Nokia Cutting Up to 14% of its Employees Following Deal with Alcatel

Nokia Oyj will eliminate up to 14% of its current workforce cutting different jobs around the world as part of its plan to save over $1 billion annually after its merger with Alcatel-Lucent SA a rival in networking hardware. The company has prepared to cut between 10,000 and 15,000 positions from a combined workforce of […]

Walgreens Profit Drops, Sales and Guidance Increase

Walgreens Boots Alliance Inc announced that its sales had increased by 14% in its most recent quarter. The company also increased its guidance for the full year though its profit dropped as the biggest pharmacy chain in the country came up against a difficult comparison. The company, based in Deerfield, Illinois, entered into a deal […]

Alaska Air Acquiring Virgin America for Over $2 Billion

Alaska Air Group has announced it is acquiring Virgin America for over $2 billion, combining their presence on the West Coast and reigniting the debate over the consolidation of the airline industry. Alaska Airlines is paying cash of $57 per share for Virgin America, which is a premium of 47% over the Friday closing price […]

Slack Brings in $200 Million More in Funding

Slack, the tool on Internet for messaging that has a goal of streamlining group communications during a time of email overload has raised another $200 million giving it a new valuation of more than $3.8 billion. Slack to date has been able to raise $540 million. Its financially round one year ago was able to […]

Strong Jobs Report in U.S. Likely Not To Sway Fed

Employment in the U.S. increased in March behind strong gains in new jobs, while wages rebounded, all underscoring the resilience of the economy. Nevertheless, the Federal Reserve will likely remain on the cautious side with regard to raising its interest rates in 2016 due to slowing growth globally. Nonfarm payrolls added 215,000 new jobs in […]

Sovereign Credit Outlook for China Cut by S&P to Negative

On Thursday, the S&P cut the outlook it has for China’s sovereign credit rating from stable to negative. However, it maintained its AA- ratting saying the reform agenda by the government was on track, but would most likely proceed far slower than had been expected. The downgrade for the outlook in China follows another similar […]

Retro iPhone from Apple Attracting Different Clientele

The new iPhone SE the four inch device just released by tech giant Apple is attracting a large number of seniors, men and users of Android. The sales of the new 4-inch iPhone SE by Apple began with just a whimper says an online industry analytics company that takes marketable data out of e-mail receipts […]

Samsung Pay Launched in Singapore and China

Samsung announced a number of mobile payment services across Asia, but the most fanfare it gave was to its own tap to pay service Samsung Pay that is opening across China. During the same period, people in Singapore will receive a much more limited, yet a crucial part of the overall picture of mobile payments […]

Walmart Loses Low Everyday Price Edge to Aldi in the U.S.

Shoppers now must drive past Aldi, a Germany-based grocery store chain, when driving to shop at Walmart in many locations across the U.S. The German grocery chain is now beating the retail giant from the U.S. at its own game, the sale of food at prices that are rock bottom. Aldi has bet that many […]

GameStop Says Revenue Will Fall Below Its Estimates

The largest retailer of video games in the world, GameStop, has forecast revenue for the first quarter below Wall Street estimates, blaming the lack of releases for major videogames and weaker sales in hardware. Shares of the company were 5.6% lower in Thursday afterhours trading. They had fallen earlier by up to 8.3%. GameStop’s sales […]

Starboard Seeking Ouster of Entire Board at Yahoo

Starboard Value the hedge fund is seeking to oust the entire Yahoo board of directors setting the stage for a big battle over the future of the Web giant that has lost some of its shine. Activist investor Starboard, is planning to announce sometime Thursday morning that it is going to nominated 9 new directors […]

Credit Suisse Targeting Job Cuts, Loss for Quarter Forecasted

Tidjane Thiam the CEO at Credit Suisse Group AG has pledged to speed up the process of restructuring through steeper cuts in costs and the elimination of another 2,000 jobs as he has forecast a loss for the first quarter. The bank might post a first quarter net loss, said Thiam during a call with […]

Comcast Cable Bundles Can Be Purchased Through Amazon

Comcast and Amazon have started a groundbreaking partnership by making Comcast’s Xfinity television, phone and Internet services, all available for online purchase. The feature, which is exclusive to just Amazon users, comes equipped with its own landing page complete with customer service. With the steady effort of the cable company in improving its customer service […]

