Reuters•17 hours agoCaterpillar's latest restructuring move could cut 880 jobs
By Rajesh Kumar Singh CHICAGO (Reuters) - Caterpillar Inc will close two facilities in Texas and Panama and is also considering shutting its engine manufacturing plant in Illinois as part of a strategy to boost profitability and better handle business cycles, but the move could cut 880 jobs. The plant closures, which were announced internally over the past two months, were confirmed to Reuters by a company spokeswoman on Friday.
- barrons.com•15 hours ago
Qualcomm Board To Dump Jacobs, Jacobs Fires Back
Qualcomm Incorporated today announced that Dr. Paul Jacobs will not be re-nominated to the Qualcomm Board of Directors at Qualcomm’s Annual Meeting of Stockholders on March 23, 2018. The Board reached that decision following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm. Following the withdrawal of Broadcom’s takeover proposal, Qualcomm is focused on executing its business plan and maximizing value for shareholders as an independent company. Dr. Jacobs has been a valued employee and director of Qualcomm since 1990, rising to the level of Chief Executive Officer and Chairman of the Board, and he has been one of the great innovators in our industry.
- Bloomberg•15 hours ago
Trump Moves Stormy Daniels 'Hush Money' Suit to Federal Court
Stormy Daniels may face more than $20 million in damages for violating a "hush agreement" that requires her to remain silent about an affair she alleges she had with President Donald Trump in 2006 and 2007. The potential damages against Daniels, an actress in adult films whose real name is Stephanie Cliffords, were disclosed Friday in a filing in federal court in Los Angeles by Essential Consultants LLC, an entity that was set up by Trump’s personal lawyer, Michael Cohen, in 2016 to pay her $130,000 in exchange for her silence. The company moved the lawsuit, filed by Daniels last week in California state court against Trump, to federal court, saying that neither Daniels, Trump nor the LLC are
- CNBC Videos•20 hours ago
This expert says millennials are not working enough to sa...
CNBC’s Sharon Epperson speaks with Diane Oakley, National Institute on Retirement Security executive director, about millennials facing problems with saving for retirement.
Associated Press•2 days agoLong-term US mortgage rates fall for first time this year
Long-term U.S. mortgage rates fell this week for the first time this year as the spring home buying season begins. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate mortgages slipped to 4.44 percent from 4.46 percent last week. The benchmark rate averaged 4.30 percent a year ago.
- Bloomberg•2 days ago
Pipeline Sector Rallies After `Overreaction' to New Tax Policy
Companies from billionaire Kelcy Warren’s Energy Transfer Partners LP to pipeline giant Enterprise Products Partners LP issued a slew of statements following Thursday’s declines on Wall Street as they sought to downplay the significance of the Federal Energy Regulatory Commission’s ruling that master-limited partnerships can no longer get credit for income taxes they don’t actually pay. The affected assets are large, interstate pipelines that, generally speaking, were built in an era of little competition in shipping America’s fossil fuels -- back when government oversight of shipping rates was essential. “The initial sell off was an overreaction that assumed all pipelines in the U.S. are FERC-regulated and that their cash flows were immediately going to fall,” said Rob Thummel, managing partner at Tortoise Capital Advisors.
Yahoo Finance•2 days agoWells Fargo in more trouble, Disney restructures, iHeartMedia files for bankruptcy, Apple helps parents
Reuters reports that Wells Fargo (WFC) is facing fresh sanctions after it tricked customers, this time in the auto sector. Regulators found that while Wells already requires its customers to have auto insurance, it was using a loophole to force more than half a million consumers who had a lapse in insurance, to double up and then made profits on those payments. Disney (DIS) is prepping for CEO Bob Iger’s retirement.
- Bloomberg•2 days ago
Steve and Elaine Wynn Settle Fight Over Control of Company Shares
Former gambling mogul Steve Wynn and his ex-wife Elaine settled a six-year-long dispute over who controls their shares in the casino company they once ran, freeing both to sell the stock. Wynn Resorts Ltd. said in a filing Thursday that the pair, who together control 21 percent of the company, have told a Las Vegas court they no longer consider a 2010 stockholder agreement valid. The filing also said Steve Wynn may seek to sell all or a portion of his shares.
