Energy markets faced renewed pressure this week as crude prices softened amid mixed signals on global demand and steady U.S. production. Benchmark West Texas Intermediate crude drifted lower, weighing on shares of major producers and oilfield services companies. Analysts cited cautious demand forecasts from Asia and Europe, along with stable output from U.S. shale basins, Read More…
The War Department announced today that 25 vendors have been selected to compete in Phase I of the Drone Dominance Program (DDP), a sweeping acquisition reform initiative aimed at rapidly fielding low-cost, unmanned one-way attack drones at scale to strengthen America’s Arsenal of Freedom. The program reflects one of Secretary of War Pete Hegseth’s core Read More…
Thirteen farmers from Kansas and Colorado, along with Weskan Grain and Colorado Pacific Railroad (CXR), filed an antitrust lawsuit Tuesday in the U.S. District Court for the District of Kansas alleging that Kansas & Oklahoma Railroad (K&O) and Union Pacific Railroad Company (UP) conspired to block competition and inflate grain transportation costs across the region. Read More…
(The Center Square) – The second largest natural gas producer in northwest Louisiana and east Texas has sold its assets to Japanese conglomerate Mitsubishi. Aethon, a Dallas-based company that operates in the prolific Haynesville shale formation, agreed to a deal worth approximately $7.5 billion, according to an announcement on Friday. Mitsubishi agreed to pay $5.2 Read More…
Elon Musk’s lawyers are probably poring over rule 14e-8 of the Securities Exchange Act of 1934 right about now. That regulation is the one the Tesla CEO may or may not have violated when he sent the markets into a frenzy and halted trading in Tesla’s shares after nonchalantly tweeting Tuesday that he was thinking Read More…
A startup unicorn is joining the streaming-video fray. Media mogul Jeffrey Katzenberg has raised $1 billion for a new mobile streaming service he’s calling “NewTV,” CNN reports. Disney, Warner Bros, Entertainment One, and other major media firms have invested. Katzenberg recruited in January former eBay and HP CEO Meg Whitman to helm “NewTV.” The service Read More…
Apple shares are jumping Wednesday after a strong fiscal third-quarter report, trading more than 5 percent higher and inching the stock toward a $1 trillion market value. The stock hit the $200 mark in midmorning trading after opening at $199.13. Shareholders had previously been looking for a price of $203.45 to make Apple the first Read More…
Wendy’s had preliminary merger talks with Papa John’s before the company’s founder, John Schnatter, stepped down as chairman last week, a source familiar with the situation told CNBC. The talks cooled after Schnatter’s use of a racially charged slur led to his resignation. Schnatter still sits on Papa John’s board and has a nearly 30 Read More…
Amazon’s Prime Day again broke records this year, but the sales holiday also boosted sales across the broader U.S. e-commerce industry. According to Adobe Analytics data released this morning, larger retailers – meaning those with over a billion in annual revenue – saw a 54 percent increase in sales on Prime Day, compared with an Read More…
Tech-driven disruption in the insurance industry continues at pace, and we’re now entering a new phase — the adaptation of underlying business models. That’s leading to ongoing changes in the distribution segment of the industry, but more excitingly, we are starting to see movement in the fundamentals of insurance — policy creation, underwriting, and claims Read More…
Judge Kimberly Mueller on June 10, 2016 in the U.S. Eastern District Court of California found that John Duarte, a nursery operator and wheat farmer, plowed wetlands, four to six inches deep, and therefore violated the Clean Water Act (CWA). The Judge found Mr. Duarte, by chiseling a pasture, discharged fill material into a water Read More…
Venture capital-backed companies based out of California are usually recognizable. But what can get lost in the mix are the companies based throughout the rest of the country. VC research firm Pitchbook compiled every state’s most valuable VC-backed startup into an interactive graphic. READ THE FULL STORY.
