Here are the companies the Yahoo Finance team is watching for you today.
Pharma company Mallinckrodt (MNK) is collecting some cash as it deals with the opioid crisis. The company is selling off its manufacturing subsidiary BioVectra for $250 million dollars. The buyer is an affiliate of private equity firm HIG capital. Just yesterday, Mallinckrodt agreed to a $30-million dollar opioid settlement with two Ohio counties.
Ridesharing companies like Lyft (LYFT) are facing a major shake-up in how they do business in California. The state senate is poised to give a final okay to a bill reclassifying drivers as employees. The law would likely also apply to other gig workers and give them access to benefits like a minimum wage.
Meantime Uber (UBER) is staffing up in Chicago. The company plans to open a new office there and add some 2,000 jobs. Uber already has about 1,300 workers in Chicago, mostly as part of its freight operation. Under the plan, they'll consolidate that division in the city, moving some employees from San Francisco.
PG&E (PCG) is making an offer. The electric company is planning to give $18 billion to victims, insurance companies, cities and local governments affected by the wildfires. The company’s plan filed in federal court is an effort to get out of Chapter 11 bankruptcy protection that it filed for in January.
It's the end of an era at Alibaba (BABA). Jack Ma has officially retired from the role of Chairman at the Chinese e-commerce giant. Over the past year, the company has transitioned responsibilities to CEO Daniel Zhang. Ma will stay on Alibaba's Board through at least next year. He also plans to focus his time on education and philanthropy.