASDAQ:AMZN) announced that it would be increasing the number of seasonal associates it hires for the holidays by 20 percent this year. Amazon will be hiring more than 120,000 temporary workers for this holiday season. The Seattle retailer hired 100,000 seasonal associates last year. The seasonal positions will be created at fulfillment centers, sorting […]

Viacom And CBS May Be Merging Soon

CBS and Viacom Inc. (NASDAQ:VIA) may be getting back together after spending nearly a decade apart. Reports emerged Thursday that they are considering a merger. Viacom bought CBS in 2000. The companies split six years later because of views that CBS and its traditional media assets were a drag on Viacom’s younger-skewing platforms. The Redstone […]

Twitter Inching Closer To A Sale

Twitter’s (NYSE:TWTR) board has reportedly been considering a sale this month. The microblogging service has reportedly started talks with a number of technology companies to sell itself. Speculation that Twitter would be sold has gathered steam in recent months. Now, sources are saying that a sale could occur in the next 30 to 45 days. […]

Mylan Under Fire For Creative Accounting Of EpiPen Profits

The currents swirling around the steep price increases on Mylan NV’s (NASDAQ:MYL) lifesaving EpiPen drug just got a little deeper for the company’s embattled CEO. When the company’s chief executive Heather Bresch testified before a congressional committee last week, it was claimed that Mylan’s profit on a $608 two-pack of the injectors was just $100. […]

Weight Watchers On The Search For New CEO

Weight Watchers (NYSE:WTW) chief executive James Chambers has announced that he will resign at the end of September. According to a statement from the company, he and the board of directors made a “joint decision” that he should leave after three years on the job. Chief Financial Officer Nicholas Hotchkin and directors Thilo Semmelbauer and […]

Chipotle Settles Illness Claims Of 100+ Customers

Chipotle Mexican Grill (NYSE:CMG) has reached financial settlements with more than 100 customers who were sickened by foodborne illness outbreaks at the chain last year. Lawyers for the consumers announced the settlements. The terms of Chipotle’s settlements with customers are confidential, according to the lawyers representing them. Last year’s string of food-safety problems created a […]

Hewlett-Packard Enterprise Sells Software Unit

Hewlett-Packard’s Enterprise’s software unit has officially been sold in an $8.8 billion deal. Micro Focus is the other party to the transaction. The new combined company will continue under the name Micro Focus. The transaction is expected to be completed by the second half of HPE’s fiscal year 2017. The assets included in the transaction […]

Intel To Receive $3.1B For McAfee Deal

Intel (NASDAQ:INTC) is selling off a majority stake in its McAfee unit. Intel is receiving $3.1 billion in cash as part of the deal. Once the deal is complete, investment firm TPG will own a 51 percent stake in the new McAfee company. Intel will own the remainder. The deal is expected to close in […]

Campbell Soup Misses Estimates For Fourth Quarter

Campbell Soup Co. (NYSE:CPB) reported a smaller-than-expected quarterly adjusted profit for its fiscal fourth quarter. The net loss attributable to Campbell Soup was $81 million in the quarter. The company earned $17 million a year earlier. On an adjusted basis, Campbell Soup earned 46 cents per share. This was lower than analysts’ average estimate of […]

Chipotle Using Free Food To Draw In Customers

Chipotle Mexican Grill Inc. (NYSE:CMG) is hoping that the allure of free food will bring customers back into its stores. The chain has given away millions of free burritos so far this year. From February to May, the company gave away roughly $70 million in free-food coupons. The company launched a loyalty program called Chiptopia […]

Disney Movies Coming Exclusively To Netflix

Netflix, Inc. (NASDAQ:NFLX) has inked an agreement with Walt Disney Co (NYSE: DIS) to put Disney’s content on the streaming platform next month. The deal gives Netflix exclusive access to stream Disney’s theatrical releases, including “Zootopia,” “The Jungle Book,” and “Captain America: Civil War.” The deal is estimated to be worth about $300 million a […]

Anheuser-Busch Extends Partnership With Craft Brew Alliance

Anheuser-Busch InBev (NYSE:BUD) has renewed its business agreement with Craft Brew Alliance (NASDAQ:BREW) for another ten years. The agreement maintains a distribution agreement and lay out plans for future expansion. The agreement will strengthen the companies’ long-term relationship and create new growth opportunities for both companies. Craft Brew Alliance brews, brands and markets some of […]

