Barring a settlement, the Department of Justice lawsuit to block AT&T Inc.'s (T) purchase of Time Warner Inc. (TWX) is a blockbuster that will resonate throughout the media business. The outcome will signal whether the courts will allow vertical consolidation of leading media production and distribution companies. 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. The court scheduled three weeks for the proceeding. Here's what you need to know. Why Is the Government Suing AT&T? The Department of Justice's November lawsuit argues that AT&T and Time
Let's go to to my Biotech Mailbag to answer two of the common questions we have received so far in March. What Will It Take for Biotech to Break Out? The main biotech indices are near highs they have not been able to decisively break above since
For several reasons, we expect gold prices to continue to strengthen, possibly by a lot. Meanwhile, a slowdown in gold exploration during the years of depressed gold prices suggests global production will be flat or will even decline. NovaGold's share price suffered an extra blow from investor concern that to raise money to develop Donlin, the company might need to sell additional equity, diluting the shares.
Jim Cramer checks in with United Technologies CEO Greg Hayes, who shares his take on tariffs, trade and the state of the aerospace business.
Caterpillar Inc. could layoff nearly 900 employees through closures of two facilities in Texas and Panama and a possible third shutdown of a manufacturing plant in Illinois, in a corporate restructuring that company officials said has been in the works for months. The closure of the work tools facility in Waco, Texas, and a demonstration center in Panama would affect a total of about 280 full-time and contract jobs. Caterpillar subsidiary Progress Rail is also “contemplating the closure” of an engine manufacturing facility in LaGrange, Illinois.
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
Cory Johnson was a founding editor of Slam Magazine, Vibe Magazine, and The Street, and most recently a host on Bloomberg TV—now he’s a cryptocurrency executive. Johnson joined Ripple this month as its first chief market strategist. For those keeping track, that’s two prominent Bloomberg people to “go crypto” recently: last year Kevin Worth, former CFO of Bloomberg Digital Media, became CEO of the bitcoin news site and live events business CoinDesk.
Former Secretary of State Rex Tillerson put a break on President Donald Trump's desire to tear up the Iran nuclear deal. Rather than go against his top diplomat's advice, the president got rid of him, making it more likely that he will now pull the U.S. out of the agreement as early as May 12, the next deadline for him to extend the waiver on the sanctions that are suspended by it. The State Department doesn't seem to be entirely behind killing it. “We believe we can work within the nuclear deal,” Brian Hook, director of policy planning, said after Friday's quarterly meeting of the joint commission overseeing the 2015 agreement. If his former boss's fate is anything to go by, Hook's time at Foggy
The New York state Public Service Commission has ruled that power companies can charge higher rates to cryptocurrency mining operations, which have moved into the state's north to take advantage of low-cost hydropower. The New York Public Service Commission said the decision was needed "to prevent local electricity prices for existing residential and business customers from skyrocketing." According to the commission, cryptocurrency mining operations can use “thousands of times” more than an average residential customer, and in some cases account for 33 percent of municipal utilities’ total demand, without commensurate local economic benefits. This "proof of work" process is part of the security structure of digital currencies like Bitcoin.
CHICAGO/NEW YORK (Reuters) - When Toys 'R' Us secured a $3.1 billion bankruptcy loan in September, toy makers were reassured they would be paid for goods delivered to the company as it tried to emerge from Chapter 11. Now those payments are at risk in a dramatic turn of events as the iconic toy retailer speeds toward U.S. liquidation. More than a dozen executives, specialists and lawyers interviewed by Reuters said they expected many small vendors to go bankrupt due to the disappearance of Toys 'R' Us and Babies 'R' Us in the United States.
Putting your savings strategy on autopilot is one sure-fire way to make certain that you're regularly stashing away money for retirement. Financial advisors often suggest contributing to your 401(k) or other retirement savings plan at work as the first step in building your nest egg. Yet many Americans don't do that. In fact, 20 percent of working Americans are failing to save any of their income – and one in six blame their job, according to a new study from Bankrate.com. Their lack of saving is not necessarily because they're undisciplined. It simply may take more effort than they're willing to give. One of the obstacles: Their employer doesn't offer a 401(k). Employees would have to set up
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.
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
Stocks are on edge as traders expect a big Friday White House shakeup. Plus , Bear Stearns 10 years on. Has Wall Street changed, at all? And, we talk crypto and bitcoin with the Binance CEO. Plus, the biggest anti-trust case in years begins next week.
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.
“I’m not exactly sure whether I would encourage people to run out right now and buy these cryptocurrencies,” Thiel said at a recent event hosted by the Economic Club of New York. “But, the technology that people like to talk about is the blockchain technology.
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.
Qualcomm will not renominate its former chairman Paul Jacobs to the board of directors, the company announced Friday. Qualcomm also confirmed reports that Jacobs is looking to buy out the publicly traded company, and said it will evaluate the offer if it is made.
Ohio Governor John Kasich (R) doesn't think President Trump's tariffs on steel and aluminum imports make sense. "The tariffs are being put into play on the issue of national security," Kasich noted. "Those in charge of national security said they don't think it's a national security issue." Kasich said the tariffs will result in higher prices for consumers and "may cause job loss." "[The tariffs] create more uncertainty, more dysfunction - and moves us away from the allies that we want to be in agreement with," he added. Watch our entire 8-minute interview with Governor Kasich below:
Tesla Inc. may be falling short of its production goals for the Model 3, but investors may not necessarily care, analysts at Consumer Edge said in a note Friday. Tesla TSLA, -1.31% likely will be making 2,000 Model 3 sedans a week by the end of this month, below its target of churning out 2,500 of the key mass-market vehicles, said the analysts, led by James Albertine. Consumer Edge recently hosted meetings with Tesla executives, and the potential Model 3 production miss was one of its “key takeaways” after the discussions, the analysts said. Related: Ford finally gets ‘buy’ rating from Morgan Stanley, after 4 years of bearishness Consumer Edge kept its buy rating on Tesla unchanged, with a
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
A federal appeals court rolled back rules intended to deter irritating telemarketing robocalls, saying they were too broad. The U.S. Court of Appeals for the District of Columbia Circuit said that 2015 regulations from the Federal Communications Commission could wrongly classify every smartphone as an autodialing device subject to anti-robocall fines. The court also struck down rules that could levy fines on telemarketers who repeatedly call phone numbers reassigned to people who have opted out of such calls.
Despite raising the price of its shares twice in the days preceding the IPO, Zscaler’s 16.8 million shares more than doubled to $33 per share during their first day of trading. Chaudhry is capitalizing on businesses’ transition to the cloud in the same way that Marc Benioff, founder and CEO of Salesforce, did before him. Zscaler funnels the Internet traffic of its customers, including industrial titans like Siemens and GE, through its global network of more than 100 data centers for inspection, filtering, and scrubbing.
MarketWatch rounded up 10 of its most interesting topics over the past week. 1. A warning from your friendly Home Depot Shares of Home Depot Inc. HD, +0.50% are down 16% from their high on Jan. 26, despite a solid quarterly earnings report. Stock investors always look ahead, so this decline and a slowing housing market could be bad signs for the U.S. economy. 2. Bitcoin’s rough 2018 Bitcoin’s BTCUSD, -5.86% value was down as much as 40% for 2018 on Thursday, after analysts at Allianz called the cryptocurrency‘s price movement “very bubblelike.” But there have been other major declines for bitcoin that were followed by tremendous gains, as this bull pointed out. Don’t miss: Are you a noob? Here’s