Corporate News

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

Wal-Mart Stores Inc. (NYSE:WMT) has announced its intentions to sell its online business in China to, the country’s largest e-commerce site when measured by revenue and second largest by market share. As part of the deal, 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 […]

Suzuki Admits to Improper Tests on Fuel Economy, Denies Cheating

On Wednesday, Suzuki Motors announced that it used methods, to determine fuel economy of 16 different vehicles that was improper. The vehicles were all for the Japan market. The admittance adds to a growing list of automakers, which have come under heavy scrutiny for the way in which they perform in tests set up by […]

Profit Climbs at Vodafone, While Revenue Slips

Vodafone Group’s £19 billion or $27.4 billion bet is beginning to finally pay off. Vodafone, the second largest worldwide mobile carrier trailing only China Mobile, posted on Tuesday its first organic growth for the full year in both its revenue and its core earnings in 8 years. The company, based in the UK, said it […]

Berkshire Hathaway Now Holds Position of $1 Billion in Apple

Berkshire Hathaway, the company owned and operated by Warren Buffet the legendary investor took a position of $1 billion in Apple, during the first quarter of 2016. The move comes as shares of the technology giant were battered amidst a drop in sales of its iPhone. The investor’s firm posted that it owned 9.81 million […]

Trian Fund Management Sells Its Stake in PepsiCo

Nelson Peltz the activist investor who operated Trian Fund Management LP has sold Trian’s stake in PepsiCo three years after attempting an unsuccessful effort to break apart the snack and beverage behemoth. Peltz is the CEO at Trian and he and the company were rebuffed on a number of occasions, but PepsiCo stock has increased […]

J.C. Penney Stock Tanks on Unexpected Drop in Sales

Even the receive comeback retailer J.C. Penney was not spared from being slammed this spring by shoppers. The chain of department stores was the most recent to report weak comparable sales for the first quarter, posting a drop of 0.4%, while Wall Street was expecting an increase of much more or 3.3%. It is the […]

Ralph Lauren Beats Expectations, Buyback of Stock Announced

On Thursday morning, Ralph Lauren Corporations posted a profit that dropped by 77% during its most recent quarter as sales and margins at the apparel company were hit by a move of clearing inventories in its business in the U.S. However, company shares were up over 3.5% in early premarketing trading as earnings per share, […]

Macy’s Sales for First Quarter Hurt on Weak Spending by Tourists

Macy’s started this calendar year announcing the slashing of 4,500 jobs after a highly unusual weak holiday shopping season. Now it appears as if customers did not want to shop at the chain of department stores during the recently ended quarter. The retailer, based in Cincinnati continues experiencing poor sales because of a huge drop […]

Krispy Kreme to Be Taken Over by Coffee Giant

Krispy Kreme shareholders were given a caffeine boost on Monday after JAB Beech the coffee giant announced it was acquiring the doughnut maker. The investment firm based in Luxembourg, which owns Peet’s Coffee & Tea, Caribou Coffee and Keurig Green Mountain said it was taking the doughnut company, based in North Carolina, private in a […]

Gains in U.S. Payrolls Slow Down During April

The labor market in the U.S. decelerated during April, a new sign that employers might be becoming cautious after the slowdown in the economy earlier this year. During April nonfarm payrolls increased 160,000, said the Labor Department on Friday. It was the country’s weakest gain in seven months. The rate of unemployment remained the same […]

AB InBev Starts 2016 Weak Due to Slump in Beer Across Brazil

Anheuser-Busch InBev, the largest brewer in the world, is set to grow its global leadership in beer even more through its acquisition of SABMiller, reported earnings that were lower than had been expected during its first quarter after 10% less beer was sold in Brazil, its second biggest market. Shares of AB InBev fell by […]

SABMiller and Coca-Cola Reach Deal Over Bottling Merger in South Africa

Coca-Cola and SABMiller struck a new deal with the government of South Africa to help push a long pending merger through of their bottling operations across Africa. In November of 2014, Coca-Cola entered into a deal with SABMiller to combine bottling assets along with Gutsche Family Investments a privately held company to form a joint […]

BMW Posts Drop in Profit As Prices Fall Due to Competition

BMW AG posted a drop in profit by 2.5% during its first quarter as prices of its cars fell amidst a battle with Germany luxury carmaker Mercedes Benz to keep its status as the biggest maker of luxury vehicles in the world. The price of vehicles made by BMW dropped by 5.9% to 33,700 euros […]

CEO of Chobani Ensures Employees Will Share in Success of Company

Chobani Greek yogurt has been said to be rich in protein and flavor and now some of its employees could become rich. CEO and founder of Chobani Hamdi Ulukaya has announced that he was giving all 2,000 of his full time workers awards which could be worth as much as 10% of the future value […]

Microsoft Says Cortana is for Bing and Edge Searches Only

This week Microsoft started blocking rival browsers as well as search providers from using the Cortana search box in Windows 10. Cortana is the prime search area for the operating system. Microsoft on a post to its company blog said that to ensure it can deliver integrated search engine experiences designed for the operating systems […]

Sanofi Offers to Buy Medivation for $9.3 Billion

Sanofi the French drugmaker went public on Thursday with its offer of $9.3 billion to acquire U.S. cancer company Medivation after the company had rebuffed original approaches. The plan to target Medivation returns Sanofi the biotech company to the takeover trail as it looks for new treatments for cancer to add to its portfolio and […]

