Sinclair, 21st Century Fox in partnership with Blackstone Group, and Nexstar are all circling Tribune, one of the nation’s largest owners of local TV stations.
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Sunday, April 30, 2017
Twitter Teams Up With Bloomberg
Twitter is joining forces with Bloomberg to create a service that will stream news produced solely for the social-media company 24 hours a day, seven days a week.
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Big-Name Food Brands Lose Battle of the Grocery Aisle
America’s packaged-food giants are losing the battle for retailers’ shelf space, complicating their efforts to break out of a yearslong slump.
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Drug Makers Take Page From Hollywood to Spread the Risk
Private-equity firms and other investors are funding late-stage clinical trials, shouldering the risk for pharmaceutical companies like Pfizer in exchange for a share of the upside if a drug succeeds.
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Kirk Kerkorian's Hollywood Bet on Tale of Killings
“The Promise” wades into whether to classify as genocide the 1915 killings of Armenians by Ottoman Turks—a choice that has led to campaigns against the film on Turkish websites. The movie, a love story, is key to a bid by the Kirk Kerkorian estate to raise awareness of human-rights violations.
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As Retailers Race to Close Stores, a Web Startup Is Opening Them
While many retailers are scrambling to close storefronts, one internet upstart is opening them—but for just a few months at a time.
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Colleges Rush to Ramp Up Online Classes
Nonprofit and public universities are in a race to expand enrollment—and boost revenues—with a new wave of web-based courses targeting working adults.
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Apple's Cash Hoard Set to Top $250 Billion
Apple likely will report Tuesday that its cash hoard has topped a quarter of a trillion dollars—an unrivalled milestone that could ratchet up pressure on the tech giant to make splashier acquisitions or dole out more money to shareholders.
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Detroit Auto Makers Are Upbeat as Sales Volumes Stall
U.S. car sales may be slowing, but the profit engines of Detroit’s Big Three auto makers are still in high gear.
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Target Comes to the Lower East Side
Target Corp. has signed a lease to open a 22,500 square-foot store at the 1.9 million-square-foot development stretching across several Manhattan blocks called Essex Crossing.
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The Lesson of Al Golin's Career in Public Relations: Make That Phone Call
In 1957, when Al Golin was a young public-relations man in Chicago, a friend suggested he should make a pitch to the owner of a fledgling drive--in hamburger chain. His public-relations firm—now known as Golin, part of Interpublic Group—is still working for McDonald’s 60 years later.
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Saturday, April 29, 2017
Elon Musk, Satya Nadella, Irene Rosenfeld, Mark Zuckerberg: People to Watch
These company CEOs will be providing insights into their businesses and industries in the week ahead.
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India's Cash Crackdown Prompts More to Pay by Phone
Following India’s crackdown on cash, millions of residents who never even used a credit card are leapfrogging into mobile, finding phone apps more accessible than plastic.
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Dealers Decide Cars Are Taking Up Too Much Prime Space
Needing big lots in busy areas, car dealers have scooped up some of the most valuable real estate in America. But shoppers no longer need to see the merchandise up close, so dealers are backing out.
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Friday, April 28, 2017
Didi, China's Uber, Raises $5.5 Billion
China’s Didi Chuxing Technology said it raised $5.5 billion in a new funding round, valuing the ride-hailing company at more than $50 billion.
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Elon Musk's Latest Dream: Underground Roadways
The chef executive of Tesla Inc. touted ambitious plans Friday, including an underground roadway accessed by elevators, more giant battery factories and an electric semi truck.
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Yahoo CEO Marissa Mayer Earned $27.4 Million Last Year
Yahoo Inc. Chief Executive Marissa Mayer’s compensation totaled $27.4 million last year, a package mostly unaffected by a deal to sell Yahoo’s core business to Verizon Communications Inc. or two large security breaches that nearly scuttled the acquisition.
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SoftBank Set to Invest Over $1.5 Billion in India's Paytm
The deal will give SoftBank Group a 20% stake in Paytm’s parent company One97 Communications, marking the Japanese conglomerate’s single largest investment in an Indian tech firm.
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Don't Believe the Hype: Fyre Festival Flops in the Bahamas
The much-hyped Fyre Festival has gone up in flames—with organizers abruptly canceling the high-end concert in the Bahamas, where stranded attendees were trying desperately to get home.
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Exxon Profit Jump a Sign of Strengthening Oil Companies
Exxon Mobil’s profit more than doubled in the first quarter of the year as the oil and gas giant signaled a strengthening in business amid a reprieve in commodity price depression.
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Appeals Court Affirms Decision Blocking Anthem-Cigna Merger
A federal appeals court on Friday declined to allow health insurer Anthem Inc. to acquire Cigna Corp., affirming a trial judge’s recent ruling that blocked the deal on antitrust grounds.
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Truck, SUV Sales Power GM's Profit
GM’s first-quarter net income rose 34%, as strong sales of pickup trucks and SUVs in the U.S. continue to offset softening in the car market and troubles in regions like South America.
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Time Inc. Rebuffs Suitors and Decides to Go It Alone
Time Inc., the storied magazine publisher turned struggling online media company, has decided not to sell itself despite generating interest from various parties.
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Alphabet, Amazon Extend Earnings Boom
Amazon and Google parent Alphabet reported booming quarterly sales and profits, showing that the tech giants continue to extend their dominance and shuck off concerns that might have damped growth.
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House Passes Stopgap Spending Bill to Avoid Government Shutdown
The House on Friday approved legislation to extend funding for the federal government by one week, a step toward avoiding a partial government shutdown on Saturday.
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Consumer Sentiment Remains High Despite GDP Report
Consumer sentiment about the U.S. economy remained high in April, even as the Commerce Department said U.S. economic output increased at the slowest pace in three years.
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Congress Seeks IRS Comment After College Aid Tool Breach
A group from a House committee is concerned the IRS has failed to protect taxpayers’ online data following a security breach that has affected financial aid applications.
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Why Trump Decided to Back Off Nafta Threat
Conversations with the Mexican and Canadian heads of state, along with a flood of calls from business executives, helped steer President Trump away from an idea that some of his own advisers feared was a rash and unnecessary threat.
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U.S. GDP Rose 0.7% in First Quarter
The U.S. economy’s output grew at the slowest pace in three years during the first quarter, underscoring the challenges facing the Trump administration as it seeks to rev up growth.
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Why Airlines Will Keep Overbooking, Even After United Incident
In wake of the fallout from the passenger incident on United Airlines, Southwest Airlines is planning to stop overbooking flights by the end of June. But don’t expect other airlines to follow suit or for the practice to go away.
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Sony Expects Operating Profit to Surge to $4.5 Billion
Sony said operating profit for this fiscal year will likely be one of the strongest in the company’s 71-year history, buoyed by its game, semiconductor and financial units.
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Thursday, April 27, 2017
Bankers Use Trump Rally to Cash Out
Investors rushed into regional and community bank stocks after the U.S. election, encouraged by higher interest rates and potential regulatory relief. Top executives and directors at banks used the rally for a different reason: to cash out.
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Third Point Calls for Honeywell to Spin Off Aerospace Unit
Activist investor Third Point LLC disclosed it has taken a stake in Honeywell International Inc. and called on the conglomerate’s newly appointed chief executive to spin off its aerospace business.
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Tech's Titans Go From Big to Bigger
The newfound prominence of big tech companies now can be chalked up to a few factors.
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GM Earnings: What to Watch
General Motors Co. reports first-quarter earnings before the market opens Friday; U.S. production outlook, South America sales and commodity costs will be in focus.
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Senate Confirms Alexander Acosta as Labor Secretary
The Senate confirmed Alexander Acosta as labor secretary, providing President Donald Trump with his full complement of cabinet secretaries before reaching his 100th day in office.
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Intel Profit Rises
Intel Corp. posted an increase in first-quarter net profit as revenue was helped by an uptick in PC demand, though profit in its data center operations declined.
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Higher Costs Take a Toll on Airlines
American’s operating expenses jumped 11% in its March quarter, largely on rising fuel costs. Similarly, expenses at Southwest Airlines climbed 8.8% as sales rose 1.2%.
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Starbucks Misses Growth Expectations in U.S. Stores
Starbucks Corp. missed sales expectations in its home market and globally, with sales up 3% overall and in the U.S. in its second quarter.
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Microsoft's Office 365, Cloud Businesses Power Earnings
The Azure business again posted torrid growth as corporate customers adopt the cloud service to handle larger pieces of their computing operations
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Google Parent Alphabet's Revenue Continues to March Higher
Google parent Alphabet Inc. posted a sharp increase in first-quarter revenue, continuing a trend of sharp growth seemingly unscathed by boycotts from some of its major advertisers.
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Amazon Posts Bigger-Than-Expected Increase in Profit
Amazon.com posted a 41% rise in first-quarter profit, even as the company is spending heavily on everything from international expansion to video content. Shares climbed 4% after hours.
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United Reaches Settlement With Passenger Dragged Off Flight
United Airlines reached an agreement with David Dao, a Kentucky doctor who was forcibly pulled off a flight in Chicago earlier this month.
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Southwest To End Overbooking on Flights By June
Southwest Airlines said it would end overselling of seats on its flights by the end of June, accelerating the move in the wake of the furor surrounding efforts to remove a United Airlines flier earlier this month.
