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Sirius XM Making Big Investment In Pandora

Reports have emerged that Sirius XM (NASDAQ:SIRI) is making a big investment into Pandora Media (NYSE:P). Sirius will reportedly invest $480 million in Pandora in return for a 19 percent stake in the streaming music service. Jim Meyer, Chief Executive Officer of SiriusXM, said, “This strategic investment in Pandora represents a unique opportunity for SiriusXM […]

Tax Reform Not Going Quite As Planned

The Republican effort in Congress to reshape the tax system has been moving much more slowly than many had hoped. Republicans started 2017 with high ambitions, seeing as they controlled both houses of Congress and the White House. Their stated aim was to quickly repeal the 2010 Affordable Care Act and reform the tax code. […]

Western Digital Files Lawsuit To Halt Toshiba Chip Business Sale

Western Digital Corp. (NASDAQ:WDC) has filed a lawsuit to stop partner Toshiba Corp. (TYO:6502) from selling its chips business without its consent. Western Digital announced on Monday that it had initiated arbitration procedures with the International Chamber of Commerce. The two companies jointly operate Toshiba’s main semiconductor plant. Western Digital is unhappy that Toshiba is […]

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 […]

Juicero Offering Refunds After Media Firestorm

San Francisco-based startup Juicero Inc. is now offering refunds for its juicing machines after nearly a week of bad press. Juicero’s Wi-Fi-enabled machine produces cold-pressed juice out of packets sold exclusively to owners via subscription, with juice packs delivered weekly. For the next 30 days, anyone not satisfied with their Juicero machine can return it […]

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 […]

Uber Suspending Self Driving Car Programs

Uber Technologies Inc. has announced that it is suspending its self-driving car program in Arizona for the foreseeable future. The ride-hailing company is also pausing its Pittsburgh operations. Uber began testing self-driving cars in Pittsburgh last year and expanded to Arizona shortly after. The announcement came after one of Uber’s autonomous vehicles was involved in […]

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 […]

J.C. Penney Announces Closure Of Over 100 Stores

J.C. Penney Co. (NYSE:JCP) has announced that it would be closing as many as 140 of its roughly 1,000 stores by June. The stores it is closing represent about 13 percent to 14 percent of its current store count, but less than 5 percent of total annual sales. The company is also planning to close […]

TripAdvisor Misses Earnings And Revenue Estimates

Travel review website TripAdvisor (NASDAQ: TRIP) reported lower-than-expected quarterly revenue for the fourth quarter of its fiscal year. TripAdvisor reported total revenue of $316 million for the fourth quarter, missing the average estimate of $326.5 million, according to analysts polled by Thomson Reuters. Net income fell to $1 million, or 1 cent per share, in […]

Walt Disney Co. To Take Control Of Euro Disney

The Walt Disney Co. (NYSE:DIS) announced a plan to turn around the struggling Euro Disney on Friday. The company plans to buy out all other shareholders to take full control of Euro Disney, which includes the Disneyland Paris theme park, the Walt Disney Studios Park, Disney Village and hotels. In a statement, the company said, […]

General Motors And Honda Partner Up On Fuel Cells

General Motors (NYSE:GM) and Honda (NYSE:HMC) have announced a manufacturing joint venture that will mass produce an advanced hydrogen fuel cell system to be used in future vehicle models. The companies equally split $85 million in investment for the new manufacturing venture, called Fuel Cell System Manufacturing LLC. The joint venture was announced Monday in […]

General Electric Meets Profit Estimates In 4Q

General Electric (NYSE:GE) met expectations for profit in the fourth quarter of its fiscal year. GE’s net earnings fell 45 percent compared to a year earlier, dropping to $3.5 billion. The company earned 46 cents on a per-share basis, meeting the expectations of polled analysts. The company also reported a slump in revenue for the […]

Bank of America Reports Mixed Results For Q4

Bank of America Corp. (NYSE:BAC) reported mixed results for the fourth quarter of its fiscal year. The company reported that its earnings surged 47 percent in the quarter through Dec. 31, rising to $4.34 billion, or 40 cents a share, from $2.95 billion, or 27 cents a share, a year ago. On an adjusted basis, […]

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 […]

Volkswagen Scandal Causing Trouble For EU Member States

In a statement announced today, the EU Commission revealed that it would be taking action against EU member states that permitted carmakers to flaunt EU emissions regulations. The EU Commission has announced that it “is taking action against 7 Member States for failing to set up penalties systems to deter car manufacturers from violating car […]

