Headlines

Proposed Cuts To USDA Worry Farmers

The U.S. Department of Agriculture’s proposed 2018 budget includes a 20 percent cut in the agency’s discretionary spending. The proposed cuts include a reduction in money for agricultural research, reduced food aid for the poor, and slimming down programs that benefit small rural communities. The budget also proposes new restrictions on government-subsidized crop insurance. The […]

Retirement Advisor Rule Goes Into Effect Next Month

A new rule for retirement advisors requiring them to put their clients’ interests ahead of their own will partially take effect next month, according to a statement from Labor Secretary Alexander Acosta. Parts of the rule were supposed to take effect on April 10, but the review extended that by 60 days. Now some provisions, […]

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 […]

Salesforce Beats On Earnings And Revenue In Q1

Salesforce (NYSE: CRM), announced results for its fiscal first quarter, ended April 30, 2017, today. The company reported a net loss of $9.2 million, or 1 cent per share, in the latest quarter, compared with a profit of $38.8 million, or 6 cents per share, a year earlier. On an adjusted basis, Salesforce reported earnings […]

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 […]

Eli Lilly Reports Successful Trial Of New Migraine Drug

A new drug from Eli Lilly (NYSE:LLY) has reached its main goals in late-stage clinical trials, according to a statement from the company released Friday. The drug, galcanezumab, was in three Phase 3 clinical trials. Galcanezumab is part of a new class of drugs that interfere with a protein thought to play a role in […]

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 […]

Coach Acquiring Kate Spade For $2.4B

Handbag maker Coach Inc. (NYSE:COH) has announced it has reached a deal to acquire its smaller rival, Kate Spade & Co. (NYSE:KATE), for $2.4 billion. Coach has reportedly agreed to pay $18.50 per share in an all-cash offer, representing 9 percent premium to Kate Spade’s closing price on Friday. The deal is expected to close […]

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 […]

Anthem Fails To Overturn Block of Cigna Merger

An appeals court has denied Anthem Inc.’s (NYSE:ANTM) bid to overturn a court ruling that blocked its planned merger with Cigna Corp. (NYSE:CI) The federal appeals panel in Washington upheld the lower court’s ruling by a 2-1 vote. The Justice Department had sued to stop the $48 billion merger, which would combine two of the […]

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 […]

Qualcomm Beats Expectations For Q2

Qualcomm Inc. (NASDAQ:QCOM) reported adjusted sales and profit that topped analysts’ estimates in the period that ended in March. The company reported that net income fell to $749 million, or 50 cents a share, in the fiscal second quarter, which ended March 26. On an adjusted basis, profit was $1.34 a share, compared with an […]

Goldman Sachs Misses Expectations For Q1

Goldman Sachs Group Inc. (NYSE:GS) missed earnings expectations for the first quarter of its fiscal year in a rare fumble for the fifth-largest U.S. bank by assets. Net income almost doubled to $2.26 billion, or $5.15 a share, from $1.14 billion, or $2.68, a year earlier. However, the results were well short of analyst forecasts […]

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 […]

Uber Targeted Lyft Drivers With ‘Hell’ Program

Uber has been accused of using a secret software program to spy on its rival, Lyft, from 2014 to 2016. Using its software, Uber could track how many Lyft drivers were available for new rides and where they were. The company then took action to encourage these drivers to drive for Uber instead. Lyft said […]

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 […]

Mylan Expands EpiPen Recall

Drugmaker Mylan NV has expanded a recall of EpiPen devices in the United States and other markets. Meridian Medical Technologies, Mylan’s manufacturing partner, has issued a voluntary recall for 13 lots of the EpiPen and EpiPen Jr. Auto-Injectors distributed in the U.S. Mylan originally recalled more than 81,000 EpiPens in Europe, Australia, New Zealand and […]

DuPont-Dow Merger Delayed By FMC Asset Deal

To win European Union approval for its merger with Dow Chemical (DOW.N), DuPont (DD.N) has announced its intentions to sell part of its crop protection business to FMC Corp. (FMC.N) while buying another unit of the company. This will delay the closing of the DuPont-Dow merger for the third time. DuPont’s merger with Dow is […]