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Another Large Investor Calls on Whole Foods to Explore Sale
Mutual-fund manager Neuberger Berman is calling on Whole Foods Market to explore a sale, a few weeks after activist investor Jana Partners disclosed a nearly 9% stake in the grocery chain and called for a similar review.
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Startup Moderna Shows Promise in Vaccine Trial
Moderna Therapeutics, the most highly valued startup in health care, said early results from a small trial to treat the avian flu virus with its experimental vaccine showed promise.
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Trump Tax Cuts Don't Solve Tech's Massive Overseas-Cash Problem
The key issue for the biggest names in tech, the one-time tax rate on stockpiles of cash stashed overseas, remained unanswered by the president’s tax plan announced Wednesday.
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Next Tax Battle: Trump's Bid to Axe a Favorite Blue State Deduction
The White House blueprint would kill an expensive break relating to state and local taxes, prompting a bipartisan backlash from lawmakers in New York and other high-tax states. GOP change could raise more than $1 trillion to help offset tax rate cuts
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Venture-Capital Quandary: Too Much Money Chasing Too Few Ideas
After a frenzied 2015, funding for startups in China was expected to enter what industry insiders called “deep winter”—but the venture-capital industry is instead suffering a different headache: too much money, too few prospects.
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Verizon Invests in Self-Driving Car Startup Renovo
Verizon has invested in Renovo Auto, an autonomous-vehicle tech startup best known for turning a vintage DeLorean into a self-driving car.
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Uber Interviews Heavyweights for a Crucial Job: Handling Travis Kalanick
The ride-sharing giant has approached current or former officials from companies including Disney, Wal-Mart and CVS in a bid to revamp operations and bring discipline to its culture.
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Acosta Confirmation Vote Could Happen This Week
If the U.S. Senate votes, as expected, to confirm Alexander Acosta as secretary of labor this week, all 15 cabinet secretaries would be in place before President Trump’s 100th day in office.
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Trump Tax Plan Sets Up Trade-Offs for Industries
Now that the Trump administration has made its broad-brush tax proposal, companies are likely to line up in support—and start sweating the details.
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Samsung, Facing Calls for a Shake-Up, Offers 'Plan B'
Samsung Electronics surprised investors and South Korean lawmakers by saying the conglomerate would cancel some $35 billion in legacy treasury shares and forgo restructuring into a holding company.
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Amazon Earnings: What to Watch
Amazon.com Inc. is scheduled to announce its first-quarter earnings after the market closes on Thursday.
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GoPro Earnings: What to Watch
GoPro is scheduled to reported first-quarter results after the market closes Thursday; Camera sales and indications of drone demand will be in focus.
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Yahoo Japan Shares Plunge Under Pressure of Amazon Challenge
Yahoo Japan shares fell 10% Thursday after it warned of a big increase in marketing costs as it struggles to compete with Amazon.com.
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Jobless Claims Rise
The number of Americans applying for unemployment benefits increased last week, but remained at a low level indicative of steady job growth.
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U.S. Durable Orders Edged Up In March
Demand for long-lasting factory goods rose more slowly in March, reflecting a decline in orders of cars and machinery.
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Ford's Profit Falls 35%
Ford’s first-quarter net income fell 35%, dented by safety-recall expenses, higher engineering and commodity costs, and weaker sales in the U.S.
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Comcast Results Top Expectations as Cable Giant Preps for Wireless Entry
Comcast’s results offer a glimpse into why it’s jumping into the wireless business: Consumers don’t want a landline phone anymore, limiting the appeal of its lucrative “triple play” bundles.
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Under Armour Posts Its First Ever Loss
Under Armour posted its first ever quarterly loss as a public company, as its top line suffered from sluggish performance in key North American business.
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Economic Gauges Rise Under Trump, but Some Question Their Longevity
Economic indicators and the stock market climbed even before Donald Trump was inaugurated, boosted by his promises of tax cuts, regulatory relief and infrastructure spending. But with scant progress on those fronts, some question the endurance of the surge.
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Trump Administration Launches Probe of Aluminum Imports
The Trump administration has launched a wide-ranging probe of aluminum imports and producers in Canada and China—by far the biggest aluminum exporters to the U.S.—could face the biggest impact from any tariffs coming out of the case.
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AstraZeneca Profit Drops on Decline in Blockbuster-Drug Revenue
U.K. drug maker AstraZeneca, battling declining sales of its blockbuster cholesterol pill, posted lower revenue and profit in the first quarter of the year.
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Nokia Pegs Comeback to New Gadgets
Nokia Corp., once the world’s undisputed cellphone superpower, is attempting a consumer-electronics comeback. Believing its consumer brand still carries cachet, Nokia is jumping back into the gadgets business.
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United Says Litany of Failures Led to Flight Fiasco
A new report by United Airlines has concluded that a litany of failures in customer service, training and technology contributed to the forcible removal of a paying passenger earlier this month.
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Airbus Still Struggling to Hit Delivery Targets
European plane maker Airbus faces another year of scrambling to meet full-year delivery targets after falling behind in the first three months because of problems with a key engine supplier.
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Nintendo Offers Bright Outlook on Expectations for Switch
Nintendo is forecasting that strong sales of its handheld-hybrid Switch console will lift profits to seven-year highs.
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Wednesday, April 26, 2017
Trump Drops Nafta Pullout Threat
The Trump administration said it was no longer considering pulling out of Nafta, following a day of intense lobbying from business leaders and lawmakers who rallied to quash internal White House discussion of the possibility.
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New Glaxo Boss Emma Walmsley Seeks Sharper R&D Edge
GlaxoSmithKline’s new boss Emma Walmsley plans to narrow the company’s drug research to focus only on the biggest opportunities.
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PayPal Posts Increased Profit, Revenue
PayPal Holdings Inc. reported strong first-quarter revenue and usage growth on Wednesday along with plans to buy back as much as $5 billion worth of its own stock.
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HSN CEO to Take Reins at Weight Watchers
Weight Watchers International said it has hired HSN Chief Executive Mindy Grossman, in hopes the apparel-industry veteran can help to revive the well-known dieting business.
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American Airlines to Raise Pay for Pilots, Flight Attendants
American Airlines Group Inc. wants to raise pay for its pilots and flight attendants to keep up with its rivals.
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Amazon Echo Targets Age-Old Question: Does This Look Good on Me?
Amazon.com, seeking a bigger slice of the clothing market, is casting itself as a style adviser with its latest Echo device. The internet-connected speaker includes a camera, enabling consumers to take videos and photos of their outfits and compare them.
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Former Fox TV Chief Leads Race to Run Sony Film, TV Unit
Sony is narrowing its focus on former Fox television chief Tony Vinciquerra as the next head of its film and television studio, people with knowledge of the talks said.
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Dear Canada: It's Not Personal, It's Just Trade
The Trump administration’s more hardheaded approach to trade could catalyze a useful re-examination of the assumption that trade must always be tied to broader geopolitical goals, Greg Ip writes.
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Online, Under Armour Spreads Itself Thin
New research published this month shows Under Armour is selling many items, particularly premium footwear like its Steph Curry basketball shoes, at multiple retailers, a level of overlap that could push prices lower and confuse shoppers in an already competitive market.
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Microsoft Earnings: What to Expect
Investors will look for further growth in Microsoft’s cloud-computing business when the company reports earnings after the market closes Thursday.
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Google's Costs Don't Always Click
How Google generates advertising revenue that now totals nearly $80 billion a year is no easy feat—especially at the double-digit rates the company has been reliably pulling off for years.
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Labor Nominee Clears Procedural Hurdle, Setting Up Confirmation Vote
The last of Donald Trump’s cabinet secretaries could be in place this week after Labor nominee Alexander Acosta passed a key hurdle Wednesday.
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U.S. Steel Posts Surprise Loss, Plans Mill Upgrades
United States Steel Corp. shares plunged Wednesday on a surprise quarterly loss and plans to overhaul mills at the expense of profit this year.
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From Diaper to Soda Makers, Big Brands Feel Pinch of Consumer Pullback
Slowed spending cut into results for Procter & Gamble, PepsiCo and Nestlé, and executives blame a range of factors including higher gas prices, bad weather and a growing affinity for beards.
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Anthem Says ACA Payment Loss Could Cause 20% Premium Hike
Anthem Inc. said the loss of key federal payments that support Affordable Care Act plans could push premiums up 20% or more and lead it to pull back from the business.
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How Evil Is Silicon Valley?
The film “The Circle” zeroes in on the evils that ensue when tech companies inadvertently create a surveillance society—and all of us smartphone addicts willingly help, Geoffrey A. Fowler writes.
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More Than Half of Digital Advertising Is Mobile
The IAB reports that digital ad spending in the U.S. surged 22% to a record $72.5 billion in 2016, as mobile made up more than 50% of the market for the first time.
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ESPN to Lay Off 100 Employees
Walt Disney’s ESPN is laying off about 100 employees, including on-air talent, as it further looks to cut costs amid challenging times in the pay-TV business.