- Investopedia•20 hours ago
9 Takeover Targets Broadcom May Pursue After Qualcomm
Semiconductor giant Broadcom Ltd. (AVGO) is still on the M&A hunt after withdrawing its hostile takeover bid for Qualcomm Inc. (QCOM) in the face of opposition on national security grounds from President Trump. "We don't see this week's events putting
- Yahoo Finance•2 days ago
Senate gives consumers free credit freezes — but also gifts for Equifax
On Wednesday evening, the Senate passed a bill that would roll back some banking regulations. Indirectly, the bill addresses Equifax’s historic data breach in which Social Security numbers and other personal data of 150 million people were exposed — a number that comprises well over half the U.S.’s adult population. Mark Warner (D-Virg.) and Elizabeth Warren (D-Mass.) had put forth a bill in January that would hold credit reporting agencies responsible for breaches, it did not progress and Congress had failed to issue a legislative response to the Equifax breach.
- Zacks•yesterday
J&J's (JNJ) Erdafitinib Gets Breakthrough Therapy Status
Johnson & Johnson JNJ announced that the FDA has granted breakthrough therapy designation to its late-stage pipeline candidate, erdafitinib for the treatment of urothelial cancer, a type of bladder cancer. The designation from the FDA is intended to expedite the development and review of drugs with early evidence of substantial potential clinical benefit to patients, or benefit patients without current treatment options. The designation for erdafitinib was primarily based on efficacy findings from a phase II study, evaluating it in advanced urothelial cancer indication and showed an overall response rate of 42%.
Reuters•16 hours agoMicrosoft hits back at claims it ignored sexual harassment
A senior executive said Microsoft Corp thoroughly investigates issues raised by women in the workplace and fired about 20 employees last year over complaints of sexual harassment as the company seeks to counter claims that it treats female workers unfairly. In an email to employees publicly released late on Thursday, Microsoft Chief People Officer Kathleen Hogan said Microsoft had 83 harassment complaints in 2017 out of a U.S.-based workforce of over 65,000 employees. Microsoft denies it has ever had such a policy.
- MarketWatch•yesterday
Siberian gold rush ensues after $368 billion in bars tumble from plane
Temperatures near negative 24 degrees celsius in Yakutia, the coldest region in Russia, are not putting off would-be treasure hunters who literally saw gold fall from the sky on Thursday. A nine-ton treasure of gold and silver alloy called doré bars fell from the back of an AN-12 cargo plane flying from Yakutsk to Krasnoyarsk in an area largely at and around the airport, the Siberian Times reported.
- CNBC.com•16 hours ago
Tech company Zuora files for $100 million IPO
Technology company Zuora released its IPO prospectus on Friday, revealing plans to trade on the public market. The cloud-computing company, which helps businesses manage subscription services, was backed by major investors like Blackrock and Benchmark. Its founder and CEO Tien Tzuo was an early Salesforce employee, and has been an outspoken advocate of subscriptions in the journalism business. It plans to list on the New York Stock Exchange under the symbol "ZUO." Here are stats for its most recent fiscal year, which ended January 31: - Revenue: $167.9 million, up about 49 percent from a year ago - Net loss: $47.2 million - Recurring profit margin: 28 percent - 950 customers in over 30 different
- CNBC Videos•23 hours ago
Goldman: These "secular growth" stocks should boom
Goldman tells its clients to buy high growth companies at reasonable valuations.
- Bloomberg•21 hours ago
Why the U.S. Treasury Likes a Weak Dollar
The U.S. Treasury has been stealthily weakening the dollar. It isn’t clear if it is doing so consciously, but since a weaker dollar suits Treasury leadership, there probably isn’t too much concern. The key is that the Treasury is flooding the market with short-term debt that neither domestic nor foreign investors are very interested in buying.