Lululemon Reports Mixed Results For Fourth Quarter

Lululemon (NASDAQ:LULU) reported mixed earnings for the fourth quarter. Net income increased to $136 million, or 99 cents per share, from $117 million, or 85 cents per share, in the same quarter a year earlier. CEO Laurent Potdevin said, “2016 marks a milestone year where our successful execution against long-term strategies returned the company to […]

Tesla CEO Launches New Brain-Focused Company

Tesla CEO Elon Musk has announced on Twitter that he is starting another company and that more details would be coming “in about a week.” The statement says the company, to be called Neuralink, will work on the development of a “neural lace” and is now in an “embryonic” stage. Neuralink was reportedly founded last […]

Darden Restaurants Adds Cheddar’s Scratch Kitchen To Portfolio

Darden Restaurants (NYSE:DRI) has agreed to buy Cheddar’s Scratch Kitchen for $780 million in cash. Cheddar’s sells pasta, sirloin steaks, grilled catfish and baby-back ribs, among other home-style favorites. Darden’s portfolio of brands currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden is purchasing the […]

Dow DuPont Merger Receives EU Approval

Dow Chemical (NYSE:DOW) and DuPont (NYSE:DD) have received approval for their $130 billion merger from the European Union. The approval is a big victory for the companies. The European Union’s approval means the deal will remain on track for its target completion date of late June. In late January, DuPont CEO Ed Breen said the […]

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 […]

Potential Merger Between Albertsons And Sprouts In Works

Reports have emerged of a potential merger between grocery giant Albertsons and Sprouts Farmers Markets (NASDAQ:SFM). According to sources that asked to remain anonymous, the discussions are at an early stage and may not lead to a deal. Some analysts are estimating Sprouts could fetch around $26 per share in deal. That would be an […]

Wal-Mart Buys Online Retailer ModCloth

Wal-Mart (NYSE:WMT) has purchased online women’s fashion retailer Modcloth for an undisclosed amount, although Wal-Mart did say it was an all-cash acquisition. The deal included both assets and operations. The company announced the deal Friday. Wal-Mart, which has a market cap of $216 billion, was trading down slightly as the market opened Friday. In a […]

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 […]

New Novartis Breast Cancer Drug Approved By FDA

Swiss drugmaker Novartis AG (NYSE:NVS) has received approval from the U.S. Food and Drug Administration for a new breast cancer drug called Kisqali, known chemically as ribociclib. Novartis developed Kisqali along with Astex Pharmaceuticals, a subsidiary of Japan’s Otsuka Group. Astex will receive undisclosed payments from Novartis for its part in the partnership. The new […]

Google Releases New CAPTCHA Version To Developers

Alphabet’s (NASDAQ:GOOG) Google has released a new version of the CAPTCHA test that will be less intrusive to internet users. The new Invisible reCAPTCHA feature is a free service is designed to protect sites and apps from spam and abuse The announcement is part of the news from this week’s Google Next ’17 conference in […]

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 […]

Bitcoin Value Surpasses Previous Peak

The value of Bitcoin is at all-time high, surpassing its previous peak established in November 2013. The digital currency’s value hit $1,206.60 per coin Friday, according to the CoinDesk Bitcoin Price Index. At its prior peak, the currency was trading at $1,163 per coin. There is now more than $18 billion of the digital currency […]

Restaurant Brands International Adding Popeyes To Portfolio

Restaurant Brands International (NYSE:QSR), owner of Burger King and Tim Hortons, has announced that it will be adding Popeyes Louisiana Kitchen (NASDAQ:PLKI) to its portfolio of brands. Restaurant Brands International CEO Daniel Schwartz said of the deal, “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and […]

Google Takes Steps Against Piracy In The U.K.

Alphabet’s (NASDAQ:GOOG) Google has agreed to demote piracy sites in its search results in the U.K. The company has agreed to a voluntary code of practice with the British Phonographic Industry (BPI) and Motion Picture Association. Google says that it will reduce “the visibility of infringing content in search results by 1 June 2017.” Google […]

Kraft Heinz Bids $143B For Unilever, Is Rebuffed

Kraft Heinz (NASDAQ:KHC) has offered to buy Unilever (NYSE:UL) in a $143 billion deal that would potentially combine some of the world’s best known consumer brands. Unilever said that Kraft Heinz offered to pay $50 a share for the company in a mix of cash and stock. The proposal is for $30.23 a share in […]

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 […]