MONTANA – AMC Theatres, the world’s largest movie theater chain, has unveiled a $20-a-month subscription service as a rival the flagging MoviePass. The theater chain on Wednesday unveiled a new service to its loyalty program, AMC Stubs, allowing subscribers to see up to three movies a week for a monthly fee of $19.95. That’s more Read More…
A federal judge said Tuesday that AT&T’s $85.4 billion purchase of Time Warner is legal, clearing the path for a deal that gives the pay-TV provider ownership of cable channels such as HBO and CNN as well as film studio Warner Bros. U.S. District Court Judge Richard Leon did not impose conditions on the merger’s Read More…
An obscure wireless industry deal from last year can help explain why T-Mobile and Sprint finally agreed to merge this week after years of flirting with a deal. Last May, Verizon signed a deal to buy acompany called Straight Path for more than $3 billion. If you remember the deal, it’s probably because AT&T and Read More…
The Florida-based operator of supermarket chains Winn-Dixie and Bi-Lo announced Tuesday that it’s the latest grocery chain to file for Chapter 11 bankruptcy, after a New York-based chain, Tops Friendly Markets, filed earlier this month. While rumors of the filings have been swirling for months, the chains didn’t start officially filing in court until the Read More…
VAN NUYS (CBSLA) — An online prankster is targeting In-N-Out Burger and now the chain is taking legal action. When a man in a dark suit walked into an In-N-Out in Van Nuys and claimed to be their CEO, some believed him, but the manager wasn’t convinced. “Who are you?” the exchange started. “I’m actually Read More…
Lyft made a lot of progress in 2017, helped by strong market expansion within the U.S. and riding some very bad news from its primary rival, Uber. That’s helped it grow revenue to more than $1 billion as measured by GAAP standards for its fiscal 2017, with a particularly strong Q4 during which its revenue Read More…
President Donald Trump killed Broadcom’s proposed buyout of Qualcomm, citing national security concerns, according to a statement issued by the White House on Monday. “There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore (Broadcom)…through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, Read More…
There’s currently around $200 billion of bitcoin floating around in people’s digital wallets. For many of their owners, those bitcoins have proved to be a valuable asset. They’re happy to leave them to rise in value and build up their wealth. For others though, those giant piles of coins are exactly what they’re supposed to Read More…
A South Korean official who guided Seoul’s regulatory clampdown on cryptocurrencies was found dead on Sunday, according to a government spokesman. Jung Ki-joon, 52, was head of economic policy at the Office for Government Policy Coordination. He helped coordinate efforts to create new legislation aimed at suppressing cryptocurrency speculation and illicit activity, the spokesman said. Read More…
Insurance giant Anthem has pledged to make a $1,000 retirement contribution to all of its 58,000 employees and recent retirees in response to Republicans’ tax cuts legislation. Anthem made the announcement Monday. READ THE FULL STORY.
Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law. The headline from Apple is that it will make a $350 billion “contribution” to the U.S. economy. The company also promised to create 20,000 new jobs and open a Read More…
It was a nice run. For the first time in over a decade, Goldman Sachs Group Inc. is worth less than its longtime rival, Morgan Stanley, at least in the eyes of equity investors. After reporting a plunge in bond trading, Goldman’s market capitalization fell to $99.4 billion at the close on Wednesday, a fraction Read More…
With Bitcoin crashing, some cryptocurrency HODLers are hurting. That might include the Winklevoss twins. Tyler and Cameron bought 120,000 bitcoins in late 2012 with money from the $65 million payout from their lawsuit against Facebook. That’s more than $1.32 billion worth of bitcoin at Wednesday evening’s value of about $11,000 per bitcoin. That seems like Read More…
Amazon has added a new $10 and Under section to its app and website, featuring, as one could infer, items that are priced $10 or cheaper. All items have free shipping, regardless of whether a user has Prime membership. The feature, first spotted by TechCrunch, looks to compete with budget shopping apps like Wish — Read More…
Google’s Project Fi cell service never played the “unlimited data” game that most carriers in the U.S. like to play (and which is never truly unlimited). Instead, Google simply offered data at $10/GB/month and would give you a refund for any data you paid for but didn’t use. Now, however, it’s taking its own stab Read More…
What happened Shares of Vista Outdoor Inc. (NYSE: VSTO) fell 62% in 2017, according to data from S&P Global Market Intelligence, as firearm sales plunged in the United States. The company is restructuring in an effort to focus on key brands, but if the core firearm business doesn’t recover in 2018, it could be difficult Read More…
The US Supreme Court on Friday said it will consider whether businesses have to collect sales taxes on online transactions — a case that will affect how consumers are charged for their purchases on major e-commerce sites such as Wayfair, Overstock, and Amazon. The case, South Dakota v. Wayfair, will revisit a 1992 decision, Quill Read More…
