Business

Sinclair Broadcast Group Announces Deal For Tribune Media

Sinclair Broadcast Group Inc. (NASDAQ:SBGI) announced Monday that it will acquire Tribune Media Co. (NYSE:TRCO) in a multi-billion dollar deal. Sinclair is buying Tribune for $3.9 billion plus the assumption of about $2.7 billion in debt. Tribune shareholders will receive $35 and 0.23 of a share of Sinclair common stock per share of Tribune stock. […]

Starbucks Has A Hit With Its Unicorn Frappuccino

Starbucks’ (NASDAQ:SBUX) Unicorn Frappuccino was only available for a few days in April. Now, the company is saying that the short-lived product had a big impact. The colorful frappuccino that changed colors and flavors with a stir caused a significant bump in traffic at the chain. The increased traffic will also likely lead to an […]

Will Toshiba Be Next To Go Under?

Toshiba (TOSBF) announced bigger than previously estimated losses for the nine months through December. Toshiba also reported a net loss of 648 billion yen ($5.9 billion) for the quarter ended in December. The Japanese conglomerate now says that there is “substantial doubt” about its ability to continue as a going concern. Toshiba filed the earnings […]

McDonald’s Announces Major Change To Menu

McDonald’s (NYSE:MCD) has announced that beginning next year, its Quarter Pounder will contain fresh beef patties, making the switch after several decades of using frozen meat. The switch applies only to the Quarter Pounder and the chain’s new Signature Crafted Recipe burgers right now. McDonald’s other burgers, including the Big Mac, will still use frozen […]

AIG Leader Steps Down, No Successor Named

American International Group Inc. (NYSE:AIG) CEO Peter Hancock officially announced his departure from the company this week after just two-and-a-half years at the helm. In a statement, Hancock stated that he couldn’t continue without shareholder support. Hancock said, “Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress […]

Ford Ends Plans To Build New Plant In Mexico

Ford Motor Company (NYSE:F) chief executive Mark Fields has announced that the company has canceled its plans to open a factory in Mexico, preferring to add that work to a plant in Flat Rock, Mich. Ford previously said it would move small car production from the U.S. into that new factory. The announcement was made […]

Regulators Intensify Scrutiny Of Cabela’s – Bass Pro Deal

Cabela’s (NYSE:CAB) has received notice that its planned tie up with Bass Pro Group is set to face additional scrutiny from federal regulators. The U.S. Federal Trade Commission has sent a second request for information to the company regarding the deal. Bass Pro Shops also received a request for additional information. Antitrust officials are attempting […]

Apple And Nokia Take Patent Fight To Next Level

Nokia (NYSE:NOK) has filed numerous complaints against Apple (NASDAQ:AAPL) in recent days accusing Apple of infringing on Nokia patents. The patent infringement complaints claim Apple has not established licensing deals for Nokia technology used in Apple products. Nokia says additional actions are to come. Apple and Nokia have long disagreed over licensing fees for Nokia […]

Twenty-First Century Fox To Acquire Sky Broadcasting For $14.8B

Twenty-First Century Fox (NASDAQ:FOX) has finalized its $14.8-billion cash bid to acquire pay-TV giant Sky broadcasting. Fox reached a preliminary accord last week to buy the nearly 61 percent of Sky that it does not own. Fox announced Thursday that it had finalized an agreement with independent Sky directors to pay 10.75 British pounds for […]

Viacom, CBS Form Independent Committees To Consider Merger

Viacom (NASDAQ:VIA) has formed an independent board committee to review a proposed merger with CBS. National Amusements formally urged the companies to explore an all-stock recombination in a letter last week. National Amusements is controlled by Sumner Redstone and his daughter Shari. Through the holding company, the Redstones own about 80 percent of the voting […]

Wells Fargo Scandal Shines Harsh Spotlight On Bank Practices

Wells Fargo & Co. (NYSE:WFC) is finding its policies under a harsh spotlight after the bank found itself entangled in a scandal over the opening of fraudulent accounts by its employees. A federal regulator and the Los Angeles prosecutor alleged that the company’s employees created roughly 2 million accounts for customers without their knowledge. Chief […]

7,000 Wal-Mart Employees To Lose Jobs

Wal-Mart Stores Inc. (NYSE:WMT) has announced plans to eliminate nearly 7,000 employment positions across its companies over the next several months. The job cuts will affect thousands of back-office positions around the country, including many store accounting and invoicing positions. Their tasks will now be handled by a central office or automated, according to company […]