Delta Introduces All-Suite Business Class

Delta Air Lines (NYSE:DAL) has introduced the new all-suite Delta One business class for long-haul flights. The suites will not be an additional category on top of Delta One business class, but a replacement for it entirely for some long-haul flights. Customers won’t have to pay any more to fly in the suites than they […]

Amazon Offices In Japan Raided By Authorities

The offices of Amazon.com Inc. (NASDAQ:AMZN) were raided recently by Japanese antitrust regulators on suspicion of antitrust activity. Amazon Japan had allegedly gained an advantage over rival e-commerce sites by forcing retailers to set their prices lower on Amazon. Japan’s antimonopoly act contains provisions that prohibit companies from unreasonably restraining the trade of other companies […]

Sprint Beats Expectations For Second Quarter

For the second quarter, ended June 30, Sprint Corp. (NYSE:S) posted a loss of $302 million, or 8 cents a share. Last year in the same quarter, the company lost $20 million, or a penny a share. Sprint’s revenue slid less than expected in the quarter. The company reported revenue of $8.01 billion for the […]

Fiat Chrysler Facing Investigations Into Its Sales Reporting

Fiat Chrysler Automobiles NV (NYSE:FCAU) announced in a statement that federal investigators are examining its U.S. sales reporting practices. The automaker said in its statement that it is “cooperating with an (U.S. Securities and Exchange Commission) investigation into the reporting of vehicle unit sales to end customers in the U.S.” The Department of Justice is […]

Warner Bros. Video Game Review Scandal Settled With FTC

Warner Bros. (NYSE:TWX) recently agreed to settle charges from the Federal Trade Commission that accused the company of failing to disclose paying prominent YouTubers for positive coverage of one of its video games. The Federal Trade Commission claims that the publisher was paying YouTubers to positively review the game Middle-earth: Shadow of Mordor without requiring […]

Tesla Crashes Spark Investigation Into Autopilot

The first fatality occurring in a semi-automated car was reported this summer. At the end of June, Tesla Motors Inc. (NASDAQ:TSLA) revealed in a blog post that the National Highway Traffic Safety Administration had begun an investigation into the company’s Autopilot system following a fatal crash in Florida on May 7. In that incident, Ohio […]

Amazon Prime Day 2016 Launches At Midnight Tonight

The second annual Amazon Prime Day begins at midnight tonight for the millions of Amazon Prime members around the world. In addition to the U.S., shoppers in Spain, Japan, France, Canada and the U.K. can participate. The company said the sale will be the “biggest global Amazon event ever.” Amazon (NASDAQ:AMZN) is promising more than […]

More Than 1000 Restaurants Hit In Wendy’s Hack

The Wendy’s Co. (NASDAQ:WEN) revealed Thursday that a recent hack attack was much wider than initially believed. A year-long attack on point-of-sale systems at franchisee-owned Wendy’s is now suspected of affecting 1,025 locations overall. That is more than three times the number announced as affected in May. Malware installed on the locations’ point of sale […]

Get Ready To Pay More For Your Starbucks…Again

Starbucks Corp. (NASDAQ:SBUX) fans are getting ready to pay more for their coffee drinks. Starbucks has announced on the company website that it will be implementing “a small price increase on select beverages” that will be launched on July 12. The company has not specified exactly what drinks will go up in price. Prices for […]

Layoffs Coming To Murray Energy Corp. This Fall

The St. Clairsville, Ohio-based Murray Energy Corporation is planning for a massive number of layoffs to occur in September. The company says it issued the notices for its operations in Ohio, West Virginia, Illinois, Kentucky, Utah and Pennsylvania. According to the warning, as many as 82 percent of the company’s workers, or about 4,400 employees, […]

Nearly 200 LendingClub Employees To Lose Jobs

Online lending company LendingClub (NYSE:LC) has announced that it will lay off 179 employees, or 12 percent of its workforce, as a response to difficult market conditions. The lender reported the layoffs in a securities filing early Tuesday. The company also announced that it planned to spend $9 million in the quarter to increase incentives […]

Customers Unhappy With Costco Visa Card Rollout

Last year, Costco Wholesale Corporation (NASDAQ:COST), the world’s largest wholesale club, announced it would be ending its 16-year relationship with American Express. A dispute over card fees was at the heart of the matter. Costco switched from American Express to Visa on Monday. All accounts were supposed to have been transferred from American Express to […]

Wal-Mart Selling Chinese Online Business To JD.com

Wal-Mart Stores Inc. (NYSE:WMT) has announced its intentions to sell its online business in China to JD.com, the country’s largest e-commerce site when measured by revenue and second largest by market share. As part of the deal, JD.com will control the brand, website and app for e-commerce platform Yihaodian, and Wal-Mart will retain the subsidiary’s […]

