Back to Topic List  
Company News

 Mercedes-Benz parent issues emissions recall; Daimler says it will fix more than 3M vehicles in Europe
USA TODAY, July 20, 2017 Thursday

 Mercedes-Benz parent company Daimler issued a major recall in Europe to fix diesel vehicles amid speculation that regulators are probing whether the company violated emissions standards. Daimler said Tuesday it would repair more than 3 million vehicles in Europe to reduce nitrous oxide emissions.
 Investors ponder Nasdaq's latest ride to record high; Tech stocks lead way as index rises for 9th consecutive session
USA TODAY, July 20, 2017 Thursday

 If streaks are meant to be broken, then tech stock investors should be on guard. Surging technology stocks have powered the Nasdaq composite to nine consecutive sessions of gains, its longest winning streak since a 10-day run that ended Feb. 24, 2015. The gains in the rally total nearly 5%, which leaves the Nasdaq up 18.6% for the year and at a record high. The Nasdaq has enjoyed nine-day stretches of wins five other times in the past 20 years and had a run of 17 up days in 1985, according to...
 Morgan Stanley Gives Goldman Sachs a Lesson in Diversity
The New York Times, July 20, 2017 Thursday

 James P. Gorman, the chief executive of Morgan Stanley, is teaching his rival Wall Street boss Lloyd C. Blankfein the benefits of diversity. Stabilizing the fixed-income trading unit isn't the only way Mr. Gorman's Morgan Stanley showed Goldman Sachs its tail for the second quarter in a row. His growing capital-light wealth unit helped, too.
 Apple Names New Director In China as Sales Decline
The New York Times, July 20, 2017 Thursday

 SHANGHAI -- Apple has just created what is likely to be one of the toughest jobs in tech: managing director of greater China. The company said in a statement on Tuesday that a longtime manager, Isabel Ge Mahe, would step into the newly established position based in Shanghai.
 McCormick to Pile On Mustard and Hot Sauce
The New York Times, July 20, 2017 Thursday

 LONDON -- McCormick & Company will account for more space in American cupboards after agreeing to buy French's mustard and Frank's Red Hot sauce in a deal worth $4.2 billion.
 Freddie Mac Plans Push Into Rental Housing
The New York Times, July 20, 2017 Thursday

 When the government-controlled mortgage finance giant Fannie Mae agreed this year to guarantee a $1 billion financing deal for one of the biggest private-equity-backed landlords in the United States, the move prompted an outcry. Housing advocates and legislators questioned why the landlord, Invitation Homes, which is controlled by the Blackstone Group, needed such low-cost financing, especially on the eve of an initial public offering through which Invitation Homes raised $1.7 billion in net...
 Citigroup Said to Open Frankfurt Hub in Post-'Brexit' Move
The New York Times, July 20, 2017 Thursday

 LONDON -- Score one for Frankfurt. With Britain locked in negotiations with the European Union over their post-''Brexit'' relationship, the financial companies that dominate London's economy have forged ahead, eager to ensure they can continue to serve clients across the Continent. That has set other European cities scrambling to win a slice of the business that the British capital has long kept for itself.   The American banking giant Citigroup is taking a step toward reducing its dependence...
 Carrefour's Brazil Unit Prices I.P.O. at Low End of Range
The New York Times, July 20, 2017 Thursday

 RIO DE JANEIRO -- The Carrefour Group, a French retailing giant, said on Wednesday that its Brazilian subsidiary had priced an initial public offering of stock at the bottom of its expected price range, a sign of the uncertainty plaguing Latin America's largest economy.
 Harley-Davidson to cut jobs after sales sputter
USA TODAY, July 19, 2017 Wednesday

 Americans are hitting the brakes on new motorcycles from the country's best-known maker. Harley-Davidson warned Tuesday its full-year bike sales and profit margins would fall well short of expectations, concerning investors already fretting about the industry's struggles to draw in Millennials.
 Bank of America looks for more cost-cutting as profit rises
Charlotte Observer (North Carolina), July 18, 2017 Tuesday

 Bank of America executives said Tuesday they remain focused on shedding costs to meet expense targets outlined a year ago, as the Charlotte-based bank reported its best earnings in six years. The bank disclosed plans last July to reduce annual noninterest expenses to $53 billion by the end of 2018, through automation, reducing personnel and other efforts. On Tuesday, in discussing the bank's second-quarter financial results with analysts, CEO Brian Moynihan did not rule out exceeding that cost...
 Harley-Davidson cutting 180 jobs; Falls plant to be hard-hit
The Milwaukee Journal Sentinel, July 19, 2017 Wednesday

 Harley-Davidson Inc. is eliminating about 180 production jobs at its plants this fall, union officials said Tuesday, with the Menomonee Falls and Kansas City locations to be hit the hardest. The 180 permanent job cuts are coming in the next couple of months as the company throttles back production amid weak U.S. motorcycle sales. Temporary furloughs also are expected at the plants including the Menomonee Falls factory that employs about 1,000 production workers.
 Netflix misses second quarter profit forecasts
Orlando Sentinel (Florida), July 18, 2017 Tuesday

 LOS GATOS, Calif. - Netflix Inc. (NFLX) on Monday reported second-quarter profit of $65.6 million. On a per-share basis, the company said it had net income of 15 cents. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share. Netflix posted revenue of $2.79 billion in the period, which topped Street forecasts. Twelve analysts surveyed by Zacks expected $2.76 billion. Netflix shares have risen 30 percent since the beginning of the year,...
 Chipotle shuts Virginia location following reports of norovirus
USA TODAY, July 19, 2017 Wednesday