Sherwin-Williams Acquiring Valspar in Paint Merger

Sherwin-Williams, the largest paint retailer in the U.S., has announced it would buy Valspar Corp, one of its rivals, in a deal worth $9.3 billion. The deal will be in all cash. Once the deal is complete, Sherwin-Williams will become the largest maker of coatings in the world. Sherwin-Williams is paying $113 per share, said […]

Tribune Bid to Acquire California Papers on Hold

A federal judge granted a temporary restraining order that blocked the purchase by Tribune Publishing of newspapers the Press Enterprise of Riverside and the Orange County Register. This move late on Friday from Andre Birotte Jr. a U.S. District Judge, comes one day after the Department of Justice in the U.S. requested the order in […]

Saudi Aramco and Shell Ending Fuel Venture in U.S.

Oil giants Saudi Arabian Oil and Royal Dutch Shell are planning to end their fuel partnership that is long standing, putting ownership of the largest refinery in the United States into the hands of the Saudis. Saudi Aramco and Shell formed the joint venture named Motiva close to 20 years ago and have spent $10 […]

Weak Retail Sales in U.S. Underscore Economic Risks

Retails sales in the U.S. dropped less than what was expected during February, but a sharp revision downward to sales in January could rekindle concerns over the growth prospects of the economy. The weak report released Tuesday by the Department of Commerce bucked the recent labor market trends that suggested the U.S. economy remained on […]

3D Systems Shares Increase, On Better Than Expected Revenue

3D Systems Corp announced that its revenue for the fourth quarter fell less than had been expected helping to send the maker of 3D-printers’ shares higher. Company shares of the Rock Hill, South Carolina based company have dropped by 58% over the past 10 months, but increased by 10% in premarket trading on Monday as […]

Parent Company for Blue Cross Lost Over $1.5 Billion

The second year of the Affordable Care Act ended up being a big flop for the parent of Chicago based Blue Cross and Blue Shield but hints of a possible turnaround taking place. Health Care Service Corps’ losses in individual business, which has ACA plans, were worse during 2015. The company, which is the owner […]

Tailored Brands to Shutter Stores Due to Poor Sales

Tailored Brands, the parent company for Men’s Warehouse, Jos. A Bank and Joseph Abboud, the suit brand, will close hundreds of its locations and work to recreate a new model of itself as Jos. A. Bank sales plunged by over 31.5% in 2015. However, an unseen benefit is being seen by Wall Street. When hearing […]

Car Sales in China Ran Out of Gas in February

Sales of new cars in China fell during February in comparison with the same month in 2015, the first drop in the past six months, as there was an ease in demand following the holiday for the Lunar New Year amidst concerns over the economic outlook of the country. Analysts say dealers became wary of […]

Inditex Posts Strong Growth in Sales

Inditex, the largest clothing retailer in the world, posted strong growth in sales for its first five weeks of its new financial year. The retailer added that its pace of new store openings would be slowing down as part of the company’s trend of sales moving more to the Internet. Inditex is going to focus […]

Comcast Buys Sports Information Service One TwoSee

On Monday, Comcast Corp announced that it had purchased One TwoSee a real time sports info service based in Philadelphia that Jason Angelides and Chris Reynolds two techies launched five years ago from a 20th and Brandywine rowhouse. One TwoSee has applied auto traffic real time analytic seen on television news to sports, tracking momentum […]

BASF Working On Weighing Counter Offer for DuPont

BASF SE is currently working with different advisers and banks determining the merits of a counter bid for DuPont Co, the chemical company worth $55 billion that had agreed to a merger with Dow Chemical back in December, said people familiar with the matter. The chemical producer based in Germany has not made any decision […]

U.S. Drillers Cut Rig Count for Eleventh Straight Week

U.S. energy companies this week lowered the oil rig count for the 11th straight week to its lowest count since December of 2009, showed data Friday, as producers of oil including Exxon Mobil Corp slashed their rig count for drilling to focus on wells that are uncompleted amidst the low prices of oil. Drillers shuttered […]

