News
Uber and Lyft are two of Silicon Valley’s hottest startups, but a recent legal decision may upend their entire business model. The California Labor Commission issued a ruling that rideshare drivers are employees, not contractors. The decision could have far-reaching implications, not just for Uber and Lyft, but…
Oracle Corporation (NYSE/ORCL) shares are falling after the company posted a larger-than-expected drop in sales, signaling the company is struggling to adapt to the changing technology landscape. On Wednesday, June 17, Oracle reported its fourth-quarter earnings and revenues that fell short of Wall Street’s expectations. According to consensus…
Allergan plc Ordinary Shares (NYSE/AGN), the maker of “Botox,” is expanding its product lineup through buying a company that offers the first, and so far only, approved non-surgical treatment for trimming chin fat. On Wednesday, June 17, Allergan announced that it agreed to acquire Kythera Biopharmaceuticals, Inc. (NASDAQ/KYTH)…
Valeant Pharmaceuticals International, Inc. (NYSE/VRX) is in negotiations to acquire Egyptian drug-maker Amoun Pharmaceutical Company as part of its expansion strategy into emerging markets. Amoun is one of the largest drug companies in Egypt and offers both human and veterinary medicines in the region. According to the people…
The most important instrument in the European Central Bank’s (ECB) crisis-fighting tool chest has been approved by the EU’s highest court, giving authorities the equipment they need to fight a potential financial crisis in Europe. On Tuesday, June 16th, in a precedent setting decision, the EU’s highest court…
FedEx Corporation (NYSE/FDX) reported disappointing earnings on Wednesday, June 17 after the delivery service giant’s profits were hit by a slower economy and rising fuel costs. For the fiscal fourth quarter ended May 31, adjusted net income was $753 million, translating to adjusted earnings of $2.66 per share;…
The Proctor & Gamble Company (NYSE/PG) is selling its beauty brands to the company that owns fragrance brands like Calvin Klein, Playboy, and Marc Jacobs in a continued effort to slim down its business. Coty Inc. (NYSE/COTY), a Paris-based beauty products manufacturer, just won auctions to acquire P&G’s…
On Tuesday, June 16, Citigroup Inc. (NYSE/C) added the Monster Beverage Corporation (NASDAQ/MNST) to its ‘Focus List,’ calling the energy drink company its “top [stock] pick” in the U.S. Citigroup maintained its “buy” rating on the company, upping its target price to $155.00. As a result, Monster jumped…
Government forecasters are warning the U.S. budget deficit will more than double as a share of economic output by 2040 if current tax and spending laws remain unchanged. On Tuesday June 16, the Congressional Budget Office (CBO) released the 2015 Long-Term Budget Outlook. (Source: The Congressional Budget Office,…
The Bank of China will become the eighth member of an exclusive group that controls the daily price of gold. Many analysts believe the move is part of a broader push into global markets; a concerted effort by the People’s Republic to raise the profile of the yuan.…
Apparel retailer The Gap Inc. (NYSE/GPS) announced on Monday, June 15 that it would close a quarter of its stores as the company continues to struggle in sales. The retailer said in a statement that it would close 175 of 675 stores in North America, with about 140…
Goldcorp Inc. (NYSE/GG), the world’s largest producer of gold, has sold its 26% stake in Tahoe Resources Inc. (NYSE/TAHO). The Vancouver-based mining company offered 58.1 million shares at CDN$17.20 apiece, bringing the total sale to CDN$998.5 million. (Source: The Wall Street Journal, June 16, 2015.) GMP Securities and…
Anthem, Inc. (NYSE/ANTM) has made an approach to takeover Cigna Corp. (NYSE/CI) as consolidation in the health insurance industry intensifies. On Monday, June 15, The Wall Street Journal reported that Anthem made a bid to purchase the rival insurer Cigna. Anthem is rumored to have made two takeover…
Shares for Comcast Corporation (NASDAQ/CMCSA) edged higher today after the blockbuster release of Jurassic World. The film had the best opening weekend of all time, grossing $500 million worldwide, with $204.6 million coming solely from the United States. The commercial success of the movie is a timely boon…
Negotiations between Greece and its European creditors fell apart on Sunday as delegates came to an impasse over spending cuts. To fund the interest payments on its debt to the International Monetary Fund (IMF), Greece must find a resolution before June 30, 2015. The European Union (EU) ceased…
Oil prices kicked off the week in red territory as the Greek debt crisis helped boost the dollar. Indeed, investors are concerned about the global oil oversupply. On the New York Mercantile Exchange, contracts for July delivery of West Texas Intermediate (WTI), a popular benchmark of U.S. energy…
Stock markets around the world are deep in the red as of the morning of Monday, June 15 on the news that the talks between Greece and its creditors collapsed on Sunday. The failure in reaching an agreement this weekend caused disruptions in the markets. The Euro Stoxx…
House Democrats voted against an important leg of the proposed Trans-Pacific Partnership this week, potentially derailing President Obama’s ambitious push for the free trade agreement. In a huge blow to the president, House Democrats voted to end assistance to workers displaced by global trade on Friday, June 12.…
Can the stock market continue setting new highs? Is the Federal Reserve about to take away the punch bowl? Will corporate earnings impress investors? For ticker hounds, there’s no shortage of big stories set to play out this week. Here are the top five stories you need to…
BlackBerry Limited (TSX:BB, NASDAQ:BBRY) could be equipping an upcoming smartphone with Google Inc.’s (NASDAQ:GOOG) “Android” software for the first time. This is an acknowledgement that the company’s revamped line of handsets has failed to win consumer appeal. According to several sources, the Waterloo, Canada-based smartphone maker is thinking…
