iPhone 8 Plus plagued by battery problems
A China state media company is reporting that an iPhone 8 Plus popped open due to a swollen battery. The report comes as Apple (AAPL) investigates similar cases in Taiwan and Japan. Shares of Apple were down 0.3% as of 11:30 a.m. ET Friday.
Costco drops after Q4 earnings
Costco (COST) is under pressure despite posting solid comp sales and an earnings beat for its fiscal fourth quarter. The warehouse retail giant reported earnings per share of $2.08 on revenue of $42.30 billion. Analysts were calling for profit and sales of $2.02 a share and $41.55 billion respectively. Investors are concerned about a year-over-year decline in profit margins as competition in the grocery space intensifies. Costco shares were down 6.1% as of 11:30 a.m. ET.
Nordstrom trying to salvage plans to go private
The Nordstrom (JWN) family is reportedly still exploring ways to take the department store chain private. According to the Wall Street Journal, the Nordstrom family and private-equity firm Leonard Green & Partners are considering a new deal structure that would include less debt after having trouble securing financing for a leveraged buyout. This follows reports earlier this week that the go-private deal was faltering.
Sprint, T-Mobile inching closer to a deal
Sprint (S) and T-Mobile (TMUS) are reportedly doing final due diligence on a merger that would combine the third- and fourth-largest wireless carriers. According to Bloomberg, the merger will likely be announced with quarterly earnings at the end of October.