Facebook Will Ditch UK Tax Reducing Structure

Facebook announced that it would stop booking it sales to clients in the UK through Ireland, which is a practice that lowered its taxes. This action follows the introduction by the British government of a new tax on profits that are shifted offshore. Facebook says in the future that it will report its sales in […]

U.S. Productivity during Fourth Quarter Declined Less Than Thought

Nonfarm productivity in the U.S. was down less steeply than was previously thought during the 2015 fourth quarter, but still pushed costs up that were labor related as businesses employed more people to increase output. On Thursday, the U.S. Department of Labor said that productivity, which measures the output hourly per worker, fell at an […]

China Resources Beer Acquiring China SABMiller Stake

China Resources Beer is paying $1.6 billion to purchase the SABMiller Plc stake in the China Resources Snow Breweries joint venture. The price is far lower than was expected and sent shares in the company that is backed by the government soaring by over 25%. This deal gives China Resource Beer full control over Snow, […]

Weak Spending and Strong Dollar Weigh on Sales at Dollar Tree

Dollar Tree Inc, the largest discount chain in the U.S. reported quarterly sales that were lower than had been expected, hurt by challenging conditions in the economy and a strong U.S. dollar. The company forecast earnings for 2016 less than analyst’s estimates sending their shares down by 5% in Tuesday premarket trading. The earnings for […]

Starbucks Will Open in Italy in 2017

Starbucks has announced that it is planning to enter Italy, likely the most intimidating market to date for the coffee house. The Seattle, Washington based coffee chain said on Sunday that its first Starbucks store in Italy will open during the early part of 2017 in the city of Milan, in partnership with Percassi an […]

Foxconn Puts Hold on Bid of $5.5 Billion for Sharp

On Thursday, for a few hours it looked as if Sharp, the ailing consumer electronics business based in Japan, had secured a takeover of $5.5 billion from Taiwan-based Foxconn, the huge contract manufacturer that assemblies products for Apple as well as other big-name foreign brands. However, later Thursday afternoon, Foxconn hesitated, saying it already had […]

Uber Launches First Service for Motorcycles in Bangkok

Uber Technologies started its first-ever motorcycle ride hailing service in the city of Bangkok where congestion on a daily basis leads to traffic speeds during rush hour in the capital of Thailand of only 6.8 mph or 11 kph. The startup began in the San Francisco Bay affluent area offering limousine services and now wants […]

Late Winter Give Macy’s Sales Boost

A late chill from winter helped to rekindle sales at Macy’s during its last quarter. The company announced that there had been a surge in demand for boots and jackets last month, when a large part of the U.S. finally cooled down following a warm start to the winter season. The increase helped Macy’s to […]

Allergan Beats Estimates on Earnings

Allergan released its earnings report for the fourth quarter prior to the Wall Street opening bell on Monday, posting adjusted per share earnings of $3.41. That was in comparison to estimates by Wall Street analysts of EPS of $3.34. Revenue at the pharmaceutical company was $4.2 billion, which ended in line with market expectations. The […]

Smartwatches More Popular Now Than Swiss Watches

For the first, shipments of smartwatches outpaced luxury watches according to new industry research. The venerable wristwatch industry in Switzerland might have a big smartwatch problem on its hands. Global smartwatch shipments outpaced their Swiss luxury counterparts during the 2015 fourth quarter, showed data released by Strategy Analytics on Thursday. This is the first time […]

Walmart Income for Fourth Quarter Down On Lower Sales

On Thursday, Walmart said its earnings for the fourth quarter were down by 7.9% because of higher operating expenses and lower sales. The largest retailer in the world lowered its sales growth estimate for 2017, which began in February. The estimate previously had been for a 3% to 4% increase, but now the retailer sees […]

Bombardier Slashing 7,000 Jobs During the Next 24 Months

Bombardier Inc the aircraft and train maker based in Canada announced on Wednesday that it would be slashing its staff by more than 7,000 during the next two years. At the same time, it will be ramping up its hiring to support the production of the still struggling commercial jets program CSeries. The company on […]

LG Launches New X Series Mobile Handsets

LG likes to announce devices and different accessories prior to a trade show where they will actually be announced or showcased. Late Monday night, the company followed its past and announced its new line of X series smartphones. Basically, this represents a new line of phones in the mid-range level from LG with the line […]