Dunkin’ Brands Sees Income And Revenue Rise In Second Quarter

Dunkin’ Brands Group Inc. (NASDAQ:DNKN) reported increases in both income and revenue for the second quarter of its fiscal year. The company reported that net income was up 17.2 percent, rising to $49.6 million, or 57 cents per share, compared to $42.3 million or 44 cents per share in the second quarter of 2015. The […]

Chipotle Launches Long Awaited Rewards Program

Chipotle (NYSE:CMG) will officially launch its first-ever rewards program on July 1. The new program is named Chiptopia Summer Rewards and will last for three months, July through September. You can get a rewards card at a restaurant, but you have to register online to redeem the rewards. Chipotle executives first announced the creation of […]

Mixed Results For Lululemon For First Quarter

Lululemon Athletica Inc. (NASDAQ:LULU) reported mixed results on its earnings call for the first quarter of its fiscal year. Lululemon’s total revenue increased 17 percent to $495.5 million, beating analysts’ estimates of $487.72 million. However, profits fell to $45.3 million, or 33 cents per share, down from $47.8 million, or 34 cents per share, in […]

Starbucks Announces Tea Partnership With Anheuser-Busch

Starbucks Corp. (NASDAQ:SBUX), one of the largest coffee companies in the United States, is teaming up with Anheuser-Busch InBev NV (NYSE:BUD), one of the nation’s biggest beer brewers, to create a bottled version of its Teavana tea. The companies announced the partnership Thursday and expect to finalize agreements for the new brand by the end […]

HP Enterprise Sheds Business Services Division In Streamlining

HP Enterprise (NYSE:HPE) has announced that it is selling off its technology-services division to competitor Computer Sciences Corp. (NYSE:CSC) The transaction will consist of a tax-free spinoff of the HP Enterprise unit and merger with CSC. The new company, whose name will be announced later, will be led by CSC Chief Executive Officer Mike Lawrie. […]

Dr. Reddy Stock Drops by 14% Following Warning by FDA

Dr. Reddy the drug maker based in India received new warnings from regulators in the U.S. on its processes used in manufacturing at two factories in the southern part of India, said company officials on Friday. The announcement sent its shares of stock lower. Dr. Reddy’s stock was down 14% at the end of trading […]

Germany Pressures Volkswagen as Scandal Enters Another Dimension

On Wednesday, officials in Germany stepped up their pressure on automaker Volkswagen to clean its act up after it said it understated the consumption of fuel of some of its vehicles, which opened another front in the crisis at the biggest carmaker in Europe. The company announced late Tuesday that it understated the amount of […]

Amazon Debuts Online Deals Store for Black Friday

Expanding on its success of the sales holiday known as Prime Day earlier this year, Amazon has announced that it is now going to launch a store that is dedicated only to deals for Black Friday, where members of Amazon Prime can have early access to some of the company’s best discounts. The Deals Store […]

Target and Walmart Unveil Plans for Holidays

Target and Walmart, two of the largest retailers in the U.S. rolled out on Thursday their plans to lure in shoppers to their stores during the upcoming holiday shopping season, which includes increased marketing, better looking stores and discounts. The moves by the two retailers illustrate just how important the shopping season during the holidays […]

Heineken Profits From Strong Sales in Americas and Europe

The third largest brewer in the world Heineken NV said on Wednesday that its revenues and volumes of beer grew more than had been expected during its third quarter, driven by stronger than expected sales in the Americas as well as a warmer than usual summer across most of Europe. The brewer based in Holland, […]

Bridgestone Buying Retail Chain Pep Boys

Bridgestone Corp announced that it has agreed to purchase the retail chain Pep Boys for $835 million, which pushes it deeper into the industry of auto-parts that has been the benefactor of Americans keeping their vehicles longer on the road. The price to take over the business is $15 in cash per share, a premium […]

American Airlines Posts Profit of $1.7 Billion on Fuel Costs

U.S. based American Airlines came close to doubling its net profit for its third quarter at $1.7 billion equal to $2.49 a diluted share, citing lower costs of fuel. The results compared to the airline’s profits of $942 million during the same quarter one year ago equal to $1.28 a diluted share. Not taking into […]

Western Digital Buying SanDisk the Maker of Memory Chips

Western Digital Corporation announced Wednesday that it has agreed to purchase SanDisk Corporation the maker of memory chips in a deal that includes stock and cash of $19 billion. Under the deal’s terms, investors of SanDisk would receive $86.50 per share in cash and stock for every share owned, representing a premium of 15% to […]

Halliburton Reports Drop in Sales of 36% as Fracking is Reduced

Halliburton Co’s saw its revenue fall by 36%, which helped to push the largest provider in the world of fracking services to a loss during the third quarter as the worst downturn in the crude market in decades is reshaping the industry. The company, based in Houston, had a $54 million loss equal to 6 […]