Uber Fights Against Transportation Provider Label In Europe

Uber is defending its business model in Europe’s highest court today. The Court of Justice of the European Union (ECJ) could label Uber a transport company rather than a digital service, a designation that could hobble the company. That ruling would subject the company to stricter rules on licensing, insurance and safety. Judges in Luxembourg […]

Macy’s Announces Future Real Estate Plans

Macy’s (NYSE:M) recently announced a deal with real-estate company Brookfield Asset Management to redevelop 50 of its 800 stores, or roughly 6 percent of its store base. The Starboard hedge fund pushed Macy’s to wring some money from its real-estate holdings. Macy’s real estate could be worth as much as $21 billion, which is more […]

Samsung’s Woes Greatly Benefit Apple

Apple (NASDAQ:AAPL) is now the most profitable smartphone seller in the world by far. In the third quarter of 2016, Apple took 103.6 percent of the profits from all smartphone sales, according to estimates. Samsung was barely profitable for the quarter, capturing just 0.9 percent of the profits. The quarter marks the first time that […]

Tesla Unveils New Solar Products

Tesla (NASDAQ:TSLA) Chairman and CEO Elon Musk wants to expand from electric vehicles to clean energy systems for homes and offices. Edging closer to that goal, the company unveiled new solar panel tiles and energy storage units for homes at its latest show. The unveiling showed the products on four of the Wisteria Lane houses […]

Goldman Sachs Tops Income And Revenue Predictions

Goldman Sachs (NYSE:GS) reported third-quarter earnings that easily beat the predictions of Wall Street analysts. The bank reported a 58 percent increase in its net income for the third quarter of 2016, earning a profit of $2.1 billion, or $4.88 a share, in the July-September quarter, compared to $1.3 billion in the year-ago quarter. Its […]

Flights Delayed Worldwide After United Airlines Computer Glitch

A computer glitch temporarily halted departures at United Airlines (NYSE:UAL) late Thursday, leaving thousands of passengers delayed worldwide. The widespread delays were caused by two separate problems with United Airlines’ computer systems. The first glitch affected United’s luggage weighing systems. Another issue also arose, but spokeswoman Maddie King said she did not know its nature […]

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 […]

American Express Wins In Appeals Court

A federal appeals court has ruled that American Express (NYSE:AXP) can block merchants that accept its cards from steering customers toward lower-cost cards from other issuers. The provisions in American Express’ merchant agreements are meant to dissuade customers from using cards from Visa and MasterCard at retailers that take American Express cards. American Express had […]

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 […]

Tech Giants Join Microsoft In Fight Against DOJ

Microsoft (NASDAQ:MSFT) has lots of allies in its fight against government intrusion. Tech giants Apple, Amazon, and Google have announced their support for Microsoft in its legal fight with the U.S. Department of Justice. News organizations The Washington Post, Fox News, and the National Newspaper Association also filed in support of Microsoft, along with Delta […]

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 […]

Amazon Launches New Car Comparison Site

Amazon (NASDAQ:AMZN) has launched a new car comparison site called Amazon Vehicles. The company’s press release says, “Finding cars on Amazon Vehicles is simple — just search like you would any other product.” The platform will include specifications, images, videos, and customer reviews for a wide range of car models. The new site includes a […]

New BMW Ad Teases Electric Car Competition

BMW launched a couple of advertisements poking fun at its electric car competition as it gets ready to start selling its 330e iPerformance plug-in hybrid. The 330e iPerformance PHEV goes on sale this summer and will start at $44,695. One ad has a tag line that says: “You will wait, and wait and wait some […]

Merck Reports Increases In Profit And Revenue

Merck & Co. (NYSE:MRK) posted an unexpected increase in second-quarter revenue and an increased profit versus a year-earlier period. For the quarter, the company posted a profit of $1.21 billion, up 75 percent from $687 million a year earlier. Earnings rose to 43 cents a share from 24 cents a share. Excluding certain one-time costs, […]

Nintendo Gets Big Boost From Pokemon Go

Nintendo (NTDOY) shares got a big boost on Monday on the strength of its new Pokemon Go app. Shares of the company closed up 24.52 percent on Monday, rising to 20,260 yen ($199.70) a share. On Friday, the company’s stock rose 8.9 percent before the close of trading. In the past two sessions, the company […]

Criminal Probe Into Emissions Scandal Targets Former VW CEO

Volkswagen (VLKAY) former CEO Martin Winterkorn has been revealed to be the target of a criminal investigation into the automaker’s diesel-emissions scandal. German prosecutors are investigating whether Winterkorn violated securities laws and manipulated the market with his actions. Winterkorn resigned days after the crisis erupted, saying he was doing so “in the interests of the […]

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 […]

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 […]