Ikea Being Investigated for Dodging Taxes of More than $1.1 Billion

According to a Green party report in the European Parliament, Ikea has been accused of tax dodging for as much as 1 billion euros or $1.1 billion in its taxes from 2009 to 2014. The political organization has accused the retailer of a large scale avoidance of taxes. In the report, which was published over […]

Lettuce and a Tattoo Under the Same Roof

Organic produce and tattoos might not come to mind as being a combination, but Whole Foods is suggesting that it would help attract a larger following of Millennials. Whole Foods has shifted direction as it attempts to revitalize its share of the Millennial shoppers. This shift by the organic market includes a new lower-price grocery […]

Visa Inc Buys Stake of Close to 10% in Square

Visa Inc has acquired a stake of nearly 10% in Square Inc the mobile-payments company, according to a Thursday regulatory filing submitted to the Securities and Exchange Commission. The global financial and credit card services firm is now the second largest Square shareholder, with the largest being Capital Research and Management Co. which is the […]

Nokia Warns New Mobile Networks Demand Will Slow

Finnish telecom equipment maker Nokia has warned that the demand for mobile networks could slow in China this year and said it was not releasing a financial outlook before April, following its Alcatel-Lucent acquisition. The deal for 15.6 billion euros will help Nokia compete with Ericcson from Sweden and Huawei from China previously the top […]

Fox Film Unit Disappoints Crimps Murdoch Company Earnings

Despite getting help from Lucious and Cookie, 21st Century Fox, part of the Rupert Murdoch empire, fell short of revenue for the first quarter. The broadcast network of Fox delivered a strong performance for its quarter that ended December 31, with revenue higher for its NFL programming and its lineup on primetime particularly Empire, its […]

Chipotle Closed for Food Safety Meeting Until 3:00 P.M. Monday

If you were thinking of having a burrito for a late morning snack or lunch, think again. Chipotle the fast-casual Mexican food burrito chain will be closed on Monday until 3:00 p.m. for a safety briefing that is companywide after the recent outbreaks of E. coli and norovirus sickened patrons. While you might need to […]

FDA Staff Supports Remicade Biosimilar

Staff members of the U.S. Food and Drug Administration said on Friday that Celltrion Inc’s biosimilar in form of Remicade an arthritis drug, which is made by Johnson & Johnson, appeared to be highly similar to the branded product. This news helped send J&J shares down nearly 4%. Remicade sales for J&J are nearly $6.5 […]

Credit Suisse Posts Huge Loss on Fourth Quarter Write Downs

More of an emphasis on its wealth management arm failed to help the results of Credit Suisse as the volatile markets and a large charge associated with restructuring led to billions of dollars of losses during the fourth quarter. Credit Suisse shares were down by 12% in trading on Thursday in Zurich, as the bank […]

GM Posts Record Earnings for 2015 of $9.7 Billion

On Wednesday, General Motors Co announced that it had earned a new record of $9.7 billion during 2015, including over $6.3 billion during the fourth quarter. The automaker based in Detroit posted a new record pre-tax profit of $10.8 billion, with its profit margin at 7.1%. These strong numbers came thanks to good performance in […]

UBS Surprises Analysts With 4Q Profit Results (NYSE:UBS)

Swiss bank UBS reported higher profits for the fourth quarter than analysts expected. The Zurich-based bank reported a 10 percent increase in net profit in the October-December quarter, rising to 949 million francs from 858 million francs in the same period a year earlier. Analysts polled by FactSet had estimated net profit of 867 million […]

Alphabet Will Give First Look at Cost of Projects

Many have wondered just how much Alphabet Inc the Google parent company is spending on its not so traditional projects such as autonomous vehicles, Internet balloons, glucose monitoring contact lenses and other projects, that let’s just call ambitious. Investors now will get their answer they have long awaited when fourth quarter results of Alphabet are […]

Amazon Sees Sales Surge, but Profit Comes Up Short

Amazon expected to be the runaway winner of the holiday shopping season, instead it strolled but did not run. Revenue for the e-commerce giants during the fourth quarter was less than was expected, reported the company based in Seattle, Washington on Thursday. It turned out that its profit was even less. Wall Street responded negatively […]