Donald Trump campaigned as a jobs creator, with lofty promises of reviving American manufacturing and reclaiming jobs that had gone overseas. On a campaign stop in 2015, he proclaimed he would “be the greatest jobs president that God ever created.” According to the Bureau of Labor Statistics, an average of about 171,000 jobs were added Read More…
A couple of years ago, LG Display showed off an intensely futuristic 18-inch OLED display that could be bent and rolled up just like a newspaper. Today, that prototype has grown to 65 inches in size, with the company announcing that it’s managed to scale up the tech to the dimensions of a large TV. Read More…
When Amazon chose downtown Seattle for its massive urban campus, John Schoettler, Amazon’s vice president of global real estate, wanted to create a thriving “18-hour” neighborhood. To some extent, Amazon has succeeded. In a decade, nonstop development has transformed Seattle’s South Lake Union and Denny Triangle from a sea of parking lots, car rental agencies, Read More…
While much of the nation’s weather has turned frigid, the U.S. stock market remains red-hot. Notching its latest 1,000-point milestone, the Dow Jones Industrial Average rose 151 points, or 0.6 percent, to close at a record 25,073 Thursday. Stocks aren’t only scaling new heights — they’re reaching those peaks more quickly: The blue-chip index reached Read More…
CVS is confirming that it’s buying Aetna for $69 billion in a deal that will help the drugstore chain reach deeper into customer health care and protect a key client. CVS Health Corp. released a statement Sunday saying it will pay cash and stock for Aetna Inc. The mammoth acquisition pairs a company that runs Read More…
Sears Holdings Corp. drew down the remaining $60 million on a $200 million loan, signaling that the struggling department-store chain is quickly running through cash. The retailer set up a revised loan on Oct. 4 and borrowed an initial $100 million, according to a filing on Monday. It tapped an additional $40 million on Oct. Read More…
The Supreme Court on Monday accepted a second important case on digital privacy, agreeing to hear a dispute between the federal government and Microsoft about emails stored overseas. The justices increasingly have been called upon to settle legal battles between law enforcement and technology companies, and to interpret laws written before the technology revolution that Read More…
General Electric announced Monday that Jeffrey Immelt retired as director and chairman of the company’s board of directors, about two months earlier than expected. In June, GE said Immelt would retire from the board at the end of December. The board elected John L. Flannery, who became CEO of the company in June, to the Read More…
These are good times for AI entrepreneurs. Recent analysis of venture data shows that funding for artificial intelligence startups continues its upward trend in 2017, with investment hitting new highs. (For deep dives into aggregate Q2 venture performance, head here for the world, and here for just the U.S.) Venture, corporate and seed investors have put an estimated $3.6 Read More…
Playground Ventures — the VC fund co-founded by Android inventor and former Google exec Andy Rubin that sits alongside an eponymous incubator/startup studio and is making some big bets in areas like artificial intelligence and new generations of hardware– is raising more money. A Form D filed with the SEC notes that Playground Ventures is Read More…
Apple is getting closer to the $1 trillion mark. Shares of the iPhone maker hit another all-time high Wednesday. At $163.89, they are just $30 a share away from making Apple the first U.S. company to cross the $1 trillion threshold in terms of market capitalization. That would put Apple’s size slightly less than the Read More…
Expedia’s chief financial officer will be promoted to CEO, the company said on Wednesday. Mark Okerstrom will take over for Dara Khosrowshahi as president and CEO of the travel tech conglomerate. Khosrowshahi was recently named CEO of Uber. His job begins on Tuesday but Khosrowshahi will remain on Expedia’s board. (Expedia owns CarRentals.com.) READ THE Read More…
Patrick and John Collison have come a long way from the quiet village outside of Limerick, Ireland where they grew up. With little around except “mooing cows,” the brothers turned to coding to occupy themselves. To access the internet, their parents had to buy a special satellite. In 2011 the Collisons founded Stripe, an online Read More…
NEW YORK (FOX 5 NY) – I spend a lot of time at Fox 5 covering startups. One of the biggest compliments you can pay a startup is to call it a disrupter, changing not just local business, but entire industries across the country and even around the world. Former TLC Commissioner Matthew Daus says we haven’t had such Read More…
Wikileaks today published a trove of documents, allegedly taken from the CIA, that detail the government’s efforts to hack popular devices like iPhones, Android phones, and Samsung smart TVs. But Apple is pushing back against claims that the CIA’s hoarded vulnerabilities for its devices were effective. The documents, if they are indeed legitimate, include charts that Read More…