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Chips Ahoy! Tech's Sleeping Giant Becomes a $352 Billion Cash Cow
The proliferation of connected devices and big data is handing new clout to chip makers. The result is an unprecedented semiconductor boom, as a flood of demand pushes up prices and gives an advantage to firms that can secure huge quantities of the must-have components.
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Procter & Gamble Warns Sales Could Decline
Procter & Gamble struggled to gain sales traction in the latest period and the top line slipped below estimates in the company’s second full quarter since shedding the bulk of its beauty business.
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Boeing Raises Guidance, Though Sales Flag
Boeing Co. posted earnings well above expectations in the first quarter and lifted its guidance for the year because of a tax benefit, though sales flagged worse than analysts anticipated.
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U.S. Solar-Panel Maker Seeks Trade Tariffs on Foreign Rivals
In a last-ditch effort to survive, bankrupt U.S. solar panel maker Suniva asked the Trump administration to impose trade tariffs on all foreign-made solar cells.
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Ten Public Retailers in Danger of Default
The number of bankruptcies so far this year has already come close to the total in 2016, with 14 retailers filing compared with 18 last year, according to S&P Global Market Intelligence.
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Mnuchin Says Trump Will Offer 'Biggest Tax Cut' in U.S. History
President Donald Trump will propose the largest tax cut in the country’s history as a way to spark sustained 3% economic growth, Treasury Secretary Steven Mnuchin said on Wednesday.
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Budget Director, After Health-Law Missteps, Preps for Spending Battle
When the Republican health-care overhaul collapsed, Mick Mulvaney told President Trump he let him down. But the setback did little to block the trajectory of a man now entrusted with leading talks on a spending bill.
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A Wary Tech Sector Is Booming in the Land of Trump
The president’s rhetoric has been much less negative for the industry than what Silicon Valley had envisioned.
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Twitter Revenue Slides for First Time Ever
Twitter reported its first quarterly decline in revenue since going public, highlighting the stagnation the social-media company is battling. Still, results weren’t as bad as the market had expected, vaulting shares 11%.
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Europe's Car Makers See Light at the End of the Tunnel
The European car industry received a confidence boost as the continent’s manufacturers continued to post a raft of positive first-quarter results, raising expectations that the region will book a strong year that brings it closer to its pre-crisis record for new vehicle sales.
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PepsiCo Says Pricing Lifts Results
PepsiCo Inc. said higher pricing helped boost results in the latest quarter as volumes of its snacks and beverages in North America were pressured amid shifting consumer tastes.
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Moguls Play Cat and Mouse, With the Future of Europe's Pay-TV at Stake
If France’s Vincent Bolloré and Italy’s Silvio Berlusconi want to remake the continent’s media landscape, they’ll have to resolve their stormy relationship first.
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Tyson Plans Higher Pay, More Training to Retain Slaughterhouse Workers
Tyson Foods Inc. plans to pay more at some meat plants and expand training to boost retention and reduce injuries in notoriously tough jobs.
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Tech Firms, Cable Companies Take Sides in Net-Neutrality Battle
The war over net neutrality is heating up in anticipation of a top regulator’s announcement Wednesday, with hundreds of tech startups urging preservation of existing rules and small cable companies pleading for a rollback.
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Tuesday, April 25, 2017
Trump Administration Mulls More Trade Actions
The Trump administration is considering launching trade actions to protect certain U.S. industries, while at the same time ramping up free-trade talks with the EU, Japan and the U.K., Commerce Secretary Wilbur Ross said in an interview.
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Trump Administration Sets Stage for Nafta Talks
The Trump administration’s tough new approach to Canada on trade is helping crystallize support in the U.S. Congress for renegotiating the North American Free Trade Agreement and setting the groundwork for the increasingly complicated negotiations, current and former officials said.
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U.S. Tariffs Pose New Reckoning on Canada's Lumber Sector
The Trump administration’s action on softwood lumber this week puts to the test Canadian lumber producers’ bid to inoculate themselves from U.S. trade risks by ramping up sales to China and buying sawmills in the southern U.S.
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Fox On-Air Host Joins Racial-Bias Suit
An African-American on-air host for Fox News, Kelly Wright, has joined a group of current and former employees suing the cable channel and some of its senior executives for alleged racial discrimination.
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Are You in a Partnership, S-Corp or LLC? Here's How Trump's Tax Plans Could Affect Your Taxes
Cutting the tax rate to 15% for so-called pass-through businesses, as proposed by President Donald Trump as part of his tax plan, would be a radical change to the tax code.
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Perrigo Reaches Agreement With Auditor Over Royalty Accounting
Ernst & Young demanded the Dublin drugmaker adjust its accounting for the multiple sclerosis drug Tysabri after Perrigo sold the royalty rights in a deal worth as much as $2.85 billion.
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Express Scripts Faces a Future Without Its Biggest Customer
Express Scripts Holdings, the largest administrator of prescription-drug benefits in the U.S., is facing an identity crisis as it grapples with replacing $17.1 billion in annual revenue following the loss of its biggest customer, health-insurer Anthem.
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Trump Plans to Seek Tax Rate of 15% on Owner-Operated Firms
President Donald Trump is planning to unveil a proposal to cut corporate taxes on U.S. companies’ foreign profits and to slash the top tax rate on so-called pass-through businesses, including many owner-operated companies, to 15% from 39.6%, said White House officials.
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Chipotle Reports Increase in Key Sales Metric, Beating Analysts' Expectations
The restaurant chain swung to a first-quarter profit of $46.1 million, or $1.60 a share, compared with a loss of $26.4 million in the year-ago period.
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Verizon, AT&T in Billion-Dollar Bidding War for 5G Spectrum
Verizon Communications has topped AT&T’s offer for Straight Path Communications, according to a person familiar with the matter, sparking a bidding war over a tiny company that controls a swath of wireless airwaves thought to be at the forefront of next-generation networks.
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FCC to Launch Review of Media Regulations
The Federal Communications Commission will begin a comprehensive review of its media regulations, starting at its May 18 meeting, Chairman Ajit Pai said Tuesday.
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Uber Plans to Test Flying Cars Within Three Years
Uber detailed ambitious plans to take to the skies with flying cars, as the ride-hailing company is reeling from a series of controversies including a lawsuit that could impede its crucial self-driving vehicle initiative.
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Lockheed Martin Hit By Middle East Charges
Lockheed Martin said it booked almost $200 million in charges on two Middle East contracts in a move that highlights the potential pitfalls of the overseas deals that have been driving growth for U.S. defense contractors.
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Elliott Rejects Arconic's Board Offer, Extending Proxy Fight
Elliott Management rejected a deal proposed by Arconic that was meant to defuse the long-running spat between the aerospace-parts maker and its activist investor, extending their proxy battle.
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Trump's Trade Nominee Clears Senate Committee
President Donald Trump’s nominee for U.S. trade representative cleared a Senate committee on Tuesday, bringing the administration a step closer toward its plan to overhaul international trade policy.
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Threads of Confidence Emerge in a Former Textile Town
People in Richmond County, N.C., don’t necessarily agree with President Donald Trump’s approach so far, but some feel he has given the town hope that its economic fortunes will improve.
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U.S. Consumer Confidence Falls --- Conference Board
Americans grew less optimistic about the economy in April, but confidence remained high, according to the Conference Board.
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J. Crew Plans to Cut 250 Jobs
J. Crew said it would cut about 250 jobs, part of a cost-cutting effort as the retailer battles declining sales and shifting shopping patterns.
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Corporate Feud Exposes Big Profits on Drug Sales
A dispute between the largest pharmacy benefit manager and a health insurance giant has shown how profitable some relationships have become—giving more ammunition to critics of the health-care system.
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Rising Home Prices Raise Concerns of Overheating
The U.S. housing market’s red-hot recovery from the depths of the crash five years ago is fueling concerns among economists and real-estate brokers that home prices are overheating.
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Caterpillar Sees Signs of Recovery
Caterpillar said it is seeing signs of recovery in several of the industries it serves and boosted its revenue and profit forecasts for the year.
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Home Builders Brace for Canadian Lumber Tariff Hit
The Trump administration’s proposed 20% tariff on Canadian lumber imports could have the biggest impact on the U.S. home building industry, a sector that has already struggled with higher labor costs since the housing crash a decade ago.
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McDonald's All-Day Breakfast Still a Boon
The expansion of breakfast offerings as well as Big Mac and beverage promotions helped lift the chain’s comparable sales in the first quarter above estimates.
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Tyson Foods to Buy Sandwich Maker AdvancePierre
Tyson agreed to acquire sandwich-maker AdvancePierre in a $4.2 billion deal that will broaden the giant meat processor’s range of prepared foods.
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At These Startups, HR Comes Before the Ping-Pong Tables
A handful of technology firms are bucking the startup world’s grow-at-all-costs ethos by setting HR policies early and putting workplace culture ahead of growth.
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Startup Seeks to Solve 911's Biggest Riddle: Pinpointing Cellphone Callers
Three former leaders of the FCC are investing in RapidSOS, a startup that seeks to solve one of 911’s biggest problems: Operators often can’t see the exact location of cellphone callers.
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Where College Seniors Are Falling Short
Even as employers look to hire more graduates from the Class of 2017 than the previous year, the current crop of job-seeking seniors are ill-prepared for the job hunt and many coveted positions, a survey finds.