AT&T and Uber Testing Streaming of College Football

On Friday AT&T announced that it partnered with Uber and will roll out connect car rides across four cities for a limited period to let passengers see live college football games from their tablets while riding in the back of the vehicle. Since AT&T acquired DirecTV the satellite TV provider, in July for a price […]

Walmart Stock Plummets on Forecast of Lower Earnings

Shares of Walmart plummeted sharply on Wednesday after the retailing giant in the U.S. jolted the financial markets when it forecasted an earnings drop of between 6% and 12% during its fiscal year 2017. Shares at the Bentonville, Arkansas based company were lower by 8.7% on the unexpected announcement, delivered by Walmart executives during the […]

Ford Investing $1.8 Billion for Research in China

Ford Motor Co will invest $1.8 billion to develop new technologies that are aimed at attracting car buyers in China, underlining the importance of China to automakers despite the slowing growth of sales. The automaker based in Detroit said on Monday it would expand its R&D center in Nanjing a city in eastern China and […]

Shipments of PCs Continue to Drop

Personal computer shipments worldwide dropped during the quarter ending in September, as makers of PCs did not received a significant boost from the Microsoft launch of its new operating system Windows 10, shows data from two data trackers on Thursday. The International Data Corp said its shipments fell 11% to just 71 million units, which […]

Constellation Brands Beats on Profit as Sales of Beer Jump

Constellation Brands profit for the quarter easily beat estimates by analysts and the company increased its full year forecast for adjust profit again, driven by sales increases of beers under its Modelo and Corona brands. Shares of the company were up 3.8% in Wednesday premarket trading. Constellation has benefitted from strong demand from the increased […]

Business Growth in Euro Zone at Low of Four Months During September

Business activity in the euro zone grew at its slowest pace in the past four months last Monday. However, one sign of encouragement for the European Central Bank, service companies increased prices for just the first time in the past four years, showed a survey on Monday. The modest growth for the third quarter of […]

Sprint Likely to Have Layoffs with New Plan of Cost Reduction

Sprint is likely to be cutting some of its 31,000 strong workforce as part of the new cost reductions of $2.5 billion over the upcoming six months, a spokesperson with the company said on Friday. It is likely certain jobs are to be impacted by the cost cutting steps taking place, but it is too […]

ADP Says Employers Added 200,000 Jobs in September

In September, companies increased their hiring, indicating the job market in the U.S. was remaining firm even though there is weaker demand globally according to a new payroll report from ADP. An increase of 200,000 in jobs for September followed a revised increased of 186,000 for August showed figures released by ADP on Wednesday. The […]

Shell Pulls Out of Exploration in Arctic

Royal Dutch Shell has abandoned its search in the Arctic for oil after it failed to find sufficient crude. The move appears to appease environmental campaigners along with shareholders who said the project was too risky and too expensive. This withdrawal comes six weeks following the last clearance by the U.S. and three months after […]

Finish Line Profit Declines, Misses Forecasts for Revenue

Finish Line announced that its profit had slipped during its most recent quarter as overhead expenses that were higher offset a slight increase in its revenue. Sales at its stores opened for a minimum of one year were higher by 1.5% during its second quarter. The metric cooled after it jumped by 5.5% during the […]

Martin Winterkorn CEO at Volkswagen Resigns Amid Emissions Scandal

Martin Winterkorn the CEO at Germany-based automaker Volkswagen announced on Wednesday his resignation as the company is grappling with a cheating scandal regarding its emissions. Winterkorn said he was shocked at the events that have taken place the past couple of days and above all stunned that this misconduct on this large of a scale […]

Sales of Pre-Owned Homes in U.S. Drops More Than Forecasted

Sales of pre-owned homes in the United States fell more than what had been forecast for August as the lean inventories slowed the momentum for this year. Closing, which normally take place one month or two after the signing of a contract, declined by 4.9% to just over 5.31 million based on an annual rate […]

Volkswagen Must Recall a Half Million Vehicles

On Friday, the White House administration directed German carmaker Volkswagen to recall close to 500,000 cars saying the automaker used software that had been designed intentionally to circumvent the environmental standards for lowering smog. The notice of violation was issued by the Environmental Protection Agency and accused VW of breaking the law through installing software […]

Consumer Prices in U.S. Post First Drop in Past Seven Months

Consumer prices in the U.S. unexpectedly fell during August as the prices of gasoline started to decline ago and a strong U.S. dollar curbed an increase in other goods, pointing to tame inflation that will complicate the decision by the Federal Reserve on hiking interest rates. The U.S. Labor Department announced on Wednesday that the […]