Coverage: Bank of America’s third quarter profit rose 43 percent
Bank of America Corp. on Monday beat analysts’ estimate for third-quarter profit and revenue as the nation’s second-largest bank set aside less than expected for loan losses. Hugh Son of CNBC.com had the news: The bank posted earnings per share of 66 cents, a 43 percent increase from a year earlier, exceeding the 62 cent estimate of […]
Coverage: Sears is headed to bankruptcy court
Sears, once the country’s largest retailer, is preparing a Chapter 11 bankruptcy filing to cut its debts and keep operating at least through the holidays. Michael Corkery of The New York Times had the news: As part of the reorganization plan, which is expected to be filed on Sunday night, Sears is to receive a loan […]
Coverage: Coal company files for Chapter 11 protection
One of the oldest coal companies in the U.S. — Westmoreland Coal Co. — filed for bankruptcy protection Tuesday to deal with more than $1.4 billion in debt amid declining demand for the fuel. Matt Volz of the Associated Press had the news: Englewood, Colorado-based Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. […]
How Theranos threatened some of the WSJ’s sources
Gabriel Penna of Chief Executive interviewed Wall Street Journal reporter John Carreyrou about his coverage of blood testing company Theranos and its CEO, Elizabeth Holmes. Here is an excerpt: You did a lot of reporting and writing on this story before “Bad Blood” came out. At what point did you think it would be a […]
Coverage: Google closes its social media network after leak exposed
Google said Monday it would close Google Plus, the company’s floundering answer to Facebook, after it discovered a security vulnerability that exposed the private data of up to 500,000 users of the service. Daisuke Wakabayashi of The New York Times had the news: When the company’s technical staff discovered the bug in March, they decided against […]
Coverage: Campbell Soup tries to fend off activist investor
Campbell Soup is asking shareholders to stand with the soup maker in a battle over its future as activist investor Third Point turns up pressure on the company to sell. Lauren Hirsch of CNBC.com had the news: Dan Loeb’s Third Point, which has a 5.65 percent stake in Campbell, announced its intention to try to replace the […]
Coverage: Barnes & Noble rises 20% as company considers sale
Shares of Barnes & Noble jumped more than 20 percent on Wednesday after it said it is naming a special committee to review bids for the company. Lauren Hirsch and Lauren Thomas of CNBC.com had the news: The retailer said in a statement it has received “expressions of interest” from “multiple parties,” including its Chairman Leonard Riggio, who founded the […]
Coverage: Amazon raises its minimum wage to $15/hour
Amazon.com Inc.said on Tuesday it would raise its minimum wage to $15 per hour for U.S. employees from next month, giving in to critics of poor pay and working conditions at the world’s second most valuable company. Arjun Panchadar of Reuters had the news: The increase pushes Amazon’s lowest wage above that at Walmart Inc and […]
Coverage: GE replaces its CEO with an outsider
General Electric Co. ousted Chief Executive Officer John Flannery in a surprise move on Monday, replacing him with outsider and board member Larry Culp, and said it would take a roughly $23 billion charge to write off goodwill in its power division. Alwyn Scott and Arunima Banerjee of Reuters had the news: The struggling energy, health and transportation […]
Coverage: Musk, Tesla settle charges with SEC
Tesla CEO Elon Musk settled fraud charges with the Security and Exchange Commission on Saturday, requiring the billionaire to pay a $20 million fine and step down as chairman for three years. He will remain CEO. Dalvin Brown of USA Today had the news: Musk has 45 days to resign from the chairmanship, and Tesla will appoint an independent […]