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Coke, Weighed by Latin America Weakness, Deepens Its Cost Cuts
Coca-Cola’s profit and revenue continued to slide in the first quarter of the year as weakness in Latin America flattened volumes, and the soda maker said it would expand its efforts to cut costs.
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Netflix Secures Portal Into China Via Baidu-Unit Deal
The video-streaming giant, which has struggled to enter the Chinese market, struck a licensing deal with platform iQiyi to show the U.S. company’s original content.
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U.S. Home-Price Growth Continued Accelerating in February
Home-price growth continued accelerating in February, a sign that the market is still heating up five years after it hit bottom in the same month in 2012.
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Rising Rates Pose a Risk for Students Looking to Refinance Debt
Mortgage refinancing isn’t the only lending business that could face pressure from rising short-term rates.
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Bank of Japan Sends Message: Don't Expect Higher Rates
Central bank officials have lately emphasized that Japanese inflation is weak, a calculated move to reduce expectations of a rate increase this year, say people familiar with their thinking.
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Arnault Family to Take Full Control of Christian Dior in $13 Billion Deal
French billionaire Bernard Arnault announced a plan to take full control of Christian Dior, saying his family is proposing to pay about $13.04 billion for the stake in the fashion company it doesn’t already own.
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Yahoo's Marissa Mayer to Make $186 Million From Verizon Deal
Yahoo Chief Executive Marissa Mayer is set to make some $186 million as a result of the internet company’s sale of its core business to Verizon Communications, according to securities filings.
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Novartis Profit Dented by Investment in New Drugs
Novartis said profit fell in the first quarter as it pumped investment into the launch of its new heart-failure drug Entresto that it hopes will help offset revenue lost as best-selling cancer medicine Gleevec loses out to cheaper competitors.
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Ericsson Pushed to Hefty Loss by Write-Downs, Restructuring Costs
Ericsson fell to a hefty net loss in the first quarter after booking provisions, write-downs and restructuring costs but said a more focused business strategy should see the company significantly improve its profitability next year.
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Alphabet's Waymo Offering Families Rides in Self-Driving Cars
Waymo will dramatically expand its testing efforts by offering hundreds of self-driving vehicles to families and urban commuters in the Phoenix area.
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Monday, April 24, 2017
Banks Get Personal in Their Marketing
Financial institutions are tapping customer data to make pitches, aiming to make them useful and effective without being creepy
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Doctor Dragged From United Flight Initially Expressed Interest in Voucher, Documents Say
The Kentucky physician dragged off a United Airlines flight in Chicago on April 9 was initially interested in the carrier’s offer for an $800 voucher but declined, according to a Chicago Police Department report released Monday.
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Trump Administration Plans to Impose 20% Tariff on Canadian Softwood-Lumber Imports
Commerce Secretary Wilbur Ross informed Canada of the planned tariff on Monday.
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Express Scripts Says It Will Lose Anthem in 2020
Express Scripts Holding Co. said Monday it doesn’t expect Anthem Inc., its biggest customer, to extend a pharmacy benefits management agreement slated to expire at the end of 2019.
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Vaunted Ebola Vaccine Faces Questions
The deadly Ebola outbreak in West Africa two years ago, the worst in recorded history, led to a vaccine that seemingly would stop the next Ebola epidemic in its tracks. Now there are questions about that claim.
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T-Mobile's Customer Growth Slows Down
Discount wireless carrier T-Mobile US Inc. continued to lure customers away from bigger phone companies but at a slower rate than in previous quarters.
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Ivanka Trump Clothes Sold Under Different Label
Ivanka Trump clothing was sold at discount retailer Stein Mart under the label of a different designer, the latest controversy surrounding Ms. Trump’s brand
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For Aramco Insiders, Prince's $2 Trillion IPO Valuation Doesn't Add Up
Officials working on taking the state-owned oil company public have struggled to come up with a scenario under which Saudi Aramco is worth more than $1.5 trillion, according to people familiar with the matter.
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Arconic Delays Annual Meeting, Considers Adding Two Elliott Directors
Arconic extended an olive branch to activist investor Elliott Management as it seeks to end a lengthy battle for control of the company that has recently become personal.
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FCC Head Expected to Announce Net Neutrality Strategy
The nation’s top telecommunications regulator is expected to unveil his strategy Wednesday for rolling back Obama-era net neutrality rules.
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McDonald's Earnings: What to Watch
McDonald’s is scheduled to announce its first-quarter earnings before the market opens on Tuesday. Here’s what you need to know.
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Trump Orders Plan to Cut Corporate Tax Rate to 15%
President Trump has ordered White House aides to accelerate efforts to draft a tax plan slashing the corporate rate to 15% and prioritizing cuts in tax rates over an attempt to not increase the deficit.
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The U.S. Makes It Easy for Parents to Get College Loans---Repaying Them Is Another Story
The federal Parent Plus loan program has millions of borrowers, many with subprime credit ratings. Its default rate exceeds the rate for U.S. mortgages at the peak of the housing crisis, and the debt is almost impossible to extinguish through bankruptcy.
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Supreme Court Declines to Review GM Ignition Switch Case
The U.S. Supreme Court denied General Motors Co.’s request to review a lower-court ruling that gave some victims’ families the power to sue over defective ignition switches, exposing the company to billions of dollars in potential new claims.
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Ousted Arconic CEO Kleinfeld Resigns From HP Enterprise Board
Klaus Kleinfeld resigned from the board of Hewlett Packard Enterprise on Sunday, his second exit from a public company’s board since he was ousted as CEO of Arconic last week.
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Apple Permit Reveals Self-Driving Car Testers With NASA Experience
Apple’s plan for autonomous vehicles calls for putting more-senior engineers in all of its cars than some of its rivals are using for road tests, a move that suggests the company is still in the early phases of testing its technology.
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Hasbro Passes Mattel in Sales for First Time Since 2000
After years of trailing behind Mattel Inc., Hasbro Inc. passed its rival in quarterly revenue for the first time since 2000, highlighting the diverging fortunes of the two toy makers.
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QuintilesIMS in Deal to Use Salesforce.com's Cloud Technology
Quintiles IMS Holdings Inc. aims to provide its clinical-trial and prescription-drug data through the cloud-based technology developed by Salesforce.com.
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Amazon Forms Team to Focus on Driverless Technology
Amazon.com has created a team focused on driverless-vehicle technology to help navigate the retail giant’s role in the shake-up of transportation.
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German Arms Makers Go on the Offensive Aided by Military Spending Boost
German military spending is rising more than at any time since the Cold War. Most of the orders for new equipment and upgrades of existing kit are going to the country’s biggest arms manufacturers.
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Nintendo Earnings: What to Watch
Nintendo is scheduled to announce its fiscal 2016 earnings after the market closes on Thursday. Here’s what you need to know.
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Meet the Man in Charge of Trump's Review of Wall Street Rules
Craig Phillips, a former BlackRock Inc. executive, has emerged as a central figure in President Donald Trump’s Treasury Department, helming the administration’s plan for financial deregulation and serving as a key point of contact with the financial industry.
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PPG Again Raises Bid for Akzo Nobel
PPG Industries again raised its offer price for Dutch paint and chemicals maker Akzo Nobel, extending the monthslong takeover battle.
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Perrigo CEO Faces Mounting Pressure as Investors Sound Alarms
John Hendrickson faces a daunting challenge: One year into his tenure as chief executive of drugmaker Perrigo, he must convince investors he has a handle on the company’s wobbly business.
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Samsung to Issue Galaxy S8 Software Updates After Complaints
South Korean company said it would roll out two patches for its new smartphone after customers complained of red-tinted screens and poor Wi-Fi connections.
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India Liquor Ruling Adds Twist to Sales Maze
With a ban on alcohol sales near highways, India’s Supreme Court has made selling liquor in India—the world’s biggest whiskey market by volume but one of its most challenging—even harder.
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Jimmy Choo Up for Sale as JAB Holding Steps Back From Luxury
JAB Holding plans to put shoemakers Jimmy Choo and Bally International on the block.
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LafargeHolcim CEO to Depart in Wake of Syria Controversy
The Franco-Swiss building-materials company said Eric Olsen will step down on July 15 despite being cleared in an internal review of any wrongdoing regarding the company’s operations in Syria in 2013 and 2014.
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Sunday, April 23, 2017
Cheaper Mortgages Could Spur Housing Market
Mortgage rates dropped below 4% for the first time since November, providing more kindling to an already hot housing market as the crucial spring selling season gets under way.
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Cheaper Mortgages Could Spur Housing Market
Mortgage rates dropped below 4% for the first time since November, providing more kindling to an already hot housing market as the crucial spring selling season gets under way.
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World Bank, IMF Are on Guard With the Trump Administration
Leaders of the World Bank and the International Monetary Fund may have this past weekend won the qualified backing of the Trump administration, but their work is hardly done.
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Becton Dickinson to Buy C.R. Bard for $24 Billion
Becton, Dickinson and Co. said on Sunday that it would acquire C. R. Bard Inc. for $24 billion in the latest merger of medical-supplies manufacturers.
