Business

Apple Reports Mixed Fourth Quarter Results

Apple Inc. (NASDAQ: AAPL) reported mixed numbers for the fourth quarter of the 2018 fiscal year. Apple beat Wall Street estimates on earnings and revenue, but missed shipment estimates on iPhones. Earnings came in at $2.91 per share, beating analysts’ expectations of $2.78. Revenue for the quarter was $62.9 billion, higher than expectations of revenue […]

Qualcomm Claims Apple Owes It $7 Billion

There are new numbers being released in the legal fight between Qualcomm Inc. (NASDAQ: QCOM) and Apple Inc. (NASDAQ: AAPL). Qualcomm now claims that Apple is $7 billion behind on patent royalty payments. Apple has been withholding royalty payments to Qualcomm since their dispute began in early 2017. Apple sparked the dispute with a $1 […]

Amazon Tops Expectations For Income, Misses On Revenue

Amazon reported third-quarter earnings that were better than analysts had forecast. Net income for the quarter was $2.8 billion, marking the fourth straight quarter of reporting more than $1 billion in profits. The company earned $5.75 per share, beating analysts’ forecasts of $3.11 per share in earnings, on average. The company reported earning 52 cents […]

PayPal Releases Impressive Results For Third Quarter

PayPal Holdings Inc. (NASDAQ: PYPL) beat expectations on earnings and revenue for the third quarter of its fiscal year. Overall, PayPal reported third-quarter earnings that were up 26 percent, beating Wall Street estimates by three cents a share. PayPal’s total revenue grew 14 percent in the third quarter to $3.68 billion. The company reported the […]

New Tariffs May Spark Price Hikes At Walmart

Walmart (NYSE: WMT) is warning that it may have to hike product prices after the Trump administration imposed new tariffs on Chinese imports. Earlier this week, the US government imposed 10 percent tariffs on about $200 billion worth of Chinese imports. Walmart is currently the world’s largest retailer and a considerable amount of its business […]

Kroger Shares Fall After Disappointing Earnings Report

Supermarket giant Kroger Co. (NYSE: KR) saw its shares fall nearly 10 percent after reporting disappointing sales results for the second quarter of its fiscal year. In recent months, the company has been taking aggressive steps to refresh its business and its efforts took a toll on same-store sales during the quarter. CEO Rodney McMullen […]

Volkswagen Squashes Beetle Production

Volkswagen has announced that 2019 will be the end of production for the iconic Beetle model. Production of the Beetle is set to end at the factory in Puebla, Mexico, where it’s been built since 1997, in July 2019. The company has been making the Beetle for nearly 70 years. The car was first sold […]

Subway Making $5 Footlong Promotion Optional For Franchisees

The latest move from Subway is sure to please its franchisees while disappointing its customers. Subway franchisees will no longer be required to sell the $5 footlong, according to a new policy from the company. The company’s new CEO, Trevor Haynes, said that franchisees can still offer the deal at their stores if they want. […]

Starbucks Opens First Location In Italy

Starbucks (NASDAQ: SBUX), the world’s biggest coffee chain, is opening an upmarket roastery and cafe in Milan. The store will be the Seattle-based coffee giant’s first location in Italy. The company is also planning to start rolling out regular cafes across Italy this year. The company plans to open four traditional cafes in Milan with […]

Sinclair Files Countersuit Against Tribune Media Over Merger

Sinclair Broadcast Group Inc. (NASDAQ: SBGI) has filed a counterclaim to a lawsuit filed by Tribune Media Co. (NYSE: TRCO) on Aug. 9 over the failure of their planned merger. The merger’s chances of completion dissolved last month after “serious concerns” were raised about a series of side deals that Sinclair had proposed. Sinclair is […]

Toyota Teams Up With Uber For Self-driving Car Partnership

Toyota Motors Corp. (NYSE: TM) has announced that it is making a $500 million investment in Uber and that the two companies will partner to pursue self-driving vehicles. Both companies have said they consider self-driving technology crucial to their futures. The Japanese automaker and the ride-hailing app company plan to launch their self-driving car pilot […]

Microsoft Under Investigation Over Potential Bribery In Hungary

Microsoft Corp. (NASDAQ: MSFT) is reportedly under investigation by US authorities over sales of its software in Hungary being potentially linked to bribery and corruption. According to people familiar with the matter, the Justice Department and the Securities and Exchange Commission are looking into how Microsoft sold software to middleman firms that then sold those […]