 Shares of Chipotle Mexican Grill sank Tuesday after the fast-casual restaurant chain confirmed it closed a store in Northern Virginia following "a small number of reported illnesses," renewing food safety concerns that have troubled the company in recent years.
 Goldman Sachs Struggles to Navigate the Markets
The New York Times, July 19, 2017 Wednesday

 Who cares about a few bad weeks in fixed-income markets? Jamie Dimon, JPMorgan Chase's chief executive, raised that reasonable question last week. The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities. Goldman's market compass is a little off, and investors may soon expect Mr. Blankfein to fix it more quickly.
 AMC Tries to Steer Clear of Its Chinese Owner's Rising Debt Woes
The New York Times, July 19, 2017 Wednesday

 AMC Entertainment tried to distance itself on Tuesday from debt concerns around its Chinese parent company that have sent shares in the American cinema chain falling. AMC has been caught up in the scrutiny surrounding its owner, Dalian Wanda, which is among several Chinese conglomerates that have borrowed heavily to finance deals around the world.   The debt burden of companies and consumers in China has been of increasing concern to the authorities in Beijing, as well as to analysts. They...
 Amazon looks to cash in on meal-kits market; Blue Apron shares sink more than 10% on food prep news
USA TODAY, July 18, 2017 Tuesday

 Amazon is poised to enter the $2.2billion market for meal kits. The Seattle-based e-commerce giant is trying to trademark the slogan, "We do the prep. You be the chef," according to the U.S. Patent and Trademark Office.
 Dow Jones exposes 2.2M customers' data in error
The Indianapolis Star (Indiana), July 18, 2017 Tuesday

 The information of more than 2 million Dow Jones customers was left exposed online after the company made an error in the access preferences on a cloud storage system, the publisher said Monday.
 Takeover talk will hit Kraft, Mondelez
Chicago Tribune, July 18, 2017 Tuesday

 The global companies that make our food, snacks, beauty products and other consumer staples are ripe for more corporate takeover tussles. Expect locally based Kraft Heinz and Mondelez International to be part of the fray. Right now, Wall Street's focus is on shareholder activist Nelson Peltz's proxy battle to win a seat on the board of Procter & Gamble, the global marketer of Tide, Charmin, Pampers, Gillette razors and other household names. Peltz is pushing P&G to cut costs, hike revenues and,...
 Verizon's data leak not the first - or last; Experts say lack of expertise means more disclosures
USA TODAY, July 18, 2017 Tuesday

 Businesses everywhere, beware -- what happened at Verizon, Dow Jones and the RNC can happen to you, too. A reminder: The names, addresses, phone numbers and, in some cases, security PINs of 6million Verizon customers stored on large cloud-computing servers were made available to the public, the telecommunications carrier said last week after a cybersecurity company notified it of the exposed data. Verizon chalked the leak up to human error, saying it was because an employee of NICE Systems, one...
 Trading Is Listless as Investors Await Corporate Earnings
The New York Times, July 18, 2017 Tuesday

 Stocks hardly budged on Monday as smaller companies and retailers rose while health care companies and banks declined. Chemical and mining companies rose as the dollar weakened. Precious metals rose as the dollar, already at its lowest levels in almost a year, weakened a bit further. Bond yields slipped, sending banks lower and high-dividend stocks like utilities and household goods companies higher.   With indexes at or near record highs and another round of corporate earnings reports just...
 Board Members Abandon Hampton Creek Start-Up
The New York Times, July 18, 2017 Tuesday

 Nearly the entire board of Hampton Creek, a high-profile food start-up responsible for the Just Mayo condiment, resigned last month, leaving the company's founder and chief executive, Josh Tetrick, as its only member.
 As Russian Oil Company and Private Firm Spar, Investors Worry
The New York Times, July 18, 2017 Tuesday

 MOSCOW -- Sistema and its owner had for years assiduously steered clear of politics in Russia, hoping to avoid the kind of legal issues that often dog high-profile businesses here. But as it has grown into the country's largest privately owned conglomerate, it has found itself mired in a multi-billion-dollar legal battle. The dispute between Sistema and Rosneft, Russia's state oil company, dates back to a 2014 nationalization, pitting two of the country's most important companies against each...
 Procter & Gamble's Board Could Use a Fresh Member
The New York Times, July 18, 2017 Tuesday

 Nelson Peltz, the corporate agitator, is opting for the close shave at Procter & Gamble. Mr. Peltz's Trian Partners, which owns a $3.3 billion stake, is taking a more surgical approach to the $223 billion company -- whose brands include razors and detergent -- than it did with its last proxy fight at DuPont, lobbying for a single board seat. Trian is also dangling niceties like promising to support management and not calling for a breakup.
 In Rare Move, K.K.R. Picks Possible Heirs To Founders
The New York Times, July 18, 2017 Tuesday

 Few can claim as crucial a role in creating the buyout industry as Henry R. Kravis and George R. Roberts. From a small partnership that began with just $120,000, the two created the colossus now known as Kohlberg Kravis Roberts, the firm that bought RJR Nabisco and defined an era. Now, more than 40 years after setting up K.K.R., the two billionaire cousins have finally outlined the future of a firm where the K, the K and the R are all gone.   In naming Joseph Y. Bae and Scott C. Nuttall as K.K....
 BlackRock Earnings Up, Buoyed by Passive Funds
The New York Times, July 18, 2017 Tuesday

 BlackRock, the world's largest asset management firm, said on Monday that second-quarter earnings had risen 9 percent as investors continued to pour money into the company's expanding fleet of exchange traded funds. The company, which oversees $5.7 trillion in assets, received $94 billion in net investor money during the quarter, with $74 billion of that amount flowing into the company's iShares-branded exchange traded funds.   BlackRock now manages $1.5 trillion in exchange traded funds,...

Back to Topic List
Copyright © 2017 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.  
Terms and Conditions   Privacy Policy