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Geopolitical Concerns Dominate IMF, World Bank Talks
Economic leaders from around the world sought to find common ground Saturday, worried building geopolitical tensions and uncertainty around the Trump administration risk derailing an accelerating global economy.
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Japan: TPP Would Be Better Than U.S. Bilateral Trade Pact
A top Japanese official pushed back against a new proposal from the U.S. to pursue a bilateral trade agreement, warning that the terms of such a pact would be less favorable than those offered under a multilateral deal abandoned by the Trump administration this year.
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French Election Will Signal Nation's Commitment to Economic Reform
Voters are picking between presidential candidates who blame the economic malaise on the EU or austerity measures. Yet France’s problems long predate the euro crisis and the austerity that followed.
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IMF Warns Greece That Additional Economic Overhauls Are Needed
The International Monetary Fund had a sobering message for Greece this weekend: Even if the country secures debt relief from its European creditors, the nation still needs even more painful economic overhauls than currently planned.
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Global Economy Week Ahead: U.S. and U.K. GDP, Bank of Japan and ECB Meetings
Gross domestic product readings in the U.S. and U.K. will provide insight on first-quarter economic health, while the central banks of Japan and the eurozone will hold meetings where they are expected to keep monetary policy unchanged.
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Why Some Media Companies Are Pulling Back on the NewFronts
Several media companies have scaled back or pulled out of the NewFronts, as some industry executives question the effectiveness of the events, which have been billed as digital media’s answer to the TV upfronts.
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U.S. Tobacco Industry Rebounds From Its Near-Death Experience
Profits are booming for cigarette companies, despite government regulation, huge legal settlements and a decline in smoking rates. The secret: A consolidated industry has been able to boost the price per pack dramatically.
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Three Hard Lessons the Internet Is Teaching Traditional Stores
A reckoning is coming for brick-and-mortar retailers, whose survival depends on learning more of the data-driven, tech-powered ways of their internet competitors.
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Once-Flush Startups Struggle to Stay Alive
Venture capitalists have stopped funding scores of startups that rose to high valuations during a two-year boom, forcing them to fight for survival as they burn through their stockpiles of cash and scramble for new money or buyers.
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Flood of Dollar Debt Could Come Back to Haunt Emerging Economies
Emerging-market companies are binging on U.S. dollar debt and that could become a source of trouble in some parts of the world if growth slows, interest rates rise or the dollar resumes its ascent.
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Saturday, April 22, 2017
Brick-and-Mortar Stores Are Shuttering at a Record Pace
Years of overbuilding and the rise of online shopping have come to a head, resulting in the planned closure of thousands of stores by chains such as Payless, RadioShack and Bebe.
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Spotlight on AT&T's Media Strategy as Wireless Loses Luster
In an attempt to set itself apart from the competition, AT&T Inc. is offering home television through its DirecTV and U-verse brands, and, if regulators bless its pending Time Warner Inc. takeover, discounted access to entertainment on every screen.
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American Airlines Flight Attendant Suspended After Altercation
A flight attendant for American Airlines was suspended after a video was posted on social media showing him in a heated argument with a passenger who was protesting the way the crew member had treated another customer.
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Twitter Summons Triggers Internal Investigation
An attempt by federal officials to pressure Twitter to unmask users behind an account critical of the Trump administration has triggered an investigation into whether those officials abused their power.
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Robert Taylor Found a Way to Nurture Computer Visionaries
Robert Taylor, who led teams at the Pentagon and a Xerox lab, nurtured researchers who created the forerunners of today’s internet and easy-to-use computers. Mr. Taylor died April 13 at 85.
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Auto Makers Gear Up to Build Electric Cars in China
Despite concerns about market demand, Volkswagen, General Motors and Toyota have set out plans for electric-car production in China at the Auto Shanghai vehicle expo.
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Concert Promoter Alleges Fraud in Planning for Prince Tribute
The concert promoter first hired to produce a Prince tribute concert sued the late pop star’s estate and former administrator and advisers for alleged fraud, the latest cloud over the deals the estate has signed since Prince’s death a year ago.
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Timing of Tax Plan's Release Is in Dispute
President Donald Trump said he would be making a ‘big announcement’ next week about his tax plan, but his budget director said that it might be June before the White House releases its detailed plan.
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Finance Ministers See Possible Common Ground With U.S. on Fighting Terror Funding
Global finance ministers, seeking common ground with a Trump administration that has threatened to shake up Washington’s traditional trade and geopolitical relationships, are looking to work closely with the new administration on a top priority for the White House: Combating terror finance.
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Novartis Tests New Alzheimer's Drugs on People Who Don't Have the Disease
Subjects at high risk of developing Alzheimer’s—but who don’t actually have the disease—are being recruited to help test two experimental treatments from Novartis AG, in a new focus on preventive treatment.
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Sears Names Second CFO in Seven Months
Sears Holdings Corp. named its second finance chief in less than a year on Friday, as the struggling retailer updated investors on its restructuring plan.
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Friday, April 21, 2017
United CEO Munoz Won't Take Chairman Role in 2018 as Expected
United Continental moved to further stem fallout from the incident in which police dragged off a paying passenger from one its flights, saying its chief executive Oscar Munoz will no longer be taking on the chairman role and that it will revamp executive compensation incentives.
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Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests
An investor said in newly unsealed court filings that Theranos used a shell company to buy commercial-lab equipment, then pretended it was using its own technology in demonstrations for prospective partners and investors.
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Judge Slaps VW With $2.8 Billion Criminal Fine in Emissions Fraud
Volkswagen was ordered to pay a $2.8 billion criminal fine for rigging diesel-powered vehicles to cheat on government emissions tests, formalizing a punishment the German auto giant agreed to earlier this year in an unprecedented plea deal with U.S. prosecutors.
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U.K. Government Delays Review of Fox Bid for Sky Due to Election
The U.K. government’s decision to hold snap parliamentary elections in June will delay by a month the regulatory-review process for 21st Century Fox’s $15 billion bid to buy the 61% of U.K. pay-television giant Sky it doesn’t already own.
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Trump Administration Won't Waive Sanctions for Oil Project Exxon Planned in Russia
President Trump has rejected a bid by oil company Exxon Mobil to resume a Black Sea venture with Rosneft, a sanctioned Russian firm close to the Kremlin.
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White House Banks On Sweeping Tax Plan
White House officials said Thursday they are developing a sweeping plan to overhaul both corporate and individual taxes, dismissing concerns that a more modest proposal might be more viable in today’s political climate.
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Northern New England's Good Jobless Numbers? They're Bad
The extremely low unemployment rates in Northern New England represent a headache for employers and policy makers.
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U.S. Existing-Home Sales Rose in March to Highest Pace Since 2007
Sales of previously owned U.S. homes rose 4.4% in March from the prior month to a seasonally adjusted annual rate of 5.71 million, the highest pace in more than a decade, the National Association of Realtors said.
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GE, Still Weighed by Energy, Boosts Profit Amid Cost Cutting Plan
GE said Friday it boosted profit from its core industrial businesses, though it was still weighed by its oil and gas segment, amid its vow to cut costs amid investor unease over its performance.
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Coming Soon to YouTube's 'What to Watch': Record Company Promotion
YouTube’s suggestions for what its users should watch next are largely based on what has been watched already, but the video-sharing behemoth plans to add a new factor: what record labels want those users to hear.
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Airlines Bolster First Class, Skimp on Economy
Big airlines are sharply cutting back fares or amenities for their lowest-paying customers, while pulling out the stops for more perks for their premium fliers.
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U.K. Retail Sales Drop in March as Inflation Hits Consumers
U. K. retail sales fell steeply on the month in March, data showed Friday, as price increases fueled by the pound’s sharp post-Brexit vote depreciation caused Britons to rein in spending.
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Thursday, April 20, 2017
Trump Launches National-Security Probe on Steel Imports
The Trump administration has opened a wide-ranging probe into whether to curb steel imports in the name of national security, ramping up its campaign to give a more economic nationalist tinge to American trade policy.
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World Bank President Pitches Benefits of Aid
Two-thirds of all jobs in developing countries will be wiped out by automation, World Bank President Jim Yong Kim said Thursday, part of his pitch for the institution’s role in tackling global poverty as major donors show signs of pullback.
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Political Path Narrows for Exxon Deal With Russian Firm
Bipartisan political opposition is taking shape to the request by Exxon Mobil Corp. for a waiver from U.S. sanctions to allow it to drill with Russian state-oil giant PAO Rosneft in the Black Sea.
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Mattel's Sales Slump Confronts Its New CEO
Leftover toys spoiled the debut of Mattel Inc.’s new chief executive. The toymaker’s sales plunged 15% in the first quarter as retailers delayed buying new products until they cleared inventory left from the weak holiday season.
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U.S. Bid to Stem Steel Imports Faces Hurdles
President Trump’s bid to stanch imports flowing into the U.S. steel market is fighting strong currents: Domestic prices that are among the world’s highest and a buoyant dollar that pushes down the cost of imports.
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Prince Tribute Concert at Center of New Dispute
The messy affairs of late pop star Prince became even more tangled Wednesday, as two of the singer’s half-brothers suggested the bank that previously oversaw the estate’s business may have breached its fiduciary commitments.