Mitsubishi Motors: Used Mileage Methods that Were Non-Compliant for 25 Years

On Tuesday, Mitsubishi Motors announced that it has been using testing methods for fuel economy that did not comply with regulations in Japan for the past 25 years. That was much longer than originally thought. The automaker said it would investigate the matter by using an external committee. The sixth largest Japanese automaker has lost […]

Microsoft and Google Agree To Stop Their Regulatory Battles

Microsoft and Google have come to an agreement to end their regulatory battles that have been going on for years and to stop making complaints to government agencies with regard to the other. Microsoft has been one of the companies that took the lead in calling for different governments to investigate Google for potential violations […]

Mitsubishi Motors Stock Ready to Drop to New Record Low

On Thursday, shares of Mitsubishi Motors were not traded as they were swamped with massive sell orders and were ready to hit a new record low after the automaker based in Japan admitted to manipulating data on fuel economy. The sixth largest Japanese automaker announced on Wednesday that it had manipulated the test data to […]

Amazon Launches Monthly Memberships for Prime Video

For a number of years, Amazon has been building its credentials in Hollywood with acclaimed shows like Mozart in the Jungle and Transparent in its effort to unseat the king of TV streaming – Netflix. Now the giant of e-commerce is taking a big, bold step in its challenge to Netflix. The company, based in […]

Skype and Nokia Top Executives Invest in Finland Food App

Even with huge billion dollar players already in the food delivery industry, the food delivery app Wolt based in Helsinki has be able to raise over $11 million fresh funding from wealthy Nordic investors that include the Skype founder and the Nokia chairman as the business announced its launch in Stockholm on Friday. We now […]

Vine Releases Watch Button Since Scrolling is Harder Work

Twitter’s social network Vine that has turned into an entertainment platform, has announced a new way of see content on its app. The company has introduced the “watch” button, which allows users to watch an account or channel without needing to do any scrolling. When the watch button is pressed by a user on a […]

Chrysler Furloughing 1,300 at Factory Near Detroit as Sales Fall

Dropping sales of the main midsize vehicle of Fiat Chrysler have pushed to the automaker into indefinite layoffs of 1,300 employees at a factory near Detroit. Workers at the second shift at the assembly plant of Fiat Chrysler located in Sterling Heights, Michigan, starting on July 5 will be furloughed as the Chrysler 200 is […]

Fashion Retailer H&M to Open 4,000 More Stores

Karl-Johan Persson the CEO at Hennes & Mauritz forecast that the clothier would more than double the number of stores it has, to close the gap between itself and it bigger rival Spain’s Inditex, and as online giant increases the competition in the fast fashion industry. Persson said he thought the company would reach […]

Tesla Model 3 Pre-Orders Nearing 300,000, Stock Falls After The Market Close (TSLA)

Tesla Motors (NASDAQ:TSLA) continues it roll with the upside no where in sight, or is there?  Shares of Tesla stock jumped Friday, gaining $7.82, or 3.4 percent, to close at $237.59, after the company introduced the long awaited “more affordable” Model 3 on Thursday night. Since then, more than a quarter million people may have put […]

GDP Revised and Increases, Corporate Profits Down

Gross domestic product increased at a 1.4 percent annual rate instead of the previously reported 1.0 percent pace, the Commerce Department said on Friday in its third GDP estimate. GDP growth was initially estimated to have risen at only a 0.7 percent rate. The economy grew at a rate of 2.0 percent in the third […]

Starbucks Teams up with Feeding America With Aim to Donate All of its Unused Food Within the Next Year

Let’s cut to the chase: Starbucks has just announced a plan to donate all of its leftover food to the hungry. On Tuesday, the company said it has set a goal to contribute all of its leftover food to the social advocacy program Feeding America—a national network of food banks—out of all of its more […]

Groups Move to Address Minimum Wage Increase In New York State

With less than a week and a half until its final agreement due date, advocacy groups in Albany have improved efforts to increase the Empire State’s minimum wage to $15 an hour as part of the budget. Of course, many nonprofit organizations have shown up to voice their concerns—as well as advocates and Democratic legsilators—in […]

Huntington Ingalls CEO Mike Petters To Donate Whole of Annual Salary to Education Fund

During a time when many are outwardly expressing concern over corporate irresponsibility, at least one CEO is making an effort to change the conversation; by changing his perspective. The president and Ceo of the shipbuilding company Huntington Ingalls Industries (HII) has announced plans to forgo his base salary and invest in an educational assistance fund […]

Americans More Confident In Retirement Than Three Years Ago

According to the 2016 Retirement Confidence Survey, roughly one in five American workers feel “very confident” about having enough money to live comfortably in their retirement. Of course, this equates to roughly 20 percent of the people. Funded by the Employee Benefit Research Institute, the survey indicated that only about 13 percent o the American […]

Nike Continues to Stop Chinese Footwear Company from Selling Counterfeit Shoes

Athletic apparel company Nike has recently filed a lawsuit against a Chinese footwear manufacturer, alleging that that company has infringed upon several of its patents. In Nike’s lawsuit, which has been filed in the US District Court in the State of Nevada, last month, Nike claims that the company Fujian Bestwinn “has made, used, sold, […]