More Staff Cuts Hit Bank Of America Consumer Banking Division

Bank of America (NYSE:BAC) has announced its intentions to cut thousands of additional employees from its consumer banking workforce. Since 2009, the bank has reduced the number of employees in that division nearly 40 percent, with the employee count falling to 68,400. The recently announced cuts are expected to take that number down to the […]

Tesla Under Fire For Suspension Issues

The National Highway Traffic Safety Administration’s is reportedly investigating Tesla (NASDAQ:TSLA) over a potential safety issue in the company’s Model S sedans. The safety regulator is examining the Model S suspension system for possible defects that could be causing premature failures. Tesla began deliveries of the four-door Model S sedan four years ago. The vehicles […]

Wendy’s Cyber Attack Hit More Restaurants Than Previously Disclosed

The Wendy’s Co. (NASDAQ:WEN) has revealed that recently discovered malicious malware has infected considerably more than the 300 locations previously disclosed as being breached. The malware was initially discovered on the point of sale (POS) systems of fewer than 300 franchised North America Wendy’s restaurants. Wendy’s is the world’s third-largest quick-service hamburger company, with approximately […]

Airbnb Tackles Negative Press With Diversity Push

Airbnb has been in the news a lot in the past few months and little of it has been good news. Last week, the company was in the news when an Airbnb host in North Carolina used racist language to tell a woman who had just booked a room she was not welcome because she […]

Wal-Mart Takes On Amazon With Grocery Delivery Service

Wal-Mart Stores Inc. (NYSE:WMT) has decided to directly challenge Amazon (NASDAQ:AMZN) in the grocery arena by adding store to door delivery service in select areas of the country. Before the start of its annual meeting on Friday, Wal-Mart announced that it will be forming a partnership with Uber and Lyft to deliver groceries ordered online […]

France Goes After McDonald’s and Google

France will do everything in its power to ensure that the multinationals operating in the country pay taxes. The government said additional cases could follow after McDonald’s and Google were targeted with tax raids, said Michel Sapin the Finance Minister. Sapin ruled out any negotiating for a deal with Google for its back taxes, as […]

Oil Services Company Preparing Second Bankruptcy in Past Nine Months

Things have become so bad across the oil industry in 2016 that one company in the drilling services sector is preparing to file a second bankruptcy in the past nine months. Hercules Offshore filed last August for Chapter 11 bankruptcy protection, as the plunge in the price of gas and oil has sent a rippling […]

Sears Exploring Its Options for Diehard, Craftsman and Kenmore Brands

The unprofitable chain of department stores company Sears Holding, controlled by Edward Lampert the manager of a hedge fund, is planning to consider its options for its Diehard, Kenmore and Craftsman brands along with its repair business Sears Home Services. The retailer posted a loss for the first quarter that was wider than expected after […]

Royal Dutch Shell Slashing 2,200 More Jobs

Royal Dutch Shell will cut a minimum of 2,200 more jobs in different parts of its company around the world. The job cuts are due in a large part to the takeover by Shell of BG Group the gas and oil exploration company and the extended period of low prices of oil, the company said. […]

Sony Annual Profit Hit by Damage from Earthquake

On Tuesday, Sony Corporation based in Japan forecast earnings for this year that were weaker than had been expected after it had to partially halt production of its image sensors in April to make an assessment of the damage in its factory caused by an earthquake The maker of electronics expects to have an operating […]

VietJet Orders 100 New Boeing Planes for over $11.2 Billion

VietJet, based in Vietnam, announced on Monday it had agreed to order 100 737 MAX 200 Boeing jets that were worth $11.2 billion at Boeing’s list prices. That makes it one of the fastest growing, Southeast Asia low cost carriers. The agreed upon deal was signed during the visit to Vietnam by United States President […]

Dick’s Sporting Goods Sees Profit Drop 10%

Dick’s Sporting Goods posted strong growth in sales in its most recently ended quarter, but gave an assessment that was downbeat for the rest of the year as it is contending with closeout sales from its rivals. Sales at its existing stores moved up 0.5% in line with the forecast by the company and reversing […]

Gap Woes Continue, Old Navy Leaves Japan

Shoppers in Japan will have to shop elsewhere. Gap Inc is shuttering every one of its 53 Old Navy stores in Japan before the end of 2016. The retailer is giving ground in the third largest economy in the world, to fashion brands from Japan such as Uniqlo and Muji. I am obviously disappointed the […]