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Tesla Recalls Model S and Model X Vehicles Over Faulty Parking Brakes
Tesla Inc. said Thursday it is recalling 53,000 Model S sedan and Model X sport-utility vehicles over an issue with electric-parking brakes that could prevent them from being released.
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Bill O'Reilly to Exit Fox News With Payout of About $25 Million
Bill O’Reilly will exit Fox News with a severance package valued at about $25 million, a person familiar with the matter said, after he was forced out in the wake of sexual-harassment allegations.
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Mnuchin Says Administration Will Release Tax Proposal Soon
Treasury Secretary Steven Mnuchin said the administration plans to release its tax reform proposal “very soon” and promised a sweeping overhaul of the tax code will get done.
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CSX's New CEO Promises 'Different Strategy'
CSX Corp. Chief Executive Hunter Harrison promised changes big and small at the railway, from idling excess locomotives to clearing bottlenecks at major interchanges, in his first public remarks since taking the top job last month.
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Samsung Faces Big Test as Galaxy S8 Launches in U.S.
Samsung needs a seamless launch in the U.S. this week for its flagship Galaxy S8 smartphone to help win back consumer trust following its costly recall last year of the S7 over battery issues.
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China Presses Apple in Anti-Porn Warning
China’s internet regulator said it would summon Apple executives to discuss stricter oversight of the App Store, in a warning to three video-streaming app companies to improve censorship of pornography.
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Conference Board's Indicators Index Rises Again
The Conference Board’s basket of leading economic indicators logged its third consecutive monthly increase in March, rising 0.4%, to 126.7.
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Trump to Revive 1962 Law to Explore New Barriers on Steel Imports
President Donald Trump is ramping up his tougher “America First” trade policy with plans to revive a rarely used law to explore imposing new barriers on steel imports.
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Verizon, for First Time, Loses Core Wireless Customers
Verizon Communications posted its first ever quarterly net loss of wireless subscribers, though its highly publicized launch of unlimited wireless plans helped curb the losses.
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GM Ceases Operation in Venezuela as Plant is Expropriated
General Motors said it has stopped operating in Venezuela following the expropriation of its plant and has vowed to ‘take all legal actions’ to defend its rights.
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Activist Investor Marcato Seeks Ouster of Buffalo Wild Wings CEO
Activist investor Marcato Capital Management is turning up the heat in its fight with Buffalo Wild Wings, calling on the restaurant chain to replace its chief executive.
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Buyer's Remorse: Investor Wants China's Steve Jobs to Step Aside
Jia Yueting has led LeEco Holdings on an aggressive campaign of expansion, but now one of his biggest backers wants him to go.
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U.S. Jobless Claims Rise for First Time in Four Weeks
The number of Americans applying for new unemployment benefits rose last week, but remained at a low, level suggesting steady job growth.
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Lower Prices at Wal-Mart: Good for Shoppers, Bad for Grocers
Wal-Mart’s fight to defend its low-cost reputation is helping to extend the longest food-price decline in decades. The world’s biggest retailer is investing heavily to lower prices in its U.S. stores, as competition heats up against Amazon.com and European deep discounters Aldi and Lidl. But the price war is hurting the nation’s biggest grocers.
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Trump Signals Provide Comfort to Central Bankers, Finance Ministers
The Trump administration appears unlikely to upend decades of global financial cooperation by scorning the International Monetary Fund and World Bank, a source of comfort to central bankers and finance ministers gathering this week in Washington.
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Insurers Offer Early Sign of ACA Exchange Plans for 2018
Anthem made preliminary filings indicating it will offer plans on the Affordable Care Act marketplaces in Virginia and Kentucky next year. Cigna and Aetna also made similar filings in Virginia.
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Housing Crunch Threatens Reno's Tech Boom
During the recession, Reno was a poster child for the risks of overbuilding. Now, the city is facing a looming housing crisis after enticing tech companies to open manufacturing facilities.
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Unilever and Nestlé Struggle with Cautious U.S. and European Consumers
Unilever and Nestlé reported first-quarter sales that were weighed down by cautious spending in the U.S. and Western Europe, forcing both companies to rely on emerging markets for growth.
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ABB Sales Edged Down at Start of 'Transitional Year'
Swiss engineering and power-grid company’s first-quarter revenue fell slightly to $7.85 billion on year, although net income rose on the divestment of its high-voltage cable business.
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Publicis Dragged Down by Loss of U.S. Accounts
French ad company reports a drop in underlying revenue in the first quarter, but chief executive says underlying sales in the second quarter should show improvement.
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Abu Dhabi Sovereign Fund Finds New Cash Source as Oil Prices Slump
Abu Dhabi sovereign wealth fund Mubadala has agreed to invest in private equity on behalf of another firm for the first time in a deal worth as much as $750 million with Paris-based Ardian, say people familiar with the matter.
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Wednesday, April 19, 2017
Ousted Arconic CEO Sent Vague Threat to Hedge-Fund Boss
The letter that cost Klaus Kleinfeld his job as chief executive of aerospace-parts maker Arconic Inc. contained a vague threat toward the billionaire whose hedge fund had been campaigning for Mr. Kleinfeld’s ouster, people familiar with the matter said.
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Caterpillar to Move Headquarters to Chicago Suburb
Equipment giant Caterpillar Inc., after decades in the central Illinois city of Peoria, said it is moving its headquarters to the Chicago suburb of Deerfield, in closer proximity to a commuter railroad and O’Hare International Airport.
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BlackBerry Arbitration Ruling Cuts Into Qualcomm's Profit
An arbitration decision in a dispute with BlackBerry Ltd. weighed on Qualcomm Inc.’s earnings in the latest quarter, a further blow to its results after the chip maker paid a hefty South Korean government fine the previous quarter, and a reminder of ongoing challenges to its patent licensing business.
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Coal Shipments Lift CSX Earnings
CSX posted earnings that easily beat Wall Street expectations as its first quarter under the leadership of turnaround artist Hunter Harrison coincided with the continued recovery of coal shipments, a key product for freight lines.
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Bill O'Reilly Is Out at Fox News
Fox News announced the departure of Bill O’Reilly in the wake of a sexual-harassment scandal, bringing an end to the popular host’s two-decade run at the TV network.
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Axel Springer Buys Stake in Uber
Axel Springer said it had bought a stake in Uber Technologies, the U.S. ride-hailing company that has faced several regulatory and legal challenges in Europe.
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Fed Beige Book: Modest Wage Growth Is Broadening
A tightening labor market is putting broader pressure on wages as U.S. firms increasingly report trouble filling low-skilled jobs, according to a new Federal Reserve report.
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Sotheby's New Executive Returns to Rival Christie's
Three months after taking a top post at Sotheby’s, auction deal maker Marc Porter has switched again, returning to rival Christie’s, the latest sign that competition between the world’s two biggest auction houses is increasingly cutthroat.
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EBay Earnings: What to Watch
EBay Inc. is scheduled to announce its first-quarter earnings after the market closes on Wednesday. Here’s what you need to know:
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Tanium Exposed Hospital's Network in Demos Without Permission
Cybersecurity firm Tanium spent years pitching its software by showing it working in a client’s network—something the client, a California hospital, says Tanium never had permission to do.
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Exxon Seeks U.S. Waiver to Work in Russia Despite Sanctions
Exxon Mobil has applied to the Treasury Department for a waiver from U.S. sanctions on Russia in a bid to resume its venture with state oil giant PAO Rosneft in the Black Sea forged in 2012 by then-CEO Rex Tillerson, according to people familiar with the matter.
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A Fitness Empire Quietly Rises on YouTube
Fitness Blender has amassed 4 million subscribers with video instruction that’s down-to-earth—and free.
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Is Trump Turning Toward Globalism? Not So Fast
Donald Trump’s recent embrace of traditionally internationalist approaches to Syria, China and NATO may leave the impression that he has gone globalist. But the president’s nationalism hasn’t faded, it has bifurcated, Greg Ip writes.
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Emirates Airline Cuts Flights to U.S. After Electronics Ban, Visa Curbs
Emirates Airline, the world’s biggest carrier by international traffic, is cutting flights to five U.S. cities after actions by the Trump administration slowed bookings from Middle Eastern countries.
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For U.K. Multinationals, Brexit Bounce May Be Over
Many U.K. multinationals enjoyed a big Brexit bump, as a lower pound made their exports more competitive and their overseas sales more valuable once converted back into sterling. The currency’s recent rally may augur an end to further gains.
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Adidas Apologizes for Boston Marathon Email
Adidas apologized for sending an email to finishers of this week’s Boston Marathon that congratulated them for “surviving” the race, a remark some viewed as insensitive after the 2013 bombings at the event.
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'Hire American' Plans Could Hobble India's Outsourcers
Plans to reform the U.S. visa system are bad news for the likes of Infosys and Tata Consultancy Services.
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IMF Warns High Corporate Leverage Could Threaten Financial Stability
U.S. corporate debt has ballooned on cheap credit to levels exceeding those prevailing just before the 2008 financial crisis, a potential threat to financial stability, the International Monetary Fund warned.
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Trump Signs Order Calling for Changes in H-1B Visa Rules
President Donald Trump said he wants to change rules for distributing visas to high-skilled foreign workers, promising to direct more to the highest-paid applicants as he seeks to make good on his “America First” economic promises.
