Corporate News

Hyundai Motor Betting on Small SUV as Sales Drop in China

Hyundai Motor unveiled its first subcompact SUV Kona for its advanced markets that include Europe, the United States and South Korea. The carmaker is attempting to offset dropping sales across China and catch up to rivals in this segment. The automaker based in South Korea said it would be also launching an electric model of […]

Uber Considering Leave of Absence for CEO

The board at Uber, the ride-hailing startup, in the face of accusations that its executives turned their back to corporate misbehavior including sexual harassment, moved Sunday to shake the leadership of the company up prior to the release of findings in an investigation on its problematic culture that is due out this week. The directors […]

Sears Planning Additional Store Closures

The troubled Sears Holdings (NASDAQ:SHLD) will be closing an additional 66 stores, according to a source close to the company. The new round of planned closures include 49 Kmart and 17 Sears stores. There are also reports that seven Sears Auto Centers are slated for closure. The additional closures will be on top of the […]

Michael Kors Announces Plan To Close Many Locations

Michael Kors (NYSE:KORS) has announced plans to close 100 to 125 full-price stores over the next two years. As of April 1, the company had 827 retail locations. The company will be holding an investor day at its New York headquarters on June 9. At that event, management will update attendees on Michael Kors’ 2020 […]

Sears Q1 Earnings Report Shows Promise

Sears Holdings Corp. (NASDAQ:SHLD) has just reported its first quarterly profit in nearly two years. Net income attributable to Sears’ shareholders was $244 million, or $2.28 per share. On an adjusted basis, the company reported a net loss of $2.15 per share, compared with the $3.05 per share loss expected by Wall Street analysts. Unfortunately, […]

Supreme Court Ruling Deals Blow To Patent Trolls

A ruling made by the U.S. Supreme Court on Monday may make it harder for dodgy patent lawsuits to be filed in friendly courts. The decision came from a legal battle between beverage flavoring company TC Heartland LLC and food and beverage company Kraft Heinz Co. Kraft started the battle when it filed a patent […]

AT&T Strike Closes Some Wireless Stores

Some AT&T (NYSE:T) wireless retail stores across the country were closed on Saturday as striking workers picketed outside. Reports came of sporadic store closings from Montana to Bangor, Maine. This was the first labor strike against the company in four years. The Communications Workers of America represents the 21,000 wireless workers striking in 36 states […]

Dunkin’ Donuts Launches Nationwide Tasting Event For New Product

Dunkin’ Donuts (NASDAQ:DNKN) has launched a nationwide tasting event to give away free samples of its new summer drink on Friday. The new Frozen Dunkin’ Coffee is made with a special extract featuring 100 percent Arabica coffee blended with ice and dairy for a rich, sweet and creamy beverage. Frozen Dunkin’ Coffee can be customized […]

Qualcomm Goes After Apple’s Contract Manufacturers Over Royalties

Qualcomm Inc. (NASDAQ:QCOM) is now suing several Apple Inc. (NASDAQ:AAPL) contract manufacturers for failure to pay patent royalties. Qualcomm filed its complaint in federal court in San Diego. The company says that four Asian contract manufacturers aren’t complying with their obligations to pay for the use of its patented technology. The four companies being sued […]

Sears Launches Lawsuit Against Tool Vendor

Sears (NASDAQ:SHLD) has filed a lawsuit against top tool vendor One World Technologies for allegedly refusing to honor its contract with the retailer. One World Technologies is a subsidiary of China-based Techtronic Industries. The company manufactures power tools and other products under the Craftsman brand. The lawsuit claims that the tool vendor threatened to cancel […]

General Motors Launches Maven In NYC

General Motors (NYSE:GM) launched Maven, its new ride-sharing service, in New York City on Monday. NYC is a key market for Maven, and could be one of its strongest, given the urban density. The service will initially have 80 cars available around Manhattan. Maven will continue to grow its fleet in NYC as demand increases […]

Time Inc. Reports Another Sales Decline

Time Inc. (NYSE:TIME) reported another drop in quarterly sales in the first quarter of its fiscal year, ended March 31. On its earnings call Wednesday, Time reported a loss of $28 million, or 29 cents per share in the first quarter, bigger than the loss of $10 million, or 10 cents per share, a year […]