PepsiCo Makes Deal For SodaStream

Food and beverage giant PepsiCo (NASDAQ: PEP) has made a deal to purchase Israeli fizzy drink-maker SodaStream for $3.2 billion. The plan calls for PepsiCo to pay $144 cash per SodaStream share using cash on hand. According to reports, the deal was unanimously approved by the boards of directors of both companies. The deal is […]

Papa John’s Records Big Sales Decline

Papa John’s (NASDAQ: PZZA) recorded a big drop in sales in the latest quarter, stunning investors and analysts. The pizza chain reported that its same-store sales in North America fell 10.5 percent in July and 6.1 percent for the quarter. That was steeper than Wall Street expected, and marked the third straight quarter of declines. […]

Some Kroger-owned Stores Banning Visa Credit Cards

Supermarket chain Kroger Co. (NYSE: KR) has announced that it is banning Visa credit cards at its Foods Co. stores in California starting August 14. The affected California stores are 21 Foods Co. supermarkets and five gas stations in San Francisco, Sacramento, Fresno and Bakersfield. The stores will still accept all debit cards, including Visa […]

Google Releasing New Titan Security Key

Alphabet’s Google (NASDAQ: GOOGL) is releasing a new security key, called the Titan Security Key, to help its customers increase the security of their online accounts. The security keys should work on any device with a USB port or a Bluetooth connection. The company says that the security keys will be available in Google’s online […]

General Electric Power Division Profit Plunges

General Electric (NYSE: GE) is facing major issues in its power division. During the second quarter, profit at GE Power, the company’s largest division by revenue, plunged 58 percent year over year. The decline drove overall earnings down by 30 percent last quarter, offsetting strength in other areas of the business. GE CEO John Flannery […]

Adidas Embraces Sustainability With Recycled Plastic Pledge

Adidas has made an announcement that it plans to only be using recycled plastics by 2024. Starting this year, the company will stop using virgin, or newly manufactured, plastic in its clothing, offices, retail outlets, warehouses and distribution centers. The move will save an estimated 40 tons of plastic annually, according to a statement from […]

Starbucks Phasing Out Plastic Straws By 2020

Global coffee giant Starbucks (NASDAQ: SBUX) has announced that it will be eliminating plastic straws from all of its stores by 2020. Instead of continuing to use its current flat lids with straws, the company is switching over to lids that have a raised lip you can drink from. The new lids will begin rolling […]

Harley-Davidson Say Tariffs Prompting Production Move

Harley-Davidson Inc. (NYSE: HOG) has announced that the production of motorcycles sold in Europe will move from U.S. factories to international facilities to avoid paying a recently enacted 25 percent tariff. In a regulatory filing, the company reported that EU tariffs on motorcycles exported from the U.S. have now jumped between 6 percent and 31 […]

Billionaire David Koch Retiring From Business And Political Empires

Reports have emerged that billionaire David Koch has decided to retire from his family’s conglomerate, Koch Industries. He has served as executive vice president of the company and a member of its board. He also held the titles of chairman and CEO of one its subsidiaries, Koch Chemical Technology Group. He also is stepping aside […]

Fifth Third Bancorp Buying MB Financial For $4.7 Billion

Fifth Third Bancorp (NASDAQ: FITB) has announced its latest acquisition. The regional bank has reached an agreement to buy rival MB Financial Inc. (NASDAQ: MBFI). The agreement will see Fifth Third paying about $4.7 billion for the company in a stock-and-cash deal. The closing of the deal is expected by the end of the year. […]

T-Mobile To Acquire Sprint For $26 Billion

T-Mobile (NASDAQ: TMUS) has announced plans to acquire rival Sprint (NYSE: S) in a $26 billion all-stock deal. T-Mobile and Sprint are the two smallest of the four major wireless companies in the U.S. The deal would reduce the number of major wireless carriers to three. T-Mobile says the combined companies would have the resources […]

Ford Ramps Up Cost-cutting, Ends Models

Ford Motor Co. (NYSE: F) has outlined a plan to cut costs and drop traditional sedan models in North America in a bid to boost profit margins at a faster pace than previously announced. The company now says that it will not invest in next-generation models of its traditional sedans for North America. CEO Jim […]

Samsung To Use Blockchain Technology In Its Logistics Operations

Samsung, the world’s largest maker of semiconductors and smartphones, has indicated that it may turn to blockchain technology to manage the company’s huge global supply network. The South Korean electronics giant is considering the use of a distributed ledger system in keeping track of worldwide shipments that are worth billions yearly. This was disclosed by […]