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Trump Officials Offer Scant Assurance to Health Insurers
Trump administration officials offered little reassurance to health-insurance executives Tuesday on the future of payments for low-income customers, saying the insurers should take up the matter with Congress if they hope for a clearer commitment.
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Videogame 'Add Ons': Billion-Dollar Business and Two-Edged Sword
Digital enhancements and add-ons for hit videogames like ‘Star Wars Battlefront,’ ‘Call of Duty’ and ‘Assassin’s Creed’ boost sales but may kill fans’ appetite for the next blockbuster
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Hyperloop One Taps the Brakes on Testing
Hyperloop One Inc. is delaying and scaling back the first full test of its prototype of trainlike pods that whisk through low-pressure tubes, an event the company has held up as a historic milestone that would showcase the technology and help attract crucial future investment.
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Trump Says Canada Must Stop Protecting Dairy Farmers From U.S. Competition
President Donald Trump revived his tough talk on the North American Free Trade Agreement Tuesday, warning Canada that it must stop protecting its dairy farmers from U.S. competition.
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Qualcomm Earnings: What to Watch
Qualcomm Inc. is scheduled to announce second-quarter 2017 earnings after the market closes Wednesday. Here’s what to look for.
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At Arconic, Race Heats Up for Next Chief Executive
The abrupt departure of Klaus Kleinfeld as Arconic’s chief executive officer this week opens a new chapter in the battle over leadership at the aerospace and auto parts supplier—and gives next month’s board election added urgency.
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Akzo Details Plan to Split Business to Fend Off PPG Bid
Akzo Nobel outlined a strategy to separate its specialty chemicals division, part of the Dutch firm’s efforts to fend off a $24 billion takeover approach from U.S. rival PPG Industries.
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Baidu to Open Source Its Self-Driving Technology
Baidu says it will share software technology it is developing for self-driving cars in a bid to catch up with competitors including General Motors and Waymo, the self-driving unit of Google-parent Alphabet Inc.
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Hollywood Prepares for an Unwelcomed Sequel
Almost 10 years after a writers’ strike that nearly split the entertainment industry, a new battle is brewing between the Writers Guild of America and the Alliance of Motion Picture and Television Producers.
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Tuesday, April 18, 2017
Fox News Is Preparing to Cut Ties with Bill O'Reilly
Fox News is preparing to cut ties with its biggest star, Bill O’Reilly, according to people close to the situation.
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How to Be the Best Deputy: When Second Best Is Best
Bosses rely on their No. 2 to deliver bad news, be honest about mistakes and help find solutions. Deputies may thrive out of the spotlight and revel in details.
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In Las Vegas, Drinks Flow a Little Less Freely
Casinos are introducing technology to signal when a person has played enough poker to get a complimentary pour; ‘Is my light green?’
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IBM Profit Falls 13% Despite Gains From Cloud Services, Watson
Total revenue fell for the 20th consecutive quarter as efforts continue to offset waning legacy businesses with younger ones that are growing rapidly
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GM's Chevrolet Volt Electric Car Will Be Sold in China as a Buick
General Motors Co.’s Chevrolet Volt electric car is finally headed to China, but it won’t be wearing the iconic bow tie badge that identifies Chevy products. It will instead be sold as a Buick.
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Arizona Attorney General Reaches Settlement With Theranos
More than 175,000 Arizona residents who received Theranos’s blood tests will receive a full refund under a pact reached between the embattled laboratory firm and the Arizona attorney general.
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Facebook's Mark Zuckerberg Sets His Sights on Augmented Reality
Mark Zuckerberg announced at the annual F8 developers’ conference that Facebook would make its augmented-reality tools, which mix the physical and digital worlds, available to third-parties to create masks, filters and other effects.
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Volkswagen Reveals Strong First-Quarter Operating Profit
Volkswagen reported higher than expected pretax profit as first-quarter earnings at the namesake VW brand beat expectations on the back of strong sales of new models and cost-cutting.
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United Airlines Says Corporate Clients Seek Policy Fixes
United Airlines’s lucrative corporate clients are pushing the airline to fix its customer service, the carrier’s president said on Tuesday.
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Wal-Mart in Talks With Bonobos
Wal-Mart Stores Inc. is in talks to buy men’s clothing retailer Bonobos for about $300 million, according to people familiar with the situation, the latest in a string of deals aimed at attracting wealthier shoppers and more fashion-forward brands than its own website.
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Railroad Chief Ramps Up by Closing Ramps
New CSX Corp. Chief Hunter Harrison is already doing away with hump yards, longtime fixtures of rail operators where long trains are broken down into individual cars by pushing them over a hill.
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Unicorns Looking Less Magical Through IPO Lens
Cloudera is cutting its last private valuation to sell its IPO, which bodes ill for other tech unicorns.
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Samsung Galaxy S8 Review: Great Phone, But That's Not All That Matters
Your hands will thank you for this slender smartphone that’s almost entirely screen. But Samsung’s phone isn’t ready for the future until the company delivers its next-gen voice assistant Bixby—and reassures us its phones won’t combust, writes Geoffrey A. Fowler.
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Kobe Bryant Pursues Second Act as Director
Former NBA star Kobe Bryant is chasing his dreams of being a director, including creating and writing a new commercial for the sports drink BodyArmor.
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Hollywood's New Script: You Can't Make Movies Without China
The U.S. movie industry has become reliant on China’s investors and its more than a billion potential moviegoers—a relationship with strings attached.
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The Case for Letting Your Best People Go
One reason Oracle Corp.’s Larry Ellison is a talent magnet: A study finds a link between high rates of employees leaving for prestigious jobs and improved company status.
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How Raisin Bran's Owner Can Make Weetabix Tasty to Investors
Breakfast isn’t what it used to be. Yet Raisin Bran owner Post Holdings’ buyout of Weetabix, Britain’s favorite cereal maker, could prove good fodder for investors.
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This CEO Counts Lives Saved as the Bottom Line
Susan Desmond-Hellmann guides the Bill & Melinda Gates Foundation toward its goal of ending poverty and disease. She spoke with The Wall Street Journal about the biggest difference between the corporate world and philanthropy, and who asks tougher questions—Warren Buffett or Bill or Melinda Gates.
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An SUV Called Trumpchi, and Other Marketing Challenges for Chinese Autos
China’s auto makers aim to boost sales overseas, and are starting by building better cars, on show this week at the annual Shanghai auto show. But that’s just the first hurdle to winning over the global consumer.
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Trump to Boost 'Buy American,' 'Hire American' Directives
President Donald Trump will sign an executive order in Wisconsin on Tuesday directing a government-wide review aimed at putting new teeth back into “Buy American” and “Hire American” directives, a senior administration official said.
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How to Top the iPhone? For Foxconn, It's With TVs
iPhone assembler Foxconn Technology is pushing to build its own brands and product lines. Its first bet: Making Sharp TVs cool in China.
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UnitedHealth Profits Rise as it Exits Exchanges
UnitedHealth Group Inc. reported revenue and profits rose as the company exited many of the Affordable Care Act’s exchanges.
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Cardinal Health to Buy Medtronic Businesses for $6.1 Billion
Cardinal Health struck a deal to buy part of Medtronic’s patient monitoring and recovery unit for $6.1 billion, bringing businesses under Cardinal’s roof that it has sought for years but also boosting its debt load.
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Post Holdings Buys Weetabix in $1.76 Billion Deal
Post Holdings has agreed to acquire Weetabix Food, maker of the iconic U.K. breakfast brand, for $1.76 billion, a move that allows the U.S. cereal maker to expand in the U.K. and other international markets as it targets a broader customer base.
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Snapchat Unveils Augmented-Reality Feature to Enrich Surroundings
Users can add special effects to the background of photos and videos they shoot on their smartphones, which the company could use to capture data on products that might be of value to advertisers.
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IBM Earnings: What to Watch
International Business Machines Corp. is scheduled to announce first-quarter 2017 earnings after the market closes today. Here’s what to look for.
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IMF Boosts Global Growth Forecast to 3.5% Despite Geopolitical Angst
The global economy is on course for its best performance in several years despite trade tensions and geopolitical uncertainties, the IMF said ahead of a meeting of world finance chiefs in Washington this week.
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U.S. Housing Starts Fell 6.8% in March
U.S. housing starts decreased 6.8% in March from the prior month to a seasonally adjusted annual rate of 1.215 million, the Commerce Department said Tuesday.
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Expected Fed Pick on Collision Course With Current Members on Rates
President Donald Trump’s expected choice to be vice chairman at the Federal Reserve has called for setting interest rates using a formula, setting up a clash with current officials who have warned such an approach could undermine the board’s effectiveness.
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Tesla's Robotics Unit Faces Threat of Strike in Germany
Elon Musk is getting a quick introduction to the bare-knuckle world of German labor unions as the country’s largest industrial union mulls a strike at Tesla’s recently acquired industrial robotics subsidiary.
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South Korea's Daewoo Shipbuilding Thrown a Lifeline
Daewoo Shipbuilding & Marine Engineering Co., the world’s second biggest shipyard, was thrown a lifeline after creditors agreed to a massive debt-to-equity swap as part of a bailout plan.