- Bloomberg•15 hours ago
Dow’s Outgoing Chairman Got $65.7 Million in Pay for Last Year
Andrew Liveris, the outgoing chairman of DowDuPont Inc., nearly tripled his compensation last year to $65.7 million, bolstered by payments related to Dow Chemical’s merger with DuPont Co. Liveris’ compensation included a $1.9 million salary, $4.17 million annual bonus and equity grants of $16 million, some of which are tied to total-return performance, according to a regulatory filing Friday. He also got $43 million in deferred compensation and benefit distributions related to the merger. Liveris’s 2016 compensation was $23 million. Liveris, the longtime Dow CEO, initiated merger talks days after Ed Breen was named DuPont chief executive officer in October 2015. The deal temporarily created the
- Zacks•22 hours ago
UAL's Bad Week, Apple Magazine, Ford Recall, & Latest Trump Talk
(1:20) - United Airlines Pet Failures (9:00) - Apple Acquires Digital Magazine Texture: Apple Services Growth(13:20) - Ford Vehicle Recall and Analyst Upgrade(16:00) - Weekly White House Drama(21:00) - Episode Roundup: Podcast@Zacks.comOn today’s episode
- TheStreet.com•yesterday
What You Need to Know About the AT&T-Time Warner Trial
For President Trump, quashing the deal would be a victory against nemesis CNN, which is part of Time Warner. Opening statements begin March 21 in the U.S. District Court for the District of Columbia. Why is the government suing AT&T?
Associated Press•14 hours agoRapid building technique gets scrutiny after bridge collapse
As the 950-ton concrete bridge section was swung into place over a highway last weekend, Florida International University officials were beaming with pride. The pedestrian bridge on the edge of the Miami-area campus was a signature achievement of the school's Accelerated Bridge Construction University Transportation Center, a research group set up with federal funding a few years ago to show how spans could be built faster and cheaper in the U.S. "FIU is about building bridges and student safety.
Reuters•23 hours agoGoldman Sachs reports gender pay gap of 55.5 percent
Goldman Sachs on Friday reported a mean gender pay gap in Britain for its international business of 55.5 percent and a mean bonus gap for the unit of 72.2 percent. Thousands of large UK employers have been ordered to disclose their gender pay gaps by April, almost 50 years on from the passage of Britain's equal pay act. Goldman Sachs said its gap reflected the fact that there were more men than women in senior positions at the firm.
Associated Press•2 days agoWithout Toys R Us, 30,000 jobs, a black hole for toy makers
The demise of Toys R Us will have a ripple effect on everything from toy makers to consumers to landlords. The closing of the company's U.S. stores over the coming months will finalize the downfall of the chain that succumbed to heavy debt and relentless trends that undercut its business, from online shopping to mobile games. CEO David Brandon told employees Wednesday the company's plan is to liquidate all of its U.S. stores, according to an audio recording of the meeting obtained by The Associated Press.
Reuters•2 days agoInvestors flock to safe-haven bonds; global stocks end mixed
By Nick Brown NEW YORK (Reuters) - The S&P 500 edged slightly lower on Thursday, in its first four-day losing streak of 2018, while global political tensions kept demand high for safe-haven government bonds on both sides of the Atlantic. It was a choppy
- InvestorPlace•21 hours ago
The Future Is Bright for Cisco Systems, Inc. Stock
Cisco Systems, Inc. (NASDAQ:CSCO) is up around 11% since it announced earnings in February, bringing its market cap to $218 billion. Could CSCO stock be trading like a tech stock again? For most of the 2010s, Cisco has been trading like an income stock, something you buy for its dividend yield.
Reuters•2 days agoEU set to hit big U.S. tech firms with 3 percent turnover tax
Large companies with significant digital revenues in the European Union such as Google and Facebook could face a 3 percent tax on their turnover under a draft proposal by the European Commission seen by Reuters. The tax, if backed by EU states and lawmakers, would only apply to large firms with annual worldwide revenues above 750 million euros ($924 million) and annual "taxable" revenues above 50 million euros in the EU. The threshold for EU revenues has been raised from 10 million euros initially foreseen to exempt smaller companies and emerging start-ups from the tax.