Nine West Seeks Chapter 11 Bankruptcy Protection

Nine West Holdings, owned by private-equity firm Sycamore Capital, is the latest retailer to file for bankruptcy. The company currently has more than $1 billion in debt owed to as many as 50,000 creditors, according to court documents filed in U.S. Bankruptcy Court in New York. Nine West Holdings CEO Ralph Schipani called the bankruptcy […]

Claire’s Latest Retailer To File For Bankruptcy

Claire’s jewelry chain is looking for help in bankruptcy court. The company has filed for Chapter 11 bankruptcy protection in Wilmington, Delaware. Claire’s chief executive Ron Marshall said in a statement, “We will complete this process as a healthier, more profitable company, which will position us to be an even stronger business partner for our […]

Toys R Us Announces More Store Closures

Toys R Us Inc. has announced plans to close more stores and lay off a significant portion of its corporate staff. The company recently announced plans to close about 180 stores, which would affect approximately 4,500 workers. The number represents about 20 percent of its U.S. store fleet. People familiar with the matter say that […]

Fujifilm To Take Control Of Xerox

Japan’s Fujifilm Holdings Corp. is taking control of Xerox Corp. (NYSE: XRX) in a deal that creates an $18 billion company. The deal has been unanimously approved by the boards of both companies, but still needs shareholder approval. Fujifilm executives said they were confident all shareholders will approve the deal. Xerox will be subsumed into […]

Italy’s Ferrero To Buy Nestle U.S. Candy Business

Italy’s Ferrero has agreed to buy the U.S. confectionery business of Swiss food group Nestle for $2.8 billion in an all-cash deal. The business has about $900 million in sales and represents roughly 3 percent of U.S. Nestle Group’s sales. The deal is expected to be completed near the end of the first quarter, Nestle […]

Macy’s Reports Strong Holiday Season

Macy’s Inc. (NYSE: M) said it had a “strong” holiday season and reported better-than-expected results for the period. Macy’s comparable sales rose 1 percent during the months of November and December compared with the same period last year. Top-selling items for the period included coats, sweaters, boots, and fragrances. Macy’s full-year sales are still expected […]

UPS Places Order For 125 Tesla Semi-trucks

United Parcel Service Inc. (NYSE: UPS) has announced it has placed an order for 125 Tesla all-electric semi-trucks. UPS chief information and engineering officer Juan Perez called the trucks “groundbreaking.” The UPS order is the largest known order for the big rig so far, with an order valuation of about $25 million. Scott Phillippi, UPS […]

Ford Announces Plan To Build Electric Cars in Mexico

Ford Motor Company (NYSE:F) has stated its plans to assemble new battery-powered cars in Mexico. Sherif Marakby, Ford’s vice president for autonomous vehicles and electrification, said that producing the electric cars in Mexico will allow Ford to improve the “fitness” of that business and take advantage of lower labor costs. In 2020, the company will […]

Volvo’s New Subscription Service Includes Insurance

Volvo is launching a new Care By Volvo program that is basically a subscription service for SUVs. The Swedish automaker announced details of the program at Wednesday’s Los Angeles Auto Show. Care By Volvo will be rolling out nationally. Pricing for Care By Volvo’s subscription plan starts at $600 a month (exclusive of tax and […]

Black Friday Strikes Hit Amazon In Germany, Italy

Some of Amazon’s (NASDAQ:AMZN) workers in Europe chose one of the biggest shopping days of the year to protest the company’s practices. Black Friday is a US tradition that has been embraced by Europeans in recent years. Retailers like Amazon offer large discounts on clothing, electronics and toys during the shopping holiday. Amazon employees were […]

Wal-Mart Adding Lord & Taylor Products To Lineup

Wal-Mart Stores Inc. (NYSE:WMT) has announced plans to add products from Lord & Taylor to its website. The companies are currently working through terms of a partnership that would make Lord & Taylor the “exclusive premium department-store partner” of Wal-Mart. Rumors of a proposed deal emerged last October. Lord & Taylor products will be available […]

Uber Expanding Its Flying Taxi Plans

Jeff Holden, head of projects for Uber, has announced that the company intends to add to its growing list of pilot cities for flying taxis. By 2020, the company hopes to launch the service in Dubai, Dallas-Fort Worth, and now Los Angeles. The updated plans were revealed during a speech at the Web Summit, held […]