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Monday, April 17, 2017
United Earnings Beat Expectations
United Continental Holdings Inc., which has faced a week of turbulence over the violent removal of a passenger, reported Monday that while increased fuel costs cut into its latest quarterly profit, adjusted earnings still topped Wall Street’s expectations.
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Some Firms Resist Handing Over Keys to the Boardroom
Several big businesses, including International Business Machines and Charles Schwab, are resisting investors’ demands for greater boardroom clout ahead of this year’s annual shareholder meetings.
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Theranos Agrees Not to Operate Blood Lab for Two Years
Theranos Inc. pledged to stay out of the blood-testing business for at least two years in exchange for reduced penalties from federal health authorities, the company said, in an agreement that resolves a year-long regulatory impasse.
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Netflix's Subscriber Growth Slows at Home and Abroad
Netflix’s U.S. and international subscriber growth slowed in the first quarter, coming in below expectations, though profit grew as content costs were lower than anticipated.
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Cleveland Murder Video Raises Pressure on Facebook
A video of a murder posted on Facebook by a Cleveland man is further ratcheting up pressure on the social-media giant to more closely monitor the content on its platforms.
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Behind China's Pickup in Growth: the Strong Hand of the State
China on Monday posted its strongest quarterly growth in a year and a half, underlining how the fate of the world’s second-largest economy has tilted further into government hands.
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Cyber Insurance Becomes a Must for More Manufacturers
The recent exposure of cybersecurity threats to some Abbott Laboratories implanted heart devices helps explain why manufacturers have been rushing to make sure they are protected by cyber insurance.
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Uber's Indonesia Rival in Talks to Raise $1 Billion
Go-Jek, the Indonesian motorcycle-hailing startup backed by KKR, Warburg Pincus and others, is in talks with investors to raise $1 billion.
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Klaus Kleinfeld Steps Down as Chairman and CEO of Arconic
Arconic said Monday that Klaus Kleinfeld has stepped down as chairman and chief executive officer, leaving the company after heavy pressure from activist investor Elliott Management.
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Cloudera IPO Terms Point to Potential $1.79 Billion Valuation
Big-data software company Cloudera Inc. gave a price estimate for its initial public offering that values it as high as $1.79 billion, though the per-share price range is still well below levels previously paid for company stock.
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Sitting on a Trove of Rubies, Gemfields Looks to Create Fresh Demand
With a treasure trove of rubies in its Montepuez mine, Gemfields is trying to bring scale to the market for a gem rarer than diamonds.
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Google Makes Nevada Land Grab for Data Center
Google last week paid $29.1 million for 1,210 acres at a private industrial park east of Reno, Nev.—also home to Tesla’s battery “gigafactory”—where it aims eventually to build a data center.
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Insurers Scramble to Price Health Plans as Policy Seesaws
With deadlines looming to file plans for next year’s Affordable Care Act marketplaces, health insurers are struggling to respond to mixed signals from the Trump administration, delaying decisions and scouring Twitter for hints about the law’s future.
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Snyder's-Lance Swaps CEOs, Warns of Weakness
Snyder’s-Lance Chief Executive Carl Lee Jr. has retired after 12 years at the company, and the maker of Kettle Brand and Cape Cod chips braced investors for weakness going forward.
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Randal Quarles Set to Be Named to Bank-Supervision Post at Fed
A former Treasury official in the George W. Bush administration is expected to be picked for a top financial regulatory post at the Federal Reserve, a senior official familiar with the matter said.
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China Posts Best Quarterly Growth Figure Since 2015
Higher growth returned to China as policies to stimulate the economy gathered steam even as Beijing juggled measures to rein in financial risk. But the second half of the year is expected to bring a slowdown.
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Sunday, April 16, 2017
Korean National Pension Service Agrees to Proposed Bailout for Shipbuilder
South Korea’s National Pension Service, a major creditor of the debt-ridden Daewoo Shipbuilding & Marine Engineering, said Monday that it has agreed on a newly-proposed bailout package for the world’s second-largest shipyard.
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Behind United Airlines' Fateful Decision to Call Police
The recipe for the disastrous decision by United Airlines’ employees to call for police to remove a passenger from a fully booked flight was years in the making.
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Embraceable You: When the CEO Is a Hugger
Handshakes have given way to bear hugs in some corners of the corporate world as top bosses greet business associates with open arms; ‘You don’t lose your job if you don’t hug.’
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BP Oil Well Continues Spilling in Alaska
An out of control oil well operated by BP on Alaska’s North Slope near Prudhoe Bay continues to spray crude and natural gas into the area for a third day.
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Lawyer Battling United Airlines Has Long History With Injury Cases
Tom Demetrio, who is representing the Kentucky doctor dragged off United Express Flight 3411 last week, has spent more than four decades suing on behalf of injured airline passengers, consumers and medical patients.
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United Airlines to Report Earnings Amid Uproar
United reports first-quarter earnings after the market close on Monday, but it will be Tuesday’s call with analysts that sets the tone for how CEO Oscar Munoz plans to frame the crisis to investors.
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Neiman Marcus Finds Even Wealthy Shoppers Want Better Deals
Neiman Marcus and other high-end retailers regularly raised prices over the past decade and were long thought immune to the troubles of mass-market chains. That model has fallen out of fashion.
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'Fate of the Furious' Zooms to Top
The latest installment of Universal Pictures’ action-adventure ‘Fast and Furious’ franchise opened to an estimated $532.5 million around the world this weekend.
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Global Economy Week Ahead
The week ahead will feature a visit to Washington from the International Monetary Fund and the World Bank, as well as data on U.S. housing starts and existing home sales, China’s first-quarter growth rate and U.K. retail sales.
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Fed Puts Together Plan to Unwind Securities Portfolio
The Federal Reserve is moving quickly to fill in the details of how it will wind down its securities holdings in the years ahead, a process that could start this year and become the next big challenge for investors.
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United, Pepsi Outcry Unlikely to Hurt Financial Results
A social media kerfuffle can bruise a company’s reputation, but these incidents rarely leave a red mark on the bottom line.
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Trump's Trade Plans Spell Uncertainty for Mexican Port
Latin America’s most technologically advanced shipping terminal opened early this month with great fanfare. But the ambitious project faces an uncertain future as U.S. President Trump weighs new trade barriers.
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Older Workers Challenge Firms' Aggressive Pursuit of the Young
PricewaterhouseCoopers’ aggressive pursuit of young hires is the focus of a class-action suit, part of a wave of litigation testing the boundaries of age-discrimination liability and casting a cloud over college recruitment programs.
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Whole Foods Aims to Cut Prices but Keep Its Cachet
Whole Foods Market Inc. wants to cut prices without sacrificing the local products that define its healthy image.
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A Chevy Bolt Gets You There, but You'll Need a Smartphone for Navigation
GM equipped its new Chevrolet Bolt with a 4G Wi-Fi connection and a 10-inch touchscreen but left out built-in navigation—once considered a must-have feature for many car buyers.
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FCC Chief Faces Balancing Act in Net Neutrality Rollback
Federal Communications Commission Chairman Ajit Pai faces a tough challenge in rolling back net-neutrality rules that he regards as an overreach, without reaching too far himself.
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Saturday, April 15, 2017
Glut of Vehicles, Uneven Demand Put Trucking Profits in the Crosshairs
More cargo is moving through U.S. ports and on the nation’s highways, but whether the added volumes will boost trucking profits is another matter.
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Cities Push Employers to Ignore Pay History
The most awkward part of a job interview may soon disappear as cities and states consider laws barring employers from asking how much applicants already make.
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ZTE's Outlook Brightens After Strides in U.S. Smartphone Market
U.S. regulators haven’t taken kindly to ZTE Corp. of late, but the Chinese telecommunications giant needs American consumers more than ever if it hopes to compete in an increasingly tough smartphone market.
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Friday, April 14, 2017
Trump Will Nominate Ex-Lawmaker Scott Garrett to Head Export-Import Bank
President Donald Trump said he would nominate former congressman Scott Garrett, who has supported closing the U.S. Export-Import Bank, to head the credit agency.
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Fake News Tests Facebook Ahead of French Vote
Facebook says it has ramped up efforts to curb misinformation, including removing accounts and labeling fake news. But video and images disseminating fake news are increasing faster, alongside delays in accrediting Facebook’s fact-checking partners.
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Avaya Files Plan to Slash Debt Load By More Than $4 Billion
Bankrupt telecommunications firm Avaya Inc. has filed a restructuring plan that, if approved by a judge, would cut more than $4 billion in debt from the company’s books.
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Apple Gets Permit to Test Autonomous Vehicles in California
Apple secured a permit for autonomous-vehicle testing in California, the clearest sign to date of progress in the company’s efforts to develop self-driving car technology.
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United Chairman Apologizes Over Passenger's Removal
Nearly a week after police officers violently dragged a passenger off one of its airplanes, United Continental Holdings Inc.’s chairman told the carrier’s employees in a memo that the board is “deeply sorry and upset.”
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Winner of Rights to Prince's Music Feels Shortchanged
Universal Music won the licensing rights to late pop star Prince’s “vault” of unreleased music and other recordings, but people familiar with the matter said the company is concerned it didn’t get what it was promised in its contract.
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