21st Century Fox Sets Sights On Tribune Media

Reports have emerged that 21st Century Fox (NASDAQ:FOX) is in talks with private equity firm Blackstone to launch a joint bid for Tribune Media (NYSE:TRCO). The companies plan to form a joint venture for the deal, having Blackstone provide funding and Fox adding some TV stations from its portfolio. Fox and Blackstone hope to outbid […]

Under Armour Posts First Loss Since IPO

In the first quarter of fiscal year 2017, Under Armour (NYSE:UA) recorded its first loss since it went public in 2005, posting a $2.27 million loss or 1 cent a share. Discounts have heavily weighed on its results. The company’s first-quarter gross profit margin fell 70 basis points to 45.2 percent. It has forecast its […]

A Chipotle Recovery May Be In The Works

Chipotle Mexican Grill Inc. (NYSE:CMG) appears to be recovering after five quarters of declines. The company reported earnings of $1.60 a share last quarter, higher than the $1.29 predicted by analysts. Revenue climbed to $1.07 billion, topping an average estimate of $1.05 billion. The burrito chain’s sales are finally starting to bounce back after its […]

General Motors’ Efforts To Limit Lawsuits Fail

General Motors’ (NYSE:GM) request to the U.S. Supreme Court to keep hundreds of lawsuits related to its faulty ignition switches from proceeding has been denied. The company could now be exposed to billions of dollars in additional claims. The Supreme Court turned away an appeal from the company regarding a lower court ruling that said […]

Panera Plans To Expand Delivery, Add Jobs

Panera Bread Co. (NASDAQ:PNRA) has announced plans to expand delivery services to more of its cafes and hire 10,000 new employees by the end of the year. It hopes to expand delivery to 35 percent to 40 percent of locations by the end of 2017. According to Panera’s forecasts, delivery will add roughly $250,000 per […]

Wells Fargo Expands Account Scandal Settlement

Banking giant Wells Fargo (NYSE:WFC) has announced that it is expanding the settlement it reached over charges that it fraudulently opened bank and credit accounts in customers’ names. Wells Fargo said it will add $32 million to the previous agreement, which will now total $142 million in restitution. The expansion is intended to cover more […]

Verizon Misses Expectations For Q1

Verizon Communications Inc. (NYSE:VZ), the No. 1 U.S. wireless carrier, missed earnings expectations for the first quarter of its fiscal year. Verizon reported net income of $3.45 billion, or 84 cents per share, in the quarter ended March 31. This was down from $4.31 billion, or $1.06 per share, reported in the same period a […]

Netflix Misses Growth Target For First Quarter

Netflix (NASDAQ:NFLX) missed its subscriber growth targets for the first quarter. Netflix added nearly 5 million new subscribers in the quarter, 3.5 million of whom were overseas. The streaming service had expected to add a net 5.2 million users, with 3.7 million of those being international. The subscriber additions also did not meet Wall Street’s […]

Wells Fargo Announces Further Clawbacks Of Executive Compensation

Wells Fargo (NYSE:WFC) has announced its intentions to claw back tens of millions in additional compensation from top former executives involved in the fake account scandal that rocked the bank last year. The crisis blew up for Wells Fargo in last September as reports emerged that the company’s employees may have opened up to 2.1 […]

Payless ShoeSource Files For Chapter 11 Bankruptcy

Payless ShoeSource has become the latest major retailer to file for Chapter 11 bankruptcy. Payless chief executive W. Paul Jones released a statement saying, “This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify.” His statement continued on to say, “We will build a stronger […]

Verizon Announces New Plans For AOL And Yahoo

After Verizon’s (NYSE:VZ) purchase of Yahoo goes through, AOL and Yahoo will be merged into a company known as “Oath.” The company has plans to launch Oath in the coming months, according to an AOL spokeswoman. The spokeswoman said Oath would be “one of the most disruptive brand companies in digital.” The names Yahoo and […]

Reports Claim Panera Bread Exploring Possible Sale

Reports have surfaced that Panera Bread (NASDAQ:PNRA) is exploring a possible sale. According to sources close to the company, Panera is working with advisors to look over strategic options after receiving takeover interest. Potential suitors could include JAB Holding Co., Starbucks Corp. and Domino’s Pizza Inc., according to people with knowledge of the matter. There’s […]