Sears Ends Partnership With Whirlpool

Sears Holdings Corp. (NASDAQ:SHLD) has announced that it will no longer be selling Whirlpool appliances. Sears told employees in a memo sent to stores last week. Sears is also pulling Whirlpool-made KitchenAid, Maytag and Jenn-Air products from its floor. The end of the Sears-Whirlpool partnership is effective immediately. The move comes after a pricing dispute […]

Hundreds Of Tesla Workers Let Go

Palo Alto, Calif.-based Tesla (NASDAQ:TSLA) has reportedly fired hundreds of employees after what the company described as “an annual performance review” of its more than 33,000 employees. The firings reportedly included engineers, managers, salespeople and factory employees. According to reports, an estimated 400 to 700 people were dismissed this week, representing between 1 percent and […]

Coach Inc. Becomes Tapestry Inc. October 31

Iconic luxury handbag maker Coach Inc. (NYSE:COH) will be changing its corporate name to Tapestry Inc, at the end of October. When the name change goes into effect, the company will start trading under the ticker symbol “TPR” on the New York Stock Exchange. Its new website, tapestry.com, is already live. Tapestry will be the […]

Tesla’s Model 3 Production Misses Target

Tesla (NASDAQ:TSLA) has reported missing its production goal for the new Model 3 by a wide margin. The company only produced 260 Model 3 cars from late July through September 30. The company had set a goal of producing 1,500 units during the period. The Palo Alto, California-based company delivered just 220 Model 3 sedans […]

Ryanair Announces More Flight Cancellations

Ryanair (NASDAQ:RYAAY) has canceled flights for hundreds of thousands more customers due to a shortage of pilots. The company said it will cancel 18,000 flights scheduled between November and March. Ryanair previously said that it would cancel 40 to 50 flights a day up until the end of October. It also said it would temporarily […]

Equifax Under Fire For Linking To Fake Site

Equifax Inc. (NYSE:EFX) is under fire after it was found to be linking to a fake website as part of its efforts to inform consumers about a cyberattack the company disclosed in early September. As many as eight public tweets has sent potential victims to the same false address since September 9th. The tweets were […]

Northrop Grumman Announces Bid For Orbital ATK

U.S. defense contractor Northrop Grumman (NYSE:NOC) has announced plans to buy missile and rocket maker Orbital ATK (NYSE:OA) for about $7.8 billion in cash. Northrop will also assume $1.4 billion in Orbital’s net debt. Orbital ATK shareholders will receive $134.50 per share, a 22 percent premium to the company’s Friday closing price of $110.04. Orbital […]

Olive Garden Pasta Pass Is Back With New Twist

Darden Restaurant’s (NYSE:DRI) Olive Garden is once again selling its unlimited Pasta Passes. The Pasta Pass lets pasta lovers indulge in Never Ending Pasta Bowls for eight weeks for $100. Pasta Pass holders will have from Sept. 25 through Nov. 19 to eat unlimited pasta, soup, salad and breadsticks. The Pasta Pass will be sold […]

Target Enters Price War With Amazon and Walmart

Earlier this year, Target (NYSE:TGT) announced to investors that it planned to lower prices to better compete with Walmart and Amazon. That plan is now in effect. In its blog post, Target said it has “lowered our prices on thousands of items, from cereal and paper towels to baby formula, razors, bath tissue and more.” […]

Time Inc Increases Investment In Video As Print Declines

Magazines publisher Time Inc is increasingly shifting towards video content in a bid to bolster revenues as a result of a decline in print advertising. Some of the magazines that Time Inc publishes include Sports Illustrated, People, Time and Fortune. The digital video executive director of Time Inc, David Flumenbaum, revealed that a new cooking-competition […]

Best Buy Beats Estimates For Earnings And Sales

Best Buy Co. Inc. (NYSE:BBY) reported better-than-expected quarterly earnings and sales for the second quarter of its fiscal year. Best Buy earned $209 million in the quarter ended July 29, up 6 percent from $198 million in the same quarter of last year. On an adjusted basis, the company earned 69 cents per share in […]

Sears Trimming Its Store List Even Further

U.S. retailer Sears Holdings Corp. (NASDAQ:SHLD) is embarking on another round of store closures. The company announced it would close another 28 Kmart stores later this year. This is in addition to the 150 Sears and Kmart stores it already announced it was closing by the end of its third quarter. All of the stores […]

Retailers of Footwear Run Over By Price Wars

Stock for sporting goods retailers plunged on Friday as quarterly results that were poor posted by Foot Locker and Hibbett increased concerns by investors about a glut in supply that could intensify price wars across the industry. The most recent results followed those of Dick’s Sporting Goods a larger rival, which warned earlier in the […]