Alaska Air Ending Virgin America Brand

Alaska Air Group (NYSE:ALK) has announced that it would be retiring the Virgin America brand in 2019. Alaska’s vice president of marketing Sangita Woerner said in a statement, “While the Virgin America name is beloved to many, we concluded that to be successful on the West Coast we had to do so under one name […]

Exxon Mobil Admits To Losing Subpoenaed Emails

Exxon Mobil (NYSE:XOM) has admitted in Manhattan Supreme Court that it lost a year’s worth of emails from an alias account used by its former CEO during his tenure. Attorney General Eric Schneiderman made accusations earlier this month that former Exxon CEO Rex Tillerson used the email name “Wayne Tracker” from at least 2008 through […]

McDonald’s Launches Mobile Ordering Beta Test

McDonald’s Corp. (NYSE:MCD) is beta testing mobile ordering at 29 restaurants in Monterey and Salinas, Calif., this week. Next week, the testing will expand to 51 more restaurants in Spokane, Wash. The local pilot tests are designed to get customer feedback on the new service. The chain is preparing for a national launch of mobile […]

American Express Adds More Perks To Platinum Cards

American Express (NYSE:AXP) has announced a number of new perks that will be added to the list for customers holding American Express Platinum cards. All existing benefits will also continue, according to a statement by the company. Janey Whiteside, general manager of Global Charge Products, Benefits & Services for American Express, said, “This is a […]

Security Breach Costs Yahoo CEO Millions

Yahoo’s (NASDAQ:YHOO) chief executive, Marissa Mayer, has lost her 2016 bonus as a result of the 2014 theft of information from more than 500 million Yahoo accounts. Ms. Mayer said in her statement that she was unaware of the breach until September 2016. She also wrote in the statement, “However, I am the C.E.O. of […]

Target To Invest $7B In Upgrades

Target Corp. (NYSE:TGT) has announced plans to invest $7 billion in upgrades to the business over the next three years. Target expects fiscal 2017 and 2018 to be investment years as a result of these initiatives, with the company returning to stability and growth in 2019. Brian Cornell, CEO of Target said, “We’re investing to […]

United Airlines Adding New Routes And Aircraft In Expansion

United Airlines, a unit of United Continental Holdings (NYSE: UAL), has announced a major expansion that includes 4 new cities and 31 new routes. United president Scott Kirby said, “Starting this summer we ‘re offering more flights to more destinations at more convenient times than in recent memory.” Most of the new flights are beginning […]

Kate Spade Seeking Buyer

Kate Spade (NYSE:KATE) is reportedly seeking a buyer for its business. The company confirmed that it is examining “strategic alternatives” for the business. CEO Craig Leavitt stated that the company was “exploring strategic alternatives that are in the best interests of our Company and shareholders.” Kate Spade changed its name from Fifth & Pacific Cos […]

Honda Partners With Hitachi On Electric Car Venture

Honda Motor Co. (HMC) plans to partner with Hitachi Automotive Systems Ltd., a wholly owned subsidiary of Hitachi Ltd. (HTHIY), in a joint venture to develop, produce and sell motors for electric vehicles. The joint venture, which has yet to be named, will be 51 percent owned by Hitachi, while Honda will control the remaining […]

Apple Weighs Legal Options Against President’s Travel Ban

Apple (NASDAQ:AAPL) is reportedly considering joining the legal fight against the Trump administration’s executive order on immigration. The order suspends entry of all refugees to the United States for 120 days. It also blocks citizens of 7 countries from entering the U.S. for 90 days and bans Syrian refugees for an indefinite amount of time. […]

Aetna Accused Of Falsifying Reasons For Exiting Health Exchanges

U.S. District Judge John Bates issued a 158-page ruling on Monday blocking Aetna’s (NYSE:AET) merger with Humana (NYSE:HUM) due to anti-competitive concerns. The Department of Justice sued to block the merger in July of last year, saying it would wipe out competition in 17 counties in Florida, Georgia and Missouri. Bates wrote in his ruling […]

Western Union Reaches Settlement On Fraud Charges

Western Union Co. (NYSE:WU) has reached a settlement with U.S. regulators over charges that the bank failed to stop money laundering and wire fraud. The bank agreed to pay $586 million as part of the settlement. The penalty was imposed by the Justice Department and Federal Trade Commission. The fine is the biggest ever against […]

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 […]